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, 2024
 
Date of reporting period:
February 29, 2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ITEM 1 – REPORT TO STOCKHOLDERS
 
Principal
Funds
Semiannual
Report
February
29,
2024
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Table
of
Contents
Not
FDIC
or
NCUA
insured
May
lose
value
•
Not
a
deposit
•
No
bank
or
credit
union
guarantee
Not
insured
by
any
Federal
government
agency
Financial
Statements
1
Notes
to
Financial
Statements
24
Schedules
of
Investments
50
Financial
Highlights
(includes
performance
information)
169
Shareholder
Expense
Example
197
Supplemental
Information
200
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
29,
2024
(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
................................................................
$
6,176,366‌
$
2,065,753‌
$
3,361,855‌
Investment
in
affiliated
Funds--at
cost
..........................................................
$
2,880‌
$
43,253‌
$
76,739‌
Assets
Investment
in
securities--at
value 
................................................................
$
11,091,570‌
(b)
$
1,942,818‌
(b)
$
3,238,859‌
(b)
Investment
in
affiliated
Funds--at
value
...........................................................
2,880‌
43,253‌
76,739‌
Deposits
with
counterparty
........................................................................
–‌
–‌
1,564‌
Receivables:
Dividends
and
interest
.......................................................................
7,794‌
12,252‌
7,752‌
Expense
reimbursement
from
Manager
.....................................................
249‌
25‌
74‌
Expense
reimbursement
from
Distributor
...................................................
4‌
–‌
–‌
Foreign
currency
contracts
.................................................................
–‌
–‌
36‌
Fund
shares
sold
.............................................................................
11,192‌
806‌
1,738‌
Investment
securities
sold
...................................................................
–‌
54,592‌
27,292‌
OTC
swap
agreements--at
value
(premiums
paid
$
0
,
$
0
and
$
0
)
...........................
–‌
–‌
2,052‌
Variation
margin
on
futures
.................................................................
–‌
–‌
4,588‌
Variation
margin
on
swaps
..................................................................
–‌
–‌
12‌
Total
Assets  
11,113,689‌
2,053,746‌
3,360,706‌
Liabilities
Accrued
management
and
investment
advisory
fees
..............................................
5,015‌
229‌
1,967‌
Accrued
administrative
service
fees
..............................................................
1‌
1‌
–‌
Accrued
distribution
fees
..........................................................................
512‌
6‌
11‌
Accrued
service
fees
..............................................................................
9‌
5‌
–‌
Accrued
transfer
agent
fees
.......................................................................
938‌
49‌
619‌
Accrued
directors'
expenses
.......................................................................
7‌
4‌
4‌
Accrued
professional
fees
.........................................................................
26‌
24‌
101‌
Accrued
other
expenses
...........................................................................
161‌
16‌
144‌
Cash
overdraft
.....................................................................................
–‌
4‌
1,508‌
Payables:
Dividends
and
interest
on
securities
sold
short
.............................................
–‌
–‌
7‌
Foreign
currency
contracts
..................................................................
–‌
–‌
9‌
Fund
shares
redeemed
.......................................................................
5,089‌
25,211‌
6,310‌
Investment
securities
purchased
............................................................
2,313‌
53,857‌
52,442‌
Options
and
swaptions
contracts
written
 (premiums
received
$
0
,
$
0
and
$
599
)
...........
–‌
–‌
477‌
Variation
margin
on
futures
.................................................................
–‌
–‌
3,249‌
Variation
margin
on
swaps
..................................................................
–‌
–‌
50‌
Collateral
obligation
on
securities
loaned,
at
value
...............................................
42‌
8,259‌
6,878‌
Total
Liabilities  
14,113‌
87,665‌
73,776‌
Net
Assets
Applicable
to
Outstanding
Shares
..................................................
$
11,099,576‌
$
1,966,081‌
$
3,286,930‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
.....................................................
$
6,162,886‌
$
2,177,399‌
$
3,544,204‌
Total
distributable
earnings
(accumulated
loss)
...................................................
4,936,690‌
(
211,318‌
)
(
257,274‌
)
Total
Net
Assets 
$
11,099,576‌
$
1,966,081‌
$
3,286,930‌
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
29,
2024
(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
................................................................................
$
1,150,378‌
N/A‌
$
51,645‌
Shares
Issued
and
Outstanding
..............................................................
27,949‌
4,769‌
Net
Asset
Value
per
share
...................................................................
$
41
.16‌
(c)
$
10
.83‌
(c)
Maximum
Offering
Price
....................................................................
$
43
.56‌
$
11
.25‌
Class
C
:
Net
Assets
................................................................................
$
327,682‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
..............................................................
8,699‌
Net
Asset
Value
per
share
...................................................................
$
37
.67‌
(c)
Class
J
:
Net
Assets
................................................................................
$
246,800‌
$
29,334‌
N/A‌
Shares
Issued
and
Outstanding
..............................................................
5,876‌
3,595‌
Net
Asset
Value
per
share
...................................................................
$
42
.00‌
(c)
$
8
.16‌
(c)
Institutional
:
Net
Assets
...........................................................................
$
3,285,035‌
$
1,912,503‌
$
1,741,225‌
Shares
Issued
and
Outstanding
..............................................................
77,440‌
228,926‌
160,959‌
Net
Asset
Value
per
share
...................................................................
$
42
.42‌
$
8
.35‌
$
10
.82‌
R-1
:
Net
Assets
....................................................................................
N/A‌
$
695‌
N/A‌
Shares
Issued
and
Outstanding
..............................................................
85‌
Net
Asset
Value
per
share
...................................................................
$
8
.21‌
R-3
:
Net
Assets
....................................................................................
$
16,212‌
$
9,069‌
$
274‌
Shares
Issued
and
Outstanding
..............................................................
396‌
1,110‌
25‌
Net
Asset
Value
per
share
...................................................................
$
40
.88‌
$
8
.17‌
$
10
.74‌
R-4
:
Net
Assets
....................................................................................
$
2,889‌
$
4,828‌
N/A‌
Shares
Issued
and
Outstanding
..............................................................
69‌
586‌
Net
Asset
Value
per
share
...................................................................
$
41
.47‌
$
8
.24‌
R-5
:
Net
Assets
....................................................................................
$
25,621‌
$
9,652‌
N/A‌
Shares
Issued
and
Outstanding
..............................................................
611‌
1,176‌
Net
Asset
Value
per
share
...................................................................
$
41
.92‌
$
8
.21‌
R-6
:
Net
Assets
....................................................................................
$
6,044,959‌
N/A‌
$
1,493,786‌
Shares
Issued
and
Outstanding
..............................................................
141,734‌
138,151‌
Net
Asset
Value
per
share
...................................................................
$
42
.65‌
$
10
.81‌
(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
29,
2024
(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
................................................................
$
68,274‌
$
324,217‌
$
16,719‌
Investment
in
affiliated
Funds--at
cost
..........................................................
$
785‌
$
67,041‌
$
617‌
Assets
Investment
in
securities--at
value 
................................................................
$
75,891‌
$
328,414‌
$
15,991‌
Investment
in
affiliated
Funds--at
value
...........................................................
785‌
67,041‌
617‌
Cash
...............................................................................................
–‌
319‌
–‌
Deposits
with
counterparty
........................................................................
–‌
31,459‌
–‌
Receivables:
Dividends
and
interest
.......................................................................
129‌
2,885‌
40‌
Expense
reimbursement
from
Manager
.....................................................
7‌
41‌
4‌
Foreign
currency
contracts
.................................................................
–‌
1,170‌
–‌
Fund
shares
sold
.............................................................................
373‌
329‌
–‌
Interfund
lending
............................................................................
690‌
–‌
–‌
Investment
securities
sold
...................................................................
219‌
1,985‌
–‌
OTC
swap
agreements--at
value
(premiums
paid
$
0
,
$
0
and
$
0
)
...........................
–‌
3,794‌
–‌
Variation
margin
on
futures
.................................................................
–‌
305‌
–‌
Variation
margin
on
swaps
..................................................................
–‌
11‌
–‌
Total
Assets  
78,094‌
437,753‌
16,652‌
Liabilities
Accrued
management
and
investment
advisory
fees
..............................................
39‌
438‌
10‌
Accrued
distribution
fees
..........................................................................
3‌
7‌
–‌
Accrued
transfer
agent
fees
.......................................................................
12‌
50‌
–‌
Accrued
custodian
fees
............................................................................
–‌
–‌
6‌
Accrued
directors'
expenses
.......................................................................
1‌
2‌
1‌
Accrued
professional
fees
.........................................................................
17‌
124‌
21‌
Accrued
registration
fees
..........................................................................
–‌
–‌
1‌
Accrued
other
expenses
...........................................................................
4‌
70‌
–‌
Cash
overdraft
.....................................................................................
–‌
54‌
–‌
Payables:
Dividends
and
interest
on
securities
sold
short
.............................................
–‌
12‌
–‌
Foreign
currency
contracts
..................................................................
–‌
2,079‌
–‌
Fund
shares
redeemed
.......................................................................
438‌
561‌
–‌
Investment
securities
purchased
............................................................
194‌
2,471‌
–‌
Options
and
swaptions
contracts
written
 (premiums
received
$
0
,
$
1,389
and
$
0
)
.........
–‌
1,581‌
–‌
Short
sales
(proceeds
received
$
0
,
$
20,086
and
$
0
)
........................................
–‌
21,081‌
–‌
OTC
swap
agreements--at
value
(premiums
received
$
0
,
$
81
and
$
0
)
.....................
–‌
452‌
–‌
Variation
margin
on
futures
.................................................................
–‌
426‌
–‌
Variation
margin
on
swaps
..................................................................
–‌
32‌
–‌
Total
Liabilities  
708‌
29,440‌
39‌
Net
Assets
Applicable
to
Outstanding
Shares
..................................................
$
77,386‌
$
408,313‌
$
16,613‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
.....................................................
$
69,216‌
$
415,726‌
$
17,177‌
Total
distributable
earnings
(accumulated
loss)
...................................................
8,170‌
(
7,413‌
)
(
564‌
)
Total
Net
Assets 
$
77,386‌
$
408,313‌
$
16,613‌
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
................................................................................
$
17,444‌
$
36,913‌
N/A‌
Shares
Issued
and
Outstanding
..............................................................
1,402‌
3,504‌
Net
Asset
Value
per
share
...................................................................
$
12
.44‌
(b)
$
10
.53‌
(b)
Maximum
Offering
Price
....................................................................
$
13
.16‌
$
10
.94‌
Institutional
:
Net
Assets
...........................................................................
$
34,715‌
$
309,503‌
$
16,613‌
Shares
Issued
and
Outstanding
..............................................................
2,766‌
28,873‌
1,659‌
Net
Asset
Value
per
share
...................................................................
$
12
.55‌
$
10
.72‌
$
10
.01‌
R-6
:
Net
Assets
....................................................................................
$
25,227‌
$
61,897‌
N/A‌
Shares
Issued
and
Outstanding
..............................................................
2,000‌
5,768‌
Net
Asset
Value
per
share
...................................................................
$
12
.62‌
$
10
.73‌
(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
29,
2024
(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
................................................................
$
935,068‌
$
649,862‌
$
157,957‌
Investment
in
affiliated
Funds--at
cost
..........................................................
$
1,799‌
$
13,099‌
$
–‌
Assets
Investment
in
securities--at
value 
................................................................
$
1,169,795‌
(a)
$
708,060‌
(a)
$
153,510‌
Investment
in
affiliated
Funds--at
value
...........................................................
1,799‌
13,099‌
–‌
Cash
...............................................................................................
–‌
–‌
363‌
Deposits
with
counterparty
........................................................................
67‌
–‌
–‌
Receivables:
Dividends
and
interest
.......................................................................
4,504‌
2,114‌
1,912‌
Expense
reimbursement
from
Manager
.....................................................
27‌
–‌
6‌
Fund
shares
sold
.............................................................................
276‌
195‌
674‌
Interfund
lending
............................................................................
–‌
2,220‌
–‌
Investment
securities
sold
...................................................................
9,501‌
9,460‌
–‌
Variation
margin
on
futures
.................................................................
5‌
–‌
–‌
Total
Assets  
1,185,974‌
735,148‌
156,465‌
Liabilities
Accrued
management
and
investment
advisory
fees
..............................................
231‌
550‌
51‌
Accrued
administrative
service
fees
..............................................................
1‌
–‌
–‌
Accrued
distribution
fees
..........................................................................
3‌
–‌
8‌
Accrued
service
fees
..............................................................................
7‌
–‌
–‌
Accrued
transfer
agent
fees
.......................................................................
14‌
7‌
27‌
Accrued
directors'
expenses
.......................................................................
2‌
2‌
2‌
Accrued
professional
fees
.........................................................................
62‌
31‌
27‌
Accrued
other
expenses
...........................................................................
253‌
99‌
5‌
Cash
overdraft
.....................................................................................
64‌
3,338‌
–‌
Payables:
Dividends
payable
...........................................................................
–‌
–‌
493‌
Expense
reimbursement
to
Manager
........................................................
–‌
3‌
–‌
Fund
shares
redeemed
.......................................................................
670‌
194‌
174‌
Interest
expense
and
fees
payable
...........................................................
–‌
–‌
89‌
Investment
securities
purchased
............................................................
9,172‌
2,711‌
–‌
Collateral
obligation
on
securities
loaned,
at
value
...............................................
3,310‌
13,356‌
–‌
Floating
rate
notes
issued
.........................................................................
–‌
–‌
8,533‌
Total
Liabilities  
13,789‌
20,291‌
9,409‌
Net
Assets
Applicable
to
Outstanding
Shares
..................................................
$
1,172,185‌
$
714,857‌
$
147,056‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
.....................................................
$
952,207‌
$
732,148‌
$
167,991‌
Total
distributable
earnings
(accumulated
loss)
...................................................
219,978‌
(
17,291‌
)
(
20,935‌
)
Total
Net
Assets 
$
1,172,185‌
$
714,857‌
$
147,056‌
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
$
38,051‌
Shares
Issued
and
Outstanding
..............................................................
3,920‌
Net
Asset
Value
per
share
...................................................................
$
9
.71‌
(b)
Maximum
Offering
Price
....................................................................
$
10
.09‌
Institutional
:
Net
Assets
...........................................................................
$
75,020‌
$
36,249‌
$
109,005‌
Shares
Issued
and
Outstanding
..............................................................
6,606‌
3,613‌
11,221‌
Net
Asset
Value
per
share
...................................................................
$
11
.36‌
$
10
.03‌
$
9
.71‌
R-1
:
Net
Assets
....................................................................................
$
236‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
..............................................................
21‌
Net
Asset
Value
per
share
...................................................................
$
11
.04‌
R-3
:
Net
Assets
....................................................................................
$
13,544‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
..............................................................
1,218‌
Net
Asset
Value
per
share
...................................................................
$
11
.12‌
R-4
:
Net
Assets
....................................................................................
$
9,226‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
..............................................................
820‌
Net
Asset
Value
per
share
...................................................................
$
11
.26‌
R-5
:
Net
Assets
....................................................................................
$
14,561‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
..............................................................
1,289‌
Net
Asset
Value
per
share
...................................................................
$
11
.30‌
R-6
:
Net
Assets
....................................................................................
$
1,059,598‌
$
678,608‌
N/A‌
Shares
Issued
and
Outstanding
..............................................................
93,200‌
67,240‌
Net
Asset
Value
per
share
...................................................................
$
11
.37‌
$
10
.09‌
(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
29,
2024
(unaudited)
5
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Origin
Emerging
Markets
Fund
Small-MidCap
Dividend
Income
Fund
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Investment
in
securities--at
cost
................................................................
$
2,540,355‌
$
756,103‌
$
6,153,730‌
Investment
in
affiliated
Funds--at
cost
..........................................................
$
15,846‌
$
14,964‌
$
156,419‌
Foreign
currency--at
cost
........................................................................
$
381‌
$
–‌
$
–‌
Assets
Investment
in
securities--at
value 
................................................................
$
2,700,308‌
$
1,162,760‌
$
5,929,576‌
(a)
Investment
in
affiliated
Funds--at
value
...........................................................
15,846‌
14,964‌
156,419‌
Foreign
currency--at
value
........................................................................
381‌
–‌
–‌
Deposits
with
counterparty
........................................................................
–‌
–‌
9,311‌
Receivables:
Dividends
and
interest
.......................................................................
4,970‌
2,112‌
86,404‌
Expense
reimbursement
from
Manager
.....................................................
9‌
15‌
–‌
Foreign
tax
refund
...........................................................................
630‌
–‌
–‌
Fund
shares
sold
.............................................................................
387‌
1,066‌
11,236‌
Investment
securities
sold
...................................................................
–‌
57,383‌
2,267‌
Total
Assets  
2,722,531‌
1,238,300‌
6,195,213‌
Liabilities
Accrued
management
and
investment
advisory
fees
..............................................
2,003‌
775‌
3,294‌
Accrued
distribution
fees
..........................................................................
1‌
54‌
252‌
Accrued
service
fees
..............................................................................
–‌
–‌
1‌
Accrued
transfer
agent
fees
.......................................................................
35‌
115‌
931‌
Accrued
directors'
expenses
.......................................................................
5‌
1‌
7‌
Accrued
foreign
tax
...............................................................................
19,458‌
–‌
–‌
Accrued
professional
fees
.........................................................................
33‌
20‌
32‌
Accrued
other
expenses
...........................................................................
173‌
31‌
139‌
Cash
overdraft
.....................................................................................
–‌
1,505‌
176‌
Payables:
Fund
shares
redeemed
.......................................................................
2,476‌
56,732‌
6,238‌
Investment
securities
purchased
............................................................
–‌
–‌
49,561‌
Options
and
swaptions
contracts
written (premiums
received
$0,
$0
and
$439
)
...........
–‌
–‌
394‌
Variation
margin
on
futures
.................................................................
–‌
–‌
387‌
Collateral
obligation
on
securities
loaned,
at
value
...............................................
–‌
–‌
131,410‌
Total
Liabilities  
24,184‌
59,233‌
192,822‌
Net
Assets
Applicable
to
Outstanding
Shares
..................................................
$
2,698,347‌
$
1,179,067‌
$
6,002,391‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
.....................................................
$
3,293,543‌
$
758,910‌
$
6,657,889‌
Total
distributable
earnings
(accumulated
loss)
...................................................
(595,196‌)
420,157‌
(655,498‌)
Total
Net
Assets 
$
2,698,347‌
$
1,179,067‌
$
6,002,391‌
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
6
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Origin
Emerging
Markets
Fund
Small-MidCap
Dividend
Income
Fund
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
..................................................................................
800,000‌
1,700,000‌
2,500,000‌
Net
Asset
Value
Per
Share:
Class
A:
Net
Assets
................................................................................
$
5,059‌
$
166,738‌
$
688,722‌
Shares
Issued
and
Outstanding
..............................................................
496‌
9,321‌
76,210‌
Net
Asset
Value
per
share
...................................................................
$
10.20‌
(b)
$
17.89‌
(b)
$
9.04‌
(b)
Maximum
Offering
Price
....................................................................
$
10
.79‌
$
18.93‌
$
9.39‌
Class
C:
Net
Assets
................................................................................
N/A‌
$
27,546‌
$
140,104‌
Shares
Issued
and
Outstanding
..............................................................
1,559‌
15,504‌
Net
Asset
Value
per
share
...................................................................
$
17.67‌
(b)
$
9.04‌
(b)
Class
J:
Net
Assets
................................................................................
N/A‌
N/A‌
$
31,654‌
Shares
Issued
and
Outstanding
..............................................................
3,630‌
Net
Asset
Value
per
share
...................................................................
$
8.72‌
(b)
Institutional:
Net
Assets
...........................................................................
$
79,753‌
$
715,642‌
$
4,255,824‌
Shares
Issued
and
Outstanding
..............................................................
7,970‌
39,756‌
475,254‌
Net
Asset
Value
per
share
...................................................................
$
10.01‌
$
18.00‌
$
8.95‌
R-1:
Net
Assets
....................................................................................
N/A‌
N/A‌
$
467‌
Shares
Issued
and
Outstanding
..............................................................
52‌
Net
Asset
Value
per
share
...................................................................
$
8.90‌
R-3:
Net
Assets
....................................................................................
N/A‌
N/A‌
$
1,922‌
Shares
Issued
and
Outstanding
..............................................................
216‌
Net
Asset
Value
per
share
...................................................................
$
8.89‌
R-4:
Net
Assets
....................................................................................
N/A‌
N/A‌
$
962‌
Shares
Issued
and
Outstanding
..............................................................
109‌
Net
Asset
Value
per
share
...................................................................
$
8.85‌
R-5:
Net
Assets
....................................................................................
N/A‌
N/A‌
$
2,192‌
Shares
Issued
and
Outstanding
..............................................................
246‌
Net
Asset
Value
per
share
...................................................................
$
8.91‌
R-6:
Net
Assets
....................................................................................
$
2,613,535‌
$
269,141‌
$
880,544‌
Shares
Issued
and
Outstanding
..............................................................
260,981‌
14,868‌
98,382‌
Net
Asset
Value
per
share
...................................................................
$
10.01‌
$
18.10‌
$
8.95‌
(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
29,
2024
(unaudited)
7
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a)
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
Funds
........................................................................
$
377‌
$
943‌
$
1,883‌
Dividends
...............................................................................................
50,909‌
54‌
38,992‌
Withholding
tax
........................................................................................
(
371‌
)
(
1‌
)
(
1,530‌
)
Interest
..................................................................................................
1‌
43,096‌
23,617‌
Securities
lending
-
net
.................................................................................
3‌
59‌
115‌
Total
Income
50,919‌
44,151‌
63,077‌
Expenses:
Management
and
investment
advisory
fees
............................................................
28,749‌
1,537‌
12,885‌
Distribution
f
ees
-
Class
A
.............................................................................
1,299‌
N/A‌
81‌
Distribution
f
ees
-
Class
C
.............................................................................
1,481‌
N/A‌
N/A‌
Distribution
f
ees
-
Class
J
..............................................................................
158‌
22‌
N/A‌
Distribution
f
ees
-
R-1
.................................................................................
N/A‌
1‌
N/A‌
Distribution
f
ees
-
R-3
.................................................................................
16‌
11‌
–‌
Distribution
f
ees
-
R-4
.................................................................................
1‌
2‌
N/A‌
Administrative
service
fees
-
R-1
......................................................................
N/A‌
1‌
N/A‌
Administrative
service
fees
-
R-3
......................................................................
5‌
3‌
–‌
Administrative
service
fees
-
R-4
......................................................................
–‌
1‌
N/A‌
Administrative
service
fees
-
R-5
......................................................................
1‌
–‌
N/A‌
Registration
fees
-
Class
A
.............................................................................
17‌
N/A‌
9‌
Registration
fees
-
Class
C
.............................................................................
10‌
N/A‌
N/A‌
Registration
fees
-
Class
J
..............................................................................
10‌
8‌
N/A‌
Registration
fees
-
Institutional
........................................................................
41‌
8‌
12‌
Registration
fees
-
R-6
.................................................................................
12‌
N/A‌
12‌
Service
fees
-
R-1
......................................................................................
N/A‌
1‌
N/A‌
Service
fees
-
R-3
......................................................................................
16‌
11‌
–‌
Service
fees
-
R-4
......................................................................................
3‌
5‌
N/A‌
Service
fees
-
R-5
......................................................................................
27‌
12‌
N/A‌
Shareholder
reports
-
Class
A
..........................................................................
43‌
N/A‌
6‌
Shareholder
reports
-
Class
C
..........................................................................
8‌
N/A‌
N/A‌
Shareholder
reports
-
Class
J
...........................................................................
1‌
–‌
N/A‌
Shareholder
reports
-
Institutional
.....................................................................
72‌
4‌
58‌
Shareholder
reports
-
R-6
..............................................................................
4‌
N/A‌
5‌
Transfer agent
fees
-
Class
A
...........................................................................
564‌
N/A‌
56‌
Transfer agent
fees
-
Class
C
...........................................................................
135‌
N/A‌
N/A‌
Transfer agent
fees
-
Class
J
...........................................................................
56‌
26‌
N/A‌
Transfer agent
fees
-
Institutional
......................................................................
1,344‌
50‌
996‌
Transfer agent
fees
-
R-6
...............................................................................
15‌
N/A‌
3‌
Chief
compliance
officer
expenses
.....................................................................
2‌
1‌
1‌
Custodian
fees
..........................................................................................
25‌
13‌
89‌
Directors'
expenses
.....................................................................................
109‌
28‌
41‌
Professional fees
.......................................................................................
19‌
21‌
80‌
Other
expenses
.........................................................................................
167‌
19‌
67‌
Total
Gross
Expenses
34,410‌
1,785‌
14,401‌
Less: Reimbursement
from
Manager
..................................................................
1,463‌
165‌
–‌
Less:
Reimbursement
from
Manager
-
Class
A
........................................................
–‌
N/A‌
14‌
Less:
Reimbursement
from
Manager
-
Institutional
...................................................
197‌
–‌
541‌
Less:
Reimbursement
from
Distributor
-
Class
J
......................................................
21‌
3‌
N/A‌
Total
Net
Expenses
32,729‌
1,617‌
13,846‌
Net
Investment
Income
(Loss)
18,190‌
42,534‌
49,231‌
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
29,
2024
(unaudited)
8
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a)
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
................................................................................
122,804‌
(
61,561‌
)
(
86,325‌
)
Foreign
currency
contracts
.............................................................................
–‌
–‌
37‌
Foreign
currency
transactions
..........................................................................
–‌
–‌
(
519‌
)
Futures
contracts
.......................................................................................
–‌
–‌
(
10,531‌
)
Options
and
swaptions
.................................................................................
–‌
–‌
1,022‌
Short
sales
..............................................................................................
–‌
–‌
43‌
Swap
agreements
.......................................................................................
–‌
–‌
(
9,961‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.............................................................................................
1,665,287‌
53,868‌
98,673‌
Foreign
currency
contracts
.............................................................................
–‌
–‌
52‌
Futures
contracts
.......................................................................................
–‌
–‌
(
11,711‌
)
Options
and
swaptions
.................................................................................
–‌
–‌
789‌
Swap
agreements
.......................................................................................
–‌
–‌
2,523‌
Translation
of
assets
and
liabilities
in
foreign
currencies
..............................................
–‌
–‌
27‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions,
short
sales
and
swap
agreements
1,788,091‌
(
7,693‌
)
(
15,881‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
1,806,281‌
$
34,841‌
$
33,350‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
29,
2024
(unaudited)
9
See
accompanying
notes.
Amounts
in
thousands
Edge
MidCap
Fund
Global
Multi-
Strategy
Fund
(a)
Global
Sustainable
Listed
Infrastructure
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
Funds
........................................................................
$
39‌
$
2,176‌
$
13‌
Dividends
...............................................................................................
644‌
2,880‌
268‌
Withholding
tax
........................................................................................
–‌
(
59‌
)
(
8‌
)
Interest
..................................................................................................
1‌
8,329‌
–‌
Securities
lending
-
net
.................................................................................
–‌
–‌
1‌
Total
Income
684‌
13,326‌
274‌
Expenses:
Management
and
investment
advisory
fees
............................................................
239‌
3,080‌
60‌
Distribution
f
ees
-
Class
A
.............................................................................
21‌
46‌
N/A‌
Registration
fees
-
Class
A
.............................................................................
8‌
10‌
N/A‌
Registration
fees
-
Institutional
........................................................................
9‌
12‌
18‌
Registration
fees
-
R-6
.................................................................................
9‌
9‌
N/A‌
Shareholder
reports
-
Class
A
..........................................................................
–‌
2‌
N/A‌
Shareholder
reports
-
Institutional
.....................................................................
1‌
23‌
–‌
Shareholder
reports
-
R-6
..............................................................................
1‌
–‌
N/A‌
Transfer agent
fees
-
Class
A
...........................................................................
19‌
24‌
N/A‌
Transfer agent
fees
-
Institutional
......................................................................
14‌
154‌
1‌
Transfer agent
fees
-
R-6
...............................................................................
1‌
1‌
N/A‌
Custodian
fees
..........................................................................................
1‌
59‌
7‌
Directors'
expenses
.....................................................................................
3‌
7‌
1‌
Dividends
and
interest
on
securities
sold
short
........................................................
–‌
197‌
–‌
Professional fees
.......................................................................................
12‌
101‌
15‌
Short
sale
fees
..........................................................................................
–‌
177‌
–‌
Other
expenses
.........................................................................................
2‌
22‌
1‌
Total
Gross
Expenses
340‌
3,924‌
103‌
Less:
Reimbursement
from
Manager
-
Class
A
........................................................
15‌
–‌
N/A‌
Less:
Reimbursement
from
Manager
-
Institutional
...................................................
13‌
241‌
32‌
Less:
Reimbursement
from
Manager
-
R-6
............................................................
14‌
30‌
N/A‌
Total
Net
Expenses
298‌
3,653‌
71‌
Net
Investment
Income
(Loss)
386‌
9,673‌
203‌
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
................................................................................
1,142‌
3,980‌
188‌
Foreign
currency
contracts
.............................................................................
–‌
(
978‌
)
–‌
Foreign
currency
transactions
..........................................................................
–‌
113‌
(
1‌
)
Futures
contracts
.......................................................................................
–‌
(
2,699‌
)
–‌
Options
and
swaptions
.................................................................................
–‌
579‌
–‌
Short
sales
..............................................................................................
–‌
(
1,407‌
)
–‌
Swap
agreements
.......................................................................................
–‌
2,390‌
–‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.............................................................................................
4,565‌
11,396‌
212‌
Foreign
currency
contracts
.............................................................................
–‌
(
1,023‌
)
–‌
Futures
contracts
.......................................................................................
–‌
1,377‌
–‌
Options
and
swaptions
.................................................................................
–‌
(
516‌
)
–‌
Short
sales
..............................................................................................
–‌
(
102‌
)
–‌
Swap
agreements
.......................................................................................
–‌
(
2,014‌
)
–‌
Translation
of
assets
and
liabilities
in
foreign
currencies
..............................................
–‌
(
8‌
)
–‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions,
short
sales
and
swap
agreements
5,707‌
11,088‌
399‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
6,093‌
$
20,761‌
$
602‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
29,
2024
(unaudited)
10
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
........................................................................
$
60‌
$
188‌
$
–‌
Dividends
...............................................................................................
10,678‌
6,873‌
3‌
Withholding
tax
........................................................................................
(
725‌
)
(
662‌
)
–‌
Interest
..................................................................................................
3‌
2‌
3,782‌
Securities
lending
-
net
.................................................................................
21‌
89‌
–‌
Total
Income
10,037‌
6,490‌
3,785‌
Expenses:
Management
and
investment
advisory
fees
............................................................
1,438‌
3,318‌
308‌
Distribution
f
ees
-
Class
A
.............................................................................
N/A‌
N/A‌
48‌
Distribution
f
ees
-
R-3
.................................................................................
16‌
N/A‌
N/A‌
Distribution
f
ees
-
R-4
.................................................................................
5‌
N/A‌
N/A‌
Administrative
service
fees
-
R-3
......................................................................
5‌
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
10‌
Registration
fees
-
Institutional
........................................................................
8‌
9‌
11‌
Registration
fees
-
R-6
.................................................................................
9‌
9‌
N/A‌
Service
fees
-
R-3
......................................................................................
16‌
N/A‌
N/A‌
Service
fees
-
R-4
......................................................................................
12‌
N/A‌
N/A‌
Service
fees
-
R-5
......................................................................................
18‌
N/A‌
N/A‌
Shareholder
reports
-
Institutional
.....................................................................
7‌
2‌
1‌
Transfer agent
fees
-
Class
A
...........................................................................
N/A‌
N/A‌
16‌
Transfer agent
fees
-
Institutional
......................................................................
30‌
11‌
45‌
Transfer agent
fees
-
R-6
...............................................................................
–‌
1‌
N/A‌
Custodian
fees
..........................................................................................
91‌
104‌
1‌
Directors'
expenses
.....................................................................................
15‌
9‌
3‌
Index
license
fees
......................................................................................
187‌
–‌
–‌
Interest
expense
and
fees
...............................................................................
–‌
–‌
164‌
Professional fees
.......................................................................................
53‌
24‌
23‌
Other
expenses
.........................................................................................
21‌
5‌
8‌
Total
Gross
Expenses
1,933‌
3,492‌
638‌
Less:
Reimbursement
from
Manager
-
Class
A
........................................................
N/A‌
N/A‌
5‌
Less:
Reimbursement
from
Manager
-
Institutional
...................................................
45‌
14‌
17‌
Less:
Reimbursement
from
Manager
-
R-6
............................................................
122‌
17‌
N/A‌
Total
Net
Expenses
1,766‌
3,461‌
616‌
Net
Investment
Income
(Loss)
8,271‌
3,029‌
3,169‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies
and
futures
Net
realized
gain
(loss)
from:
Investment
transactions
................................................................................
14,382‌
(
4,162‌
)
(
1,953‌
)
Foreign
currency
transactions
..........................................................................
111‌
(
118‌
)
–‌
Futures
contracts
.......................................................................................
(
362‌
)
–‌
–‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.............................................................................................
75,983‌
34,848‌
6,250‌
Futures
contracts
.......................................................................................
145‌
–‌
–‌
Translation
of
assets
and
liabilities
in
foreign
currencies
..............................................
(
46‌
)
(
33‌
)
–‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies
and
futures
90,213‌
30,535‌
4,297‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
98,484‌
$
33,564‌
$
7,466‌
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
29,
2024
(unaudited)
11
See
accompanying
notes.
Amounts
in
thousands
Origin
Emerging
Markets
Fund
Small-MidCap
Dividend
Income
Fund
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
Funds
........................................................................
$
560‌
$
448‌
$
1,107‌
Dividends
...............................................................................................
23,690‌
15,148‌
14,198‌
Withholding
tax
........................................................................................
(
3,310‌
)
(
68‌
)
–‌
Interest
..................................................................................................
2‌
1‌
147,064‌
Securities
lending
-
net
.................................................................................
45‌
–‌
725‌
Total
Income
20,987‌
15,529‌
163,094‌
Expenses:
Management
and
investment
advisory
fees
............................................................
12,033‌
4,783‌
19,906‌
Distribution
f
ees
-
Class
A
.............................................................................
6‌
192‌
856‌
Distribution
f
ees
-
Class
C
.............................................................................
N/A‌
135‌
704‌
Distribution
f
ees
-
Class
J
..............................................................................
N/A‌
N/A‌
23‌
Distribution
f
ees
-
R-1
.................................................................................
N/A‌
N/A‌
1‌
Distribution
f
ees
-
R-3
.................................................................................
N/A‌
N/A‌
2‌
Administrative
service
fees
-
R-1
......................................................................
N/A‌
N/A‌
1‌
Administrative
service
fees
-
R-3
......................................................................
N/A‌
N/A‌
1‌
Registration
fees
-
Class
A
.............................................................................
8‌
8‌
16‌
Registration
fees
-
Class
C
.............................................................................
N/A‌
8‌
11‌
Registration
fees
-
Class
J
..............................................................................
N/A‌
N/A‌
7‌
Registration
fees
-
Institutional
........................................................................
9‌
19‌
51‌
Registration
fees
-
R-6
.................................................................................
9‌
9‌
9‌
Service
fees
-
R-3
......................................................................................
N/A‌
N/A‌
2‌
Service
fees
-
R-4
......................................................................................
N/A‌
N/A‌
1‌
Service
fees
-
R-5
......................................................................................
N/A‌
N/A‌
2‌
Shareholder
reports
-
Class
A
..........................................................................
1‌
5‌
21‌
Shareholder
reports
-
Class
C
..........................................................................
N/A‌
2‌
6‌
Shareholder
reports
-
Class
J
...........................................................................
N/A‌
N/A‌
1‌
Shareholder
reports
-
Institutional
.....................................................................
15‌
22‌
136‌
Shareholder
reports
-
R-6
..............................................................................
–‌
–‌
2‌
Transfer agent
fees
-
Class
A
...........................................................................
11‌
84‌
293‌
Transfer agent
fees
-
Class
C
...........................................................................
N/A‌
22‌
69‌
Transfer agent
fees
-
Class
J
...........................................................................
N/A‌
N/A‌
22‌
Transfer agent
fees
-
Institutional
......................................................................
55‌
292‌
1,920‌
Transfer agent
fees
-
R-6
...............................................................................
5‌
–‌
9‌
Chief
compliance
officer
expenses
.....................................................................
1‌
–‌
2‌
Custodian
fees
..........................................................................................
317‌
5‌
25‌
Directors'
expenses
.....................................................................................
31‌
16‌
69‌
Professional fees
.......................................................................................
71‌
12‌
24‌
Other
expenses
.........................................................................................
44‌
8‌
62‌
Total
Gross
Expenses
12,616‌
5,622‌
24,254‌
Less:
Reimbursement
from
Manager
-
Class
A
........................................................
15‌
30‌
–‌
Less:
Reimbursement
from
Manager
-
Class
C
........................................................
N/A‌
22‌
–‌
Less:
Reimbursement
from
Manager
-
Institutional
...................................................
44‌
104‌
–‌
Less:
Reimbursement
from
Distributor
-
Class
J
......................................................
N/A‌
N/A‌
3‌
Total
Net
Expenses
12,557‌
5,466‌
24,251‌
Net
Investment
Income
(Loss)
8,430‌
10,063‌
138,843‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures
and
options
and
swaptions
Net
realized
gain
(loss)
from:
Investment
transactions
 (
net
of
foreign
taxes
of 
$
16
,
$
0
and
$
0
,
respectively)
.......................
(
174,181‌
)
24,982‌
(
30,675‌
)
Foreign
currency
transactions
..........................................................................
(
2,103‌
)
(
4‌
)
–‌
Futures
contracts
.......................................................................................
–‌
–‌
(
3,801‌
)
Options
and
swaptions
.................................................................................
–‌
–‌
2,693‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
 (net
of
foreign
taxes
of
$
(
11,283
)
,
$
0
and
$
0
,
respectively)
..............................
375,905‌
91,809‌
294,482‌
Futures
contracts
.......................................................................................
–‌
–‌
(
141‌
)
Options
and
swaptions
.................................................................................
–‌
–‌
45‌
Translation
of
assets
and
liabilities
in
foreign
currencies
..............................................
(
21‌
)
(
1‌
)
–‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures
and
options
and
swaptions
199,600‌
116,786‌
262,603‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
208,030‌
$
126,849‌
$
401,446‌
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
12
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Period
Ended
February
29,
2024
Year
Ended
August
31,
2023
Operations
Net
investment
income
(loss)
................................................................................................................
$
18,190‌
$
1,758‌
Net
realized
gain
(loss)
on
investments
......................................................................................................
122,804‌
(
107,672‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.......................................................................
1,665,287‌
1,610,098‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
1,806,281‌
1,504,184‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
.........................................................................
(
1,781‌
)
(
57,147‌
)
Total
Dividends
and
Distributions
(
1,781‌
)
(
57,147‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
........................................................................................
(
182,239‌
)
(
680,787‌
)
Total
Increase
(Decrease)
in
Net
Assets
1,622,261‌
766,250‌
Net
Assets
Beginning
of
period
..........................................................................................................................
9,477,315‌
8,711,065‌
End
of
period
................................................................................................................................
$
11,099,576‌
$
9,477,315‌
Class
A
Class
C
Class
J
Institutional
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
29,
2024
Dollars:
Sold
....................................
$
94,996‌
$
19,810‌
$
32,776‌
$
741,543‌
$
5,307‌
$
911‌
$
10,535‌
$
222,187‌
Reinvested
...............................
–‌
–‌
–‌
–‌
–‌
–‌
–‌
1,759‌
Redeemed
................................
(
142,130‌
)
(
34,251‌
)
(
22,154‌
)
(
499,311‌
)
(
3,175‌
)
(
455‌
)
(
1,652‌
)
(
608,935‌
)
Net
Increase
(Decrease)
$
(
47,134‌
)
$
(
14,441‌
)
$
10,622‌
$
242,232‌
$
2,132‌
$
456‌
$
8,883‌
$
(
384,989‌
)
Shares:
Sold
....................................
2,666‌
592‌
879‌
18,988‌
148‌
24‌
296‌
5,918‌
Reinvested
...............................
–‌
–‌
–‌
–‌
–‌
–‌
–‌
44‌
Redeemed
................................
(
3,907‌
)
(
1,021‌
)
(
598‌
)
(
13,649‌
)
(
91‌
)
(
13‌
)
(
45‌
)
(
15,935‌
)
Net
Increase
(Decrease)
(
1,241‌
)
(
429‌
)
281‌
5,339‌
57‌
11‌
251‌
(
9,973‌
)
Year
Ended
August
31,
2023
Dollars:
Sold
....................................
$
363,827‌
$
27,493‌
$
39,638‌
$
739,154‌
$
4,740‌
$
684‌
$
4,651‌
$
677,768‌
Reinvested
...............................
5,338‌
1,883‌
1,022‌
15,210‌
73‌
18‌
53‌
32,338‌
Redeemed
................................
(
368,399‌
)
(
57,553‌
)
(
28,384‌
)
(
1,062,552‌
)
(
5,854‌
)
(
1,446‌
)
(
1,771‌
)
(
1,068,718‌
)
Net
Increase
(Decrease)
$
766‌
$
(
28,177‌
)
$
12,276‌
$
(
308,188‌
)
$
(
1,041‌
)
$
(
744‌
)
$
2,933‌
$
(
358,612‌
)
Shares:
Sold
....................................
12,834‌
988‌
1,265‌
24,369‌
157‌
23‌
152‌
22,154‌
Reinvested
...............................
185‌
71‌
35‌
514‌
3‌
1‌
2‌
1,089‌
Redeemed
................................
(
12,805‌
)
(
2,117‌
)
(
938‌
)
(
34,906‌
)
(
199‌
)
(
48‌
)
(
61‌
)
(
34,642‌
)
Net
Increase
(Decrease)
214‌
(
1,058‌
)
362‌
(
10,023‌
)
(
39‌
)
(
24‌
)
93‌
(
11,399‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
29,
2024
From
net
investment
income
and
net
realized
gain
on
investments
...............................
$
–‌
$
–‌
$
–‌
$
–‌
$
–‌
$
–‌
$
–‌
$
(
1,781‌
)
Total
Dividends
and
Distributions
$
–‌
$
–‌
$
–‌
$
–‌
$
–‌
$
–‌
$
–‌
$
(
1,781‌
)
Year
Ended
August
31,
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
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
13
See
accompanying
notes.
Amounts
in
thousands
Bond
Market
Index
Fund
Period
Ended
February
29,
2024
Year
Ended
August
31,
2023
Operations
Net
investment
income
(loss)
................................................................................................................
$
42,534‌
$
84,594‌
Net
realized
gain
(loss)
on
investments
......................................................................................................
(
61,561‌
)
(
28,359‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.......................................................................
53,868‌
(
82,098‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
34,841‌
(
25,863‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
.........................................................................
(
85,167‌
)
(
38,726‌
)
Total
Dividends
and
Distributions
(
85,167‌
)
(
38,726‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
........................................................................................
(
470,711‌
)
638,716‌
Total
Increase
(Decrease)
in
Net
Assets
(
521,037‌
)
574,127‌
Net
Assets
Beginning
of
period
..........................................................................................................................
2,487,118‌
1,912,991‌
End
of
period
................................................................................................................................
$
1,966,081‌
$
2,487,118‌
Class
J
Institutional
R-1
R-3
R-4
R-5
Capital
Share
Transactions:
Period
Ended
February
29,
2024
Dollars:
Sold
.........................................................
$
2,673‌
$
190,275‌
$
243‌
$
2,692‌
$
2,065‌
$
1,367‌
Reinvested
....................................................
1,141‌
83,177‌
23‌
300‌
134‌
388‌
Redeemed
.....................................................
(
3,420‌
)
(
746,150‌
)
(
73‌
)
(
2,782‌
)
(
1,118‌
)
(
1,646‌
)
Net
Increase
(Decrease)
$
394‌
$
(
472,698‌
)
$
193‌
$
210‌
$
1,081‌
$
109‌
Shares:
Sold
.........................................................
326‌
22,695‌
30‌
330‌
248‌
166‌
Reinvested
....................................................
138‌
9,820‌
3‌
36‌
16‌
47‌
Redeemed
.....................................................
(
417‌
)
(
89,745‌
)
(
9‌
)
(
340‌
)
(
135‌
)
(
200‌
)
Net
Increase
(Decrease)
47‌
(
57,230‌
)
24‌
26‌
129‌
13‌
Year
Ended
August
31,
2023
Dollars:
Sold
.........................................................
$
6,904‌
$
820,763‌
$
123‌
$
2,799‌
$
1,953‌
$
2,075‌
Reinvested
....................................................
389‌
38,078‌
4‌
84‌
32‌
139‌
Redeemed
.....................................................
(
9,010‌
)
(
220,171‌
)
(
450‌
)
(
1,681‌
)
(
659‌
)
(
2,656‌
)
Net
Increase
(Decrease)
$
(
1,717‌
)
$
638,670‌
$
(
323‌
)
$
1,202‌
$
1,326‌
$
(
442‌
)
Shares:
Sold
.........................................................
827‌
95,391‌
15‌
334‌
229‌
246‌
Reinvested
....................................................
47‌
4,480‌
–‌
10‌
4‌
17‌
Redeemed
.....................................................
(
1,086‌
)
(
25,687‌
)
(
53‌
)
(
202‌
)
(
78‌
)
(
316‌
)
Net
Increase
(Decrease)
(
212‌
)
74,184‌
(
38‌
)
142‌
155‌
(
53‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
29,
2024
From
net
investment
income
and
net
realized
gain
on
investments
.............
$
(
1,144‌
)
$
(
83,178‌
)
$
(
23‌
)
$
(
300‌
)
$
(
134‌
)
$
(
388‌
)
Total
Dividends
and
Distributions
$
(
1,144‌
)
$
(
83,178‌
)
$
(
23‌
)
$
(
300‌
)
$
(
134‌
)
$
(
388‌
)
Year
Ended
August
31,
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
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
14
See
accompanying
notes.
Amounts
in
thousands
Diversified
Real
Asset
Fund
(a)
Period
Ended
February
29,
2024
Year
Ended
August
31,
2023
Operations
Net
investment
income
(loss)
................................................................................................................
$
49,231‌
$
112,979‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
short
sales
and
swap
agreements
............
(
106,234‌
)
(
177,037‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
and
swap
agreements
.............................................................................................................................
90,353‌
(
82,814‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
33,350‌
(
146,872‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
.........................................................................
(
45,765‌
)
(
486,079‌
)
Total
Dividends
and
Distributions
(
45,765‌
)
(
486,079‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
........................................................................................
(
193,147‌
)
(
503,099‌
)
Total
Increase
(Decrease)
in
Net
Assets
(
205,562‌
)
(
1,136,050‌
)
Net
Assets
Beginning
of
period
..........................................................................................................................
3,492,492‌
4,628,542‌
End
of
period
................................................................................................................................
$
3,286,930‌
$
3,492,492‌
Class
A
Institutional
R-3
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
29,
2024
Dollars:
Sold
....................................................................
$
2,773‌
$
218,667‌
$
1‌
N/A‌
$
309,100‌
Reinvested
...............................................................
717‌
22,545‌
3‌
N/A‌
20,167‌
Redeemed
................................................................
(
25,217‌
)
(
491,709‌
)
–‌
N/A‌
(
250,194‌
)
Net
Increase
(Decrease)
$
(
21,727‌
)
$
(
250,497‌
)
$
4‌
N/A‌
$
79,073‌
Shares:
Sold
....................................................................
261‌
20,644‌
–‌
N/A‌
29,100‌
Reinvested
...............................................................
65‌
2,056‌
–‌
N/A‌
1,838‌
Redeemed
................................................................
(
2,335‌
)
(
45,968‌
)
–‌
N/A‌
(
23,181‌
)
Net
Increase
(Decrease)
(
2,009‌
)
(
23,268‌
)
–‌
N/A‌
7,757‌
Year
Ended
August
31,
2023
(b)
Dollars:
Sold
....................................................................
$
20,690‌
$
559,282‌
$
34‌
$
6‌
$
322,989‌
Reinvested
...............................................................
12,307‌
255,661‌
32‌
8‌
195,816‌
Redeemed
................................................................
(
90,270‌
)
(
1,083,094‌
)
(
26‌
)
(
78‌
)
(
696,456‌
)
Net
Increase
(Decrease)
$
(
57,273‌
)
$
(
268,151‌
)
$
40‌
$
(
64‌
)
$
(
177,651‌
)
Shares:
Sold
....................................................................
1,825‌
49,218‌
2‌
–‌
27,767‌
Reinvested
...............................................................
1,086‌
22,650‌
3‌
1‌
17,350‌
Redeemed
................................................................
(
7,927‌
)
(
93,835‌
)
(
2‌
)
(
7‌
)
(
60,378‌
)
Net
Increase
(Decrease)
(
5,016‌
)
(
21,967‌
)
3‌
(
6‌
)
(
15,261‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
29,
2024
From
net
investment
income
and
net
realized
gain
on
investments
........................
$
(
770‌
)
$
(
24,441‌
)
$
(
3‌
)
$
N/A‌
$
(
20,551‌
)
Total
Dividends
and
Distributions
$
(
770‌
)
$
(
24,441‌
)
$
(
3‌
)
$
N/A‌
$
(
20,551‌
)
Year
Ended
August
31,
2023
(b)
From
net
investment
income
and
net
realized
gain
on
investments
........................
$
(
13,136‌
)
$
(
273,505‌
)
$
(
32‌
)
$
(
8‌
)
$
(
199,398‌
)
Total
Dividends
and
Distributions
$
(
13,136‌
)
$
(
273,505‌
)
$
(
32‌
)
$
(
8‌
)
$
(
199,398‌
)
(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.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
15
See
accompanying
notes.
Amounts
in
thousands
Edge
MidCap
Fund
Period
Ended
February
29,
2024
Year
Ended
August
31,
2023
Operations
Net
investment
income
(loss)
................................................................................................................
$
386‌
$
1,012‌
Net
realized
gain
(loss)
on
investments
......................................................................................................
1,142‌
1,628‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.......................................................................
4,565‌
7,478‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
6,093‌
10,118‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
.........................................................................
(
1,309‌
)
(
12,416‌
)
Total
Dividends
and
Distributions
(
1,309‌
)
(
12,416‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
........................................................................................
(
3,773‌
)
(
32,342‌
)
Total
Increase
(Decrease)
in
Net
Assets
1,011‌
(
34,640‌
)
Net
Assets
Beginning
of
period
..........................................................................................................................
76,375‌
111,015‌
End
of
period
................................................................................................................................
$
77,386‌
$
76,375‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
29,
2024
Dollars:
Sold
.........................................................................................
$
3,112‌
$
6,101‌
$
1,692‌
Reinvested
....................................................................................
263‌
573‌
286‌
Redeemed
.....................................................................................
(
4,764‌
)
(
4,685‌
)
(
6,351‌
)
Net
Increase
(Decrease)
$
(
1,389‌
)
$
1,989‌
$
(
4,373‌
)
Shares:
Sold
.........................................................................................
266‌
516‌
142‌
Reinvested
....................................................................................
21‌
46‌
23‌
Redeemed
.....................................................................................
(
407‌
)
(
397‌
)
(
536‌
)
Net
Increase
(Decrease)
(
120‌
)
165‌
(
371‌
)
Year
Ended
August
31,
2023
Dollars:
Sold
.........................................................................................
$
5,045‌
$
18,920‌
$
2,826‌
Reinvested
....................................................................................
2,232‌
6,105‌
1,954‌
Redeemed
.....................................................................................
(
5,837‌
)
(
54,231‌
)
(
9,356‌
)
Net
Increase
(Decrease)
$
1,440‌
$
(
29,206‌
)
$
(
4,576‌
)
Shares:
Sold
.........................................................................................
443‌
1,658‌
247‌
Reinvested
....................................................................................
208‌
563‌
179‌
Redeemed
.....................................................................................
(
515‌
)
(
4,692‌
)
(
807‌
)
Net
Increase
(Decrease)
136‌
(
2,471‌
)
(
381‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
29,
2024
From
net
investment
income
and
net
realized
gain
on
investments
.............................................
$
(
263‌
)
$
(
583‌
)
$
(
463‌
)
Total
Dividends
and
Distributions
$
(
263‌
)
$
(
583‌
)
$
(
463‌
)
Year
Ended
August
31,
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
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
16
See
accompanying
notes.
Amounts
in
thousands
Global
Multi-Strategy
Fund
(a)
Period
Ended
February
29,
2024
Year
Ended
August
31,
2023
Operations
Net
investment
income
(loss)
................................................................................................................
$
9,673‌
$
11,487‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
short
sales
and
swap
agreements
............
1,978‌
(
7,545‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
short
sales
and
swap
agreements
.......................................................................................................................
9,110‌
18,594‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
20,761‌
22,536‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
.........................................................................
(
15,141‌
)
(
49,293‌
)
Total
Dividends
and
Distributions
(
15,141‌
)
(
49,293‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
........................................................................................
(
48,119‌
)
(
2,050‌
)
Total
Increase
(Decrease)
in
Net
Assets
(
42,499‌
)
(
28,807‌
)
Net
Assets
Beginning
of
period
..........................................................................................................................
450,812‌
479,619‌
End
of
period
................................................................................................................................
$
408,313‌
$
450,812‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
29,
2024
Dollars:
Sold
.........................................................................................
$
1,210‌
$
46,949‌
$
5,901‌
Reinvested
....................................................................................
955‌
9,048‌
651‌
Redeemed
.....................................................................................
(
4,396‌
)
(
93,842‌
)
(
14,595‌
)
Net
Increase
(Decrease)
$
(
2,231‌
)
$
(
37,845‌
)
$
(
8,043‌
)
Shares:
Sold
.........................................................................................
117‌
4,452‌
557‌
Reinvested
....................................................................................
93‌
869‌
62‌
Redeemed
.....................................................................................
(
424‌
)
(
8,953‌
)
(
1,379‌
)
Net
Increase
(Decrease)
(
214‌
)
(
3,632‌
)
(
760‌
)
Year
Ended
August
31,
2023
Dollars:
Sold
.........................................................................................
$
9,500‌
$
111,942‌
$
29,221‌
Reinvested
....................................................................................
3,628‌
29,922‌
2,209‌
Redeemed
.....................................................................................
(
10,428‌
)
(
144,120‌
)
(
33,924‌
)
Net
Increase
(Decrease)
$
2,700‌
$
(
2,256‌
)
$
(
2,494‌
)
Shares:
Sold
.........................................................................................
915‌
10,560‌
2,730‌
Reinvested
....................................................................................
356‌
2,890‌
213‌
Redeemed
.....................................................................................
(
1,012‌
)
(
13,397‌
)
(
3,214‌
)
Net
Increase
(Decrease)
259‌
53‌
(
271‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
29,
2024
From
net
investment
income
and
net
realized
gain
on
investments
.............................................
$
(
1,107‌
)
$
(
11,817‌
)
$
(
2,217‌
)
Total
Dividends
and
Distributions
$
(
1,107‌
)
$
(
11,817‌
)
$
(
2,217‌
)
Year
Ended
August
31,
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
)
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
17
See
accompanying
notes.
Amounts
in
thousands
Global
Sustainable
Listed
Infrastructure
Fund
Period
Ended
February
29,
2024
Period Ended
August
31,
2023
(a)
Operations
Net
investment
income
(loss)
................................................................................................................
$
203‌
$
370‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.............................................................................
187‌
773‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.......................................................................
212‌
(
940‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
602‌
203‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
.........................................................................
(
1,246‌
)
(
123‌
)
Total
Dividends
and
Distributions
(
1,246‌
)
(
123‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
........................................................................................
1,248‌
15,929‌
Total
Increase
(Decrease)
in
Net
Assets
604‌
16,009‌
Net
Assets
Beginning
of
period
..........................................................................................................................
16,009‌
–‌
End
of
period
................................................................................................................................
$
16,613‌
$
16,009‌
Institutional
Capital
Share
Transactions:
Period
Ended
February
29,
2024
Dollars:
Sold
..............................................................................................................
$
499‌
Reinvested
.........................................................................................................
884‌
Redeemed
..........................................................................................................
(
135‌
)
Net
Increase
(Decrease)
$
1,248‌
Shares:
Sold
..............................................................................................................
49‌
Reinvested
.........................................................................................................
85‌
Redeemed
..........................................................................................................
(
14‌
)
Net
Increase
(Decrease)
120‌
Period Ended
August
31,
2023
(a)
Dollars:
Sold
..............................................................................................................
$
15,818‌
Reinvested
.........................................................................................................
122‌
Redeemed
..........................................................................................................
(
11‌
)
Net
Increase
(Decrease)
$
15,929‌
Shares:
Sold
..............................................................................................................
1,528‌
Reinvested
.........................................................................................................
12‌
Redeemed
..........................................................................................................
(
1‌
)
Net
Increase
(Decrease)
1,539‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
29,
2024
From
net
investment
income
and
net
realized
gain
on
investments
..................................................................
$
(
1,246‌
)
Total
Dividends
and
Distributions
$
(
1,246‌
)
Period Ended
August
31,
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
August
31,
2023.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
18
See
accompanying
notes.
Amounts
in
thousands
International
Equity
Index
Fund
Period
Ended
February
29,
2024
Year
Ended
August
31,
2023
Operations
Net
investment
income
(loss)
................................................................................................................
$
8,271‌
$
30,952‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
and
futures
.....................................................................
14,131‌
6,925‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
,
foreign
currencies
and
futures
......................................
76,082‌
133,944‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
98,484‌
171,821‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
.........................................................................
(
43,737‌
)
(
27,481‌
)
Total
Dividends
and
Distributions
(
43,737‌
)
(
27,481‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
........................................................................................
(
115,156‌
)
102,254‌
Total
Increase
(Decrease)
in
Net
Assets
(
60,409‌
)
246,594‌
Net
Assets
Beginning
of
period
..........................................................................................................................
1,232,594‌
986,000‌
End
of
period
................................................................................................................................
$
1,172,185‌
$
1,232,594‌
Institutional
R-1
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
29,
2024
Dollars:
Sold
.........................................................
$
13,268‌
$
10‌
$
2,354‌
$
1,597‌
$
1,529‌
$
38,520‌
Reinvested
....................................................
2,679‌
6‌
454‌
366‌
516‌
39,716‌
Redeemed
.....................................................
(
10,302‌
)
(
179‌
)
(
2,156‌
)
(
3,252‌
)
(
2,305‌
)
(
197,977‌
)
Net
Increase
(Decrease)
$
5,645‌
$
(
163‌
)
$
652‌
$
(
1,289‌
)
$
(
260‌
)
$
(
119,741‌
)
Shares:
Sold
.........................................................
1,229‌
1‌
224‌
149‌
145‌
3,607‌
Reinvested
....................................................
241‌
1‌
42‌
33‌
47‌
3,570‌
Redeemed
.....................................................
(
948‌
)
(
19‌
)
(
201‌
)
(
299‌
)
(
212‌
)
(
18,668‌
)
Net
Increase
(Decrease)
522‌
(
17‌
)
65‌
(
117‌
)
(
20‌
)
(
11,491‌
)
Year
Ended
August
31,
2023
Dollars:
Sold
.........................................................
$
28,812‌
$
48‌
$
3,168‌
$
2,101‌
$
5,252‌
$
322,042‌
Reinvested
....................................................
1,269‌
7‌
233‌
212‌
360‌
25,400‌
Redeemed
.....................................................
(
11,728‌
)
(
34‌
)
(
3,406‌
)
(
1,927‌
)
(
6,984‌
)
(
262,571‌
)
Net
Increase
(Decrease)
$
18,353‌
$
21‌
$
(
5‌
)
$
386‌
$
(
1,372‌
)
$
84,871‌
Shares:
Sold
.........................................................
2,708‌
3‌
311‌
206‌
525‌
30,641‌
Reinvested
....................................................
131‌
1‌
24‌
22‌
37‌
2,613‌
Redeemed
.....................................................
(
1,124‌
)
(
3‌
)
(
345‌
)
(
190‌
)
(
662‌
)
(
25,651‌
)
Net
Increase
(Decrease)
1,715‌
1‌
(
10‌
)
38‌
(
100‌
)
7,603‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
29,
2024
From
net
investment
income
and
net
realized
gain
on
investments
.............
$
(
2,679‌
)
$
(
6‌
)
$
(
454‌
)
$
(
366‌
)
$
(
516‌
)
$
(
39,716‌
)
Total
Dividends
and
Distributions
$
(
2,679‌
)
$
(
6‌
)
$
(
454‌
)
$
(
366‌
)
$
(
516‌
)
$
(
39,716‌
)
Year
Ended
August
31,
2023
From
net
investment
income
and
net
realized
gain
on
investments
.............
$
(
1,269‌
)
$
(
7‌
)
$
(
233‌
)
$
(
212‌
)
$
(
360‌
)
$
(
25,400‌
)
Total
Dividends
and
Distributions
$
(
1,269‌
)
$
(
7‌
)
$
(
233‌
)
$
(
212‌
)
$
(
360‌
)
$
(
25,400‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
19
See
accompanying
notes.
Amounts
in
thousands
International
Small
Company
Fund
Period
Ended
February
29,
2024
Year
Ended
August
31,
2023
Operations
Net
investment
income
(loss)
................................................................................................................
$
3,029‌
$
12,422‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.............................................................................
(
4,280‌
)
(
40,524‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
and
foreign
currencies
...............................................
34,815‌
99,733‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
33,564‌
71,631‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
.........................................................................
(
13,761‌
)
(
8,570‌
)
Total
Dividends
and
Distributions
(
13,761‌
)
(
8,570‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
........................................................................................
(
11,453‌
)
(
61,203‌
)
Total
Increase
(Decrease)
in
Net
Assets
8,350‌
1,858‌
Net
Assets
Beginning
of
period
..........................................................................................................................
706,507‌
704,649‌
End
of
period
................................................................................................................................
$
714,857‌
$
706,507‌
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
29,
2024
Dollars:
Sold
...................................................................................................
$
5,694‌
$
44,535‌
Reinvested
..............................................................................................
730‌
13,031‌
Redeemed
...............................................................................................
(
7,897‌
)
(
67,546‌
)
Net
Increase
(Decrease)
$
(
1,473‌
)
$
(
9,980‌
)
Shares:
Sold
...................................................................................................
588‌
4,538‌
Reinvested
..............................................................................................
73‌
1,291‌
Redeemed
...............................................................................................
(
819‌
)
(
7,026‌
)
Net
Increase
(Decrease)
(
158‌
)
(
1,197‌
)
Year
Ended
August
31,
2023
Dollars:
Sold
...................................................................................................
$
14,707‌
$
72,767‌
Reinvested
..............................................................................................
498‌
8,072‌
Redeemed
...............................................................................................
(
31,800‌
)
(
125,447‌
)
Net
Increase
(Decrease)
$
(
16,595‌
)
$
(
44,608‌
)
Shares:
Sold
...................................................................................................
1,653‌
7,837‌
Reinvested
..............................................................................................
56‌
901‌
Redeemed
...............................................................................................
(
3,490‌
)
(
13,657‌
)
Net
Increase
(Decrease)
(
1,781‌
)
(
4,919‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
29,
2024
From
net
investment
income
and
net
realized
gain
on
investments
.......................................................
$
(
730‌
)
$
(
13,031‌
)
Total
Dividends
and
Distributions
$
(
730‌
)
$
(
13,031‌
)
Year
Ended
August
31,
2023
From
net
investment
income
and
net
realized
gain
on
investments
.......................................................
$
(
498‌
)
$
(
8,072‌
)
Total
Dividends
and
Distributions
$
(
498‌
)
$
(
8,072‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
20
See
accompanying
notes.
Amounts
in
thousands
Opportunistic
Municipal
Fund
Period
Ended
February
29,
2024
Year
Ended
August
31,
2023
Operations
Net
investment
income
(loss)
................................................................................................................
$
3,169‌
$
5,485‌
Net
realized
gain
(loss)
on
investments
......................................................................................................
(
1,953‌
)
(
4,799‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.......................................................................
6,250‌
(
500‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
7,466‌
186‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
.........................................................................
(
3,107‌
)
(
5,476‌
)
Total
Dividends
and
Distributions
(
3,107‌
)
(
5,476‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
........................................................................................
7,287‌
1,472‌
Total
Increase
(Decrease)
in
Net
Assets
11,646‌
(
3,818‌
)
Net
Assets
Beginning
of
period
..........................................................................................................................
135,410‌
139,228‌
End
of
period
................................................................................................................................
$
147,056‌
$
135,410‌
Class
A
Institutional
Capital
Share
Transactions:
Period
Ended
February
29,
2024
Dollars:
Sold
...................................................................................................
$
7,736‌
$
44,894‌
Reinvested
..............................................................................................
784‌
2,288‌
Redeemed
...............................................................................................
(
12,656‌
)
(
35,759‌
)
Net
Increase
(Decrease)
$
(
4,136‌
)
$
11,423‌
Shares:
Sold
...................................................................................................
820‌
4,795‌
Reinvested
..............................................................................................
83‌
242‌
Redeemed
...............................................................................................
(
1,356‌
)
(
3,794‌
)
Net
Increase
(Decrease)
(
453‌
)
1,243‌
Year
Ended
August
31,
2023
Dollars:
Sold
...................................................................................................
$
7,457‌
$
51,708‌
Reinvested
..............................................................................................
1,737‌
3,643‌
Redeemed
...............................................................................................
(
15,144‌
)
(
47,929‌
)
Net
Increase
(Decrease)
$
(
5,950‌
)
$
7,422‌
Shares:
Sold
...................................................................................................
791‌
5,461‌
Reinvested
..............................................................................................
185‌
386‌
Redeemed
...............................................................................................
(
1,607‌
)
(
5,075‌
)
Net
Increase
(Decrease)
(
631‌
)
772‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
29,
2024
From
net
investment
income
and
net
realized
gain
on
investments
.......................................................
$
(
813‌
)
$
(
2,294‌
)
Total
Dividends
and
Distributions
$
(
813‌
)
$
(
2,294‌
)
Year
Ended
August
31,
2023
From
net
investment
income
and
net
realized
gain
on
investments
.......................................................
$
(
1,806‌
)
$
(
3,670‌
)
Total
Dividends
and
Distributions
$
(
1,806‌
)
$
(
3,670‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
21
See
accompanying
notes.
Amounts
in
thousands
Origin
Emerging
Markets
Fund
Period
Ended
February
29,
2024
Year
Ended
August
31,
2023
Operations
Net
investment
income
(loss)
................................................................................................................
$
8,430‌
$
61,085‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.............................................................................
(
176,284‌
)
(
325,903‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
and
foreign
currencies
...............................................
375,884‌
292,261‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
208,030‌
27,443‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
.........................................................................
(
59,959‌
)
(
69,003‌
)
Total
Dividends
and
Distributions
(
59,959‌
)
(
69,003‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
........................................................................................
(
82,377‌
)
391,895‌
Total
Increase
(Decrease)
in
Net
Assets
65,694‌
350,335‌
Net
Assets
Beginning
of
period
..........................................................................................................................
2,632,653‌
2,282,318‌
End
of
period
................................................................................................................................
$
2,698,347‌
$
2,632,653‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
29,
2024
Dollars:
Sold
.........................................................................................
$
216‌
$
8,738‌
$
97,129‌
Reinvested
....................................................................................
87‌
1,662‌
57,941‌
Redeemed
.....................................................................................
(
513‌
)
(
8,904‌
)
(
238,733‌
)
Net
Increase
(Decrease)
$
(
210‌
)
$
1,496‌
$
(
83,663‌
)
Shares:
Sold
.........................................................................................
23‌
932‌
10,261‌
Reinvested
....................................................................................
9‌
175‌
6,112‌
Redeemed
.....................................................................................
(
54‌
)
(
951‌
)
(
25,402‌
)
Net
Increase
(Decrease)
(
22‌
)
156‌
(
9,029‌
)
Year
Ended
August
31,
2023
Dollars:
Sold
.........................................................................................
$
847‌
$
20,392‌
$
806,453‌
Reinvested
....................................................................................
110‌
2,373‌
66,235‌
Redeemed
.....................................................................................
(
1,275‌
)
(
43,542‌
)
(
459,698‌
)
Net
Increase
(Decrease)
$
(
318‌
)
$
(
20,777‌
)
$
412,990‌
Shares:
Sold
.........................................................................................
88‌
2,190‌
86,398‌
Reinvested
....................................................................................
12‌
267‌
7,467‌
Redeemed
.....................................................................................
(
134‌
)
(
4,607‌
)
(
48,952‌
)
Net
Increase
(Decrease)
(
34‌
)
(
2,150‌
)
44,913‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
29,
2024
From
net
investment
income
and
net
realized
gain
on
investments
.............................................
$
(
88‌
)
$
(
1,667‌
)
$
(
58,204‌
)
Total
Dividends
and
Distributions
$
(
88‌
)
$
(
1,667‌
)
$
(
58,204‌
)
Year
Ended
August
31,
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
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
22
See
accompanying
notes.
Amounts
in
thousands
Small-MidCap
Dividend
Income
Fund
Period
Ended
February
29,
2024
Year
Ended
August
31,
2023
Operations
Net
investment
income
(loss)
................................................................................................................
$
10,063‌
$
18,972‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.............................................................................
24,978‌
16,287‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
and
foreign
currencies
...............................................
91,808‌
70,408‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
126,849‌
105,667‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
.........................................................................
(
21,036‌
)
(
66,938‌
)
Total
Dividends
and
Distributions
(
21,036‌
)
(
66,938‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
........................................................................................
(
212,486‌
)
185,908‌
Total
Increase
(Decrease)
in
Net
Assets
(
106,673‌
)
224,637‌
Net
Assets
Beginning
of
period
..........................................................................................................................
1,285,740‌
1,061,103‌
End
of
period
................................................................................................................................
$
1,179,067‌
$
1,285,740‌
Class
A
Class
C
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
29,
2024
Dollars:
Sold
..............................................................................
$
9,699‌
$
1,472‌
$
51,052‌
$
30,417‌
Reinvested
.........................................................................
2,244‌
316‌
10,979‌
6,586‌
Redeemed
..........................................................................
(
14,564‌
)
(
6,043‌
)
(
102,428‌
)
(
202,216‌
)
Net
Increase
(Decrease)
$
(
2,621‌
)
$
(
4,255‌
)
$
(
40,397‌
)
$
(
165,213‌
)
Shares:
Sold
..............................................................................
589‌
90‌
3,090‌
2,035‌
Reinvested
.........................................................................
134‌
19‌
651‌
389‌
Redeemed
..........................................................................
(
889‌
)
(
378‌
)
(
6,184‌
)
(
11,688‌
)
Net
Increase
(Decrease)
(
166‌
)
(
269‌
)
(
2,443‌
)
(
9,264‌
)
Year
Ended
August
31,
2023
Dollars:
Sold
..............................................................................
$
27,180‌
$
3,653‌
$
121,266‌
$
339,546‌
Reinvested
.........................................................................
8,436‌
2,273‌
45,132‌
7,307‌
Redeemed
..........................................................................
(
30,134‌
)
(
22,255‌
)
(
238,061‌
)
(
78,435‌
)
Net
Increase
(Decrease)
$
5,482‌
$
(
16,329‌
)
$
(
71,663‌
)
$
268,418‌
Shares:
Sold
..............................................................................
1,736‌
233‌
7,663‌
21,233‌
Reinvested
.........................................................................
546‌
149‌
2,906‌
471‌
Redeemed
..........................................................................
(
1,945‌
)
(
1,441‌
)
(
15,127‌
)
(
5,046‌
)
Net
Increase
(Decrease)
337‌
(
1,059‌
)
(
4,558‌
)
16,658‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
29,
2024
From
net
investment
income
and
net
realized
gain
on
investments
..................................
$
(
2,457‌
)
$
(
323‌
)
$
(
11,670‌
)
$
(
6,586‌
)
Total
Dividends
and
Distributions
$
(
2,457‌
)
$
(
323‌
)
$
(
11,670‌
)
$
(
6,586‌
)
Year
Ended
August
31,
2023
From
net
investment
income
and
net
realized
gain
on
investments
..................................
$
(
9,313‌
)
$
(
2,315‌
)
$
(
48,001‌
)
$
(
7,309‌
)
Total
Dividends
and
Distributions
$
(
9,313‌
)
$
(
2,315‌
)
$
(
48,001‌
)
$
(
7,309‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
23
See
accompanying
notes.
Amounts
in
thousands
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Period
Ended
February
29,
2024
Year
Ended
August
31,
2023
Operations
Net
investment
income
(loss)
................................................................................................................
$
138,843‌
$
274,893‌
Net
realized
gain
(loss)
on
investments
,
futures
and
options
and
swaptions
................................................................
(
31,783‌
)
(
257,877‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
,
futures
and
options
and
swaptions
.................................
294,386‌
(
10,914‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
401,446‌
6,102‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
.........................................................................
(
167,655‌
)
(
320,871‌
)
Total
Dividends
and
Distributions
(
167,655‌
)
(
320,871‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
........................................................................................
14,372‌
(
409,914‌
)
Total
Increase
(Decrease)
in
Net
Assets
248,163‌
(
724,683‌
)
Net
Assets
Beginning
of
period
..........................................................................................................................
5,754,228‌
6,478,911‌
End
of
period
................................................................................................................................
$
6,002,391‌
$
5,754,228‌
Class
A
Class
C
Class
J
Institutional
R-1
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
29,
2024
Dollars:
Sold
..........................
$
74,980‌
$
13,602‌
$
1,813‌
$
919,272‌
$
6‌
$
181‌
$
28‌
$
304‌
$
72,826‌
Reinvested
.....................
15,359‌
2,950‌
881‌
100,373‌
12‌
51‌
26‌
57‌
14,542‌
Redeemed
......................
(
127,017‌
)
(
29,902‌
)
(
3,383‌
)
(
857,879‌
)
(
29‌
)
(
375‌
)
(
76‌
)
(
233‌
)
(
183,997‌
)
Net
Increase
(Decrease)
$
(
36,678‌
)
$
(
13,350‌
)
$
(
689‌
)
$
161,766‌
$
(
11‌
)
$
(
143‌
)
$
(
22‌
)
$
128‌
$
(
96,629‌
)
Shares:
Sold
..........................
8,583‌
1,543‌
212‌
105,715‌
–‌
21‌
4‌
34‌
8,358‌
Reinvested
.....................
1,758‌
338‌
105‌
11,581‌
1‌
6‌
3‌
7‌
1,680‌
Redeemed
......................
(
14,498‌
)
(
3,426‌
)
(
402‌
)
(
99,157‌
)
(
3‌
)
(
43‌
)
(
9‌
)
(
27‌
)
(
21,230‌
)
Net
Increase
(Decrease)
(
4,157‌
)
(
1,545‌
)
(
85‌
)
18,139‌
(
2‌
)
(
16‌
)
(
2‌
)
14‌
(
11,192‌
)
Year
Ended
August
31,
2023
Dollars:
Sold
..........................
$
148,101‌
$
28,101‌
$
3,653‌
$
2,192,106‌
$
13‌
$
655‌
$
128‌
$
186‌
$
525,956‌
Reinvested
.....................
30,509‌
6,256‌
1,802‌
171,598‌
23‌
294‌
49‌
118‌
37,065‌
Redeemed
......................
(
250,075‌
)
(
58,388‌
)
(
8,577‌
)
(
2,434,198‌
)
(
28‌
)
(
6,370‌
)
(
122‌
)
(
916‌
)
(
797,853‌
)
Net
Increase
(Decrease)
$
(
71,465‌
)
$
(
24,031‌
)
$
(
3,122‌
)
$
(
70,494‌
)
$
8‌
$
(
5,421‌
)
$
55‌
$
(
612‌
)
$
(
234,832‌
)
Shares:
Sold
..........................
16,897‌
3,185‌
428‌
252,210‌
1‌
76‌
14‌
21‌
60,849‌
Reinvested
.....................
3,497‌
717‌
214‌
19,851‌
3‌
34‌
6‌
14‌
4,279‌
Redeemed
......................
(
28,553‌
)
(
6,664‌
)
(
1,017‌
)
(
280,351‌
)
(
3‌
)
(
751‌
)
(
14‌
)
(
106‌
)
(
91,275‌
)
Net
Increase
(Decrease)
(
8,159‌
)
(
2,762‌
)
(
375‌
)
(
8,290‌
)
1‌
(
641‌
)
6‌
(
71‌
)
(
26,147‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
29,
2024
From
net
investment
income
and
net
realized
gain
on
investments
.........
$
(
19,190‌
)
$
(
3,369‌
)
$
(
894‌
)
$
(
117,192‌
)
$
(
12‌
)
$
(
54‌
)
$
(
26‌
)
$
(
57‌
)
$
(
26,861‌
)
Total
Dividends
and
Distributions
$
(
19,190‌
)
$
(
3,369‌
)
$
(
894‌
)
$
(
117,192‌
)
$
(
12‌
)
$
(
54‌
)
$
(
26‌
)
$
(
57‌
)
$
(
26,861‌
)
Year
Ended
August
31,
2023
From
net
investment
income
and
net
realized
gain
on
investments
.........
$
(
38,465‌
)
$
(
7,175‌
)
$
(
1,826‌
)
$
(
208,238‌
)
$
(
23‌
)
$
(
315‌
)
$
(
49‌
)
$
(
118‌
)
$
(
64,662‌
)
Total
Dividends
and
Distributions
$
(
38,465‌
)
$
(
7,175‌
)
$
(
1,826‌
)
$
(
208,238‌
)
$
(
23‌
)
$
(
315‌
)
$
(
49‌
)
$
(
118‌
)
$
(
64,662‌
)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
24
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,
and
Spectrum
Preferred
and
Capital
Securities
Income
Fund,
each
a
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
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.
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
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
25
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
29,
2024:
Income
and
Investment
Transactions.
The
Funds
record
investment
transactions
on
a
trade
date
basis.
Trade
date
for
senior
floating
rate
interests
purchased
in
the
primary
market
is
considered
the
date
on
which
the
loan
allocations
are
determined.
Trade
date
for
senior
floating
rate
interests
purchased
in
the
secondary
market
is
the
date
on
which
the
transaction
is
entered
into.
The
identified
cost
basis
has
been
used
in
determining
the
net
realized
gain
or
loss
from
investment
transactions
and
unrealized
appreciation
or
depreciation
of
investments.
The
Funds
record
dividend
income
on
the
ex-dividend
date,
except
dividend
income
from
foreign
securities
whereby
the
ex-dividend
date
has
passed;
such
dividends
are
recorded
as
soon
as
the
Funds
are
informed
of
the
ex-dividend
date.
Interest
income
is
recognized
on
an
accrual
basis.
Payment
in
kind
(“PIK”)
income
is
computed
on
the
value
of
the
securities
received
at
the
contractual
rate
specified
in
each
loan
agreement.
Discounts
and
premiums
on
securities
are
accreted/amortized,
respectively,
on
the
level
yield
method
over
the
expected
lives
of
the
respective
securities.
Callable
debt
securities
purchased
at
a
premium
are
amortized
to
the
earliest
call
date
and
to
the
callable
amount,
if
other
than
par.
The
Funds
allocate
all
income
and
realized
and
unrealized
gains
or
losses
on
a
daily
basis
to
each
class
of
shares
based
upon
the
relative
proportion
of
the
value
of
shares
outstanding
of
each
class.
Diversified
Real
Asset
Fund
Euro
9
.6%
British
Pound
Sterling
5
.1
Global
Sustainable
Listed
Infrastructure
Fund
Euro
11
.1%
Canadian
Dollar
8
.5
Hong
Kong
Dollar
8
.2
Australian
Dollar
5
.8
British
Pound
Sterling
5
.8
International
Equity
Index
Fund
Euro
32
.7%
Japanese
Yen
23
.2
British
Pound
Sterling
14
.1
Swiss
Franc
9
.4
Australian
Dollar
7
.2
International
Small
Company
Fund
Japanese
Yen
29
.6%
Euro
19
.3
British
Pound
Sterling
16
.3
Canadian
Dollar
10
.9
Australian
Dollar
7
.3
Origin
Emerging
Markets
Fund
New
Taiwan
Dollar
19
.0%
Indian
Rupee
18
.8
South
Korean
Won
10
.8
Hong
Kong
Dollar
10
.3
Chinese
Renminbi
10
.2
Brazilian
Real
8
.7
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
26
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,
options
and
futures
contracts,
certain
defaulted
securities,
sales
of
passive
foreign
investment
companies,
losses
deferred
due
to
wash
sales,
tax
straddles,
mortgage-backed
securities,
paydowns,
certain
preferred
securities,
swap
agreements,
short
sales,
partnership
investments,
REITs,
and
utilization
of
earnings
and
profits
distributed
to
shareholders
on
redemption
of
shares.
Permanent
book
and
tax
basis
differences
are
reclassified
within
the
capital
accounts
based
on
federal
tax-basis
treatment;
temporary
differences
do
not
require
reclassification.
To
the
extent
dividends
and
distributions
exceed
current
and
accumulated
earnings
and
profits
for
federal
income
tax
purposes,
they
are
reported
as
return
of
capital
distributions.
Federal
Income
Taxes.
No
provision
for
federal
income
taxes
is
considered
necessary
because
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
29,
2024,
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.
The
Funds
may
be
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
for
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
accrued
foreign tax
reclaims
receivables
are
included
in
dividends
and
interest
receivables
on
the
statements
of
assets
and
liabilities.
Any
foreign
tax
reclaims income is
included
in
foreign
tax
reclaims
on
the
statements
of
operations.
In
the
event
that
foreign
tax
reclaims
received
during
the
fiscal
year
exceed
foreign
withholding
tax
paid,
and
a
fund
previously
passed
through
foreign
tax
credits
to
its
shareholders,
a
fund will
enter
into
a
closing
agreement
with
the
Internal
Revenue
Service
("IRS"),
in
order
to
pay
the
associated
tax
liability
on
behalf
of
the
fund's
shareholders.
Any
IRS
closing
agreement
fees
related
to
foreign
tax
reclaims are
reflected
as
a
reduction
to
income
on
the
statements
of
operations.
Any
accrued
IRS
closing
agreement
fees
related
to
foreign
tax
reclaims
are
reflected
on
the
statements
of
assets
and
liabilities.
Gains
realized
upon
the
disposition
of
certain
foreign
securities
held
by
certain
Funds
may
be
subject
to
capital
gains
tax,
payable
prior
to
the
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
27
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.
Basis
for
Consolidation.
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
Fund
(the
“Consolidated
Funds”)
may
invest
up
to
25%
of
their
total
net
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
29,
2024,
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.
The
impact
of
the
ASU
will
not
have
a
material
impact
on
the
Funds’
financial
statements.
The
Funds
will
adopt
the
ASU
for
periods
beginning
after
December
15,
2023.
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
("SOFR") 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
expense
associated
with
these
borrowings
is
included
in
other
expenses
on
the
statements
of
operations. Any
outstanding
lending
as
of February
29,
2024 is included
in interfund
lending
on the
statements
of
assets
and
liabilities. 
Any
outstanding
borrowing as
of February
29,
2024 is
included
in
interfund
borrowing
on
the
statements
of
assets
and
liabilities.
Net
Assets
Percent
of
Consolidated
Fund's
Net
Assets
DRA
Cayman
Corporation
$
479,924
14.60
%
GMS
Cayman
Corporation
4,607
1.13
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
28
During
the
period
ended
February
29,
2024,
Funds
lending
to
the
Facility
were
as
follows
(amount
in
thousands):
During
the period
ended
February
29,
2024,
Funds
borrowing
from
the
Facility
were
as
follows
(amounts
in
thousands): 
In
addition,
the
Funds
participate
with
other
registered
investment
companies
managed
by
the
Manager
in
an
unsecured
joint
line
of
credit
with
a
group
of
financial
institutions
which
allows
the
participants
to
borrow
up
to
$250
million,
collectively.
Borrowings
are
made
solely
to
facilitate
the
handling
of
unusual
and/or
unanticipated
short-term
cash
requirements. 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
the
applicable
margin
of
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.
Any
outstanding
borrowing
as
of
February
29,
2024 is
included
in
borrowing
on
the
statements
of
assets
and
liabilities.
During
the period ended
February
29,
2024,
the
Funds
did
not
borrow
against
the
line
of
credit.
Commodity
Linked
Notes.
Diversified
Real
Asset
Fund
invests
in
structured
notes
whose
market
values
are
primarily
derived
from
changes
in
the
value
of
various
commodity
indices
and
other
factors.
Valuations
on
these
securities
may
be
volatile
as
the
payment
features
on
certain
notes
may
contain
attributes
that
multiply
the
effects
of
changes
in
the
values
of
the
underlying
indices.
Structured
notes
may
entail
a
greater
degree
of
market
risk
than
other
types
of
debt
securities.
Structured
notes
may
also
be
more
volatile,
less
liquid,
and
more
difficult
to
accurately
price
than
less
complex
securities
or
more
traditional
debt
securities.
Fluctuations
in
the
fair
value
of
the
structured
notes
are
recorded
as
unrealized
gains
and
losses
in
the
accompanying
financial
statements.
Interest
income
is
accrued
daily.
These
notes
are
subject
to
prepayment,
credit,
and
interest
rate
risks.
At
maturity,
or
when
a
note
is
sold,
the
fund
records
a
realized
gain
or
loss. 
Contingent
Convertible
Securities.
As
footnoted
in
the
schedules
of
investments, certain
of
the
Funds
invest 
in
contingent
convertible securities
(“CoCos”).
CoCos are
hybrid
debt
securities
that
may
convert
into
equity
or
have
their
principal
written
down
upon
the
occurrence
of
certain
“triggers.”
Although
a
contingent
convertible
security’s
equity
conversion
and
principal
write-down
features
are
tailored
to
the
particular
issuing
banking
institution
and
its
regulatory
requirements,
triggers
are
generally
linked
to
regulatory
capital
thresholds
or
regulatory
actions
calling
into
question
such
institution’s
continued
viability
as
a
going-concern.
CoCos
may
have
no
stated
maturity
and
fully
discretionary
coupons,
which
means
coupon
payments
can
be
canceled
at
the
issuing
banking
institution’s
discretion
or
at
the
request
of
the
relevant
regulatory
authority
without
causing
a
default.
To
provide
the
appropriate
regulatory
capital
treatment,
CoCos
are
usually
issued
in
the
form
of
subordinated
debt
instruments
that
rank
junior
to
the
claims
of
holders
of
more
senior
obligations
in
the
event
of
the
issuer’s
liquidation.
If
CoCos
are
converted
into
equity
securities
due
to
a
trigger
event,
holders
will
be
further
subordinated.
The
future
value
of
CoCos
is
unpredictable
and
is
influenced
by
many
factors
including,
without
limitation:
the
creditworthiness
of
the
issuer
and/or
fluctuations
in
such
issuer’s
applicable
capital
ratios;
supply
Average
Daily
Amount
Loaned
Weighted
Average
Annual
Interest
Rate
Interest
Income
Blue
Chip
Fund
$
38
5.95
%
$
1
Bond
Market
Index
Fund
146
5.95
4
Diversified
Real
Asset
Fund
719
5.97
21
Edge
MidCap
Fund
27
5.95
1
Global
Multi-Strategy
Fund
37
5.96
1
International
Small
Company
Fund
80
5.96
2
Origin
Emerging
Markets
Fund
76
5.95
2
Small-MidCap
Dividend
Income
Fund
35
5.95
1
Spectrum
Preferred
and
Capital
Securities
Income
Fund
655
5.99
20
Average
Daily
Amount
Borrowed
Weighted
Average
Annual
Interest
Rate
Interest
Expense
Blue
Chip
Fund
$
4,003
6.02
%
$
120
Bond
Market
Index
Fund
18
5.99
1
Diversified
Real
Asset
Fund
803
5.96
24
Global
Multi-Strategy
Fund
591
5.98
18
International
Equity
Index
Fund
480
5.96
14
International
Small
Company
Fund
18
6.01
1
Opportunistic
Municipal
Fund
235
5.95
7
Origin
Emerging
Markets
Fund
1,003
5.95
30
Spectrum
Preferred
and
Capital
Securities
Income
Fund
933
5.96
28
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
29
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
29,
2024,
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
$
—
$
—
$
—
Total
Return
Swaps
909
—
909
$
909
$
—
$
909
$
—
$
909
BNP
Paribas
Foreign
Currency
Contracts
5
(7)
(2)
$
5
$
(7)
$
(2)
$
—
$
(2)
Citigroup
Inc
Total
Return
Swaps
1,143
—
1,143
Written
Interest
Rate
Swaptions
—
(325)
(325)
$
1,143
$
(325)
$
818
$
—
$
818
Deutsche
Bank
AG
Foreign
Currency
Contracts
3
—
3
Written
Interest
Rate
Swaptions
—
(126)
(126)
$
3
$
(126)
$
(123)
$
—
$
(123)
JPMorgan
Chase
Foreign
Currency
Contracts
28
—
28
$
28
$
—
$
28
$
—
$
28
Morgan
Stanley
&
Co
Foreign
Currency
Contracts
—
—
—
$
—
$
—
$
—
$
—
$
—
Toronto
Dominion
Bank
Foreign
Currency
Contracts
—
—
—
$
—
$
—
$
—
$
—
$
—
UBS
AG
Foreign
Currency
Contracts
—
(2)
(2)
$
—
$
(2)
$
(2)
$
—
$
(2)
Total
OTC
$
2,088
$
(460)
$
1,628
$
1,628
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
30
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
29,
2024,
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.
Assets
*
Liabilities
*
Net
Market
Value
of
OTC
Derivatives
Collateral
(Received)/
Pledged
†
Net
Exposure
Global
Multi-Strategy
Fund
Bank
of
America
NA
Foreign
Currency
Contracts
$
986
$
(1,991)
$
(1,005)
$
986
$
(1,991)
$
(1,005)
$
1,005
$
—
Barclays
Bank
PLC
Foreign
Currency
Contracts
—
—
—
$
—
$
—
$
—
$
—
$
—
Citigroup
Inc
Foreign
Currency
Contracts
25
(12)
13
Total
Return
Swaps
—
(25)
(25)
$
25
$
(37)
$
(12)
$
—
$
(12)
Deutsche
Bank
AG
Foreign
Currency
Contracts
4
—
4
$
4
$
—
$
4
$
—
$
4
Goldman
Sachs
&
Co
Credit
Default
Swaps
—
(106)
(106)
Equity
Basket
Swaps
—
(321)
(321)
Foreign
Currency
Contracts
131
(6)
125
$
131
$
(433)
$
(302)
$
302
$
—
HSBC
Securities
Inc
Foreign
Currency
Contracts
5
(58)
(53)
$
5
$
(58)
$
(53)
$
—
$
(53)
JPMorgan
Chase
Equity
Basket
Swaps
81
—
81
Foreign
Currency
Contracts
9
(7)
2
$
90
$
(7)
$
83
$
—
$
83
Merrill
Lynch
Foreign
Currency
Contracts
3
—
3
$
3
$
—
$
3
$
—
$
3
Morgan
Stanley
&
Co
Equity
Basket
Swaps
3,713
—
3,713
Foreign
Currency
Contracts
6
—
6
$
3,719
$
—
$
3,719
$
—
$
3,719
RBC
Dominon
Securities
Corp
Foreign
Currency
Contracts
1
(5)
(4)
$
1
$
(5)
$
(4)
$
—
$
(4)
Total
OTC
$
4,964
$
(2,531)
$
2,433
$
3,740
*
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.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
31
As
of
February
29,
2024,
deposits
with
counterparty
were
as
follows
(amounts
in
thousands):
Deposits
from
Counterparty.
Cash
received
from
a
counterparty
as
collateral
is
reflected
as
a
liability
on
the
statements
of
assets
and
liabilities
as
deposits
from
counterparty.
There
are
a
variety
of
security
types
which
require
varying
levels
of
pledged
collateral.
The
collateral
posted
to
the Funds
by
the
broker
is
received
in
the
fund’s
custodian
account.
As
of
February
29,
2024,
none
of
the
Funds
had
deposits
from
counterparty.
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held.
Certain
of
the funds may
enter
into
transactions
in
which
the
funds
transfer
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
funds
enter
into
shortfall
and
forbearance
agreements
with
the
trusts,
which
commit
the
funds
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
funds
(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
funds,
thereby
collapsing
the
trusts.
The
funds
account
for
the
transfer
of
bonds
to
the
trusts
as
secured
borrowings,
with
the
securities
transferred
remaining
in
the
funds'
investment
assets. The
related
floating
rate
notes
are
reflected
as
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 liabilities
are categorized
as
Level
2
within
the
disclosure
hierarchy. 
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.
During the
period
ended February
29,
2024,
the
average
outstanding
balances
for
the
liability and weighted
average
annual
interest
rates for
the
Funds'
were
as
follows
(amounts
in
thousands): 
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
FCM
(Futures
and
Cleared
Swaps)
ISDA
(OTC
Derivatives)
Shorts
Total
Deposits
with
Counterparty
Diversified
Real
Asset
Fund
$
1,564
$
—
$
—
$
1,564
Global
Multi-Strategy
Fund
8,013
2,463
20,983
31,459
International
Equity
Index
Fund
67
—
—
67
Spectrum
Preferred
and
Capital
Securities
Income
Fund
9,311
—
—
9,311
Average
Outstanding
Balance
Weighted
Average
Annual
Interest
Rate
Opportunistic
Municipal
Fund
$
7,462
3.76
%
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
32
closing
settlement
price.
During
the
period
the
futures
contracts
are
open,
daily
changes
in
the
fair
value
of
the
contracts
are
recognized
as
unrealized
gains
or
losses.
These
unrealized
gains
or
losses
are
included
as
a
component
of
total
distributable
earnings
(accumulated
loss)
on
the
statements
of
assets
and
liabilities.
When
the
contracts
are
closed,
the
fund
recognizes
a
realized
gain
or
loss
equal
to
the
difference
between
the
proceeds
from,
or
cost
of,
the
closing
transaction
and
the
fund’s
cost
basis
in
the
contract.
There
is
minimal
counterparty
credit
risk
to
the
Funds
because
futures
are
exchange
traded
and
the
exchange’s
clearinghouse,
as
counterparty
to
all
exchange
traded
futures,
guarantees
the
futures
against
default. 
Long
equity
futures
contracts
are
used
to
obtain
market
exposure
for
the
cash
balances
that
are
maintained
by
certain
of
the
Funds
and
the
notional
values
of
the
futures
contracts
will
vary
in
accordance
with
changing
cash
balances.
Long
and
short
U.S.
Treasury
futures
contracts
are
used
to
obtain
interest
rate
exposure
in
order
to
manage
duration
of
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
Fund.
The
Spectrum
Preferred
and
Capital
Securities
Income
Fund
uses
long
and
short
U.S.
Treasury
futures
and
options
on
those
listed
U.S.
Treasury
future
contracts
to
mitigate
interest
rate
volatility
and
for
income
generation.
The
notional
values
of
the
futures
contracts
will
vary
in
accordance
with
the 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
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
33
unrealized
appreciation/(depreciation)
of
investments
on
the
statements
of
operations,
as
applicable.
As
of
period
end,
the
commitments,
if
any, are
typically
categorized
as
Level
2
within
the
disclosure
hierarchy.
As of
February
29,
2024,
the
Funds
had
no
unfunded
commitments
in
connection
with
PIPEs. 
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,
the
Funds
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. 
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
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,
LIBOR,
SOFR,
or
a similar reference
rate.
Senior
floating
rate
interests
generally
are
subject
to
mandatory
and/or
optional
prepayment.
Because
of
these
mandatory
prepayment
conditions
and
because
there
may
be
significant
economic
incentives
for
the
Borrower
to
repay,
prepayments
of
senior
floating
rate
interests
may
occur.
As
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
34
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
29,
2024,
the
Funds
had
unfunded
loan
commitments
as
follows
(amounts
in
thousands):
Short
Sales.
Certain
of
the
Funds
entered
into
short
sales
transactions
during
the
period.
A
short
sale
is
a
transaction
in
which
a
fund
sells
a
security
it
does
not
own
as
a
hedge
against
some
of
its
long
positions
and/or
in
anticipation
of
a
decline
in
the
market
price
of
the
security.
The
fund
must
borrow
the
security
sold
short
and
deliver
it
to
the
broker
dealer
which
made
the
short
sale.
A
security
sold
in
a
short
sale
transaction
and
the
interest
or
dividend
payable
on
the
security
if
any,
is
reflected
as
a
liability
on
the
statements
of
assets
and
liabilities.
The
fund
is
obligated
to
pay
any
interest
or
dividends
received
on
the
borrowed
securities.
Interest
accrued
and
dividends
declared
on
short
positions
are
recorded
as
an
expense
and,
if
any,
appear
as
dividends
and
interest
on
shorts
on
the
statements
of
operations.
A
fund
is
obligated
to
deliver
the
security
at
the
market
price
at
the
time
the
short
position
is
closed.
Possible
losses
from
short
sales
may
be
unlimited.
The
fund
is
required
to
pledge
cash
or
securities
to
the
broker
as
collateral
for
securities
sold
short.
Collateral
requirements
are
calculated
daily
based
on
the
current
market
value
of
the
short
positions.
Cash
deposited
with
the
broker
for
collateral
is
included
in
deposits
with
counterparty
on
the
statements
of
assets
and
liabilities
and
securities
segregated
as
collateral
are
footnoted
in
the
schedules
of
investments.
The
fund
may
pay
broker’s
fees
on
the
borrowed
securities
and
may
also
pay
a
financing
charge
for
the
difference
in
the
market
value
of
the
short
position
and
cash
collateral
deposited
with
the
broker.
These
fees
are
included
as
short
sale
fees
on
the
statements
of
operations.
Swap
Agreements.
Certain
of
the
Funds
invested
in
swap
agreements
during
the
period.
Swap
agreements
are
negotiated
agreements
between
a
fund
and
a
counterparty
to
exchange
a
series
of
cash
flows
at
specified
intervals
based
upon,
or
calculated
by
reference
to,
changes
in
specified
prices
or
rates
for
a
specified
amount
of
an
underlying
asset.
A
fund
may
enter
into
credit
default,
currency,
interest
rate,
or
total
return
swap
agreements
to
manage
its
exposure
to
credit,
currency,
interest
rate,
or
market
risk.
In
connection
with
these
agreements,
securities
may
be
identified
as
collateral
in
accordance
with
the
terms
of
the
respective
swap
agreements
to
provide
assets
of
value
and
recourse
in
the
event
of
default
or
bankruptcy/insolvency.
Swap
agreements
are
valued
through
a
pricing
service
or
using
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Directors.
Centrally
cleared
swaps
are
valued
using
the
last
traded
price
from
the
primary
trading
exchange.
OTC
swaps
are
modeled
taking
into
account
the
counterparties’
creditworthiness
and
using
a
series
of
techniques,
including
simulation
models.
Changes
in
value
are
recorded
as
unrealized
gain
or
loss
which
is
included
as
a
component
of
total
distributable
earnings
(accumulated
loss)
on
the
statements
of
assets
and
liabilities.
Equity
basket
swaps
are
valued
using
the
closing
price
of
each
of
the
underlying
securities
multiplied
by
the
holdings
of
each
equity
security.
Upon
termination
of
swap
agreements,
the
Funds
recognize
a
realized
gain
or
loss.
Net
periodic
payments
to
be
received
or
paid
are
accrued
daily
and
are
recorded
in
the
statements
of
operations
as
realized
gains
or
losses.
Payments
received
or
made
at
the
beginning
of
the
measurement
period
are
reflected
as
such
on
the
statements
of
assets
and
liabilities
and
represent
payments
made
or
received
upon
entering
into
the
swap
agreement
to
compensate
for
differences
between
the
stated
terms
of
the
swap
agreement
and
prevailing
market
conditions
(credit
spreads,
interest
rates,
and
other
relevant
factors).
These
upfront
payments
are
amortized
daily
over
the
term
of
the
swap
agreement
as
realized
gains
or
losses
on
the
statements
of
operations.
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
Unfunded
Loan
Commitment
Net
Unrealized
Gain/(Loss)
Diversified
Real
Asset
Fund
$
13
$
—
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
35
counterparty
are
required
to
post
cash
and/or
securities
as
collateral.
Fair
values
of
derivatives
transactions
presented
in
the
financial
statements
are
not
netted
with
the
fair
values
of
other
derivatives
transactions
or
with
any
collateral
amounts
posted
by
the
Funds
or
any
counterparty.
Credit
default
swaps
involve
commitments
to
pay
a
fixed
rate
at
a
predetermined
frequency
in
exchange
for
a
lump
sum
payment
if
a
“credit
event”,
as
defined
in
the
agreement,
affecting
a
third
party
occurs.
Credit
events
may
include
a
failure
to
pay
interest,
bankruptcy,
restructuring,
or
other
event
as
defined
in
the
agreement.
A
“buyer”
of
credit
protection
agrees
to
pay
a
counterparty
to
assume
the
credit
risk
of
an
issuer
upon
the
occurrence
of
a
credit
event.
The
“seller”
of
the
protection
receives
periodic
payments
and
agrees
to
assume
the
credit
risk
of
an
issuer
upon
the
occurrence
of
a
credit
event.
As
the
seller
of
credit
protection,
a
fund
would
add
leverage
to
its
portfolio
because,
in
addition
to
its
total
net
assets,
a
fund
would
be
subject
to
investment
exposure
on
the
notional
amount
of
the
swap.
If
a
fund
is
a
seller
of
protection
and
a
credit
event
occurs,
as
defined
under
the
terms
of
that
particular
swap
agreement,
the
fund
will
either
(i)
pay
to
the
buyer
of
protection
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
obligation,
other
deliverable
obligations
or
underlying
securities
comprising
the
referenced
index
or
(ii)
pay
a
net
settlement
amount
in
the
form
of
cash
or
securities
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index.
If
a
fund
is
a
buyer
of
protection
and
a
credit
event
occurs,
as
defined
under
the
terms
of
that
particular
swap
agreement,
a
fund
will
either
(i)
receive
from
the
seller
of
protection
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
obligation,
other
deliverable
obligations
or
underlying
securities
comprising
the
referenced
index
or
(ii)
receive
a
net
settlement
amount
in
the
form
of
cash
or
securities
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index.
Credit
default
swap
agreements
on
credit
indices
involve
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
write-down,
principal
shortfall,
interest
shortfall
or
default
of
all
or
part
of
the
referenced
entities
comprising
the
credit
index.
A
credit
index
is
a
basket
of
credit
instruments
or
exposures
designed
to
be
representative
of
some
part
of
the
credit
market
as
a
whole.
These
indices
are
made
up
of
reference
credits
that
are
judged
by
a
poll
of
dealers
to
be
the
most
liquid
entities
in
the
credit
default
swap
market
based
on
the
sector
of
the
index.
Components
of
the
indices
may
include,
but
are
not
limited
to,
investment
grade
securities,
high
yield
securities,
asset
backed
securities,
emerging
markets,
and/or
various
credit
ratings
within
each
sector.
Credit
indices
are
traded
using
credit
default
swaps
with
standardized
terms
including
a
fixed
spread
and
standard
maturity
dates.
An
index
credit
default
swap
references
all
the
names
in
the
index,
and
if
there
is
a
default,
the
credit
event
is
settled
based
on
that
name’s
weight
in
the
index.
The
composition
of
the
indices
changes
periodically,
usually
every
six
months,
and
for
most
indices,
each
name
has
an
equal
weight
in
the
index.
A
fund
may
use
credit
default
swaps
on
credit
indices
to
hedge
a
portfolio
of
credit
default
swaps
or
bonds,
which
is
less
expensive
than
it
would
be
to
buy
many
credit
default
swaps
to
achieve
a
similar
effect.
Credit
default
swaps
on
indices
are
benchmarks
for
protecting
investors
owning
bonds
against
default,
and
traders
use
them
to
speculate
on
changes
in
credit
quality.
Credit
default
swap
agreements
on
corporate
issues
or
sovereign
issues
involve
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
default
or
other
credit
event.
If
a
credit
event
occurs
and
cash
settlement
is
not
elected,
a
variety
of
other
deliverable
obligations
may
be
delivered
in
lieu
of
the
specific
referenced
obligation.
The
ability
to
deliver
other
obligations
may
result
in
a
cheapest-to-deliver
option
(the
buyer
of
protection’s
right
to
choose
the
deliverable
obligation
with
the
lowest
value
following
a
credit
event).
The
Funds
may
use
credit
default
swaps
on
corporate
issues
or
sovereign
issues
of
an
emerging
country
to
provide
a
measure
of
protection
against
defaults
of
the
issuers
(i.e.,
to
reduce
risk
where
the
Funds
own
or
have
exposure
to
the
referenced
obligation).
For
credit
default
swap
agreements
on
asset-backed
securities
and
credit
indices,
the
quoted
market
prices
and
resulting
values
serve
as
the
indicator
of
the
current
status
of
the
payment/performance
risk.
Wider
credit
spreads
and
increasing
values,
in
absolute
terms
when
compared
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
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
29,
2024
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.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
36
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
29,
2024,
series
of
the
Fund
and
Principal
Variable
Contracts
Funds,
Inc.
owned
the
following
percentages,
in
the
aggregate,
of
the
outstanding
shares
of
the
Funds
listed
below:
U.S.
Government
Agencies
or
Government-Sponsored
Enterprises.
Certain
of
the
Funds
may
invest
in
U.S.
Government
agencies
or
government-sponsored
enterprises.
U.S.
Government
securities
are
obligations
of,
and
in
certain
cases,
guaranteed
by,
the
U.S.
Government
or
its
agencies.
The
U.S.
Government
does
not
guarantee
the
net
asset
value
of
the
Funds’
shares.
Some
U.S.
Government
securities
such
as
treasury
bills,
notes
and
bonds,
and
securities
guaranteed
by
the
Government
National
Mortgage
Association
(“GNMA”)
are
supported
by
the
full
faith
and
credit
of
the
U.S.
Government.
Other
securities,
such
as
those
of
the
Federal
Home
Loan
Bank,
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Department
of
the
Treasury.
Still
other
securities,
such
as
those
of
the
Federal
National
Mortgage
Association
(“FNMA”),
are
supported
by
the
discretionary
authority
of
the
U.S.
Government
to
purchase
the
agency’s
obligations.
Government
related
guarantors
(those
not
backed
by
the
full
faith
and
credit
of
the U.S.
Government)
include
the FNMA
and
the
Federal
Home
Loan
Mortgage
Corporation
(“FHLMC”).
The
FNMA
is
a
government
sponsored
corporation,
the
common
stock
of
which
is
owned
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. 
Total
Percentage
of
Outstanding
Shares
Owned
Blue
Chip
Fund
30.36%
Bond
Market
Index
Fund
92.04
Diversified
Real
Asset
Fund
18.94
International
Equity
Index
Fund
57.06
International
Small
Company
Fund
93.59
Origin
Emerging
Markets
Fund
40.19
Small-MidCap
Dividend
Income
Fund
19.22
Spectrum
Preferred
and
Capital
Securities
Income
Fund
6.19
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
37
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
29,
2024
Liability
Derivatives
February
29,
2024
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)
$
9,183
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
15,269
*
Foreign
Exchange
Contracts
Receivables
$
36
Payables
$
9
Interest
Rate
Contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
190
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
608
*
Total
$
9,409
$
15,886
Global
Multi-Strategy
Fund
Commodity
Contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
463
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
362
*
Credit
Contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
—
Payables,
Total
distributable
earnings
(accumulated
loss)
$
456
*
Equity
Contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
6,329
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
2,984
*
Foreign
Exchange
Contracts
Receivables
$
1,193
*
Payables
$
2,079
Interest
Rate
Contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
415
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
265
*
Total
$
8,400
$
6,146
International
Equity
Index
Fund
Equity
Contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
123
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
—
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
Rate
Contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
744
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
1,126
*
Total
$
744
$
1,126
*
Includes
cumulative
unrealized
appreciation/(depreciation)
of
exchange
traded
swaps
and
futures
contracts
as
shown
in
the
schedules
of
investments.
Only
the
portion
of
the
unrealized
appreciation/(depreciation)
not
yet
cash
settled
is
shown
in
the
statements
of
assets
and
liabilities
as
variation
margin.
Derivatives
not
accounted
for
as
hedging
instruments
Location
of
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Realized
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
of
Derivatives
Recognized
in
Statement
of
Operations
Diversified
Real
Asset
Fund
Commodity
Contracts
Investment
transactions/Investments*
$
(978)
$
(161)
Futures
contracts
$
(10,424)
$
(11,813)
Options
and
swaptions
$
109
$
(91)
Swap
agreements
$
(9,353)
$
2,254
Foreign
Exchange
Contracts
Investment
transactions/Investments*
$
(37)
$
—
Foreign
currency
contracts
$
37
$
52
Options
and
swaptions
$
8
$
—
Interest
Rate
Contracts
Investment
transactions/Investments*
$
(1,205)
$
(650)
Futures
contracts
$
(107)
$
102
Options
and
swaptions
$
905
$
880
Swap
agreements
$
(608)
$
269
Total
$
(21,653)
$
(9,158)
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
38
Derivatives
not
accounted
for
as
hedging
instruments
Location
of
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Realized
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
of
Derivatives
Recognized
in
Statement
of
Operations
Global
Multi-Strategy
Fund
Commodity
Contracts
Futures
contracts
$
(532)
$
(210)
Credit
Contracts
Swap
agreements
$
(489)
$
(82)
Equity
Contracts
Investment
transactions/Investments*
$
(1,203)
$
152
Futures
contracts
$
(99)
$
1,063
Options
and
swaptions
$
559
$
(516)
Swap
agreements
$
2,774
$
(1,967)
Foreign
Exchange
Contracts
Foreign
currency
contracts
$
(978)
$
(1,023)
Futures
contracts
$
7
$
6
Interest
Rate
Contracts
Investment
transactions/Investments*
$
(7)
$
—
Futures
contracts
$
(2,075)
$
518
Options
and
swaptions
$
20
$
—
Swap
agreements
$
105
$
35
Total
$
(1.918)
$
(2,024)
International
Equity
Index
Fund
Equity
Contracts
Futures
contracts
$
(362)
$
145
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
Rate
Contracts
Investment
transactions/Investments*
$
(1,105)
$
—
Futures
contracts
$
(3,801)
$
(141)
Options
and
swaptions
$
2,693
$
45
Total
$
(2,213)
$
(96)
*Investment
transactions
includes
purchased
options
and/or
purchased
swaptions.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
39
The
following
table
includes
a
summary
of
the
average
quarterly
outstanding
notional
by
derivative
instrument
type
for
the
period 
ended February
29,
2024
(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.
The
three-tier
hierarchy
of
inputs
is
summarized
in
the
three
broad
levels
listed
below.
Contract
Type
Derivative
Type
Average
Notional
Diversified
Real
Asset
Fund
Commodity
Contracts
Futures
-
Long
$
367,143
Futures
-
Short
152,852
Purchased
Options
339
Total
Return
Swaps
-
Receive
Positive
Return
263,505
Written
Options
55
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
-
Contracts
to
Accept
2,983
Foreign
Currency
Contracts
-
Contracts
to
Deliver
5,768
Purchased
Options
5,055
Written
Options
5,055
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps
-
Pay
Floating
Rate
15,957
Exchange
Cleared
Interest
Rate
Swaps
-
Receive
Floating
Rate
36,818
Futures
-
Long
40,458
Futures
-
Short
61,802
Purchased
Interest
Rate
Swaptions
143,804
Purchased
Options
1,082
Written
Interest
Rate
Swaptions
98,432
Written
Options
1,156
Global
Multi-Strategy
Fund
Commodity
Contracts
Futures
-
Long
11,147
Futures
-
Short
11,201
Credit
Contracts
Credit
Default
Swaps
–
Buy
Protection
7,550
Exchange
Cleared
Credit
Default
Swaps
–
Buy
Protection
11,983
Equity
Contracts
Futures
-
Long
33,389
Futures
-
Short
23,989
Purchased
Options
421
Total
Return
Equity
Basket
Swaps
109,204
Written
Options
483
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
-
Contracts
to
Accept
75,039
Foreign
Currency
Contracts
-
Contracts
to
Deliver
105,108
Futures
-
Long
1,453
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps
-
Pay
Floating
Rate
17,434
Exchange
Cleared
Interest
Rate
Swaps
-
Receive
Floating
Rate
12,025
Futures
-
Long
57,409
Futures
-
Short
177,413
Purchased
Options
552
Total
Return
Swaps
–
Receive
Positive
Return
426
Written
Options
552
International
Equity
Index
Fund
Equity
Contracts
Futures
-
Long
2,037
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
Rate
Contracts
Futures
-
Long
719,709
Futures
-
Short
174,709
Written
Options
333
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
40
●
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 exchange-traded
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,
exchange
cleared
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.
Valuation
models
may
be
used
as
the
pricing
source
for
other
investments
classified
as
Level
3.
Valuation
models
rely
on
one
or
more
significant
unobservable
inputs
such
as:
yield
to
maturity,
EBITDA
multiples,
discount
rates,
available
cash,
or
direct
offering
price.
Significant
increases
in
yield
to
maturity,
EBITDA
multiples,
available
cash,
or
direct
offering
price would
have
resulted
in
significantly
higher
fair
value
measurements.
A
significant
increase
in
discount
rates
would
have
resulted
in
a
significantly
lower
fair
value
measurement.
Benchmark
pricing
procedures
set
the
base
price
of
a
security
based
on
current
market
data.
The
base
price
may
be
a
broker-dealer
quote,
transaction
price,
or
internal
value
based
on
relevant
market
data.
The
fair
values
of
these
securities
are
dependent
on
economic,
political,
and
other
considerations.
The
values
of
such
securities
may
be
affected
by
significant
changes
in
the
economic
conditions,
changes
in
government
policies,
and
other
factors
(e.g.,
natural
disasters,
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
29,
2024
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*
$
11,091,528
$
—
$
—
$
11,091,528
Investment
Companies*
2,922
—
—
2,922
Total
investments
in
securities
$
11,094,450
$
—
$
—
$
11,094,450
Bond
Market
Index
Fund
Bonds*
—
570,749
—
570,749
Investment
Companies*
46,472
—
—
46,472
Municipal
Bonds*
—
3,274
—
3,274
U.S.
Government
&
Government
Agency
Obligations*
—
1,365,576
—
1,365,576
Total
investments
in
securities
$
46,472
$
1,939,599
$
—
$
1,986,071
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
41
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*
$
—
$
16,871
$
—
$
16,871
Common
Stocks
Basic
Materials
95,086
32,457
—
127,543
Communications
—
7,370
1
7,371
Consumer,
Cyclical
12,057
3,920
1
15,978
Consumer,
Non-cyclical
33,686
59,360
5
93,051
Energy
322,650
41,330
—
363,980
Financial
472,678
205,467
—
678,145
Industrial
92,784
167,316
49
260,149
Technology
9,946
2,398
—
12,344
Utilities
265,692
248,561
—
514,253
Investment
Companies*
207,088
—
—
207,088
Preferred
Stocks
Industrial
—
4
247
251
Utilities
9,803
—
—
9,803
Senior
Floating
Rate
Interests*
—
84,393
—
84,393
U.S.
Government
&
Government
Agency
Obligations*
—
924,306
—
924,306
Purchased
Options
72
—
—
72
Total
investments
in
securities
$
1,521,542
$
1,793,753
$
303
$
3,315,598
Derivative
Assets
Commodity
Contracts
Futures**
7,095
—
—
7,095
Total
Return
Swaps
—
2,052
—
2,052
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
36
—
36
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
8
7
—
8
7
Futures**
58
—
—
58
Derivative
Liabilities
Commodity
Contracts
Futures**
(15,260)
—
—
(15,260)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(9)
—
(9)
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
(56)
—
(56)
Futures**
(75)
—
—
(75)
Written
Interest
Rate
Swaptions
—
(451)
—
(451)
Written
Options
(26)
—
—
(26)
Edge
MidCap
Fund
Common
Stocks
Basic
Materials
1,420
—
—
1,420
Communications
1,691
847
—
2,538
Consumer,
Cyclical
8,435
—
—
8,435
Consumer,
Non-cyclical
15,561
—
—
15,561
Energy
3,436
—
—
3,436
Financial
15,362
—
—
15,362
Industrial
16,158
—
—
16,158
Technology
9,595
—
—
9,595
Utilities
3,386
—
—
3,386
Investment
Companies*
785
—
—
785
Total
investments
in
securities
$
75,829
$
847
$
—
$
76,676
Global
Multi-Strategy
Fund
Bonds*
—
141,512
88
141,600
Common
Stocks
Basic
Materials
5,210
443
—
5,653
Communications
15,189
524
—
15,713
Consumer,
Cyclical
12,651
3,226
—
15,877
Consumer,
Non-cyclical
25,996
5,428
1,996
33,420
Diversified
2,577
1,183
—
3,760
Energy
16,429
55
—
16,484
Financial
16,823
2,312
—
19,135
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
42
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)
Industrial
$
20,733
$
1,676
$
—
$
22,409
Technology
20,441
2,075
337
22,853
Utilities
2,083
340
—
2,423
Convertible
Bonds*
—
4,676
—
4,676
Convertible
Preferred
Stocks
Consumer,
Non-cyclical
85
—
—
85
Energy
22
—
—
22
Investment
Companies*
82,675
—
—
82,675
Preferred
Stocks
Consumer,
Cyclical
31
18
—
49
Consumer,
Non-cyclical
368
—
—
368
Energy
404
—
—
404
Senior
Floating
Rate
Interests*
—
1,970
2
1,972
U.S.
Government
&
Government
Agency
Obligations*
—
5,745
—
5,745
Purchased
Options
—
132
—
132
Total
investments
in
securities
$
221,717
$
171,315
$
2,423
$
395,455
Short
Sales
Common
Stocks
Basic
Materials
(691)
(459)
—
(1,150)
Communications
(880)
(245)
—
(1,125)
Consumer,
Cyclical
(912)
(2,480)
—
(3,392)
Consumer,
Non-cyclical
(2,730)
(2,024)
—
(4,754)
Energy
(1,167)
(153)
—
(1,320)
Financial
(623)
(1,073)
—
(1,696)
Industrial
(2,513)
(2,678)
—
(5,191)
Technology
(1,211)
(867)
—
(2,078)
Utilities
—
(247)
—
(247)
Preferred
Stocks
Industrial
—
(58)
—
(58)
U.S.
Government
&
Government
Agency
Obligations*
—
(70)
—
(70)
Total
Short
Sales
$
(10,727)
$
(10,354)
$
—
$
(21,081)
Derivative
Assets
Commodity
Contracts
Futures**
463
—
—
463
Equity
Contracts
Futures**
2,403
—
—
2,403
Total
Return
Equity
Basket
Swaps
—
3,794
—
3,794
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
1,170
—
1,170
Futures**
23
—
—
23
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
4
—
4
Futures**
411
—
—
411
Derivative
Liabilities
Credit
Contracts
Credit
Default
Swaps
—
(106)
—
(106)
Exchange
Cleared
Credit
Default
Swaps**
—
(350
)
—
(350
)
Commodity
Contracts
Futures**
(362)
—
—
(362)
Equity
Contracts
Futures**
(1,082)
—
—
(1,082)
Total
Return
Equity
Basket
Swaps
—
(321)
—
(321)
Written
Options
—
(1,581)
—
(1,581)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(2,079)
—
(2,079)
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
(67)
—
(67)
Futures**
(173)
—
—
(173)
Total
Return
Swaps
—
(2
5
)
—
(2
5
)
Global
Sustainable
Listed
Infrastructure
Fund
Common
Stocks
Consumer,
Non-cyclical
415
664
—
1,079
Energy
1,653
307
—
1,960
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
43
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Global
Sustainable
Listed
Infrastructure
Fund
(continued)
Common
Stocks
(continued)
Financial
$
1,626
$
—
$
—
$
1,626
Industrial
1,152
2,317
—
3,469
Utilities
5,672
2,185
—
7,857
Investment
Companies*
617
—
—
617
Total
investments
in
securities
$
11,135
$
5,473
$
—
$
16,608
International
Equity
Index
Fund
Common
Stocks
Basic
Materials
—
68,164
—
68,164
Communications
2,188
48,558
—
50,746
Consumer,
Cyclical
—
169,308
—
169,308
Consumer,
Non-cyclical
2,018
272,655
—
274,673
Diversified
—
741
—
741
Energy
—
47,619
—
47,619
Financial
1,285
239,268
—
240,553
Industrial
—
168,458
—
168,458
Technology
2,501
86,550
—
89,051
Utilities
—
34,387
—
34,387
Investment
Companies*
22,591
—
—
22,591
Preferred
Stocks
Consumer,
Cyclical
—
3,721
—
3,721
Consumer,
Non-cyclical
—
889
—
889
Industrial
—
693
—
693
Total
investments
in
securities
$
30,583
$
1,141,011
$
—
$
1,171,594
Derivative
Assets
Equity
Contracts
Futures**
123
—
—
123
International
Small
Company
Fund
Common
Stocks
Basic
Materials
17,176
26,721
—
43,897
Communications
3,817
10,978
—
14,795
Consumer,
Cyclical
10,531
109,908
—
120,439
Consumer,
Non-cyclical
7,923
87,683
—
95,606
Energy
16,257
14,325
—
30,582
Financial
3,796
145,662
—
149,458
Industrial
17,554
151,196
—
168,750
Technology
15,432
51,840
—
67,272
Utilities
4,439
7,736
—
12,175
Investment
Companies*
18,185
—
—
18,185
Total
investments
in
securities
$
115,110
$
606,049
$
—
$
721,159
Opportunistic
Municipal
Fund
Investment
Companies*
188
—
—
188
Municipal
Bonds*
—
153,322
—
153,322
Total
investments
in
securities
$
188
$
153,322
$
—
$
153,510
Origin
Emerging
Markets
Fund
Common
Stocks
Basic
Materials
27,147
41,670
—
68,817
Communications
195,901
195,817
—
391,718
Consumer,
Cyclical
14,615
327,084
—
341,699
Consumer,
Non-cyclical
8,828
169,679
—
178,507
Energy
25,543
98,872
—
124,415
Financial
143,179
514,392
—
657,571
Industrial
7,275
189,619
—
196,894
Technology
29,944
607,755
—
637,699
Utilities
16,494
21,104
—
37,598
Investment
Companies*
15,846
—
—
15,846
Preferred
Stocks*
65,390
—
—
65,390
Total
investments
in
securities
$
550,162
$
2,165,992
$
—
$
2,716,154
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
44
*For
additional
detail
regarding
sector
and/or
sub-industry
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)
Small-MidCap
Dividend
Income
Fund
Common
Stocks*
$
1,162,760
$
—
$
—
$
1,162,760
Investment
Companies*
14,964
—
—
14,964
Total
investments
in
securities
$
1,177,724
$
—
$
—
$
1,177,724
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Bonds*
—
5,413,573
—
5,413,573
Convertible
Preferred
Stocks*
2,665
—
—
2,665
Investment
Companies*
253,626
—
—
253,626
Preferred
Stocks
Communications
36,372
—
—
36,372
Consumer,
Non-cyclical
—
22,567
—
22,567
Financial
304,350
—
—
304,350
Government
4,472
—
—
4,472
Utilities
48,370
—
—
48,370
Total
investments
in
securities
$
649,855
$
5,436,140
$
—
$
6,085,995
Derivative
Assets
Interest
Rate
Contracts
Futures**
744
—
—
744
Derivative
Liabilities
Interest
Rate
Contracts
Futures**
(732)
—
—
(732)
Written
Options
(394)
—
—
(394)
Net
Assets
of
Fund
First
$500
million
Next
$500
million
Next
$500
million
Over
$1.5
billion
Edge
MidCap
Fund
.65%
.63%
.61%
.60%
Global
Sustainable
Listed
Infrastructure
Fund
.75
.73
.71
.70
International
Small
Company
Fund
1.00
.98
.96
.95
Opportunistic
Municipal
Fund
.44
.42
.40
.39
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
.80%
.78%
.76%
.75%
.74%
.73%
Global
Multi-Strategy
Fund
(Prior
to
December
31,
2023)
1.44
1.42
1.40
1.39
1.38
1.37
Origin
Emerging
Markets
Fund
.99
.97
.95
.94
.93
.92
Small-MidCap
Dividend
Income
Fund
.79
.77
.75
.74
.73
.72
Net
Assets
of
Fund
First
$2
billion
Next
$2
billion
Over
$4
billion
Global
Multi-Strategy
Fund
(Effective
December
31,
2023)
1.36%
1.30%
1.25%
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
45
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:
*
Prior
to
December
31,
2023,
the
contractual
limit
was
1.48%.
^
Prior
to
December
31,
2023,
the
contractual
limit
was
1.10%.
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:
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,
2023
through
February
29,
2024
Class
A
Class
C
Institutional
Expiration
Blue
Chip
Fund
N/A
N/A
.66%
December
30,
2024
Diversified
Real
Asset
Fund
1.20%
N/A
.83
December
30,
2024
Edge
MidCap
Fund
1.10
N/A
.77
December
30,
2024
Global
Multi-Strategy
Fund
N/A
N/A
1.43*
December
30,
2024
Global
Sustainable
Listed
Infrastructure
Fund
N/A
N/A
.88
December
30,
2024
International
Equity
Index
Fund
N/A
N/A
.31
December
30,
2024
International
Small
Company
Fund
N/A
N/A
1.08
December
30,
2024
Opportunistic
Municipal
Fund
.84
N/A
.56
December
30,
2024
Origin
Emerging
Markets
Fund
1.45
N/A
1.05^
December
30,
2024
Small-MidCap
Dividend
Income
Fund
1.12
1.87%
.85
December
30,
2024
Period
from
September
1,
2023
through
February
29,
2024
R-6
Expiration
Diversified
Real
Asset
Fund
.02%
December
30,
2024
Edge
MidCap
Fund
.02
December
30,
2024
Global
Multi-Strategy
Fund
.02
December
30,
2024
International
Equity
Index
Fund
.04
December
30,
2024
International
Small
Company
Fund
.04
December
30,
2024
Small-MidCap
Dividend
Income
Fund
.02
December
30,
2024
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
46
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
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
29,
2024,
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
29,
2024,
Principal
Life
Insurance
Company
(an
affiliate
of
the
Manager),
the
Manager,
the
Distributor,
PFSI
(an
affiliate
of
the
Manager),
collective
investment
trusts
sponsored
by
Principal
Global
Investors
Trust
Company
(an
affiliate
of
the
Manager),
and benefit
plans
and
separate
accounts
sponsored
on
behalf
of
Principal
Life
Insurance
Company
owned
shares
of
the
Funds
as
follows
(amounts
in
thousands):
Period
from
September
1,
2023
through
February
29,
2024
Expiration
Blue
Chip
Fund
.030%
December
30,
2024
Bond
Market
Index
Fund
.015
December
30,
2024
Class
A
Class
C
Class
J
Blue
Chip
Fund
$
285
$
8
$
10
Diversified
Real
Asset
Fund
4
N/A
N/A
Edge
MidCap
Fund
13
N/A
N/A
Global
Multi-Strategy
Fund
1
N/A
N/A
Opportunistic
Municipal
Fund
5
N/A
N/A
Origin
Emerging
Markets
Fund
2
N/A
N/A
Small-MidCap
Dividend
Income
Fund
12
—
N/A
Spectrum
Preferred
and
Capital
Securities
Income
Fund
45
8
—
Institutional
R-6
Blue
Chip
Fund
577
38,864
Bond
Market
Index
Fund
1,077
N/A
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
47
Affiliated
Brokerage
Commissions.
With
respect
to
Spectrum
Preferred
and
Capital
Securities
Income
Fund,
$85,000
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
29,
2024
.
6.
Investment
Transactions
For
the period ended
February
29,
2024,
the
cost
of
investment
securities
purchased
and
proceeds
from
investment
securities
sold
(not
including
short-term
investments,
return
of
capital,
and
U.S.
government
securities)
by
the
Funds
were
as
follows
(amounts
in
thousands):
For
the period
ended
February
29,
2024,
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):
7.
Federal
Tax
Information
Distributions
to
Shareholders.
The
federal
income
tax
character
of
distributions
paid
for
the periods
ended February
29,
2024 and
August
31,
2023 were
as
follows
(amounts
in
thousands):
Institutional
R-6
Diversified
Real
Asset
Fund
13
8,351
Edge
MidCap
Fund
159
–
Global
Multi-Strategy
Fund
–
413
Global
Sustainable
Listed
Infrastructure
Fund
1,060
N/A
International
Equity
Index
Fund
–
32,216
International
Small
Company
Fund
301
336
Opportunistic
Municipal
Fund
31
N/A
Origin
Emerging
Markets
Fund
–
147,938
Small-MidCap
Dividend
Income
Fund
73
289
Spectrum
Preferred
and
Capital
Securities
Income
Fund
–
2,960
Purchases
Sales
Covers
on
Securities
Sold
Short
Securities
Sold
Short
Blue
Chip
Fund
$
502,475
$
672,733
$
—
$
—
Bond
Market
Index
Fund
214,870
488,051
—
—
Diversified
Real
Asset
Fund
1,082,503
1,154,079
71,942
71,985
Edge
MidCap
Fund
3,800
7,834
—
—
Global
Multi-Strategy
Fund
260,692
290,654
42,185
33,455
Global
Sustainable
Listed
Infrastructure
Fund
3,964
3,642
—
—
International
Equity
Index
Fund
94,845
242,999
—
—
International
Small
Company
Fund
168,801
188,643
—
—
Opportunistic
Municipal
Fund
57,105
47,253
—
—
Origin
Emerging
Markets
Fund
684,624
806,543
—
—
Small-MidCap
Dividend
Income
Fund
69,994
293,984
—
—
Spectrum
Preferred
and
Capital
Securities
Income
Fund
476,446
486,246
—
—
Purchases
Sales
Bond
Market
Index
Fund
$
320,729
$
565,319
Diversified
Real
Asset
Fund
126,202
294,962
Global
Multi-Strategy
Fund
–
4,758
Ordinary
Income
Tax-Exempt
Income
Long-Term
Capital
Gain
2024
2023
2024
2023^
2024
2023*
Blue
Chip
Fund
$
1,781
$
—
$
—
$
—
$
—
$
57,147
Bond
Market
Index
Fund
85,167
38,726
—
—
—
—
Diversified
Real
Asset
Fund
45,765
257,087
—
—
—
228,992
Edge
MidCap
Fund
1,009
2,809
—
—
300
9,607
Global
Multi-Strategy
Fund
15,141
26,205
—
—
—
23,088
Global
Sustainable
Listed
Infrastructure
Fund
1,233
123
—
—
13
—
International
Equity
Index
Fund
34,015
26,394
—
—
9,722
1,087
International
Small
Company
Fund
13,761
8,570
—
—
—
—
Opportunistic
Municipal
Fund
—
43
3,107
5,433
—
—
Origin
Emerging
Markets
Fund
59,959
69,003
—
—
—
—
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
48
^
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,
2023,
the
components
of
total
distributable
earnings
(accumulated
loss)
on
a
federal
tax
basis
were
as
follows
(amounts
in
thousands):
*Represents
book-to-tax
accounting
differences
related
to
straddle
loss
deferrals,
constructive
sale
gain
recognition,
defaulted
securities,
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,
2023,
the
Funds
had
approximate
net
capital
loss
carryforwards
as
follows
(amounts
in
thousands):
*In
accordance
with
IRC
Sections
381-384,
portions
of
losses
in
future
years
could
be
subject
to
limitations.
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,
2023
,
the
Funds
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,
2023,
the
Funds
do
not
plan
to
defer
any
late
year
losses.
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
Ordinary
Income
Tax-Exempt
Income
Long-Term
Capital
Gain
2024
2023
2024
2023^
2024
2023*
Small-MidCap
Dividend
Income
Fund
$
12,916
$
26,800
$
—
$
—
$
8,120
$
40,138
Spectrum
Preferred
and
Capital
Securities
Income
Fund
167,655
320,871
—
—
—
—
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
$
1,776
$
—
$
—
$
(93,286)
$
3,223,700
$
—
$
3,132,190
Bond
Market
Index
Fund
56,885
—
—
(33,837)
(184,040)
—
(160,992)
Diversified
Real
Asset
Fund
17,655
—
—
—
(262,576)
62
(244,859)
Edge
MidCap
Fund
612
—
—
—
2,774
—
3,386
Global
Multi-Strategy
Fund
2,813
—
—
(5,484)
(8,644)
(1,718)
(13,033)
Global
Sustainable
Listed
Infrastructure
Fund
1,033
—
—
—
(953)
—
80
International
Equity
Index
Fund
28,283
—
3,190
—
133,758
—
165,231
International
Small
Company
Fund
12,187
—
—
(64,080)
14,799
—
(37,094)
Opportunistic
Municipal
Fund
—
64
—
(14,457)
(10,646)
(255)
(25,294)
Origin
Emerging
Markets
Fund
59,947
—
—
(561,553)
(241,661)
—
(743,267)
Small-MidCap
Dividend
Income
Fund
5,806
—
8,113
—
300,425
—
314,344
Spectrum
Preferred
and
Capital
Securities
Income
Fund
4,197
—
—
(303,693)
(644,845)
55,052
(889,289)
Short-Term
Long-Term
Total
Blue
Chip
Fund
$
10,854
$
82,432
$
93,286
Bond
Market
Index
Fund
25,170
8,667
33,837
*
Global
Multi-Strategy
Fund
995
4,489
5,484
International
Small
Company
Fund
64,080
—
64,080
Opportunistic
Municipal
Fund
9,434
5,023
14,457
Origin
Emerging
Markets
Fund
406,961
154,592
561,553
Spectrum
Preferred
and
Capital
Securities
Income
Fund
33,268
270,425
303,693
7.
Federal
Tax
Information
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
49
from
tax
return
of
capital
depending
on
the
type
of
book
and
tax
differences
that
exist.
For
the
year
ended August
31,
2023,
the
Funds
recorded
reclassifications
as
follows
(amounts
in
thousands):
Federal
Income
Tax
Basis.
As
of February
29,
2024,
the
net
federal
income
tax
unrealized
appreciation
(depreciation)
and
federal
tax
cost
of
investments
held
by
the
Funds
were
as
follows
(amounts
in
thousands):
8.
Subsequent
Events
Management
has
evaluated
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were issued
that
would
merit
recognition
or
disclosure
in
the
financial
statements. On
March
13,
2024,
the
Fund’s
Board
of
Directors
took
the
following
actions:
Approved
the
conversion
of
Class
R-1
shares
into
Class
R-3
shares
and
Class
R-4
shares
into
Class
R-5
shares
for
the
Bond
Market
Index
Fund,
International
Equity
Index
Fund,
and
the
Spectrum
Preferred
and
Capital
Securities
Income
Fund
following
the
close
of
business
on
November
22,
2024;
and
approved
the
conversion
of
the
Class
R-4
shares
of
the
Blue
Chip
Fund
into
Class
R-5
shares
following
the
close
of
business
on
November
22,
2024.
There
were
no
other
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Total
Distributable
Earnings
(Accumulated
Loss)
Capital
Shares
and
Additional
Paid-in-Capital
Blue
Chip
Fund
$
(7)
$
7
Diversified
Real
Asset
Fund
139,592
(139,592)
Edge
MidCap
Fund
(1,907)
1,907
Global
Multi-Strategy
Fund
5,382
(5,382)
International
Equity
Index
Fund
(3,639)
3,639
Small-MidCap
Dividend
Income
Fund
(5,707)
5,707
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation/
(Depreciation)
Cost
for
Federal
Income
Tax
Purposes
Blue
Chip
Fund
$
4,980,349
$
(91,361)
$
4,888,988
$
6,205,462
Bond
Market
Index
Fund
6,457
(136,623)
(130,166)
2,116,237
Diversified
Real
Asset
Fund
174,731
(346,889)
(172,158)
3,481,207
Edge
MidCap
Fund
14,748
(7,410)
7,338
69,338
Global
Multi-Strategy
Fund
33,667
(33,205)
462
376,034
Global
Sustainable
Listed
Infrastructure
Fund
651
(1,392)
(741)
17,349
International
Equity
Index
Fund
317,401
(107,536)
209,865
961,852
International
Small
Company
Fund
96,806
(47,128)
49,678
671,481
Opportunistic
Municipal
Fund
4,306
(8,666)
(4,360)
157,870
Origin
Emerging
Markets
Fund
497,176
(343,429)
153,747
2,562,407
Small-MidCap
Dividend
Income
Fund
438,057
(45,822)
392,235
785,489
Spectrum
Preferred
and
Capital
Securities
Income
Fund
77,956
(431,230)
(353,274)
6,438,887
7.
Federal
Tax
Information
(continued)
Schedule
of
Investments
Blue
Chip
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
50
INVESTMENT
COMPANIES
-
0
.02
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.02
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
5.20%
(a),(b)
41,981‌
$
42‌
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
(a),(c)
2,879,706‌
2,880‌
$
2,922‌
TOTAL
INVESTMENT
COMPANIES
$
2,922‌
COMMON
STOCKS
-
99
.93
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
6
.47
%
HEICO
Corp
-
Class
A
1,089,235‌
$
169,474‌
TransDigm
Group
Inc
465,701‌
548,475‌
$
717,949‌
Chemicals
-
2
.38
%
Linde
PLC
394,537‌
177,076‌
Sherwin-Williams
Co/The
262,797‌
87,257‌
$
264,333‌
Commercial
Services
-
5
.42
%
CoStar
Group
Inc
(d)
3,170,076‌
275,892‌
Moody's
Corp
441,474‌
167,504‌
S&P
Global
Inc
370,104‌
158,545‌
$
601,941‌
Distribution
&
Wholesale
-
2
.44
%
Copart
Inc
(d)
5,088,598‌
270,459‌
Diversified
Financial
Services
-
11
.79
%
Brookfield
Asset
Management
Ltd
2,216,230‌
90,311‌
Brookfield
Reinsurance
Ltd
(e)
62,308‌
2,561‌
Charles
Schwab
Corp/The
2,944,843‌
196,656‌
Mastercard
Inc
1,094,584‌
519,665‌
Visa
Inc
1,767,240‌
499,493‌
$
1,308,686‌
Healthcare
-
Products
-
4
.86
%
Danaher
Corp
1,439,260‌
364,334‌
IDEXX
Laboratories
Inc
(d)
144,389‌
83,057‌
Intuitive
Surgical
Inc
(d)
93,323‌
35,985‌
Thermo
Fisher
Scientific
Inc
97,672‌
55,691‌
$
539,067‌
Insurance
-
3
.81
%
Progressive
Corp/The
2,229,703‌
422,662‌
Internet
-
17
.67
%
Alphabet
Inc
-
A
Shares
(d)
888,621‌
123,039‌
Alphabet
Inc
-
C
Shares
(d)
3,750,166‌
524,198‌
Amazon.com
Inc
(d)
5,246,041‌
927,290‌
Netflix
Inc
(d)
641,806‌
386,958‌
$
1,961,485‌
Lodging
-
2
.78
%
Hilton
Worldwide
Holdings
Inc
1,512,765‌
309,088‌
Pharmaceuticals
-
1
.63
%
Zoetis
Inc
910,121‌
180,504‌
Private
Equity
-
7
.37
%
Brookfield
Corp
13,418,488‌
553,781‌
KKR
&
Co
Inc
2,693,108‌
264,625‌
$
818,406‌
REITs
-
3
.03
%
American
Tower
Corp
1,609,303‌
320,026‌
SBA
Communications
Corp
75,302‌
15,755‌
$
335,781‌
Retail
-
3
.88
%
CarMax
Inc
(d)
820,868‌
64,848‌
Costco
Wholesale
Corp
157,847‌
117,421‌
O'Reilly
Automotive
Inc
(d)
228,458‌
248,430‌
$
430,699‌
Semiconductors
-
1
.13
%
NVIDIA
Corp
157,974‌
124,976‌
Software
-
22
.52
%
Adobe
Inc
(d)
767,807‌
430,188‌
Intuit
Inc
689,706‌
457,199‌
Microsoft
Corp
3,210,924‌
1,328,167‌
Roper
Technologies
Inc
483,680‌
263,475‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Salesforce
Inc
68,260‌
$
21,080‌
$
2,500,109‌
Transportation
-
2
.75
%
Union
Pacific
Corp
1,203,764‌
305,383‌
TOTAL
COMMON
STOCKS
$
11,091,528‌
Total
Investments
$
11,094,450‌
Other
Assets
and
Liabilities
-  0.05%
5,126‌
TOTAL
NET
ASSETS
-
100.00%
$
11,099,576‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$42
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
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$41
or
0.00%
of
net
assets.
Portfolio
Summary
Sector
Percent
Financial
26
.00‌
%
Technology
23
.65‌
%
Communications
17
.67‌
%
Consumer,
Non-cyclical
11
.91‌
%
Industrial
9
.22‌
%
Consumer,
Cyclical
9
.10‌
%
Basic
Materials
2
.38‌
%
Money
Market
Funds
0
.02‌
%
Other
Assets
and
Liabilities
0
.05‌
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Blue
Chip
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
51
Affiliated
Securities
August
31,
2023
Purchases
Sales
February
29,
2024
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
$
2‌
$
560,960‌
$
558,082‌
$
2,880‌
$
2‌
$
560,960‌
$
558,082‌
$
2,880‌
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
5.23%
$
377‌
$
—‌
$
—‌
$
—‌
$
377‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
52
INVESTMENT
COMPANIES
-
2
.36
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.36
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
5.20%
(a),(b)
3,219,350‌
$
3,219‌
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
(a),(b),(c)
43,252,886‌
43,253‌
$
46,472‌
TOTAL
INVESTMENT
COMPANIES
$
46,472‌
BONDS
-
29
.03
%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0
.01
%
Interpublic
Group
of
Cos
Inc/The
2.40%,
03/01/2031
$
60‌
$
50‌
Omnicom
Group
Inc
2.45%,
04/30/2030
155‌
133‌
2.60%,
08/01/2031
35‌
29‌
$
212‌
Aerospace
&
Defense
-
0
.56
%
Boeing
Co/The
2.70%,
02/01/2027
110‌
102‌
2.75%,
02/01/2026
785‌
745‌
2.95%,
02/01/2030
140‌
123‌
3.25%,
02/01/2028
685‌
636‌
3.50%,
03/01/2039
200‌
152‌
3.63%,
02/01/2031
85‌
76‌
3.95%,
08/01/2059
290‌
207‌
5.04%,
05/01/2027
315‌
312‌
5.15%,
05/01/2030
475‌
467‌
5.71%,
05/01/2040
120‌
117‌
5.81%,
05/01/2050
505‌
487‌
5.88%,
02/15/2040
100‌
98‌
5.93%,
05/01/2060
350‌
335‌
General
Dynamics
Corp
1.15%,
06/01/2026
200‌
184‌
2.25%,
06/01/2031
280‌
235‌
3.25%,
04/01/2025
225‌
220‌
3.50%,
05/15/2025
235‌
231‌
4.25%,
04/01/2040
155‌
138‌
L3Harris
Technologies
Inc
5.40%,
01/15/2027
160‌
161‌
5.40%,
07/31/2033
160‌
160‌
5.60%,
07/31/2053
55‌
55‌
Lockheed
Martin
Corp
3.90%,
06/15/2032
75‌
70‌
4.07%,
12/15/2042
105‌
90‌
4.09%,
09/15/2052
162‌
135‌
4.15%,
06/15/2053
310‌
257‌
4.50%,
02/15/2029
135‌
133‌
4.70%,
05/15/2046
75‌
69‌
4.75%,
02/15/2034
160‌
156‌
5.10%,
11/15/2027
155‌
157‌
5.20%,
02/15/2064
135‌
132‌
5.25%,
01/15/2033
155‌
158‌
5.70%,
11/15/2054
155‌
164‌
Northrop
Grumman
Corp
3.20%,
02/01/2027
130‌
124‌
4.70%,
03/15/2033
160‌
154‌
4.90%,
06/01/2034
135‌
131‌
4.95%,
03/15/2053
120‌
111‌
5.25%,
05/01/2050
600‌
578‌
RTX
Corp
1.90%,
09/01/2031
155‌
124‌
2.38%,
03/15/2032
60‌
49‌
2.82%,
09/01/2051
150‌
94‌
3.03%,
03/15/2052
60‌
39‌
4.05%,
05/04/2047
610‌
489‌
4.13%,
11/16/2028
270‌
259‌
4.70%,
12/15/2041
350‌
313‌
5.00%,
02/27/2026
410‌
409‌
5.15%,
02/27/2033
410‌
406‌
5.38%,
02/27/2053
305‌
296‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Aerospace
&
Defense
(continued)
RTX
Corp  
(continued)
5.75%,
11/08/2026
$
145‌
$
147‌
5.75%,
01/15/2029
145‌
149‌
6.10%,
03/15/2034
180‌
190‌
6.40%,
03/15/2054
180‌
199‌
$
11,023‌
Agriculture
-
0
.42
%
Altria
Group
Inc
2.35%,
05/06/2025
65‌
63‌
2.45%,
02/04/2032
60‌
48‌
3.40%,
05/06/2030
530‌
477‌
3.70%,
02/04/2051
60‌
41‌
3.88%,
09/16/2046
410‌
302‌
4.00%,
02/04/2061
60‌
43‌
5.38%,
01/31/2044
375‌
364‌
5.80%,
02/14/2039
350‌
349‌
Archer-Daniels-Midland
Co
2.70%,
09/15/2051
60‌
38‌
2.90%,
03/01/2032
130‌
111‌
4.50%,
08/15/2033
(d)
290‌
277‌
BAT
Capital
Corp
2.26%,
03/25/2028
150‌
133‌
2.73%,
03/25/2031
150‌
124‌
3.46%,
09/06/2029
210‌
190‌
3.98%,
09/25/2050
390‌
266‌
4.39%,
08/15/2037
540‌
443‌
4.54%,
08/15/2047
400‌
300‌
5.83%,
02/20/2031
100‌
100‌
6.42%,
08/02/2033
(d)
155‌
159‌
7.08%,
08/02/2043
155‌
161‌
7.08%,
08/02/2053
80‌
83‌
BAT
International
Finance
PLC
1.67%,
03/25/2026
150‌
139‌
5.93%,
02/02/2029
310‌
316‌
Bunge
Ltd
Finance
Corp
2.75%,
05/14/2031
60‌
51‌
Philip
Morris
International
Inc
0.88%,
05/01/2026
85‌
78‌
1.75%,
11/01/2030
85‌
69‌
4.13%,
03/04/2043
300‌
245‌
4.88%,
02/13/2026
400‌
398‌
4.88%,
02/15/2028
160‌
159‌
4.88%,
02/13/2029
130‌
128‌
5.13%,
11/17/2027
580‌
581‌
5.25%,
02/13/2034
130‌
127‌
5.38%,
02/15/2033
160‌
159‌
5.50%,
09/07/2030
315‌
318‌
5.63%,
11/17/2029
580‌
594‌
5.75%,
11/17/2032
290‌
296‌
Reynolds
American
Inc
4.45%,
06/12/2025
137‌
135‌
5.70%,
08/15/2035
50‌
48‌
5.85%,
08/15/2045
375‌
341‌
$
8,254‌
Airlines
-
0
.03
%
American
Airlines
2019-1
Class
AA
Pass
Through
Trust
3.15%,
08/15/2033
110‌
97‌
Delta
Air
Lines
2020-1
Class
AA
Pass
Through
Trust
2.00%,
06/10/2028
245‌
218‌
Southwest
Airlines
Co
3.00%,
11/15/2026
80‌
75‌
5.25%,
05/04/2025
130‌
130‌
United
Airlines
2019-2
Class
AA
Pass
Through
Trust
2.70%,
11/01/2033
58‌
50‌
$
570‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
53
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Apparel
-
0
.01
%
NIKE
Inc
2.40%,
03/27/2025
$
155‌
$
151‌
3.25%,
03/27/2040
155‌
123‌
$
274‌
Automobile
Manufacturers
-
0
.52
%
American
Honda
Finance
Corp
1.20%,
07/08/2025
160‌
152‌
1.30%,
09/09/2026
60‌
55‌
2.25%,
01/12/2029
65‌
58‌
4.60%,
04/17/2025
160‌
159‌
4.60%,
04/17/2030
160‌
157‌
4.70%,
01/12/2028
160‌
159‌
4.90%,
01/10/2034
135‌
132‌
5.65%,
11/15/2028
140‌
144‌
5.80%,
10/03/2025
360‌
363‌
5.85%,
10/04/2030
360‌
374‌
Ford
Motor
Co
6.10%,
08/19/2032
(d)
215‌
215‌
Ford
Motor
Credit
Co
LLC
2.70%,
08/10/2026
215‌
200‌
5.13%,
06/16/2025
215‌
213‌
5.80%,
03/05/2027
265‌
264‌
6.05%,
03/05/2031
265‌
264‌
6.80%,
11/07/2028
290‌
301‌
7.12%,
11/07/2033
290‌
309‌
7.35%,
11/04/2027
215‌
225‌
General
Motors
Co
4.00%,
04/01/2025
120‌
118‌
5.15%,
04/01/2038
160‌
148‌
5.20%,
04/01/2045
85‌
75‌
5.40%,
04/01/2048
65‌
58‌
5.95%,
04/01/2049
(d)
230‌
222‌
6.25%,
10/02/2043
305‌
306‌
General
Motors
Financial
Co
Inc
1.25%,
01/08/2026
655‌
607‌
1.50%,
06/10/2026
60‌
55‌
2.35%,
02/26/2027
240‌
220‌
2.35%,
01/08/2031
55‌
45‌
2.40%,
04/10/2028
60‌
53‌
2.40%,
10/15/2028
155‌
136‌
2.70%,
06/10/2031
60‌
49‌
3.80%,
04/07/2025
565‌
554‌
4.00%,
10/06/2026
75‌
72‌
4.35%,
01/17/2027
310‌
302‌
5.25%,
03/01/2026
200‌
199‌
5.40%,
05/08/2027
130‌
130‌
5.80%,
01/07/2029
270‌
273‌
6.00%,
01/09/2028
160‌
163‌
6.40%,
01/09/2033
160‌
166‌
Honda
Motor
Co
Ltd
2.53%,
03/10/2027
135‌
126‌
PACCAR
Financial
Corp
3.55%,
08/11/2025
65‌
64‌
4.60%,
01/31/2029
135‌
134‌
Toyota
Motor
Corp
1.34%,
03/25/2026
115‌
107‌
5.12%,
07/13/2028
160‌
163‌
Toyota
Motor
Credit
Corp
0.80%,
10/16/2025
555‌
519‌
1.15%,
08/13/2027
160‌
142‌
1.65%,
01/10/2031
55‌
45‌
1.90%,
01/13/2027
65‌
60‌
3.65%,
08/18/2025
355‌
348‌
4.45%,
06/29/2029
205‌
201‌
4.55%,
05/17/2030
320‌
314‌
4.80%,
01/05/2034
180‌
176‌
5.40%,
11/20/2026
205‌
207‌
$
10,301‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Parts
&
Equipment
-
0
.02
%
Aptiv
PLC
/
Aptiv
Corp
3.25%,
03/01/2032
$
160‌
$
138‌
BorgWarner
Inc
4.38%,
03/15/2045
300‌
244‌
$
382‌
Banks
-
6
.00
%
Banco
Santander
SA
1.85%,
03/25/2026
400‌
371‌
2.75%,
05/28/2025
400‌
386‌
3.49%,
05/28/2030
200‌
179‌
4.18%,
03/24/2028
(e)
600‌
574‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.00%
5.29%,
08/18/2027
200‌
199‌
5.59%,
08/08/2028
200‌
202‌
6.94%,
11/07/2033
200‌
218‌
Bank
of
America
Corp
1.32%,
06/19/2026
(e)
310‌
293‌
Secured
Overnight
Financing
Rate
+
1.15%
1.66%,
03/11/2027
(e)
210‌
195‌
Secured
Overnight
Financing
Rate
+
0.91%
1.73%,
07/22/2027
(e)
115‌
105‌
Secured
Overnight
Financing
Rate
+
0.96%
1.90%,
07/23/2031
(e)
445‌
361‌
Secured
Overnight
Financing
Rate
+
1.53%
1.92%,
10/24/2031
(e)
205‌
165‌
Secured
Overnight
Financing
Rate
+
1.37%
2.09%,
06/14/2029
(e)
60‌
53‌
Secured
Overnight
Financing
Rate
+
1.06%
2.30%,
07/21/2032
(e)
115‌
93‌
Secured
Overnight
Financing
Rate
+
1.22%
2.48%,
09/21/2036
(e)
630‌
497‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.20%
2.50%,
02/13/2031
(e)
225‌
192‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.25%
2.55%,
02/04/2028
(e)
255‌
236‌
Secured
Overnight
Financing
Rate
+
1.05%
2.57%,
10/20/2032
(e)
260‌
213‌
Secured
Overnight
Financing
Rate
+
1.21%
2.65%,
03/11/2032
(e)
175‌
146‌
Secured
Overnight
Financing
Rate
+
1.22%
2.68%,
06/19/2041
(e)
465‌
324‌
Secured
Overnight
Financing
Rate
+
1.93%
2.83%,
10/24/2051
(e)
75‌
48‌
Secured
Overnight
Financing
Rate
+
1.88%
2.97%,
02/04/2033
(e)
130‌
109‌
Secured
Overnight
Financing
Rate
+
1.33%
2.97%,
07/21/2052
(e)
115‌
77‌
Secured
Overnight
Financing
Rate
+
1.56%
3.25%,
10/21/2027
350‌
331‌
3.31%,
04/22/2042
(e)
715‌
541‌
Secured
Overnight
Financing
Rate
+
1.58%
3.38%,
04/02/2026
(e)
65‌
63‌
Secured
Overnight
Financing
Rate
+
1.33%
3.42%,
12/20/2028
(e)
500‌
467‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.30%
3.59%,
07/21/2028
(e)
600‌
569‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.63%
3.85%,
03/08/2037
(e)
550‌
480‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
3.97%,
03/05/2029
(e)
75‌
71‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.33%
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
54
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp  
(continued)
3.97%,
02/07/2030
(e)
$
600‌
$
564‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.47%
4.33%,
03/15/2050
(e)
255‌
217‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.78%
4.38%,
04/27/2028
(e)
175‌
170‌
Secured
Overnight
Financing
Rate
+
1.58%
4.57%,
04/27/2033
(e)
115‌
108‌
Secured
Overnight
Financing
Rate
+
1.83%
4.83%,
07/22/2026
(e)
885‌
878‌
Secured
Overnight
Financing
Rate
+
1.75%
5.00%,
01/21/2044
75‌
72‌
5.02%,
07/22/2033
(e)
585‌
570‌
Secured
Overnight
Financing
Rate
+
2.16%
5.29%,
04/25/2034
(e)
515‌
508‌
Secured
Overnight
Financing
Rate
+
1.91%
5.47%,
01/23/2035
(e)
160‌
160‌
Secured
Overnight
Financing
Rate
+
1.65%
5.82%,
09/15/2029
(e)
315‌
321‌
Secured
Overnight
Financing
Rate
+
1.57%
5.87%,
09/15/2034
(e)
315‌
323‌
Secured
Overnight
Financing
Rate
+
1.84%
5.88%,
02/07/2042
60‌
63‌
5.93%,
09/15/2027
(e)
315‌
319‌
Secured
Overnight
Financing
Rate
+
1.34%
6.11%,
01/29/2037
100‌
105‌
7.75%,
05/14/2038
500‌
600‌
Bank
of
America
NA
5.53%,
08/18/2026
265‌
268‌
5.65%,
08/18/2025
275‌
277‌
Bank
of
Montreal
0.95%,
01/22/2027
(e)
55‌
51‌
Secured
Overnight
Financing
Rate
+
0.60%
1.85%,
05/01/2025
160‌
154‌
3.09%,
01/10/2037
(e)
125‌
101‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.40%
3.70%,
06/07/2025
70‌
69‌
4.70%,
09/14/2027
435‌
431‌
5.30%,
06/05/2026
160‌
160‌
5.72%,
09/25/2028
315‌
323‌
Bank
of
New
York
Mellon
Corp/The
2.05%,
01/26/2027
65‌
60‌
2.50%,
01/26/2032
65‌
54‌
3.99%,
06/13/2028
(e)
70‌
68‌
Secured
Overnight
Financing
Rate
+
1.15%
4.41%,
07/24/2026
(e)
665‌
656‌
Secured
Overnight
Financing
Rate
+
1.35%
4.54%,
02/01/2029
(e)
370‌
364‌
Secured
Overnight
Financing
Rate
+
1.17%
4.95%,
04/26/2027
(e)
270‌
269‌
Secured
Overnight
Financing
Rate
+
1.03%
4.97%,
04/26/2034
(e)
170‌
166‌
Secured
Overnight
Financing
Rate
+
1.61%
5.83%,
10/25/2033
(e)
155‌
161‌
Secured
Overnight
Financing
Rate
+
2.07%
6.32%,
10/25/2029
(e)
315‌
330‌
Secured
Overnight
Financing
Rate
+
1.60%
Bank
of
Nova
Scotia/The
1.05%,
03/02/2026
60‌
55‌
1.30%,
06/11/2025
155‌
147‌
1.30%,
09/15/2026
260‌
237‌
2.15%,
08/01/2031
60‌
49‌
4.50%,
12/16/2025
60‌
59‌
4.85%,
02/01/2030
615‌
607‌
5.35%,
12/07/2026
135‌
135‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Barclays
PLC
2.65%,
06/24/2031
(e)
$
385‌
$
321‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
3.56%,
09/23/2035
(e)
200‌
168‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
3.81%,
03/10/2042
(e)
200‌
150‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%
4.38%,
01/12/2026
380‌
372‌
4.97%,
05/16/2029
(e)
750‌
729‌
3
Month
USD
LIBOR
+
1.90%
5.50%,
08/09/2028
(e)
300‌
299‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.65%
6.22%,
05/09/2034
(e)
320‌
324‌
Secured
Overnight
Financing
Rate
+
2.98%
6.50%,
09/13/2027
(e)
235‌
239‌
Secured
Overnight
Financing
Rate
+
1.88%
6.69%,
09/13/2034
(e)
315‌
329‌
Secured
Overnight
Financing
Rate
+
2.62%
7.33%,
11/02/2026
(e)
310‌
318‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.05%
7.44%,
11/02/2033
(e)
310‌
339‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.50%
Canadian
Imperial
Bank
of
Commerce
1.25%,
06/22/2026
60‌
55‌
3.30%,
04/07/2025
250‌
244‌
5.00%,
04/28/2028
350‌
349‌
5.93%,
10/02/2026
160‌
163‌
5.99%,
10/03/2028
160‌
166‌
Citibank
NA
5.80%,
09/29/2028
275‌
283‌
5.86%,
09/29/2025
275‌
278‌
Citigroup
Inc
1.12%,
01/28/2027
(e)
60‌
55‌
Secured
Overnight
Financing
Rate
+
0.77%
1.46%,
06/09/2027
(e)
455‌
417‌
Secured
Overnight
Financing
Rate
+
0.77%
2.52%,
11/03/2032
(e)
155‌
126‌
Secured
Overnight
Financing
Rate
+
1.18%
2.56%,
05/01/2032
(e)
200‌
165‌
Secured
Overnight
Financing
Rate
+
1.17%
2.57%,
06/03/2031
(e)
310‌
262‌
Secured
Overnight
Financing
Rate
+
2.11%
2.90%,
11/03/2042
(e)
60‌
43‌
Secured
Overnight
Financing
Rate
+
1.38%
2.98%,
11/05/2030
(e)
150‌
132‌
Secured
Overnight
Financing
Rate
+
1.42%
3.06%,
01/25/2033
(e)
500‌
420‌
Secured
Overnight
Financing
Rate
+
1.35%
3.52%,
10/27/2028
(e)
125‌
117‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.41%
3.70%,
01/12/2026
110‌
107‌
3.79%,
03/17/2033
(e)
520‌
460‌
Secured
Overnight
Financing
Rate
+
1.94%
3.88%,
01/24/2039
(e)
220‌
185‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.43%
4.13%,
07/25/2028
620‌
590‌
4.28%,
04/24/2048
(e)
100‌
85‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.10%
4.30%,
11/20/2026
75‌
73‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
55
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Citigroup
Inc  
(continued)
4.40%,
06/10/2025
$
300‌
$
296‌
4.45%,
09/29/2027
875‌
848‌
4.65%,
07/30/2045
115‌
103‌
4.66%,
05/24/2028
(e)
835‌
820‌
Secured
Overnight
Financing
Rate
+
1.89%
4.91%,
05/24/2033
(e)
165‌
158‌
Secured
Overnight
Financing
Rate
+
2.09%
5.17%,
02/13/2030
(e)
265‌
262‌
Secured
Overnight
Financing
Rate
+
1.36%
5.61%,
09/29/2026
(e)
625‌
626‌
Secured
Overnight
Financing
Rate
+
1.55%
5.83%,
02/13/2035
(e)
130‌
127‌
Secured
Overnight
Financing
Rate
+
2.06%
6.17%,
05/25/2034
(e)
320‌
322‌
Secured
Overnight
Financing
Rate
+
2.66%
6.27%,
11/17/2033
(e)
310‌
325‌
Secured
Overnight
Financing
Rate
+
2.34%
6.68%,
09/13/2043
360‌
397‌
Cooperatieve
Rabobank
UA
5.25%,
05/24/2041
185‌
187‌
Cooperatieve
Rabobank
UA/NY
4.80%,
01/09/2029
265‌
263‌
5.50%,
07/18/2025
315‌
316‌
Credit
Suisse
AG/New
York
NY
5.00%,
07/09/2027
500‌
495‌
Deutsche
Bank
AG/New
York
NY
2.13%,
11/24/2026
(e)
600‌
562‌
Secured
Overnight
Financing
Rate
+
1.87%
4.10%,
01/13/2026
250‌
244‌
5.37%,
09/09/2027
255‌
255‌
6.72%,
01/18/2029
(e)
320‌
329‌
Secured
Overnight
Financing
Rate
+
3.18%
7.08%,
02/10/2034
(e)
320‌
319‌
Secured
Overnight
Financing
Rate
+
3.65%
Fifth
Third
Bancorp
4.06%,
04/25/2028
(e)
275‌
261‌
Secured
Overnight
Financing
Rate
+
1.36%
5.63%,
01/29/2032
(e)
135‌
134‌
Secured
Overnight
Financing
Rate
+
1.84%
6.34%,
07/27/2029
(e)
235‌
241‌
Secured
Overnight
Financing
Rate
+
2.34%
Goldman
Sachs
Group
Inc/The
1.09%,
12/09/2026
(e)
395‌
366‌
Secured
Overnight
Financing
Rate
+
0.79%
1.43%,
03/09/2027
(e)
285‌
263‌
Secured
Overnight
Financing
Rate
+
0.80%
1.54%,
09/10/2027
(e)
60‌
55‌
Secured
Overnight
Financing
Rate
+
0.82%
1.95%,
10/21/2027
(e)
235‌
215‌
Secured
Overnight
Financing
Rate
+
0.91%
1.99%,
01/27/2032
(e)
355‌
285‌
Secured
Overnight
Financing
Rate
+
1.09%
2.60%,
02/07/2030
590‌
512‌
2.62%,
04/22/2032
(e)
115‌
96‌
Secured
Overnight
Financing
Rate
+
1.28%
2.64%,
02/24/2028
(e)
185‌
171‌
Secured
Overnight
Financing
Rate
+
1.11%
2.65%,
10/21/2032
(e)
425‌
351‌
Secured
Overnight
Financing
Rate
+
1.26%
2.91%,
07/21/2042
(e)
115‌
82‌
Secured
Overnight
Financing
Rate
+
1.47%
3.10%,
02/24/2033
(e)
210‌
178‌
Secured
Overnight
Financing
Rate
+
1.41%
3.21%,
04/22/2042
(e)
60‌
45‌
Secured
Overnight
Financing
Rate
+
1.51%
3.44%,
02/24/2043
(e)
200‌
152‌
Secured
Overnight
Financing
Rate
+
1.63%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Goldman
Sachs
Group
Inc/The  
(continued)
3.69%,
06/05/2028
(e)
$
290‌
$
277‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.77%
3.75%,
02/25/2026
75‌
73‌
3.81%,
04/23/2029
(e)
75‌
71‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.42%
3.85%,
01/26/2027
110‌
106‌
4.22%,
05/01/2029
(e)
500‌
479‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.56%
4.41%,
04/23/2039
(e)
175‌
155‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.69%
4.48%,
08/23/2028
(e)
445‌
434‌
Secured
Overnight
Financing
Rate
+
1.73%
5.15%,
05/22/2045
450‌
429‌
6.25%,
02/01/2041
220‌
237‌
6.48%,
10/24/2029
(e)
315‌
330‌
Secured
Overnight
Financing
Rate
+
1.77%
6.56%,
10/24/2034
(d),(e)
160‌
172‌
Secured
Overnight
Financing
Rate
+
1.95%
6.75%,
10/01/2037
785‌
853‌
HSBC
Holdings
PLC
1.59%,
05/24/2027
(e)
500‌
458‌
Secured
Overnight
Financing
Rate
+
1.29%
1.65%,
04/18/2026
(e)
240‌
229‌
Secured
Overnight
Financing
Rate
+
1.54%
2.01%,
09/22/2028
(e)
300‌
266‌
Secured
Overnight
Financing
Rate
+
1.73%
2.10%,
06/04/2026
(e)
310‌
297‌
Secured
Overnight
Financing
Rate
+
1.93%
2.36%,
08/18/2031
(e)
200‌
165‌
Secured
Overnight
Financing
Rate
+
1.95%
2.80%,
05/24/2032
(e)
600‌
496‌
Secured
Overnight
Financing
Rate
+
1.19%
2.85%,
06/04/2031
(e)
200‌
170‌
Secured
Overnight
Financing
Rate
+
2.39%
3.90%,
05/25/2026
300‌
291‌
3.97%,
05/22/2030
(e)
300‌
278‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.87%
4.58%,
06/19/2029
(e)
300‌
289‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.80%
4.76%,
06/09/2028
(e)
250‌
244‌
Secured
Overnight
Financing
Rate
+
2.11%
5.55%,
03/04/2030
(e),(f)
250‌
250‌
Secured
Overnight
Financing
Rate
+
1.46%
5.72%,
03/04/2035
(e),(f)
250‌
249‌
Secured
Overnight
Financing
Rate
+
1.78%
5.89%,
08/14/2027
(e)
370‌
372‌
Secured
Overnight
Financing
Rate
+
1.57%
6.16%,
03/09/2029
(e)
200‌
204‌
Secured
Overnight
Financing
Rate
+
1.97%
6.25%,
03/09/2034
(e)
570‌
591‌
Secured
Overnight
Financing
Rate
+
2.39%
6.33%,
03/09/2044
(e)
595‌
626‌
Secured
Overnight
Financing
Rate
+
2.65%
6.50%,
09/15/2037
100‌
105‌
6.55%,
06/20/2034
(e)
320‌
328‌
Secured
Overnight
Financing
Rate
+
2.98%
7.39%,
11/03/2028
(e)
310‌
328‌
Secured
Overnight
Financing
Rate
+
3.35%
Huntington
National
Bank/The
5.65%,
01/10/2030
310‌
309‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
56
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
ING
Groep
NV
1.73%,
04/01/2027
(e)
$
700‌
$
648‌
Secured
Overnight
Financing
Rate
+
1.01%
6.11%,
09/11/2034
(e)
235‌
242‌
Secured
Overnight
Financing
Rate
+
2.09%
JPMorgan
Chase
&
Co
1.04%,
02/04/2027
(e)
115‌
106‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.70%
1.05%,
11/19/2026
(e)
135‌
126‌
Secured
Overnight
Financing
Rate
+
0.80%
1.47%,
09/22/2027
(e)
245‌
223‌
Secured
Overnight
Financing
Rate
+
0.77%
1.58%,
04/22/2027
(e)
115‌
106‌
Secured
Overnight
Financing
Rate
+
0.89%
1.76%,
11/19/2031
(e)
135‌
109‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.11%
1.95%,
02/04/2032
(e)
115‌
92‌
Secured
Overnight
Financing
Rate
+
1.07%
2.01%,
03/13/2026
(e)
280‌
270‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.59%
2.07%,
06/01/2029
(e)
190‌
167‌
Secured
Overnight
Financing
Rate
+
1.02%
2.08%,
04/22/2026
(e)
845‌
813‌
Secured
Overnight
Financing
Rate
+
1.85%
2.18%,
06/01/2028
(e)
70‌
64‌
Secured
Overnight
Financing
Rate
+
1.89%
2.53%,
11/19/2041
(e)
65‌
45‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
2.55%,
11/08/2032
(e)
420‌
346‌
Secured
Overnight
Financing
Rate
+
1.18%
2.58%,
04/22/2032
(e)
465‌
389‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.25%
2.96%,
05/13/2031
(e)
575‌
499‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.52%
3.11%,
04/22/2041
(e)
235‌
177‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.46%
3.11%,
04/22/2051
(e)
235‌
161‌
Secured
Overnight
Financing
Rate
+
2.44%
3.33%,
04/22/2052
(e)
115‌
82‌
Secured
Overnight
Financing
Rate
+
1.58%
3.51%,
01/23/2029
(e)
590‌
556‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.21%
3.88%,
07/24/2038
(e)
100‌
85‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.62%
3.90%,
07/15/2025
400‌
393‌
3.96%,
11/15/2048
(e)
825‌
662‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.64%
4.01%,
04/23/2029
(e)
200‌
191‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.38%
4.20%,
07/23/2029
(e)
230‌
221‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.52%
4.32%,
04/26/2028
(e)
550‌
537‌
Secured
Overnight
Financing
Rate
+
1.56%
4.57%,
06/14/2030
(e)
305‌
295‌
Secured
Overnight
Financing
Rate
+
1.75%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
JPMorgan
Chase
&
Co  
(continued)
4.59%,
04/26/2033
(e)
$
135‌
$
128‌
Secured
Overnight
Financing
Rate
+
1.80%
4.85%,
07/25/2028
(e)
65‌
64‌
Secured
Overnight
Financing
Rate
+
1.99%
4.91%,
07/25/2033
(e)
435‌
422‌
Secured
Overnight
Financing
Rate
+
2.08%
4.95%,
06/01/2045
430‌
404‌
5.01%,
01/23/2030
(e)
320‌
317‌
Secured
Overnight
Financing
Rate
+
1.31%
5.04%,
01/23/2028
(e)
305‌
303‌
Secured
Overnight
Financing
Rate
+
1.19%
5.30%,
07/24/2029
(e)
315‌
316‌
Secured
Overnight
Financing
Rate
+
1.45%
5.34%,
01/23/2035
(e)
185‌
184‌
Secured
Overnight
Financing
Rate
+
1.62%
5.35%,
06/01/2034
(e)
545‌
543‌
Secured
Overnight
Financing
Rate
+
1.85%
5.60%,
07/15/2041
370‌
382‌
5.72%,
09/14/2033
(e)
255‌
258‌
Secured
Overnight
Financing
Rate
+
2.58%
6.07%,
10/22/2027
(e)
320‌
326‌
Secured
Overnight
Financing
Rate
+
1.33%
6.09%,
10/23/2029
(e)
320‌
331‌
Secured
Overnight
Financing
Rate
+
1.57%
6.25%,
10/23/2034
(e)
320‌
339‌
Secured
Overnight
Financing
Rate
+
1.81%
JPMorgan
Chase
Bank
NA
5.11%,
12/08/2026
270‌
270‌
KeyBank
NA/Cleveland
OH
5.85%,
11/15/2027
775‌
765‌
KeyCorp
2.25%,
04/06/2027
110‌
98‌
Korea
Development
Bank/The
0.80%,
04/27/2026
200‌
183‌
3.00%,
01/13/2026
400‌
386‌
4.00%,
09/08/2025
500‌
491‌
4.38%,
02/15/2028
315‌
310‌
4.50%,
02/15/2029
265‌
262‌
5.38%,
10/23/2026
320‌
323‌
5.63%,
10/23/2033
200‌
211‌
Kreditanstalt
fuer
Wiederaufbau
0.00%,
06/29/2037
(g)
250‌
137‌
0.38%,
07/18/2025
315‌
296‌
0.63%,
01/22/2026
565‌
524‌
1.00%,
10/01/2026
90‌
82‌
2.00%,
05/02/2025
300‌
290‌
2.88%,
04/03/2028
600‌
565‌
3.00%,
05/20/2027
320‌
306‌
3.13%,
06/10/2025
355‌
347‌
3.63%,
04/01/2026
480‌
470‌
3.75%,
02/15/2028
250‌
244‌
3.88%,
06/15/2028
380‌
372‌
4.00%,
03/15/2029
80‌
79‌
4.13%,
07/15/2033
315‌
308‌
4.38%,
02/28/2034
140‌
140‌
4.63%,
08/07/2026
315‌
315‌
4.75%,
10/29/2030
320‌
327‌
5.13%,
09/29/2025
320‌
321‌
Landwirtschaftliche
Rentenbank
0.88%,
03/30/2026
(d)
315‌
291‌
1.75%,
07/27/2026
200‌
187‌
2.38%,
06/10/2025
230‌
223‌
3.88%,
09/28/2027
320‌
314‌
3.88%,
06/14/2028
320‌
313‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
57
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Lloyds
Banking
Group
PLC
3.57%,
11/07/2028
(e)
$
200‌
$
187‌
3
Month
USD
LIBOR
+
1.21%
4.34%,
01/09/2048
400‌
315‌
4.58%,
12/10/2025
575‌
563‌
4.65%,
03/24/2026
675‌
662‌
4.98%,
08/11/2033
(e)
200‌
190‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%
5.68%,
01/05/2035
(e)
265‌
262‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.75%
5.87%,
03/06/2029
(e)
200‌
202‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%
5.99%,
08/07/2027
(e)
310‌
312‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.48%
Mitsubishi
UFJ
Financial
Group
Inc
1.41%,
07/17/2025
200‌
189‌
1.54%,
07/20/2027
(e)
800‌
732‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.75%
1.64%,
10/13/2027
(e)
200‌
182‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.67%
2.56%,
02/25/2030
285‌
247‌
3.20%,
07/18/2029
200‌
182‌
4.08%,
04/19/2028
(d),(e)
600‌
580‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.30%
4.32%,
04/19/2033
(e)
200‌
187‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.55%
5.13%,
07/20/2033
(e)
200‌
198‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.13%
5.35%,
09/13/2028
(e)
255‌
256‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
Mizuho
Financial
Group
Inc
2.20%,
07/10/2031
(e)
200‌
165‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.77%
2.23%,
05/25/2026
(e)
700‌
671‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.09%
3.15%,
07/16/2030
(e)
700‌
630‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.39%
5.41%,
09/13/2028
(e)
255‌
256‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.05%
5.74%,
05/27/2031
(e)
320‌
326‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.65%
5.75%,
07/06/2034
(e)
315‌
321‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
Morgan
Stanley
0.99%,
12/10/2026
(e)
80‌
74‌
Secured
Overnight
Financing
Rate
+
0.72%
1.51%,
07/20/2027
(e)
115‌
105‌
Secured
Overnight
Financing
Rate
+
0.86%
1.59%,
05/04/2027
(e)
155‌
143‌
Secured
Overnight
Financing
Rate
+
0.88%
1.79%,
02/13/2032
(e)
550‌
435‌
Secured
Overnight
Financing
Rate
+
1.03%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Morgan
Stanley  
(continued)
1.93%,
04/28/2032
(e)
$
95‌
$
75‌
Secured
Overnight
Financing
Rate
+
1.02%
2.19%,
04/28/2026
(e)
700‌
674‌
Secured
Overnight
Financing
Rate
+
1.99%
2.24%,
07/21/2032
(e)
115‌
93‌
Secured
Overnight
Financing
Rate
+
1.18%
2.48%,
01/21/2028
(e)
40‌
37‌
Secured
Overnight
Financing
Rate
+
1.00%
2.48%,
09/16/2036
(e)
810‌
635‌
Secured
Overnight
Financing
Rate
+
1.36%
2.51%,
10/20/2032
(e)
130‌
106‌
Secured
Overnight
Financing
Rate
+
1.20%
2.70%,
01/22/2031
(e)
175‌
152‌
Secured
Overnight
Financing
Rate
+
1.14%
2.80%,
01/25/2052
(e)
210‌
135‌
Secured
Overnight
Financing
Rate
+
1.43%
2.94%,
01/21/2033
(e)
90‌
75‌
Secured
Overnight
Financing
Rate
+
1.29%
3.13%,
07/27/2026
150‌
143‌
3.22%,
04/22/2042
(e)
60‌
45‌
Secured
Overnight
Financing
Rate
+
1.49%
3.59%,
07/22/2028
90‌
85‌
3
Month
USD
LIBOR
+
1.34%
3.77%,
01/24/2029
(e)
600‌
567‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.40%
3.95%,
04/23/2027
710‌
683‌
4.21%,
04/20/2028
(e)
135‌
131‌
Secured
Overnight
Financing
Rate
+
1.61%
4.30%,
01/27/2045
320‌
277‌
4.68%,
07/17/2026
(e)
375‌
371‌
Secured
Overnight
Financing
Rate
+
1.67%
4.89%,
07/20/2033
(e)
85‌
82‌
Secured
Overnight
Financing
Rate
+
2.08%
5.00%,
11/24/2025
675‌
671‌
5.05%,
01/28/2027
(e)
240‌
239‌
Secured
Overnight
Financing
Rate
+
1.30%
5.12%,
02/01/2029
(e)
320‌
318‌
Secured
Overnight
Financing
Rate
+
1.73%
5.16%,
04/20/2029
(e)
260‌
259‌
Secured
Overnight
Financing
Rate
+
1.59%
5.17%,
01/16/2030
(e)
200‌
199‌
Secured
Overnight
Financing
Rate
+
1.45%
5.25%,
04/21/2034
(e)
425‌
417‌
Secured
Overnight
Financing
Rate
+
1.87%
5.42%,
07/21/2034
(e)
315‌
313‌
Secured
Overnight
Financing
Rate
+
1.88%
5.45%,
07/20/2029
(e)
315‌
316‌
Secured
Overnight
Financing
Rate
+
1.63%
5.47%,
01/18/2035
(e)
135‌
135‌
Secured
Overnight
Financing
Rate
+
1.73%
5.95%,
01/19/2038
(e)
160‌
160‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.43%
6.14%,
10/16/2026
(e)
310‌
314‌
Secured
Overnight
Financing
Rate
+
1.77%
6.30%,
10/18/2028
(e)
310‌
320‌
Secured
Overnight
Financing
Rate
+
2.24%
6.34%,
10/18/2033
(e)
310‌
329‌
Secured
Overnight
Financing
Rate
+
2.56%
6.38%,
07/24/2042
200‌
222‌
6.41%,
11/01/2029
(e)
280‌
292‌
Secured
Overnight
Financing
Rate
+
1.83%
6.63%,
11/01/2034
(e)
180‌
195‌
Secured
Overnight
Financing
Rate
+
2.05%
Morgan
Stanley
Bank
NA
4.75%,
04/21/2026
320‌
318‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
58
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
National
Australia
Bank
Ltd/New
York
4.79%,
01/10/2029
$
500‌
$
497‌
NatWest
Group
PLC
1.64%,
06/14/2027
(e)
200‌
183‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%
4.89%,
05/18/2029
(e)
700‌
682‌
3
Month
USD
LIBOR
+
1.75%
5.08%,
01/27/2030
(e)
400‌
391‌
3
Month
USD
LIBOR
+
1.91%
5.85%,
03/02/2027
(e)
200‌
201‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.35%
Oesterreichische
Kontrollbank
AG
0.38%,
09/17/2025
305‌
285‌
2.88%,
05/23/2025
270‌
263‌
3.63%,
09/09/2027
325‌
316‌
4.13%,
01/20/2026
155‌
153‌
4.25%,
03/01/2028
320‌
317‌
PNC
Financial
Services
Group
Inc/The
2.31%,
04/23/2032
(e)
245‌
200‌
Secured
Overnight
Financing
Rate
+
0.98%
3.45%,
04/23/2029
175‌
162‌
4.63%,
06/06/2033
(e)
160‌
148‌
Secured
Overnight
Financing
Rate
+
1.85%
4.76%,
01/26/2027
(e)
375‌
370‌
Secured
Overnight
Financing
Rate
+
1.09%
5.30%,
01/21/2028
(e)
135‌
135‌
Secured
Overnight
Financing
Rate
+
1.34%
5.35%,
12/02/2028
(e)
410‌
410‌
Secured
Overnight
Financing
Rate
+
1.62%
5.68%,
01/22/2035
(e)
65‌
65‌
Secured
Overnight
Financing
Rate
+
1.90%
5.94%,
08/18/2034
(e)
315‌
321‌
Secured
Overnight
Financing
Rate
+
1.95%
6.62%,
10/20/2027
(e)
240‌
247‌
Secured
Overnight
Financing
Rate
+
1.73%
Royal
Bank
of
Canada
1.15%,
07/14/2026
60‌
55‌
1.20%,
04/27/2026
555‌
511‌
3.63%,
05/04/2027
320‌
307‌
3.88%,
05/04/2032
145‌
132‌
4.90%,
01/12/2028
165‌
165‌
4.95%,
04/25/2025
350‌
349‌
4.95%,
02/01/2029
235‌
233‌
5.00%,
05/02/2033
(d)
175‌
172‌
5.20%,
07/20/2026
160‌
161‌
6.00%,
11/01/2027
155‌
160‌
Santander
Holdings
USA
Inc
2.49%,
01/06/2028
(e)
290‌
262‌
Secured
Overnight
Financing
Rate
+
1.25%
Santander
UK
Group
Holdings
PLC
1.53%,
08/21/2026
(e)
200‌
187‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.25%
2.47%,
01/11/2028
(e)
200‌
182‌
Secured
Overnight
Financing
Rate
+
1.22%
2.90%,
03/15/2032
(e)
600‌
506‌
Secured
Overnight
Financing
Rate
+
1.48%
State
Street
Corp
2.20%,
02/07/2028
(e)
65‌
60‌
Secured
Overnight
Financing
Rate
+
0.73%
2.20%,
03/03/2031
60‌
50‌
4.42%,
05/13/2033
(e)
135‌
127‌
Secured
Overnight
Financing
Rate
+
1.61%
4.82%,
01/26/2034
(e)
245‌
236‌
Secured
Overnight
Financing
Rate
+
1.57%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
State
Street
Corp  
(continued)
5.10%,
05/18/2026
(e)
$
160‌
$
159‌
Secured
Overnight
Financing
Rate
+
1.13%
5.27%,
08/03/2026
155‌
156‌
5.68%,
11/21/2029
(e)
140‌
143‌
Secured
Overnight
Financing
Rate
+
1.48%
5.75%,
11/04/2026
(e)
495‌
497‌
Secured
Overnight
Financing
Rate
+
1.35%
Sumitomo
Mitsui
Financial
Group
Inc
1.47%,
07/08/2025
400‌
380‌
2.13%,
07/08/2030
200‌
167‌
2.14%,
09/23/2030
150‌
123‌
2.93%,
09/17/2041
60‌
45‌
3.01%,
10/19/2026
75‌
71‌
3.04%,
07/16/2029
200‌
180‌
3.36%,
07/12/2027
400‌
380‌
3.45%,
01/11/2027
165‌
158‌
5.46%,
01/13/2026
420‌
422‌
5.52%,
01/13/2028
410‌
417‌
5.77%,
01/13/2033
400‌
413‌
5.80%,
07/13/2028
315‌
324‌
5.81%,
09/14/2033
235‌
243‌
6.18%,
07/13/2043
160‌
175‌
Toronto-Dominion
Bank/The
1.15%,
06/12/2025
825‌
783‌
1.20%,
06/03/2026
260‌
239‌
1.95%,
01/12/2027
(d)
125‌
115‌
2.00%,
09/10/2031
60‌
49‌
3.20%,
03/10/2032
65‌
57‌
3.77%,
06/06/2025
30‌
29‌
4.11%,
06/08/2027
30‌
29‌
4.46%,
06/08/2032
70‌
67‌
4.69%,
09/15/2027
655‌
648‌
5.10%,
01/09/2026
(d)
160‌
160‌
5.52%,
07/17/2028
160‌
163‌
5.53%,
07/17/2026
160‌
161‌
Truist
Bank
2.25%,
03/11/2030
1,000‌
822‌
3.80%,
10/30/2026
250‌
240‌
Truist
Financial
Corp
1.20%,
08/05/2025
60‌
56‌
1.27%,
03/02/2027
(e)
195‌
179‌
Secured
Overnight
Financing
Rate
+
0.61%
1.89%,
06/07/2029
(e)
130‌
112‌
Secured
Overnight
Financing
Rate
+
0.86%
1.95%,
06/05/2030
(d)
60‌
49‌
4.00%,
05/01/2025
75‌
74‌
4.12%,
06/06/2028
(e)
290‌
279‌
Secured
Overnight
Financing
Rate
+
1.37%
4.87%,
01/26/2029
(e)
160‌
156‌
Secured
Overnight
Financing
Rate
+
1.44%
5.12%,
01/26/2034
(e)
160‌
152‌
Secured
Overnight
Financing
Rate
+
1.85%
5.44%,
01/24/2030
(e)
65‌
64‌
Secured
Overnight
Financing
Rate
+
1.62%
5.71%,
01/24/2035
(e)
55‌
54‌
Secured
Overnight
Financing
Rate
+
1.92%
5.87%,
06/08/2034
(e)
160‌
160‌
Secured
Overnight
Financing
Rate
+
2.36%
5.90%,
10/28/2026
(e)
155‌
156‌
Secured
Overnight
Financing
Rate
+
1.63%
UBS
Group
AG
3.75%,
03/26/2025
500‌
490‌
US
Bancorp
1.38%,
07/22/2030
110‌
87‌
2.22%,
01/27/2028
(e)
275‌
252‌
Secured
Overnight
Financing
Rate
+
0.73%
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
59
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
US
Bancorp  
(continued)
2.49%,
11/03/2036
(e)
$
170‌
$
131‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
0.95%
4.55%,
07/22/2028
(e)
480‌
469‌
Secured
Overnight
Financing
Rate
+
1.66%
4.65%,
02/01/2029
(e)
285‌
277‌
Secured
Overnight
Financing
Rate
+
1.23%
4.84%,
02/01/2034
(e)
285‌
268‌
Secured
Overnight
Financing
Rate
+
1.60%
5.38%,
01/23/2030
(e)
55‌
55‌
Secured
Overnight
Financing
Rate
+
1.56%
5.68%,
01/23/2035
(e)
40‌
40‌
Secured
Overnight
Financing
Rate
+
1.86%
5.73%,
10/21/2026
(e)
155‌
156‌
Secured
Overnight
Financing
Rate
+
1.43%
5.84%,
06/12/2034
(e)
320‌
323‌
Secured
Overnight
Financing
Rate
+
2.26%
5.85%,
10/21/2033
(e)
155‌
157‌
Secured
Overnight
Financing
Rate
+
2.09%
Wells
Fargo
&
Co
2.19%,
04/30/2026
(e)
785‌
753‌
Secured
Overnight
Financing
Rate
+
2.00%
2.39%,
06/02/2028
(e)
220‌
201‌
Secured
Overnight
Financing
Rate
+
2.10%
2.57%,
02/11/2031
(e)
700‌
597‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.26%
3.00%,
10/23/2026
250‌
236‌
3.07%,
04/30/2041
(e)
485‌
358‌
Secured
Overnight
Financing
Rate
+
2.53%
3.35%,
03/02/2033
(e)
430‌
369‌
Secured
Overnight
Financing
Rate
+
1.50%
3.53%,
03/24/2028
(e)
160‌
152‌
Secured
Overnight
Financing
Rate
+
1.51%
3.55%,
09/29/2025
75‌
73‌
3.58%,
05/22/2028
(e)
375‌
355‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.57%
3.91%,
04/25/2026
(e)
235‌
230‌
Secured
Overnight
Financing
Rate
+
1.32%
4.40%,
06/14/2046
110‌
91‌
4.61%,
04/25/2053
(e)
155‌
135‌
Secured
Overnight
Financing
Rate
+
2.13%
4.65%,
11/04/2044
600‌
518‌
4.75%,
12/07/2046
250‌
216‌
4.81%,
07/25/2028
(e)
65‌
64‌
Secured
Overnight
Financing
Rate
+
1.98%
4.90%,
07/25/2033
(e)
735‌
703‌
Secured
Overnight
Financing
Rate
+
2.10%
4.90%,
11/17/2045
75‌
66‌
5.01%,
04/04/2051
(e)
440‌
407‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
5.20%,
01/23/2030
(e)
265‌
263‌
Secured
Overnight
Financing
Rate
+
1.50%
5.38%,
11/02/2043
185‌
177‌
5.39%,
04/24/2034
(e)
375‌
369‌
Secured
Overnight
Financing
Rate
+
2.02%
5.50%,
01/23/2035
(e)
265‌
263‌
Secured
Overnight
Financing
Rate
+
1.78%
5.56%,
07/25/2034
(e)
475‌
473‌
Secured
Overnight
Financing
Rate
+
1.99%
5.57%,
07/25/2029
(e)
475‌
478‌
Secured
Overnight
Financing
Rate
+
1.74%
6.30%,
10/23/2029
(e)
320‌
332‌
Secured
Overnight
Financing
Rate
+
1.79%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Wells
Fargo
&
Co  
(continued)
6.49%,
10/23/2034
(e)
$
320‌
$
340‌
Secured
Overnight
Financing
Rate
+
2.06%
Wells
Fargo
Bank
NA
5.25%,
12/11/2026
250‌
251‌
5.45%,
08/07/2026
315‌
318‌
Westpac
Banking
Corp
1.15%,
06/03/2026
60‌
55‌
3.02%,
11/18/2036
(e)
405‌
329‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.53%
3.13%,
11/18/2041
60‌
42‌
3.74%,
08/26/2025
120‌
118‌
4.11%,
07/24/2034
(e)
555‌
507‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
$
118,050‌
Beverages
-
0
.49
%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
3.65%,
02/01/2026
75‌
73‌
4.70%,
02/01/2036
250‌
239‌
4.90%,
02/01/2046
720‌
666‌
Anheuser-Busch
InBev
Finance
Inc
4.63%,
02/01/2044
75‌
68‌
Anheuser-Busch
InBev
Worldwide
Inc
3.50%,
06/01/2030
130‌
120‌
4.35%,
06/01/2040
165‌
148‌
4.60%,
04/15/2048
6‌
5‌
4.75%,
01/23/2029
250‌
248‌
4.95%,
01/15/2042
220‌
210‌
5.45%,
01/23/2039
450‌
458‌
5.55%,
01/23/2049
470‌
482‌
5.80%,
01/23/2059
325‌
345‌
8.20%,
01/15/2039
60‌
77‌
Coca-Cola
Co/The
1.50%,
03/05/2028
(d)
60‌
53‌
2.50%,
06/01/2040
140‌
100‌
2.50%,
03/15/2051
265‌
166‌
2.60%,
06/01/2050
140‌
90‌
2.88%,
05/05/2041
60‌
45‌
3.00%,
03/05/2051
90‌
63‌
Constellation
Brands
Inc
2.25%,
08/01/2031
1,040‌
849‌
3.15%,
08/01/2029
90‌
82‌
3.60%,
02/15/2028
700‌
662‌
4.35%,
05/09/2027
160‌
156‌
4.90%,
05/01/2033
80‌
78‌
Diageo
Capital
PLC
2.38%,
10/24/2029
200‌
176‌
5.30%,
10/24/2027
310‌
314‌
5.63%,
10/05/2033
400‌
416‌
Keurig
Dr
Pepper
Inc
2.25%,
03/15/2031
60‌
50‌
3.35%,
03/15/2051
60‌
42‌
3.40%,
11/15/2025
250‌
242‌
3.95%,
04/15/2029
735‌
700‌
4.05%,
04/15/2032
210‌
195‌
4.42%,
05/25/2025
18‌
18‌
4.50%,
04/15/2052
85‌
72‌
Molson
Coors
Beverage
Co
3.00%,
07/15/2026
105‌
100‌
4.20%,
07/15/2046
250‌
204‌
PepsiCo
Inc
2.63%,
10/21/2041
725‌
520‌
2.75%,
10/21/2051
225‌
148‌
2.88%,
10/15/2049
145‌
100‌
3.00%,
10/15/2027
600‌
566‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
60
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Beverages
(continued)
PepsiCo
Inc  
(continued)
5.25%,
11/10/2025
$
205‌
$
206‌
$
9,552‌
Biotechnology
-
0
.39
%
Amgen
Inc
1.65%,
08/15/2028
125‌
109‌
2.00%,
01/15/2032
120‌
96‌
2.45%,
02/21/2030
155‌
135‌
2.60%,
08/19/2026
700‌
661‌
2.77%,
09/01/2053
510‌
311‌
3.00%,
02/22/2029
200‌
183‌
3.00%,
01/15/2052
120‌
80‌
3.15%,
02/21/2040
155‌
116‌
3.38%,
02/21/2050
545‌
391‌
4.20%,
03/01/2033
80‌
74‌
4.20%,
02/22/2052
200‌
162‌
4.40%,
05/01/2045
65‌
56‌
4.66%,
06/15/2051
410‌
357‌
4.88%,
03/01/2053
80‌
72‌
5.15%,
03/02/2028
280‌
281‌
5.15%,
11/15/2041
113‌
107‌
5.25%,
03/02/2025
300‌
299‌
5.25%,
03/02/2030
135‌
136‌
5.25%,
03/02/2033
160‌
160‌
5.60%,
03/02/2043
320‌
320‌
5.65%,
03/02/2053
320‌
320‌
5.75%,
03/02/2063
240‌
240‌
Biogen
Inc
4.05%,
09/15/2025
160‌
157‌
5.20%,
09/15/2045
30‌
28‌
Gilead
Sciences
Inc
1.65%,
10/01/2030
(d)
150‌
122‌
2.80%,
10/01/2050
150‌
97‌
2.95%,
03/01/2027
240‌
227‌
3.65%,
03/01/2026
190‌
184‌
4.15%,
03/01/2047
25‌
21‌
4.50%,
02/01/2045
500‌
440‌
4.75%,
03/01/2046
580‌
527‌
5.25%,
10/15/2033
160‌
162‌
5.55%,
10/15/2053
160‌
163‌
Regeneron
Pharmaceuticals
Inc
1.75%,
09/15/2030
160‌
129‌
Royalty
Pharma
PLC
1.75%,
09/02/2027
655‌
583‌
2.20%,
09/02/2030
155‌
128‌
3.30%,
09/02/2040
155‌
114‌
$
7,748‌
Building
Materials
-
0
.09
%
Carrier
Global
Corp
2.49%,
02/15/2027
35‌
33‌
2.72%,
02/15/2030
420‌
368‌
3.38%,
04/05/2040
155‌
120‌
3.58%,
04/05/2050
155‌
114‌
5.80%,
11/30/2025
140‌
141‌
5.90%,
03/15/2034
140‌
145‌
6.20%,
03/15/2054
55‌
60‌
Johnson
Controls
International
plc
5.13%,
09/14/2045
29‌
27‌
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
2.00%,
09/16/2031
120‌
96‌
Martin
Marietta
Materials
Inc
2.50%,
03/15/2030
155‌
134‌
3.20%,
07/15/2051
60‌
41‌
Masco
Corp
1.50%,
02/15/2028
60‌
52‌
Owens
Corning
4.30%,
07/15/2047
150‌
123‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Building
Materials
(continued)
Trane
Technologies
Financing
Ltd
3.80%,
03/21/2029
$
90‌
$
85‌
Vulcan
Materials
Co
3.50%,
06/01/2030
295‌
269‌
$
1,808‌
Chemicals
-
0
.32
%
Air
Products
and
Chemicals
Inc
2.80%,
05/15/2050
300‌
200‌
4.60%,
02/08/2029
130‌
128‌
4.80%,
03/03/2033
160‌
158‌
Celanese
US
Holdings
LLC
6.05%,
03/15/2025
37‌
37‌
6.17%,
07/15/2027
135‌
137‌
6.38%,
07/15/2032
135‌
138‌
Dow
Chemical
Co/The
2.10%,
11/15/2030
160‌
134‌
3.60%,
11/15/2050
160‌
117‌
4.38%,
11/15/2042
350‌
294‌
4.63%,
10/01/2044
270‌
233‌
4.80%,
11/30/2028
90‌
89‌
4.80%,
05/15/2049
340‌
297‌
5.15%,
02/15/2034
(d)
130‌
128‌
DuPont
de
Nemours
Inc
4.73%,
11/15/2028
700‌
696‌
5.32%,
11/15/2038
145‌
143‌
5.42%,
11/15/2048
185‌
182‌
Eastman
Chemical
Co
4.65%,
10/15/2044
75‌
64‌
Ecolab
Inc
1.30%,
01/30/2031
150‌
119‌
1.65%,
02/01/2027
105‌
96‌
2.75%,
08/18/2055
700‌
436‌
EIDP
Inc
1.70%,
07/15/2025
60‌
57‌
LYB
International
Finance
III
LLC
1.25%,
10/01/2025
64‌
60‌
2.25%,
10/01/2030
130‌
108‌
3.63%,
04/01/2051
130‌
90‌
4.20%,
10/15/2049
160‌
124‌
5.63%,
05/15/2033
(d)
160‌
162‌
Mosaic
Co/The
5.63%,
11/15/2043
25‌
24‌
Nutrien
Ltd
3.00%,
04/01/2025
150‌
146‌
4.20%,
04/01/2029
400‌
385‌
5.00%,
04/01/2049
280‌
253‌
5.80%,
03/27/2053
160‌
161‌
5.95%,
11/07/2025
155‌
156‌
PPG
Industries
Inc
1.20%,
03/15/2026
60‌
55‌
Sherwin-Williams
Co/The
2.20%,
03/15/2032
(d)
250‌
203‌
3.30%,
05/15/2050
90‌
63‌
4.50%,
06/01/2047
390‌
338‌
Westlake
Corp
3.13%,
08/15/2051
60‌
38‌
3.60%,
08/15/2026
110‌
106‌
$
6,355‌
Coal
-
0
.01
%
Teck
Resources
Ltd
3.90%,
07/15/2030
115‌
105‌
Commercial
Mortgage
Backed
Securities
-
0
.19
%
COMM
2015-PC1
Mortgage
Trust
3.90%,
07/10/2050
885‌
865‌
Fannie
Mae-Aces
2.99%,
12/25/2027
(h)
695‌
655‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
61
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
3.17%,
10/25/2024
$
985‌
$
971‌
3.21%,
03/25/2025
1,248‌
1,222‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C21
3.15%,
03/15/2048
86‌
85‌
$
3,798‌
Commercial
Services
-
0
.13
%
American
University/The
3.67%,
04/01/2049
35‌
28‌
Global
Payments
Inc
1.20%,
03/01/2026
645‌
594‌
3.20%,
08/15/2029
140‌
125‌
4.15%,
08/15/2049
70‌
53‌
Massachusetts
Institute
of
Technology
3.96%,
07/01/2038
185‌
169‌
4.68%,
07/01/2114
100‌
92‌
Moody's
Corp
4.25%,
08/08/2032
65‌
61‌
5.25%,
07/15/2044
90‌
88‌
PayPal
Holdings
Inc
2.85%,
10/01/2029
755‌
673‌
3.90%,
06/01/2027
65‌
63‌
4.40%,
06/01/2032
65‌
62‌
S&P
Global
Inc
1.25%,
08/15/2030
160‌
128‌
2.45%,
03/01/2027
100‌
93‌
2.50%,
12/01/2029
55‌
49‌
3.25%,
12/01/2049
55‌
39‌
3.70%,
03/01/2052
100‌
77‌
5.25%,
09/15/2033
(i)
160‌
162‌
University
of
Southern
California
5.25%,
10/01/2111
20‌
20‌
$
2,576‌
Computers
-
0
.56
%
Apple
Inc
0.70%,
02/08/2026
275‌
254‌
1.13%,
05/11/2025
300‌
286‌
1.20%,
02/08/2028
430‌
378‌
2.40%,
08/20/2050
210‌
131‌
2.65%,
02/08/2051
140‌
90‌
2.70%,
08/05/2051
85‌
55‌
2.80%,
02/08/2061
850‌
540‌
2.90%,
09/12/2027
300‌
283‌
2.95%,
09/11/2049
140‌
98‌
3.00%,
06/20/2027
500‌
474‌
3.20%,
05/11/2027
110‌
105‌
3.25%,
02/23/2026
500‌
485‌
3.35%,
02/09/2027
125‌
120‌
3.75%,
11/13/2047
195‌
159‌
3.85%,
05/04/2043
200‌
171‌
3.95%,
08/08/2052
235‌
196‌
4.38%,
05/13/2045
80‌
73‌
4.65%,
02/23/2046
170‌
161‌
4.85%,
05/10/2053
(d)
320‌
313‌
Dell
International
LLC
/
EMC
Corp
3.38%,
12/15/2041
310‌
227‌
3.45%,
12/15/2051
246‌
169‌
5.25%,
02/01/2028
160‌
161‌
5.30%,
10/01/2029
300‌
301‌
6.02%,
06/15/2026
678‌
685‌
8.35%,
07/15/2046
26‌
33‌
Hewlett
Packard
Enterprise
Co
4.90%,
10/15/2025
200‌
199‌
6.20%,
10/15/2035
75‌
78‌
6.35%,
10/15/2045
340‌
351‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
HP
Inc
3.00%,
06/17/2027
$
140‌
$
131‌
4.75%,
01/15/2028
495‌
490‌
6.00%,
09/15/2041
355‌
364‌
IBM
International
Capital
Pte
Ltd
4.75%,
02/05/2031
265‌
258‌
4.90%,
02/05/2034
265‌
258‌
International
Business
Machines
Corp
2.20%,
02/09/2027
575‌
532‌
3.30%,
05/15/2026
500‌
481‌
3.50%,
05/15/2029
160‌
150‌
4.00%,
07/27/2025
100‌
98‌
4.00%,
06/20/2042
110‌
92‌
4.15%,
05/15/2039
195‌
170‌
4.25%,
05/15/2049
600‌
504‌
4.40%,
07/27/2032
100‌
95‌
4.50%,
02/06/2028
370‌
365‌
4.70%,
02/19/2046
145‌
130‌
5.10%,
02/06/2053
160‌
153‌
NetApp
Inc
2.38%,
06/22/2027
155‌
142‌
$
10,989‌
Consumer
Products
-
0
.01
%
Church
&
Dwight
Co
Inc
3.95%,
08/01/2047
200‌
159‌
Cosmetics
&
Personal
Care
-
0
.18
%
Colgate-Palmolive
Co
4.60%,
03/01/2028
160‌
161‌
Haleon
UK
Capital
PLC
3.13%,
03/24/2025
400‌
390‌
Haleon
US
Capital
LLC
3.38%,
03/24/2027
250‌
238‌
3.63%,
03/24/2032
250‌
224‌
Kenvue
Inc
4.90%,
03/22/2033
160‌
158‌
5.05%,
03/22/2028
160‌
161‌
5.05%,
03/22/2053
160‌
154‌
5.10%,
03/22/2043
160‌
156‌
5.50%,
03/22/2025
160‌
160‌
Procter
&
Gamble
Co/The
0.55%,
10/29/2025
180‌
168‌
1.90%,
02/01/2027
540‌
500‌
Unilever
Capital
Corp
1.38%,
09/14/2030
150‌
121‌
1.75%,
08/12/2031
680‌
548‌
2.90%,
05/05/2027
435‌
412‌
$
3,551‌
Diversified
Financial
Services
-
0
.92
%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
1.75%,
01/30/2026
150‌
139‌
2.45%,
10/29/2026
150‌
138‌
3.00%,
10/29/2028
600‌
539‌
3.30%,
01/30/2032
750‌
634‌
3.40%,
10/29/2033
150‌
125‌
5.10%,
01/19/2029
150‌
147‌
6.10%,
01/15/2027
315‌
319‌
Air
Lease
Corp
1.88%,
08/15/2026
350‌
321‌
2.10%,
09/01/2028
385‌
334‌
2.88%,
01/15/2026
700‌
668‌
2.88%,
01/15/2032
65‌
54‌
5.10%,
03/01/2029
135‌
133‌
Ally
Financial
Inc
2.20%,
11/02/2028
60‌
51‌
4.75%,
06/09/2027
160‌
155‌
8.00%,
11/01/2031
420‌
461‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
62
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
American
Express
Co
1.65%,
11/04/2026
$
310‌
$
284‌
2.25%,
03/04/2025
65‌
63‌
3.30%,
05/03/2027
500‌
474‌
4.05%,
05/03/2029
100‌
97‌
4.05%,
12/03/2042
440‌
379‌
4.99%,
05/01/2026
(e)
270‌
268‌
Secured
Overnight
Financing
Rate
+
1.00%
5.10%,
02/16/2028
(e)
130‌
130‌
Secured
Overnight
Financing
Rate
+
1.00%
5.28%,
07/27/2029
(e)
160‌
161‌
Secured
Overnight
Financing
Rate
+
1.28%
5.39%,
07/28/2027
(e)
160‌
160‌
Secured
Overnight
Financing
Rate
+
0.97%
6.34%,
10/30/2026
(e)
140‌
142‌
Secured
Overnight
Financing
Rate
+
1.33%
6.49%,
10/30/2031
(e)
70‌
75‌
Secured
Overnight
Financing
Rate
+
1.94%
BlackRock
Inc
2.10%,
02/25/2032
295‌
240‌
Capital
One
Financial
Corp
1.88%,
11/02/2027
(e)
390‌
354‌
Secured
Overnight
Financing
Rate
+
0.86%
2.36%,
07/29/2032
(e)
510‌
386‌
Secured
Overnight
Financing
Rate
+
1.34%
4.93%,
05/10/2028
(e)
245‌
240‌
Secured
Overnight
Financing
Rate
+
2.06%
5.70%,
02/01/2030
(d),(e)
135‌
135‌
Secured
Overnight
Financing
Rate
+
1.91%
5.82%,
02/01/2034
(e)
160‌
158‌
Secured
Overnight
Financing
Rate
+
2.60%
6.05%,
02/01/2035
(e)
65‌
66‌
Secured
Overnight
Financing
Rate
+
2.26%
6.31%,
06/08/2029
(e)
160‌
164‌
Secured
Overnight
Financing
Rate
+
2.64%
7.62%,
10/30/2031
(e)
210‌
230‌
Secured
Overnight
Financing
Rate
+
3.07%
Charles
Schwab
Corp/The
0.90%,
03/11/2026
400‌
367‌
1.15%,
05/13/2026
60‌
55‌
1.65%,
03/11/2031
400‌
317‌
1.95%,
12/01/2031
540‌
429‌
2.00%,
03/20/2028
115‌
102‌
3.00%,
03/10/2025
500‌
488‌
5.64%,
05/19/2029
(e)
160‌
162‌
Secured
Overnight
Financing
Rate
+
2.21%
5.88%,
08/24/2026
155‌
157‌
6.14%,
08/24/2034
(e)
155‌
161‌
Secured
Overnight
Financing
Rate
+
2.01%
6.20%,
11/17/2029
(e)
140‌
145‌
Secured
Overnight
Financing
Rate
+
1.88%
CME
Group
Inc
5.30%,
09/15/2043
200‌
202‌
Discover
Financial
Services
4.10%,
02/09/2027
75‌
72‌
Intercontinental
Exchange
Inc
1.85%,
09/15/2032
120‌
93‌
2.10%,
06/15/2030
400‌
336‌
2.65%,
09/15/2040
160‌
112‌
3.00%,
09/15/2060
160‌
99‌
3.75%,
12/01/2025
75‌
73‌
3.75%,
09/21/2028
335‌
318‌
4.00%,
09/15/2027
135‌
130‌
4.25%,
09/21/2048
250‌
212‌
4.60%,
03/15/2033
220‌
210‌
4.95%,
06/15/2052
65‌
60‌
Jefferies
Financial
Group
Inc
2.63%,
10/15/2031
200‌
164‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Legg
Mason
Inc
5.63%,
01/15/2044
$
25‌
$
25‌
Mastercard
Inc
2.00%,
11/18/2031
190‌
156‌
2.95%,
03/15/2051
60‌
42‌
3.35%,
03/26/2030
875‌
808‌
3.85%,
03/26/2050
125‌
103‌
4.88%,
03/09/2028
160‌
162‌
Nasdaq
Inc
2.50%,
12/21/2040
55‌
36‌
5.35%,
06/28/2028
160‌
162‌
5.95%,
08/15/2053
40‌
41‌
Nomura
Holdings
Inc
1.85%,
07/16/2025
415‌
394‌
2.33%,
01/22/2027
200‌
184‌
2.68%,
07/16/2030
450‌
381‌
5.84%,
01/18/2028
320‌
324‌
6.09%,
07/12/2033
(d)
315‌
329‌
Synchrony
Financial
3.95%,
12/01/2027
720‌
667‌
4.50%,
07/23/2025
275‌
269‌
Visa
Inc
1.10%,
02/15/2031
60‌
47‌
1.90%,
04/15/2027
80‌
74‌
2.00%,
08/15/2050
(d)
160‌
93‌
2.70%,
04/15/2040
155‌
114‌
2.75%,
09/15/2027
150‌
141‌
4.15%,
12/14/2035
500‌
470‌
4.30%,
12/14/2045
200‌
179‌
$
18,089‌
Electric
-
2
.03
%
AEP
Texas
Inc
2.10%,
07/01/2030
160‌
132‌
3.45%,
01/15/2050
50‌
35‌
3.45%,
05/15/2051
60‌
41‌
4.70%,
05/15/2032
105‌
100‌
5.25%,
05/15/2052
105‌
99‌
AEP
Transmission
Co
LLC
2.75%,
08/15/2051
60‌
37‌
4.50%,
06/15/2052
70‌
61‌
5.40%,
03/15/2053
160‌
158‌
AES
Corp/The
2.45%,
01/15/2031
60‌
49‌
Alabama
Power
Co
1.45%,
09/15/2030
155‌
125‌
3.13%,
07/15/2051
60‌
41‌
Ameren
Corp
1.75%,
03/15/2028
60‌
53‌
5.00%,
01/15/2029
130‌
129‌
5.70%,
12/01/2026
140‌
142‌
Ameren
Illinois
Co
1.55%,
11/15/2030
65‌
52‌
3.25%,
03/15/2050
75‌
53‌
3.85%,
09/01/2032
355‌
324‌
4.15%,
03/15/2046
330‌
273‌
American
Electric
Power
Co
Inc
1.00%,
11/01/2025
15‌
14‌
2.30%,
03/01/2030
155‌
131‌
5.63%,
03/01/2033
160‌
161‌
Arizona
Public
Service
Co
2.60%,
08/15/2029
90‌
79‌
2.65%,
09/15/2050
150‌
89‌
Baltimore
Gas
and
Electric
Co
2.25%,
06/15/2031
60‌
50‌
4.55%,
06/01/2052
20‌
17‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
63
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Berkshire
Hathaway
Energy
Co
1.65%,
05/15/2031
$
365‌
$
289‌
2.85%,
05/15/2051
85‌
55‌
3.80%,
07/15/2048
650‌
494‌
4.60%,
05/01/2053
65‌
56‌
5.15%,
11/15/2043
200‌
192‌
CenterPoint
Energy
Houston
Electric
LLC
3.35%,
04/01/2051
60‌
43‌
4.95%,
04/01/2033
160‌
158‌
5.20%,
10/01/2028
160‌
161‌
CenterPoint
Energy
Inc
1.45%,
06/01/2026
60‌
55‌
2.95%,
03/01/2030
100‌
88‌
3.70%,
09/01/2049
60‌
44‌
CMS
Energy
Corp
3.75%,
12/01/2050
(e)
60‌
48‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
Commonwealth
Edison
Co
3.00%,
03/01/2050
715‌
472‌
3.13%,
03/15/2051
420‌
282‌
4.00%,
03/01/2048
370‌
298‌
5.30%,
02/01/2053
160‌
155‌
Connecticut
Light
and
Power
Co/The
0.75%,
12/01/2025
60‌
56‌
2.05%,
07/01/2031
60‌
49‌
3.20%,
03/15/2027
140‌
133‌
Consolidated
Edison
Co
of
New
York
Inc
2.40%,
06/15/2031
55‌
46‌
3.00%,
12/01/2060
65‌
40‌
3.70%,
11/15/2059
80‌
57‌
3.88%,
06/15/2047
300‌
233‌
4.30%,
12/01/2056
500‌
409‌
5.20%,
03/01/2033
(d)
160‌
161‌
6.15%,
11/15/2052
155‌
168‌
6.30%,
08/15/2037
370‌
396‌
6.75%,
04/01/2038
160‌
178‌
Consumers
Energy
Co
2.50%,
05/01/2060
91‌
50‌
4.60%,
05/30/2029
135‌
133‌
4.90%,
02/15/2029
155‌
155‌
Dominion
Energy
Inc
1.45%,
04/15/2026
760‌
702‌
3.30%,
04/15/2041
60‌
44‌
3.38%,
04/01/2030
315‌
283‌
4.90%,
08/01/2041
360‌
323‌
5.38%,
11/15/2032
410‌
408‌
5.95%,
06/15/2035
200‌
205‌
DTE
Electric
Co
1.90%,
04/01/2028
40‌
36‌
3.70%,
03/15/2045
200‌
157‌
5.20%,
03/01/2034
130‌
129‌
5.40%,
04/01/2053
160‌
159‌
DTE
Energy
Co
1.05%,
06/01/2025
80‌
76‌
4.88%,
06/01/2028
105‌
104‌
Duke
Energy
Carolinas
LLC
4.00%,
09/30/2042
145‌
119‌
4.95%,
01/15/2033
160‌
158‌
5.30%,
02/15/2040
125‌
123‌
5.35%,
01/15/2053
160‌
157‌
5.40%,
01/15/2054
135‌
132‌
6.05%,
04/15/2038
460‌
483‌
Duke
Energy
Corp
0.90%,
09/15/2025
150‌
140‌
2.65%,
09/01/2026
90‌
85‌
3.15%,
08/15/2027
90‌
84‌
3.30%,
06/15/2041
60‌
44‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Duke
Energy
Corp  
(continued)
3.50%,
06/15/2051
$
60‌
$
42‌
3.95%,
08/15/2047
150‌
114‌
4.20%,
06/15/2049
150‌
118‌
4.50%,
08/15/2032
340‌
319‌
4.80%,
12/15/2045
230‌
202‌
4.85%,
01/05/2029
135‌
133‌
5.00%,
08/15/2052
65‌
58‌
6.10%,
09/15/2053
160‌
166‌
Duke
Energy
Florida
LLC
1.75%,
06/15/2030
155‌
128‌
2.50%,
12/01/2029
255‌
224‌
3.40%,
10/01/2046
200‌
144‌
5.88%,
11/15/2033
145‌
152‌
5.95%,
11/15/2052
155‌
163‌
Duke
Energy
Indiana
LLC
2.75%,
04/01/2050
155‌
97‌
5.40%,
04/01/2053
160‌
154‌
Duke
Energy
Progress
LLC
2.50%,
08/15/2050
160‌
96‌
Emera
US
Finance
LP
4.75%,
06/15/2046
75‌
61‌
Entergy
Arkansas
LLC
2.65%,
06/15/2051
45‌
27‌
4.20%,
04/01/2049
600‌
493‌
5.15%,
01/15/2033
160‌
160‌
Entergy
Corp
1.90%,
06/15/2028
35‌
31‌
2.40%,
06/15/2031
60‌
49‌
Entergy
Louisiana
LLC
2.90%,
03/15/2051
35‌
22‌
3.10%,
06/15/2041
60‌
44‌
3.12%,
09/01/2027
200‌
188‌
4.75%,
09/15/2052
415‌
362‌
Entergy
Texas
Inc
1.75%,
03/15/2031
150‌
120‌
4.00%,
03/30/2029
170‌
162‌
Evergy
Kansas
Central
Inc
5.70%,
03/15/2053
160‌
160‌
Evergy
Metro
Inc
2.25%,
06/01/2030
155‌
131‌
Eversource
Energy
0.80%,
08/15/2025
160‌
149‌
1.65%,
08/15/2030
160‌
127‌
5.00%,
01/01/2027
135‌
134‌
5.13%,
05/15/2033
160‌
155‌
Exelon
Corp
3.35%,
03/15/2032
65‌
57‌
5.15%,
03/15/2029
125‌
124‌
Florida
Power
&
Light
Co
2.45%,
02/03/2032
65‌
54‌
2.88%,
12/04/2051
65‌
42‌
3.70%,
12/01/2047
70‌
54‌
4.05%,
10/01/2044
145‌
122‌
4.13%,
02/01/2042
300‌
258‌
4.40%,
05/15/2028
160‌
157‌
4.80%,
05/15/2033
120‌
117‌
5.10%,
04/01/2033
160‌
159‌
5.65%,
02/01/2037
250‌
257‌
Georgia
Power
Co
3.25%,
03/30/2027
400‌
378‌
4.30%,
03/15/2042
460‌
394‌
4.65%,
05/16/2028
160‌
158‌
4.70%,
05/15/2032
65‌
63‌
Interstate
Power
and
Light
Co
2.30%,
06/01/2030
40‌
34‌
Kentucky
Utilities
Co
3.30%,
06/01/2050
205‌
142‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
64
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
MidAmerican
Energy
Co
3.15%,
04/15/2050
$
145‌
$
99‌
4.25%,
07/15/2049
215‌
181‌
5.30%,
02/01/2055
135‌
131‌
Mississippi
Power
Co
4.25%,
03/15/2042
30‌
25‌
National
Rural
Utilities
Cooperative
Finance
Corp
1.00%,
06/15/2026
60‌
55‌
4.15%,
12/15/2032
765‌
705‌
4.80%,
03/15/2028
365‌
363‌
5.00%,
02/07/2031
135‌
133‌
Nevada
Power
Co
2.40%,
05/01/2030
200‌
170‌
NextEra
Energy
Capital
Holdings
Inc
1.90%,
06/15/2028
45‌
39‌
2.25%,
06/01/2030
250‌
210‌
2.75%,
11/01/2029
545‌
480‌
3.55%,
05/01/2027
700‌
666‌
4.90%,
02/28/2028
160‌
159‌
4.90%,
03/15/2029
135‌
133‌
4.95%,
01/29/2026
135‌
134‌
5.00%,
07/15/2032
70‌
68‌
5.25%,
03/15/2034
135‌
132‌
5.25%,
02/28/2053
160‌
149‌
Northern
States
Power
Co/MN
2.25%,
04/01/2031
60‌
50‌
2.60%,
06/01/2051
155‌
96‌
2.90%,
03/01/2050
70‌
46‌
5.10%,
05/15/2053
160‌
153‌
5.35%,
11/01/2039
30‌
30‌
NSTAR
Electric
Co
4.55%,
06/01/2052
65‌
57‌
4.95%,
09/15/2052
565‌
524‌
Ohio
Power
Co
1.63%,
01/15/2031
265‌
211‌
Oncor
Electric
Delivery
Co
LLC
0.55%,
10/01/2025
150‌
139‌
3.10%,
09/15/2049
195‌
134‌
4.15%,
06/01/2032
65‌
61‌
4.30%,
05/15/2028
570‌
555‌
4.55%,
09/15/2032
390‌
375‌
4.60%,
06/01/2052
65‌
57‌
Pacific
Gas
and
Electric
Co
2.10%,
08/01/2027
605‌
542‌
2.50%,
02/01/2031
880‌
721‌
3.30%,
08/01/2040
155‌
112‌
3.50%,
08/01/2050
850‌
572‌
4.20%,
06/01/2041
195‌
153‌
4.95%,
06/08/2025
180‌
178‌
5.80%,
05/15/2034
125‌
125‌
5.90%,
06/15/2032
60‌
60‌
6.10%,
01/15/2029
160‌
164‌
6.75%,
01/15/2053
160‌
171‌
PacifiCorp
2.90%,
06/15/2052
60‌
37‌
5.30%,
02/15/2031
265‌
262‌
5.35%,
12/01/2053
155‌
143‌
5.50%,
05/15/2054
160‌
149‌
6.00%,
01/15/2039
310‌
319‌
6.25%,
10/15/2037
330‌
340‌
PECO
Energy
Co
2.80%,
06/15/2050
110‌
71‌
2.85%,
09/15/2051
150‌
96‌
4.38%,
08/15/2052
360‌
308‌
4.60%,
05/15/2052
20‌
18‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
PPL
Electric
Utilities
Corp
3.00%,
10/01/2049
$
70‌
$
48‌
3.95%,
06/01/2047
100‌
81‌
4.85%,
02/15/2034
65‌
63‌
5.00%,
05/15/2033
160‌
159‌
Public
Service
Co
of
Colorado
1.88%,
06/15/2031
45‌
36‌
2.70%,
01/15/2051
95‌
57‌
Public
Service
Co
of
Oklahoma
5.25%,
01/15/2033
160‌
159‌
Public
Service
Electric
and
Gas
Co
3.15%,
01/01/2050
155‌
108‌
3.65%,
09/01/2028
200‌
191‌
3.80%,
03/01/2046
570‌
448‌
5.45%,
08/01/2053
155‌
156‌
Public
Service
Enterprise
Group
Inc
0.80%,
08/15/2025
320‌
300‌
5.88%,
10/15/2028
160‌
164‌
6.13%,
10/15/2033
160‌
167‌
Puget
Sound
Energy
Inc
2.89%,
09/15/2051
170‌
108‌
San
Diego
Gas
&
Electric
Co
1.70%,
10/01/2030
150‌
122‌
3.32%,
04/15/2050
155‌
108‌
3.70%,
03/15/2052
65‌
48‌
4.50%,
08/15/2040
50‌
44‌
Sempra
4.00%,
02/01/2048
70‌
54‌
Southern
California
Edison
Co
2.25%,
06/01/2030
155‌
131‌
2.85%,
08/01/2029
100‌
89‌
3.45%,
02/01/2052
65‌
45‌
3.65%,
02/01/2050
640‌
468‌
4.00%,
04/01/2047
450‌
351‌
4.70%,
06/01/2027
135‌
134‌
4.88%,
02/01/2027
135‌
134‌
5.30%,
03/01/2028
160‌
162‌
5.50%,
03/15/2040
350‌
346‌
5.65%,
10/01/2028
160‌
164‌
5.70%,
03/01/2053
160‌
159‌
5.85%,
11/01/2027
155‌
159‌
5.95%,
02/01/2038
30‌
31‌
Southern
Co/The
1.75%,
03/15/2028
60‌
53‌
3.75%,
09/15/2051
(e)
40‌
38‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
4.00%,
01/15/2051
(e)
150‌
144‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
5.15%,
10/06/2025
495‌
494‌
5.20%,
06/15/2033
160‌
158‌
5.50%,
03/15/2029
160‌
162‌
5.70%,
10/15/2032
665‌
681‌
Southern
Power
Co
0.90%,
01/15/2026
10‌
9‌
4.95%,
12/15/2046
35‌
31‌
Southwestern
Electric
Power
Co
4.10%,
09/15/2028
500‌
479‌
Southwestern
Public
Service
Co
4.50%,
08/15/2041
150‌
124‌
Tampa
Electric
Co
3.45%,
03/15/2051
100‌
70‌
Tucson
Electric
Power
Co
1.50%,
08/01/2030
105‌
84‌
3.25%,
05/01/2051
60‌
40‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
65
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Union
Electric
Co
2.15%,
03/15/2032
$
60‌
$
48‌
2.63%,
03/15/2051
130‌
79‌
5.45%,
03/15/2053
160‌
157‌
Virginia
Electric
and
Power
Co
2.30%,
11/15/2031
65‌
54‌
2.45%,
12/15/2050
145‌
84‌
2.95%,
11/15/2051
120‌
77‌
3.75%,
05/15/2027
40‌
38‌
5.45%,
04/01/2053
310‌
304‌
8.88%,
11/15/2038
225‌
299‌
WEC
Energy
Group
Inc
1.38%,
10/15/2027
130‌
114‌
2.20%,
12/15/2028
60‌
53‌
4.75%,
01/09/2026
160‌
158‌
5.00%,
09/27/2025
75‌
75‌
Wisconsin
Electric
Power
Co
4.75%,
09/30/2032
360‌
353‌
Xcel
Energy
Inc
1.75%,
03/15/2027
15‌
14‌
2.60%,
12/01/2029
140‌
122‌
4.60%,
06/01/2032
40‌
37‌
$
39,893‌
Electrical
Components
&
Equipment
-
0
.05
%
Emerson
Electric
Co
0.88%,
10/15/2026
225‌
204‌
2.20%,
12/21/2031
820‌
680‌
$
884‌
Electronics
-
0
.09
%
Fortive
Corp
3.15%,
06/15/2026
100‌
96‌
Honeywell
International
Inc
1.10%,
03/01/2027
60‌
54‌
1.35%,
06/01/2025
80‌
76‌
1.75%,
09/01/2031
60‌
48‌
1.95%,
06/01/2030
450‌
380‌
3.81%,
11/21/2047
100‌
80‌
4.25%,
01/15/2029
160‌
156‌
5.00%,
02/15/2033
500‌
501‌
5.00%,
03/01/2035
(f)
125‌
125‌
5.25%,
03/01/2054
(f)
125‌
125‌
Jabil
Inc
1.70%,
04/15/2026
60‌
56‌
Tyco
Electronics
Group
SA
7.13%,
10/01/2037
37‌
42‌
$
1,739‌
Entertainment
-
0
.11
%
Warnermedia
Holdings
Inc
3.64%,
03/15/2025
560‌
548‌
3.76%,
03/15/2027
130‌
123‌
4.05%,
03/15/2029
130‌
120‌
4.28%,
03/15/2032
195‌
172‌
5.05%,
03/15/2042
430‌
362‌
5.14%,
03/15/2052
740‌
601‌
5.39%,
03/15/2062
215‌
174‌
$
2,100‌
Environmental
Control
-
0
.21
%
Republic
Services
Inc
1.75%,
02/15/2032
635‌
498‌
2.30%,
03/01/2030
685‌
588‌
3.38%,
11/15/2027
(d)
385‌
366‌
5.00%,
04/01/2034
320‌
315‌
Waste
Connections
Inc
2.20%,
01/15/2032
120‌
97‌
4.20%,
01/15/2033
735‌
687‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Environmental
Control
(continued)
Waste
Management
Inc
0.75%,
11/15/2025
$
210‌
$
195‌
2.00%,
06/01/2029
60‌
52‌
2.50%,
11/15/2050
75‌
46‌
3.15%,
11/15/2027
790‌
744‌
4.15%,
04/15/2032
100‌
94‌
4.63%,
02/15/2033
160‌
155‌
4.88%,
02/15/2029
310‌
310‌
$
4,147‌
Federal
&
Federally
Sponsored
Credit
-
0
.08
%
Federal
Farm
Credit
Banks
Funding
Corp
4.38%,
06/23/2026
475‌
473‌
4.50%,
08/14/2026
630‌
630‌
5.13%,
10/10/2025
475‌
478‌
$
1,581‌
Finance
-
Mortgage
Loan/Banker
-
0
.45
%
Fannie
Mae
0.50%,
11/07/2025
535‌
499‌
0.75%,
10/08/2027
270‌
238‌
0.88%,
08/05/2030
710‌
572‌
2.13%,
04/24/2026
700‌
665‌
5.63%,
07/15/2037
65‌
72‌
6.25%,
05/15/2029
750‌
817‌
6.63%,
11/15/2030
230‌
260‌
7.13%,
01/15/2030
250‌
286‌
7.25%,
05/15/2030
(d)
249‌
288‌
Federal
Home
Loan
Banks
0.38%,
09/04/2025
150‌
140‌
1.25%,
12/21/2026
450‌
412‌
3.25%,
11/16/2028
950‌
909‌
4.00%,
06/30/2028
400‌
396‌
4.13%,
01/15/2027
265‌
263‌
4.63%,
06/06/2025
480‌
479‌
4.63%,
11/17/2026
275‌
276‌
5.50%,
07/15/2036
370‌
405‌
Freddie
Mac
0.38%,
09/23/2025
1,040‌
971‌
6.25%,
07/15/2032
280‌
317‌
6.75%,
03/15/2031
543‌
621‌
$
8,886‌
Food
-
0
.42
%
Campbell
Soup
Co
4.15%,
03/15/2028
185‌
178‌
Conagra
Brands
Inc
1.38%,
11/01/2027
100‌
87‌
4.60%,
11/01/2025
600‌
591‌
4.85%,
11/01/2028
140‌
137‌
5.30%,
11/01/2038
85‌
80‌
5.40%,
11/01/2048
445‌
411‌
General
Mills
Inc
2.25%,
10/14/2031
775‌
636‌
4.00%,
04/17/2025
75‌
74‌
4.95%,
03/29/2033
160‌
157‌
5.50%,
10/17/2028
160‌
163‌
Hershey
Co/The
2.65%,
06/01/2050
185‌
120‌
J
M
Smucker
Co/The
2.13%,
03/15/2032
60‌
48‌
5.90%,
11/15/2028
245‌
252‌
6.50%,
11/15/2043
235‌
252‌
JBS
USA
LUX
SA
/
JBS
USA
Food
Co
/
JBS
Luxembourg
SARL
6.75%,
03/15/2034
(i)
160‌
165‌
JBS
USA
LUX
SA
/
JBS
USA
Food
Co
/
JBS
USA
Finance
Inc
5.13%,
02/01/2028
265‌
260‌
5.75%,
04/01/2033
265‌
257‌
6.50%,
12/01/2052
265‌
255‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
66
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
Kellanova
2.10%,
06/01/2030
$
155‌
$
131‌
Koninklijke
Ahold
Delhaize
NV
5.70%,
10/01/2040
9‌
9‌
Kraft
Heinz
Foods
Co
3.00%,
06/01/2026
200‌
191‌
4.38%,
06/01/2046
235‌
195‌
4.88%,
10/01/2049
200‌
178‌
5.00%,
06/04/2042
200‌
185‌
5.20%,
07/15/2045
170‌
159‌
6.50%,
02/09/2040
200‌
217‌
Kroger
Co/The
1.70%,
01/15/2031
60‌
48‌
3.70%,
08/01/2027
700‌
672‌
4.45%,
02/01/2047
345‌
292‌
5.15%,
08/01/2043
300‌
279‌
5.40%,
07/15/2040
(d)
30‌
29‌
McCormick
&
Co
Inc/MD
0.90%,
02/15/2026
60‌
55‌
1.85%,
02/15/2031
60‌
48‌
Mondelez
International
Inc
1.50%,
02/04/2031
165‌
131‌
2.63%,
03/17/2027
65‌
61‌
2.63%,
09/04/2050
165‌
103‌
Sysco
Corp
2.45%,
12/14/2031
115‌
95‌
4.85%,
10/01/2045
250‌
227‌
5.75%,
01/17/2029
145‌
148‌
Tyson
Foods
Inc
3.55%,
06/02/2027
75‌
71‌
4.55%,
06/02/2047
700‌
567‌
$
8,214‌
Forest
Products
&
Paper
-
0
.02
%
Georgia-Pacific
LLC
7.75%,
11/15/2029
20‌
23‌
Suzano
Austria
GmbH
2.50%,
09/15/2028
75‌
65‌
Suzano
International
Finance
BV
5.50%,
01/17/2027
300‌
299‌
$
387‌
Gas
-
0
.18
%
Atmos
Energy
Corp
1.50%,
01/15/2031
150‌
120‌
3.38%,
09/15/2049
145‌
104‌
4.13%,
10/15/2044
140‌
119‌
5.75%,
10/15/2052
410‌
431‌
5.90%,
11/15/2033
160‌
168‌
6.20%,
11/15/2053
120‌
133‌
CenterPoint
Energy
Resources
Corp
1.75%,
10/01/2030
150‌
122‌
4.40%,
07/01/2032
70‌
66‌
5.25%,
03/01/2028
160‌
161‌
NiSource
Inc
0.95%,
08/15/2025
320‌
300‌
3.60%,
05/01/2030
640‌
586‌
4.80%,
02/15/2044
210‌
187‌
5.00%,
06/15/2052
135‌
122‌
5.25%,
03/30/2028
65‌
65‌
5.40%,
06/30/2033
160‌
160‌
5.65%,
02/01/2045
250‌
245‌
Southern
California
Gas
Co
2.55%,
02/01/2030
155‌
135‌
5.75%,
06/01/2053
160‌
162‌
Southern
Co
Gas
Capital
Corp
1.75%,
01/15/2031
160‌
128‌
3.15%,
09/30/2051
60‌
39‌
$
3,553‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Hand
&
Machine
Tools
-
0
.03
%
Stanley
Black
&
Decker
Inc
2.30%,
03/15/2030
$
700‌
$
588‌
2.75%,
11/15/2050
85‌
49‌
$
637‌
Healthcare
-
Products
-
0
.37
%
Abbott
Laboratories
4.75%,
04/15/2043
300‌
288‌
4.90%,
11/30/2046
210‌
202‌
Agilent
Technologies
Inc
2.10%,
06/04/2030
155‌
130‌
2.30%,
03/12/2031
60‌
50‌
Baxter
International
Inc
1.73%,
04/01/2031
85‌
67‌
1.92%,
02/01/2027
270‌
246‌
2.27%,
12/01/2028
665‌
583‌
2.54%,
02/01/2032
380‌
312‌
3.13%,
12/01/2051
260‌
170‌
Boston
Scientific
Corp
1.90%,
06/01/2025
155‌
149‌
Danaher
Corp
2.60%,
10/01/2050
150‌
95‌
DH
Europe
Finance
II
Sarl
2.60%,
11/15/2029
150‌
133‌
3.25%,
11/15/2039
150‌
119‌
GE
HealthCare
Technologies
Inc
5.60%,
11/15/2025
155‌
156‌
5.65%,
11/15/2027
155‌
157‌
5.86%,
03/15/2030
155‌
160‌
5.91%,
11/22/2032
155‌
161‌
6.38%,
11/22/2052
155‌
172‌
Koninklijke
Philips
NV
5.00%,
03/15/2042
30‌
27‌
Medtronic
Global
Holdings
SCA
4.25%,
03/30/2028
160‌
156‌
Medtronic
Inc
4.38%,
03/15/2035
200‌
189‌
4.63%,
03/15/2045
286‌
265‌
Revvity
Inc
1.90%,
09/15/2028
45‌
39‌
Stryker
Corp
1.95%,
06/15/2030
600‌
502‌
3.38%,
11/01/2025
800‌
777‌
4.38%,
05/15/2044
25‌
22‌
4.63%,
03/15/2046
100‌
91‌
4.85%,
12/08/2028
135‌
135‌
Thermo
Fisher
Scientific
Inc
2.00%,
10/15/2031
65‌
53‌
2.60%,
10/01/2029
145‌
129‌
2.80%,
10/15/2041
650‌
468‌
4.80%,
11/21/2027
155‌
155‌
5.09%,
08/10/2033
300‌
302‌
5.40%,
08/10/2043
150‌
152‌
Zimmer
Biomet
Holdings
Inc
2.60%,
11/24/2031
610‌
511‌
$
7,323‌
Healthcare
-
Services
-
0
.55
%
Advocate
Health
&
Hospitals
Corp
3.83%,
08/15/2028
300‌
287‌
Aetna
Inc
3.88%,
08/15/2047
60‌
45‌
6.75%,
12/15/2037
205‌
224‌
Baylor
Scott
&
White
Holdings
4.19%,
11/15/2045
125‌
109‌
Centene
Corp
4.63%,
12/15/2029
600‌
568‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
67
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Elevance
Health
Inc
1.50%,
03/15/2026
$
60‌
$
56‌
3.13%,
05/15/2050
75‌
51‌
3.60%,
03/15/2051
60‌
45‌
4.10%,
03/01/2028
255‌
247‌
4.65%,
01/15/2043
660‌
597‌
4.75%,
02/15/2033
160‌
155‌
6.10%,
10/15/2052
155‌
166‌
HCA
Inc
2.38%,
07/15/2031
60‌
49‌
3.38%,
03/15/2029
135‌
123‌
3.50%,
09/01/2030
680‌
608‌
3.50%,
07/15/2051
260‌
176‌
4.38%,
03/15/2042
65‌
54‌
5.20%,
06/01/2028
160‌
159‌
5.25%,
04/15/2025
600‌
597‌
5.25%,
06/15/2026
545‌
542‌
5.45%,
04/01/2031
65‌
65‌
5.50%,
06/01/2033
(d)
160‌
159‌
5.50%,
06/15/2047
240‌
223‌
5.60%,
04/01/2034
130‌
129‌
6.00%,
04/01/2054
200‌
198‌
Humana
Inc
1.35%,
02/03/2027
180‌
161‌
2.15%,
02/03/2032
60‌
48‌
3.13%,
08/15/2029
175‌
158‌
4.50%,
04/01/2025
155‌
153‌
4.95%,
10/01/2044
320‌
289‌
5.50%,
03/15/2053
160‌
155‌
Laboratory
Corp
of
America
Holdings
4.70%,
02/01/2045
500‌
446‌
Providence
St
Joseph
Health
Obligated
Group
3.74%,
10/01/2047
250‌
188‌
Quest
Diagnostics
Inc
2.95%,
06/30/2030
(d)
155‌
137‌
UnitedHealth
Group
Inc
1.25%,
01/15/2026
155‌
145‌
2.30%,
05/15/2031
60‌
50‌
2.75%,
05/15/2040
155‌
112‌
2.88%,
08/15/2029
150‌
136‌
2.90%,
05/15/2050
155‌
103‌
3.05%,
05/15/2041
660‌
490‌
3.10%,
03/15/2026
400‌
386‌
3.25%,
05/15/2051
435‌
305‌
3.45%,
01/15/2027
100‌
97‌
3.50%,
08/15/2039
125‌
101‌
3.70%,
05/15/2027
65‌
63‌
4.25%,
04/15/2047
320‌
272‌
4.25%,
06/15/2048
110‌
93‌
4.45%,
12/15/2048
95‌
84‌
4.75%,
05/15/2052
65‌
59‌
5.20%,
04/15/2063
320‌
305‌
5.88%,
02/15/2053
310‌
332‌
6.88%,
02/15/2038
200‌
232‌
$
10,732‌
Home
Builders
-
0
.01
%
DR
Horton
Inc
1.30%,
10/15/2026
60‌
55‌
1.40%,
10/15/2027
(d)
150‌
132‌
$
187‌
Home
Furnishings
-
0
.01
%
Leggett
&
Platt
Inc
4.40%,
03/15/2029
250‌
237‌
Insurance
-
0
.67
%
Aflac
Inc
1.13%,
03/15/2026
60‌
55‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Allstate
Corp/The
0.75%,
12/15/2025
$
170‌
$
157‌
1.45%,
12/15/2030
170‌
134‌
5.25%,
03/30/2033
290‌
289‌
American
International
Group
Inc
4.38%,
06/30/2050
100‌
86‌
4.80%,
07/10/2045
700‌
641‌
5.13%,
03/27/2033
105‌
104‌
5.75%,
04/01/2048
(e)
200‌
196‌
3
Month
USD
LIBOR
+
2.87%
Aon
Corp
2.80%,
05/15/2030
155‌
135‌
Aon
Corp
/
Aon
Global
Holdings
PLC
2.60%,
12/02/2031
50‌
42‌
2.85%,
05/28/2027
65‌
61‌
2.90%,
08/23/2051
60‌
37‌
5.00%,
09/12/2032
520‌
508‌
5.35%,
02/28/2033
160‌
160‌
Aon
North
America
Inc
5.13%,
03/01/2027
(f)
125‌
125‌
5.15%,
03/01/2029
(f)
190‌
190‌
5.45%,
03/01/2034
(f)
125‌
125‌
5.75%,
03/01/2054
(f)
65‌
65‌
Arch
Capital
Finance
LLC
5.03%,
12/15/2046
45‌
41‌
Athene
Holding
Ltd
4.13%,
01/12/2028
575‌
551‌
Berkshire
Hathaway
Finance
Corp
2.50%,
01/15/2051
90‌
56‌
2.85%,
10/15/2050
100‌
66‌
3.85%,
03/15/2052
440‌
349‌
4.20%,
08/15/2048
180‌
157‌
4.30%,
05/15/2043
235‌
211‌
5.75%,
01/15/2040
25‌
27‌
Brown
&
Brown
Inc
4.50%,
03/15/2029
300‌
290‌
Chubb
Corp/The
6.00%,
05/11/2037
350‌
376‌
Chubb
INA
Holdings
Inc
2.85%,
12/15/2051
30‌
20‌
3.05%,
12/15/2061
200‌
133‌
4.35%,
11/03/2045
400‌
353‌
CNA
Financial
Corp
2.05%,
08/15/2030
160‌
132‌
Corebridge
Financial
Inc
3.50%,
04/04/2025
340‌
332‌
3.85%,
04/05/2029
65‌
60‌
3.90%,
04/05/2032
390‌
343‌
6.05%,
09/15/2033
(i)
160‌
163‌
Equitable
Holdings
Inc
4.35%,
04/20/2028
140‌
135‌
5.00%,
04/20/2048
90‌
81‌
Hartford
Financial
Services
Group
Inc/The
2.90%,
09/15/2051
195‌
125‌
Markel
Group
Inc
3.45%,
05/07/2052
75‌
51‌
Marsh
&
McLennan
Cos
Inc
2.38%,
12/15/2031
295‌
245‌
4.38%,
03/15/2029
440‌
430‌
4.90%,
03/15/2049
110‌
102‌
5.40%,
09/15/2033
160‌
163‌
5.70%,
09/15/2053
160‌
165‌
6.25%,
11/01/2052
155‌
171‌
MetLife
Inc
3.00%,
03/01/2025
200‌
195‌
4.13%,
08/13/2042
250‌
212‌
4.60%,
05/13/2046
195‌
174‌
4.88%,
11/13/2043
50‌
46‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
68
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
MetLife
Inc  
(continued)
5.25%,
01/15/2054
$
160‌
$
155‌
5.38%,
07/15/2033
160‌
161‌
5.70%,
06/15/2035
600‌
620‌
Progressive
Corp/The
3.70%,
03/15/2052
210‌
163‌
4.35%,
04/25/2044
30‌
27‌
4.95%,
06/15/2033
160‌
159‌
Prudential
Financial
Inc
3.70%,
10/01/2050
(e)
160‌
140‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
3.70%,
03/13/2051
785‌
599‌
5.70%,
09/15/2048
(e)
520‌
505‌
3
Month
USD
LIBOR
+
2.67%
Travelers
Cos
Inc/The
3.05%,
06/08/2051
90‌
61‌
4.00%,
05/30/2047
175‌
144‌
5.45%,
05/25/2053
200‌
204‌
6.25%,
06/15/2037
650‌
715‌
W
R
Berkley
Corp
4.00%,
05/12/2050
75‌
58‌
Willis
North
America
Inc
2.95%,
09/15/2029
50‌
44‌
3.88%,
09/15/2049
140‌
104‌
5.35%,
05/15/2033
160‌
157‌
$
13,081‌
Internet
-
0
.40
%
Alibaba
Group
Holding
Ltd
3.15%,
02/09/2051
200‌
132‌
3.40%,
12/06/2027
860‌
812‌
4.20%,
12/06/2047
200‌
163‌
Alphabet
Inc
1.90%,
08/15/2040
160‌
106‌
Amazon.com
Inc
2.10%,
05/12/2031
210‌
176‌
2.50%,
06/03/2050
285‌
179‌
2.88%,
05/12/2041
210‌
158‌
3.00%,
04/13/2025
270‌
264‌
3.10%,
05/12/2051
210‌
148‌
3.15%,
08/22/2027
600‌
570‌
3.30%,
04/13/2027
180‌
173‌
3.95%,
04/13/2052
540‌
446‌
4.05%,
08/22/2047
500‌
428‌
4.25%,
08/22/2057
75‌
65‌
4.60%,
12/01/2025
455‌
453‌
4.70%,
12/01/2032
420‌
418‌
Baidu
Inc
3.08%,
04/07/2025
(d)
750‌
729‌
Booking
Holdings
Inc
3.60%,
06/01/2026
200‌
194‌
eBay
Inc
1.90%,
03/11/2025
155‌
150‌
2.60%,
05/10/2031
360‌
305‌
3.65%,
05/10/2051
400‌
290‌
4.00%,
07/15/2042
20‌
16‌
5.95%,
11/22/2027
(d)
155‌
159‌
Expedia
Group
Inc
2.95%,
03/15/2031
13‌
11‌
Meta
Platforms
Inc
3.85%,
08/15/2032
135‌
125‌
4.45%,
08/15/2052
750‌
655‌
4.80%,
05/15/2030
100‌
100‌
4.95%,
05/15/2033
160‌
160‌
5.60%,
05/15/2053
320‌
331‌
$
7,916‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Iron
&
Steel
-
0
.04
%
Nucor
Corp
2.00%,
06/01/2025
$
155‌
$
149‌
3.13%,
04/01/2032
65‌
57‌
4.30%,
05/23/2027
65‌
63‌
Steel
Dynamics
Inc
1.65%,
10/15/2027
65‌
58‌
2.40%,
06/15/2025
40‌
38‌
Vale
Overseas
Ltd
6.13%,
06/12/2033
320‌
324‌
6.88%,
11/10/2039
125‌
134‌
$
823‌
Leisure
Products
&
Services
-
0
.02
%
Harley-Davidson
Inc
3.50%,
07/28/2025
300‌
292‌
Lodging
-
0
.05
%
Marriott
International
Inc/MD
2.85%,
04/15/2031
510‌
435‌
5.00%,
10/15/2027
275‌
274‌
5.55%,
10/15/2028
315‌
321‌
$
1,030‌
Machinery
-
Construction
&
Mining
-
0
.07
%
Caterpillar
Financial
Services
Corp
0.80%,
11/13/2025
65‌
60‌
1.10%,
09/14/2027
120‌
106‌
1.15%,
09/14/2026
60‌
55‌
3.40%,
05/13/2025
135‌
132‌
3.65%,
08/12/2025
65‌
64‌
4.35%,
05/15/2026
160‌
158‌
4.50%,
01/08/2027
135‌
134‌
Caterpillar
Inc
2.60%,
04/09/2030
160‌
142‌
3.25%,
09/19/2049
145‌
107‌
3.80%,
08/15/2042
550‌
459‌
$
1,417‌
Machinery
-
Diversified
-
0
.13
%
CNH
Industrial
Capital
LLC
1.88%,
01/15/2026
150‌
141‌
Dover
Corp
5.38%,
03/01/2041
30‌
29‌
John
Deere
Capital
Corp
0.70%,
01/15/2026
225‌
208‌
1.05%,
06/17/2026
60‌
55‌
1.50%,
03/06/2028
60‌
53‌
2.00%,
06/17/2031
55‌
46‌
2.35%,
03/08/2027
(d)
65‌
61‌
2.80%,
07/18/2029
115‌
105‌
3.40%,
06/06/2025
70‌
68‌
4.15%,
09/15/2027
155‌
152‌
4.35%,
09/15/2032
345‌
334‌
4.50%,
01/08/2027
135‌
134‌
4.75%,
06/08/2026
320‌
319‌
4.95%,
07/14/2028
160‌
161‌
Otis
Worldwide
Corp
2.06%,
04/05/2025
155‌
149‌
2.57%,
02/15/2030
155‌
135‌
3.36%,
02/15/2050
155‌
112‌
Rockwell
Automation
Inc
1.75%,
08/15/2031
40‌
32‌
2.80%,
08/15/2061
60‌
36‌
Westinghouse
Air
Brake
Technologies
Corp
4.70%,
09/15/2028
300‌
293‌
$
2,623‌
Media
-
0
.66
%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.25%,
01/15/2029
120‌
101‌
2.30%,
02/01/2032
250‌
190‌
2.80%,
04/01/2031
110‌
89‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
69
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital  
(continued)
3.50%,
06/01/2041
$
115‌
$
76‌
3.70%,
04/01/2051
110‌
67‌
3.85%,
04/01/2061
335‌
195‌
3.90%,
06/01/2052
60‌
38‌
4.40%,
12/01/2061
30‌
19‌
4.80%,
03/01/2050
600‌
434‌
4.91%,
07/23/2025
770‌
759‌
5.38%,
04/01/2038
50‌
43‌
5.38%,
05/01/2047
240‌
190‌
5.75%,
04/01/2048
280‌
233‌
6.15%,
11/10/2026
140‌
141‌
6.38%,
10/23/2035
500‌
484‌
6.48%,
10/23/2045
395‌
361‌
Comcast
Corp
1.50%,
02/15/2031
160‌
128‌
2.35%,
01/15/2027
155‌
144‌
2.45%,
08/15/2052
160‌
92‌
2.65%,
02/01/2030
115‌
101‌
2.65%,
08/15/2062
160‌
89‌
2.94%,
11/01/2056
390‌
240‌
2.99%,
11/01/2063
409‌
246‌
3.15%,
03/01/2026
75‌
72‌
3.25%,
11/01/2039
230‌
176‌
3.38%,
08/15/2025
175‌
171‌
3.55%,
05/01/2028
685‌
650‌
3.90%,
03/01/2038
160‌
137‌
3.97%,
11/01/2047
105‌
83‌
4.00%,
03/01/2048
210‌
166‌
4.40%,
08/15/2035
245‌
228‌
4.55%,
01/15/2029
520‌
512‌
4.70%,
10/15/2048
300‌
271‌
4.80%,
05/15/2033
365‌
357‌
5.25%,
11/07/2025
185‌
186‌
5.50%,
11/15/2032
325‌
333‌
Discovery
Communications
LLC
3.63%,
05/15/2030
60‌
53‌
3.95%,
06/15/2025
170‌
166‌
3.95%,
03/20/2028
250‌
234‌
4.00%,
09/15/2055
91‌
60‌
5.20%,
09/20/2047
200‌
163‌
5.30%,
05/15/2049
180‌
147‌
Fox
Corp
5.48%,
01/25/2039
110‌
103‌
5.58%,
01/25/2049
140‌
128‌
6.50%,
10/13/2033
410‌
431‌
Paramount
Global
4.38%,
03/15/2043
400‌
268‌
4.85%,
07/01/2042
300‌
219‌
7.88%,
07/30/2030
30‌
31‌
Thomson
Reuters
Corp
5.85%,
04/15/2040
30‌
31‌
Time
Warner
Cable
Enterprises
LLC
8.38%,
07/15/2033
20‌
22‌
Time
Warner
Cable
LLC
4.50%,
09/15/2042
170‌
124‌
5.88%,
11/15/2040
260‌
224‌
6.55%,
05/01/2037
360‌
339‌
7.30%,
07/01/2038
60‌
60‌
Walt
Disney
Co/The
1.75%,
01/13/2026
935‌
882‌
2.20%,
01/13/2028
110‌
100‌
2.65%,
01/13/2031
150‌
130‌
3.38%,
11/15/2026
170‌
164‌
3.50%,
05/13/2040
155‌
124‌
3.60%,
01/13/2051
305‌
232‌
4.70%,
03/23/2050
220‌
201‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Walt
Disney
Co/The  
(continued)
4.95%,
10/15/2045
$
125‌
$
117‌
6.40%,
12/15/2035
369‌
407‌
$
12,962‌
Metal
Fabrication
&
Hardware
-
0
.01
%
Precision
Castparts
Corp
3.90%,
01/15/2043
193‌
160‌
Mining
-
0
.19
%
Barrick
PD
Australia
Finance
Pty
Ltd
5.95%,
10/15/2039
410‌
420‌
BHP
Billiton
Finance
USA
Ltd
4.13%,
02/24/2042
170‌
147‌
4.88%,
02/27/2026
160‌
159‌
4.90%,
02/28/2033
160‌
158‌
5.25%,
09/08/2026
160‌
161‌
5.25%,
09/08/2030
160‌
161‌
5.50%,
09/08/2053
160‌
164‌
Freeport-McMoRan
Inc
4.38%,
08/01/2028
200‌
190‌
5.25%,
09/01/2029
700‌
696‌
Newmont
Corp
2.60%,
07/15/2032
170‌
140‌
4.88%,
03/15/2042
500‌
461‌
6.25%,
10/01/2039
100‌
106‌
Rio
Tinto
Alcan
Inc
6.13%,
12/15/2033
30‌
32‌
Rio
Tinto
Finance
USA
Ltd
2.75%,
11/02/2051
155‌
98‌
Rio
Tinto
Finance
USA
PLC
4.75%,
03/22/2042
250‌
234‌
5.00%,
03/09/2033
(d)
160‌
160‌
Southern
Copper
Corp
5.25%,
11/08/2042
200‌
188‌
5.88%,
04/23/2045
110‌
109‌
$
3,784‌
Miscellaneous
Manufacturers
-
0
.12
%
3M
Co
2.38%,
08/26/2029
250‌
217‌
3.25%,
08/26/2049
(d)
100‌
69‌
Eaton
Corp
4.15%,
03/15/2033
575‌
541‌
4.15%,
11/02/2042
95‌
83‌
Illinois
Tool
Works
Inc
2.65%,
11/15/2026
90‌
86‌
Parker-Hannifin
Corp
4.25%,
09/15/2027
435‌
426‌
4.50%,
09/15/2029
435‌
425‌
Teledyne
Technologies
Inc
2.25%,
04/01/2028
60‌
54‌
Textron
Inc
4.00%,
03/15/2026
500‌
486‌
$
2,387‌
Oil
&
Gas
-
0
.75
%
BP
Capital
Markets
America
Inc
1.75%,
08/10/2030
205‌
169‌
2.72%,
01/12/2032
30‌
25‌
2.94%,
06/04/2051
750‌
491‌
3.00%,
02/24/2050
155‌
103‌
3.00%,
03/17/2052
60‌
40‌
3.06%,
06/17/2041
115‌
86‌
3.12%,
05/04/2026
110‌
106‌
3.41%,
02/11/2026
700‌
679‌
3.54%,
04/06/2027
215‌
206‌
3.59%,
04/14/2027
400‌
385‌
4.70%,
04/10/2029
270‌
267‌
4.81%,
02/13/2033
160‌
156‌
4.89%,
09/11/2033
160‌
157‌
4.99%,
04/10/2034
135‌
133‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
70
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
BP
Capital
Markets
PLC
3.28%,
09/19/2027
$
115‌
$
109‌
Canadian
Natural
Resources
Ltd
2.05%,
07/15/2025
750‌
716‌
4.95%,
06/01/2047
300‌
262‌
6.25%,
03/15/2038
300‌
308‌
Cenovus
Energy
Inc
6.75%,
11/15/2039
40‌
43‌
Chevron
Corp
2.00%,
05/11/2027
155‌
143‌
Chevron
USA
Inc
2.34%,
08/12/2050
160‌
96‌
ConocoPhillips
Co
2.40%,
03/07/2025
52‌
51‌
3.80%,
03/15/2052
345‌
264‌
4.03%,
03/15/2062
440‌
342‌
5.05%,
09/15/2033
315‌
314‌
5.55%,
03/15/2054
155‌
157‌
Devon
Energy
Corp
5.00%,
06/15/2045
75‌
65‌
5.60%,
07/15/2041
380‌
358‌
Diamondback
Energy
Inc
3.25%,
12/01/2026
110‌
105‌
Equinor
ASA
2.38%,
05/22/2030
250‌
217‌
2.88%,
04/06/2025
325‌
317‌
3.00%,
04/06/2027
155‌
147‌
3.25%,
11/18/2049
445‌
321‌
3.63%,
04/06/2040
155‌
128‌
Exxon
Mobil
Corp
2.44%,
08/16/2029
100‌
89‌
3.00%,
08/16/2039
80‌
62‌
3.45%,
04/15/2051
230‌
170‌
3.57%,
03/06/2045
340‌
266‌
4.23%,
03/19/2040
315‌
282‌
Hess
Corp
4.30%,
04/01/2027
300‌
293‌
7.13%,
03/15/2033
21‌
24‌
7.30%,
08/15/2031
109‌
123‌
Marathon
Oil
Corp
4.40%,
07/15/2027
300‌
291‌
Marathon
Petroleum
Corp
5.00%,
09/15/2054
200‌
171‌
Occidental
Petroleum
Corp
6.45%,
09/15/2036
320‌
337‌
6.63%,
09/01/2030
320‌
337‌
Phillips
66
1.30%,
02/15/2026
30‌
28‌
2.15%,
12/15/2030
110‌
91‌
3.85%,
04/09/2025
95‌
93‌
4.65%,
11/15/2034
560‌
526‌
4.88%,
11/15/2044
350‌
320‌
5.88%,
05/01/2042
30‌
31‌
Phillips
66
Co
4.90%,
10/01/2046
270‌
241‌
4.95%,
12/01/2027
160‌
159‌
Pioneer
Natural
Resources
Co
1.13%,
01/15/2026
55‌
51‌
1.90%,
08/15/2030
160‌
133‌
2.15%,
01/15/2031
55‌
46‌
Shell
International
Finance
BV
2.88%,
05/10/2026
155‌
148‌
2.88%,
11/26/2041
120‌
88‌
4.00%,
05/10/2046
360‌
295‌
4.13%,
05/11/2035
130‌
120‌
4.38%,
05/11/2045
325‌
284‌
4.55%,
08/12/2043
340‌
309‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Suncor
Energy
Inc
3.75%,
03/04/2051
$
60‌
$
44‌
4.00%,
11/15/2047
100‌
76‌
6.50%,
06/15/2038
140‌
147‌
6.80%,
05/15/2038
140‌
149‌
6.85%,
06/01/2039
73‌
79‌
TotalEnergies
Capital
International
SA
2.99%,
06/29/2041
115‌
85‌
3.13%,
05/29/2050
155‌
108‌
3.39%,
06/29/2060
115‌
80‌
Valero
Energy
Corp
2.80%,
12/01/2031
740‌
625‌
4.00%,
06/01/2052
525‌
395‌
6.63%,
06/15/2037
60‌
64‌
7.50%,
04/15/2032
60‌
68‌
$
14,794‌
Oil
&
Gas
Services
-
0
.08
%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-
Obligor
Inc
2.06%,
12/15/2026
60‌
55‌
3.14%,
11/07/2029
150‌
137‌
3.34%,
12/15/2027
135‌
127‌
Halliburton
Co
3.80%,
11/15/2025
6‌
6‌
4.50%,
11/15/2041
400‌
353‌
5.00%,
11/15/2045
230‌
214‌
7.45%,
09/15/2039
386‌
464‌
NOV
Inc
3.60%,
12/01/2029
150‌
137‌
Schlumberger
Investment
SA
2.65%,
06/26/2030
160‌
141‌
$
1,634‌
Packaging
&
Containers
-
0
.04
%
Amcor
Flexibles
North
America
Inc
4.00%,
05/17/2025
135‌
132‌
Packaging
Corp
of
America
3.05%,
10/01/2051
200‌
134‌
WRKCo
Inc
3.00%,
06/15/2033
80‌
67‌
4.65%,
03/15/2026
500‌
494‌
$
827‌
Pharmaceuticals
-
1
.40
%
AbbVie
Inc
2.95%,
11/21/2026
300‌
284‌
3.20%,
11/21/2029
820‌
750‌
3.60%,
05/14/2025
345‌
338‌
4.05%,
11/21/2039
375‌
329‌
4.25%,
11/14/2028
140‌
137‌
4.25%,
11/21/2049
175‌
150‌
4.40%,
11/06/2042
25‌
22‌
4.45%,
05/14/2046
270‌
239‌
4.55%,
03/15/2035
170‌
163‌
4.80%,
03/15/2027
255‌
254‌
4.80%,
03/15/2029
255‌
254‌
4.85%,
06/15/2044
645‌
611‌
4.88%,
11/14/2048
440‌
416‌
4.95%,
03/15/2031
190‌
190‌
5.05%,
03/15/2034
95‌
95‌
5.40%,
03/15/2054
75‌
76‌
Astrazeneca
Finance
LLC
1.75%,
05/28/2028
105‌
93‌
2.25%,
05/28/2031
60‌
50‌
4.80%,
02/26/2027
130‌
130‌
4.85%,
02/26/2029
130‌
130‌
4.88%,
03/03/2028
285‌
285‌
4.90%,
02/26/2031
130‌
130‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
71
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
AstraZeneca
PLC
0.70%,
04/08/2026
$
120‌
$
110‌
3.00%,
05/28/2051
45‌
31‌
4.38%,
08/17/2048
60‌
53‌
6.45%,
09/15/2037
30‌
34‌
Becton
Dickinson
&
Co
1.96%,
02/11/2031
60‌
49‌
3.70%,
06/06/2027
600‌
575‌
3.79%,
05/20/2050
710‌
550‌
4.67%,
06/06/2047
155‌
137‌
4.69%,
12/15/2044
59‌
53‌
Bristol-Myers
Squibb
Co
0.75%,
11/13/2025
65‌
60‌
1.13%,
11/13/2027
120‌
105‌
1.45%,
11/13/2030
65‌
52‌
2.55%,
11/13/2050
65‌
39‌
2.95%,
03/15/2032
200‌
173‌
3.90%,
02/20/2028
130‌
126‌
4.13%,
06/15/2039
195‌
170‌
4.25%,
10/26/2049
360‌
302‌
4.35%,
11/15/2047
210‌
179‌
4.55%,
02/20/2048
171‌
151‌
4.90%,
02/22/2027
130‌
130‌
4.90%,
02/22/2029
265‌
264‌
5.20%,
02/22/2034
265‌
267‌
5.50%,
02/22/2044
130‌
132‌
5.55%,
02/22/2054
230‌
233‌
5.75%,
02/01/2031
140‌
146‌
6.40%,
11/15/2063
140‌
156‌
Cardinal
Health
Inc
3.41%,
06/15/2027
400‌
379‌
Cigna
Group/The
1.25%,
03/15/2026
75‌
69‌
2.40%,
03/15/2030
791‌
678‌
3.20%,
03/15/2040
155‌
116‌
3.25%,
04/15/2025
100‌
98‌
3.40%,
03/15/2051
90‌
63‌
3.88%,
10/15/2047
55‌
42‌
4.38%,
10/15/2028
175‌
170‌
4.80%,
08/15/2038
870‌
807‌
5.13%,
05/15/2031
265‌
262‌
5.60%,
02/15/2054
130‌
128‌
CVS
Health
Corp
1.30%,
08/21/2027
160‌
141‌
1.75%,
08/21/2030
160‌
130‌
1.88%,
02/28/2031
55‌
44‌
2.70%,
08/21/2040
160‌
109‌
3.00%,
08/15/2026
105‌
100‌
3.25%,
08/15/2029
740‌
674‌
3.88%,
07/20/2025
445‌
436‌
4.78%,
03/25/2038
800‌
727‌
4.88%,
07/20/2035
510‌
486‌
5.05%,
03/25/2048
725‌
647‌
5.13%,
07/20/2045
430‌
391‌
5.25%,
02/21/2033
160‌
158‌
5.30%,
06/01/2033
(d)
160‌
159‌
5.88%,
06/01/2053
320‌
319‌
Eli
Lilly
&
Co
2.50%,
09/15/2060
155‌
91‌
4.15%,
03/15/2059
320‌
270‌
4.50%,
02/09/2027
130‌
130‌
4.50%,
02/09/2029
130‌
129‌
4.70%,
02/09/2034
130‌
128‌
4.88%,
02/27/2053
120‌
116‌
5.00%,
02/09/2054
130‌
128‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
GlaxoSmithKline
Capital
Inc
3.63%,
05/15/2025
$
85‌
$
84‌
3.88%,
05/15/2028
140‌
135‌
6.38%,
05/15/2038
760‌
852‌
Johnson
&
Johnson
2.10%,
09/01/2040
115‌
78‌
3.70%,
03/01/2046
90‌
74‌
5.95%,
08/15/2037
75‌
83‌
McKesson
Corp
0.90%,
12/03/2025
60‌
56‌
Merck
&
Co
Inc
1.70%,
06/10/2027
155‌
140‌
1.90%,
12/10/2028
70‌
62‌
2.35%,
06/24/2040
135‌
94‌
2.75%,
12/10/2051
140‌
90‌
2.90%,
12/10/2061
420‌
261‌
3.70%,
02/10/2045
600‌
486‌
5.00%,
05/17/2053
320‌
310‌
Novartis
Capital
Corp
2.75%,
08/14/2050
155‌
103‌
Pfizer
Inc
0.80%,
05/28/2025
100‌
95‌
1.75%,
08/18/2031
245‌
198‌
2.55%,
05/28/2040
800‌
561‌
4.00%,
12/15/2036
45‌
40‌
4.20%,
09/15/2048
80‌
68‌
4.30%,
06/15/2043
225‌
198‌
4.40%,
05/15/2044
75‌
68‌
7.20%,
03/15/2039
60‌
71‌
Pfizer
Investment
Enterprises
Pte
Ltd
4.45%,
05/19/2026
620‌
612‌
4.45%,
05/19/2028
780‌
765‌
4.65%,
05/19/2025
320‌
318‌
4.65%,
05/19/2030
320‌
315‌
4.75%,
05/19/2033
480‌
467‌
5.11%,
05/19/2043
320‌
308‌
5.30%,
05/19/2053
300‌
293‌
5.34%,
05/19/2063
320‌
308‌
Takeda
Pharmaceutical
Co
Ltd
2.05%,
03/31/2030
700‌
589‌
3.18%,
07/09/2050
645‌
444‌
Utah
Acquisition
Sub
Inc
5.25%,
06/15/2046
305‌
249‌
Viatris
Inc
2.30%,
06/22/2027
115‌
104‌
2.70%,
06/22/2030
155‌
131‌
3.85%,
06/22/2040
115‌
85‌
4.00%,
06/22/2050
155‌
106‌
Wyeth
LLC
5.95%,
04/01/2037
60‌
64‌
Zoetis
Inc
2.00%,
05/15/2030
85‌
71‌
3.00%,
05/15/2050
40‌
27‌
5.40%,
11/14/2025
390‌
391‌
$
27,582‌
Pipelines
-
0
.92
%
Cheniere
Corpus
Christi
Holdings
LLC
3.70%,
11/15/2029
300‌
277‌
5.88%,
03/31/2025
600‌
600‌
Eastern
Gas
Transmission
&
Storage
Inc
4.60%,
12/15/2044
640‌
546‌
Enbridge
Inc
1.60%,
10/04/2026
20‌
18‌
2.50%,
08/01/2033
465‌
368‌
3.13%,
11/15/2029
150‌
135‌
3.40%,
08/01/2051
45‌
31‌
4.25%,
12/01/2026
75‌
73‌
5.70%,
03/08/2033
160‌
162‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
72
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Enbridge
Inc  
(continued)
5.90%,
11/15/2026
$
265‌
$
270‌
6.70%,
11/15/2053
145‌
162‌
Energy
Transfer
LP
2.90%,
05/15/2025
450‌
436‌
3.75%,
05/15/2030
715‌
652‌
4.05%,
03/15/2025
100‌
98‌
4.75%,
01/15/2026
500‌
494‌
5.30%,
04/15/2047
500‌
448‌
5.35%,
05/15/2045
220‌
200‌
5.55%,
05/15/2034
135‌
134‌
5.75%,
02/15/2033
155‌
156‌
6.10%,
12/01/2028
320‌
331‌
6.25%,
04/15/2049
155‌
157‌
6.40%,
12/01/2030
320‌
336‌
6.50%,
02/01/2042
370‌
388‌
Enterprise
Products
Operating
LLC
3.30%,
02/15/2053
80‌
56‌
4.25%,
02/15/2048
250‌
209‌
4.45%,
02/15/2043
350‌
306‌
4.85%,
01/31/2034
135‌
132‌
4.85%,
03/15/2044
750‌
688‌
5.05%,
01/10/2026
160‌
160‌
6.45%,
09/01/2040
490‌
534‌
6.88%,
03/01/2033
39‌
43‌
Kinder
Morgan
Energy
Partners
LP
4.70%,
11/01/2042
20‌
17‌
5.00%,
03/01/2043
275‌
241‌
Kinder
Morgan
Inc
1.75%,
11/15/2026
60‌
55‌
2.00%,
02/15/2031
130‌
105‌
3.25%,
08/01/2050
130‌
84‌
3.60%,
02/15/2051
245‌
168‌
5.00%,
02/01/2029
135‌
134‌
5.05%,
02/15/2046
30‌
26‌
5.20%,
06/01/2033
160‌
156‌
5.40%,
02/01/2034
135‌
133‌
5.55%,
06/01/2045
500‌
469‌
MPLX
LP
1.75%,
03/01/2026
160‌
149‌
4.13%,
03/01/2027
425‌
412‌
4.25%,
12/01/2027
300‌
290‌
4.50%,
04/15/2038
200‌
174‌
5.00%,
03/01/2033
160‌
153‌
5.50%,
02/15/2049
830‌
777‌
ONEOK
Inc
2.20%,
09/15/2025
155‌
147‌
3.40%,
09/01/2029
350‌
320‌
5.55%,
11/01/2026
189‌
190‌
6.05%,
09/01/2033
315‌
325‌
6.63%,
09/01/2053
155‌
167‌
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
3.55%,
12/15/2029
485‌
440‌
4.70%,
06/15/2044
330‌
273‌
Sabine
Pass
Liquefaction
LLC
4.20%,
03/15/2028
645‌
622‌
5.00%,
03/15/2027
375‌
372‌
5.63%,
03/01/2025
75‌
75‌
Targa
Resources
Corp
5.20%,
07/01/2027
220‌
219‌
6.13%,
03/15/2033
160‌
165‌
6.15%,
03/01/2029
145‌
149‌
6.50%,
03/30/2034
145‌
154‌
TransCanada
PipeLines
Ltd
2.50%,
10/12/2031
60‌
49‌
4.25%,
05/15/2028
300‌
289‌
4.88%,
05/15/2048
190‌
166‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Western
Midstream
Operating
LP
6.15%,
04/01/2033
$
160‌
$
163‌
Williams
Cos
Inc/The
2.60%,
03/15/2031
160‌
135‌
3.50%,
10/15/2051
60‌
42‌
3.75%,
06/15/2027
45‌
43‌
4.00%,
09/15/2025
50‌
49‌
4.85%,
03/01/2048
350‌
308‌
4.90%,
03/15/2029
135‌
133‌
5.10%,
09/15/2045
120‌
109‌
5.30%,
08/15/2028
250‌
252‌
5.30%,
08/15/2052
(d)
65‌
61‌
5.65%,
03/15/2033
160‌
163‌
6.30%,
04/15/2040
430‌
447‌
$
18,170‌
Private
Equity
-
0
.04
%
Brookfield
Finance
Inc
2.72%,
04/15/2031
60‌
50‌
3.50%,
03/30/2051
150‌
106‌
3.90%,
01/25/2028
700‌
672‌
$
828‌
Regional
Authority
-
0
.25
%
Province
of
Alberta
Canada
1.00%,
05/20/2025
560‌
533‌
1.30%,
07/22/2030
175‌
143‌
3.30%,
03/15/2028
170‌
162‌
Province
of
British
Columbia
Canada
0.90%,
07/20/2026
265‌
242‌
1.30%,
01/29/2031
(d)
160‌
130‌
4.20%,
07/06/2033
315‌
304‌
4.80%,
11/15/2028
140‌
141‌
6.50%,
01/15/2026
45‌
46‌
Province
of
Manitoba
Canada
1.50%,
10/25/2028
85‌
74‌
4.30%,
07/27/2033
160‌
155‌
Province
of
Ontario
Canada
0.63%,
01/21/2026
280‌
259‌
1.05%,
04/14/2026
415‌
384‌
1.13%,
10/07/2030
300‌
242‌
2.13%,
01/21/2032
340‌
285‌
3.10%,
05/19/2027
285‌
272‌
4.20%,
01/18/2029
135‌
133‌
Province
of
Quebec
Canada
0.60%,
07/23/2025
600‌
565‌
1.35%,
05/28/2030
490‌
405‌
3.63%,
04/13/2028
320‌
309‌
4.50%,
09/08/2033
160‌
158‌
7.50%,
09/15/2029
36‌
41‌
$
4,983‌
REITs
-
1
.05
%
Alexandria
Real
Estate
Equities
Inc
1.88%,
02/01/2033
240‌
180‌
2.00%,
05/18/2032
400‌
309‌
2.75%,
12/15/2029
70‌
61‌
2.95%,
03/15/2034
65‌
52‌
3.00%,
05/18/2051
100‌
63‌
4.00%,
02/01/2050
70‌
53‌
4.90%,
12/15/2030
80‌
78‌
5.15%,
04/15/2053
160‌
145‌
American
Tower
Corp
1.30%,
09/15/2025
80‌
75‌
1.60%,
04/15/2026
60‌
56‌
1.88%,
10/15/2030
175‌
141‌
2.90%,
01/15/2030
155‌
136‌
2.95%,
01/15/2051
60‌
38‌
3.38%,
10/15/2026
500‌
477‌
3.65%,
03/15/2027
515‌
492‌
3.70%,
10/15/2049
300‌
218‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
73
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
American
Tower
Corp  
(continued)
3.95%,
03/15/2029
$
200‌
$
188‌
4.00%,
06/01/2025
330‌
324‌
5.25%,
07/15/2028
160‌
159‌
5.65%,
03/15/2033
160‌
161‌
5.90%,
11/15/2033
160‌
164‌
AvalonBay
Communities
Inc
1.90%,
12/01/2028
60‌
52‌
2.05%,
01/15/2032
60‌
49‌
2.30%,
03/01/2030
755‌
649‌
5.00%,
02/15/2033
155‌
152‌
Boston
Properties
LP
2.55%,
04/01/2032
245‌
190‌
2.90%,
03/15/2030
600‌
506‌
3.65%,
02/01/2026
500‌
481‌
COPT
Defense
Properties
LP
2.75%,
04/15/2031
60‌
48‌
Crown
Castle
Inc
1.05%,
07/15/2026
115‌
104‌
1.35%,
07/15/2025
115‌
109‌
2.50%,
07/15/2031
60‌
49‌
2.90%,
04/01/2041
60‌
42‌
3.10%,
11/15/2029
125‌
111‌
3.25%,
01/15/2051
115‌
78‌
3.70%,
06/15/2026
600‌
578‌
3.80%,
02/15/2028
430‌
405‌
4.00%,
11/15/2049
95‌
73‌
5.00%,
01/11/2028
160‌
158‌
5.10%,
05/01/2033
350‌
338‌
CubeSmart
LP
2.00%,
02/15/2031
110‌
88‌
2.25%,
12/15/2028
60‌
52‌
Digital
Realty
Trust
LP
5.55%,
01/15/2028
345‌
348‌
Equinix
Inc
1.00%,
09/15/2025
850‌
795‌
1.25%,
07/15/2025
155‌
146‌
1.80%,
07/15/2027
155‌
139‌
2.50%,
05/15/2031
460‌
384‌
3.20%,
11/18/2029
130‌
117‌
3.40%,
02/15/2052
60‌
42‌
Essex
Portfolio
LP
1.70%,
03/01/2028
60‌
52‌
3.00%,
01/15/2030
140‌
123‌
4.00%,
03/01/2029
784‌
741‌
Extra
Space
Storage
LP
2.20%,
10/15/2030
75‌
61‌
2.40%,
10/15/2031
60‌
48‌
5.40%,
02/01/2034
135‌
132‌
5.50%,
07/01/2030
160‌
161‌
Federal
Realty
OP
LP
1.25%,
02/15/2026
115‌
106‌
GLP
Capital
LP
/
GLP
Financing
II
Inc
4.00%,
01/15/2030
140‌
126‌
5.25%,
06/01/2025
400‌
396‌
Healthcare
Realty
Holdings
LP
2.00%,
03/15/2031
150‌
118‌
Healthpeak
OP
LLC
2.13%,
12/01/2028
210‌
183‌
5.25%,
12/15/2032
80‌
78‌
Kilroy
Realty
LP
2.50%,
11/15/2032
160‌
118‌
Kimco
Realty
OP
LLC
2.25%,
12/01/2031
60‌
48‌
2.70%,
10/01/2030
160‌
136‌
3.70%,
10/01/2049
30‌
21‌
4.60%,
02/01/2033
165‌
155‌
6.40%,
03/01/2034
360‌
379‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
NNN
REIT
Inc
3.60%,
12/15/2026
$
300‌
$
286‌
Omega
Healthcare
Investors
Inc
4.75%,
01/15/2028
30‌
29‌
Prologis
LP
1.25%,
10/15/2030
160‌
127‌
1.75%,
07/01/2030
155‌
127‌
2.25%,
01/15/2032
60‌
49‌
2.88%,
11/15/2029
75‌
67‌
4.63%,
01/15/2033
575‌
553‌
4.88%,
06/15/2028
160‌
160‌
Public
Storage
Operating
Co
0.88%,
02/15/2026
40‌
37‌
1.85%,
05/01/2028
115‌
102‌
2.25%,
11/09/2031
60‌
49‌
5.10%,
08/01/2033
160‌
160‌
5.13%,
01/15/2029
160‌
162‌
Realty
Income
Corp
0.75%,
03/15/2026
40‌
36‌
2.10%,
03/15/2028
60‌
53‌
2.20%,
06/15/2028
65‌
58‌
3.10%,
12/15/2029
300‌
270‌
3.25%,
01/15/2031
160‌
142‌
4.13%,
10/15/2026
220‌
214‌
4.75%,
02/15/2029
135‌
132‌
4.85%,
03/15/2030
160‌
157‌
4.88%,
06/01/2026
700‌
695‌
4.90%,
07/15/2033
(d)
160‌
153‌
Simon
Property
Group
LP
1.75%,
02/01/2028
555‌
491‌
2.65%,
02/01/2032
385‌
320‌
3.25%,
11/30/2026
300‌
286‌
3.30%,
01/15/2026
700‌
676‌
3.50%,
09/01/2025
160‌
156‌
4.75%,
03/15/2042
164‌
146‌
UDR
Inc
2.10%,
08/01/2032
100‌
77‌
3.20%,
01/15/2030
145‌
130‌
Ventas
Realty
LP
3.00%,
01/15/2030
500‌
436‌
VICI
Properties
LP
4.38%,
05/15/2025
200‌
196‌
Welltower
OP
LLC
2.75%,
01/15/2032
570‌
474‌
4.13%,
03/15/2029
300‌
285‌
WP
Carey
Inc
2.40%,
02/01/2031
65‌
53‌
$
20,579‌
Retail
-
0
.68
%
AutoZone
Inc
1.65%,
01/15/2031
160‌
127‌
Costco
Wholesale
Corp
1.38%,
06/20/2027
125‌
112‌
Dollar
Tree
Inc
4.20%,
05/15/2028
130‌
125‌
Home
Depot
Inc/The
0.90%,
03/15/2028
55‌
48‌
1.88%,
09/15/2031
760‌
616‌
2.13%,
09/15/2026
350‌
327‌
2.38%,
03/15/2051
55‌
32‌
2.70%,
04/15/2025
65‌
63‌
2.75%,
09/15/2051
60‌
38‌
2.88%,
04/15/2027
65‌
61‌
2.95%,
06/15/2029
500‌
456‌
3.13%,
12/15/2049
235‌
164‌
4.00%,
09/15/2025
265‌
261‌
4.20%,
04/01/2043
300‌
259‌
4.25%,
04/01/2046
180‌
154‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
74
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Home
Depot
Inc/The  
(continued)
4.40%,
03/15/2045
$
300‌
$
263‌
4.90%,
04/15/2029
135‌
136‌
4.95%,
09/30/2026
135‌
135‌
4.95%,
09/15/2052
85‌
81‌
5.88%,
12/16/2036
400‌
425‌
Lowe's
Cos
Inc
1.30%,
04/15/2028
130‌
113‌
1.70%,
10/15/2030
130‌
106‌
2.50%,
04/15/2026
90‌
85‌
3.10%,
05/03/2027
500‌
473‌
3.38%,
09/15/2025
50‌
49‌
3.65%,
04/05/2029
135‌
127‌
3.70%,
04/15/2046
20‌
15‌
3.75%,
04/01/2032
65‌
59‌
4.00%,
04/15/2025
280‌
276‌
4.25%,
04/01/2052
540‌
434‌
4.40%,
09/08/2025
130‌
128‌
4.55%,
04/05/2049
135‌
114‌
4.80%,
04/01/2026
160‌
159‌
5.00%,
04/15/2033
130‌
128‌
5.00%,
04/15/2040
155‌
147‌
5.63%,
04/15/2053
380‌
377‌
5.75%,
07/01/2053
160‌
162‌
McDonald's
Corp
2.63%,
09/01/2029
140‌
125‌
3.70%,
01/30/2026
150‌
147‌
3.70%,
02/15/2042
300‌
242‌
4.45%,
03/01/2047
500‌
430‌
5.15%,
09/09/2052
255‌
242‌
6.30%,
03/01/2038
600‌
655‌
O'Reilly
Automotive
Inc
1.75%,
03/15/2031
75‌
60‌
Starbucks
Corp
2.00%,
03/12/2027
(d)
290‌
266‌
3.00%,
02/14/2032
(d)
345‌
300‌
3.75%,
12/01/2047
370‌
284‌
4.30%,
06/15/2045
225‌
191‌
4.45%,
08/15/2049
220‌
188‌
4.80%,
02/15/2033
(d)
120‌
118‌
Target
Corp
1.95%,
01/15/2027
280‌
259‌
2.95%,
01/15/2052
325‌
216‌
4.50%,
09/15/2032
690‌
668‌
4.80%,
01/15/2053
(d)
160‌
148‌
TJX
Cos
Inc/The
1.15%,
05/15/2028
65‌
56‌
1.60%,
05/15/2031
65‌
53‌
Walmart
Inc
1.05%,
09/17/2026
105‌
96‌
1.80%,
09/22/2031
135‌
111‌
2.50%,
09/22/2041
135‌
95‌
2.65%,
09/22/2051
105‌
68‌
3.90%,
09/09/2025
130‌
128‌
3.90%,
04/15/2028
50‌
49‌
3.95%,
06/28/2038
195‌
176‌
4.00%,
04/15/2026
255‌
251‌
4.00%,
04/15/2030
275‌
267‌
4.00%,
04/11/2043
250‌
217‌
4.05%,
06/29/2048
100‌
86‌
4.10%,
04/15/2033
275‌
262‌
$
13,289‌
Semiconductors
-
0
.60
%
Analog
Devices
Inc
2.10%,
10/01/2031
40‌
33‌
2.80%,
10/01/2041
60‌
43‌
Broadcom
Corp
/
Broadcom
Cayman
Finance
Ltd
3.88%,
01/15/2027
650‌
628‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Semiconductors
(continued)
Broadcom
Inc
3.14%,
11/15/2035
(i)
$
738‌
$
586‌
3.19%,
11/15/2036
(i)
30‌
24‌
3.42%,
04/15/2033
(i)
452‌
386‌
3.47%,
04/15/2034
(i)
415‌
350‌
3.75%,
02/15/2051
(i)
570‌
426‌
4.15%,
11/15/2030
310‌
290‌
4.75%,
04/15/2029
355‌
348‌
Intel
Corp
2.00%,
08/12/2031
60‌
49‌
3.05%,
08/12/2051
60‌
40‌
3.15%,
05/11/2027
150‌
142‌
3.20%,
08/12/2061
60‌
39‌
3.40%,
03/25/2025
155‌
152‌
3.73%,
12/08/2047
105‌
80‌
3.75%,
03/25/2027
155‌
150‌
3.75%,
08/05/2027
65‌
63‌
4.00%,
08/05/2029
585‌
559‌
4.10%,
05/19/2046
250‌
207‌
4.15%,
08/05/2032
(d)
765‌
718‌
4.60%,
03/25/2040
155‌
144‌
4.88%,
02/10/2026
605‌
603‌
5.20%,
02/10/2033
300‌
300‌
5.60%,
02/21/2054
200‌
200‌
5.63%,
02/10/2043
300‌
305‌
5.70%,
02/10/2053
385‌
390‌
KLA
Corp
4.70%,
02/01/2034
135‌
131‌
4.95%,
07/15/2052
140‌
133‌
Lam
Research
Corp
2.88%,
06/15/2050
500‌
337‌
Marvell
Technology
Inc
2.45%,
04/15/2028
115‌
103‌
Micron
Technology
Inc
2.70%,
04/15/2032
90‌
74‌
4.19%,
02/15/2027
405‌
394‌
5.30%,
01/15/2031
80‌
79‌
NVIDIA
Corp
1.55%,
06/15/2028
60‌
53‌
3.50%,
04/01/2040
600‌
501‌
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.50%,
05/11/2031
115‌
95‌
3.13%,
02/15/2042
265‌
188‌
3.15%,
05/01/2027
80‌
75‌
3.25%,
05/11/2041
60‌
44‌
4.40%,
06/01/2027
480‌
469‌
QUALCOMM
Inc
4.50%,
05/20/2052
165‌
146‌
4.80%,
05/20/2045
110‌
104‌
6.00%,
05/20/2053
155‌
170‌
Texas
Instruments
Inc
4.15%,
05/15/2048
165‌
140‌
4.60%,
02/08/2029
225‌
224‌
4.90%,
03/14/2033
160‌
160‌
5.00%,
03/14/2053
160‌
155‌
5.15%,
02/08/2054
130‌
129‌
TSMC
Arizona
Corp
3.88%,
04/22/2027
590‌
572‌
$
11,731‌
Software
-
0
.77
%
Fidelity
National
Information
Services
Inc
1.65%,
03/01/2028
540‌
476‌
3.10%,
03/01/2041
55‌
39‌
4.50%,
07/15/2025
350‌
347‌
5.10%,
07/15/2032
550‌
550‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
75
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Fiserv
Inc
3.50%,
07/01/2029
$
900‌
$
827‌
3.85%,
06/01/2025
250‌
245‌
4.40%,
07/01/2049
590‌
494‌
5.35%,
03/15/2031
(f)
125‌
125‌
5.45%,
03/02/2028
240‌
242‌
5.63%,
08/21/2033
155‌
157‌
Intuit
Inc
1.35%,
07/15/2027
160‌
143‌
5.13%,
09/15/2028
160‌
162‌
5.25%,
09/15/2026
315‌
318‌
5.50%,
09/15/2053
120‌
123‌
Microsoft
Corp
1.35%,
09/15/2030
(i)
80‌
65‌
2.50%,
09/15/2050
(i)
160‌
102‌
2.53%,
06/01/2050
311‌
200‌
2.68%,
06/01/2060
349‌
220‌
2.92%,
03/17/2052
476‌
329‌
3.30%,
02/06/2027
140‌
135‌
3.70%,
08/08/2046
500‌
418‌
Oracle
Corp
2.30%,
03/25/2028
115‌
103‌
2.50%,
04/01/2025
555‌
537‌
2.65%,
07/15/2026
300‌
283‌
2.80%,
04/01/2027
155‌
145‌
2.88%,
03/25/2031
115‌
99‌
2.95%,
05/15/2025
105‌
102‌
2.95%,
04/01/2030
655‌
581‌
3.60%,
04/01/2040
355‌
274‌
3.60%,
04/01/2050
700‌
493‌
3.65%,
03/25/2041
115‌
88‌
3.90%,
05/15/2035
130‌
112‌
3.95%,
03/25/2051
115‌
86‌
4.00%,
07/15/2046
500‌
385‌
4.00%,
11/15/2047
75‌
57‌
4.10%,
03/25/2061
60‌
44‌
4.30%,
07/08/2034
75‌
68‌
4.38%,
05/15/2055
150‌
118‌
4.50%,
07/08/2044
50‌
42‌
4.65%,
05/06/2030
530‌
516‌
5.55%,
02/06/2053
305‌
291‌
5.80%,
11/10/2025
715‌
721‌
6.13%,
07/08/2039
60‌
62‌
6.15%,
11/09/2029
180‌
188‌
6.25%,
11/09/2032
360‌
380‌
6.90%,
11/09/2052
360‌
406‌
Roper
Technologies
Inc
1.40%,
09/15/2027
860‌
760‌
2.95%,
09/15/2029
400‌
358‌
Salesforce
Inc
1.95%,
07/15/2031
60‌
49‌
2.70%,
07/15/2041
265‌
189‌
ServiceNow
Inc
1.40%,
09/01/2030
160‌
128‌
Take-Two
Interactive
Software
Inc
3.55%,
04/14/2025
215‌
211‌
4.95%,
03/28/2028
160‌
159‌
VMware
LLC
1.40%,
08/15/2026
680‌
618‌
1.80%,
08/15/2028
685‌
594‌
2.20%,
08/15/2031
115‌
93‌
$
15,057‌
Sovereign
-
1
.67
%
Canada
Government
International
Bond
0.75%,
05/19/2026
315‌
290‌
2.88%,
04/28/2025
510‌
498‌
3.75%,
04/26/2028
505‌
492‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Chile
Government
International
Bond
2.45%,
01/31/2031
$
300‌
$
255‌
2.55%,
01/27/2032
(d)
400‌
336‌
2.75%,
01/31/2027
500‌
467‌
3.10%,
05/07/2041
400‌
293‌
3.24%,
02/06/2028
300‌
280‌
3.50%,
04/15/2053
200‌
144‌
4.00%,
01/31/2052
200‌
156‌
4.95%,
01/05/2036
315‌
304‌
Export
Development
Canada
3.38%,
08/26/2025
325‌
318‌
3.88%,
02/14/2028
315‌
308‌
4.13%,
02/13/2029
(d)
265‌
262‌
4.38%,
06/29/2026
475‌
472‌
Export-Import
Bank
of
Korea
1.38%,
02/09/2031
200‌
159‌
2.63%,
05/26/2026
700‌
665‌
4.25%,
09/15/2027
200‌
196‌
4.50%,
09/15/2032
200‌
194‌
4.88%,
01/11/2026
310‌
309‌
5.13%,
09/18/2028
200‌
203‌
Indonesia
Government
International
Bond
2.15%,
07/28/2031
200‌
163‌
2.85%,
02/14/2030
200‌
177‌
3.05%,
03/12/2051
200‌
138‌
3.50%,
01/11/2028
500‌
474‌
3.70%,
10/30/2049
(d)
200‌
153‌
4.20%,
10/15/2050
(d)
400‌
331‌
4.35%,
01/11/2048
200‌
172‌
4.55%,
01/11/2028
200‌
197‌
4.65%,
09/20/2032
200‌
192‌
4.75%,
02/11/2029
300‌
296‌
5.65%,
01/11/2053
200‌
205‌
Israel
Government
International
Bond
3.88%,
07/03/2050
200‌
147‌
4.13%,
01/17/2048
200‌
156‌
4.50%,
01/17/2033
200‌
185‌
4.50%,
01/30/2043
200‌
172‌
Japan
Bank
for
International
Cooperation
1.25%,
01/21/2031
200‌
160‌
1.88%,
07/21/2026
264‌
246‌
2.13%,
02/16/2029
200‌
177‌
2.25%,
11/04/2026
400‌
374‌
2.75%,
01/21/2026
400‌
384‌
2.88%,
04/14/2025
500‌
487‌
2.88%,
07/21/2027
330‌
311‌
3.88%,
09/16/2025
(d)
500‌
491‌
4.25%,
04/27/2026
240‌
237‌
4.63%,
07/19/2028
200‌
200‌
4.88%,
10/18/2028
300‌
302‌
Korea
International
Bond
1.00%,
09/16/2030
200‌
161‌
3.88%,
09/20/2048
250‌
212‌
Mexico
Government
International
Bond
2.66%,
05/24/2031
500‌
413‌
3.25%,
04/16/2030
200‌
177‌
3.50%,
02/12/2034
400‌
330‌
3.75%,
01/11/2028
225‌
213‌
3.75%,
04/19/2071
200‌
125‌
3.90%,
04/27/2025
200‌
196‌
4.13%,
01/21/2026
300‌
294‌
4.50%,
04/22/2029
400‌
385‌
4.60%,
01/23/2046
200‌
159‌
4.60%,
02/10/2048
300‌
236‌
4.75%,
03/08/2044
500‌
411‌
5.55%,
01/21/2045
(d)
360‌
331‌
5.75%,
10/12/2110
(d)
100‌
86‌
6.05%,
01/11/2040
700‌
684‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
76
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Mexico
Government
International
Bond  
(continued)
6.34%,
05/04/2053
$
500‌
$
487‌
6.35%,
02/09/2035
200‌
205‌
6.40%,
05/07/2054
275‌
271‌
6.75%,
09/27/2034
350‌
369‌
Panama
Government
International
Bond
2.25%,
09/29/2032
200‌
140‌
3.16%,
01/23/2030
600‌
493‌
3.30%,
01/19/2033
500‌
378‌
3.75%,
03/16/2025
200‌
195‌
3.88%,
03/17/2028
300‌
272‌
4.30%,
04/29/2053
200‌
125‌
4.50%,
04/16/2050
200‌
129‌
6.70%,
01/26/2036
600‌
566‌
6.85%,
03/28/2054
200‌
176‌
Peruvian
Government
International
Bond
1.86%,
12/01/2032
60‌
45‌
2.78%,
01/23/2031
545‌
463‌
2.78%,
12/01/2060
60‌
34‌
3.30%,
03/11/2041
300‌
222‌
3.55%,
03/10/2051
60‌
43‌
4.13%,
08/25/2027
(d)
600‌
580‌
5.63%,
11/18/2050
150‌
148‌
6.55%,
03/14/2037
400‌
430‌
8.75%,
11/21/2033
180‌
220‌
Philippine
Government
International
Bond
2.65%,
12/10/2045
400‌
259‌
3.00%,
02/01/2028
300‌
279‌
3.20%,
07/06/2046
200‌
142‌
3.70%,
03/01/2041
400‌
325‌
3.70%,
02/02/2042
250‌
201‌
5.00%,
07/17/2033
200‌
198‌
5.17%,
10/13/2027
500‌
502‌
5.50%,
01/17/2048
200‌
201‌
5.61%,
04/13/2033
250‌
258‌
7.75%,
01/14/2031
190‌
219‌
10.63%,
03/16/2025
100‌
105‌
Republic
of
Italy
Government
International
Bond
1.25%,
02/17/2026
250‌
231‌
2.88%,
10/17/2029
300‌
264‌
3.88%,
05/06/2051
400‌
275‌
5.38%,
06/15/2033
205‌
201‌
Republic
of
Poland
Government
International
Bond
4.88%,
10/04/2033
320‌
313‌
State
of
Israel
2.50%,
01/15/2030
200‌
171‌
3.38%,
01/15/2050
200‌
134‌
Svensk
Exportkredit
AB
0.50%,
08/26/2025
720‌
673‌
4.00%,
07/15/2025
420‌
414‌
4.13%,
06/14/2028
320‌
314‌
4.38%,
02/13/2026
315‌
312‌
4.88%,
09/14/2026
320‌
321‌
Tennessee
Valley
Authority
3.50%,
12/15/2042
200‌
165‌
3.88%,
03/15/2028
525‌
517‌
4.25%,
09/15/2065
115‌
100‌
5.25%,
09/15/2039
250‌
259‌
5.38%,
04/01/2056
196‌
208‌
5.88%,
04/01/2036
325‌
361‌
6.75%,
11/01/2025
57‌
59‌
Uruguay
Government
International
Bond
4.13%,
11/20/2045
136‌
118‌
4.98%,
04/20/2055
100‌
93‌
5.10%,
06/18/2050
300‌
286‌
5.75%,
10/28/2034
155‌
163‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Uruguay
Government
International
Bond  
(continued)
7.63%,
03/21/2036
$
500‌
$
600‌
$
32,773‌
Supranational
Bank
-
1
.31
%
African
Development
Bank
0.88%,
03/23/2026
705‌
652‌
0.88%,
07/22/2026
115‌
105‌
4.13%,
02/25/2027
135‌
133‌
4.38%,
03/14/2028
320‌
319‌
4.63%,
01/04/2027
190‌
190‌
Asian
Development
Bank
0.38%,
09/03/2025
310‌
290‌
0.50%,
02/04/2026
400‌
369‌
1.00%,
04/14/2026
865‌
802‌
1.50%,
01/20/2027
125‌
115‌
1.50%,
03/04/2031
115‌
95‌
1.75%,
09/19/2029
300‌
261‌
1.88%,
03/15/2029
135‌
120‌
2.13%,
03/19/2025
300‌
291‌
2.75%,
01/19/2028
130‌
122‌
2.88%,
05/06/2025
885‌
863‌
3.13%,
04/27/2032
135‌
123‌
3.75%,
04/25/2028
320‌
312‌
3.88%,
09/28/2032
450‌
433‌
3.88%,
06/14/2033
320‌
307‌
4.00%,
01/12/2033
160‌
155‌
4.13%,
01/12/2027
275‌
273‌
4.25%,
01/09/2026
310‌
307‌
4.50%,
08/25/2028
380‌
382‌
5.82%,
06/16/2028
39‌
41‌
Asian
Infrastructure
Investment
Bank/The
0.50%,
05/28/2025
400‌
378‌
3.38%,
06/29/2025
540‌
528‌
3.75%,
09/14/2027
255‌
248‌
4.13%,
01/18/2029
270‌
266‌
4.88%,
09/14/2026
320‌
322‌
Council
Of
Europe
Development
Bank
3.63%,
01/26/2028
315‌
305‌
3.75%,
05/25/2026
315‌
309‌
European
Bank
for
Reconstruction
&
Development
0.50%,
01/28/2026
515‌
476‌
4.13%,
01/25/2029
135‌
133‌
4.38%,
03/09/2028
255‌
254‌
European
Investment
Bank
0.75%,
10/26/2026
660‌
598‌
1.25%,
02/14/2031
255‌
208‌
1.63%,
03/14/2025
780‌
753‌
1.63%,
05/13/2031
60‌
50‌
3.63%,
07/15/2030
320‌
307‌
3.75%,
02/14/2033
615‌
587‌
4.00%,
02/15/2029
1,100‌
1,082‌
4.13%,
02/13/2034
265‌
260‌
Inter-American
Development
Bank
0.88%,
04/20/2026
900‌
832‌
1.13%,
07/20/2028
515‌
448‌
1.13%,
01/13/2031
420‌
339‌
1.50%,
01/13/2027
425‌
391‌
1.75%,
03/14/2025
230‌
222‌
3.13%,
09/18/2028
300‌
284‌
3.50%,
04/12/2033
320‌
298‌
4.00%,
01/12/2028
310‌
305‌
4.13%,
02/15/2029
265‌
262‌
4.38%,
02/01/2027
275‌
274‌
4.38%,
01/24/2044
50‌
47‌
4.50%,
05/15/2026
315‌
314‌
4.50%,
09/13/2033
320‌
322‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
77
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Supranational
Bank
(continued)
International
Bank
for
Reconstruction
&
Development
0.63%,
04/22/2025
$
693‌
$
660‌
0.75%,
08/26/2030
515‌
409‌
0.88%,
07/15/2026
325‌
298‌
1.25%,
02/10/2031
615‌
500‌
1.38%,
04/20/2028
365‌
323‌
1.63%,
11/03/2031
495‌
407‌
1.75%,
10/23/2029
950‌
824‌
2.50%,
03/29/2032
620‌
541‌
3.50%,
07/12/2028
480‌
463‌
3.88%,
02/14/2030
315‌
306‌
4.00%,
07/25/2030
435‌
425‌
4.00%,
01/10/2031
275‌
268‌
4.63%,
08/01/2028
480‌
484‌
4.75%,
11/14/2033
280‌
288‌
International
Finance
Corp
4.38%,
01/15/2027
395‌
394‌
Nordic
Investment
Bank
0.38%,
09/11/2025
230‌
215‌
0.50%,
01/21/2026
200‌
185‌
4.25%,
02/28/2029
200‌
199‌
$
25,651‌
Telecommunications
-
1
.10
%
America
Movil
SAB
de
CV
2.88%,
05/07/2030
600‌
527‌
3.63%,
04/22/2029
400‌
372‌
4.38%,
04/22/2049
(d)
200‌
172‌
6.13%,
03/30/2040
380‌
400‌
AT&T
Inc
1.65%,
02/01/2028
200‌
176‌
1.70%,
03/25/2026
340‌
316‌
2.25%,
02/01/2032
145‌
116‌
2.30%,
06/01/2027
750‌
687‌
3.10%,
02/01/2043
(d)
145‌
104‌
3.50%,
06/01/2041
640‌
490‌
3.50%,
09/15/2053
627‌
431‌
3.55%,
09/15/2055
815‌
555‌
3.65%,
06/01/2051
355‌
254‌
3.65%,
09/15/2059
999‌
676‌
4.35%,
03/01/2029
500‌
483‌
4.35%,
06/15/2045
300‌
251‌
4.50%,
05/15/2035
700‌
645‌
4.50%,
03/09/2048
500‌
418‌
5.40%,
02/15/2034
320‌
320‌
Bell
Telephone
Co
of
Canada
or
Bell
Canada
3.65%,
03/17/2051
60‌
44‌
5.20%,
02/15/2034
130‌
128‌
Cisco
Systems
Inc
4.80%,
02/26/2027
265‌
265‌
4.85%,
02/26/2029
265‌
265‌
5.05%,
02/26/2034
265‌
267‌
5.30%,
02/26/2054
265‌
268‌
5.50%,
01/15/2040
135‌
139‌
5.90%,
02/15/2039
170‌
182‌
Juniper
Networks
Inc
2.00%,
12/10/2030
55‌
44‌
Orange
SA
5.38%,
01/13/2042
30‌
30‌
Rogers
Communications
Inc
2.95%,
03/15/2025
65‌
63‌
3.20%,
03/15/2027
130‌
122‌
3.70%,
11/15/2049
90‌
65‌
3.80%,
03/15/2032
65‌
58‌
5.00%,
02/15/2029
130‌
129‌
5.00%,
03/15/2044
75‌
68‌
7.50%,
08/15/2038
250‌
288‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Sprint
Capital
Corp
6.88%,
11/15/2028
$
320‌
$
340‌
Telefonica
Emisiones
SA
4.10%,
03/08/2027
325‌
315‌
5.21%,
03/08/2047
550‌
495‌
7.05%,
06/20/2036
305‌
336‌
T-Mobile
USA
Inc
1.50%,
02/15/2026
155‌
144‌
2.05%,
02/15/2028
190‌
169‌
2.25%,
11/15/2031
150‌
122‌
2.40%,
03/15/2029
25‌
22‌
2.55%,
02/15/2031
600‌
506‌
3.00%,
02/15/2041
150‌
108‌
3.30%,
02/15/2051
250‌
172‌
3.38%,
04/15/2029
265‌
243‌
3.40%,
10/15/2052
235‌
163‌
3.50%,
04/15/2025
155‌
152‌
3.75%,
04/15/2027
315‌
302‌
3.88%,
04/15/2030
600‌
557‌
4.38%,
04/15/2040
155‌
136‌
4.80%,
07/15/2028
160‌
158‌
4.95%,
03/15/2028
95‌
94‌
5.05%,
07/15/2033
160‌
157‌
5.15%,
04/15/2034
135‌
133‌
5.20%,
01/15/2033
160‌
159‌
5.50%,
01/15/2055
135‌
131‌
5.65%,
01/15/2053
135‌
134‌
5.75%,
01/15/2034
160‌
165‌
5.75%,
01/15/2054
160‌
162‌
6.00%,
06/15/2054
160‌
168‌
Verizon
Communications
Inc
1.45%,
03/20/2026
115‌
107‌
1.50%,
09/18/2030
180‌
145‌
1.75%,
01/20/2031
135‌
108‌
2.10%,
03/22/2028
175‌
156‌
2.36%,
03/15/2032
65‌
53‌
2.55%,
03/21/2031
115‌
97‌
2.65%,
11/20/2040
750‌
517‌
2.88%,
11/20/2050
505‌
322‌
2.99%,
10/30/2056
89‌
55‌
3.00%,
11/20/2060
65‌
40‌
3.40%,
03/22/2041
715‌
548‌
3.55%,
03/22/2051
815‌
592‌
3.70%,
03/22/2061
480‌
339‌
3.85%,
11/01/2042
90‌
72‌
4.13%,
03/16/2027
600‌
583‌
4.33%,
09/21/2028
60‌
58‌
4.40%,
11/01/2034
300‌
279‌
4.67%,
03/15/2055
345‌
305‌
4.81%,
03/15/2039
75‌
70‌
4.86%,
08/21/2046
300‌
275‌
Vodafone
Group
PLC
4.13%,
05/30/2025
675‌
664‌
4.25%,
09/17/2050
250‌
197‌
4.38%,
02/19/2043
180‌
152‌
5.63%,
02/10/2053
160‌
155‌
6.15%,
02/27/2037
240‌
250‌
$
21,700‌
Transportation
-
0
.48
%
Burlington
Northern
Santa
Fe
LLC
3.05%,
02/15/2051
600‌
410‌
3.55%,
02/15/2050
155‌
117‌
4.15%,
04/01/2045
200‌
169‌
4.40%,
03/15/2042
30‌
27‌
4.45%,
01/15/2053
40‌
35‌
5.20%,
04/15/2054
160‌
157‌
5.40%,
06/01/2041
360‌
362‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
78
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Transportation
(continued)
Canadian
Pacific
Railway
Co
1.75%,
12/02/2026
$
145‌
$
133‌
3.10%,
12/02/2051
450‌
306‌
6.13%,
09/15/2115
75‌
79‌
CSX
Corp
2.40%,
02/15/2030
60‌
52‌
3.35%,
09/15/2049
60‌
43‌
3.80%,
03/01/2028
75‌
72‌
3.80%,
04/15/2050
700‌
543‌
4.30%,
03/01/2048
200‌
171‌
4.50%,
11/15/2052
160‌
140‌
5.20%,
11/15/2033
(d)
160‌
161‌
FedEx
Corp
3.10%,
08/05/2029
800‌
726‌
3.88%,
08/01/2042
30‌
24‌
4.55%,
04/01/2046
420‌
358‌
5.10%,
01/15/2044
295‌
274‌
Norfolk
Southern
Corp
2.30%,
05/15/2031
60‌
50‌
2.55%,
11/01/2029
150‌
132‌
2.90%,
08/25/2051
60‌
39‌
3.94%,
11/01/2047
192‌
152‌
4.05%,
08/15/2052
200‌
160‌
4.45%,
03/01/2033
160‌
152‌
4.55%,
06/01/2053
455‌
396‌
4.84%,
10/01/2041
180‌
167‌
5.35%,
08/01/2054
125‌
123‌
Ryder
System
Inc
2.90%,
12/01/2026
150‌
141‌
4.30%,
06/15/2027
20‌
19‌
Union
Pacific
Corp
2.38%,
05/20/2031
710‌
600‌
2.80%,
02/14/2032
110‌
94‌
2.89%,
04/06/2036
140‌
113‌
2.97%,
09/16/2062
90‌
56‌
3.20%,
05/20/2041
60‌
46‌
3.38%,
02/14/2042
65‌
51‌
3.80%,
10/01/2051
310‌
245‌
3.80%,
04/06/2071
590‌
432‌
3.84%,
03/20/2060
220‌
167‌
4.00%,
04/15/2047
250‌
205‌
4.50%,
01/20/2033
130‌
126‌
4.95%,
09/09/2052
130‌
125‌
United
Parcel
Service
Inc
2.50%,
09/01/2029
125‌
111‌
3.40%,
09/01/2049
180‌
135‌
3.90%,
04/01/2025
155‌
153‌
4.88%,
03/03/2033
410‌
407‌
4.88%,
11/15/2040
30‌
29‌
5.05%,
03/03/2053
410‌
398‌
$
9,383‌
Trucking
&
Leasing
-
0
.01
%
GATX
Corp
1.90%,
06/01/2031
115‌
90‌
Water
-
0
.05
%
American
Water
Capital
Corp
2.30%,
06/01/2031
60‌
50‌
3.25%,
06/01/2051
300‌
211‌
3.75%,
09/01/2047
340‌
265‌
4.45%,
06/01/2032
130‌
124‌
6.59%,
10/15/2037
13‌
14‌
Essential
Utilities
Inc
2.40%,
05/01/2031
60‌
49‌
5.30%,
05/01/2052
65‌
61‌
5.38%,
01/15/2034
135‌
133‌
$
907‌
TOTAL
BONDS
$
570,749‌
MUNICIPAL
BONDS
-
0
.17
%
Principal
Amount
(000's)
Value
(000's)
California
-
0
.05
%
Bay
Area
Toll
Authority
6.26%,
04/01/2049
$
175‌
$
200‌
6.91%,
10/01/2050
125‌
151‌
California
State
University
2.98%,
11/01/2051
155‌
111‌
East
Bay
Municipal
Utility
District
Water
System
Revenue
5.87%,
06/01/2040
20‌
21‌
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
6.55%,
05/15/2048
20‌
23‌
State
of
California
3.50%,
04/01/2028
115‌
110‌
7.30%,
10/01/2039
300‌
351‌
$
967‌
Georgia
-
0
.01
%
Municipal
Electric
Authority
of
Georgia
6.64%,
04/01/2057
149‌
168‌
Illinois
-
0
.06
%
Chicago
Transit
Authority
Sales
&
Transfer
Tax
Receipts
Revenue
6.90%,
12/01/2040
286‌
318‌
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
6.20%,
12/01/2040
30‌
32‌
State
of
Illinois
5.10%,
06/01/2033
700‌
690‌
$
1,040‌
New
Jersey
-
0
.02
%
New
Jersey
Economic
Development
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
7.43%,
02/15/2029
(j)
250‌
268‌
New
Jersey
Transportation
Trust
Fund
Authority
6.56%,
12/15/2040
146‌
159‌
$
427‌
New
York
-
0
.01
%
Port
Authority
of
New
York
&
New
Jersey
4.46%,
10/01/2062
250‌
223‌
Ohio
-
0
.00
%
Ohio
State
University/The
4.91%,
06/01/2040
50‌
49‌
Texas
-
0
.01
%
Dallas
Area
Rapid
Transit
5.02%,
12/01/2048
30‌
29‌
State
of
Texas
4.68%,
04/01/2040
160‌
155‌
$
184‌
Wisconsin
-
0
.01
%
State
of
Wisconsin
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.70%,
05/01/2026
(j)
215‌
216‌
TOTAL
MUNICIPAL
BONDS
$
3,274‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
69
.46
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0
.41
%
2.00%,
09/01/2031
$
60‌
$
55‌
2.00%,
12/01/2031
72‌
66‌
2.50%,
01/01/2031
132‌
124‌
2.50%,
02/01/2031
130‌
122‌
2.50%,
12/01/2031
225‌
211‌
2.50%,
01/01/2032
241‌
225‌
2.50%,
03/01/2032
74‌
69‌
2.50%,
11/01/2036
48‌
43‌
3.00%,
11/01/2028
87‌
83‌
3.00%,
04/01/2029
77‌
74‌
3.00%,
09/01/2029
73‌
70‌
3.00%,
10/01/2029
110‌
105‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
79
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
3.00%,
11/01/2029
$
49‌
$
47‌
3.00%,
01/01/2030
45‌
44‌
3.00%,
11/01/2030
48‌
46‌
3.00%,
03/01/2031
30‌
28‌
3.00%,
05/01/2032
148‌
139‌
3.00%,
03/01/2033
59‌
55‌
3.00%,
04/01/2033
23‌
21‌
3.00%,
09/01/2036
73‌
67‌
3.00%,
09/01/2036
42‌
38‌
3.00%,
02/01/2037
76‌
70‌
3.00%,
10/01/2042
164‌
146‌
3.00%,
11/01/2042
263‌
234‌
3.00%,
02/01/2043
254‌
226‌
3.00%,
08/01/2043
376‌
335‌
3.00%,
08/01/2043
318‌
283‌
3.00%,
09/01/2043
68‌
60‌
3.00%,
10/01/2043
53‌
47‌
3.00%,
01/01/2045
56‌
50‌
3.00%,
06/01/2046
111‌
97‌
3.00%,
10/01/2046
79‌
70‌
3.00%,
02/01/2047
131‌
115‌
3.50%,
12/01/2031
92‌
89‌
3.50%,
05/01/2034
32‌
31‌
3.50%,
11/01/2034
40‌
38‌
3.50%,
01/01/2035
87‌
82‌
3.50%,
04/01/2037
31‌
30‌
3.50%,
06/01/2042
206‌
189‌
3.50%,
02/01/2045
40‌
36‌
3.50%,
03/01/2045
112‌
102‌
3.50%,
06/01/2045
116‌
105‌
3.50%,
06/01/2046
142‌
129‌
4.00%,
12/01/2024
7‌
7‌
4.00%,
12/01/2030
8‌
8‌
4.00%,
11/01/2033
62‌
60‌
4.00%,
07/01/2034
42‌
41‌
4.00%,
04/01/2038
79‌
76‌
4.00%,
12/01/2040
90‌
85‌
4.00%,
02/01/2044
73‌
69‌
4.00%,
04/01/2044
84‌
79‌
4.00%,
07/01/2044
101‌
95‌
4.00%,
09/01/2044
36‌
34‌
4.00%,
11/01/2044
133‌
126‌
4.00%,
01/01/2045
111‌
105‌
4.00%,
08/01/2045
158‌
149‌
4.00%,
12/01/2045
26‌
24‌
4.00%,
02/01/2046
42‌
40‌
4.00%,
05/01/2046
88‌
83‌
4.50%,
10/01/2030
35‌
35‌
4.50%,
05/01/2031
4‌
4‌
4.50%,
05/01/2049
1,845‌
1,780‌
5.50%,
06/01/2034
43‌
43‌
5.50%,
07/01/2038
53‌
54‌
5.50%,
07/01/2038
42‌
42‌
5.50%,
12/01/2038
91‌
93‌
5.50%,
10/01/2039
150‌
152‌
5.50%,
06/01/2041
58‌
59‌
6.00%,
04/01/2038
276‌
285‌
6.00%,
11/01/2038
57‌
58‌
$
7,982‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
20
.79
%
1.50%,
12/01/2035
2,157‌
1,873‌
1.50%,
03/01/2036
1,270‌
1,101‌
1.50%,
05/01/2036
1,416‌
1,232‌
1.50%,
05/01/2036
4,423‌
3,835‌
1.50%,
11/01/2036
991‌
860‌
1.50%,
12/01/2036
2,383‌
2,056‌
1.50%,
01/01/2037
804‌
694‌
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)
1.50%,
11/01/2050
$
816‌
$
613‌
1.50%,
01/01/2051
3,730‌
2,798‌
1.50%,
06/01/2051
1,750‌
1,313‌
2.00%,
09/01/2029
118‌
112‌
2.00%,
05/01/2030
49‌
46‌
2.00%,
12/01/2031
98‌
90‌
2.00%,
02/01/2032
65‌
59‌
2.00%,
02/01/2036
3,395‌
3,018‌
2.00%,
02/01/2036
1,514‌
1,343‌
2.00%,
03/01/2036
2,718‌
2,415‌
2.00%,
04/01/2036
4,997‌
4,467‌
2.00%,
05/01/2036
978‌
869‌
2.00%,
02/01/2037
6,881‌
6,126‌
2.00%,
11/01/2041
6,565‌
5,478‌
2.00%,
05/01/2042
2,780‌
2,316‌
2.00%,
12/01/2050
14,794‌
11,698‌
2.00%,
02/01/2051
7,722‌
6,102‌
2.00%,
02/01/2051
10,424‌
8,246‌
2.00%,
02/01/2051
2,227‌
1,773‌
2.00%,
04/01/2051
12,134‌
9,724‌
2.00%,
04/01/2051
2,333‌
1,872‌
2.00%,
04/01/2051
5,246‌
4,203‌
2.00%,
04/01/2051
7,983‌
6,371‌
2.00%,
06/01/2051
2,011‌
1,589‌
2.00%,
07/01/2051
8,440‌
6,664‌
2.00%,
09/01/2051
2,936‌
2,319‌
2.00%,
10/01/2051
4,082‌
3,239‌
2.00%,
10/01/2051
2,509‌
2,004‌
2.00%,
11/01/2051
1,838‌
1,450‌
2.00%,
11/01/2051
1,706‌
1,362‌
2.00%,
12/01/2051
3,009‌
2,394‌
2.00%,
12/01/2051
2,747‌
2,187‌
2.00%,
12/01/2051
3,434‌
2,724‌
2.00%,
01/01/2052
12,026‌
9,606‌
2.00%,
01/01/2052
2,129‌
1,693‌
2.00%,
03/01/2052
4,780‌
3,798‌
2.00%,
04/01/2052
1,306‌
1,043‌
2.00%,
04/01/2052
2,202‌
1,760‌
2.00%,
04/01/2052
10,835‌
8,621‌
2.50%,
01/01/2028
39‌
38‌
2.50%,
11/01/2028
126‌
120‌
2.50%,
09/01/2029
83‌
78‌
2.50%,
05/01/2030
104‌
98‌
2.50%,
08/01/2030
137‌
128‌
2.50%,
03/01/2031
116‌
109‌
2.50%,
11/01/2031
240‌
224‌
2.50%,
12/01/2031
45‌
42‌
2.50%,
01/01/2032
67‌
62‌
2.50%,
03/01/2032
81‌
75‌
2.50%,
07/01/2033
7‌
7‌
2.50%,
02/01/2035
1,100‌
1,008‌
2.50%,
10/01/2036
21‌
19‌
2.50%,
10/01/2036
50‌
45‌
2.50%,
12/01/2036
62‌
56‌
2.50%,
04/01/2037
1,240‌
1,129‌
2.50%,
07/01/2037
6,150‌
5,609‌
2.50%,
04/01/2042
4,367‌
3,774‌
2.50%,
01/01/2043
52‌
44‌
2.50%,
05/01/2043
82‌
69‌
2.50%,
10/01/2043
65‌
55‌
2.50%,
08/01/2046
43‌
36‌
2.50%,
12/01/2046
109‌
91‌
2.50%,
12/01/2046
73‌
61‌
2.50%,
08/01/2050
4,656‌
3,884‌
2.50%,
09/01/2050
1,436‌
1,192‌
2.50%,
11/01/2050
628‌
524‌
2.50%,
02/01/2051
6,226‌
5,240‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
80
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%,
02/01/2051
$
2,189‌
$
1,825‌
2.50%,
07/01/2051
936‌
772‌
2.50%,
07/01/2051
8,219‌
6,825‌
2.50%,
07/01/2051
1,264‌
1,053‌
2.50%,
07/01/2051
611‌
504‌
2.50%,
08/01/2051
1,076‌
887‌
2.50%,
09/01/2051
1,860‌
1,539‌
2.50%,
11/01/2051
2,603‌
2,175‌
2.50%,
11/01/2051
5,958‌
4,987‌
2.50%,
02/01/2052
11,332‌
9,440‌
2.50%,
02/01/2052
2,203‌
1,835‌
2.50%,
02/01/2052
2,158‌
1,802‌
2.50%,
02/01/2052
2,820‌
2,325‌
2.50%,
02/01/2052
1,229‌
1,021‌
2.50%,
03/01/2052
10,822‌
9,014‌
2.50%,
03/01/2052
2,269‌
1,878‌
2.50%,
04/01/2052
10,684‌
8,845‌
2.50%,
05/01/2052
3,119‌
2,595‌
3.00%,
04/01/2027
25‌
24‌
3.00%,
01/01/2029
29‌
27‌
3.00%,
02/01/2029
32‌
30‌
3.00%,
12/01/2029
32‌
30‌
3.00%,
12/01/2029
53‌
51‌
3.00%,
01/01/2030
143‌
137‌
3.00%,
01/01/2030
170‌
162‌
3.00%,
06/01/2030
89‌
85‌
3.00%,
09/01/2030
35‌
33‌
3.00%,
10/01/2030
158‌
151‌
3.00%,
11/01/2030
163‌
155‌
3.00%,
12/01/2030
28‌
27‌
3.00%,
03/01/2031
105‌
99‌
3.00%,
04/01/2031
33‌
31‌
3.00%,
09/01/2031
161‌
152‌
3.00%,
12/01/2031
67‌
63‌
3.00%,
01/01/2033
20‌
19‌
3.00%,
04/01/2033
21‌
19‌
3.00%,
08/01/2034
198‌
185‌
3.00%,
05/01/2035
212‌
197‌
3.00%,
05/01/2037
3,205‌
2,994‌
3.00%,
06/01/2040
395‌
353‌
3.00%,
04/01/2043
61‌
55‌
3.00%,
04/01/2043
126‌
112‌
3.00%,
04/01/2043
227‌
201‌
3.00%,
05/01/2043
55‌
48‌
3.00%,
05/01/2043
95‌
84‌
3.00%,
05/01/2043
286‌
254‌
3.00%,
07/01/2043
58‌
51‌
3.00%,
07/01/2043
285‌
253‌
3.00%,
08/01/2043
41‌
37‌
3.00%,
08/01/2043
305‌
271‌
3.00%,
10/01/2043
174‌
154‌
3.00%,
10/01/2043
282‌
251‌
3.00%,
11/01/2043
77‌
69‌
3.00%,
01/01/2045
390‌
347‌
3.00%,
05/01/2046
59‌
52‌
3.00%,
05/01/2046
52‌
45‌
3.00%,
10/01/2046
330‌
288‌
3.00%,
10/01/2049
1,675‌
1,452‌
3.00%,
11/01/2049
1,780‌
1,542‌
3.00%,
11/01/2049
487‌
421‌
3.00%,
11/01/2049
1,377‌
1,196‌
3.00%,
03/01/2050
3,013‌
2,608‌
3.00%,
02/01/2052
2,226‌
1,945‌
3.00%,
03/01/2052
7,037‌
6,061‌
3.00%,
04/01/2052
1,908‌
1,664‌
3.00%,
05/01/2052
11,277‌
9,716‌
3.00%,
05/01/2052
7,144‌
6,129‌
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%,
05/01/2052
$
3,047‌
$
2,645‌
3.00%,
06/01/2052
5,034‌
4,312‌
3.50%,
12/01/2026
34‌
33‌
3.50%,
03/01/2029
60‌
58‌
3.50%,
09/01/2029
68‌
66‌
3.50%,
11/01/2030
53‌
51‌
3.50%,
04/01/2032
9‌
8‌
3.50%,
07/01/2032
7‌
7‌
3.50%,
09/01/2032
8‌
8‌
3.50%,
12/01/2032
1,025‌
985‌
3.50%,
10/01/2033
5‌
5‌
3.50%,
05/01/2034
27‌
26‌
3.50%,
06/01/2034
19‌
18‌
3.50%,
07/01/2034
118‌
112‌
3.50%,
10/01/2034
30‌
29‌
3.50%,
02/01/2036
33‌
31‌
3.50%,
02/01/2037
26‌
24‌
3.50%,
05/01/2037
35‌
33‌
3.50%,
05/01/2037
1,784‌
1,705‌
3.50%,
03/01/2041
13‌
12‌
3.50%,
03/01/2042
30‌
28‌
3.50%,
06/01/2042
177‌
162‌
3.50%,
07/01/2042
31‌
28‌
3.50%,
04/01/2043
226‌
207‌
3.50%,
05/01/2043
161‌
147‌
3.50%,
08/01/2043
173‌
158‌
3.50%,
01/01/2044
59‌
54‌
3.50%,
01/01/2044
728‌
667‌
3.50%,
10/01/2044
88‌
80‌
3.50%,
12/01/2044
156‌
141‌
3.50%,
11/01/2045
110‌
100‌
3.50%,
12/01/2045
13‌
12‌
3.50%,
12/01/2045
137‌
124‌
3.50%,
01/01/2046
176‌
159‌
3.50%,
03/01/2046
43‌
39‌
3.50%,
07/01/2046
151‌
137‌
3.50%,
12/01/2046
125‌
113‌
3.50%,
11/01/2049
1,775‌
1,620‌
3.50%,
12/01/2049
1,334‌
1,220‌
3.50%,
01/01/2050
6,379‌
5,764‌
3.50%,
04/01/2052
5,449‌
4,917‌
3.50%,
05/01/2052
2,620‌
2,364‌
3.50%,
07/01/2052
10,623‌
9,632‌
3.50%,
08/01/2052
3,714‌
3,350‌
4.00%,
12/01/2024
11‌
11‌
4.00%,
04/01/2029
3‌
3‌
4.00%,
12/01/2030
4‌
4‌
4.00%,
03/01/2031
5‌
5‌
4.00%,
03/01/2031
109‌
108‌
4.00%,
11/01/2031
6‌
6‌
4.00%,
11/01/2033
7‌
7‌
4.00%,
11/01/2033
105‌
102‌
4.00%,
10/01/2034
62‌
60‌
4.00%,
02/01/2036
105‌
101‌
4.00%,
01/01/2037
32‌
31‌
4.00%,
10/01/2037
48‌
46‌
4.00%,
03/01/2038
17‌
16‌
4.00%,
07/01/2038
63‌
60‌
4.00%,
12/01/2038
44‌
42‌
4.00%,
01/01/2039
58‌
56‌
4.00%,
01/01/2041
40‌
38‌
4.00%,
02/01/2041
13‌
13‌
4.00%,
12/01/2041
62‌
58‌
4.00%,
06/01/2042
98‌
93‌
4.00%,
06/01/2042
59‌
56‌
4.00%,
07/01/2042
329‌
309‌
4.00%,
12/01/2042
103‌
97‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
81
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
4.00%,
09/01/2044
$
48‌
$
45‌
4.00%,
11/01/2044
45‌
42‌
4.00%,
10/01/2049
1,659‌
1,542‌
4.00%,
11/01/2049
667‌
620‌
4.00%,
04/01/2050
1,356‌
1,260‌
4.00%,
05/01/2052
4,777‌
4,497‌
4.00%,
08/01/2052
7,200‌
6,667‌
4.00%,
01/01/2053
5,765‌
5,385‌
4.00%,
05/01/2053
4,852‌
4,504‌
4.50%,
06/01/2029
7‌
7‌
4.50%,
07/01/2029
2‌
2‌
4.50%,
08/01/2030
4‌
4‌
4.50%,
01/01/2034
14‌
13‌
4.50%,
10/01/2052
5,471‌
5,227‌
4.50%,
05/01/2053
5,377‌
5,121‌
4.50%,
07/01/2053
6,240‌
5,979‌
5.00%,
12/01/2025
1‌
1‌
5.00%,
08/01/2052
2,284‌
2,240‌
5.00%,
11/01/2052
4,546‌
4,412‌
5.00%,
04/01/2053
1,898‌
1,858‌
5.00%,
05/01/2053
5,778‌
5,658‌
5.00%,
06/01/2053
2,869‌
2,803‌
5.00%,
10/01/2053
2,784‌
2,731‌
5.50%,
12/01/2027
3‌
3‌
5.50%,
03/01/2038
53‌
54‌
5.50%,
05/01/2038
58‌
59‌
5.50%,
06/01/2038
82‌
83‌
5.50%,
09/01/2038
130‌
132‌
5.50%,
11/01/2038
71‌
72‌
5.50%,
04/01/2039
66‌
67‌
5.50%,
04/01/2040
54‌
54‌
5.50%,
03/01/2053
3,717‌
3,713‌
5.50%,
07/01/2053
7,125‌
7,205‌
5.50%,
08/01/2053
6,472‌
6,443‌
6.00%,
04/01/2026
2‌
2‌
6.00%,
10/01/2036
53‌
55‌
6.00%,
01/01/2053
5,449‌
5,595‌
6.00%,
05/01/2053
1,670‌
1,698‌
6.00%,
10/01/2053
3,405‌
3,473‌
6.00%,
03/01/2054
(k)
1,520‌
1,526‌
6.50%,
03/01/2054
(k)
6,500‌
6,614‌
$
408,804‌
Government
National
Mortgage
Association
(GNMA)
-
6
.28
%
2.00%,
08/20/2050
2,177‌
1,773‌
2.00%,
01/20/2051
2,350‌
1,915‌
2.00%,
02/20/2051
8,082‌
6,582‌
2.00%,
05/20/2051
6,148‌
5,006‌
2.00%,
07/20/2051
8,947‌
7,285‌
2.50%,
06/20/2027
31‌
30‌
2.50%,
12/20/2030
38‌
36‌
2.50%,
03/20/2031
67‌
63‌
2.50%,
07/20/2043
71‌
61‌
2.50%,
12/20/2046
169‌
146‌
2.50%,
01/20/2047
54‌
47‌
2.50%,
06/20/2050
2,567‌
2,184‌
2.50%,
04/20/2051
2,068‌
1,752‌
2.50%,
05/20/2051
7,185‌
6,089‌
2.50%,
07/20/2051
8,123‌
6,883‌
2.50%,
09/20/2051
8,747‌
7,406‌
3.00%,
02/15/2027
16‌
15‌
3.00%,
08/20/2029
25‌
24‌
3.00%,
09/20/2029
31‌
29‌
3.00%,
07/20/2030
26‌
25‌
3.00%,
01/20/2031
30‌
29‌
3.00%,
07/20/2032
34‌
32‌
3.00%,
03/20/2043
49‌
44‌
3.00%,
03/20/2043
236‌
209‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
3.00%,
04/20/2043
$
304‌
$
272‌
3.00%,
06/20/2043
269‌
241‌
3.00%,
08/20/2043
293‌
262‌
3.00%,
12/15/2044
27‌
24‌
3.00%,
01/15/2045
23‌
20‌
3.00%,
01/15/2045
28‌
25‌
3.00%,
02/20/2045
26‌
23‌
3.00%,
05/20/2045
167‌
149‌
3.00%,
06/20/2045
68‌
61‌
3.00%,
07/20/2045
497‌
443‌
3.00%,
12/20/2045
117‌
104‌
3.00%,
01/20/2046
51‌
46‌
3.00%,
03/20/2046
207‌
185‌
3.00%,
04/20/2046
453‌
403‌
3.00%,
05/20/2046
336‌
298‌
3.00%,
06/20/2046
327‌
291‌
3.00%,
07/20/2046
742‌
659‌
3.00%,
08/20/2046
308‌
273‌
3.00%,
09/20/2046
231‌
206‌
3.00%,
10/20/2046
176‌
156‌
3.00%,
11/20/2046
403‌
356‌
3.00%,
12/15/2046
64‌
56‌
3.00%,
09/20/2051
8,080‌
7,085‌
3.00%,
12/20/2051
7,839‌
6,873‌
3.50%,
05/20/2042
72‌
66‌
3.50%,
06/20/2042
74‌
68‌
3.50%,
07/20/2042
289‌
267‌
3.50%,
09/20/2042
222‌
205‌
3.50%,
10/20/2042
160‌
148‌
3.50%,
11/20/2042
141‌
130‌
3.50%,
12/20/2042
147‌
136‌
3.50%,
01/20/2043
244‌
225‌
3.50%,
02/20/2043
385‌
355‌
3.50%,
03/20/2043
260‌
240‌
3.50%,
04/15/2043
99‌
92‌
3.50%,
04/20/2043
173‌
157‌
3.50%,
05/20/2043
115‌
106‌
3.50%,
07/20/2043
148‌
136‌
3.50%,
08/20/2043
355‌
328‌
3.50%,
09/20/2043
255‌
236‌
3.50%,
10/20/2043
120‌
111‌
3.50%,
09/20/2044
96‌
88‌
3.50%,
10/20/2044
112‌
103‌
3.50%,
11/20/2044
106‌
97‌
3.50%,
12/20/2044
110‌
101‌
3.50%,
01/20/2045
106‌
97‌
3.50%,
02/20/2045
143‌
131‌
3.50%,
03/15/2045
25‌
23‌
3.50%,
03/20/2045
179‌
164‌
3.50%,
04/15/2045
9‌
8‌
3.50%,
04/20/2045
175‌
160‌
3.50%,
04/20/2045
107‌
98‌
3.50%,
05/20/2045
175‌
161‌
3.50%,
06/20/2045
27‌
25‌
3.50%,
07/20/2045
149‌
137‌
3.50%,
08/20/2045
164‌
150‌
3.50%,
09/20/2045
155‌
143‌
3.50%,
10/20/2045
140‌
129‌
3.50%,
11/20/2045
250‌
229‌
3.50%,
12/20/2045
183‌
168‌
3.50%,
02/20/2046
149‌
137‌
3.50%,
08/15/2046
27‌
25‌
3.50%,
09/15/2046
67‌
61‌
3.50%,
07/20/2047
3,382‌
3,099‌
3.50%,
01/15/2048
36‌
33‌
3.50%,
01/20/2048
1,944‌
1,779‌
3.50%,
02/20/2048
4,482‌
4,101‌
3.50%,
09/15/2048
87‌
79‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
82
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
4.00%,
11/20/2043
$
204‌
$
195‌
4.00%,
02/20/2044
83‌
79‌
4.00%,
05/15/2044
69‌
65‌
4.00%,
05/20/2044
47‌
45‌
4.00%,
07/20/2044
14‌
13‌
4.00%,
08/20/2044
106‌
101‌
4.00%,
09/20/2044
94‌
90‌
4.00%,
10/20/2044
341‌
326‌
4.00%,
11/15/2044
42‌
40‌
4.00%,
11/20/2044
67‌
63‌
4.00%,
12/20/2044
125‌
120‌
4.00%,
01/20/2045
54‌
52‌
4.00%,
03/20/2045
84‌
80‌
4.00%,
08/20/2045
92‌
87‌
4.00%,
09/15/2045
10‌
9‌
4.00%,
09/20/2045
107‌
102‌
4.00%,
10/20/2045
136‌
129‌
4.00%,
11/20/2045
188‌
178‌
4.00%,
12/15/2045
34‌
32‌
4.00%,
01/20/2046
219‌
208‌
4.00%,
02/20/2046
35‌
33‌
4.00%,
04/20/2046
131‌
124‌
4.00%,
10/20/2046
37‌
35‌
4.00%,
11/20/2046
172‌
162‌
4.00%,
01/20/2047
10‌
9‌
4.00%,
02/20/2047
155‌
146‌
4.00%,
03/20/2047
106‌
100‌
4.00%,
05/20/2047
35‌
33‌
4.00%,
11/20/2047
233‌
220‌
4.00%,
04/20/2052
7,496‌
6,977‌
4.50%,
03/15/2039
78‌
77‌
4.50%,
03/15/2040
83‌
82‌
4.50%,
07/15/2040
101‌
98‌
4.50%,
02/20/2041
18‌
17‌
4.50%,
03/20/2041
13‌
13‌
4.50%,
05/15/2045
16‌
16‌
4.50%,
12/20/2046
127‌
125‌
4.50%,
10/15/2047
62‌
60‌
4.50%,
02/20/2049
2,869‌
2,776‌
4.50%,
09/20/2052
6,315‌
6,035‌
5.00%,
05/15/2033
74‌
74‌
5.00%,
07/20/2038
60‌
60‌
5.00%,
10/15/2038
101‌
101‌
5.00%,
04/20/2039
44‌
44‌
5.00%,
10/15/2041
81‌
79‌
5.00%,
01/20/2045
68‌
68‌
5.00%,
02/20/2046
26‌
26‌
5.00%,
12/20/2046
51‌
51‌
5.00%,
08/20/2048
16‌
16‌
5.00%,
10/20/2048
61‌
60‌
5.00%,
12/20/2052
1,031‌
1,009‌
5.00%,
01/20/2053
6,854‌
6,698‌
5.50%,
03/15/2038
49‌
50‌
5.50%,
02/15/2039
42‌
43‌
5.50%,
06/15/2040
85‌
87‌
5.50%,
07/20/2044
52‌
53‌
5.50%,
09/20/2044
73‌
75‌
5.50%,
12/20/2048
9‌
9‌
5.50%,
03/20/2053
1,040‌
1,033‌
5.50%,
03/20/2054
(k)
6,075‌
6,034‌
6.00%,
03/20/2054
(k)
4,975‌
4,999‌
6.50%,
03/20/2054
(k)
2,975‌
3,015‌
$
123,544‌
U.S.
Treasury
-
41
.98
%
0.25%,
05/31/2025
7,615‌
7,188‌
0.25%,
06/30/2025
2,945‌
2,771‌
0.25%,
07/31/2025
5,885‌
5,519‌
0.25%,
08/31/2025
1,680‌
1,570‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
0.25%,
09/30/2025
$
1,600‌
$
1,491‌
0.25%,
10/31/2025
5,070‌
4,708‌
0.38%,
11/30/2025
11,135‌
10,330‌
0.38%,
12/31/2025
3,835‌
3,548‌
0.38%,
07/31/2027
3,505‌
3,063‌
0.50%,
03/31/2025
2,165‌
2,063‌
0.50%,
02/28/2026
5,870‌
5,412‌
0.50%,
04/30/2027
14,200‌
12,581‌
0.50%,
05/31/2027
4,955‌
4,376‌
0.50%,
06/30/2027
3,790‌
3,338‌
0.50%,
08/31/2027
7,780‌
6,812‌
0.50%,
10/31/2027
5,120‌
4,457‌
0.63%,
07/31/2026
6,055‌
5,520‌
0.63%,
03/31/2027
3,635‌
3,244‌
0.63%,
11/30/2027
7,625‌
6,653‌
0.63%,
12/31/2027
5,495‌
4,780‌
0.63%,
05/15/2030
7,180‌
5,764‌
0.63%,
08/15/2030
11,910‌
9,481‌
0.75%,
04/30/2026
5,060‌
4,665‌
0.75%,
05/31/2026
9,830‌
9,037‌
0.75%,
08/31/2026
13,290‌
12,123‌
0.75%,
01/31/2028
10,210‌
8,903‌
0.88%,
06/30/2026
3,825‌
3,519‌
0.88%,
09/30/2026
4,565‌
4,169‌
0.88%,
11/15/2030
13,310‌
10,713‌
1.00%,
07/31/2028
8,595‌
7,464‌
1.13%,
10/31/2026
5,395‌
4,945‌
1.13%,
02/28/2027
605‌
550‌
1.13%,
02/29/2028
5,245‌
4,633‌
1.13%,
08/31/2028
7,015‌
6,112‌
1.13%,
02/15/2031
13,650‌
11,131‌
1.13%,
05/15/2040
4,465‌
2,755‌
1.13%,
08/15/2040
3,885‌
2,374‌
1.25%,
11/30/2026
8,500‌
7,801‌
1.25%,
12/31/2026
9,625‌
8,819‌
1.25%,
04/30/2028
2,045‌
1,808‌
1.25%,
05/31/2028
8,310‌
7,331‌
1.25%,
06/30/2028
9,680‌
8,520‌
1.25%,
09/30/2028
5,880‌
5,142‌
1.25%,
08/15/2031
10,095‌
8,171‌
1.25%,
05/15/2050
3,280‌
1,666‌
1.38%,
08/31/2026
4,375‌
4,055‌
1.38%,
10/31/2028
8,830‌
7,754‌
1.38%,
12/31/2028
7,435‌
6,501‌
1.38%,
11/15/2031
11,485‌
9,322‌
1.38%,
11/15/2040
3,990‌
2,534‌
1.38%,
08/15/2050
4,950‌
2,598‌
1.50%,
08/15/2026
4,500‌
4,188‌
1.50%,
11/30/2028
6,840‌
6,030‌
1.50%,
02/15/2030
4,640‌
3,969‌
1.63%,
02/15/2026
2,808‌
2,651‌
1.63%,
05/15/2026
3,861‌
3,624‌
1.63%,
09/30/2026
495‌
461‌
1.63%,
10/31/2026
3,185‌
2,959‌
1.63%,
11/30/2026
2,925‌
2,713‌
1.63%,
08/15/2029
3,890‌
3,403‌
1.63%,
05/15/2031
11,030‌
9,242‌
1.63%,
11/15/2050
6,315‌
3,547‌
1.75%,
03/15/2025
4,605‌
4,453‌
1.75%,
12/31/2026
2,055‌
1,909‌
1.75%,
01/31/2029
14,125‌
12,557‌
1.75%,
11/15/2029
2,895‌
2,539‌
1.75%,
08/15/2041
8,245‌
5,491‌
1.88%,
06/30/2026
3,625‌
3,416‌
1.88%,
07/31/2026
1,340‌
1,260‌
1.88%,
02/28/2027
7,160‌
6,652‌
1.88%,
02/28/2029
5,360‌
4,787‌
1.88%,
02/15/2032
9,805‌
8,234‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
83
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
1.88%,
02/15/2041
$
9,305‌
$
6,412‌
1.88%,
02/15/2051
6,040‌
3,616‌
1.88%,
11/15/2051
8,380‌
4,993‌
2.00%,
08/15/2025
3,995‌
3,838‌
2.00%,
11/15/2026
3,845‌
3,606‌
2.00%,
11/15/2041
3,375‌
2,337‌
2.00%,
02/15/2050
7,890‌
4,912‌
2.00%,
08/15/2051
7,230‌
4,452‌
2.13%,
05/15/2025
3,870‌
3,744‌
2.13%,
05/31/2026
4,130‌
3,917‌
2.25%,
11/15/2025
4,590‌
4,405‌
2.25%,
03/31/2026
1,425‌
1,359‌
2.25%,
02/15/2027
4,285‌
4,029‌
2.25%,
08/15/2027
4,875‌
4,546‌
2.25%,
11/15/2027
6,555‌
6,088‌
2.25%,
05/15/2041
6,930‌
5,060‌
2.25%,
08/15/2046
595‌
404‌
2.25%,
08/15/2049
6,550‌
4,338‌
2.25%,
02/15/2052
6,160‌
4,030‌
2.38%,
04/30/2026
2,895‌
2,765‌
2.38%,
05/15/2027
1,710‌
1,607‌
2.38%,
03/31/2029
6,075‌
5,552‌
2.38%,
05/15/2029
6,050‌
5,519‌
2.38%,
02/15/2042
6,020‌
4,424‌
2.38%,
11/15/2049
3,305‌
2,249‌
2.38%,
05/15/2051
6,765‌
4,565‌
2.50%,
02/28/2026
945‌
907‌
2.50%,
03/31/2027
1,825‌
1,726‌
2.50%,
02/15/2045
3,700‌
2,682‌
2.50%,
02/15/2046
1,520‌
1,091‌
2.63%,
03/31/2025
2,525‌
2,462‌
2.63%,
04/15/2025
7,765‌
7,566‌
2.63%,
12/31/2025
4,285‌
4,132‌
2.63%,
01/31/2026
3,180‌
3,063‌
2.63%,
05/31/2027
2,855‌
2,702‌
2.63%,
02/15/2029
7,695‌
7,130‌
2.75%,
05/15/2025
4,995‌
4,869‌
2.75%,
06/30/2025
3,290‌
3,202‌
2.75%,
08/31/2025
6,495‌
6,302‌
2.75%,
04/30/2027
2,180‌
2,074‌
2.75%,
02/15/2028
2,955‌
2,786‌
2.75%,
05/31/2029
2,500‌
2,322‌
2.75%,
08/15/2032
3,185‌
2,843‌
2.75%,
08/15/2042
739‌
575‌
2.75%,
11/15/2042
1,090‌
845‌
2.75%,
11/15/2047
1,605‌
1,191‌
2.88%,
04/30/2025
3,325‌
3,247‌
2.88%,
05/31/2025
1,325‌
1,293‌
2.88%,
06/15/2025
4,890‌
4,767‌
2.88%,
11/30/2025
3,075‌
2,981‌
2.88%,
05/15/2028
3,870‌
3,657‌
2.88%,
08/15/2028
3,215‌
3,030‌
2.88%,
05/15/2032
10,200‌
9,219‌
2.88%,
05/15/2043
2,880‌
2,267‌
2.88%,
11/15/2046
600‌
459‌
2.88%,
05/15/2049
4,490‌
3,395‌
2.88%,
05/15/2052
1,405‌
1,058‌
3.00%,
07/15/2025
3,040‌
2,966‌
3.00%,
09/30/2025
540‌
525‌
3.00%,
10/31/2025
8,300‌
8,069‌
3.00%,
05/15/2042
1,705‌
1,382‌
3.00%,
11/15/2044
2,290‌
1,816‌
3.00%,
05/15/2045
1,340‌
1,060‌
3.00%,
11/15/2045
1,095‌
863‌
3.00%,
02/15/2047
455‌
355‌
3.00%,
05/15/2047
1,190‌
929‌
3.00%,
02/15/2048
3,415‌
2,654‌
3.00%,
08/15/2048
1,210‌
939‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
3.00%,
02/15/2049
$
3,190‌
$
2,472‌
3.00%,
08/15/2052
4,610‌
3,564‌
3.13%,
08/15/2025
7,555‌
7,376‌
3.13%,
11/15/2028
6,035‌
5,737‌
3.13%,
08/31/2029
3,010‌
2,841‌
3.13%,
11/15/2041
7,350‌
6,119‌
3.13%,
02/15/2042
1,140‌
945‌
3.13%,
02/15/2043
815‌
669‌
3.13%,
08/15/2044
2,320‌
1,882‌
3.13%,
05/15/2048
1,030‌
818‌
3.25%,
06/30/2027
1,635‌
1,578‌
3.25%,
06/30/2029
4,380‌
4,166‌
3.25%,
05/15/2042
5,235‌
4,402‌
3.38%,
05/15/2033
6,975‌
6,507‌
3.38%,
08/15/2042
3,025‌
2,587‌
3.38%,
11/15/2048
4,320‌
3,589‌
3.50%,
09/15/2025
6,800‌
6,669‌
3.50%,
01/31/2028
3,970‌
3,851‌
3.50%,
04/30/2030
3,395‌
3,252‌
3.50%,
02/15/2033
8,390‌
7,914‌
3.50%,
02/15/2039
1,130‌
1,028‌
3.63%,
03/31/2028
1,760‌
1,714‌
3.63%,
03/31/2030
4,260‌
4,111‌
3.63%,
08/15/2043
2,410‌
2,125‌
3.63%,
02/15/2044
1,245‌
1,095‌
3.63%,
05/15/2053
7,665‌
6,706‌
3.75%,
05/31/2030
2,265‌
2,199‌
3.75%,
06/30/2030
800‌
776‌
3.75%,
08/15/2041
2,175‌
1,985‌
3.88%,
03/31/2025
1,045‌
1,033‌
3.88%,
04/30/2025
1,875‌
1,852‌
3.88%,
01/15/2026
1,405‌
1,385‌
3.88%,
11/30/2027
1,075‌
1,057‌
3.88%,
12/31/2027
5,365‌
5,275‌
3.88%,
09/30/2029
6,260‌
6,134‌
3.88%,
11/30/2029
2,300‌
2,253‌
3.88%,
08/15/2033
3,925‌
3,808‌
3.88%,
08/15/2040
1,350‌
1,262‌
3.88%,
02/15/2043
2,125‌
1,945‌
3.88%,
05/15/2043
1,060‌
969‌
4.00%,
02/15/2026
5,940‌
5,869‌
4.00%,
07/31/2030
5,145‌
5,064‌
4.00%,
11/15/2042
3,320‌
3,099‌
4.00%,
11/15/2052
8,210‌
7,687‌
4.13%,
09/30/2027
3,685‌
3,655‌
4.13%,
11/15/2032
7,390‌
7,312‌
4.13%,
08/15/2053
3,930‌
3,762‌
4.25%,
10/15/2025
6,070‌
6,021‌
4.25%,
05/15/2039
375‌
371‌
4.25%,
11/15/2040
1,088‌
1,064‌
4.38%,
08/15/2026
1,220‌
1,216‌
4.38%,
02/15/2038
495‌
501‌
4.38%,
11/15/2039
700‌
700‌
4.38%,
05/15/2040
595‌
593‌
4.38%,
05/15/2041
5,250‌
5,195‌
4.38%,
08/15/2043
740‌
725‌
4.50%,
11/15/2033
4,855‌
4,947‌
4.50%,
02/15/2036
440‌
455‌
4.50%,
05/15/2038
1,200‌
1,227‌
4.50%,
08/15/2039
730‌
741‌
4.63%,
02/28/2026
7,510‌
7,509‌
4.63%,
03/15/2026
6,985‌
6,985‌
4.63%,
02/15/2040
1,345‌
1,382‌
4.75%,
07/31/2025
4,270‌
4,265‌
4.75%,
02/15/2037
1,250‌
1,320‌
4.75%,
02/15/2041
1,794‌
1,861‌
4.75%,
11/15/2053
1,360‌
1,447‌
5.00%,
10/31/2025
1,490‌
1,496‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
84
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
5.00%,
05/15/2037
$
385‌
$
416‌
5.25%,
11/15/2028
409‌
425‌
5.25%,
02/15/2029
795‌
830‌
5.38%,
02/15/2031
1,100‌
1,178‌
5.50%,
08/15/2028
1,115‌
1,169‌
6.13%,
11/15/2027
700‌
742‌
6.25%,
05/15/2030
1,050‌
1,162‌
6.38%,
08/15/2027
1,540‌
1,638‌
6.50%,
11/15/2026
1,000‌
1,052‌
6.63%,
02/15/2027
450‌
478‌
$
825,246‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
1,365,576‌
Total
Investments
$
1,986,071‌
Other
Assets
and
Liabilities
-  (1.02)%
(
19,990‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,966,081‌
(a)
1-day
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
$8,259
or
0.42%
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)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$7,987
or
0.41%
of
net
assets.
(e)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(f)
Security
purchased
on
a
when-issued
basis.
(g)
Non-income
producing
security
(h)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(i)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,429
or
0.12%
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
.74‌
%
Mortgage
Securities
27
.67‌
%
Financial
8
.68‌
%
Consumer,
Non-cyclical
4
.36‌
%
Money
Market
Funds
2
.36‌
%
Utilities
2
.26‌
%
Communications
2
.17‌
%
Technology
1
.93‌
%
Industrial
1
.89‌
%
Energy
1
.76‌
%
Consumer,
Cyclical
1
.46‌
%
Basic
Materials
0
.57‌
%
Revenue
Bonds
0
.08‌
%
General
Obligation
Unlimited
0
.07‌
%
Insured
0
.02‌
%
Other
Assets
and
Liabilities
(
1
.02‌
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2023
Purchases
Sales
February
29,
2024
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
$
55,110‌
$
389,312‌
$
401,169‌
$
43,253‌
$
55,110‌
$
389,312‌
$
401,169‌
$
43,253‌
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
5.23%
$
943‌
$
—‌
$
—‌
$
—‌
$
943‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
85
INVESTMENT
COMPANIES
-
6.30%
Shares
Held
Value
(000's)
Closed-End
Funds
-
0.09%
Sprott
Physical
Uranium
Trust
(a)
137,400‌
$
2,784‌
Exchange-Traded
Funds
-
3.47%
Invesco
Optimum
Yield
Diversified
Commodity
Strategy
No
K-1
ETF
1,033,670‌
13,707‌
iShares
Global
Infrastructure
ETF
604,841‌
27,605‌
Schwab
US
TIPS
ETF
267,777‌
13,868‌
SPDR
S&P
Global
Natural
Resources
ETF
257,097‌
13,744‌
Vanguard
Real
Estate
ETF
528,633‌
45,225‌
$
114,149‌
Money
Market
Funds
-
2.74%
BlackRock
Liquidity
FedFund
-
Institutional
Class
5.20%
(a),(b),(c)
4,033,023‌
4,033‌
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class
5.24%
(a),(b)
9,383,203‌
9,383‌
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
(b),(c),(d)
76,738,749‌
76,739‌
$
90,155‌
TOTAL
INVESTMENT
COMPANIES
$
207,088‌
COMMON
STOCKS
-
63.06%
Shares
Held
Value
(000's)
Agriculture
-
0.48%
Bunge
Global
SA
71,627‌
$
6,759‌
Darling
Ingredients
Inc
(e)
213,610‌
9,038‌
$
15,797‌
Automobile
Parts
&
Equipment
-
0.07%
Aptiv
PLC
(e)
28,861‌
2,294‌
Beverages
-
0.01%
Vitasoy
International
Holdings
Ltd
492,000‌
448‌
Building
Materials
-
1.08%
American
Woodmark
Corp
(e)
5,696‌
571‌
Boise
Cascade
Co
4,875‌
662‌
Builders
FirstSource
Inc
(e)
6,609‌
1,290‌
Carrier
Global
Corp
36,736‌
2,042‌
CRH
PLC
125,588‌
10,588‌
Dexco
SA
167,020‌
274‌
Interfor
Corp
(e)
80,201‌
1,199‌
Kingspan
Group
PLC
25,340‌
2,291‌
Lennox
International
Inc
3,939‌
1,856‌
Louisiana-Pacific
Corp
22,994‌
1,701‌
Nibe
Industrier
AB
176,841‌
987‌
Stella-Jones
Inc
5,453‌
307‌
Svenska
Cellulosa
AB
SCA
226,139‌
3,202‌
Trex
Co
Inc
(e)
18,505‌
1,698‌
UFP
Industries
Inc
13,704‌
1,571‌
Vulcan
Materials
Co
6,432‌
1,710‌
West
Fraser
Timber
Co
Ltd
44,050‌
3,545‌
$
35,494‌
Chemicals
-
0.98%
Albemarle
Corp
22,086‌
3,044‌
CF
Industries
Holdings
Inc
193,442‌
15,615‌
Croda
International
PLC
27,644‌
1,667‌
DSM-Firmenich
AG
25,561‌
2,739‌
Ingevity
Corp
(e)
9,071‌
414‌
Lenzing
AG
(e)
4,085‌
128‌
Mosaic
Co/The
103,600‌
3,228‌
Novozymes
A/S
41,318‌
2,331‌
Nutrien
Ltd
60,208‌
3,145‌
$
32,311‌
Coal
-
0.34%
Teck
Resources
Ltd
287,279‌
11,037‌
Commercial
Services
-
1.76%
Ashtead
Group
PLC
33,991‌
2,445‌
Atlas
Arteria
Ltd
5,673,999‌
19,938‌
Brambles
Ltd
259,644‌
2,550‌
CCR
SA
3,826,879‌
10,577‌
Cengage
Learning
Holdings
II
Inc
(e)
2,772‌
30‌
Transurban
Group
2,547,391‌
22,448‌
$
57,988‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
-
0.00%
IQOR
US
Inc
(e)
14,193‌
$
13‌
Consumer
Products
-
0.06%
Kimberly-Clark
Corp
13,411‌
1,625‌
Ontex
Group
NV
(e)
39,385‌
316‌
$
1,941‌
Cosmetics
&
Personal
Care
-
0.12%
Essity
AB
71,355‌
1,664‌
Procter
&
Gamble
Co/The
5,157‌
819‌
Unicharm
Corp
44,600‌
1,479‌
$
3,962‌
Electric
-
12.18%
Ameren
Corp
116,570‌
8,299‌
American
Electric
Power
Co
Inc
249,281‌
21,236‌
Boralex
Inc
118,781‌
2,611‌
Brookfield
Renewable
Corp
(f)
156,583‌
3,715‌
CLP
Holdings
Ltd
1,328,500‌
11,056‌
CMS
Energy
Corp
200,574‌
11,507‌
Constellation
Energy
Corp
44,621‌
7,516‌
CPFL
Energia
SA
721,559‌
5,137‌
Dominion
Energy
Inc
208,675‌
9,981‌
E.ON
SE
463,292‌
5,916‌
EDP
-
Energias
de
Portugal
SA
4,324,029‌
17,220‌
EDP
Renovaveis
SA
155,270‌
2,118‌
Enel
SpA
3,714,587‌
23,636‌
Entergy
Corp
195,649‌
19,872‌
Eversource
Energy
419,261‌
24,610‌
Exelon
Corp
498,119‌
17,853‌
HK
Electric
Investments
&
HK
Electric
Investments
Ltd
3,266,500‌
2,001‌
Iberdrola
SA
655,619‌
7,530‌
National
Grid
PLC
3,186,430‌
41,695‌
NextEra
Energy
Inc
676,720‌
37,349‌
OGE
Energy
Corp
404,255‌
13,304‌
Ormat
Technologies
Inc
33,252‌
2,166‌
Orsted
AS
(g)
156,264‌
8,751‌
PPL
Corp
414,866‌
10,940‌
Public
Service
Enterprise
Group
Inc
136,427‌
8,513‌
Redeia
Corp
SA
684,300‌
10,887‌
Sempra
223,878‌
15,806‌
Southern
Co/The
230,222‌
15,482‌
SSE
PLC
402,020‌
8,263‌
Terna
-
Rete
Elettrica
Nazionale
1,675,554‌
13,126‌
Xcel
Energy
Inc
230,909‌
12,167‌
$
400,263‌
Electrical
Components
&
Equipment
-
0.38%
Delta
Electronics
Inc
295,000‌
2,749‌
Generac
Holdings
Inc
(e)
14,140‌
1,591‌
Legrand
SA
20,112‌
2,037‌
Littelfuse
Inc
9,571‌
2,280‌
Prysmian
SpA
40,711‌
2,032‌
Signify
NV
(g)
68,528‌
1,841‌
$
12,530‌
Electronics
-
0.31%
Azbil
Corp
48,500‌
1,425‌
Badger
Meter
Inc
9,802‌
1,556‌
Halma
PLC
90,881‌
2,647‌
Hubbell
Inc
5,720‌
2,177‌
Trimble
Inc
(e)
38,952‌
2,383‌
$
10,188‌
Energy
-
Alternate
Sources
-
0.45%
NextEra
Energy
Partners
LP
373,960‌
10,273‌
SolarEdge
Technologies
Inc
(e)
12,910‌
867‌
Vestas
Wind
Systems
A/S
(e)
83,889‌
2,338‌
Xinyi
Solar
Holdings
Ltd
2,254,000‌
1,365‌
$
14,843‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
86
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
-
4.12%
Aena
SME
SA
(g)
190,944‌
$
36,277‌
Aeroports
de
Paris
SA
69,370‌
9,444‌
Athens
International
Airport
SA
(e)
594,820‌
5,593‌
Auckland
International
Airport
Ltd
1,254,991‌
6,193‌
Cellnex
Telecom
SA
-
Rights
(e),(g)
481,279‌
17,401‌
China
Tower
Corp
Ltd
(g)
56,476,000‌
6,845‌
Enav
SpA
(g)
5,607,356‌
19,668‌
Ferrovial
SE
271,248‌
10,185‌
Fluor
Corp
(e)
118,402‌
4,357‌
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
910,299‌
7,890‌
Sacyr
SA
1,800,645‌
5,918‌
Vinci
SA
43,216‌
5,538‌
$
135,309‌
Entertainment
-
0.02%
Cineworld
Group
PLC
-
Warrants
(e)
29,862‌
—‌
Crown
Finance
US
Inc
-
1145
Shares
(e)
287‌
4‌
Crown
Finance
US
Inc
-
4A2
Shares
(e),(h)
42,882‌
665‌
$
669‌
Environmental
Control
-
0.15%
Befesa
SA
(g)
40,168‌
1,283‌
Pentair
PLC
39,476‌
3,071‌
TOMRA
Systems
ASA
52,370‌
697‌
$
5,051‌
Forest
Products
&
Paper
-
0.74%
Acadian
Timber
Corp
(f)
64,324‌
799‌
Billerud
Aktiebolag
72,892‌
621‌
Canfor
Corp
(e)
95,163‌
1,159‌
Empresas
CMPC
SA
332,254‌
590‌
Holmen
AB
45,112‌
1,811‌
International
Paper
Co
51,539‌
1,822‌
Mercer
International
Inc
15,587‌
143‌
Mondi
PLC
94,072‌
1,673‌
Nine
Dragons
Paper
Holdings
Ltd
(e)
902,000‌
417‌
Oji
Holdings
Corp
370,900‌
1,453‌
Sappi
Ltd
(f)
297,055‌
714‌
Smurfit
Kappa
Group
PLC
53,689‌
2,295‌
Smurfit
Kappa
Group
PLC
104,023‌
4,454‌
Suzano
SA
308,400‌
3,506‌
Sylvamo
Corp
12,062‌
729‌
UPM-Kymmene
Oyj
54,989‌
1,841‌
Western
Forest
Products
Inc
368,453‌
168‌
$
24,195‌
Gas
-
1.32%
China
Gas
Holdings
Ltd
4,103,200‌
3,755‌
China
Resources
Gas
Group
Ltd
2,230,380‌
6,731‌
Enagas
SA
322,545‌
4,658‌
NiSource
Inc
165,044‌
4,301‌
Snam
SpA
5,133,811‌
23,983‌
$
43,428‌
Healthcare
-
Products
-
0.23%
Carestream
Health
Inc
(e),(i)
17,410‌
2‌
QIAGEN
NV
(e)
26,434‌
1,131‌
Repligen
Corp
(e)
9,991‌
1,938‌
Revvity
Inc
16,414‌
1,799‌
Tecan
Group
AG
6,943‌
2,712‌
$
7,582‌
Healthcare
-
Services
-
0.00%
Millennium
Health
LLC
(e),(h),(i)
20,580‌
3‌
Millennium
Health
LLC
(e),(h),(i)
19,318‌
—‌
$
3‌
Home
Builders
-
0.20%
DR
Horton
Inc
2,773‌
414‌
KB
Home
10,324‌
686‌
Lennar
Corp
-
A
Shares
4,562‌
723‌
Meritage
Homes
Corp
2,942‌
464‌
NVR
Inc
(e)
162‌
1,235‌
PulteGroup
Inc
6,205‌
673‌
Sumitomo
Forestry
Co
Ltd
54,200‌
1,547‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Builders
(continued)
Toll
Brothers
Inc
7,359‌
$
844‌
$
6,586‌
Insurance
-
0.18%
Hannover
Rueck
SE
13,508‌
3,468‌
Lancashire
Holdings
Ltd
294,467‌
2,421‌
$
5,889‌
Internet
-
0.00%
Catalina
Marketing
Corp
(e),(i)
4,112‌
1‌
Iron
&
Steel
-
0.00%
Novolipetsk
Steel
PJSC
(e)
1,124,750‌
—‌
Severstal
PAO
(e)
149,085‌
—‌
$
—‌
Leisure
Products
&
Services
-
0.05%
Shimano
Inc
12,300‌
1,704‌
Lodging
-
0.08%
Travel
+
Leisure
Co
58,600‌
2,619‌
Machinery
-
Construction
&
Mining
-
0.05%
Vertiv
Holdings
Co
22,649‌
1,532‌
Machinery
-
Diversified
-
0.24%
ANDRITZ
AG
12,561‌
790‌
Husqvarna
AB
39,703‌
307‌
Kadant
Inc
2,388‌
805‌
Spirax-Sarco
Engineering
PLC
18,646‌
2,433‌
Valmet
Oyj
21,578‌
566‌
Watts
Water
Technologies
Inc
8,325‌
1,698‌
Zurn
Elkay
Water
Solutions
Corp
45,758‌
1,453‌
$
8,052‌
Metal
Fabrication
&
Hardware
-
0.12%
Advanced
Drainage
Systems
Inc
14,526‌
2,371‌
Valmont
Industries
Inc
7,263‌
1,539‌
$
3,910‌
Mining
-
2.16%
Alcoa
Corp
237,833‌
6,471‌
Antofagasta
PLC
181,584‌
4,172‌
Cameco
Corp
258,934‌
10,495‌
Capstone
Copper
Corp
(e)
1,341,463‌
7,038‌
Energy
Fuels
Inc/Canada
(e),(f)
243,324‌
1,540‌
First
Quantum
Minerals
Ltd
166,939‌
1,581‌
Freeport-McMoRan
Inc
383,473‌
14,499‌
Ivanhoe
Mines
Ltd
(e)
444,343‌
4,724‌
Newmont
Corp
325,380‌
10,168‌
NexGen
Energy
Ltd
(e)
680,395‌
4,798‌
Norsk
Hydro
ASA
282,350‌
1,449‌
Polyus
PJSC
(e)
12,459‌
—‌
South32
Ltd
2,141,051‌
4,102‌
$
71,037‌
Miscellaneous
Manufacturers
-
0.06%
Carlisle
Cos
Inc
5,769‌
2,019‌
Oil
&
Gas
-
5.61%
Antero
Resources
Corp
(e)
511,004‌
13,133‌
California
Resources
Corp
-
Warrants
(e)
439‌
7‌
Chesapeake
Energy
Corp
77,413‌
6,408‌
Chevron
Corp
52,289‌
7,948‌
ConocoPhillips
132,962‌
14,964‌
Diamondback
Energy
Inc
66,374‌
12,115‌
Empresas
Copec
SA
90,379‌
580‌
EQT
Corp
293,015‌
10,886‌
Equinor
ASA
ADR
169,252‌
4,167‌
Marathon
Oil
Corp
357,236‌
8,663‌
Marathon
Petroleum
Corp
72,151‌
12,210‌
Occidental
Petroleum
Corp
266,754‌
16,168‌
Permian
Resources
Corp
253,250‌
3,941‌
Phillips
66
109,057‌
15,542‌
Quarternorth
Energy
Holding
Inc
75,260‌
12,794‌
Quarternorth
Energy
Holding
Inc
-
Warrants
(e)
19,603‌
451‌
Quarternorth
Energy
Holding
Inc
-
Warrants
(e)
37,753‌
57‌
Shell
PLC
438,864‌
13,574‌
Transocean
Ltd
(e)
1,879,217‌
8,813‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
87
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Valero
Energy
Corp
42,277‌
$
5,980‌
Vantage
Drilling
International
(e)
4,456‌
127‌
Weatherford
International
PLC
(e)
154,206‌
15,823‌
$
184,351‌
Oil
&
Gas
Services
-
0.52%
NOV
Inc
159,493‌
2,696‌
Schlumberger
NV
299,593‌
14,479‌
$
17,175‌
Packaging
&
Containers
-
0.44%
Clearwater
Paper
Corp
(e)
5,156‌
203‌
DS
Smith
PLC
307,523‌
1,253‌
Graphic
Packaging
Holding
Co
81,107‌
2,105‌
Huhtamaki
Oyj
16,567‌
650‌
Klabin
SA
231,700‌
1,052‌
Packaging
Corp
of
America
12,278‌
2,225‌
SIG
Group
AG
(e)
33,716‌
668‌
Sonoco
Products
Co
22,425‌
1,271‌
Stora
Enso
Oyj
206,088‌
2,606‌
Westrock
Co
53,195‌
2,409‌
$
14,442‌
Pharmaceuticals
-
0.16%
Bayer
AG
176,422‌
5,330‌
Pipelines
-
4.16%
Cheniere
Energy
Inc
81,369‌
12,628‌
Enbridge
Inc
1,102,828‌
37,908‌
Gibson
Energy
Inc
1,115,257‌
18,449‌
Kinder
Morgan
Inc
967,033‌
16,817‌
Koninklijke
Vopak
NV
270,054‌
10,044‌
ONEOK
Inc
131,596‌
9,885‌
Pembina
Pipeline
Corp
416,176‌
14,483‌
TC
Energy
Corp
(f)
413,612‌
16,360‌
$
136,574‌
Private
Equity
-
0.26%
CapitaLand
Investment
Ltd/Singapore
4,069,100‌
8,418‌
Real
Estate
-
1.83%
Mitsui
Fudosan
Co
Ltd
1,116,900‌
30,320‌
Qualitas
Ltd
(f)
1,641,569‌
2,906‌
Sumitomo
Realty
&
Development
Co
Ltd
264,100‌
7,834‌
Sun
Hung
Kai
Properties
Ltd
270,300‌
2,720‌
Vonovia
SE
587,800‌
16,405‌
$
60,185‌
REITs
-
18.37%
Agree
Realty
Corp
209,361‌
11,504‌
Alexandria
Real
Estate
Equities
Inc
103,488‌
12,908‌
American
Healthcare
REIT
Inc
(e)
560,135‌
7,657‌
American
Homes
4
Rent
333,880‌
12,357‌
American
Tower
Corp
120,749‌
24,012‌
Americold
Realty
Trust
Inc
218,400‌
5,525‌
Apartment
Income
REIT
Corp
135,100‌
4,096‌
AvalonBay
Communities
Inc
117,766‌
20,848‌
Boardwalk
Real
Estate
Investment
Trust
71,100‌
3,983‌
Camden
Property
Trust
84,649‌
7,998‌
Canadian
Apartment
Properties
REIT
141,700‌
4,971‌
CapitaLand
Ascendas
REIT
2,288,200‌
4,663‌
CapitaLand
Integrated
Commercial
Trust
2,635,706‌
3,845‌
Centuria
Industrial
REIT
1,546,126‌
3,382‌
Cousins
Properties
Inc
244,653‌
5,581‌
Crown
Castle
Inc
260,401‌
28,628‌
Dexus
596,089‌
2,855‌
Digital
Realty
Trust
Inc
77,800‌
11,422‌
Equinix
Inc
38,952‌
34,621‌
Equity
LifeStyle
Properties
Inc
100,900‌
6,793‌
Essex
Property
Trust
Inc
48,213‌
11,156‌
Extra
Space
Storage
Inc
151,573‌
21,367‌
First
Industrial
Realty
Trust
Inc
61,937‌
3,283‌
Gaming
and
Leisure
Properties
Inc
185,200‌
8,423‌
Goodman
Group
772,634‌
15,041‌
Healthcare
Realty
Trust
Inc
187,300‌
2,581‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Host
Hotels
&
Resorts
Inc
544,552‌
$
11,294‌
Inmobiliaria
Colonial
Socimi
SA
177,740‌
968‌
InterRent
Real
Estate
Investment
Trust
138,560‌
1,386‌
InvenTrust
Properties
Corp
197,100‌
4,977‌
Invitation
Homes
Inc
553,850‌
18,870‌
Japan
Hotel
REIT
Investment
Corp
9,223‌
4,471‌
Japan
Metropolitan
Fund
Invest
8,792‌
5,182‌
Kilroy
Realty
Corp
176,896‌
6,703‌
Klepierre
SA
563,624‌
14,318‌
Link
REIT
2,250,914‌
11,161‌
Mapletree
Industrial
Trust
4,495,300‌
7,655‌
Merlin
Properties
Socimi
SA
728,600‌
6,910‌
Minto
Apartment
Real
Estate
Investment
Trust
(g)
144,442‌
1,782‌
Nippon
Accommodations
Fund
Inc
1,300‌
4,928‌
Nippon
Prologis
REIT
Inc
2,767‌
4,629‌
Park
Hotels
&
Resorts
Inc
209,383‌
3,476‌
PotlatchDeltic
Corp
85,975‌
3,887‌
Prologis
Inc
272,364‌
36,298‌
Prologis
Property
Mexico
SA
de
CV
934,189‌
4,155‌
Rayonier
Inc
224,349‌
7,725‌
Regency
Centers
Corp
135,077‌
8,368‌
Rexford
Industrial
Realty
Inc
292,215‌
14,868‌
Sabra
Health
Care
REIT
Inc
406,100‌
5,637‌
Safestore
Holdings
PLC
666,651‌
6,463‌
Segro
PLC
739,771‌
7,912‌
Simon
Property
Group
Inc
53,600‌
7,940‌
Stockland
1,822,600‌
5,325‌
Sun
Communities
Inc
83,503‌
11,169‌
UNITE
Group
PLC/The
935,042‌
11,354‌
United
Urban
Investment
Corp
4,454‌
4,208‌
Ventas
Inc
392,991‌
16,620‌
VICI
Properties
Inc
762,511‌
22,822‌
Warehouses
De
Pauw
CVA
213,000‌
5,705‌
Welltower
Inc
323,744‌
29,836‌
Weyerhaeuser
Co
149,815‌
5,151‌
$
603,653‌
Retail
-
0.06%
Belk
Inc
(e),(i)
139‌
1‌
Gymboree
Corp/The
(e),(i)
17,842‌
—‌
Gymboree
Holding
Corp
(e),(i)
48,577‌
—‌
Home
Depot
Inc/The
2,948‌
1,122‌
Lowe's
Cos
Inc
4,085‌
983‌
$
2,106‌
Semiconductors
-
0.07%
Bright
Bidco
-
1145
Shares
(e)
11,047‌
3‌
Bright
Bidco
-
4A2
Shares
(e)
15,092‌
5‌
Monolithic
Power
Systems
Inc
3,182‌
2,291‌
$
2,299‌
Software
-
0.31%
Altair
Engineering
Inc
(e)
22,889‌
1,947‌
Avaya
Holdings
Corp
(e),(h)
12,893‌
78‌
Avaya
Holdings
Corp
(e)
61,266‌
372‌
Cadence
Design
Systems
Inc
(e)
8,382‌
2,551‌
Nemetschek
SE
20,112‌
1,927‌
PTC
Inc
(e)
16,938‌
3,100‌
Skillsoft
Corp
(e)
4,667‌
57‌
$
10,032‌
Telecommunications
-
0.22%
NEXTDC
Ltd
(e)
617,973‌
7,115‌
Windstream
(e)
9,809‌
93‌
Windstream
-
Warrants
(e)
17,064‌
162‌
$
7,370‌
Transportation
-
0.96%
American
Commercial
Lines
Inc
(e),(i)
573‌
24‌
American
Commercial
Lines
Inc
-
Warrants
(e),(i)
603‌
25‌
Union
Pacific
Corp
70,096‌
17,783‌
West
Japan
Railway
Co
331,639‌
13,790‌
$
31,622‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
88
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Water
-
2.15%
American
Water
Works
Co
Inc
17,041‌
$
2,020‌
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
ADR
126,415‌
1,997‌
Essential
Utilities
Inc
267,691‌
9,310‌
Pennon
Group
PLC
1,420,138‌
11,854‌
Severn
Trent
PLC
874,787‌
27,606‌
United
Utilities
Group
PLC
1,148,723‌
14,869‌
Veolia
Environnement
SA
93,746‌
2,906‌
$
70,562‌
TOTAL
COMMON
STOCKS
$
2,072,814‌
PREFERRED
STOCKS
-
0.31%
Shares
Held
Value
(000's)
Electric
-
0.30%
Centrais
Eletricas
Brasileiras
SA
1.49%
1,016,916‌
$
9,803‌
Transportation
-
0.01%
American
Commercial
Lines
Inc
Preferred
A
-
Anti-
Dilution
Warrants
0.00%,
04/30/2045
(e)
6,729‌
2‌
American
Commercial
Lines
Inc
Preferred
B
2.50%
(i)
2,428‌
145‌
American
Commercial
Lines
Inc
Preferred
B
-
Anti-
Dilution
Warrants
0.00%,
04/30/2045
(e)
5,118‌
2‌
American
Commercial
Lines
Inc
Preferred
B
-
Warrants
0.00%,
04/30/2045
(e),(i)
1,706‌
102‌
$
251‌
TOTAL
PREFERRED
STOCKS
$
10,054‌
BONDS
-
0.51%
Principal
Amount
(000's)
Value
(000's)
Banks
-
0.03%
Banco
de
Sabadell
SA
4.00%,
01/15/2030
(j)
EUR
200‌
$
216‌
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
1.60%
Banque
Federative
du
Credit
Mutuel
SA
3.75%,
02/03/2034
100‌
108‌
4.75%,
11/10/2031
200‌
226‌
BPCE
SA
3.88%,
01/25/2036
100‌
108‌
Goldman
Sachs
Group
Inc
/The
0.88%,
05/09/2029
100‌
93‌
HSBC
Holdings
PLC
4.86%,
05/23/2033
(j)
100‌
113‌
3
Month
Euro
Interbank
Offered
Rate
+
1.94%
JPMorgan
Chase
&
Co
4.46%,
11/13/2031
(j)
180‌
202‌
3
Month
Euro
Interbank
Offered
Rate
+
1.28%
Wells
Fargo
&
Co
0.63%,
03/25/2030
101‌
91‌
$
1,157‌
Beverages
-
0.00%
JDE
Peet's
NV
4.50%,
01/23/2034
100‌
110‌
Chemicals
-
0.01%
Linde
PLC
3.20%,
02/14/2031
200‌
215‌
Commercial
Mortgage
Backed
Securities
-
0.01%
BX
Commercial
Mortgage
Trust
2024-XL4
8.46%,
02/15/2039
(g)
$
250‌
250‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.14%
HONO
2021-LULU
Mortgage
Trust
6.58%,
10/15/2036
(g)
100‌
96‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.26%
$
346‌
Commercial
Services
-
0.00%
Motability
Operations
Group
PLC
3.88%,
01/24/2034
EUR
100‌
108‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
-
0.02%
Coentreprise
de
Transport
d'Electricite
SA
3.75%,
01/17/2036
EUR
100‌
$
107‌
Duke
Energy
Corp
3.85%,
06/15/2034
100‌
105‌
EDP
Servicios
Financieros
Espana
SA
3.50%,
07/16/2030
200‌
215‌
Electricite
de
France
SA
4.25%,
01/25/2032
100‌
111‌
Elia
Transmission
Belgium
SA
3.75%,
01/16/2036
100‌
108‌
EnBW
International
Finance
BV
3.85%,
05/23/2030
20‌
22‌
Pacific
Gas
and
Electric
Co
3.15%,
01/01/2026
$
91‌
87‌
Terna
-
Rete
Elettrica
Nazionale
3.50%,
01/17/2031
EUR
100‌
107‌
$
862‌
Food
-
0.01%
Nestle
Finance
International
Ltd
3.25%,
01/23/2037
90‌
95‌
REWE
International
Finance
BV
4.88%,
09/13/2030
100‌
113‌
$
208‌
Gas
-
0.01%
National
Grid
North
America
Inc
4.67%,
09/12/2033
200‌
227‌
Healthcare
-
Products
-
0.01%
Sartorius
Finance
BV
4.88%,
09/14/2035
200‌
228‌
Healthcare
-
Services
-
0.01%
Team
Health
Holdings
Inc
13.50%,
PIK
0.00%;
06/30/2028
(g),(k),(l)
$
250‌
261‌
Mortgage
Backed
Securities
-
0.12%
BRAVO
Residential
Funding
Trust
2023-NQM3
4.85%,
09/25/2062
(g),(k)
695‌
673‌
CSMC
2022-NQM4
Trust
4.82%,
06/25/2067
(g),(k)
633‌
618‌
Ellington
Financial
Mortgage
Trust
2021-3
1.24%,
09/25/2066
(g),(k)
866‌
686‌
J.P.
Morgan
Mortgage
Trust
2023-DSC1
4.62%,
07/25/2063
(g),(k)
376‌
352‌
PRKCM
2022-AFC2
Trust
5.33%,
08/25/2057
(g),(k)
205‌
202‌
SG
Residential
Mortgage
Trust
2022-2
5.35%,
08/25/2062
(g),(k)
326‌
324‌
Verus
Securitization
Trust
2022-7
5.15%,
07/25/2067
(g),(k)
948‌
940‌
Verus
Securitization
Trust
2022-INV2
6.79%,
10/25/2067
(g),(k)
254‌
256‌
$
4,051‌
Oil
&
Gas
-
0.01%
BP
Capital
Markets
PLC
2.82%,
04/07/2032
EUR
100‌
102‌
Eni
SpA
3.88%,
01/15/2034
101‌
108‌
$
210‌
Other
Asset
Backed
Securities
-
0.11%
AMSR
2022-SFR3
Trust
4.00%,
10/17/2039
(g)
$
1,051‌
976‌
New
Residential
Mortgage
Loan
Trust
2022-SFR2
4.00%,
09/04/2039
(g)
1,060‌
976‌
Pagaya
AI
Technology
in
Housing
Trust
2022-1
4.25%,
08/25/2025
(g)
660‌
631‌
Progress
Residential
2022-SFR6
Trust
6.04%,
07/20/2039
(g)
1,035‌
1,026‌
$
3,609‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
89
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
-
0.01%
McDonald's
Corp
3.88%,
02/20/2031
EUR
200‌
$
219‌
Sovereign
-
0.15%
European
Union
2.50%,
10/04/2052
505‌
462‌
3.00%,
03/04/2053
960‌
969‌
French
Republic
Government
Bond
OAT
3.00%,
05/25/2054
(g)
707‌
716‌
Kingdom
of
Belgium
Government
Bond
3.30%,
06/22/2054
(g)
700‌
740‌
Mexican
Bonos
8.50%,
03/01/2029
MXN
6,000‌
341‌
8.50%,
05/31/2029
12,000‌
686‌
United
Kingdom
Gilt
3.75%,
10/22/2053
GBP
945‌
1,038‌
$
4,952‌
Telecommunications
-
0.00%
Telefonica
Emisiones
SA
4.06%,
01/24/2036
EUR
100‌
108‌
TOTAL
BONDS
$
16,871‌
SENIOR
FLOATING
RATE
INTERESTS
-
2.57%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.05%
Clear
Channel
Outdoor
Holdings
Inc
9.07%,
08/07/2026
(m)
$
1,261‌
$
1,253‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Planet
US
Buyer
LLC
8.81%,
01/31/2031
(m)
235‌
235‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Red
Ventures
LLC
8.33%,
03/03/2030
(m)
181‌
180‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
1,668‌
Aerospace
&
Defense
-
0.03%
TransDigm
Inc
8.60%,
08/24/2028
(m)
683‌
684‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
8.60%,
02/14/2031
(m)
350‌
351‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
1,035‌
Agriculture
-
0.00%
Sycamore
Buyer
LLC
7.68%,
07/23/2029
(m)
31‌
30‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
Airlines
-
0.04%
AAdvantage
Loyalty
IP
Ltd
10.33%,
04/20/2028
(m)
383‌
396‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Mileage
Plus
Holdings
LLC
10.77%,
06/21/2027
(m)
99‌
102‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
SkyMiles
IP
Ltd
9.07%,
10/20/2027
(m)
242‌
248‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
United
Airlines
Inc
8.08%,
02/15/2031
(m)
305‌
305‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Airlines
(continued)
WestJet
Airlines
Ltd
8.44%,
12/11/2026
(m)
$
31‌
$
31‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
WestJet
Loyalty
LP
9.07%,
01/31/2031
(m)
350‌
347‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
$
1,429‌
Apparel
-
0.00%
ABG
Intermediate
Holdings
2
LLC
8.93%,
12/21/2028
(m)
37‌
37‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Birkenstock
US
BidCo
Inc
8.83%,
04/28/2028
(m)
46‌
46‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
$
83‌
Automobile
Parts
&
Equipment
-
0.03%
Clarios
Global
LP
8.33%,
05/06/2030
(m)
514‌
513‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Dexko
Global
Inc
9.36%,
10/04/2028
(m)
215‌
214‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Phinia
Inc
9.43%,
07/03/2028
(m)
75‌
75‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
$
802‌
Beverages
-
0.04%
Arterra
Wines
Canada
Inc
9.11%,
11/25/2027
(m)
57‌
51‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
City
Brewing
Co
LLC
9.08%,
04/05/2028
(m)
190‌
143‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Naked
Juice
LLC
8.70%,
01/24/2029
(m)
15‌
14‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
11.45%,
01/24/2030
(m)
82‌
66‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.00%
Pegasus
Midco
BV
9.06%,
07/12/2029
(m)
289‌
289‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Triton
Water
Holdings
Inc
0.00%,
03/31/2028
(m),(n)
65‌
64‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
8.86%,
03/31/2028
(m)
548‌
538‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
1,165‌
Biotechnology
-
0.01%
Emergent
BioSolutions
Inc
11.43%,
05/15/2025
(m)
191‌
165‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
90
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Building
Materials
-
0.03%
ACProducts
Holdings
Inc
9.86%,
05/17/2028
(m)
$
283‌
$
253‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Chariot
Buyer
LLC
8.68%,
10/22/2028
(m)
460‌
458‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
9.08%,
11/03/2028
(m)
145‌
145‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Cornerstone
Building
Brands
Inc
8.67%,
04/12/2028
(m)
76‌
75‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
931‌
Chemicals
-
0.11%
Ascend
Performance
Materials
Operations
LLC
10.32%,
08/27/2026
(m)
366‌
355‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.75%
ASP
Unifrax
Holdings
Inc
9.25%,
12/12/2025
(m)
216‌
209‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Axalta
Coating
Systems
US
Holdings
Inc
7.85%,
12/20/2029
(m)
174‌
174‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Derby
Buyer
LLC
9.58%,
10/11/2030
(m)
150‌
150‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Discovery
Purchaser
Corp
9.70%,
08/04/2029
(m)
432‌
429‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.38%
Ecovyst
Catalyst
Technologies
LLC
7.91%,
06/09/2028
(m)
392‌
390‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Herens
US
Holdco
Corp
9.37%,
07/03/2028
(m)
107‌
100‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
INEOS
US
Finance
LLC
8.93%,
02/18/2030
(m)
299‌
296‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
9.07%,
01/31/2031
(m)
180‌
179‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
INEOS
US
Petrochem
LLC
9.68%,
03/09/2029
(m)
205‌
202‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Kraton
Corp
8.90%,
03/15/2029
(m)
162‌
158‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
NIC
Acquisition
Corp
9.36%,
12/29/2027
(m)
225‌
185‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Nouryon
USA
LLC
9.42%,
04/03/2028
(m)
772‌
771‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
Vibrantz
Technologies
Inc
9.72%,
04/21/2029
(m)
$
112‌
$
109‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
WR
Grace
Holdings
LLC
9.36%,
09/22/2028
(m)
31‌
30‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
$
3,737‌
Commercial
Services
-
0.17%
Allied
Universal
Holdco
LLC
9.18%,
05/12/2028
(m)
434‌
432‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Anticimex
Global
AB
8.46%,
11/16/2028
(m)
353‌
352‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Avis
Budget
Car
Rental
LLC
7.20%,
08/06/2027
(m)
289‌
286‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
8.43%,
03/16/2029
(m)
78‌
78‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
AVSC
Holding
Corp
15.00%,
PIK
0.00%,
10/15/2026
(l),(m)
105‌
107‌
Belron
Finance
US
LLC
7.66%,
04/18/2029
(m)
104‌
104‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
7.83%,
10/30/2026
(m)
106‌
106‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
CHG
Healthcare
Services
Inc
8.70%,
09/29/2028
(m)
69‌
69‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Creative
Artists
Agency
LLC
8.83%,
11/27/2028
(m)
204‌
204‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Driven
Brands
Holdings
Inc
8.45%,
12/17/2028
(m)
236‌
233‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Evertec
Group
LLC
8.83%,
10/12/2030
(m)
95‌
94‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Garda
World
Security
Corp
0.00%,
10/30/2026
(m),(n)
103‌
103‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
9.62%,
02/01/2029
(m)
425‌
424‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
GTCR
W
Merger
Sub
LLC
8.33%,
01/31/2031
(m)
734‌
736‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Hertz
Corp/The
8.70%,
06/30/2028
(m)
658‌
631‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
8.70%,
06/30/2028
(m)
128‌
123‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
91
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
Omnia
Partners
9.07%,
07/25/2030
(m)
$
300‌
$
301‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Prime
Security
Services
Borrower
LLC
7.83%,
10/13/2030
(m)
315‌
315‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Rosen
Group
0.00%,
02/24/2031
(m),(n)
190‌
190‌
Sabert
Corp
9.18%,
12/10/2026
(m)
170‌
170‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Verscend
Holding
Corp
9.45%,
08/27/2025
(m)
21‌
21‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
VT
Topco
Inc
9.58%,
08/02/2030
(m)
45‌
45‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Wand
NewCo
3
Inc
9.09%,
01/30/2031
(m)
410‌
411‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
WEX
Inc
7.33%,
03/31/2028
(m)
84‌
84‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
WW
International
Inc
0.00%,
04/13/2028
(m),(n)
40‌
21‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
5,640‌
Computers
-
0.06%
Amentum
Government
Services
Holdings
LLC
9.32%,
02/15/2029
(m)
206‌
206‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
iQor
US
Inc
12.94%,
11/20/2024
(m)
150‌
148‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.50%
12.94%,
11/20/2025
(m)
413‌
337‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.50%
Magenta
Buyer
LLC
10.57%,
07/27/2028
(m)
84‌
50‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
McAfee
Corp
9.18%,
03/01/2029
(m)
280‌
278‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
NCR
Atleos
Corp
10.16%,
04/16/2029
(m)
100‌
100‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Perforce
Software
Inc
9.18%,
07/01/2026
(m)
208‌
206‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Tempo
Acquisition
LLC
8.08%,
08/31/2028
(m)
435‌
435‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
Vision
Solutions
Inc
9.59%,
04/23/2028
(m)
$
155‌
$
154‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
$
1,914‌
Consumer
Products
-
0.01%
Kronos
Acquisition
Holdings
Inc
9.36%,
12/22/2026
(m)
25‌
25‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
11.54%,
12/22/2026
(m)
238‌
238‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.00%
$
263‌
Distribution
&
Wholesale
-
0.03%
Core
&
Main
LP
7.97%,
07/27/2028
(m)
281‌
280‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Fastlane
Parent
Co
Inc
9.83%,
09/04/2028
(m)
190‌
189‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Windsor
Holdings
III
LLC
9.82%,
08/01/2030
(m)
424‌
425‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
$
894‌
Diversified
Financial
Services
-
0.02%
Avolon
TLB
Borrower
1
US
LLC
6.92%,
02/12/2027
(m)
145‌
145‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.50%
7.32%,
06/22/2028
(m)
156‌
156‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Ditech
Holding
Corp
0.00%,
06/30/2022
(e),(m)
816‌
23‌
Prime
Rate
+
6.00%
Fly
Funding
II
Sarl
7.33%,
08/09/2025
(m)
439‌
422‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.75%
$
746‌
Electric
-
0.06%
Generation
Bridge
Northeast
LLC
9.58%,
08/07/2029
(m)
147‌
147‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
PG&E
Corp
7.83%,
06/23/2027
(m)
200‌
200‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Talen
Energy
Supply
LLC
9.83%,
05/17/2030
(m)
832‌
834‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
9.83%,
05/17/2030
(m)
678‌
680‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
$
1,861‌
Electronics
-
0.01%
Coherent
Corp
8.22%,
07/01/2029
(m)
83‌
83‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
92
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electronics
(continued)
Ingram
Micro
Inc
8.61%,
06/30/2028
(m)
$
158‌
$
158‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
241‌
Engineering
&
Construction
-
0.03%
Apple
Bidco
LLC
8.20%,
07/14/2028
(m)
146‌
145‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
8.83%,
09/22/2028
(m)
248‌
248‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Brown
Group
Holding
LLC
8.18%,
06/07/2028
(m)
363‌
361‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
8.34%,
06/08/2029
(m)
49‌
49‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Centuri
Group
Inc
7.95%,
08/18/2028
(m)
202‌
203‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
$
1,006‌
Entertainment
-
0.19%
AMC
Entertainment
Holdings
Inc
8.43%,
03/20/2026
(m)
291‌
238‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Bally's
Corp
8.83%,
08/06/2028
(m)
159‌
151‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Caesars
Entertainment
Inc
8.04%,
01/24/2031
(m)
100‌
100‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
8.66%,
02/06/2030
(m)
704‌
704‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Churchill
Downs
Inc
7.43%,
03/17/2028
(m)
73‌
73‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Cinemark
USA
Inc
9.09%,
05/24/2030
(m)
248‌
248‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Crown
Finance
US
Inc
6.94%,
PIK
7.00%,
07/31/2028
(l),(m)
968‌
979‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
8.50%
Delta
2
Lux
Sarl
7.60%,
01/15/2030
(m)
5‌
5‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Entain
Holdings
Gibraltar
Ltd
8.95%,
10/18/2029
(m)
557‌
558‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Everi
Holdings
Inc
7.95%,
06/30/2028
(m)
308‌
308‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
(continued)
Flutter
Financing
BV
7.70%,
11/15/2030
(m)
$
500‌
$
497‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
8.86%,
09/16/2028
(m)
103‌
103‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Light
&
Wonder
International
Inc
8.07%,
04/14/2029
(m)
125‌
125‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Lions
Gate
Capital
Holdings
LLC
7.68%,
03/24/2025
(m)
204‌
203‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Merlin
Entertainment
8.86%,
11/12/2029
(m)
749‌
746‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Nascar
Holdings
LLC
7.95%,
10/19/2026
(m)
111‌
111‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
PCI
Gaming
Authority
7.95%,
05/29/2026
(m)
239‌
238‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Scientific
Games
Holdings
LP
8.58%,
02/04/2029
(m)
373‌
372‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
SeaWorld
Parks
&
Entertainment
Inc
7.83%,
08/25/2028
(m)
388‌
388‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
William
Morris
Endeavor
Entertainment
LLC
8.20%,
05/16/2025
(m)
212‌
212‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
$
6,359‌
Environmental
Control
-
0.03%
Covanta
Holding
Corp
7.83%,
11/30/2028
(m)
195‌
194‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
7.83%,
11/30/2028
(m)
15‌
15‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
GFL
Environmental
Inc
7.82%,
05/31/2027
(m)
152‌
152‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Win
Waste
Innovations
Holdings
Inc
8.20%,
03/24/2028
(m)
709‌
647‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
$
1,008‌
Food
-
0.04%
8th
Avenue
Food
&
Provisions
Inc
9.20%,
10/01/2025
(m)
231‌
228‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
10.20%,
10/01/2025
(m)
65‌
64‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
93
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
CHG
PPC
Parent
LLC
8.45%,
12/08/2028
(m)
$
231‌
$
230‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Heritage
Grocers
Group
LLC
12.20%,
08/01/2029
(m)
124‌
124‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
6.75%
Shearer's
Foods
LLC
9.32%,
01/31/2031
(m)
188‌
187‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
US
Foods
Inc
7.45%,
09/14/2026
(m)
221‌
221‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
7.95%,
11/22/2028
(m)
127‌
127‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
$
1,181‌
Hand
&
Machine
Tools
-
0.01%
Alliance
Laundry
Systems
LLC
8.93%,
09/30/2027
(m)
210‌
211‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Healthcare
-
Products
-
0.11%
Bausch
+
Lomb
Corp
8.67%,
05/10/2027
(m)
661‌
654‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Carestream
Health
Inc
12.95%,
09/30/2027
(m)
144‌
119‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.50%
Curia
Global
Inc
9.16%,
08/28/2026
(m)
473‌
445‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Medline
Borrower
LP
8.45%,
10/23/2028
(m)
1,641‌
1,641‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Viant
Medical
Holdings
Inc
9.20%,
07/02/2025
(m)
274‌
273‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Vyaire
Medical
Inc
10.34%,
04/16/2025
(m)
885‌
546‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
$
3,678‌
Healthcare
-
Services
-
0.13%
ADMI
Corp
11.08%,
12/23/2027
(m)
200‌
199‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.75%
DaVita
Inc
7.20%,
08/12/2026
(m)
131‌
131‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
Global
Medical
Response
Inc
9.82%,
03/14/2025
(m)
195‌
171‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
9.84%,
10/02/2025
(m)
504‌
442‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
ICON
Luxembourg
Sarl
7.86%,
07/03/2028
(m)
$
342‌
$
342‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
National
Mentor
Holdings
Inc
9.19%,
03/02/2028
(m)
274‌
255‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
9.21%,
03/02/2028
(m)
9‌
8‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Onex
TSG
Intermediate
Corp
10.32%,
02/25/2028
(m)
60‌
59‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Phoenix
Guarantor
Inc
8.57%,
02/14/2031
(m)
100‌
99‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Phoenix
Newco
Inc
8.70%,
11/15/2028
(m)
1,127‌
1,126‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Select
Medical
Corp
8.39%,
03/06/2027
(m)
415‌
414‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Star
Parent
Inc
9.35%,
09/27/2030
(m)
444‌
438‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Surgery
Center
Holdings
Inc
8.82%,
12/19/2030
(m)
467‌
468‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Team
Health
Holdings
Inc
10.57%,
03/02/2027
(m)
15‌
13‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
US
Radiology
Specialists
Inc
10.75%,
12/10/2027
(m)
36‌
36‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
$
4,201‌
Home
Furnishings
-
0.03%
AI
Aqua
Merger
Sub
Inc
9.08%,
07/30/2028
(m)
467‌
466‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
10.07%,
07/31/2028
(m)
112‌
112‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
MillerKnoll
Inc
7.45%,
07/19/2028
(m)
357‌
356‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Weber-Stephen
Products
LLC
8.70%,
10/30/2027
(m)
195‌
176‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
1,110‌
Insurance
-
0.18%
Acrisure
LLC
9.15%,
02/15/2027
(m)
526‌
524‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
94
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Alliant
Holdings
Intermediate
LLC
8.82%,
11/06/2030
(m)
$
566‌
$
566‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
AmWINS
Group
Inc
8.20%,
02/21/2028
(m)
60‌
59‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
AssuredPartners
Inc
8.82%,
02/08/2031
(m)
75‌
75‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Asurion
LLC
8.70%,
12/23/2026
(m)
1,095‌
1,088‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
8.70%,
07/31/2027
(m)
125‌
123‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
9.68%,
08/19/2028
(m)
82‌
81‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
10.70%,
01/20/2029
(m)
165‌
155‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
BroadStreet
Partners
Inc
8.45%,
01/27/2027
(m)
401‌
401‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
8.70%,
01/27/2027
(m)
244‌
243‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
9.08%,
01/26/2029
(m)
375‌
374‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
HUB
International
Ltd
8.57%,
06/20/2030
(m)
933‌
931‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Sedgwick
Claims
Management
Services
Inc
9.08%,
02/24/2028
(m)
394‌
395‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
USI
Inc
/NY
8.35%,
11/22/2029
(m)
493‌
492‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
8.60%,
09/14/2030
(m)
354‌
354‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
5,861‌
Internet
-
0.05%
Abe
Investment
Holdings
Inc
9.95%,
02/19/2026
(m)
45‌
45‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Catalina
Marketing
Corp
0.00%,
PIK
14.80%,
04/23/2027
(l),(m)
131‌
65‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
9.50%
CNT
Holdings
I
Corp
8.82%,
11/08/2027
(m)
622‌
621‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Gen
Digital
Inc
7.43%,
09/12/2029
(m)
438‌
437‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
(continued)
Uber
Technologies
Inc
8.13%,
03/03/2030
(m)
$
595‌
$
596‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
$
1,764‌
Investment
Companies
-
0.00%
Aragorn
Parent
Corp
9.57%,
12/15/2028
(m)
85‌
85‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Leisure
Products
&
Services
-
0.10%
Alterra
Mountain
Co
9.18%,
05/31/2030
(m)
584‌
584‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Amer
Sports
Co
8.58%,
02/07/2031
(m)
50‌
50‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Carnival
Corp
8.32%,
08/08/2027
(m)
237‌
237‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
8.70%,
10/18/2028
(m)
112‌
112‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
ClubCorp
Holdings
Inc
10.61%,
09/18/2026
(m)
589‌
587‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
Equinox
Holdings
Inc
8.61%,
03/15/2024
(m)
336‌
331‌
3
Month
USD
LIBOR
+
3.00%
Hayward
Industries
Inc
8.20%,
05/28/2028
(m)
476‌
475‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Life
Time
Inc
9.83%,
01/15/2026
(m)
153‌
153‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
SRAM
LLC
8.20%,
05/18/2028
(m)
206‌
206‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Topgolf
Callaway
Brands
Corp
8.93%,
03/16/2030
(m)
372‌
372‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
3,107‌
Lodging
-
0.01%
Fertitta
Entertainment
LLC/NV
9.33%,
01/13/2029
(m)
452‌
452‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Machinery
-
Diversified
-
0.07%
Ali
Group
North
America
Corp
7.47%,
07/30/2029
(m)
374‌
373‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Chart
Industries
Inc
8.67%,
03/15/2030
(m)
443‌
443‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Oregon
Tool
Holdings
Inc
9.61%,
10/13/2028
(m)
60‌
54‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
95
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Machinery
-
Diversified
(continued)
Titan
Acquisition
Ltd/Canada
0.00%,
02/01/2029
(m),(n)
$
123‌
$
122‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
TK
Elevator
US
Newco
Inc
9.08%,
07/30/2027
(m)
803‌
803‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
3.50%
Victory
Buyer
LLC
9.34%,
11/18/2028
(m)
655‌
628‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
$
2,423‌
Media
-
0.14%
Altice
Financing
SA
10.31%,
10/31/2027
(m)
139‌
138‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
Cengage
Learning
Inc
10.33%,
07/14/2026
(m)
431‌
431‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Century
DE
Buyer
LLC
9.32%,
09/27/2030
(m)
265‌
266‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
CSC
Holdings
LLC
9.82%,
01/18/2028
(m)
70‌
68‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Directv
Financing
LLC
10.65%,
08/02/2027
(m)
224‌
223‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
Fleet
Midco
US
0.00%,
01/23/2031
(m),(n)
110‌
110‌
Gray
Television
Inc
7.94%,
01/02/2026
(m)
137‌
136‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
iHeartCommunications
Inc
8.45%,
05/01/2026
(m)
443‌
389‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
LCPR
Loan
Financing
LLC
9.18%,
10/13/2028
(m)
145‌
145‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
McGraw-Hill
Education
Inc
10.21%,
07/28/2028
(m)
362‌
360‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
NEP
Group
Inc
0.00%,
10/20/2025
(m),(n)
374‌
357‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Nexstar
Media
Inc
7.95%,
09/18/2026
(m)
173‌
172‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Radiate
Holdco
LLC
8.70%,
09/25/2026
(m)
102‌
83‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Sunrise
Financing
Partnership
8.43%,
01/31/2029
(m)
303‌
302‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.93%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Virgin
Media
Bristol
LLC
7.93%,
01/31/2028
(m)
$
61‌
$
60‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
8.79%,
03/31/2031
(m)
750‌
744‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Ziggo
Financing
Partnership
7.93%,
04/28/2028
(m)
736‌
724‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
$
4,708‌
Mining
-
0.01%
Arsenal
AIC
Parent
LLC
9.07%,
08/18/2030
(m)
360‌
360‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Miscellaneous
Manufacturers
-
0.01%
Gates
Global
LLC
8.07%,
03/31/2027
(m)
368‌
367‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Oil
&
Gas
-
0.01%
Gulf
Finance
LLC
12.19%,
08/25/2026
(m)
405‌
404‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.75%
Packaging
&
Containers
-
0.06%
Berry
Global
Inc
7.18%,
07/01/2026
(m)
70‌
70‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.75%
Clydesdale
Acquisition
Holdings
Inc
9.11%,
04/13/2029
(m)
459‌
458‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Kloeckner
Pentaplast
of
America
Inc
10.48%,
02/12/2026
(m)
191‌
183‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.75%
LABL
Inc
10.43%,
10/27/2028
(m)
354‌
342‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
Pactiv
Evergreen
Group
Holdings
Inc
8.70%,
02/05/2026
(m)
19‌
19‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
8.70%,
09/22/2028
(m)
511‌
511‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Plaze
Inc
9.20%,
08/03/2026
(m)
107‌
105‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Proampac
PG
Borrower
LLC
9.81%,
09/15/2028
(m)
255‌
255‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
$
1,943‌
Pharmaceuticals
-
0.04%
Amneal
Pharmaceuticals
LLC
10.83%,
05/04/2028
(m)
170‌
169‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
96
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Gainwell
Acquisition
Corp
9.45%,
10/01/2027
(m)
$
272‌
$
258‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Jazz
Financing
Lux
Sarl
8.45%,
05/05/2028
(m)
464‌
464‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Organon
&
Co
8.43%,
06/02/2028
(m)
452‌
453‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
PRA
Health
Sciences
Inc
7.86%,
07/03/2028
(m)
85‌
85‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
$
1,429‌
Pipelines
-
0.04%
BCP
Renaissance
Parent
LLC
8.87%,
10/31/2028
(m)
156‌
156‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Freeport
LNG
Investments
LLLP
8.58%,
11/17/2026
(m)
442‌
436‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
9.08%,
12/21/2028
(m)
499‌
494‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Oryx
Midstream
Services
Permian
Basin
LLC
8.44%,
10/05/2028
(m)
184‌
184‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Traverse
Midstream
Partners
LLC
8.82%,
02/16/2028
(m)
39‌
39‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
1,309‌
Real
Estate
-
0.00%
Cushman
&
Wakefield
US
Borrower
LLC
8.68%,
01/31/2030
(m)
19‌
19‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Retail
-
0.10%
1011778
BC
ULC
7.58%,
09/20/2030
(m)
402‌
399‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Academy
Ltd
9.19%,
11/05/2027
(m)
75‌
75‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Belk
Inc
10.00%,
07/31/2025
(m)
1,114‌
211‌
14.75%,
07/31/2025
(m)
232‌
210‌
Prime
Rate
+
7.50%
IRB
Holding
Corp
8.18%,
12/15/2027
(m)
530‌
529‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Jo-Ann
Stores
LLC
10.34%,
07/07/2028
(m)
846‌
47‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
LS
Group
OpCo
Acquistion
LLC
8.69%,
11/02/2027
(m)
210‌
210‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
PetSmart
LLC
9.18%,
02/11/2028
(m)
$
587‌
$
585‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
RH
7.95%,
10/20/2028
(m)
277‌
269‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Serta
Simmons
Bedding
Inc
12.96%,
06/29/2028
(m)
20‌
18‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.50%
SRS
Distribution
Inc
8.68%,
06/04/2028
(m)
445‌
444‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Staples
Inc
10.44%,
04/09/2026
(m)
106‌
103‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
$
3,100‌
Semiconductors
-
0.01%
Bright
Bidco
BV
6.32%,
PIK
8.00%,
10/31/2027
(l),(m)
842‌
184‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
8.00%
Software
-
0.32%
Avaya
Inc
6.83%,
PIK
7.00%,
07/31/2028
(l),(m)
1,881‌
1,663‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.50%
Boxer
Parent
Co
Inc
9.58%,
12/02/2028
(m)
1,071‌
1,074‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Camelot
US
Acquisition
LLC
8.08%,
01/25/2031
(m)
9‌
8‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Ceridian
HCM
Holding
Inc
0.00%,
02/26/2031
(m),(n)
107‌
107‌
Cotiviti
Holdings
Inc
0.00%,
02/21/2031
(m),(n)
283‌
282‌
DTI
Holdco
Inc
10.06%,
04/26/2029
(m)
210‌
210‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Dun
&
Bradstreet
Corp/The
8.07%,
01/18/2029
(m)
5‌
5‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Ellucian
Holdings
Inc
0.00%,
10/07/2029
(m),(n)
95‌
95‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
8.93%,
10/07/2027
(m)
436‌
435‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Epicor
Software
Corp
8.70%,
07/30/2027
(m)
611‌
612‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
9.08%,
07/30/2027
(m)
125‌
125‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
97
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Genesys
Cloud
Services
Holdings
II
LLC
9.19%,
12/01/2027
(m)
$
50‌
$
50‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
9.45%,
12/01/2027
(m)
504‌
506‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Informatica
LLC
8.20%,
10/27/2028
(m)
588‌
588‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Ivanti
Software
Inc
9.59%,
12/01/2027
(m)
27‌
25‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
9.84%,
12/01/2027
(m)
106‌
98‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Marcel
Bidco
LLC
9.82%,
10/26/2030
(m)
40‌
40‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Open
Text
Corp
8.18%,
01/31/2030
(m)
479‌
480‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Playtika
Holding
Corp
8.20%,
03/11/2028
(m)
127‌
127‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Project
Ruby
Ultimate
Parent
Corp
8.70%,
03/10/2028
(m)
243‌
241‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Quartz
AcquireCo
LLC
8.83%,
06/28/2030
(m)
344‌
344‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Rackspace
Technology
Global
Inc
8.19%,
02/15/2028
(m)
926‌
402‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Riverbed
Technology
9.85%,
PIK
0.00%,
07/01/2028
(l),(m)
578‌
390‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Rocket
Software
Inc
10.08%,
11/28/2028
(m)
398‌
392‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
SS&C
Technologies
Inc
7.19%,
04/16/2025
(m)
174‌
174‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
7.19%,
04/16/2025
(m)
126‌
126‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
7.20%,
04/16/2025
(m)
185‌
185‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
UKG
Inc
0.00%,
01/30/2031
(m),(n)
300‌
300‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
8.68%,
02/10/2031
(m)
427‌
427‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
UKG
Inc  
(continued)
9.16%,
02/10/2031
(m)
$
353‌
$
354‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
West
Technology
Group
LLC
9.56%,
04/09/2027
(m)
447‌
430‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
ZoomInfo
LLC
7.58%,
02/28/2030
(m)
289‌
288‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
10,583‌
Telecommunications
-
0.15%
Altice
France
SA/France
8.64%,
08/14/2026
(m)
546‌
534‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
9.26%,
01/31/2026
(m)
54‌
53‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.69%
Cincinnati
Bell
Inc
8.68%,
11/23/2028
(m)
219‌
217‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
CommScope
Inc
8.69%,
04/06/2026
(m)
385‌
346‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Cyxtera
DC
Holdings
Inc
0.00%,
05/01/2024
(e),(m)
277‌
11‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Delta
Topco
Inc
9.12%,
12/01/2027
(m)
609‌
608‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
3.75%
EOS
US
Finco
LLC
11.10%,
10/06/2029
(m)
210‌
187‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.00%
Frontier
Communications
Holdings
LLC
9.20%,
10/08/2027
(m)
813‌
807‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Iridium
Satellite
LLC
7.83%,
09/13/2030
(m)
345‌
344‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Level
3
Financing
Inc
7.20%,
03/01/2027
(m)
1,026‌
1,007‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
Lumen
Technologies
Inc
7.70%,
03/15/2027
(m)
104‌
76‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
MLN
US
Holdco
LLC
9.97%,
11/30/2025
(m)
1,058‌
104‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
12.11%,
10/18/2027
(m)
615‌
92‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.80%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
98
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Syniverse
Holdings
LLC/DE
13.03%,
05/13/2027
(m)
$
582‌
$
551‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.00%
$
4,937‌
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
84,393‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
28.12%
Principal
Amount
(000's)
Value
(000's)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
0.58%
4.50%,
03/01/2054
(o)
$
4,460‌
$
4,222‌
5.00%,
03/01/2054
(o)
5,034‌
4,881‌
5.50%,
03/01/2054
(o)
10,128‌
10,018‌
$
19,121‌
U.S.
Treasury
Bill
-
14.29%
5.17%,
06/06/2024
(a),(p)
54,000‌
53,242‌
5.28%,
05/02/2024
(a),(p)
19,985‌
19,803‌
5.29%,
03/19/2024
(a),(p)
745‌
743‌
5.29%,
04/25/2024
(a),(p)
19,715‌
19,556‌
5.30%,
03/26/2024
(a),(p)
700‌
697‌
5.30%,
05/16/2024
(a),(p)
915‌
905‌
5.30%,
05/30/2024
(a),(p),(q),(r)
100,000‌
98,692‌
5.31%,
03/21/2024
(a),(p)
1,435‌
1,431‌
5.31%,
04/02/2024
(a),(p)
12,785‌
12,725‌
5.31%,
04/04/2024
(a),(p)
22,300‌
22,189‌
5.31%,
04/09/2024
(a),(p),(q)
52,500‌
52,199‌
5.31%,
04/16/2024
(a),(p),(r)
111,735‌
110,980‌
5.32%,
03/05/2024
(a),(p)
7,630‌
7,625‌
5.32%,
03/07/2024
(a),(p)
8,385‌
8,378‌
5.32%,
04/23/2024
(a),(p)
28,250‌
28,030‌
5.33%,
03/28/2024
(a),(p)
19,915‌
19,836‌
5.33%,
04/30/2024
(a),(p)
7,630‌
7,563‌
5.46%,
04/11/2024
(a),(p)
5,000‌
4,970‌
$
469,564‌
U.S.
Treasury
Inflation-Indexed
Obligations
-
13.25%
0.13%,
04/15/2025
10,462‌
10,203‌
0.13%,
10/15/2025
14,169‌
13,752‌
0.13%,
04/15/2026
9,340‌
8,949‌
0.13%,
07/15/2026
14,400‌
13,799‌
0.13%,
10/15/2026
13,381‌
12,767‌
0.13%,
04/15/2027
14,569‌
13,731‌
0.13%,
01/15/2030
13,156‌
11,860‌
0.13%,
07/15/2030
15,757‌
14,140‌
0.13%,
01/15/2031
15,460‌
13,699‌
0.13%,
07/15/2031
16,967‌
14,964‌
0.13%,
01/15/2032
17,456‌
15,196‌
0.13%,
02/15/2051
5,903‌
3,522‌
0.13%,
02/15/2052
6,870‌
4,038‌
0.25%,
07/15/2029
12,556‌
11,548‌
0.25%,
02/15/2050
5,309‌
3,338‌
0.38%,
07/15/2025
15,986‌
15,638‌
0.38%,
01/15/2027
11,123‌
10,613‌
0.38%,
07/15/2027
15,048‌
14,311‌
0.50%,
01/15/2028
15,185‌
14,363‌
0.63%,
01/15/2026
12,984‌
12,627‌
0.63%,
07/15/2032
(r)
17,293‌
15,636‌
0.63%,
02/15/2043
5,210‌
3,993‌
0.75%,
07/15/2028
12,242‌
11,685‌
0.75%,
02/15/2042
7,326‌
5,849‌
0.75%,
02/15/2045
8,659‌
6,630‌
0.88%,
01/15/2029
11,839‌
11,273‌
0.88%,
02/15/2047
5,687‌
4,383‌
1.00%,
02/15/2046
5,076‌
4,057‌
1.00%,
02/15/2048
3,949‌
3,106‌
1.00%,
02/15/2049
4,297‌
3,368‌
1.13%,
01/15/2033
(r)
17,945‌
16,786‌
1.25%,
04/15/2028
5,584‌
5,423‌
1.38%,
07/15/2033
(r)
18,124‌
17,350‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
Inflation-Indexed
Obligations
(continued)
1.38%,
02/15/2044
$
8,732‌
$
7,638‌
1.50%,
02/15/2053
6,527‌
5,694‌
1.63%,
10/15/2027
9,118‌
9,037‌
1.75%,
01/15/2028
4,319‌
4,284‌
1.75%,
01/15/2034
6,621‌
6,524‌
2.00%,
01/15/2026
4,985‌
4,972‌
2.13%,
02/15/2040
3,408‌
3,450‌
2.13%,
02/15/2041
4,729‌
4,790‌
2.13%,
02/15/2054
2,754‌
2,779‌
2.38%,
01/15/2027
5,600‌
5,652‌
2.38%,
10/15/2028
16,434‌
16,819‌
2.50%,
01/15/2029
5,381‌
5,530‌
3.38%,
04/15/2032
2,490‌
2,753‌
3.63%,
04/15/2028
5,191‌
5,525‌
3.88%,
04/15/2029
6,923‌
7,577‌
$
435,621‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
924,306‌
TOTAL
PURCHASED
OPTIONS
-
0.00%
$
72‌
Total
Investments
$
3,315,598‌
Other
Assets
and
Liabilities
-  (0.87)%
(28,668‌)
TOTAL
NET
ASSETS
-
100.00%
$
3,286,930‌
(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)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$6,878
or
0.21%
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
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$6,629
or
0.20%
of
net
assets.
(g)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$103,571
or
3.15%
of
net
assets.
(h)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(
i
)
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.
(j)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(k)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(l)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(m)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(n)
This
Senior
Floating
Rate
Note
will
settle
after
February
29,
2024,
at
which
time
the
interest
rate
will
be
determined.
(o)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(p)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
(q)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
futures
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$35,164
or
1.07%
of
net
assets.
(r)
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
$22,699
or
0.69%
of
net
assets.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
99
Portfolio
Summary
Sector
Percent
Government
27.69‌%
Financial
20.87‌%
Utilities
16.04‌%
Energy
11.14‌%
Industrial
8.20‌%
Basic
Materials
4.01‌%
Exchange-Traded
Funds
3.47‌%
Consumer,
Non-cyclical
3.40‌%
Money
Market
Funds
2.74‌%
Consumer,
Cyclical
1.02‌%
Technology
0.77‌%
Mortgage
Securities
0.71‌%
Communications
0.61‌%
Asset
Backed
Securities
0.11‌%
Closed-End
Funds
0.09‌%
Purchased
Options
0.00‌%
Other
Assets
and
Liabilities
(0.87‌)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2023
Purchases
Sales
February
29,
2024
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
$
76,170‌
$
1,259,778‌
$
1,259,209‌
$
76,739‌
$
76,170‌
$
1,259,778‌
$
1,259,209‌
$
76,739‌
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
5.23%
$
1,883‌
$
—‌
$
—‌
$
—‌
$
1,883‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Avaya
Holdings
Corp
05/19/2023
$
186‌
$
78‌
0.00%
Crown
Finance
US
Inc
-
4A2
Shares
08/30/2023
988‌
665‌
0.02%
Millennium
Health
LLC
03/15/2016
—‌
3‌
0.00%
Millennium
Health
LLC
03/15/2016
—‌
—‌
0.00%
Total
$
746‌
0.02%
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
LME
Copper
Future;
June
2024
(a)
N/A
56‌
$
1‌
$
10,000.00‌
06/06/2024
$
411‌
$
27‌
$
(384‌)
Put
-
US
10
Year
Note
Future;
June
2024
N/A
170‌
170‌
$
110.00‌
03/11/2024
77‌
45‌
(32‌)
Total
$
488‌
$
72‌
$
(416‌)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
3
Month
Secured
Overnight
Financing
Rate
Future;
June
2024
N/A
143‌
$
358‌
$
94.75‌
06/17/2024
$
(23‌)
$
(23‌)
$
—‌
Put
-
US
10
Year
Note
Future;
June
2024
N/A
170‌
170‌
$
108.50‌
03/11/2024
(24‌)
(3‌)
21‌
Total
$
(47‌)
$
(26‌)
$
21‌
Amounts
in
thousands
except
contracts/shares.
(a)
All
or
a
portion
of
this
security
is
owned
by
the
DRA
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
100
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
-
5
Year
Interest
Rate
Swap
Citigroup
Inc
Secured
Overnight
Financing
Rate
Receive
$
7,818‌
3.75%
06/13/2024
$
(124‌)
$
(63‌)
$
61‌
Call
-
5
Year
Interest
Rate
Swap
Citigroup
Inc
Secured
Overnight
Financing
Rate
Receive
3,657‌
3.59%
02/13/2025
(74‌)
(63‌)
11‌
Call
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
3,665‌
3.90%
11/15/2024
(81‌)
(72‌)
9‌
Put
-
5
Year
Interest
Rate
Swap
Citigroup
Inc
Secured
Overnight
Financing
Rate
Pay
7,818‌
3.75%
06/13/2024
(121‌)
(117‌)
4‌
Put
-
5
Year
Interest
Rate
Swap
Citigroup
Inc
Secured
Overnight
Financing
Rate
Pay
3,657‌
3.59%
02/13/2025
(71‌)
(82‌)
(11‌)
Put
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Pay
3,665‌
3.90%
11/15/2024
(81‌)
(54‌)
27‌
Total
$
(552‌)
$
(451‌)
$
101‌
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
3
Month
Secured
Overnight
Financing
Rate;
March
2025
Short
1‌
$
239‌
$
1‌
30
Day
Federal
Funds;
April
2024
Long
11‌
4,340‌
(2‌)
Brent
Crude;
December
2024
(a)
Long
29‌
2,253‌
78‌
Brent
Crude;
May
2024
(a)
Long
780‌
63,890‌
660‌
Canada
10
Year
Bond;
June
2024
Short
7‌
618‌
(2‌)
Canadian
Bank
Acceptance;
December
2024
Long
39‌
6,859‌
(2‌)
Canadian
Bank
Acceptance;
June
2024
Short
39‌
6,821‌
(5‌)
Cocoa;
July
2024
(a)
Short
194‌
11,116‌
(2,812‌)
Cocoa;
May
2024
(a)
Short
27‌
1,633‌
(129‌)
Coffee
'C';
July
2024
(a)
Short
117‌
8,016‌
(39‌)
Copper;
May
2024
(a)
Long
17‌
1,635‌
52‌
Corn;
July
2024
(a)
Short
160‌
3,530‌
164‌
Cotton
No.2;
July
2024
(a)
Short
191‌
9,337‌
(1,095‌)
Cotton
No.2;
July
2024
(a)
Long
56‌
2,738‌
141‌
ECX
Emission;
December
2024
(a)
Long
36‌
2,179‌
(87‌)
Euribor
;
March
2024
Long
18‌
4,673‌
(5‌)
Euro
Bond
10
Year
Bond;
March
2024
Short
18‌
2,581‌
27‌
Euro
Buxl
30
Year
Bond;
March
2024
Short
5‌
720‌
10‌
Euro
Milling
Wheat;
May
2024
(a)
Long
744‌
7,880‌
(431‌)
Euro
Schatz;
March
2024
Long
30‌
3,409‌
—‌
Euro-
Bobl
5
Year;
March
2024
Short
6‌
754‌
12‌
Frozen
Concentrated
Orange
Juice-A;
July
2024
(a)
Short
20‌
1,061‌
(117‌)
Frozen
Concentrated
Orange
Juice-A;
May
2024
(a)
Short
21‌
1,128‌
(61‌)
Gasoline
RBOB;
April
2024
(a)
Long
1‌
108‌
(2‌)
Gasoline
RBOB;
July
2024
(a)
Short
52‌
5,450‌
(296‌)
Gasoline
RBOB;
July
2024
(a)
Long
79‌
8,280‌
51‌
Gold
100
oz
;
April
2024
(a)
Long
97‌
19,931‌
166‌
Gold
100
oz
;
August
2024
(a)
Long
180‌
37,676‌
466‌
KC
HRW
Wheat;
May
2024
(a)
Long
317‌
9,308‌
(86‌)
Lean
Hogs;
July
2024
(a)
Long
12‌
487‌
18‌
Lean
Hogs;
June
2024
(a)
Long
19‌
762‌
42‌
Live
Cattle;
August
2024
(a)
Short
52‌
3,759‌
39‌
Live
Cattle;
August
2024
(a)
Long
10‌
723‌
(6‌)
Live
Cattle;
June
2024
(a)
Short
84‌
6,089‌
(339‌)
LME
Copper;
July
2024
(a)
Long
172‌
36,647‌
1,104‌
LME
Copper;
March
2024
(a)
Short
—‌
—‌
(175‌)
LME
Lead;
July
2024
(a)
Long
12‌
621‌
5‌
LME
Lead;
June
2024
(a)
Long
18‌
929‌
16‌
LME
Lead;
June
2024
(a)
Short
—‌
—‌
(15‌)
LME
Lead;
March
2024
(a)
Short
—‌
—‌
(153‌)
LME
Nickel;
July
2024
(a)
Long
44‌
4,764‌
445‌
LME
Nickel;
June
2024
(a)
Long
48‌
5,173‌
424‌
LME
Nickel;
March
2024
(a)
Short
—‌
—‌
(444‌)
LME
PRI
Alum;
December
2024
(a)
Short
119‌
6,889‌
649‌
LME
PRI
Alum;
July
2024
(a)
Long
94‌
5,287‌
(60‌)
LME
PRI
Alum;
June
2024
(a)
Short
45‌
2,517‌
(5‌)
LME
PRI
Alum;
March
2024
(a)
Short
—‌
—‌
31‌
LME
PRI
Alum;
March
2024
(a)
Long
155‌
8,514‌
(658‌)
LME
Zinc;
July
2024
(a)
Long
7‌
427‌
16‌
LME
Zinc;
June
2024
(a)
Long
121‌
7,359‌
(355‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
101
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
LME
Zinc;
March
2024
(a)
Short
—‌
$
—‌
$
71‌
Low
Sulphur
Gasoline;
April
2024
(a)
Long
60‌
4,837‌
(174‌)
Low
Sulphur
Gasoline;
March
2024
(a)
Long
49‌
4,051‌
—‌
Low
Sulphur
Gasoline;
May
2024
(a)
Long
138‌
10,902‌
(188‌)
Natural
Gas;
April
2024
(a)
Long
434‌
8,072‌
(795‌)
Natural
Gas;
April
2025
(a)
Long
93‌
2,818‌
(593‌)
Natural
Gas;
January
2025
(a)
Short
93‌
3,505‌
(82‌)
Natural
Gas;
July
2024
(a)
Short
252‌
6,318‌
(51‌)
Natural
Gas;
July
2024
(a)
Long
96‌
2,407‌
197‌
Natural
Gas;
October
2025
(a)
Long
108‌
3,725‌
55‌
NY
Harb
ULSD;
April
2024
(a)
Long
10‌
1,113‌
7‌
NY
Harb
ULSD;
July
2024
(a)
Short
59‌
6,296‌
(72‌)
NY
Harb
ULSD;
July
2024
(a)
Long
99‌
10,565‌
(193‌)
Platinum;
April
2024
(a)
Long
62‌
2,740‌
(153‌)
SGX
Iron
Ore
62%;
March
2024
(a)
Long
803‌
9,354‌
(931‌)
Silver;
July
2024
(a)
Long
63‌
7,277‌
68‌
Silver;
May
2024
(a)
Long
102‌
11,671‌
(121‌)
Soybean
Meal;
May
2024
(a)
Long
311‌
10,239‌
(319‌)
Soybean
Oil;
May
2024
(a)
Long
579‌
15,706‌
(763‌)
Soybean;
July
2024
(a)
Short
28‌
1,612‌
83‌
Soybean;
May
2024
(a)
Long
149‌
8,499‌
(397‌)
Sugar
#11;
July
2024
(a)
Long
350‌
8,440‌
(490‌)
Sugar
#11;
May
2024
(a)
Short
108‌
2,624‌
153‌
UK
10
Year
Gilt;
June
2024
Short
1‌
124‌
—‌
US
10
Year
Note;
June
2024
Short
31‌
3,424‌
(9‌)
US
10
Year
Ultra
Note;
June
2024
Short
79‌
9,020‌
(11‌)
US
2
Year
Note;
June
2024
Short
14‌
2,867‌
(2‌)
US
5
Year
Note;
June
2024
Long
37‌
3,956‌
8‌
US
Long
Bond;
June
2024
Short
19‌
2,266‌
(21‌)
US
Ultra
Bond;
June
2024
Short
8‌
1,023‌
(16‌)
Wheat;
July
2024
(a)
Short
336‌
9,731‌
705‌
Wheat;
May
2024
(a)
Long
73‌
2,103‌
(79‌)
WTI
Crude;
April
2024
(a)
Long
246‌
19,252‌
1,138‌
WTI
Crude;
July
2024
(a)
Short
724‌
55,154‌
(2,494‌)
WTI
Crude;
July
2024
(a)
Long
79‌
6,018‌
51‌
Total
$
(8,182‌)
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
03/04/2024
$
135‌
EUR
125‌
$
—‌
$
—‌
BNP
Paribas
03/04/2024
GBP
946‌
$
1,196‌
—‌
(2‌)
BNP
Paribas
03/04/2024
EUR
5,148‌
$
5,567‌
—‌
(3‌)
BNP
Paribas
03/20/2024
$
614‌
EUR
570‌
—‌
(2‌)
BNP
Paribas
04/02/2024
$
1,013‌
GBP
801‌
2‌
—‌
BNP
Paribas
04/02/2024
$
5,573‌
EUR
5,148‌
3‌
—‌
Deutsche
Bank
AG
03/04/2024
EUR
64‌
$
69‌
—‌
—‌
Deutsche
Bank
AG
03/04/2024
$
854‌
GBP
674‌
3‌
—‌
Deutsche
Bank
AG
04/02/2024
$
301‌
EUR
278‌
—‌
—‌
JPMorgan
Chase
03/04/2024
$
4,869‌
EUR
4,480‌
28‌
—‌
Morgan
Stanley
&
Co
03/04/2024
$
339‌
GBP
269‌
—‌
—‌
Morgan
Stanley
&
Co
03/04/2024
$
82‌
EUR
76‌
—‌
—‌
Toronto
Dominion
Bank
03/04/2024
$
1‌
AUD
1‌
—‌
—‌
UBS
AG
03/04/2024
$
572‌
EUR
531‌
—‌
(2‌)
Total
$
36‌
$
(9‌)
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
102
Exchange
Cleared
Interest
Rate
Swaps
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
6
Month
Euro
Interbank
Offered
Rate
Receive
2.51%
Annual
Semiannual
N/A
03/01/2054
EUR
245‌
$
(4‌)
$
—‌
$
(4‌)
6
Month
Euro
Interbank
Offered
Rate
Receive
2.51%
Annual
Semiannual
N/A
02/20/2054
1,131‌
(19‌)
—‌
(19‌)
6
Month
Euro
Interbank
Offered
Rate
Receive
2.51%
Annual
Semiannual
N/A
02/20/2054
487‌
(8‌)
—‌
(8‌)
6
Month
Euro
Interbank
Offered
Rate
Receive
2.49%
Annual
Semiannual
N/A
02/19/2054
487‌
(6‌)
—‌
(6‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.48%
Annual
Annual
N/A
03/01/2054
$
425‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.37%
Annual
Annual
N/A
02/28/2026
2,380‌
(3‌)
—‌
(3‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.43%
Annual
Annual
N/A
02/28/2029
1,980‌
3‌
—‌
3‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.50%
Annual
Annual
N/A
02/28/2034
525‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.43%
Annual
Annual
N/A
02/21/2028
900‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.51%
Annual
Annual
N/A
03/01/2034
1,050‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.61%
Annual
Annual
N/A
12/12/2027
2,055‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.13%
Annual
Annual
N/A
01/09/2026
3,775‌
17‌
—‌
17‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.47%
Annual
Annual
N/A
12/18/2053
500‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.32%
Annual
Annual
N/A
11/21/2026
1,770‌
1‌
—‌
1‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.41%
Annual
Annual
N/A
06/02/2028
2,000‌
11‌
—‌
11‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.42%
Annual
Annual
N/A
05/22/2028
6,725‌
32‌
1‌
33‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.56%
Annual
Annual
N/A
04/13/2028
1,505‌
(2‌)
—‌
(2‌)
Eurostat
Eurozone
HICP
ex
Tobacco
Pay
2.53%
Annual
Annual
N/A
11/15/2053
EUR
175‌
2‌
—‌
2‌
Eurostat
Eurozone
HICP
ex
Tobacco
Pay
2.64%
Annual
Annual
N/A
11/15/2053
90‌
4‌
1‌
5‌
Eurostat
Eurozone
HICP
ex
Tobacco
Pay
2.78%
Annual
Annual
N/A
08/15/2053
45‌
4‌
—‌
4‌
Eurostat
Eurozone
HICP
ex
Tobacco
Pay
2.10%
Annual
Annual
N/A
02/15/2025
4,520‌
(3‌)
—‌
(3‌)
Eurostat
Eurozone
HICP
ex
Tobacco
Receive
2.07%
Annual
Annual
N/A
02/15/2026
4,520‌
(6‌)
—‌
(6‌)
Secured
Overnight
Financing
Rate
Receive
3.73%
Annual
Annual
N/A
06/15/2029
$
254‌
2‌
—‌
2‌
Secured
Overnight
Financing
Rate
Receive
3.95%
Annual
Annual
N/A
06/17/2029
607‌
(2‌)
—‌
(2‌)
Secured
Overnight
Financing
Rate
Receive
3.87%
Annual
Annual
N/A
06/17/2029
304‌
—‌
—‌
—‌
United
Kingdom
Retail
Prices
Index
Receive
3.18%
Annual
Annual
N/A
01/15/2054
GBP
290‌
11‌
(1‌)
10‌
Total
$
31‌
$
1‌
$
32‌
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)
81,196
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.25%
Monthly
05/01/2024
$
74,404‌
$
—‌
$
589‌
$
—‌
Bank
of
America
NA
Refinitiv
/
CoreCommodity
CRB(R)
Index
Total
Return
(a)
105,507
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.21%
Monthly
05/01/2024
32,994‌
—‌
320‌
—‌
Citigroup
Inc
Refinitiv
/
CoreCommodity
CRB
3-Month
Forward
Index
Total
Return
(a)
118,799
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.24%
Monthly
05/01/2024
108,861‌
—‌
861‌
—‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
103
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(R)
Index
Total
Return
(a)
92,740
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.21%
Monthly
05/01/2024
$
29,001‌
$
—‌
$
282‌
$
—‌
Total
$
—‌
$
2,052‌
$
—‌
Amounts
in
thousands
except
contracts.
(a)
All
or
a
portion
of
this
security
is
owned
by
the
DRA
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
Schedule
of
Investments
Edge
MidCap
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
104
INVESTMENT
COMPANIES
-
1
.01
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.01
%
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
(a),(b)
785,554‌
$
785‌
TOTAL
INVESTMENT
COMPANIES
$
785‌
COMMON
STOCKS
-
98
.07
%
Shares
Held
Value
(000's)
Advertising
-
1
.62
%
Interpublic
Group
of
Cos
Inc/The
39,782‌
$
1,250‌
Automobile
Parts
&
Equipment
-
2
.41
%
Autoliv
Inc
16,078‌
1,866‌
Banks
-
4
.43
%
Bank
OZK
34,339‌
1,504‌
Cullen/Frost
Bankers
Inc
17,727‌
1,924‌
$
3,428‌
Building
Materials
-
3
.27
%
Lennox
International
Inc
5,367‌
2,529‌
Chemicals
-
1
.83
%
FMC
Corp
20,830‌
1,175‌
RPM
International
Inc
2,126‌
245‌
$
1,420‌
Commercial
Services
-
3
.00
%
Morningstar
Inc
7,769‌
2,320‌
Computers
-
1
.89
%
Amdocs
Ltd
16,025‌
1,461‌
Consumer
Products
-
5
.84
%
Avery
Dennison
Corp
12,701‌
2,751‌
WD-40
Co
6,603‌
1,772‌
$
4,523‌
Diversified
Financial
Services
-
2
.42
%
Hamilton
Lane
Inc
16,335‌
1,876‌
Electric
-
2
.42
%
Alliant
Energy
Corp
39,080‌
1,866‌
Electrical
Components
&
Equipment
-
2
.05
%
Littelfuse
Inc
6,676‌
1,590‌
Food
-
0
.80
%
Simply
Good
Foods
Co/The
(c)
17,489‌
621‌
Hand
&
Machine
Tools
-
9
.28
%
Lincoln
Electric
Holdings
Inc
11,125‌
2,855‌
MSA
Safety
Inc
11,503‌
2,118‌
Snap-on
Inc
7,996‌
2,203‌
$
7,176‌
Healthcare
-
Products
-
7
.84
%
Bio-Techne
Corp
27,239‌
2,004‌
Inspire
Medical
Systems
Inc
(c)
1,312‌
235‌
STERIS
PLC
10,255‌
2,388‌
Teleflex
Inc
6,451‌
1,437‌
$
6,064‌
Healthcare
-
Services
-
2
.63
%
Universal
Health
Services
Inc
12,172‌
2,033‌
Insurance
-
5
.37
%
Fidelity
National
Financial
Inc
40,774‌
2,061‌
Kinsale
Capital
Group
Inc
2,197‌
1,134‌
Markel
Group
Inc
(c)
639‌
954‌
$
4,149‌
Internet
-
1
.09
%
Rightmove
PLC
118,031‌
847‌
Leisure
Products
&
Services
-
5
.12
%
Brunswick
Corp/DE
24,534‌
2,144‌
YETI
Holdings
Inc
(c)
44,232‌
1,815‌
$
3,959‌
Machinery
-
Diversified
-
3
.53
%
Nordson
Corp
10,296‌
2,735‌
Media
-
0
.57
%
Cable
One
Inc
968‌
441‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
-
4
.44
%
Coterra
Energy
Inc
46,526‌
$
1,199‌
Helmerich
&
Payne
Inc
26,873‌
1,032‌
HF
Sinclair
Corp
21,702‌
1,205‌
$
3,436‌
REITs
-
7
.63
%
Alexandria
Real
Estate
Equities
Inc
14,493‌
1,808‌
Equity
LifeStyle
Properties
Inc
24,625‌
1,658‌
Essential
Properties
Realty
Trust
Inc
23,054‌
551‌
Terreno
Realty
Corp
29,424‌
1,892‌
$
5,909‌
Retail
-
3
.37
%
Casey's
General
Stores
Inc
637‌
194‌
Tractor
Supply
Co
9,499‌
2,416‌
$
2,610‌
Semiconductors
-
2
.50
%
Teradyne
Inc
18,709‌
1,938‌
Software
-
8
.01
%
Cloudflare
Inc
(c)
8,902‌
877‌
Fair
Isaac
Corp
(c)
1,834‌
2,329‌
HubSpot
Inc
(c)
1,658‌
1,026‌
Tyler
Technologies
Inc
(c)
4,490‌
1,964‌
$
6,196‌
Transportation
-
2
.75
%
Expeditors
International
of
Washington
Inc
17,790‌
2,128‌
Water
-
1
.96
%
Essential
Utilities
Inc
43,715‌
1,520‌
TOTAL
COMMON
STOCKS
$
75,891‌
Total
Investments
$
76,676‌
Other
Assets
and
Liabilities
-  0.92%
710‌
TOTAL
NET
ASSETS
-
100.00%
$
77,386‌
(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)
1-day
yield
shown
is
as
of
period
end.
(c)
Non-income
producing
security
Portfolio
Summary
Sector
Percent
Industrial
20
.88‌
%
Consumer,
Non-cyclical
20
.11‌
%
Financial
19
.85‌
%
Technology
12
.40‌
%
Consumer,
Cyclical
10
.90‌
%
Energy
4
.44‌
%
Utilities
4
.38‌
%
Communications
3
.28‌
%
Basic
Materials
1
.83‌
%
Money
Market
Funds
1
.01‌
%
Other
Assets
and
Liabilities
0
.92‌
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Edge
MidCap
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
105
Affiliated
Securities
August
31,
2023
Purchases
Sales
February
29,
2024
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
$
1,805‌
$
8,027‌
$
9,047‌
$
785‌
$
1,805‌
$
8,027‌
$
9,047‌
$
785‌
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
5.23%
$
39‌
$
—‌
$
—‌
$
—‌
$
39‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
106
INVESTMENT
COMPANIES
-
20.25%
Shares
Held
Value
(000's)
Closed-End
Funds
-
0.54%
Ares
Dynamic
Credit
Allocation
Fund
Inc
6,383‌
$
88‌
BlackRock
Floating
Rate
Income
Strategies
Fund
Inc
6,525‌
83‌
BlackRock
MuniYield
Quality
Fund
III
Inc
6,330‌
72‌
Blackstone
Senior
Floating
Rate
2027
Term
Fund
7,563‌
107‌
Blackstone
Strategic
Credit
2027
Term
Fund
9,388‌
110‌
First
Trust
Senior
Floating
Rate
Income
Fund
II
8,544‌
87‌
Franklin
Universal
Trust
13,711‌
89‌
Invesco
Municipal
Opportunity
Trust
18,794‌
181‌
Invesco
Value
Municipal
Income
Trust
7,753‌
92‌
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
13,773‌
163‌
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
31,356‌
343‌
Nuveen
Credit
Strategies
Income
Fund
33,083‌
183‌
Nuveen
Municipal
Credit
Income
Fund
24,515‌
293‌
Nuveen
Municipal
Value
Fund
Inc
19,634‌
171‌
Nuveen
Preferred
&
Income
Term
Fund
3,242‌
62‌
Saba
Capital
Income
&
Opportunities
Fund
10,973‌
80‌
$
2,204‌
Exchange-Traded
Funds
-
2.48%
Invesco
Optimum
Yield
Diversified
Commodity
Strategy
No
K-1
ETF
16,135‌
214‌
iShares
0-5
Year
TIPS
Bond
ETF
22,720‌
2,246‌
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
24,385‌
887‌
iShares
Core
MSCI
Emerging
Markets
ETF
4,425‌
223‌
iShares
Floating
Rate
Bond
ETF
46,950‌
2,397‌
iShares
MSCI
EAFE
Value
ETF
8,065‌
420‌
iShares
Russell
1000
Growth
ETF
411‌
136‌
iShares
Russell
2000
ETF
857‌
175‌
iShares
Russell
2000
Growth
ETF
3,276‌
865‌
iShares
Russell
2000
Value
ETF
1,039‌
159‌
iShares
Short
Treasury
Bond
ETF
21,640‌
2,392‌
$
10,114‌
Money
Market
Funds
-
17.23%
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
5.24%
(a),(b),(c)
3,315,501‌
3,316‌
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
(b),(d)
67,041,369‌
67,041‌
$
70,357‌
TOTAL
INVESTMENT
COMPANIES
$
82,675‌
COMMON
STOCKS
-
38.63%
Shares
Held
Value
(000's)
Advertising
-
0.10%
Interpublic
Group
of
Cos
Inc/The
(e)
2,856‌
$
89‌
National
CineMedia
Inc
(f)
10,330‌
42‌
Omnicom
Group
Inc
(e)
632‌
56‌
Publicis
Groupe
SA
1,172‌
124‌
Taboola.com
Ltd
(f)
17,831‌
78‌
Trade
Desk
Inc/The
(f)
37‌
3‌
$
392‌
Aerospace
&
Defense
-
0.56%
Airbus
SE
359‌
59‌
General
Dynamics
Corp
(e)
1,697‌
463‌
HEICO
Corp
-
Class
A
2,326‌
362‌
Howmet
Aerospace
Inc
(e)
4,719‌
314‌
Lockheed
Martin
Corp
(e)
786‌
337‌
Northrop
Grumman
Corp
594‌
274‌
RTX
Corp
1,113‌
100‌
Spirit
AeroSystems
Holdings
Inc
(f)
1,842‌
53‌
TransDigm
Group
Inc
(e)
275‌
324‌
$
2,286‌
Agriculture
-
0.10%
Altria
Group
Inc
(e)
1,458‌
60‌
Archer-Daniels-Midland
Co
(e)
2,669‌
142‌
Imperial
Brands
PLC
1,891‌
41‌
Philip
Morris
International
Inc
(e)
1,762‌
158‌
$
401‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Airlines
-
0.33%
Air
Canada
(f)
4,300‌
$
57‌
American
Airlines
Group
Inc
(e),(f)
13,914‌
218‌
ANA
Holdings
Inc
(f)
22,100‌
482‌
Delta
Air
Lines
Inc
(e)
11,777‌
498‌
Japan
Airlines
Co
Ltd
4,800‌
90‌
$
1,345‌
Apparel
-
0.28%
Carter's
Inc
703‌
57‌
Crocs
Inc
(f)
273‌
33‌
Deckers
Outdoor
Corp
(f)
83‌
74‌
Gildan
Activewear
Inc
100‌
3‌
Kontoor
Brands
Inc
1,010‌
60‌
NIKE
Inc
(e)
2,000‌
208‌
On
Holding
AG
(f)
2,130‌
75‌
Ralph
Lauren
Corp
(e)
1,225‌
228‌
Steven
Madden
Ltd
1,612‌
69‌
Tapestry
Inc
(e)
7,106‌
338‌
$
1,145‌
Automobile
Manufacturers
-
0.54%
Blue
Bird
Corp
(f)
2,662‌
90‌
Cummins
Inc
(e)
307‌
83‌
General
Motors
Co
(e)
8,911‌
365‌
Honda
Motor
Co
Ltd
15,100‌
179‌
Isuzu
Motors
Ltd
8,500‌
121‌
Mazda
Motor
Corp
7,300‌
85‌
Nissan
Motor
Co
Ltd
13,400‌
53‌
PACCAR
Inc
(c),(e)
3,287‌
364‌
REV
Group
Inc
2,855‌
59‌
Subaru
Corp
6,600‌
149‌
Tesla
Inc
(f)
409‌
83‌
Volvo
AB
-
B
Shares
17,458‌
481‌
Volvo
Car
AB
(f)
30,870‌
113‌
Zapp
Electric
Vehicles
Group
Ltd
-
Warrants
(f)
1,167‌
—‌
$
2,225‌
Automobile
Parts
&
Equipment
-
0.19%
BorgWarner
Inc
(e)
8,284‌
258‌
Cie
Generale
des
Etablissements
Michelin
SCA
4,129‌
153‌
Dana
Inc
2,442‌
30‌
Gentex
Corp
3,005‌
110‌
Goodyear
Tire
&
Rubber
Co/The
(f)
5,645‌
67‌
Phinia
Inc
1,877‌
64‌
Visteon
Corp
(f)
264‌
30‌
XPEL
Inc
(f)
935‌
49‌
$
761‌
Banks
-
0.83%
Bank
of
America
Corp
(e)
4,261‌
147‌
Bank
OZK
1,410‌
62‌
Banner
Corp
653‌
29‌
Cadence
Bank
4,173‌
116‌
Citigroup
Inc
3,890‌
216‌
Citizens
Financial
Group
Inc
250‌
8‌
Columbia
Banking
System
Inc
2,551‌
46‌
Comerica
Inc
68‌
3‌
Computershare
Ltd
6,469‌
109‌
DBS
Group
Holdings
Ltd
5,800‌
144‌
Fifth
Third
Bancorp
(c)
968‌
34‌
First
Hawaiian
Inc
2,752‌
58‌
First
Interstate
BancSystem
Inc
2,092‌
55‌
FNB
Corp/PA
4,063‌
54‌
Goldman
Sachs
Group
Inc/The
(e)
695‌
270‌
Home
BancShares
Inc/AR
2,724‌
64‌
Japan
Post
Bank
Co
Ltd
2,800‌
30‌
JPMorgan
Chase
&
Co
(c),(e)
2,758‌
513‌
KeyCorp
(e)
4,769‌
68‌
M&T
Bank
Corp
784‌
110‌
Mizuho
Financial
Group
Inc
9,000‌
168‌
Morgan
Stanley
1,933‌
166‌
Northern
Trust
Corp
88‌
7‌
OFG
Bancorp
1,232‌
45‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
107
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Old
National
Bancorp/IN
3,596‌
$
59‌
Oversea-Chinese
Banking
Corp
Ltd
11,500‌
111‌
PNC
Financial
Services
Group
Inc/The
(e)
180‌
26‌
Sandy
Spring
Bancorp
Inc
2,421‌
53‌
Shizuoka
Financial
Group
Inc
7,200‌
70‌
Skandinaviska
Enskilda
Banken
AB
9,034‌
134‌
Stellar
Bancorp
Inc
1,886‌
45‌
Sumitomo
Mitsui
Financial
Group
Inc
1,400‌
78‌
Truist
Financial
Corp
700‌
24‌
United
Community
Banks
Inc/GA
1,677‌
44‌
United
Overseas
Bank
Ltd
4,500‌
94‌
US
Bancorp
(e)
1,647‌
69‌
Veritex
Holdings
Inc
2,051‌
40‌
$
3,369‌
Beverages
-
0.40%
Celsius
Holdings
Inc
(f)
843‌
69‌
Coca-Cola
Co/The
(e)
6,849‌
411‌
Coca-Cola
HBC
AG
(f)
11,302‌
352‌
Constellation
Brands
Inc
(e)
1,046‌
260‌
Keurig
Dr
Pepper
Inc
(e)
5,827‌
174‌
Kirin
Holdings
Co
Ltd
1,100‌
15‌
Molson
Coors
Beverage
Co
(e)
1,264‌
79‌
Monster
Beverage
Corp
(f)
1,029‌
61‌
PepsiCo
Inc
1,293‌
214‌
$
1,635‌
Biotechnology
-
1.14%
4D
Molecular
Therapeutics
Inc
(f)
88‌
3‌
89bio
Inc
(f)
204‌
2‌
ACADIA
Pharmaceuticals
Inc
(f)
318‌
7‌
Akero
Therapeutics
Inc
(f)
136‌
4‌
Akouos
Inc
-
Contingent
Value
Rights
(f),(g)
4,410‌
3‌
Alnylam
Pharmaceuticals
Inc
(f)
433‌
65‌
Alpine
Immune
Sciences
Inc
(f)
132‌
5‌
ALX
Oncology
Holdings
Inc
(f)
85‌
1‌
Ambrx
Biopharma
Inc
(f)
2,648‌
74‌
Amgen
Inc
(e)
890‌
244‌
Amicus
Therapeutics
Inc
(f)
721‌
9‌
Apogee
Therapeutics
Inc
(f)
331‌
12‌
Arcellx
Inc
(f)
77‌
5‌
Arcturus
Therapeutics
Holdings
Inc
(f)
63‌
2‌
Arcutis
Biotherapeutics
Inc
(f)
266‌
3‌
Ardelyx
Inc
(f)
540‌
5‌
Arrowhead
Pharmaceuticals
Inc
(f)
242‌
8‌
Avidity
Biosciences
Inc
(f)
169‌
3‌
Axsome
Therapeutics
Inc
(f)
72‌
6‌
Beam
Therapeutics
Inc
(f)
153‌
6‌
Biohaven
Ltd
(f)
149‌
7‌
BioMarin
Pharmaceutical
Inc
(f)
3,400‌
293‌
Biomea
Fusion
Inc
(f)
72‌
1‌
Blueprint
Medicines
Corp
(f)
448‌
42‌
Cabaletta
Bio
Inc
(f)
90‌
2‌
Caribou
Biosciences
Inc
(f)
271‌
2‌
Celldex
Therapeutics
Inc
(f)
753‌
36‌
Cerevel
Therapeutics
Holdings
Inc
(f)
13,370‌
548‌
Crinetics
Pharmaceuticals
Inc
(f)
460‌
19‌
Cytokinetics
Inc
(f)
573‌
41‌
Day
One
Biopharmaceuticals
Inc
(f)
168‌
3‌
Denali
Therapeutics
Inc
(f)
226‌
5‌
Disc
Medicine
Inc
(f)
49‌
3‌
Dyne
Therapeutics
Inc
(f)
126‌
3‌
Genmab
A/S
(f)
656‌
182‌
Geron
Corp
(f)
1,166‌
2‌
Gilead
Sciences
Inc
(c),(e)
3,614‌
261‌
Halozyme
Therapeutics
Inc
(f)
1,671‌
67‌
Illumina
Inc
(f)
67‌
9‌
Immunocore
Holdings
PLC
ADR
(f)
382‌
26‌
Immunovant
Inc
(f)
148‌
5‌
Incyte
Corp
(e),(f)
4,109‌
240‌
Inhibrx
Inc
(f)
81‌
3‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Innoviva
Inc
(f)
423‌
$
6‌
Intellia
Therapeutics
Inc
(f)
558‌
18‌
Intra-Cellular
Therapies
Inc
(f)
568‌
40‌
Iovance
Biotherapeutics
Inc
(f)
560‌
9‌
Karuna
Therapeutics
Inc
(f)
2,569‌
807‌
Krystal
Biotech
Inc
(f)
53‌
8‌
Kymera
Therapeutics
Inc
(f)
241‌
10‌
Ligand
Pharmaceuticals
Inc
(f)
57‌
5‌
MacroGenics
Inc
(f)
188‌
3‌
Mersana
Therapeutics
Inc
(f)
289‌
2‌
Myriad
Genetics
Inc
(f)
180‌
4‌
Neumora
Therapeutics
Inc
(f)
66‌
1‌
Nkarta
Inc
(f)
109‌
1‌
Nurix
Therapeutics
Inc
(f)
145‌
2‌
Nuvalent
Inc
(f)
113‌
10‌
Olema
Pharmaceuticals
Inc
(f)
120‌
2‌
Olink
Holding
AB
ADR
(f)
39,875‌
892‌
Phathom
Pharmaceuticals
Inc
(f)
143‌
2‌
Prothena
Corp
PLC
(f)
345‌
10‌
PTC
Therapeutics
Inc
(f)
600‌
17‌
REGENXBIO
Inc
(f)
146‌
3‌
Relay
Therapeutics
Inc
(f)
242‌
2‌
Replimune
Group
Inc
(f)
196‌
2‌
REVOLUTION
Medicines
Inc
(f)
1,359‌
40‌
Rocket
Pharmaceuticals
Inc
(f)
1,301‌
38‌
Royalty
Pharma
PLC
(c)
1,786‌
54‌
Sage
Therapeutics
Inc
(f)
160‌
3‌
Savara
Inc
(f)
432‌
2‌
SpringWorks
Therapeutics
Inc
(f)
143‌
7‌
Structure
Therapeutics
Inc
ADR
(f)
204‌
8‌
Syndax
Pharmaceuticals
Inc
(f)
979‌
23‌
Tevogen
Bio
Holdings
Inc
-
Warrants
(f)
597‌
—‌
TG
Therapeutics
Inc
(f)
310‌
5‌
Theravance
Biopharma
Inc
(f)
355‌
3‌
Travere
Therapeutics
Inc
(f)
234‌
2‌
United
Therapeutics
Corp
(f)
269‌
61‌
UroGen
Pharma
Ltd
(f)
118‌
2‌
Vera
Therapeutics
Inc
(f)
91‌
4‌
Veracyte
Inc
(f)
154‌
4‌
Vertex
Pharmaceuticals
Inc
(c),(e),(f)
607‌
256‌
Verve
Therapeutics
Inc
(f)
126‌
2‌
Viridian
Therapeutics
Inc
(f)
120‌
2‌
WaVe
Life
Sciences
Ltd
(f)
251‌
1‌
Xencor
Inc
(f)
195‌
5‌
Zymeworks
Inc
(f)
195‌
2‌
$
4,647‌
Building
Materials
-
0.90%
AGC
Inc
600‌
21‌
AZEK
Co
Inc/The
(f)
1,690‌
81‌
Builders
FirstSource
Inc
(e),(f)
1,123‌
219‌
Carrier
Global
Corp
(c),(e)
37,237‌
2,069‌
Cemex
SAB
de
CV
ADR
(f)
34,259‌
262‌
CRH
PLC
844‌
70‌
James
Hardie
Industries
PLC
(f)
3,957‌
157‌
Johnson
Controls
International
plc
420‌
25‌
Martin
Marietta
Materials
Inc
(e)
150‌
87‌
Masco
Corp
(e)
2,510‌
193‌
Masonite
International
Corp
(f)
19‌
3‌
Mohawk
Industries
Inc
(e),(f)
1,094‌
130‌
Trane
Technologies
PLC
(c)
826‌
233‌
Vulcan
Materials
Co
(c)
351‌
93‌
Xinyi
Glass
Holdings
Ltd
21,000‌
21‌
$
3,664‌
Chemicals
-
0.68%
Arcadium
Lithium
PLC
(f)
5,074‌
28‌
Cabot
Corp
806‌
69‌
Celanese
Corp
1,122‌
171‌
CF
Industries
Holdings
Inc
(e)
2,856‌
231‌
Eastman
Chemical
Co
(e)
1,464‌
129‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
108
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
(continued)
Ecolab
Inc
(c),(e)
1,184‌
$
266‌
FMC
Corp
1,071‌
60‌
Linde
PLC
1,236‌
554‌
LyondellBasell
Industries
NV
1,219‌
122‌
Mativ
Holdings
Inc
3,465‌
60‌
Minerals
Technologies
Inc
1,037‌
75‌
Mosaic
Co/The
(e)
6,330‌
197‌
PPG
Industries
Inc
(e)
1,602‌
227‌
Quaker
Chemical
Corp
292‌
59‌
RPM
International
Inc
(c)
659‌
76‌
Sensient
Technologies
Corp
973‌
65‌
Sherwin-Williams
Co/The
(c),(e)
845‌
280‌
Shin-Etsu
Chemical
Co
Ltd
2,200‌
94‌
Yara
International
ASA
97‌
3‌
$
2,766‌
Coal
-
0.11%
Teck
Resources
Ltd
(c)
12,200‌
469‌
Commercial
Services
-
1.39%
Adtalem
Global
Education
Inc
(f)
1,066‌
53‌
Automatic
Data
Processing
Inc
(e)
699‌
176‌
Block
Inc
(c),(f)
3,303‌
263‌
Bureau
Veritas
SA
1,841‌
53‌
CoreCivic
Inc
(f)
3,769‌
57‌
CoStar
Group
Inc
(f)
895‌
78‌
Escrow
Altegrity
Inc
NPV
(f),(g)
837,142‌
1,992‌
European
Wax
Center
Inc
(f)
1,337‌
19‌
Experian
PLC
1,286‌
55‌
FleetCor
Technologies
Inc
(e),(f)
1,135‌
317‌
Gartner
Inc
(f)
7‌
3‌
H&R
Block
Inc
2,231‌
109‌
IDP
Education
Ltd
14,944‌
186‌
Laureate
Education
Inc
5,005‌
67‌
Loomis
AB
1,849‌
50‌
MarketAxess
Holdings
Inc
(e)
558‌
119‌
Monro
Inc
1,213‌
41‌
PayPal
Holdings
Inc
(e),(f)
5,249‌
317‌
PROG
Holdings
Inc
1,545‌
48‌
Progyny
Inc
(f)
1,683‌
61‌
Quanta
Services
Inc
152‌
37‌
Recruit
Holdings
Co
Ltd
5,100‌
206‌
Remitly
Global
Inc
(f)
3,133‌
65‌
Robert
Half
Inc
(e)
2,408‌
194‌
S&P
Global
Inc
65‌
28‌
Shift4
Payments
Inc
(f)
827‌
68‌
SP
Plus
Corp
(f)
10,571‌
543‌
TriNet
Group
Inc
533‌
68‌
United
Rentals
Inc
(c),(e)
464‌
321‌
Wise
PLC
(f)
6,748‌
78‌
$
5,672‌
Computers
-
1.30%
Accenture
PLC
-
Class
A
(c)
1,446‌
542‌
Apple
Inc
(c),(e)
12,251‌
2,215‌
Bechtle
AG
1,957‌
101‌
Cognizant
Technology
Solutions
Corp
(c)
742‌
58‌
CyberArk
Software
Ltd
(f)
282‌
74‌
EPAM
Systems
Inc
(f)
30‌
9‌
ExlService
Holdings
Inc
(f)
2,197‌
68‌
Fortinet
Inc
(f)
421‌
29‌
Genpact
Ltd
1,411‌
48‌
Hewlett
Packard
Enterprise
Co
(e)
2,788‌
43‌
HP
Inc
(e)
5,258‌
149‌
International
Business
Machines
Corp
(e)
1,185‌
219‌
Leidos
Holdings
Inc
(e)
3,431‌
439‌
Logitech
International
SA
277‌
25‌
NEC
Corp
200‌
14‌
NetApp
Inc
(c),(e)
4,539‌
405‌
Otsuka
Corp
1,700‌
75‌
SCSK
Corp
10,600‌
196‌
Seagate
Technology
Holdings
PLC
2,771‌
257‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
Super
Micro
Computer
Inc
(f)
21‌
$
18‌
Teleperformance
SE
1,417‌
176‌
Western
Digital
Corp
(f)
56‌
3‌
Zscaler
Inc
(c),(f)
572‌
138‌
$
5,301‌
Consumer
Products
-
0.06%
Clorox
Co/The
43‌
7‌
Helen
of
Troy
Ltd
(f)
497‌
62‌
Kimberly-Clark
Corp
(e)
1,444‌
175‌
$
244‌
Cosmetics
&
Personal
Care
-
0.52%
Colgate-Palmolive
Co
(e)
4,115‌
356‌
Edgewell
Personal
Care
Co
1,297‌
50‌
elf
Beauty
Inc
(f)
1,050‌
219‌
Kenvue
Inc
(e)
44,150‌
839‌
Procter
&
Gamble
Co/The
(e)
3,451‌
548‌
Unilever
PLC
2,230‌
109‌
$
2,121‌
Distribution
&
Wholesale
-
0.28%
Copart
Inc
(e),(f)
1,648‌
88‌
Fastenal
Co
(c)
6,041‌
441‌
IMCD
NV
73‌
11‌
LKQ
Corp
(e)
1,081‌
57‌
MRC
Global
Inc
(f)
7,983‌
92‌
Rush
Enterprises
Inc
-
Class
A
971‌
47‌
Toyota
Tsusho
Corp
400‌
26‌
WW
Grainger
Inc
(c),(e)
409‌
398‌
$
1,160‌
Diversified
Financial
Services
-
1.02%
4L
Technologies
(f),(g)
24,306‌
—‌
abrdn
plc
2,442‌
5‌
AerCap
Holdings
NV
(f)
1,430‌
110‌
Air
Lease
Corp
1,402‌
56‌
Ally
Financial
Inc
459‌
17‌
American
Express
Co
(e)
1,631‌
358‌
Ameriprise
Financial
Inc
21‌
9‌
Apollo
Global
Management
Inc
33‌
4‌
BlackRock
Inc
(e)
174‌
141‌
Bread
Financial
Holdings
Inc
1,963‌
75‌
Capital
One
Financial
Corp
(c)
1,676‌
230‌
Cboe
Global
Markets
Inc
802‌
154‌
Charles
Schwab
Corp/The
(e)
2,217‌
148‌
CME
Group
Inc
(e)
524‌
115‌
Discover
Financial
Services
996‌
120‌
Element
Comm
Aviation
(f),(g),(h)
280‌
—‌
Enova
International
Inc
(f)
1,153‌
73‌
Federal
Agricultural
Mortgage
Corp
333‌
60‌
Franklin
Resources
Inc
(e)
16,051‌
441‌
IGM
Financial
Inc
3,700‌
97‌
Intercontinental
Exchange
Inc
(e)
1,074‌
149‌
Invesco
Ltd
179‌
3‌
Mastercard
Inc
(e)
671‌
318‌
Nasdaq
Inc
(e)
175‌
10‌
Navient
Corp
3,676‌
60‌
ORIX
Corp
3,300‌
69‌
PJT
Partners
Inc
537‌
57‌
Radian
Group
Inc
2,419‌
71‌
Raymond
James
Financial
Inc
1,112‌
134‌
Singapore
Exchange
Ltd
1,000‌
7‌
Synchrony
Financial
(c)
312‌
13‌
T
Rowe
Price
Group
Inc
(e)
1,067‌
121‌
TPG
Inc
1,400‌
62‌
Tradeweb
Markets
Inc
(c)
1,974‌
209‌
Visa
Inc
(e)
2,027‌
573‌
Voya
Financial
Inc
1,338‌
91‌
$
4,160‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
109
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
-
0.53%
AES
Corp/The
(c)
9,184‌
$
139‌
Ameresco
Inc
(f)
811‌
17‌
Chubu
Electric
Power
Co
Inc
13,900‌
173‌
Constellation
Energy
Corp
(e)
1,187‌
200‌
Duke
Energy
Corp
(e)
5,964‌
548‌
Edison
International
1,602‌
109‌
Eversource
Energy
1,107‌
65‌
Exelon
Corp
4,146‌
148‌
Iberdrola
SA
8,585‌
99‌
NRG
Energy
Inc
(e)
10,151‌
561‌
PG&E
Corp
820‌
14‌
Portland
General
Electric
Co
1,101‌
44‌
Public
Service
Enterprise
Group
Inc
(e)
940‌
59‌
$
2,176‌
Electrical
Components
&
Equipment
-
0.26%
Acuity
Brands
Inc
124‌
31‌
AMETEK
Inc
(c),(e)
1,636‌
295‌
Eaton
Corp
PLC
1,357‌
392‌
Emerson
Electric
Co
767‌
82‌
Energizer
Holdings
Inc
1,634‌
46‌
Generac
Holdings
Inc
(e),(f)
1,287‌
145‌
Novanta
Inc
(f)
398‌
69‌
$
1,060‌
Electronics
-
0.50%
Amphenol
Corp
(e)
2,814‌
307‌
Brady
Corp
1,214‌
71‌
CTS
Corp
1,369‌
61‌
Flex
Ltd
(f)
2,600‌
73‌
Fortive
Corp
294‌
25‌
Garmin
Ltd
908‌
125‌
Honeywell
International
Inc
(e)
1,844‌
367‌
Hubbell
Inc
111‌
42‌
Jabil
Inc
(e)
1,368‌
197‌
Keysight
Technologies
Inc
(e),(f)
1,936‌
299‌
Mettler-Toledo
International
Inc
(e),(f)
145‌
181‌
Napco
Security
Technologies
Inc
1,798‌
81‌
NEXTracker
Inc
(f)
635‌
36‌
Shimadzu
Corp
2,500‌
68‌
TTM
Technologies
Inc
(f)
4,185‌
62‌
Yokogawa
Electric
Corp
2,600‌
55‌
$
2,050‌
Energy
-
Alternate
Sources
-
0.06%
Enphase
Energy
Inc
(f)
1,230‌
156‌
First
Solar
Inc
(f)
470‌
72‌
Shoals
Technologies
Group
Inc
(f)
2,566‌
33‌
$
261‌
Engineering
&
Construction
-
0.32%
Acciona
SA
1,157‌
129‌
AECOM
(c)
5,428‌
482‌
Aeroports
de
Paris
SA
286‌
39‌
Fluor
Corp
(f)
1,786‌
66‌
Jacobs
Solutions
Inc
(e)
1,758‌
258‌
Vinci
SA
934‌
120‌
WSP
Global
Inc
1,400‌
222‌
$
1,316‌
Entertainment
-
0.24%
Caesars
Entertainment
Inc
(c),(e),(f)
6,694‌
291‌
DraftKings
Inc
(f)
2,603‌
113‌
Genting
Singapore
Ltd
104,100‌
70‌
Live
Nation
Entertainment
Inc
(c),(f)
2,120‌
206‌
Monarch
Casino
&
Resort
Inc
856‌
60‌
NEOGAMES
SA
(f)
6,653‌
188‌
Universal
Music
Group
NV
1,508‌
46‌
$
974‌
Environmental
Control
-
0.19%
Casella
Waste
Systems
Inc
(f)
544‌
49‌
Pentair
PLC
1,066‌
83‌
Republic
Services
Inc
(c),(e)
1,067‌
196‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Environmental
Control
(continued)
Veralto
Corp
(e)
2,463‌
$
213‌
Waste
Connections
Inc
(c)
1,329‌
221‌
$
762‌
Food
-
0.63%
Aeon
Co
Ltd
1,000‌
24‌
Albertsons
Cos
Inc
29,110‌
590‌
Campbell
Soup
Co
(e)
2,166‌
92‌
Conagra
Brands
Inc
(e)
5,845‌
164‌
General
Mills
Inc
(e)
2,263‌
145‌
George
Weston
Ltd
2,000‌
262‌
Hershey
Co/The
457‌
86‌
Jeronimo
Martins
SGPS
SA
5,321‌
127‌
Kellanova
(e)
3,078‌
170‌
Kraft
Heinz
Co/The
(e)
4,900‌
173‌
Kroger
Co/The
(e)
977‌
48‌
Mondelez
International
Inc
(c),(e)
4,078‌
299‌
Seven
&
i
Holdings
Co
Ltd
300‌
4‌
Sysco
Corp
(e)
1,458‌
119‌
Tesco
PLC
27,041‌
95‌
Tyson
Foods
Inc
2,001‌
109‌
Woolworths
Group
Ltd
3,022‌
64‌
$
2,571‌
Food
Service
-
0.00%
Compass
Group
PLC
452‌
12‌
Forest
Products
&
Paper
-
0.03%
International
Paper
Co
(e)
2,756‌
97‌
Smurfit
Kappa
Group
PLC
678‌
29‌
$
126‌
Gas
-
0.06%
New
Jersey
Resources
Corp
1,539‌
64‌
Spire
Inc
989‌
58‌
Tokyo
Gas
Co
Ltd
3,100‌
68‌
UGI
Corp
2,328‌
57‌
$
247‌
Hand
&
Machine
Tools
-
0.17%
Kennametal
Inc
2,203‌
56‌
Makita
Corp
1,600‌
42‌
Schindler
Holding
AG
-
PC
569‌
150‌
Snap-on
Inc
(e)
696‌
192‌
Stanley
Black
&
Decker
Inc
(e)
1,787‌
159‌
Techtronic
Industries
Co
Ltd
8,553‌
92‌
$
691‌
Healthcare
-
Products
-
1.30%
Abbott
Laboratories
198‌
24‌
ABIOMED
Inc
-
Contingent
Value
Rights
(f),(g)
692‌
1‌
Agilent
Technologies
Inc
729‌
100‌
Allurion
Technologies
Inc
-
Warrants
(f)
931‌
—‌
Artivion
Inc
(f)
3,311‌
64‌
Axonics
Inc
(f)
19,903‌
1,352‌
Baxter
International
Inc
(e)
16,305‌
667‌
Carl
Zeiss
Meditec
AG
209‌
26‌
Cochlear
Ltd
16‌
4‌
Danaher
Corp
(e)
1,700‌
431‌
DENTSPLY
SIRONA
Inc
(e)
1,763‌
58‌
DiaSorin
SpA
158‌
16‌
Exact
Sciences
Corp
(f)
2,757‌
158‌
GE
HealthCare
Technologies
Inc
(e)
1,845‌
169‌
Getinge
AB
1,979‌
39‌
Glaukos
Corp
(f)
254‌
23‌
Globus
Medical
Inc
(f)
933‌
50‌
Hologic
Inc
(e),(f)
1,412‌
104‌
Inari
Medical
Inc
(f)
576‌
27‌
Inspire
Medical
Systems
Inc
(f)
257‌
46‌
Insulet
Corp
(c),(f)
1,099‌
180‌
Intuitive
Surgical
Inc
(f)
291‌
112‌
Koninklijke
Philips
NV
2,383‌
48‌
Lifco
AB
2,040‌
54‌
Medtronic
PLC
3,836‌
320‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
110
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Omnicell
Inc
(f)
1,728‌
$
45‌
PROCEPT
BioRobotics
Corp
(f)
1,657‌
80‌
Psyence
Biomedical
Ltd
-
Warrants
(f)
974‌
—‌
ResMed
Inc
961‌
167‌
Sartorius
Stedim
Biotech
5‌
1‌
Shockwave
Medical
Inc
(f)
395‌
103‌
SI-BONE
Inc
(f)
2,502‌
44‌
Stryker
Corp
(c)
1,080‌
377‌
Sysmex
Corp
500‌
28‌
Teleflex
Inc
392‌
87‌
Thermo
Fisher
Scientific
Inc
(e)
238‌
135‌
Twist
Bioscience
Corp
(f)
126‌
5‌
Zimmer
Biomet
Holdings
Inc
(e)
1,278‌
159‌
$
5,304‌
Healthcare
-
Services
-
0.80%
Acadia
Healthcare
Co
Inc
(f)
558‌
47‌
Amedisys
Inc
(f)
4,297‌
400‌
Catalent
Inc
(f)
12,642‌
725‌
Centene
Corp
(c),(e),(f)
4,450‌
348‌
DaVita
Inc
(e),(f)
1,462‌
186‌
Elevance
Health
Inc
65‌
33‌
Encompass
Health
Corp
691‌
51‌
Fresenius
Medical
Care
AG
1,621‌
62‌
Fresenius
SE
&
Co
KGaA
173‌
5‌
HCA
Healthcare
Inc
(e)
498‌
155‌
Humana
Inc
258‌
90‌
IQVIA
Holdings
Inc
(e),(f)
371‌
92‌
Medibank
Pvt
Ltd
46,531‌
109‌
Molina
Healthcare
Inc
(c),(e),(f)
666‌
262‌
Quest
Diagnostics
Inc
863‌
108‌
UnitedHealth
Group
Inc
(e)
1,195‌
590‌
$
3,263‌
Holding
Companies
-
Diversified
-
0.92%
Achari
Ventures
Holdings
Corp
I
-
Warrants
(f)
3,610‌
—‌
Acropolis
Infrastructure
Acquisition
Corp
-
Escrow
(f),(g)
5,690‌
—‌
Aimfinity
Investment
Corp
I
(f)
2,172‌
24‌
Alchemy
Investments
Acquisition
Corp
1
(f)
6,215‌
66‌
Alchemy
Investments
Acquisition
Corp
1
-
Warrants
(f)
3,107‌
1‌
Alpha
Star
Acquisition
Corp
(f)
3,929‌
44‌
AltC
Acquisition
Corp
(f)
2,463‌
26‌
AltEnergy
Acquisition
Corp
-
Warrants
(f)
449‌
—‌
Amprius
Technologies
Inc
-
Warrants
(f)
3,707‌
1‌
AP
Acquisition
Corp
(f)
4,013‌
45‌
Ares
Acquisition
Corp
II
-
Warrants
(f)
5,632‌
1‌
Arisz
Acquisition
Corp
(f)
2,926‌
18‌
Arogo
Capital
Acquisition
Corp
-
Warrants
(f)
4,211‌
—‌
Arrowroot
Acquisition
Corp
-
Warrants
(f)
1,824‌
—‌
Bannix
Acquisition
Corp
(f)
293‌
3‌
Blue
World
Acquisition
Corp
(f)
2,366‌
26‌
Bowen
Acquisition
Corp
(f)
3,937‌
41‌
Bukit
Jalil
Global
Acquisition
1
Ltd
(f)
4,644‌
48‌
Bukit
Jalil
Global
Acquisition
1
Ltd
(f)
2,239‌
—‌
Bukit
Jalil
Global
Acquisition
1
Ltd
-
Warrants
(f)
1,119‌
—‌
byNordic
Acquisition
Corp
(f)
2,944‌
33‌
Capitalworks
Emerging
Markets
Acquisition
Corp
(f)
3,640‌
40‌
CARTESIAN
GROWTH
CORP
II
-
Warrants
(f)
781‌
—‌
Cartica
Acquisition
Corp
(f)
4,375‌
48‌
CERo
Therapeutics
Holdings
Inc
-
Warrants
(f)
449‌
—‌
Cetus
Capital
Acquisition
Corp
-
Warrants
(f)
8,878‌
—‌
CF
Acquisition
Corp
VII
(f)
14,669‌
159‌
Clean
Energy
Special
Situations
Corp
(f)
9,723‌
102‌
Colombier
Acquisition
Corp
II
(f)
3,643‌
37‌
Concord
Acquisition
Corp
II
(f)
19,537‌
205‌
Direct
Selling
Acquisition
Corp
(f)
3,078‌
34‌
Distoken
Acquisition
Corp
(f)
3,061‌
33‌
ESGEN
Acquisition
Corp
-
Warrants
(f)
524‌
—‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Holding
Companies
-
Diversified
(continued)
ESH
Acquisition
Corp
-
Rights
(f)
5,825‌
$
1‌
EVe
Mobility
Acquisition
Corp
(f)
6,459‌
70‌
EVe
Mobility
Acquisition
Corp
-
Warrants
(f)
1,847‌
—‌
Evergreen
Corp
(f)
3,948‌
45‌
Evergreen
Corp
-
Warrants
(f)
4,211‌
—‌
Feutune
Light
Acquisition
Corp
(f)
1,478‌
16‌
Fintech
Ecosystem
Development
Corp
(f)
2,412‌
26‌
Fortune
Rise
Acquisition
Corp
(f)
22,988‌
255‌
FTAC
Emerald
Acquisition
Corp
-
Warrants
(f)
2,173‌
—‌
Global
Blockchain
Acquisition
Corp
-
Warrants
(f)
10,160‌
—‌
Golden
Star
Acquisition
Corp
(f)
4,252‌
45‌
Golden
Star
Acquisition
Corp
-
Rights
(f)
3,462‌
1‌
Haymaker
Acquisition
Corp
4
(f)
4,740‌
49‌
Haymaker
Acquisition
Corp
4
-
Warrants
(f)
2,370‌
—‌
Hudson
Acquisition
I
Corp
(f)
2,353‌
25‌
Inflection
Point
Acquisition
Corp
II
(f)
6,766‌
71‌
Inflection
Point
Acquisition
Corp
II
-
Warrants
(f)
2,571‌
—‌
International
Media
Acquisition
Corp
-
Warrants
(f)
2,300‌
—‌
Investcorp
India
Acquisition
Corp
(f)
5,248‌
59‌
Iron
Horse
Acquisitions
Corp
(f)
4,699‌
47‌
Jaws
Mustang
Acquisition
Corp
-
Warrants
(f)
4,137‌
—‌
Keen
Vision
Acquisition
Corp
(f)
10,678‌
111‌
Keen
Vision
Acquisition
Corp
-
Warrants
(f)
10,678‌
—‌
Learn
CW
Investment
Corp
(f)
11,824‌
130‌
Mountain
&
Co
I
Acquisition
Corp
(f)
12,979‌
148‌
Nabors
Energy
Transition
Corp
II
-
Warrants
(f)
3,623‌
—‌
New
Horizon
Aircraft
Ltd
-
Warrants
(f)
14,777‌
—‌
Oak
Woods
Acquisition
Corp
(f)
4,220‌
45‌
Oak
Woods
Acquisition
Corp
-
Warrants
(f)
10,768‌
—‌
Papaya
Growth
Opportunity
Corp
I
-
Warrants
(f)
1,648‌
—‌
Patria
Latin
American
Opportunity
Acquisition
Corp
(f)
20,882‌
236‌
Perception
Capital
Corp
III
(f)
1,361‌
15‌
Pershing
Square
Tontine
Holdings
Ltd
(f),(g)
977‌
—‌
Pershing
Square
Tontine
Holdings
Ltd
-
Escrow
(f),(g)
3,910‌
—‌
Plum
Acquisition
Corp
I
(f)
2,911‌
32‌
Plum
Acquisition
Corp
I
-
Warrants
(f)
1,370‌
—‌
Plutonian
Acquisition
Corp
(f)
4,003‌
43‌
Power
&
Digital
Infrastructure
Acquisition
II
Corp
(f)
274‌
3‌
PowerUp
Acquisition
Corp
(f)
574‌
6‌
Project
Energy
Reimagined
Acquisition
Corp
(f)
4,045‌
43‌
Pyrophyte
Acquisition
Corp
-
Warrants
(f)
600‌
—‌
Rigel
Resource
Acquisition
Corp
(f)
33,847‌
376‌
Ross
Acquisition
Corp
II
(f)
6,239‌
69‌
Roth
CH
Acquisition
Co
(f)
4,334‌
48‌
Screaming
Eagle
Acquisition
Corp
-
Warrants
(f)
2,640‌
1‌
Slam
Corp
-
Warrants
(f)
6,312‌
1‌
Spark
I
Acquisition
Corp
(f)
8,467‌
109‌
Spring
Valley
Acquisition
Corp
II
-
Rights
(f)
1,102‌
—‌
Spring
Valley
Acquisition
Corp
II
-
Warrants
(f)
551‌
—‌
Target
Global
Acquisition
I
Corp
-
Warrants
(f)
1,309‌
—‌
TenX
Keane
Acquisition
(f)
3,330‌
37‌
TLGY
Acquisition
Corp
(f)
7,042‌
79‌
TMT
Acquisition
Corp
(f)
5,334‌
57‌
TMT
Acquisition
Corp
-
Rights
(f)
3,938‌
1‌
TortoiseEcofin
Acquisition
Corp
III
(f)
27,807‌
298‌
Tristar
Acquisition
I
Corp
(f)
5,592‌
61‌
Twelve
Seas
Investment
Co
II
(f)
4,742‌
51‌
Viveon
Health
Acquisition
Corp
(f)
1,409‌
15‌
Volato
Group
Inc
-
Warrants
(f)
1,728‌
—‌
$
3,760‌
Home
Builders
-
0.25%
DR
Horton
Inc
(c),(e)
118‌
17‌
Lennar
Corp
-
A
Shares
(c)
1,739‌
276‌
MDC
Holdings
Inc
2,064‌
130‌
Persimmon
PLC
10,504‌
181‌
PulteGroup
Inc
(e)
2,015‌
218‌
Sekisui
Chemical
Co
Ltd
2,000‌
28‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
111
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Builders
(continued)
Skyline
Champion
Corp
(f)
2,093‌
$
176‌
$
1,026‌
Home
Furnishings
-
0.03%
MillerKnoll
Inc
2,205‌
68‌
Xperi
Inc
(f)
4,946‌
54‌
$
122‌
Insurance
-
1.32%
Aflac
Inc
(e)
172‌
14‌
Allstate
Corp/The
918‌
147‌
American
Equity
Investment
Life
Holding
Co
(f)
13,114‌
728‌
Assurant
Inc
(e)
578‌
105‌
Berkshire
Hathaway
Inc
-
Class
B
(c),(e),(f)
1,677‌
687‌
Brown
&
Brown
Inc
(e)
3,001‌
252‌
Chubb
Ltd
2,065‌
519‌
Cincinnati
Financial
Corp
(c)
904‌
103‌
Equitable
Holdings
Inc
2,222‌
76‌
Everest
Group
Ltd
(c)
632‌
233‌
Gjensidige
Forsikring
ASA
8,831‌
140‌
Globe
Life
Inc
758‌
96‌
Hartford
Financial
Services
Group
Inc/The
(e)
771‌
74‌
iA
Financial
Corp
Inc
1,000‌
62‌
Kemper
Corp
950‌
55‌
Lancashire
Holdings
Ltd
7,285‌
60‌
Loews
Corp
(e)
2,801‌
211‌
Marsh
&
McLennan
Cos
Inc
(e)
1,988‌
402‌
MetLife
Inc
(e)
3,892‌
271‌
MS&AD
Insurance
Group
Holdings
Inc
3,200‌
160‌
National
Western
Life
Group
Inc
677‌
329‌
NMI
Holdings
Inc
(f)
1,866‌
56‌
ProAssurance
Corp
3,866‌
48‌
Progressive
Corp/The
139‌
26‌
Prudential
Financial
Inc
(e)
574‌
63‌
SiriusPoint
Ltd
(f)
5,086‌
62‌
Sompo
Holdings
Inc
600‌
35‌
Travelers
Cos
Inc/The
(e)
291‌
64‌
Tryg
A/S
5,816‌
124‌
W
R
Berkley
Corp
(c)
737‌
62‌
Willis
Towers
Watson
PLC
511‌
139‌
$
5,403‌
Internet
-
2.43%
Alphabet
Inc
-
A
Shares
(c),(e),(f)
12,542‌
1,737‌
Alphabet
Inc
-
C
Shares
(f)
811‌
113‌
Amazon.com
Inc
(c),(e),(f)
11,319‌
2,000‌
Booking
Holdings
Inc
(c),(e)
71‌
246‌
CDW
Corp/DE
(e)
306‌
75‌
Criteo
SA
ADR
(f)
1,322‌
43‌
DoorDash
Inc
-
Class
A
(c),(f)
550‌
69‌
eBay
Inc
(e)
3,479‌
165‌
Etsy
Inc
(f)
16,900‌
1,212‌
Eventbrite
Inc
(f)
5,934‌
33‌
Expedia
Group
Inc
(e),(f)
1,728‌
236‌
F5
Inc
(c),(e),(f)
1,205‌
226‌
Gen
Digital
Inc
(e)
20,285‌
436‌
GoDaddy
Inc
(c),(f)
388‌
44‌
Hims
&
Hers
Health
Inc
(f)
7,089‌
92‌
M3
Inc
3,500‌
50‌
Magnite
Inc
(f)
7,185‌
86‌
Match
Group
Inc
(f)
316‌
11‌
MercadoLibre
Inc
(c),(f)
27‌
43‌
Meta
Platforms
Inc
(c),(e)
2,963‌
1,452‌
Netflix
Inc
(c),(e),(f)
1,178‌
711‌
Palo
Alto
Networks
Inc
(f)
10‌
3‌
Pinterest
Inc
(c),(f)
4,446‌
164‌
Roku
Inc
(c),(f)
113‌
7‌
Shopify
Inc
(f)
714‌
55‌
Spotify
Technology
SA
(f)
396‌
102‌
Trend
Micro
Inc/Japan
1,900‌
94‌
Uber
Technologies
Inc
(f)
1,872‌
149‌
VeriSign
Inc
(c),(e),(f)
1,080‌
211‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
(continued)
Ziff
Davis
Inc
(f)
457‌
$
31‌
ZOZO
Inc
1,300‌
30‌
$
9,926‌
Iron
&
Steel
-
0.55%
ArcelorMittal
SA
1,109‌
29‌
BlueScope
Steel
Ltd
1,209‌
18‌
Carpenter
Technology
Corp
1,160‌
75‌
Fortescue
Ltd
9,168‌
154‌
Nucor
Corp
(e)
379‌
73‌
Reliance
Inc
314‌
101‌
Steel
Dynamics
Inc
(e)
649‌
87‌
United
States
Steel
Corp
35,738‌
1,692‌
$
2,229‌
Leisure
Products
&
Services
-
0.01%
YETI
Holdings
Inc
(f)
690‌
28‌
Lodging
-
0.18%
Hilton
Grand
Vacations
Inc
(f)
1,745‌
78‌
Hilton
Worldwide
Holdings
Inc
(c)
260‌
54‌
InterContinental
Hotels
Group
PLC
93‌
10‌
Las
Vegas
Sands
Corp
1,985‌
108‌
Marriott
International
Inc/MD
(e)
1,162‌
290‌
MGM
Resorts
International
(e),(f)
2,195‌
95‌
Wyndham
Hotels
&
Resorts
Inc
1,054‌
81‌
$
716‌
Machinery
-
Construction
&
Mining
-
0.21%
BWX
Technologies
Inc
934‌
94‌
Caterpillar
Inc
(c),(e)
2,066‌
690‌
Komatsu
Ltd
2,000‌
58‌
Vertiv
Holdings
Co
59‌
4‌
$
846‌
Machinery
-
Diversified
-
0.39%
Applied
Industrial
Technologies
Inc
439‌
83‌
Cactus
Inc
1,149‌
53‌
CNH
Industrial
NV
(c)
829‌
10‌
Deere
&
Co
50‌
18‌
Dover
Corp
729‌
121‌
Ichor
Holdings
Ltd
(f)
1,551‌
67‌
Ingersoll
Rand
Inc
(e)
1,764‌
161‌
Kone
Oyj
64‌
3‌
Middleby
Corp/The
(f)
566‌
86‌
Otis
Worldwide
Corp
(c),(e)
4,460‌
425‌
Toro
Co/The
450‌
42‌
Wartsila
OYJ
Abp
3,429‌
53‌
Westinghouse
Air
Brake
Technologies
Corp
(c)
1,448‌
204‌
Xylem
Inc/NY
(c)
1,806‌
230‌
Zurn
Elkay
Water
Solutions
Corp
1,679‌
53‌
$
1,609‌
Media
-
0.74%
Altice
USA
Inc
(f)
22,876‌
68‌
Charter
Communications
Inc
(f)
147‌
43‌
Comcast
Corp
-
Class
A
(e)
5,780‌
247‌
Endeavor
Group
Holdings
Inc
(c)
83,999‌
2,020‌
iHeartMedia
Inc
(f)
5,535‌
15‌
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(f)
1,151‌
84‌
Liberty
Media
Corp-Liberty
SiriusXM
-
A
Shares
(f)
9,473‌
276‌
News
Corp
-
A
Shares
(e)
2,808‌
76‌
Walt
Disney
Co/The
(e)
1,436‌
160‌
Warner
Bros
Discovery
Inc
(f)
1,024‌
9‌
Wolters
Kluwer
NV
238‌
38‌
$
3,036‌
Metal
Fabrication
&
Hardware
-
0.09%
SKF
AB
5,034‌
110‌
Tenaris
SA
12,117‌
215‌
Xometry
Inc
(f)
2,525‌
50‌
$
375‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
112
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
-
0.52%
BHP
Group
Ltd
1,274‌
$
37‌
Compass
Minerals
International
Inc
1,081‌
25‌
Ecobat
Holdings,
Inc
-
Class
B
(f)
2,998‌
1,574‌
Freeport-McMoRan
Inc
(c)
1,092‌
42‌
Kinross
Gold
Corp
18,000‌
88‌
Lundin
Mining
Corp
900‌
7‌
MP
Materials
Corp
(f)
1,659‌
25‌
Newmont
Corp
(c)
3,660‌
114‌
Northern
Star
Resources
Ltd
9,532‌
79‌
Rio
Tinto
PLC
ADR
1,790‌
115‌
$
2,106‌
Miscellaneous
Manufacturers
-
0.66%
3M
Co
(c)
1,108‌
102‌
A
O
Smith
Corp
(c),(e)
5,790‌
480‌
Alfa
Laval
AB
919‌
35‌
Axon
Enterprise
Inc
(c),(f)
401‌
123‌
Fabrinet
(f)
87‌
19‌
General
Electric
Co
(e)
6,082‌
954‌
Illinois
Tool
Works
Inc
(c),(e)
484‌
127‌
Parker-Hannifin
Corp
(e)
853‌
457‌
Sturm
Ruger
&
Co
Inc
920‌
40‌
Textron
Inc
(c),(e)
3,956‌
352‌
$
2,689‌
Office
&
Business
Equipment
-
0.01%
Canon
Inc
1,400‌
41‌
Office
Furnishings
-
0.02%
Interface
Inc
5,810‌
91‌
Oil
&
Gas
-
3.50%
APA
Corp
(e)
9,252‌
276‌
Canadian
Natural
Resources
Ltd
3,649‌
254‌
Chevron
Corp
(c)
20‌
3‌
ConocoPhillips
(e)
2,132‌
240‌
Coterra
Energy
Inc
1,171‌
30‌
Devon
Energy
Corp
(c),(e)
6,141‌
271‌
Diamondback
Energy
Inc
1,186‌
216‌
Enerplus
Corp
13,048‌
231‌
EOG
Resources
Inc
(e)
1,735‌
199‌
Exxon
Mobil
Corp
(c),(e)
3,515‌
368‌
Hess
Corp
(c)
32,971‌
4,805‌
Idemitsu
Kosan
Co
Ltd
3,500‌
22‌
Inpex
Corp
2,500‌
33‌
Marathon
Petroleum
Corp
(e)
824‌
139‌
Occidental
Petroleum
Corp
(e)
1,024‌
62‌
Patterson-UTI
Energy
Inc
3,333‌
39‌
PBF
Energy
Inc
1,413‌
66‌
Phillips
66
(e)
2,391‌
341‌
Pioneer
Natural
Resources
Co
(c),(e)
25,260‌
5,941‌
Seadrill
Ltd
(f)
798‌
34‌
Southwestern
Energy
Co
(f)
83,821‌
584‌
Texas
Pacific
Land
Corp
(c)
42‌
66‌
Viper
Energy
Inc
2,497‌
90‌
$
14,310‌
Oil
&
Gas
Services
-
0.25%
Baker
Hughes
Co
(c),(e)
5,510‌
163‌
ChampionX
Corp
1,826‌
57‌
DMC
Global
Inc
(f)
2,929‌
49‌
Halliburton
Co
(e)
6,933‌
243‌
Helix
Energy
Solutions
Group
Inc
(f)
5,293‌
48‌
Liberty
Energy
Inc
3,166‌
68‌
Schlumberger
NV
(c)
5,805‌
280‌
Select
Water
Solutions
Inc
6,582‌
56‌
Tidewater
Inc
(f)
883‌
62‌
$
1,026‌
Packaging
&
Containers
-
0.79%
CCL
Industries
Inc
2,500‌
127‌
Packaging
Corp
of
America
(e)
1,380‌
250‌
Westrock
Co
(c),(e)
63,047‌
2,856‌
$
3,233‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
-
1.47%
AbbVie
Inc
(e)
2,436‌
$
429‌
Agios
Pharmaceuticals
Inc
(f)
210‌
7‌
Amylyx
Pharmaceuticals
Inc
(f)
151‌
3‌
Arvinas
Inc
(f)
104‌
5‌
AstraZeneca
PLC
ADR
2,126‌
136‌
Becton
Dickinson
&
Co
(e)
623‌
147‌
Bristol-Myers
Squibb
Co
(c),(e)
6,852‌
348‌
Cardinal
Health
Inc
(e)
1,524‌
171‌
Cencora
Inc
(e)
926‌
218‌
Chugai
Pharmaceutical
Co
Ltd
2,100‌
84‌
Cigna
Group/The
(e)
419‌
141‌
Corcept
Therapeutics
Inc
(f)
237‌
6‌
CVS
Health
Corp
(e)
1,282‌
95‌
Dexcom
Inc
(c),(f)
1,267‌
145‌
Eli
Lilly
&
Co
(e)
528‌
398‌
GSK
PLC
3,597‌
75‌
Harmony
Biosciences
Holdings
Inc
(f)
102‌
3‌
Ironwood
Pharmaceuticals
Inc
(f)
506‌
5‌
Jazz
Pharmaceuticals
PLC
(c),(f)
1,382‌
164‌
Johnson
&
Johnson
(e)
2,951‌
476‌
Kura
Oncology
Inc
(f)
155‌
3‌
Kyowa
Kirin
Co
Ltd
1,500‌
30‌
Longboard
Pharmaceuticals
Inc
(f)
452‌
10‌
Marinus
Pharmaceuticals
Inc
(f)
186‌
2‌
McKesson
Corp
145‌
76‌
Merck
&
Co
Inc
(e)
3,206‌
407‌
Merus
NV
(f)
445‌
22‌
Morphic
Holding
Inc
(f)
442‌
16‌
Neurocrine
Biosciences
Inc
(c),(f)
83‌
11‌
Novartis
AG
2,141‌
216‌
Novo
Nordisk
A/S
4,561‌
544‌
Ono
Pharmaceutical
Co
Ltd
10,800‌
179‌
Pacira
BioSciences
Inc
(f)
2,046‌
61‌
Pfizer
Inc
5,904‌
157‌
Phibro
Animal
Health
Corp
152‌
2‌
Premier
Inc
1,531‌
32‌
Recordati
Industria
Chimica
e
Farmaceutica
SpA
4,710‌
264‌
Revance
Therapeutics
Inc
(f)
238‌
2‌
Rhythm
Pharmaceuticals
Inc
(f)
91‌
4‌
Roche
Holding
AG
136‌
36‌
Shionogi
&
Co
Ltd
7,900‌
393‌
Supernus
Pharmaceuticals
Inc
(f)
174‌
5‌
Vaxcyte
Inc
(f)
743‌
55‌
Verona
Pharma
PLC
ADR
(f)
1,039‌
18‌
Viatris
Inc
(e)
15,962‌
197‌
Voyager
Therapeutics
Inc
(f)
150‌
1‌
Y-mAbs
Therapeutics
Inc
(f)
109‌
2‌
Zoetis
Inc
(c)
944‌
187‌
$
5,988‌
Pipelines
-
0.10%
Cheniere
Energy
Inc
(c)
419‌
65‌
Enbridge
Inc
2,317‌
80‌
Kinder
Morgan
Inc
(e)
3,924‌
68‌
Southcross
Holdings
(f),(g)
615,976‌
—‌
Targa
Resources
Corp
(c)
1,305‌
128‌
Williams
Cos
Inc/The
2,144‌
77‌
$
418‌
Private
Equity
-
0.08%
Blackstone
Inc
345‌
44‌
Hannon
Armstrong
Sustainable
Infrastructure
Capital
Inc
1,307‌
33‌
KKR
&
Co
Inc
662‌
65‌
Partners
Group
Holding
AG
123‌
177‌
$
319‌
Real
Estate
-
0.24%
CBRE
Group
Inc
(e),(f)
1,217‌
112‌
LEG
Immobilien
SE
1,101‌
81‌
Marcus
&
Millichap
Inc
1,653‌
61‌
McGrath
RentCorp
4,764‌
593‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
113
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Real
Estate
(continued)
Sagax
AB
898‌
$
21‌
Swiss
Prime
Site
AG
691‌
66‌
Tricon
Residential
Inc
5,259‌
58‌
$
992‌
REITs
-
1.16%
Alexandria
Real
Estate
Equities
Inc
(e)
645‌
80‌
American
Tower
Corp
(e)
2,414‌
480‌
AvalonBay
Communities
Inc
(e)
894‌
158‌
Camden
Property
Trust
(e)
730‌
69‌
CareTrust
REIT
Inc
3,053‌
69‌
Covivio
SA/France
4,245‌
191‌
Crown
Castle
Inc
14,282‌
1,570‌
Digital
Realty
Trust
Inc
(e)
1,484‌
218‌
Equinix
Inc
114‌
101‌
Extra
Space
Storage
Inc
(e)
1,080‌
153‌
Healthpeak
Properties
Inc
(c),(e)
13,067‌
219‌
Japan
Metropolitan
Fund
Invest
309‌
182‌
Land
Securities
Group
PLC
4,254‌
33‌
Mid-America
Apartment
Communities
Inc
(c)
104‌
13‌
Pebblebrook
Hotel
Trust
4,300‌
68‌
Piedmont
Office
Realty
Trust
Inc
9,285‌
58‌
Prologis
Inc
(e)
343‌
46‌
Realty
Income
Corp
(e)
3,004‌
157‌
Rithm
Capital
Corp
4,957‌
54‌
Ryman
Hospitality
Properties
Inc
598‌
71‌
SBA
Communications
Corp
31‌
6‌
Simon
Property
Group
Inc
(e)
975‌
144‌
UDR
Inc
2,171‌
77‌
Uniti
Group
Inc
11,219‌
66‌
VICI
Properties
Inc
(c),(e)
11,914‌
357‌
Warehouses
De
Pauw
CVA
875‌
23‌
Welltower
Inc
(e)
934‌
86‌
$
4,749‌
Retail
-
1.53%
Abercrombie
&
Fitch
Co
(f)
278‌
35‌
Alimentation
Couche-Tard
Inc
1,200‌
74‌
AutoZone
Inc
(e),(f)
45‌
135‌
Avolta
AG
(f)
196‌
8‌
Bath
&
Body
Works
Inc
(c)
1,323‌
60‌
Best
Buy
Co
Inc
(e)
866‌
70‌
Boot
Barn
Holdings
Inc
(f)
344‌
32‌
Burlington
Stores
Inc
(f)
1,329‌
273‌
Chipotle
Mexican
Grill
Inc
(c),(f)
4‌
11‌
Costco
Wholesale
Corp
(c),(e)
676‌
503‌
Cracker
Barrel
Old
Country
Store
Inc
822‌
54‌
Darden
Restaurants
Inc
(c)
102‌
17‌
Dick's
Sporting
Goods
Inc
1,185‌
211‌
Dollar
Tree
Inc
(f)
631‌
93‌
Dollarama
Inc
500‌
39‌
Domino's
Pizza
Inc
(c)
459‌
206‌
Fast
Retailing
Co
Ltd
1,000‌
290‌
Freshpet
Inc
(f)
990‌
112‌
Genuine
Parts
Co
(e)
756‌
113‌
Home
Depot
Inc/The
(e)
868‌
331‌
Industria
de
Diseno
Textil
SA
3,297‌
147‌
Lowe's
Cos
Inc
(e)
286‌
69‌
Lululemon
Athletica
Inc
(c),(f)
594‌
277‌
McDonald's
Corp
(e)
1,694‌
495‌
O'Reilly
Automotive
Inc
(c),(f)
111‌
120‌
Pan
Pacific
International
Holdings
Corp
5,400‌
127‌
Ross
Stores
Inc
(c)
2,080‌
310‌
Starbucks
Corp
(e)
1,408‌
133‌
Target
Corp
(c)
1,070‌
164‌
TJX
Cos
Inc/The
(e)
5,174‌
513‌
Ulta
Beauty
Inc
(f)
514‌
282‌
USS
Co
Ltd
9,200‌
160‌
Walmart
Inc
(e)
6,007‌
352‌
Wesfarmers
Ltd
3,655‌
159‌
Wingstop
Inc
132‌
46‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Yum!
Brands
Inc
(c),(e)
1,486‌
$
206‌
$
6,227‌
Savings
&
Loans
-
0.03%
New
York
Community
Bancorp
Inc
9,847‌
47‌
Pacific
Premier
Bancorp
Inc
2,473‌
57‌
WSFS
Financial
Corp
929‌
39‌
$
143‌
Semiconductors
-
2.10%
Advanced
Micro
Devices
Inc
(f)
570‌
110‌
Applied
Materials
Inc
(c),(e)
1,689‌
341‌
ASML
Holding
NV
618‌
586‌
Broadcom
Inc
(c),(e)
618‌
805‌
Entegris
Inc
(c)
123‌
16‌
Intel
Corp
(c)
942‌
41‌
KLA
Corp
(c),(e)
526‌
359‌
Lam
Research
Corp
(c),(e)
275‌
258‌
Lasertec
Corp
200‌
54‌
Microchip
Technology
Inc
(e)
1,504‌
127‌
Micron
Technology
Inc
3,762‌
341‌
MKS
Instruments
Inc
296‌
36‌
Monolithic
Power
Systems
Inc
(c)
45‌
32‌
NVIDIA
Corp
(c),(e)
3,482‌
2,755‌
NXP
Semiconductors
NV
(c)
1,906‌
475‌
Qorvo
Inc
(e),(f)
1,750‌
200‌
QUALCOMM
Inc
(e)
5,234‌
826‌
Renesas
Electronics
Corp
6,200‌
102‌
Samsung
Electronics
Co
Ltd
818‌
45‌
Semtech
Corp
(f)
2,457‌
52‌
Silicon
Motion
Technology
Corp
ADR
1,005‌
71‌
SiTime
Corp
(f)
221‌
20‌
Skyworks
Solutions
Inc
(e)
2,799‌
294‌
SUMCO
Corp
9,100‌
143‌
Synaptics
Inc
(f)
295‌
29‌
Texas
Instruments
Inc
1,446‌
242‌
Tokyo
Electron
Ltd
600‌
149‌
Tower
Semiconductor
Ltd
(f)
2,063‌
68‌
$
8,577‌
Shipbuilding
-
0.03%
Huntington
Ingalls
Industries
Inc
(e)
412‌
120‌
Software
-
2.19%
Adeia
Inc
4,451‌
50‌
Adobe
Inc
(e),(f)
557‌
312‌
Agilysys
Inc
(f)
755‌
59‌
Airship
AI
Holdings
Inc
-
Warrants
(f)
42,462‌
3‌
ANSYS
Inc
(f)
335‌
112‌
Autodesk
Inc
(c),(f)
375‌
97‌
Broadridge
Financial
Solutions
Inc
22‌
4‌
Cadence
Design
Systems
Inc
(c),(e),(f)
467‌
142‌
Clearwater
Analytics
Holdings
Inc
(f)
585‌
10‌
Cloudflare
Inc
(c),(f)
1,545‌
152‌
Constellation
Software
Inc/Canada
-
Warrants
(f),(g)
153‌
—‌
Dassault
Systemes
SE
821‌
38‌
Datadog
Inc
(c),(f)
1,351‌
178‌
DocuSign
Inc
(c),(f)
2,427‌
129‌
DoubleVerify
Holdings
Inc
(f)
1,423‌
44‌
Duolingo
Inc
(f)
69‌
16‌
Dynatrace
Inc
(c),(f)
1,036‌
51‌
Electronic
Arts
Inc
(e)
1,235‌
172‌
Fair
Isaac
Corp
(e),(f)
141‌
179‌
Fidelity
National
Information
Services
Inc
(c)
371‌
26‌
Fiserv
Inc
(e),(f)
2,110‌
315‌
Five9
Inc
(f)
601‌
37‌
Gitlab
Inc
(f)
934‌
67‌
Global-e
Online
Ltd
(f)
1,053‌
36‌
Intapp
Inc
(f)
579‌
23‌
Intuit
Inc
172‌
114‌
Jamf
Holding
Corp
(f)
2,013‌
36‌
LeddarTech
Holdings
Inc
-
Warrants
(f)
2,297‌
—‌
Manhattan
Associates
Inc
(f)
154‌
39‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
114
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Microsoft
Corp
(c),(e)
7,234‌
$
2,992‌
MINDBODY
Inc
(f),(g)
9,229‌
337‌
MongoDB
Inc
(f)
159‌
71‌
MSCI
Inc
(c)
333‌
187‌
Nemetschek
SE
279‌
27‌
Nexon
Co
Ltd
8,600‌
140‌
Open
Text
Corp
1,400‌
54‌
Oracle
Corp
205‌
23‌
PowerSchool
Holdings
Inc
(f)
2,195‌
46‌
Roper
Technologies
Inc
(e)
92‌
50‌
Salesforce
Inc
(c),(e)
2,621‌
810‌
SAP
SE
380‌
71‌
ServiceNow
Inc
(c),(e),(f)
274‌
212‌
Snowflake
Inc
-
Class
A
(c),(f)
573‌
108‌
SolarWinds
Corp
(f)
4,752‌
57‌
Splunk
Inc
(f)
2,759‌
431‌
Synopsys
Inc
(e),(f)
61‌
35‌
Take-Two
Interactive
Software
Inc
(f)
65‌
10‌
Temenos
AG
1,188‌
89‌
UiPath
Inc
(f)
587‌
14‌
Unity
Software
Inc
(c),(f)
1,322‌
39‌
Veeva
Systems
Inc
(c),(f)
1,122‌
253‌
Veradigm
Inc
(f)
5,932‌
35‌
Verint
Systems
Inc
(f)
2,281‌
72‌
Verra
Mobility
Corp
(f)
3,625‌
78‌
Workday
Inc
(c),(f)
534‌
158‌
Zoom
Video
Communications
Inc
(c),(f)
1,334‌
94‌
$
8,934‌
Telecommunications
-
0.58%
Arista
Networks
Inc
(c),(f)
307‌
85‌
AT&T
Inc
(e)
4,610‌
78‌
Calix
Inc
(f)
1,204‌
42‌
Cisco
Systems
Inc
(e)
5,779‌
279‌
Elisa
Oyj
1,266‌
57‌
InterDigital
Inc
607‌
65‌
Juniper
Networks
Inc
26,219‌
971‌
Motorola
Solutions
Inc
(c),(e)
681‌
225‌
SoftBank
Group
Corp
500‌
30‌
Telia
Co
AB
15,034‌
36‌
Telstra
Group
Ltd
2,529‌
6‌
T-Mobile
US
Inc
(e)
1,713‌
280‌
Verizon
Communications
Inc
(e)
3,646‌
146‌
Vodafone
Group
PLC
67,469‌
59‌
$
2,359‌
Toys,
Games
&
Hobbies
-
0.01%
Nintendo
Co
Ltd
800‌
45‌
Transportation
-
0.40%
Central
Japan
Railway
Co
5,000‌
126‌
CSX
Corp
(e)
5,184‌
197‌
Euronav
NV
15,053‌
267‌
FedEx
Corp
(e)
900‌
224‌
Freightos
Ltd
-
Warrants
(f)
388‌
—‌
Knight-Swift
Transportation
Holdings
Inc
1,970‌
111‌
Marten
Transport
Ltd
2,704‌
51‌
Nippon
Express
Holdings
Inc
1,000‌
53‌
Old
Dominion
Freight
Line
Inc
(e)
113‌
50‌
Ryder
System
Inc
576‌
66‌
Union
Pacific
Corp
(e)
878‌
222‌
United
Parcel
Service
Inc
(e)
1,769‌
262‌
$
1,629‌
Trucking
&
Leasing
-
0.02%
Greenbrier
Cos
Inc/The
1,521‌
79‌
TOTAL
COMMON
STOCKS
$
157,727‌
CONVERTIBLE
PREFERRED
STOCKS
-
0.03%
Shares
Held
Value
(000's)
Commercial
Services
-
0.02%
Clarivate
PLC
5.25%,
06/01/2024
2,942‌
$
85‌
CONVERTIBLE
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pipelines
-
0.01%
El
Paso
Energy
Capital
Trust
I
4.75%,
03/31/2028
452‌
$
22‌
Southcross
Energy
Series
A
0.00%
(f),(g)
2,399,339‌
—‌
$
22‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
107‌
PREFERRED
STOCKS
-
0.20%
Shares
Held
Value
(000's)
Apparel
-
0.01%
Fossil
Group
Inc
7.00%,
11/30/2026
2,730‌
$
31‌
Automobile
Manufacturers
-
0.00%
Dr
Ing
hc
F
Porsche
AG
1.01%
(i)
191‌
18‌
Commercial
Services
-
0.09%
Textainer
Group
Holdings
Ltd
6.25%,
12/15/2026
(j)
5,211‌
129‌
Textainer
Group
Holdings
Ltd
7.00%,
06/15/2026
(j)
9,605‌
239‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.13%
$
368‌
Pipelines
-
0.10%
NuStar
Energy
LP
11.28%,
04/01/2024
(j)
5,370‌
136‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.90%
NuStar
Energy
LP
12.41%,
04/01/2024
(j)
2,870‌
73‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.03%
NuStar
Energy
LP
12.53%,
04/01/2024
(j)
1,414‌
36‌
3
Month
USD
LIBOR
+
6.88%
NuStar
Logistics
LP
12.31%,
01/15/2043
6,111‌
159‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.00%
$
404‌
TOTAL
PREFERRED
STOCKS
$
821‌
BONDS
-
34.68%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.08%
Clear
Channel
Outdoor
Holdings
Inc
7.50%,
06/01/2029
(i)
$
382‌
$
316‌
Aerospace
&
Defense
-
0.14%
Bombardier
Inc
7.88%,
04/15/2027
(i)
139‌
139‌
Embraer
Netherlands
Finance
BV
7.00%,
07/28/2030
(i)
200‌
209‌
RTX
Corp
5.00%,
02/27/2026
65‌
65‌
Triumph
Group
Inc
7.75%,
08/15/2025
149‌
149‌
$
562‌
Agriculture
-
0.09%
Vector
Group
Ltd
10.50%,
11/01/2026
(i)
352‌
354‌
Airlines
-
0.10%
United
Airlines
2016-2
Class
B
Pass
Through
Trust
3.65%,
04/07/2027
133‌
127‌
United
Airlines
2019-2
Class
B
Pass
Through
Trust
3.50%,
11/01/2029
274‌
253‌
United
Airlines
2020-1
Class
B
Pass
Through
Trust
4.88%,
07/15/2027
11‌
11‌
$
391‌
Automobile
Asset
Backed
Securities
-
0.80%
American
Credit
Acceptance
Receivables
Trust
2023-4
7.65%,
09/12/2030
(i)
100‌
103‌
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2.13%,
08/20/2027
(i)
350‌
319‌
7.24%,
06/20/2029
(i)
100‌
103‌
Carvana
Auto
Receivables
Trust
2021-N3
1.02%,
06/12/2028
21‌
19‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
115
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
Carvana
Auto
Receivables
Trust
2021-N4
2.30%,
09/11/2028
$
79‌
$
77‌
Carvana
Auto
Receivables
Trust
2021-P1
1.53%,
03/10/2027
140‌
128‌
Carvana
Auto
Receivables
Trust
2024-N1
5.80%,
05/10/2030
(i)
15‌
15‌
Drive
Auto
Receivables
Trust
2021-1
1.45%,
01/16/2029
220‌
212‌
Drive
Auto
Receivables
Trust
2024-1
5.43%,
11/17/2031
30‌
30‌
DT
Auto
Owner
Trust
2021-4
1.99%,
09/15/2027
(i)
115‌
108‌
DT
Auto
Owner
Trust
2022-2
5.46%,
03/15/2028
(i)
150‌
148‌
DT
Auto
Owner
Trust
2023-2
6.62%,
02/15/2029
(i)
115‌
115‌
DT
Auto
Owner
Trust
2023-3
7.12%,
05/15/2029
(i)
100‌
101‌
Exeter
Automobile
Receivables
Trust
2020-2
4.73%,
04/15/2026
(i)
48‌
48‌
Exeter
Automobile
Receivables
Trust
2023-2
6.32%,
08/15/2029
100‌
100‌
Exeter
Automobile
Receivables
Trust
2023-5
7.13%,
02/15/2030
125‌
129‌
Ford
Credit
Auto
Lease
Trust
2023-B
6.97%,
06/15/2028
35‌
36‌
GLS
Auto
Receivables
Issuer
Trust
2021-4
2.48%,
10/15/2027
(i)
205‌
193‌
GLS
Auto
Receivables
Issuer
Trust
2023-4
7.18%,
08/15/2029
(i)
110‌
114‌
GLS
Auto
Receivables
Issuer
Trust
2024-1
5.95%,
12/17/2029
(i)
25‌
25‌
Hertz
Vehicle
Financing
III
LLC
4.85%,
06/25/2026
(i)
250‌
241‌
LAD
Auto
Receivables
Trust
2023-4
6.76%,
03/15/2029
(i)
50‌
51‌
Prestige
Auto
Receivables
Trust
2019-1
3.90%,
05/15/2026
(i)
145‌
145‌
Prestige
Auto
Receivables
Trust
2021-1
2.08%,
02/15/2028
(i)
170‌
156‌
Santander
Drive
Auto
Receivables
Trust
2021-4
1.67%,
10/15/2027
225‌
213‌
Westlake
Automobile
Receivables
Trust
2022-2
5.48%,
09/15/2027
(i)
125‌
124‌
Westlake
Automobile
Receivables
Trust
2023-3
6.47%,
03/15/2029
(i)
100‌
101‌
Westlake
Automobile
Receivables
Trust
2023-4
7.19%,
07/16/2029
(i)
110‌
113‌
$
3,267‌
Automobile
Manufacturers
-
0.71%
American
Honda
Finance
Corp
1.50%,
01/13/2025
900‌
871‌
General
Motors
Financial
Co
Inc
5.70%,
09/30/2030
(j),(k)
35‌
33‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%
5.75%,
09/30/2027
(j),(k)
100‌
93‌
3
Month
USD
LIBOR
+
3.60%
6.00%,
01/09/2028
160‌
163‌
6.50%,
09/30/2028
(j),(k)
75‌
71‌
3
Month
USD
LIBOR
+
3.44%
Mercedes-Benz
Finance
North
America
LLC
4.95%,
03/30/2025
(i)
405‌
404‌
Toyota
Motor
Credit
Corp
1.45%,
01/13/2025
905‌
876‌
4.40%,
09/20/2024
385‌
383‌
$
2,894‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
-
3.20%
Australia
&
New
Zealand
Banking
Group
Ltd/New
York
NY
5.67%,
10/03/2025
$
410‌
$
414‌
Banca
Comerciala
Romana
SA
7.63%,
05/19/2027
(k)
EUR
300‌
342‌
3
Month
Euro
Interbank
Offered
Rate
+
4.54%
Banca
Transilvania
SA
8.88%,
04/27/2027
(k)
400‌
458‌
Euribor
Swap
Rate
1
Year
+
5.58%
Banco
Mercantil
del
Norte
SA/Grand
Cayman
5.88%,
01/24/2027
(i),(j),(k),(l)
$
425‌
404‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.64%
5.88%,
01/24/2027
(j),(k),(l)
200‌
190‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.64%
Banco
Santander
SA
5.15%,
08/18/2025
200‌
199‌
Bank
of
America
Corp
2.48%,
09/21/2036
(k)
95‌
75‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.20%
3.85%,
03/08/2037
(k)
160‌
140‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
Bank
of
New
York
Mellon
Corp/The
5.95%,
04/25/2025
190‌
190‌
Secured
Overnight
Financing
Rate
+
0.62%
Barclays
PLC
3.56%,
09/23/2035
(k)
295‌
247‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
BBVA
Bancomer
SA/Texas
5.13%,
01/18/2033
(k),(l)
200‌
183‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
8.45%,
06/29/2038
(i),(k),(l)
725‌
766‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.66%
BOI
Finance
BV
7.50%,
02/16/2027
EUR
425‌
429‌
Ceska
sporitelna
AS
5.74%,
03/08/2028
(k)
300‌
335‌
3
Month
Euro
Interbank
Offered
Rate
+
2.35%
5.94%,
06/29/2027
(k)
100‌
112‌
3
Month
Euro
Interbank
Offered
Rate
+
2.40%
Commonwealth
Bank
of
Australia/New
York
NY
5.32%,
03/13/2026
$
250‌
251‌
Deutsche
Bank
AG/New
York
NY
3.73%,
01/14/2032
(k)
200‌
164‌
Secured
Overnight
Financing
Rate
+
2.76%
Goldman
Sachs
Group
Inc/The
5.80%,
08/10/2026
(k)
410‌
412‌
Secured
Overnight
Financing
Rate
+
1.08%
HSBC
Holdings
PLC
6.25%,
03/09/2034
(k)
850‌
882‌
Secured
Overnight
Financing
Rate
+
2.39%
Israel
Discount
Bank
Ltd
5.38%,
01/26/2028
(i)
275‌
267‌
JPMorgan
Chase
&
Co
0.00%,
12/05/2033
(f),(i)
TRY
295,000‌
386‌
Mitsubishi
UFJ
Financial
Group
Inc
5.06%,
09/12/2025
(k)
$
390‌
388‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.55%
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
116
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Morgan
Stanley
2.48%,
09/16/2036
(k)
$
290‌
$
227‌
Secured
Overnight
Financing
Rate
+
1.36%
6.49%,
04/17/2025
380‌
380‌
Secured
Overnight
Financing
Rate
+
1.17%
Nova
Kreditna
Banka
Maribor
dd
7.38%,
06/29/2026
(k)
EUR
100‌
111‌
3
Month
Euro
Interbank
Offered
Rate
+
3.50%
Raiffeisenbank
AS
7.13%,
01/19/2026
(k)
400‌
439‌
3
Month
Euro
Interbank
Offered
Rate
+
3.93%
Societe
Generale
SA
6.07%,
01/19/2035
(i),(k)
$
225‌
222‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.10%
Standard
Chartered
PLC
3.27%,
02/18/2036
(i),(k)
375‌
311‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.30%
6.10%,
01/11/2035
(i),(k)
600‌
605‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.10%
6.10%,
01/11/2035
(k)
200‌
201‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.10%
6.19%,
07/06/2027
(i),(k)
200‌
202‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.85%
6.19%,
07/06/2027
(k)
200‌
202‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.85%
TC
Ziraat
Bankasi
AS
9.50%,
08/01/2026
400‌
422‌
UBS
AG/London
5.80%,
09/11/2025
410‌
413‌
UBS
Group
AG
2.19%,
06/05/2026
(i),(k)
250‌
239‌
Secured
Overnight
Financing
Rate
+
2.04%
5.70%,
02/08/2035
(i),(k)
250‌
247‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.77%
6.44%,
08/11/2028
(i),(k)
250‌
257‌
Secured
Overnight
Financing
Rate
+
3.70%
UniCredit
SpA
2.57%,
09/22/2026
(i),(k)
350‌
331‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%
Wells
Fargo
&
Co
6.67%,
04/25/2026
380‌
383‌
Secured
Overnight
Financing
Rate
+
1.32%
Yapi
ve
Kredi
Bankasi
AS
9.25%,
10/16/2028
600‌
637‌
$
13,063‌
Biotechnology
-
0.07%
Amgen
Inc
5.25%,
03/02/2025
280‌
279‌
Building
Materials
-
0.54%
Cemex
SAB
de
CV
3.88%,
07/11/2031
(i)
260‌
227‌
5.13%,
06/08/2026
(i),(j),(k)
200‌
190‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.53%
5.20%,
09/17/2030
(i)
375‌
360‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Building
Materials
(continued)
Cemex
SAB
de
CV  
(continued)
9.13%,
03/14/2028
(i),(j),(k)
$
200‌
$
213‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.16%
9.13%,
03/14/2028
(j),(k)
400‌
427‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.16%
PGT
Innovations
Inc
4.38%,
10/01/2029
(i)
774‌
779‌
$
2,196‌
Chemicals
-
0.36%
Celanese
US
Holdings
LLC
6.70%,
11/15/2033
185‌
195‌
MEGlobal
BV
4.25%,
11/03/2026
200‌
192‌
Sasol
Financing
USA
LLC
8.75%,
05/03/2029
(i)
525‌
525‌
Sociedad
Quimica
y
Minera
de
Chile
SA
6.50%,
11/07/2033
(i)
550‌
567‌
$
1,479‌
Coal
-
0.16%
Alliance
Resource
Operating
Partners
LP
/
Alliance
Resource
Finance
Corp
7.50%,
05/01/2025
(i)
665‌
666‌
Commercial
Mortgage
Backed
Securities
-
0.74%
BPR
Trust
2021-NRD
12.19%,
12/15/2038
(i)
140‌
120‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.87%
BPR
Trust
2022-SSP
8.32%,
05/15/2039
(i)
245‌
247‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Citigroup
Commercial
Mortgage
Trust
2014-GC21
4.89%,
05/10/2047
(i),(m)
135‌
93‌
COMM
2012-CCRE3
Mortgage
Trust
3.92%,
10/15/2045
(i)
107‌
94‌
COMM
2012-LC4
Mortgage
Trust
5.37%,
12/10/2044
(m)
10‌
8‌
CSMC
2014-USA
OA
LLC
4.37%,
09/15/2037
(i)
1,055‌
560‌
DC
Commercial
Mortgage
Trust
2023-DC
7.14%,
09/12/2040
(i),(m)
110‌
113‌
Extended
Stay
America
Trust
2021-ESH
9.13%,
07/15/2038
(i)
110‌
110‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.81%
Greystone
CRE
Notes
2021-HC2
LTD
7.23%,
12/15/2039
(i)
110‌
109‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.91%
Med
Trust
2021-MDLN
7.23%,
11/15/2038
(i)
100‌
98‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.91%
Morgan
Stanley
Capital
I
Trust
2011-C2
5.21%,
06/15/2044
(i),(m)
243‌
225‌
5.21%,
06/15/2044
(i),(m)
160‌
121‌
Starwood
Retail
Property
Trust
2014-STAR
0.00%,
11/15/2027
(f),(g),(i)
170‌
56‌
1.00
x
Prime
Rate
+
0.00%
0.00%,
11/15/2027
(f),(g),(i)
645‌
32‌
1.00
x
Prime
Rate
+
0.00%
Wells
Fargo
Commercial
Mortgage
Trust
2013-LC12
3.96%,
07/15/2046
(m)
153‌
142‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
117
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Wells
Fargo
Commercial
Mortgage
Trust
2016-C36
4.12%,
11/15/2059
(m)
$
100‌
$
78‌
WFRBS
Commercial
Mortgage
Trust
2011-C3
5.85%,
03/15/2044
(i),(m)
108‌
30‌
WFRBS
Commercial
Mortgage
Trust
2011-C4
4.98%,
06/15/2044
(i),(m)
845‌
711‌
WFRBS
Commercial
Mortgage
Trust
2014-C20
4.38%,
05/15/2047
100‌
82‌
$
3,029‌
Commercial
Services
-
0.59%
Carriage
Services
Inc
4.25%,
05/15/2029
(i)
981‌
853‌
La
Financiere
Atalian
SASU
4.00%,
05/15/2024
EUR
177‌
156‌
5.13%,
05/15/2025
169‌
141‌
Mobius
Merger
Sub
Inc
9.00%,
06/01/2030
(i)
$
182‌
178‌
S&P
Global
Inc
5.25%,
09/15/2033
(i)
75‌
76‌
Valvoline
Inc
4.25%,
02/15/2030
(i)
701‌
696‌
Verscend
Escrow
Corp
9.75%,
08/15/2026
(i)
312‌
313‌
$
2,413‌
Computers
-
0.06%
Leidos
Inc
5.75%,
03/15/2033
150‌
152‌
Western
Digital
Corp
2.85%,
02/01/2029
120‌
101‌
$
253‌
Credit
Card
Asset
Backed
Securities
-
0.02%
Mission
Lane
Credit
Card
Master
Trust
7.79%,
11/15/2028
(i)
100‌
101‌
Diversified
Financial
Services
-
1.17%
Aircastle
Ltd
5.95%,
02/15/2029
(i)
55‌
54‌
6.50%,
07/18/2028
(i)
145‌
146‌
American
Express
Co
6.04%,
05/03/2024
380‌
380‌
Secured
Overnight
Financing
Rate
+
0.72%
Antares
Holdings
LP
2.75%,
01/15/2027
(i)
255‌
227‌
Aviation
Capital
Group
LLC
6.75%,
10/25/2028
(i)
350‌
363‌
Intercontinental
Exchange
Inc
3.65%,
05/23/2025
157‌
154‌
NFP
Corp
4.88%,
08/15/2028
(i)
493‌
492‌
6.88%,
08/15/2028
(i)
1,269‌
1,289‌
OneMain
Finance
Corp
3.50%,
01/15/2027
195‌
180‌
3.88%,
09/15/2028
20‌
17‌
4.00%,
09/15/2030
40‌
34‌
5.38%,
11/15/2029
50‌
46‌
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer
Inc
2.88%,
10/15/2026
(i)
680‌
626‌
3.63%,
03/01/2029
(i)
285‌
253‌
3.88%,
03/01/2031
(i)
5‌
4‌
4.00%,
10/15/2033
(i)
255‌
212‌
SOCAR
Turkey
Enerji
AS
via
Steas
Funding
1
DAC
7.23%,
03/17/2026
320‌
316‌
$
4,793‌
Electric
-
0.30%
Comision
Federal
de
Electricidad
5.00%,
09/29/2036
494‌
433‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
NextEra
Energy
Capital
Holdings
Inc
4.20%,
06/20/2024
$
385‌
$
383‌
6.05%,
03/01/2025
45‌
45‌
NPC
Ukrenergo
0.00%,
11/09/2028
(f),(i)
425‌
146‌
Pacific
Gas
and
Electric
Co
4.30%,
03/15/2045
155‌
121‌
Southern
Co/The
5.70%,
03/15/2034
100‌
102‌
$
1,230‌
Electronics
-
0.05%
Trimble
Inc
6.10%,
03/15/2033
175‌
183‌
Energy
-
Alternate
Sources
-
0.27%
Energo-Pro
AS
8.50%,
02/04/2027
500‌
501‌
8.50%,
02/04/2027
(i)
225‌
226‌
FS
Luxembourg
Sarl
8.88%,
02/12/2031
(i)
375‌
371‌
$
1,098‌
Engineering
&
Construction
-
0.29%
HTA
Group
Ltd/Mauritius
7.00%,
12/18/2025
300‌
297‌
IEA
Energy
Services
LLC
6.63%,
08/15/2029
(i)
140‌
134‌
IHS
Netherlands
Holdco
BV
8.00%,
09/18/2027
825‌
737‌
$
1,168‌
Entertainment
-
0.28%
Allen
Media
LLC
/
Allen
Media
Co-Issuer
Inc
10.50%,
02/15/2028
(i)
471‌
236‌
Light
&
Wonder
International
Inc
7.00%,
05/15/2028
(i)
506‌
508‌
7.25%,
11/15/2029
(i)
115‌
118‌
7.50%,
09/01/2031
(i)
40‌
42‌
Warnermedia
Holdings
Inc
4.05%,
03/15/2029
50‌
46‌
4.28%,
03/15/2032
195‌
172‌
$
1,122‌
Food
-
0.43%
JBS
USA
LUX
SA
/
JBS
USA
Food
Co
/
JBS
USA
Finance
Inc
3.00%,
02/02/2029
70‌
62‌
Minerva
Luxembourg
SA
8.88%,
09/13/2033
(i)
700‌
736‌
Pilgrim's
Pride
Corp
6.88%,
05/15/2034
285‌
300‌
SEG
Holding
LLC
/
SEG
Finance
Corp
5.63%,
10/15/2028
(i)
638‌
653‌
$
1,751‌
Food
Service
-
0.05%
Aramark
Services
Inc
5.00%,
04/01/2025
(i)
222‌
221‌
Healthcare
-
Products
-
0.04%
Solventum
Corp
5.90%,
04/30/2054
(i)
185‌
181‌
Healthcare
-
Services
-
0.36%
Catalent
Pharma
Solutions
Inc
3.13%,
02/15/2029
(i)
165‌
159‌
3.50%,
04/01/2030
(i)
126‌
121‌
Centene
Corp
2.50%,
03/01/2031
20‌
17‌
3.00%,
10/15/2030
110‌
94‌
3.38%,
02/15/2030
185‌
163‌
4.63%,
12/15/2029
480‌
454‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
118
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
HCA
Inc
5.60%,
04/01/2034
$
380‌
$
378‌
Molina
Healthcare
Inc
4.38%,
06/15/2028
(i)
80‌
75‌
$
1,461‌
Insurance
-
0.03%
Global
Atlantic
Fin
Co
3.13%,
06/15/2031
(i)
40‌
33‌
4.40%,
10/15/2029
(i)
90‌
82‌
$
115‌
Internet
-
0.64%
Getty
Images
Inc
9.75%,
03/01/2027
(i)
1,284‌
1,280‌
Netflix
Inc
4.88%,
06/15/2030
(i)
230‌
228‌
5.38%,
11/15/2029
(i)
35‌
36‌
5.88%,
11/15/2028
145‌
150‌
Uber
Technologies
Inc
4.50%,
08/15/2029
(i)
440‌
412‌
6.25%,
01/15/2028
(i)
55‌
55‌
7.50%,
09/15/2027
(i)
450‌
460‌
$
2,621‌
Investment
Companies
-
0.33%
Ares
Capital
Corp
2.88%,
06/15/2028
245‌
215‌
3.20%,
11/15/2031
225‌
183‌
Blackstone
Secured
Lending
Fund
2.13%,
02/15/2027
450‌
404‌
Blue
Owl
Capital
Corp
2.88%,
06/11/2028
260‌
227‌
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.75%,
09/15/2024
5‌
5‌
5.25%,
05/15/2027
215‌
197‌
6.25%,
05/15/2026
10‌
10‌
6.38%,
12/15/2025
110‌
109‌
New
Mountain
Finance
Corp
6.88%,
02/01/2029
15‌
15‌
$
1,365‌
Iron
&
Steel
-
0.40%
ArcelorMittal
SA
6.80%,
11/29/2032
190‌
201‌
CSN
Inova
Ventures
6.75%,
01/28/2028
600‌
582‌
Samarco
Mineracao
SA
9.50%,
PIK
0.00%;
06/30/2031
(m),(n)
691‌
634‌
Usiminas
International
Sarl
5.88%,
07/18/2026
200‌
197‌
$
1,614‌
Leisure
Products
&
Services
-
0.32%
Carnival
Corp
5.75%,
03/01/2027
(i)
346‌
342‌
NCL
Corp
Ltd
5.88%,
03/15/2026
(i)
220‌
215‌
5.88%,
02/15/2027
(i)
85‌
84‌
8.13%,
01/15/2029
(i)
170‌
179‌
NCL
Finance
Ltd
6.13%,
03/15/2028
(i)
40‌
39‌
Royal
Caribbean
Cruises
Ltd
4.25%,
07/01/2026
(i)
35‌
34‌
5.50%,
04/01/2028
(i)
215‌
211‌
6.25%,
03/15/2032
(i),(o)
70‌
70‌
VOC
Escrow
Ltd
5.00%,
02/15/2028
(i)
135‌
130‌
$
1,304‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
-
0.31%
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Escrow
Inc
5.00%,
06/01/2029
(i)
$
105‌
$
97‌
Marriott
International
Inc/MD
5.30%,
05/15/2034
85‌
84‌
Marriott
Ownership
Resorts
Inc
4.50%,
06/15/2029
(i)
80‌
72‌
Melco
Resorts
Finance
Ltd
5.75%,
07/21/2028
425‌
398‌
MGM
China
Holdings
Ltd
5.25%,
06/18/2025
200‌
196‌
Travel
+
Leisure
Co
4.50%,
12/01/2029
(i)
100‌
91‌
4.63%,
03/01/2030
(i)
145‌
131‌
Wynn
Macau
Ltd
5.50%,
01/15/2026
200‌
194‌
$
1,263‌
Machinery
-
Diversified
-
0.03%
John
Deere
Capital
Corp
1.25%,
01/10/2025
130‌
126‌
Media
-
0.92%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
5.13%,
05/01/2027
(i)
1,080‌
1,021‌
5.50%,
05/01/2026
(i)
30‌
29‌
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.30%,
02/01/2032
20‌
15‌
2.80%,
04/01/2031
50‌
40‌
4.40%,
04/01/2033
25‌
22‌
4.40%,
12/01/2061
295‌
190‌
CSC
Holdings
LLC
3.38%,
02/15/2031
(i)
675‌
476‌
4.63%,
12/01/2030
(i)
850‌
473‌
DISH
DBS
Corp
5.13%,
06/01/2029
175‌
75‌
5.25%,
12/01/2026
(i)
715‌
571‌
5.75%,
12/01/2028
(i)
190‌
132‌
Globo
Comunicacao
e
Participacoes
SA
4.88%,
01/22/2030
400‌
348‌
5.50%,
01/14/2032
200‌
174‌
iHeartCommunications
Inc
4.75%,
01/15/2028
(i)
245‌
176‌
$
3,742‌
Mining
-
0.95%
First
Quantum
Minerals
Ltd
6.88%,
03/01/2026
(i)
620‌
620‌
7.50%,
04/01/2025
(i)
200‌
200‌
9.38%,
03/01/2029
(i)
525‌
544‌
Glencore
Funding
LLC
2.85%,
04/27/2031
(i)
315‌
269‌
6.38%,
10/06/2030
(i)
175‌
184‌
6.50%,
10/06/2033
(i)
1,030‌
1,099‌
Volcan
Cia
Minera
SAA
4.38%,
02/11/2026
(i)
15‌
9‌
WE
Soda
Investments
Holding
PLC
9.38%,
02/14/2031
(i)
200‌
206‌
9.50%,
10/06/2028
(i)
525‌
545‌
9.50%,
10/06/2028
200‌
208‌
$
3,884‌
Mortgage
Backed
Securities
-
0.64%
510
Asset
Backed
2021-NPL1
Trust
2.24%,
06/25/2061
(i),(m)
80‌
77‌
Alternative
Loan
Trust
2003-22CB
5.75%,
12/25/2033
46‌
45‌
Alternative
Loan
Trust
2004-16CB
5.50%,
07/25/2034
25‌
25‌
5.50%,
08/25/2034
25‌
24‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
119
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Alternative
Loan
Trust
2004-J10
6.00%,
09/25/2034
$
41‌
$
40‌
Banc
of
America
Alternative
Loan
Trust
2003-8
5.50%,
10/25/2033
28‌
27‌
Banc
of
America
Funding
2005-7
Trust
5.75%,
11/25/2035
18‌
18‌
Banc
of
America
Funding
2007-4
Trust
5.50%,
11/25/2034
22‌
19‌
Banc
of
America
Mortgage
2005-A
Trust
5.00%,
02/25/2035
(m)
8‌
7‌
BINOM
Securitization
Trust
2022-RPL1
3.00%,
02/25/2061
(i),(m)
140‌
109‌
CAFL
2023-RTL1
Issuer
LLC
7.55%,
12/28/2030
(i),(m)
100‌
100‌
CHL
Mortgage
Pass-Through
Trust
2004-HYB4
5.25%,
09/20/2034
(m)
13‌
12‌
CIM
Trust
2021-NR2
2.57%,
07/25/2059
(i),(m)
82‌
81‌
Connecticut
Avenue
Securities
Trust
2020-R01
7.49%,
01/25/2040
(i)
33‌
33‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
2.16%
Connecticut
Avenue
Securities
Trust
2022-R06
8.07%,
05/25/2042
(i)
67‌
69‌
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
21‌
20‌
CSMC
2020-RPL3
Trust
4.07%,
03/25/2060
(i),(m)
120‌
119‌
DSLA
Mortgage
Loan
Trust
2005-AR5
6.09%,
09/19/2045
89‌
47‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.77%
Freddie
Mac
STACR
REMIC
Trust
2022-DNA4
7.52%,
05/25/2042
(i)
65‌
67‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
2.20%
GITSIT
Mortgage
Loan
Trust
2023-NPL1
8.35%,
05/25/2053
(i),(m)
46‌
46‌
GSR
Mortgage
Loan
Trust
2005-4F
6.50%,
02/25/2035
28‌
26‌
IndyMac
INDX
Mortgage
Loan
Trust
2004-AR7
6.66%,
09/25/2034
71‌
55‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.33%
IndyMac
INDX
Mortgage
Loan
Trust
2005-AR11
3.79%,
08/25/2035
(m)
300‌
216‌
Lehman
XS
Trust
Series
2006-2N
5.96%,
02/25/2046
53‌
45‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.63%
MASTR
Alternative
Loan
Trust
2003-9
5.25%,
11/25/2033
17‌
16‌
MASTR
Alternative
Loan
Trust
2004-5
5.50%,
06/25/2034
13‌
13‌
6.00%,
06/25/2034
16‌
15‌
MASTR
Alternative
Loan
Trust
2004-8
6.00%,
09/25/2034
84‌
80‌
Merrill
Lynch
Mortgage
Investors
Trust
Series
MLCC
2006-2
5.60%,
05/25/2036
(m)
3‌
3‌
NLT
2023-1
Trust
3.20%,
10/25/2062
(i),(m)
118‌
104‌
PRPM
2021-2
LLC
2.12%,
03/25/2026
(i),(m)
51‌
50‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
PRPM
2021-3
LLC
1.87%,
04/25/2026
(i),(m)
$
100‌
$
98‌
PRPM
2021-9
LLC
2.36%,
10/25/2026
(i),(m)
96‌
93‌
Structured
Adjustable
Rate
Mortgage
Loan
Trust
5.75%,
07/25/2035
343‌
204‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.42%
Toorak
Mortgage
Trust
2024-RRTL1
6.60%,
02/25/2039
(i),(m)
260‌
260‌
VCAT
2021-NPL5
LLC
1.87%,
08/25/2051
(i),(m)
58‌
57‌
VCAT
2021-NPL6
LLC
1.92%,
09/25/2051
(i),(m)
64‌
62‌
VOLT
XCIII
LLC
4.89%,
02/27/2051
(i),(m)
135‌
131‌
VOLT
XCIV
LLC
5.24%,
02/27/2051
(i),(m)
43‌
42‌
VOLT
XCVI
LLC
2.12%,
03/27/2051
(i),(m)
76‌
74‌
$
2,629‌
Office
&
Business
Equipment
-
0.06%
CDW
LLC
/
CDW
Finance
Corp
3.25%,
02/15/2029
140‌
125‌
3.28%,
12/01/2028
135‌
121‌
$
246‌
Oil
&
Gas
-
2.47%
Bellatrix
Exploration
PIK
-
Escrow
0.00%,
12/15/2023
(f),(g)
257‌
—‌
California
Resources
Corp
7.13%,
02/01/2026
(i)
665‌
669‌
Callon
Petroleum
Co
6.38%,
07/01/2026
251‌
251‌
7.50%,
06/15/2030
(i)
638‌
672‌
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp
11.00%,
04/15/2025
(i)
1,596‌
1,608‌
Continental
Resources
Inc/OK
2.88%,
04/01/2032
(i)
190‌
153‌
5.75%,
01/15/2031
(i)
630‌
618‌
Cosan
Luxembourg
SA
7.25%,
06/27/2031
(i)
450‌
458‌
Ecopetrol
SA
8.38%,
01/19/2036
95‌
95‌
Energean
Israel
Finance
Ltd
4.88%,
03/30/2026
(i)
150‌
140‌
5.38%,
03/30/2028
(i)
480‌
429‌
8.50%,
09/30/2033
(i)
490‌
472‌
EQT
Corp
3.63%,
05/15/2031
(i)
150‌
131‌
7.00%,
02/01/2030
10‌
11‌
Kosmos
Energy
Ltd
7.50%,
03/01/2028
(i)
350‌
325‌
7.75%,
05/01/2027
250‌
238‌
Leviathan
Bond
Ltd
6.13%,
06/30/2025
(i)
80‌
78‌
6.50%,
06/30/2027
(i)
780‌
745‌
Matador
Resources
Co
6.88%,
04/15/2028
(i)
30‌
30‌
Occidental
Petroleum
Corp
6.13%,
01/01/2031
115‌
118‌
6.63%,
09/01/2030
50‌
53‌
7.50%,
05/01/2031
50‌
55‌
7.88%,
09/15/2031
10‌
11‌
8.88%,
07/15/2030
10‌
12‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
120
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
OGX
Austria
GmbH
0.00%,
06/01/2018
(f),(i)
$
600‌
$
—‌
0.00%,
04/01/2022
(f),(g),(i)
1,100‌
—‌
Ovintiv
Inc
6.50%,
08/15/2034
20‌
21‌
6.50%,
02/01/2038
10‌
10‌
6.63%,
08/15/2037
40‌
41‌
7.20%,
11/01/2031
5‌
5‌
7.38%,
11/01/2031
5‌
5‌
8.13%,
09/15/2030
25‌
28‌
Permian
Resources
Operating
LLC
8.00%,
04/15/2027
(i)
84‌
87‌
Petroleos
de
Venezuela
SA
0.00%,
05/16/2024
(f)
3,045‌
297‌
0.00%,
11/15/2026
(f)
350‌
34‌
Petroleos
Mexicanos
6.49%,
01/23/2027
400‌
374‌
6.50%,
03/13/2027
350‌
326‌
Puma
International
Financing
SA
5.00%,
01/24/2026
525‌
497‌
Tengizchevroil
Finance
Co
International
Ltd
4.00%,
08/15/2026
1,000‌
936‌
Viper
Energy
Inc
7.38%,
11/01/2031
(i)
60‌
62‌
$
10,095‌
Oil
&
Gas
Services
-
0.16%
Petroleum
Geo-Services
AS
13.50%,
03/31/2027
600‌
664‌
Other
Asset
Backed
Securities
-
3.01%
37
Capital
Clo
4
Ltd
8.52%,
01/15/2034
(i)
250‌
251‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.15%
Accelerated
Assets
2018-1
LLC
4.51%,
12/02/2033
(i)
49‌
48‌
Affirm
Asset
Securitization
Trust
2023-B
6.82%,
09/15/2028
(i)
100‌
101‌
AGL
CLO
5
Ltd
7.58%,
07/20/2034
(i)
275‌
274‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.26%
AIM
Aviation
Finance
Ltd
5.07%,
02/15/2040
(i),(m)
675‌
142‌
Allegro
CLO
VI
Ltd
8.33%,
01/17/2031
(i)
250‌
242‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.01%
American
Homes
4
Rent
2014-SFR2
Trust
5.15%,
10/17/2036
(i)
280‌
278‌
6.23%,
10/17/2036
(i)
695‌
692‌
American
Homes
4
Rent
2014-SFR3
Trust
6.42%,
12/17/2036
(i)
900‌
900‌
American
Homes
4
Rent
2015-SFR1
Trust
5.64%,
04/17/2052
(i)
1,045‌
1,041‌
Applebee's
Funding
LLC
/
IHOP
Funding
LLC
7.82%,
03/05/2053
(i)
150‌
155‌
Ares
LXIX
CLO
Ltd
0.00%,
04/15/2036
(f),(i),(o)
260‌
260‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
Barings
Clo
Ltd
2019-IV
8.38%,
01/15/2033
(i)
250‌
249‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.06%
BHG
Securitization
Trust
2023-B
7.45%,
12/17/2036
(i)
100‌
102‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Blackbird
Capital
Aircraft
Lease
Securitization
Ltd
2016-1
4.21%,
12/16/2041
(i),(m)
$
111‌
$
108‌
CARLYLE
US
CLO
2017-4
Ltd
8.38%,
01/15/2030
(i)
280‌
276‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.06%
CLI
Funding
VIII
LLC
1.64%,
02/18/2046
(i)
275‌
243‌
Domino's
Pizza
Master
Issuer
LLC
4.12%,
07/25/2047
(i)
498‌
477‌
Elevation
CLO
2017-6
Ltd
8.28%,
07/15/2029
(i)
250‌
249‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.96%
EWC
Master
Issuer
LLC
5.50%,
03/15/2052
(i)
99‌
94‌
Frontier
Issuer
LLC
6.60%,
08/20/2053
(i)
315‌
317‌
Generate
CLO
7
Ltd
9.38%,
01/22/2033
(i)
295‌
294‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.06%
Hilton
Grand
Vacations
Trust
2018-A
4.00%,
02/25/2032
(i)
17‌
17‌
Kestrel
Aircraft
Funding
Ltd
4.25%,
12/15/2038
(i)
199‌
178‌
KKR
CLO
Ltd
22
7.18%,
07/20/2031
(i)
250‌
250‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.86%
Madison
Park
Funding
LIII
Ltd
7.07%,
04/21/2035
(i)
250‌
249‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.75%
Madison
Park
Funding
XXVI
Ltd
8.58%,
07/29/2030
(i)
255‌
252‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.26%
Madison
Park
Funding
XXX
LTD
8.08%,
04/15/2029
(i)
255‌
252‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.76%
Madison
Park
Funding
XXXIV
Ltd
7.74%,
04/25/2032
(i)
255‌
256‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.41%
Marlette
Funding
Trust
2023-4
8.15%,
12/15/2033
(i)
100‌
103‌
Merlin
Aviation
Holdings
DAC
4.50%,
12/15/2032
(i),(m)
31‌
27‌
Octagon
Investment
Partners
XVI
Ltd
11.33%,
07/17/2030
(i)
500‌
445‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.01%
Octagon
Investment
Partners
XXII
Ltd
7.48%,
01/22/2030
(i)
250‌
249‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.16%
OHA
Credit
Funding
3
LTD
11.83%,
07/02/2035
(i)
250‌
248‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.51%
OHA
Loan
Funding
2013-1
Ltd
8.63%,
07/23/2031
(i)
275‌
274‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.31%
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
121
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
OZLM
XXIII
Ltd
9.33%,
04/15/2034
(i)
$
390‌
$
376‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.01%
Parallel
2017-1
Ltd
7.58%,
07/20/2029
(i)
305‌
303‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.26%
Park
Blue
CLO
2023-IV
Ltd
8.06%,
01/25/2037
(i)
250‌
252‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.70%
Planet
Fitness
Master
Issuer
LLC
3.86%,
12/05/2049
(i)
264‌
239‌
Post
CLO
2023-1
Ltd
7.27%,
04/20/2036
(i)
250‌
251‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.95%
Rockford
Tower
CLO
2018-1
Ltd
6.68%,
05/20/2031
(i)
204‌
204‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.36%
Rockford
Tower
CLO
2021-3
Ltd
7.33%,
10/20/2034
(i)
250‌
250‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.01%
Sierra
Timeshare
2020-2
Receivables
Funding
LLC
3.51%,
07/20/2037
(i)
18‌
18‌
Sunnova
Helios
X
Issuer
LLC
6.00%,
11/22/2049
(i)
111‌
102‌
Sunnova
Helios
XI
Issuer
LLC
5.60%,
05/20/2050
(i)
96‌
92‌
Sunnova
Helios
XIII
Issuer
LLC
5.30%,
02/20/2051
(i)
100‌
98‌
Trinitas
CLO
XII
Ltd
7.32%,
04/25/2033
(i)
255‌
255‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
VERDE
CLO
Ltd
6.68%,
04/15/2032
(i)
100‌
100‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.36%
WAVE
2017-1
Trust
3.84%,
11/15/2042
(i)
122‌
104‌
Wendy's
Funding
LLC
4.08%,
06/15/2049
(i)
76‌
71‌
$
12,308‌
Packaging
&
Containers
-
0.20%
Mauser
Packaging
Solutions
Holding
Co
9.25%,
04/15/2027
(i)
858‌
834‌
Pharmaceuticals
-
0.45%
Bausch
Health
Cos
Inc
4.88%,
06/01/2028
(i)
360‌
205‌
Eli
Lilly
&
Co
5.00%,
02/27/2026
185‌
185‌
Teva
Pharmaceutical
Finance
Netherlands
II
BV
4.38%,
05/09/2030
EUR
220‌
225‌
7.38%,
09/15/2029
110‌
130‌
7.88%,
09/15/2031
100‌
124‌
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/01/2026
$
60‌
55‌
4.10%,
10/01/2046
1,055‌
714‌
7.88%,
09/15/2029
200‌
213‌
$
1,851‌
Pipelines
-
0.92%
Acu
Petroleo
Luxembourg
Sarl
7.50%,
07/13/2035
509‌
492‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
EnLink
Midstream
LLC
6.50%,
09/01/2030
(i)
$
15‌
$
15‌
Galaxy
Pipeline
Assets
Bidco
Ltd
2.16%,
03/31/2034
(i)
319‌
273‌
2.16%,
03/31/2034
998‌
855‌
Greensaif
Pipelines
Bidco
Sarl
6.13%,
02/23/2038
(i)
525‌
533‌
6.13%,
02/23/2038
250‌
254‌
Targa
Resources
Corp
6.13%,
03/15/2033
270‌
278‌
6.50%,
03/30/2034
275‌
291‌
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
4.00%,
01/15/2032
50‌
45‌
TMS
Issuer
Sarl
5.78%,
08/23/2032
(i)
275‌
282‌
Venture
Global
Calcasieu
Pass
LLC
3.88%,
11/01/2033
(i)
155‌
130‌
4.13%,
08/15/2031
(i)
90‌
79‌
Western
Midstream
Operating
LP
6.15%,
04/01/2033
135‌
137‌
6.35%,
01/15/2029
95‌
98‌
$
3,762‌
Real
Estate
-
0.10%
Agile
Group
Holdings
Ltd
6.05%,
10/13/2025
210‌
27‌
CFLD
Cayman
Investment
Ltd
0.00%,
01/31/2031
(f),(i)
109‌
3‌
0.00%,
01/31/2031
(f),(i)
90‌
3‌
0.00%,
01/31/2031
(f),(i)
12‌
—‌
China
Evergrande
Group
0.00%,
06/28/2025
(f)
200‌
3‌
Country
Garden
Holdings
Co
Ltd
0.00%,
09/17/2025
(f)
200‌
16‌
0.00%,
02/06/2026
(f)
400‌
32‌
0.00%,
04/08/2026
(f)
250‌
20‌
Kaisa
Group
Holdings
Ltd
0.00%,
06/30/2024
(f)
400‌
10‌
0.00%,
04/16/2025
(f)
200‌
5‌
0.00%,
11/11/2025
(f)
200‌
5‌
0.00%,
06/01/2026
(f)
200‌
5‌
KWG
Group
Holdings
Ltd
0.00%,
02/13/2026
(f)
210‌
18‌
MAF
Global
Securities
Ltd
7.88%,
06/30/2027
(j),(k)
200‌
207‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
Sunac
China
Holdings
Ltd
6.00%,
PIK
0.00%;
09/30/2025
(i),(m),(n)
18‌
2‌
6.25%,
PIK
0.00%;
09/30/2026
(i),(m),(n)
18‌
2‌
6.50%,
PIK
0.00%;
09/30/2027
(i),(m),(n)
35‌
3‌
6.75%,
PIK
0.00%;
09/30/2028
(i),(m),(n)
53‌
4‌
7.00%,
PIK
0.00%;
09/30/2029
(i),(m),(n)
53‌
4‌
7.25%,
PIK
0.00%;
09/30/2030
(i),(m),(n)
25‌
2‌
Times
China
Holdings
Ltd
0.00%,
03/22/2026
(f)
210‌
6‌
Yuzhou
Group
Holdings
Co
Ltd
0.00%,
08/12/2026
(f)
200‌
14‌
0.00%,
01/13/2027
(f)
400‌
26‌
Zhenro
Properties
Group
Ltd
0.00%,
01/07/2026
(f)
200‌
2‌
$
419‌
Regional
Authority
-
0.13%
New
South
Wales
Treasury
Corp
3.00%,
03/20/2028
AUD
390‌
244‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
122
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Regional
Authority
(continued)
Provincia
de
Buenos
Aires/Government
Bonds
6.37%,
09/01/2037
(m)
$
725‌
$
279‌
$
523‌
REITs
-
0.07%
GLP
Capital
LP
/
GLP
Financing
II
Inc
6.75%,
12/01/2033
35‌
36‌
National
Health
Investors
Inc
3.00%,
02/01/2031
35‌
28‌
VICI
Properties
LP
/
VICI
Note
Co
Inc
4.25%,
12/01/2026
(i)
125‌
120‌
4.50%,
09/01/2026
(i)
90‌
87‌
$
271‌
Retail
-
0.15%
Lithia
Motors
Inc
3.88%,
06/01/2029
(i)
220‌
196‌
Lowe's
Cos
Inc
4.80%,
04/01/2026
400‌
398‌
$
594‌
Semiconductors
-
0.24%
Broadcom
Inc
3.14%,
11/15/2035
(i)
350‌
278‌
3.47%,
04/15/2034
(i)
145‌
122‌
Micron
Technology
Inc
5.88%,
02/09/2033
95‌
97‌
5.88%,
09/15/2033
185‌
189‌
6.75%,
11/01/2029
285‌
302‌
$
988‌
Software
-
0.15%
Intuit
Inc
5.25%,
09/15/2026
410‌
414‌
Open
Text
Corp
6.90%,
12/01/2027
(i)
60‌
62‌
UKG
Inc
6.88%,
02/01/2031
(i)
125‌
126‌
$
602‌
Sovereign
-
9.87%
Argentine
Republic
Government
International
Bond
0.75%,
07/09/2030
(m)
1,325‌
608‌
3.62%,
07/09/2035
(m)
2,175‌
806‌
4.25%,
01/09/2038
(m)
550‌
229‌
Australia
Government
Bond
2.75%,
11/21/2028
AUD
205‌
127‌
Bahamas
Government
International
Bond
6.00%,
11/21/2028
$
325‌
285‌
Brazil
Notas
do
Tesouro
Nacional
Serie
F
9.76%,
01/01/2027
BRL
8,550‌
1,714‌
9.76%,
01/01/2029
2,639‌
522‌
9.76%,
01/01/2033
8,650‌
1,668‌
Colombia
Government
International
Bond
4.50%,
03/15/2029
$
625‌
569‌
7.50%,
02/02/2034
1,000‌
1,008‌
Colombian
TES
6.00%,
04/28/2028
COP
6,924,000‌
1,582‌
Dominican
Republic
International
Bond
4.50%,
01/30/2030
$
700‌
634‌
5.50%,
02/22/2029
300‌
290‌
5.95%,
01/25/2027
257‌
256‌
Ecuador
Government
International
Bond
3.50%,
07/31/2035
(m)
1,500‌
715‌
6.00%,
07/31/2030
(m)
1,400‌
852‌
Egypt
Government
International
Bond
7.30%,
09/30/2033
1,825‌
1,487‌
7.90%,
02/21/2048
425‌
318‌
Gabon
Government
International
Bond
6.63%,
02/06/2031
600‌
488‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Ghana
Government
International
Bond
0.00%,
04/07/2029
(f),(i)
$
275‌
$
118‌
0.00%,
04/07/2029
(f)
900‌
385‌
0.00%,
03/26/2032
(f)
200‌
85‌
0.00%,
04/07/2034
(f)
500‌
213‌
Guatemala
Government
Bond
5.25%,
08/10/2029
625‌
600‌
7.05%,
10/04/2032
275‌
289‌
Hungary
Government
Bond
6.75%,
10/22/2028
HUF
288,200‌
813‌
Hungary
Government
International
Bond
6.13%,
05/22/2028
$
250‌
255‌
Indonesia
Treasury
Bond
6.38%,
08/15/2028
IDR
13,800,000‌
876‌
6.50%,
02/15/2031
3,400,000‌
215‌
6.63%,
02/15/2034
20,600,000‌
1,312‌
6.88%,
04/15/2029
12,258,000‌
792‌
7.00%,
02/15/2033
5,800,000‌
380‌
Iraq
International
Bond
5.80%,
01/15/2028
$
925‌
862‌
Ivory
Coast
Government
International
Bond
4.88%,
01/30/2032
EUR
200‌
181‌
4.88%,
01/30/2032
(i)
600‌
543‌
6.63%,
03/22/2048
325‌
273‌
8.25%,
01/30/2037
(i)
$
475‌
464‌
Magyar
Export-Import
Bank
Zrt
6.13%,
12/04/2027
(i)
200‌
201‌
6.13%,
12/04/2027
200‌
201‌
Mexican
Bonos
7.50%,
05/26/2033
MXN
6,880‌
363‌
7.75%,
11/23/2034
26,500‌
1,408‌
Mexico
Government
International
Bond
4.88%,
05/19/2033
$
640‌
602‌
6.00%,
05/07/2036
300‌
299‌
6.35%,
02/09/2035
325‌
332‌
New
Zealand
Government
Bond
3.50%,
04/14/2033
NZD
665‌
369‌
Nigeria
Government
International
Bond
6.13%,
09/28/2028
$
225‌
197‌
7.14%,
02/23/2030
200‌
176‌
7.88%,
02/16/2032
625‌
549‌
Panama
Government
International
Bond
8.00%,
03/01/2038
375‌
383‌
Peru
Government
Bond
5.40%,
08/12/2034
PEN
3,575‌
842‌
6.15%,
08/12/2032
4,525‌
1,153‌
Republic
of
Kenya
Government
International
Bond
9.75%,
02/16/2031
(i)
$
525‌
524‌
Republic
of
Poland
Government
Bond
7.50%,
07/25/2028
PLN
4,975‌
1,359‌
Republic
of
South
Africa
Government
Bond
8.00%,
01/31/2030
ZAR
21,300‌
1,006‌
8.88%,
02/28/2035
7,845‌
339‌
Republic
of
South
Africa
Government
International
Bond
7.30%,
04/20/2052
$
700‌
607‌
Republic
of
Uzbekistan
International
Bond
7.85%,
10/12/2028
(i)
350‌
366‌
Romanian
Government
International
Bond
6.38%,
01/30/2034
(i)
1,122‌
1,114‌
7.13%,
01/17/2033
128‌
135‌
Saudi
Government
International
Bond
5.75%,
01/16/2054
(i)
925‌
892‌
Senegal
Government
International
Bond
4.75%,
03/13/2028
EUR
225‌
219‌
6.75%,
03/13/2048
$
400‌
288‌
Slovenia
Government
International
Bond
5.00%,
09/19/2033
850‌
849‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
123
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
State
Agency
of
Roads
of
Ukraine
0.00%,
06/24/2030
(f),(i)
$
700‌
$
184‌
0.00%,
06/24/2030
(f)
400‌
105‌
Tunisian
Republic
6.38%,
07/15/2026
EUR
850‌
750‌
Turkiye
Government
Bond
26.20%,
10/05/2033
TRY
9,800‌
324‌
Ukraine
Government
International
Bond
0.00%,
09/01/2029
(f)
$
1,100‌
305‌
0.00%,
08/01/2041
(f),(m)
1,000‌
458‌
United
Kingdom
Gilt
0.25%,
01/31/2025
GBP
150‌
182‌
Uruguay
Government
International
Bond
8.25%,
05/21/2031
UYU
16,475‌
400‌
$
40,295‌
Student
Loan
Asset
Backed
Securities
-
0.33%
College
Ave
Student
Loans
2021-A
LLC
4.12%,
07/25/2051
(i)
$
71‌
64‌
Navient
Private
Education
Refi
Loan
Trust
2018-A
3.68%,
02/18/2042
(i)
119‌
113‌
Navient
Private
Education
Refi
Loan
Trust
2018-C
4.22%,
06/16/2042
(i)
340‌
322‌
Navient
Private
Education
Refi
Loan
Trust
2020-F
2.69%,
07/15/2069
(i)
100‌
79‌
Nelnet
Student
Loan
Trust
2021-D
2.90%,
04/20/2062
(i)
100‌
83‌
SLM
Private
Credit
Student
Loan
Trust
2003-A
7.98%,
06/15/2032
87‌
89‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
SLM
Private
Credit
Student
Loan
Trust
2003-B
7.96%,
03/15/2033
300‌
307‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
SMB
Private
Education
Loan
Trust
2015-C
3.50%,
09/15/2043
(i)
72‌
70‌
SMB
Private
Education
Loan
Trust
2018-C
4.00%,
11/17/2042
(i)
100‌
92‌
SoFi
Professional
Loan
Program
2020-ATrust
3.12%,
05/15/2046
(i)
160‌
129‌
$
1,348‌
Supranational
Bank
-
0.51%
Asian
Development
Bank
6.72%,
02/08/2028
INR
25,500‌
306‌
European
Bank
for
Reconstruction
&
Development
6.30%,
10/26/2027
60,000‌
709‌
Inter-American
Development
Bank
5.70%,
11/12/2024
22,000‌
262‌
7.00%,
01/25/2029
15,000‌
181‌
International
Bank
for
Reconstruction
&
Development
6.85%,
04/24/2028
24,000‌
288‌
7.05%,
07/22/2029
27,500‌
334‌
$
2,080‌
Telecommunications
-
0.19%
Cisco
Systems
Inc
5.30%,
02/26/2054
$
50‌
51‌
CommScope
Inc
4.75%,
09/01/2029
(i)
225‌
154‌
7.13%,
07/01/2028
(i)
170‌
68‌
CommScope
Technologies
LLC
5.00%,
03/15/2027
(i)
120‌
43‌
Connect
Finco
SARL
/
Connect
US
Finco
LLC
6.75%,
10/01/2026
(i)
468‌
459‌
$
775‌
Transportation
-
0.10%
Rand
Parent
LLC
8.50%,
02/15/2030
(i)
170‌
165‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Transportation
(continued)
Transnet
SOC
Ltd
8.25%,
02/06/2028
(i)
$
225‌
$
223‌
$
388‌
Water
-
0.10%
Aegea
Finance
Sarl
9.00%,
01/20/2031
(i)
400‌
423‌
TOTAL
BONDS
$
141,600‌
CONVERTIBLE
BONDS
-
1.14%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
0.08%
Southwest
Airlines
Co
1.25%,
05/01/2025
$
320‌
$
344‌
Biotechnology
-
0.27%
BioMarin
Pharmaceutical
Inc
0.60%,
08/01/2024
80‌
79‌
1.25%,
05/15/2027
505‌
502‌
Cerevel
Therapeutics
Holdings
Inc
2.50%,
08/15/2027
(i)
425‌
467‌
Guardant
Health
Inc
0.00%,
11/15/2027
(f)
85‌
57‌
$
1,105‌
Entertainment
-
0.01%
Penn
Entertainment
Inc
2.75%,
05/15/2026
40‌
43‌
Healthcare
-
Products
-
0.02%
Envista
Holdings
Corp
1.75%,
08/15/2028
(i)
90‌
80‌
Healthcare
-
Services
-
0.08%
Teladoc
Health
Inc
1.25%,
06/01/2027
410‌
340‌
Internet
-
0.16%
Etsy
Inc
0.13%,
09/01/2027
65‌
54‌
0.25%,
06/15/2028
160‌
128‌
Spotify
USA
Inc
0.00%,
03/15/2026
(f)
105‌
95‌
TechTarget
Inc
0.00%,
12/15/2026
(f)
354‌
336‌
Uber
Technologies
Inc
0.00%,
12/15/2025
(f)
30‌
34‌
$
647‌
Leisure
Products
&
Services
-
0.04%
Carnival
Corp
5.75%,
12/01/2027
15‌
22‌
NCL
Corp
Ltd
1.13%,
02/15/2027
140‌
130‌
$
152‌
Media
-
0.17%
DISH
Network
Corp
0.00%,
12/15/2025
(f)
90‌
65‌
2.38%,
03/15/2024
100‌
99‌
3.38%,
08/15/2026
885‌
523‌
$
687‌
Real
Estate
-
0.00%
Sunac
China
Holdings
Ltd
1.00%,
PIK
0.00%;
09/30/2032
(i),(m),(n)
22‌
1‌
Software
-
0.31%
Splunk
Inc
1.13%,
06/15/2027
1,147‌
1,130‌
Unity
Software
Inc
0.00%,
11/15/2026
(f)
175‌
147‌
$
1,277‌
TOTAL
CONVERTIBLE
BONDS
$
4,676‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
124
SENIOR
FLOATING
RATE
INTERESTS
-
0.48%
Principal
Amount
(000's)
Value
(000's)
Building
Materials
-
0.02%
Summit
Materials
LLC
7.83%,
11/30/2028
(p)
$
76‌
$
76‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Commercial
Services
-
0.08%
GTCR
W
Merger
Sub
LLC
8.33%,
01/31/2031
(p)
343‌
344‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Entertainment
-
0.00%
Deluxe
Entertainment
Services
Group
Inc
0.00%,
PIK
1.50%,
03/25/2024
(f),(g),(n),(p)
67‌
2‌
Deluxe
Entertainment
Services
Group
Inc
-
Escrow
0.00%,
PIK
2.50%,
09/25/2024
(f),(g),(n),(p)
875‌
—‌
Light
&
Wonder
International
Inc
8.07%,
04/14/2029
(p)
16‌
16‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
$
18‌
Healthcare
-
Products
-
0.03%
Bausch
+
Lomb
Corp
9.33%,
09/14/2028
(p)
125‌
124‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Healthcare
-
Services
-
0.05%
Star
Parent
Inc
9.35%,
09/27/2030
(p)
185‌
182‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Insurance
-
0.02%
AmWINS
Group
Inc
8.20%,
02/21/2028
(p)
20‌
20‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
HUB
International
Ltd
0.00%,
06/20/2030
(p),(q)
60‌
60‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
80‌
Internet
-
0.06%
MH
Sub
I
LLC
9.58%,
04/24/2028
(p)
76‌
74‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Uber
Technologies
Inc
8.13%,
03/03/2030
(p)
150‌
151‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
$
225‌
Leisure
Products
&
Services
-
0.07%
Carnival
Corp
8.32%,
08/08/2027
(p)
92‌
92‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
8.70%,
10/18/2028
(p)
176‌
176‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
268‌
Lodging
-
0.02%
Hilton
Grand
Vacations
Borrower
LLC
8.08%,
01/10/2031
(p)
100‌
100‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
-
0.03%
Ziggo
BV
6.86%,
01/31/2029
(p)
EUR
115‌
$
120‌
6
Month
Euro
Interbank
Offered
Rate
+
3.00%
Retail
-
0.04%
1011778
BC
ULC
7.58%,
09/20/2030
(p)
$
110‌
109‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Foundation
Building
Materials
Inc
0.00%,
01/24/2031
(p),(q)
58‌
58‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
$
167‌
Software
-
0.05%
Open
Text
Corp
8.18%,
01/31/2030
(p)
72‌
73‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Playtika
Holding
Corp
8.20%,
03/11/2028
(p)
146‌
145‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
$
218‌
Transportation
-
0.01%
Rand
Parent
LLC
9.60%,
02/08/2030
(p)
50‌
50‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
1,972‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
1.41%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
0.80%
4.25%,
12/31/2024
(r)
$
2,480‌
$
2,462‌
4.50%,
11/30/2024
820‌
815‌
$
3,277‌
U.S.
Treasury
Bill
-
0.61%
5.30%,
04/04/2024
(s)
2,480‌
2,468‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
5,745‌
TOTAL
PURCHASED
OPTIONS
-
0.03%
$
132‌
Total
Investments
$
395,455‌
Other
Assets
and
Liabilities
-  3.15%
12,858‌
TOTAL
NET
ASSETS
-
100.00%
$
408,313‌
(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)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
or
a
portion
of
the
security
was
pledged
as
collateral
for
short
sales.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$23,071
or
5.65%
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
$41,925
or
10.27%
of
net
assets.
(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)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
125
(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
$66,354
or
16.25%
of
net
assets.
(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
$1,543
or
0.38%
of
net
assets.
(m)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(n)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(o)
Security
purchased
on
a
when-issued
basis.
(p)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(q)
This
Senior
Floating
Rate
Note
will
settle
after
February
29,
2024,
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
$2,100
or
0.51%
of
net
assets.
(s)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Portfolio
Summary
Location
Percent
United
States
69.82‌%
Cayman
Islands
2.11‌%
Mexico
1.81‌%
Japan
1.43‌%
Brazil
1.24‌%
United
Kingdom
1.23‌%
Canada
1.17‌%
Luxembourg
1.14‌%
Netherlands
1.06‌%
Indonesia
0.86‌%
Colombia
0.80‌%
Switzerland
0.74‌%
Israel
0.66‌%
Supranational
0.64‌%
Bermuda
0.64‌%
South
Africa
0.54‌%
Sweden
0.51‌%
Romania
0.50‌%
Australia
0.49‌%
Peru
0.49‌%
Argentina
0.48‌%
Ireland
0.47‌%
Egypt
0.44‌%
Jersey,
Channel
Islands
0.43‌%
Czech
Republic
0.40‌%
Ecuador
0.39‌%
Hungary
0.36‌%
France
0.36‌%
Cote
d'Ivoire
0.35‌%
Turkey
0.34‌%
Poland
0.33‌%
Ukraine
0.31‌%
Dominican
Republic
0.29‌%
Panama
0.25‌%
Slovenia
0.24‌%
Guatemala
0.22‌%
Nigeria
0.22‌%
Saudi
Arabia
0.22‌%
Denmark
0.21‌%
Iraq
0.21‌%
Ghana
0.19‌%
Norway
0.19‌%
Tunisia
0.18‌%
Italy
0.15‌%
Spain
0.14‌%
Chile
0.14‌%
Kenya
0.13‌%
Germany
0.13‌%
Senegal
0.12‌%
Gabon
0.12‌%
Uruguay
0.11‌%
Singapore
0.10‌%
New
Zealand
0.09‌%
Uzbekistan
0.09‌%
Venezuela
0.08‌%
Liberia
0.08‌%
Belgium
0.08‌%
Mauritius
0.07‌%
Bahamas
0.07‌%
Hong
Kong
0.03‌%
Portugal
0.03‌%
Purchased
Options
0.03‌%
Taiwan
0.02‌%
Finland
0.02‌%
Malaysia
0.02‌%
China
0.01‌%
Puerto
Rico
0.01‌%
Korea,
Republic
Of
0.01‌%
Thailand
0.01‌%
Austria
0.00‌%
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
126
Portfolio
Summary
(continued)
Location
Percent
Investments
Sold
Short
(5.16‌)%
Other
Assets
and
Liabilities
8.31‌%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2023
Purchases
Sales
February
29,
2024
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
$
85,033‌
$
210,007‌
$
227,999‌
$
67,041‌
$
85,033‌
$
210,007‌
$
227,999‌
$
67,041‌
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
5.23%
$
2,176‌
$
—‌
$
—‌
$
—‌
$
2,176‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Element
Comm
Aviation
06/15/2015
$
2,800‌
$
—‌
0.00%
Total
$
—‌
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
-
Albertsons
Cos
Inc
N/A
41‌
$
4‌
$
21.00‌
03/18/2024
$
3‌
$
3‌
$
—‌
Put
-
Ball
Corp
N/A
73‌
7‌
$
45.00‌
05/20/2024
6‌
1‌
(5‌)
Put
-
Ball
Corp
N/A
134‌
13‌
$
50.00‌
05/20/2024
7‌
3‌
(4‌)
Put
-
Baxter
International
Inc
N/A
83‌
8‌
$
30.00‌
05/20/2024
4‌
1‌
(3‌)
Put
-
BioMarin
Pharmaceutical
Inc
N/A
34‌
3‌
$
75.00‌
03/18/2024
1‌
—‌
(1‌)
Put
-
Carrier
Global
Corp
N/A
57‌
6‌
$
45.00‌
03/18/2024
1‌
—‌
(1‌)
Put
-
Carrier
Global
Corp
N/A
257‌
26‌
$
47.50‌
03/18/2024
13‌
1‌
(12‌)
Put
-
Cerevel
Therapeutics
Holdings
N/A
27‌
3‌
$
35.00‌
12/23/2024
5‌
2‌
(3‌)
Put
-
Crown
Castle
International
Corp
N/A
62‌
6‌
$
97.50‌
04/22/2024
9‌
6‌
(3‌)
Put
-
Crown
Castle
International
Corp
N/A
79‌
8‌
$
90.00‌
04/22/2024
6‌
3‌
(3‌)
Put
-
Endeavor
Group
Hold-Class
A
N/A
233‌
23‌
$
21.00‌
03/18/2024
11‌
2‌
(9‌)
Put
-
Etsy
Inc
N/A
128‌
13‌
$
55.00‌
03/18/2024
9‌
—‌
(9‌)
Put
-
Etsy
Inc
N/A
41‌
4‌
$
60.00‌
06/24/2024
14‌
10‌
(4‌)
Put
-
Fidelity
National
Information
Services
Inc
N/A
98‌
10‌
$
50.00‌
04/22/2024
6‌
—‌
(6‌)
Put
-
General
Electric
Co
N/A
96‌
10‌
$
110.00‌
03/18/2024
6‌
—‌
(6‌)
Put
-
Kenvue
Inc
N/A
227‌
23‌
$
18.00‌
04/22/2024
7‌
5‌
(2‌)
Put
-
Phillips
66
N/A
56‌
6‌
$
115.00‌
03/18/2024
7‌
—‌
(7‌)
Put
-
Phillips
66
N/A
16‌
2‌
$
105.00‌
04/22/2024
1‌
—‌
(1‌)
Put
-
S&P
500
Index
N/A
7‌
1‌
$
4,400.00‌
06/24/2024
47‌
13‌
(34‌)
Put
-
S&P
500
Index
N/A
7‌
1‌
$
4,700.00‌
07/22/2024
35‌
32‌
(3‌)
Put
-
S&P
500
Index
N/A
3‌
—‌
$
4,825.00‌
05/20/2024
15‌
10‌
(5‌)
Put
-
S&P
500
Index
N/A
8‌
1‌
$
4,075.00‌
05/20/2024
57‌
5‌
(52‌)
Put
-
S&P
500
Index
N/A
4‌
—‌
$
4,700.00‌
04/22/2024
20‌
5‌
(15‌)
Put
-
S&P
500
Index
N/A
4‌
—‌
$
4,900.00‌
03/18/2024
8‌
2‌
(6‌)
Put
-
S&P
500
Index
N/A
8‌
1‌
$
4,025.00‌
03/18/2024
61‌
—‌
(61‌)
Put
-
SPDR
S&P
500
ETF
TRUST
N/A
93‌
9‌
$
490.00‌
03/18/2024
33‌
7‌
(26‌)
Put
-
SPDR
S&P
Retail
ETF
N/A
21‌
2‌
$
70.00‌
04/22/2024
3‌
1‌
(2‌)
Put
-
Teck
Resources
Ltd-Class
B
N/A
88‌
9‌
$
35.00‌
04/22/2024
9‌
5‌
(4‌)
Put
-
Vale
SA
N/A
450‌
45‌
$
12.00‌
04/22/2024
8‌
9‌
1‌
Put
-
Vale
SA
N/A
169‌
17‌
$
13.00‌
03/18/2024
8‌
6‌
(2‌)
Total
$
420‌
$
132‌
$
(288‌)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
Abbott
Laboratories
N/A
1‌
$
—‌
$
125.00‌
04/22/2024
$
—‌
$
—‌
$
—‌
Call
-
AbbVie
Inc
N/A
1‌
—‌
$
185.00‌
04/22/2024
—‌
—‌
—‌
Call
-
Albertsons
Cos
Inc
N/A
19‌
2‌
$
25.00‌
04/22/2024
(2‌)
—‌
2‌
Call
-
Ball
Corp
N/A
134‌
13‌
$
55.00‌
05/20/2024
(88‌)
(138‌)
(50‌)
Call
-
Ball
Corp
N/A
73‌
7‌
$
50.00‌
05/20/2024
(54‌)
(108‌)
(54‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
127
Options
(continued)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
Baxter
International
Inc
N/A
242‌
$
24‌
$
40.00‌
03/18/2024
$
(25‌)
$
(34‌)
$
(9‌)
Call
-
Baxter
International
Inc
N/A
83‌
8‌
$
35.00‌
05/20/2024
(47‌)
(56‌)
(9‌)
Call
-
BioMarin
Pharmaceutical
Inc
N/A
34‌
3‌
$
85.00‌
03/18/2024
(24‌)
(9‌)
15‌
Call
-
Carrier
Global
Corp
N/A
57‌
6‌
$
50.00‌
03/18/2024
(24‌)
(33‌)
(9‌)
Call
-
Carrier
Global
Corp
N/A
257‌
26‌
$
52.50‌
03/18/2024
(118‌)
(90‌)
28‌
Call
-
Catalent
Inc
N/A
42‌
4‌
$
60.00‌
03/18/2024
(2‌)
—‌
2‌
Call
-
Cerevel
Therapeutics
Holdings
N/A
27‌
3‌
$
45.00‌
12/23/2024
(1‌)
(3‌)
(2‌)
Call
-
Coca-Cola
Co/The
N/A
2‌
—‌
$
62.50‌
04/22/2024
—‌
—‌
—‌
Call
-
Comcast
Corp
-
Class
A
N/A
5‌
1‌
$
45.00‌
04/22/2024
—‌
—‌
—‌
Call
-
Crown
Castle
International
Corp
N/A
62‌
6‌
$
105.00‌
04/22/2024
(43‌)
(43‌)
—‌
Call
-
Crown
Castle
International
Corp
N/A
55‌
6‌
$
100.00‌
04/22/2024
(73‌)
(60‌)
13‌
Call
-
Crown
Castle
International
Corp
N/A
24‌
2‌
$
97.50‌
04/22/2024
(31‌)
(31‌)
—‌
Call
-
Endeavor
Group
Hold-Class
A
N/A
537‌
54‌
$
25.00‌
03/18/2024
(68‌)
(10‌)
58‌
Call
-
Endeavor
Group
Hold-Class
A
N/A
42‌
4‌
$
27.00‌
03/18/2024
(4‌)
—‌
4‌
Call
-
Endeavor
Group
Hold-Class
A
N/A
248‌
25‌
$
24.00‌
03/18/2024
(44‌)
(15‌)
29‌
Call
-
Endeavor
Group
Hold-Class
A
N/A
148‌
15‌
$
25.00‌
04/22/2024
(18‌)
(12‌)
6‌
Call
-
Etsy
Inc
N/A
41‌
4‌
$
65.00‌
06/24/2024
(61‌)
(48‌)
13‌
Call
-
Etsy
Inc
N/A
128‌
13‌
$
60.00‌
03/18/2024
(182‌)
(152‌)
30‌
Call
-
Fastenal
Co
N/A
1‌
—‌
$
77.50‌
04/22/2024
—‌
—‌
—‌
Call
-
Fidelity
National
Information
Services
Inc
N/A
98‌
10‌
$
55.00‌
04/22/2024
(71‌)
(141‌)
(70‌)
Call
-
General
Electric
Co
N/A
96‌
10‌
$
120.00‌
03/18/2024
(102‌)
(357‌)
(255‌)
Call
-
JPMorgan
Chase
&
Co.
N/A
1‌
—‌
$
190.00‌
04/22/2024
—‌
—‌
—‌
Call
-
Juniper
Networks
Inc
N/A
267‌
27‌
$
40.00‌
04/22/2024
(3‌)
—‌
3‌
Call
-
Kenvue
Inc
N/A
227‌
23‌
$
20.00‌
04/22/2024
(7‌)
(6‌)
1‌
Call
-
Liberty
Media
Corp
-
Class
A
N/A
95‌
10‌
$
25.00‌
04/22/2024
(56‌)
(42‌)
14‌
Call
-
M.D.C.
Holdings,
Inc
N/A
20‌
2‌
$
65.00‌
06/24/2024
(1‌)
(1‌)
—‌
Call
-
Microchip
Technology
Inc
N/A
1‌
—‌
$
92.50‌
04/22/2024
—‌
—‌
—‌
Call
-
New
Ambrx
Biopha
N/A
26‌
3‌
$
30.00‌
04/22/2024
(1‌)
—‌
1‌
Call
-
Phillips
66
N/A
16‌
2‌
$
115.00‌
04/22/2024
(24‌)
(46‌)
(22‌)
Call
-
Procter
&
Gamble
Co/The
N/A
1‌
—‌
$
165.00‌
04/22/2024
—‌
—‌
—‌
Call
-
QUALCOMM
Inc
N/A
1‌
—‌
$
170.00‌
04/22/2024
—‌
—‌
—‌
Call
-
SPDR
S&P
500
ETF
TRUST
N/A
30‌
3‌
$
505.00‌
03/18/2024
(11‌)
(21‌)
(10‌)
Call
-
SPDR
S&P
500
ETF
TRUST
N/A
25‌
3‌
$
510.00‌
03/18/2024
(9‌)
(10‌)
(1‌)
Call
-
Splunk
Inc
N/A
37‌
4‌
$
160.00‌
03/18/2024
—‌
—‌
—‌
Call
-
Splunk
Inc
N/A
29‌
3‌
$
155.00‌
04/22/2024
(4‌)
(7‌)
(3‌)
Call
-
Starbucks
Corp
N/A
1‌
—‌
$
100.00‌
04/22/2024
—‌
—‌
—‌
Call
-
Teck
Resources
Ltd-Class
B
N/A
65‌
7‌
$
40.00‌
04/22/2024
(11‌)
(8‌)
3‌
Call
-
Teck
Resources
Ltd-Class
B
N/A
26‌
3‌
$
40.00‌
03/18/2024
(5‌)
(1‌)
4‌
Call
-
United
States
Steel
Corp
N/A
115‌
12‌
$
47.00‌
04/22/2024
(15‌)
(22‌)
(7‌)
Call
-
United
States
Steel
Corp
N/A
15‌
2‌
$
49.00‌
04/22/2024
(1‌)
(1‌)
—‌
Call
-
United
States
Steel
Corp
N/A
20‌
2‌
$
46.00‌
04/22/2024
(4‌)
(5‌)
(1‌)
Call
-
United
States
Steel
Corp
N/A
106‌
11‌
$
49.00‌
03/18/2024
(6‌)
(1‌)
5‌
Call
-
United
States
Steel
Corp
N/A
77‌
8‌
$
47.00‌
03/18/2024
(11‌)
(8‌)
3‌
Call
-
United
States
Steel
Corp
N/A
13‌
1‌
$
45.00‌
04/22/2024
(5‌)
(5‌)
—‌
Call
-
United
States
Steel
Corp
N/A
34‌
3‌
$
46.00‌
03/18/2024
(10‌)
(6‌)
4‌
Call
-
Vale
SA
N/A
169‌
17‌
$
15.00‌
03/18/2024
(4‌)
—‌
4‌
Call
-
Williams
Cos
Inc/The
N/A
2‌
—‌
$
36.00‌
04/22/2024
—‌
—‌
—‌
Put
-
Albertsons
Cos
Inc
N/A
41‌
4‌
$
20.00‌
03/18/2024
(1‌)
—‌
1‌
Put
-
S&P
500
Index
N/A
7‌
1‌
$
4,250.00‌
07/22/2024
(15‌)
(14‌)
1‌
Put
-
S&P
500
Index
N/A
8‌
1‌
$
3,675.00‌
05/20/2024
(26‌)
(3‌)
23‌
Put
-
S&P
500
Index
N/A
8‌
1‌
$
3,625.00‌
03/18/2024
(28‌)
—‌
28‌
Put
-
S&P
500
Index
N/A
7‌
1‌
$
3,975.00‌
06/24/2024
(19‌)
(6‌)
13‌
Put
-
SPDR
S&P
500
ETF
TRUST
N/A
49‌
5‌
$
478.00‌
03/18/2024
(8‌)
(2‌)
6‌
Put
-
SPDR
S&P
Retail
ETF
N/A
21‌
2‌
$
64.00‌
04/22/2024
(1‌)
—‌
1‌
Put
-
Vale
SA
N/A
450‌
45‌
$
13.00‌
04/22/2024
(21‌)
(26‌)
(5‌)
Total
$
(1,389‌)
$
(1,581‌)
$
(192‌)
Amounts
in
thousands
except
contracts/shares.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
3
Month
Secured
Overnight
Financing
Rate;
June
2025
Short
168‌
$
40,328‌
$
178‌
Australia
10
Year
Bond;
March
2024
Short
29‌
2,168‌
(28‌)
Brent
Crude;
May
2024
(a)
Long
16‌
1,311‌
—‌
CAC40
Index;
March
2024
Long
40‌
3,433‌
113‌
Canada
10
Year
Bond;
June
2024
Short
23‌
2,031‌
5‌
Cocoa;
May
2024
(a)
Long
15‌
977‌
188‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
128
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Coffee
'C';
May
2024
(a)
Long
19‌
$
1,313‌
$
(30‌)
Corn;
May
2024
(a)
Short
86‌
1,847‌
33‌
Cotton
No.2;
May
2024
(a)
Long
13‌
647‌
40‌
DAX
Index;
March
2024
Long
14‌
6,714‌
306‌
DJ
Euro
Stoxx
50;
March
2024
Short
7‌
370‌
(24‌)
DJ
Euro
Stoxx
50;
March
2024
Long
125‌
6,612‌
356‌
Dollar
Index;
March
2024
Long
13‌
1,353‌
23‌
E-Mini
DJIA
Index;
March
2024
Long
32‌
6,247‌
182‌
Euribor;
June
2025
Long
13‌
3,421‌
(13‌)
Euro
Bond
10
Year
Bond;
March
2024
Short
10‌
1,434‌
(4‌)
Euro
Schatz;
June
2024
Short
40‌
4,569‌
(4‌)
Euro
Schatz;
March
2024
Short
225‌
25,570‌
181‌
Euro-Bobl
5
Year;
March
2024
Short
38‌
4,773‌
1‌
FTSE100
Index;
March
2024
Short
5‌
481‌
(4‌)
FTSE100
Index;
March
2024
Long
6‌
578‌
(3‌)
Gasoline
RBOB;
April
2024
(a)
Long
7‌
759‌
9‌
Gold
100
oz;
April
2024
(a)
Long
8‌
1,644‌
8‌
Hang
Seng
Index;
March
2024
Short
17‌
1,786‌
19‌
ICE
3
Month
Sterling
Overnight
Index
Average;
June
2025
Long
5‌
1,513‌
(8‌)
Japan
Topix
Index;
March
2024
Long
26‌
4,650‌
446‌
KC
HRW
Wheat;
July
2024
(a)
Short
26‌
747‌
3‌
LME
Copper;
June
2024
(a)
Short
2‌
425‌
(4‌)
LME
Copper;
March
2024
(a)
Short
—‌
—‌
(115‌)
LME
PRI
Alum;
June
2024
(a)
Short
14‌
783‌
1‌
LME
PRI
Alum;
March
2024
(a)
Short
—‌
—‌
(10‌)
LME
Zinc;
June
2024
(a)
Short
8‌
487‌
(17‌)
LME
Zinc;
March
2024
(a)
Short
—‌
—‌
(15‌)
Low
Sulphur
Gasoline;
April
2024
(a)
Long
23‌
1,854‌
(64‌)
Nasdaq
100
E-Mini;
March
2024
Long
13‌
4,702‌
152‌
Natural
Gas;
April
2024
(a)
Short
35‌
651‌
(50‌)
Nikkei
225
OSE;
March
2024
Long
16‌
4,190‌
542‌
NY
Harb
ULSD;
April
2024
(a)
Long
12‌
1,336‌
(57‌)
Russell
2000
Emini;
March
2024
Short
100‌
10,287‌
(775‌)
Russell
2000
Emini;
March
2024
Long
15‌
1,543‌
48‌
S&P
500
Emini;
March
2024
Short
15‌
3,828‌
(258‌)
S&P
500
Emini;
March
2024
Long
24‌
6,124‌
239‌
S&P/TSX
60
Index;
March
2024
Short
2‌
380‌
(18‌)
Silver;
May
2024
(a)
Short
12‌
1,373‌
7‌
Soybean
Meal;
May
2024
(a)
Short
21‌
691‌
22‌
Soybean
Oil;
May
2024
(a)
Short
19‌
515‌
19‌
Soybean;
May
2024
(a)
Short
44‌
2,510‌
94‌
Sugar
#11;
May
2024
(a)
Short
18‌
437‌
16‌
UK
10
Year
Gilt;
June
2024
Short
16‌
1,981‌
(1‌)
US
10
Year
Note;
June
2024
Short
47‌
5,191‌
(11‌)
US
10
Year
Ultra
Note;
June
2024
Short
59‌
6,736‌
(43‌)
US
2
Year
Note;
June
2024
Long
263‌
53,849‌
21‌
US
2
Year
Note;
June
2024
Short
140‌
28,665‌
(20‌)
US
5
Year
Note;
June
2024
Long
133‌
14,218‌
25‌
US
5
Year
Note;
June
2024
Short
90‌
9,622‌
(13‌)
US
Long
Bond;
June
2024
Short
30‌
3,578‌
(20‌)
US
Ultra
Bond;
June
2024
Short
4‌
512‌
(8‌)
Wheat;
May
2024
(a)
Short
37‌
1,066‌
14‌
WTI
Crude;
April
2024
(a)
Long
16‌
1,252‌
9‌
Total
$
1,683‌
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
03/22/2024
AUD
14,827‌
$
10,046‌
$
—‌
$
(407‌)
Bank
of
America
NA
03/22/2024
GBP
12,457‌
$
15,843‌
—‌
(119‌)
Bank
of
America
NA
03/22/2024
CAD
13,266‌
$
9,924‌
2‌
(146‌)
Bank
of
America
NA
03/22/2024
EUR
11,090‌
$
12,193‌
—‌
(196‌)
Bank
of
America
NA
03/22/2024
JPY
463,013‌
$
3,211‌
2‌
(112‌)
Bank
of
America
NA
03/22/2024
MXN
81,715‌
$
4,626‌
155‌
—‌
Bank
of
America
NA
03/22/2024
NZD
11,805‌
$
7,420‌
—‌
(233‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
129
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
03/22/2024
CHF
13,677‌
$
16,196‌
$
—‌
$
(702‌)
Bank
of
America
NA
03/22/2024
$
895‌
MXN
15,467‌
—‌
(10‌)
Bank
of
America
NA
03/22/2024
$
4,580‌
NZD
7,474‌
30‌
—‌
Bank
of
America
NA
03/22/2024
$
12,823‌
AUD
19,539‌
120‌
(2‌)
Bank
of
America
NA
03/22/2024
$
10,186‌
GBP
8,094‌
8‌
(40‌)
Bank
of
America
NA
03/22/2024
$
11,875‌
JPY
1,705,168‌
471‌
(4‌)
Bank
of
America
NA
03/22/2024
$
13,409‌
CAD
18,171‌
15‌
—‌
Bank
of
America
NA
03/22/2024
$
16,561‌
CHF
14,474‌
162‌
(2‌)
Bank
of
America
NA
03/22/2024
$
14,904‌
EUR
13,777‌
21‌
(18‌)
Barclays
Bank
PLC
04/30/2024
$
125‌
EUR
115‌
—‌
—‌
Citigroup
Inc
03/27/2024
CLP
1,650,000‌
$
1,682‌
25‌
—‌
Citigroup
Inc
03/27/2024
EUR
1,600‌
$
1,737‌
—‌
(7‌)
Citigroup
Inc
03/27/2024
$
1,687‌
COP
6,665,000‌
—‌
(5‌)
Deutsche
Bank
AG
03/20/2024
$
227‌
EUR
206‌
4‌
—‌
Goldman
Sachs
&
Co
03/19/2024
AUD
252‌
$
165‌
—‌
(2‌)
Goldman
Sachs
&
Co
03/19/2024
$
293‌
EUR
266‌
4‌
—‌
Goldman
Sachs
&
Co
03/19/2024
$
615‌
AUD
901‌
29‌
—‌
Goldman
Sachs
&
Co
03/20/2024
$
254‌
EUR
231‌
3‌
—‌
Goldman
Sachs
&
Co
03/21/2024
EUR
560‌
$
612‌
—‌
(4‌)
Goldman
Sachs
&
Co
03/21/2024
$
1,354‌
EUR
1,244‌
9‌
—‌
Goldman
Sachs
&
Co
03/22/2024
$
158‌
GBP
125‌
1‌
—‌
Goldman
Sachs
&
Co
03/27/2024
$
1,386‌
JPY
194,328‌
85‌
—‌
Goldman
Sachs
&
Co
04/16/2024
EUR
57‌
$
62‌
—‌
—‌
Goldman
Sachs
&
Co
04/16/2024
$
62‌
EUR
57‌
—‌
—‌
Goldman
Sachs
&
Co
07/16/2024
$
132‌
EUR
122‌
—‌
—‌
Goldman
Sachs
&
Co
07/17/2024
$
168‌
JPY
24,751‌
—‌
—‌
Goldman
Sachs
&
Co
10/29/2024
$
206‌
AUD
315‌
—‌
—‌
HSBC
Securities
Inc
03/14/2024
EUR
250‌
$
270‌
—‌
—‌
HSBC
Securities
Inc
03/14/2024
$
4,557‌
EUR
4,250‌
—‌
(39‌)
HSBC
Securities
Inc
03/20/2024
CAD
450‌
$
337‌
—‌
(6‌)
HSBC
Securities
Inc
03/27/2024
ZAR
12,400‌
$
641‌
5‌
—‌
HSBC
Securities
Inc
03/27/2024
KRW
2,824,000‌
$
2,133‌
—‌
(13‌)
HSBC
Securities
Inc
03/27/2024
$
1,731‌
EUR
1,600‌
—‌
—‌
HSBC
Securities
Inc
03/27/2024
$
4,184‌
CNH
30,100‌
—‌
—‌
JPMorgan
Chase
03/13/2024
$
296‌
EUR
268‌
6‌
—‌
JPMorgan
Chase
03/19/2024
$
155‌
EUR
140‌
3‌
—‌
JPMorgan
Chase
03/27/2024
$
1,664‌
ZAR
32,100‌
—‌
(7‌)
Merrill
Lynch
03/05/2024
$
164‌
EUR
150‌
2‌
—‌
Merrill
Lynch
04/30/2024
$
283‌
EUR
261‌
1‌
—‌
Morgan
Stanley
&
Co
03/20/2024
$
590‌
GBP
462‌
6‌
—‌
RBC
Dominon
Securities
Corp
03/20/2024
CAD
435‌
$
326‌
—‌
(5‌)
RBC
Dominon
Securities
Corp
03/20/2024
$
653‌
CAD
885‌
1‌
—‌
Total
$
1,170‌
$
(2,079‌)
Amounts
in
thousands.
Credit
Default
Swaps
Buy
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
February
29,
2024
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Goldman
Sachs
&
Co
Bank
of
China
Ltd/Hong
Kong,
1.25%,
06/24/2025
0.40%
(1.00)%
Quarterly
12/20/2025
$
525‌
$
(3‌)
$
(2‌)
$
—‌
$
(5‌)
Goldman
Sachs
&
Co
Bank
of
China
Ltd/Hong
Kong,
1.25%,
06/24/2025
0.40%
(1.00)%
Quarterly
12/20/2025
600‌
(6‌)
—‌
—‌
(6‌)
Goldman
Sachs
&
Co
Bank
of
China
Ltd/Hong
Kong,
1.25%,
06/24/2025
0.40%
(1.00)%
Quarterly
12/20/2025
400‌
(3‌)
(1‌)
—‌
(4‌)
Goldman
Sachs
&
Co
Bank
of
China
Ltd/Hong
Kong,
1.25%,
06/24/2025
0.40%
(1.00)%
Quarterly
12/20/2025
500‌
(3‌)
(2‌)
—‌
(5‌)
Goldman
Sachs
&
Co
Bank
of
China
Ltd/Hong
Kong,
1.25%,
06/24/2025
0.40%
(1.00)%
Quarterly
12/20/2025
750‌
(6‌)
(2‌)
—‌
(8‌)
Goldman
Sachs
&
Co
China
Construction
Bank
Corp/Luxembourg,
0.00%,
04/22/2024
0.38%
(1.00)%
Quarterly
12/20/2025
500‌
(4‌)
(1‌)
—‌
(5‌)
Goldman
Sachs
&
Co
China
Construction
Bank
Corp/Luxembourg,
0.00%,
04/22/2024
0.38%
(1.00)%
Quarterly
12/20/2025
525‌
(4‌)
(2‌)
—‌
(6‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
130
Credit
Default
Swaps
(continued)
Buy
Protection
(continued)
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
February
29,
2024
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Goldman
Sachs
&
Co
China
Construction
Bank
Corp/Luxembourg,
0.00%,
04/22/2024
0.38%
(1.00)%
Quarterly
12/20/2025
$
500‌
$
(5‌)
$
—‌
$
—‌
$
(5‌)
Goldman
Sachs
&
Co
China
Construction
Bank
Corp/Luxembourg,
0.00%,
04/22/2024
0.38%
(1.00)%
Quarterly
12/20/2025
550‌
(3‌)
(3‌)
—‌
(6‌)
Goldman
Sachs
&
Co
China
Construction
Bank
Corp/Luxembourg,
0.00%,
04/22/2024
0.38%
(1.00)%
Quarterly
12/20/2025
500‌
(3‌)
(2‌)
—‌
(5‌)
Goldman
Sachs
&
Co
China
Development
Bank,
3.00%,
06/01/2026
0.39%
(1.00)%
Quarterly
12/20/2025
525‌
(4‌)
(2‌)
—‌
(6‌)
Goldman
Sachs
&
Co
China
Development
Bank,
3.00%,
06/01/2026
0.39%
(1.00)%
Quarterly
12/20/2025
500‌
(3‌)
(2‌)
—‌
(5‌)
Goldman
Sachs
&
Co
China
Development
Bank,
3.00%,
06/01/2026
0.39%
(1.00)%
Quarterly
12/20/2025
900‌
(9‌)
(1‌)
—‌
(10‌)
Goldman
Sachs
&
Co
China
Development
Bank,
3.00%,
06/01/2026
0.39%
(1.00)%
Quarterly
12/20/2025
300‌
(2‌)
(1‌)
—‌
(3‌)
Goldman
Sachs
&
Co
Industrial
&
Commercial
Bank
of
China
Ltd/Hong
Kong,
1.63%,
10/28/2026
0.41%
(1.00)%
Quarterly
12/20/2025
525‌
(5‌)
(1‌)
—‌
(6‌)
Goldman
Sachs
&
Co
Industrial
&
Commercial
Bank
of
China
Ltd/Hong
Kong,
1.63%,
10/28/2026
0.41%
(1.00)%
Quarterly
12/20/2025
200‌
(2‌)
—‌
—‌
(2‌)
Goldman
Sachs
&
Co
Industrial
&
Commercial
Bank
of
China
Ltd/Hong
Kong,
1.63%,
10/28/2026
0.41%
(1.00)%
Quarterly
12/20/2025
800‌
(8‌)
—‌
—‌
(8‌)
Goldman
Sachs
&
Co
Industrial
&
Commercial
Bank
of
China
Ltd/Hong
Kong,
1.63%,
10/28/2026
0.41%
(1.00)%
Quarterly
12/20/2025
500‌
(4‌)
(1‌)
—‌
(5‌)
Goldman
Sachs
&
Co
Industrial
&
Commercial
Bank
of
China
Ltd/Hong
Kong,
1.63%,
10/28/2026
0.41%
(1.00)%
Quarterly
12/20/2025
550‌
(4‌)
(2‌)
—‌
(6‌)
Total
$
(81‌)
$
(25‌)
$
—‌
$
(106‌)
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Buy
Protection
Reference
Entity
Implied
Credit
Spread
as
of
February
29,
2024
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
CDX.NA.HY.41
N/A
(5.00)%
Quarterly
12/20/2028
$
3,257‌
$
(35‌)
$
(171‌)
$
(206‌)
CDX.NA.HY.41
N/A
(5.00)%
Quarterly
12/20/2028
1,886‌
(20‌)
(99‌)
(119‌)
CDX.NA.HY.41
N/A
(5.00)%
Quarterly
12/20/2028
2,228‌
(109‌)
(32‌)
(141‌)
ITRX.40
N/A
(5.00)%
Quarterly
12/20/2028
EUR
2,425‌
(
159‌
)
(4
8‌
)
(207‌)
Total
$
(32
3‌
)
$
(3
50‌
)
$
(673‌)
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
Budapest
Interbank
Offered
Rate
Pay
6.47%
Semiannual
Annual
N/A
12/06/2033
HUF
500,000‌
$
3‌
$
—‌
$
3‌
3
Month
Budapest
Interbank
Offered
Rate
Pay
6.47%
Semiannual
Annual
N/A
12/06/2033
250,000‌
—‌
1‌
1‌
3
Month
Budapest
Interbank
Offered
Rate
Pay
6.47%
Semiannual
Annual
N/A
12/06/2033
475,000‌
(16‌)
18‌
2‌
3
Month
Budapest
Interbank
Offered
Rate
Pay
6.47%
Semiannual
Annual
N/A
12/06/2033
215,000‌
(4‌)
5‌
1‌
3
Month
Budapest
Interbank
Offered
Rate
Pay
6.47%
Semiannual
Annual
N/A
12/06/2033
215,000‌
(6‌)
7‌
1‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
131
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
3
Month
Budapest
Interbank
Offered
Rate
Receive
6.47%
Annual
Semiannual
N/A
12/06/2033
HUF
650,000‌
$
1‌
$
(4‌)
$
(3‌)
3
Month
Budapest
Interbank
Offered
Rate
Receive
6.47%
Annual
Semiannual
N/A
12/06/2033
420,000‌
(2‌)
—‌
(2‌)
3
Month
KRW
Certificate
of
Deposit
Pay
3.18%
Annual
Annual
N/A
03/20/2029
KRW
6,800,000‌
(39‌)
—‌
(39‌)
Brazil
Cetip
DI
Interbank
Deposit
Rate
Pay
10.17%
Annual
Annual
N/A
01/04/2027
BRL
22,800‌
—‌
1‌
1‌
Total
$
(63‌)
$
28‌
$
(35‌)
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
(a)
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
05/22/2024-
03/2
6/2025
$
32,942‌
$
—‌
$
—‌
$
(321‌)
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
03/27/2024-
12/30/2024
2,590‌
—‌
81‌
—‌
Morgan
Stanley
&
Co
(b)
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
89,549‌
—‌
3,713‌
—‌
Total
$
125,081‌
$
—‌
$
3,794‌
$
(321‌)
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
29,
2024
(unaudited)
See
accompanying
notes.
132
Description
Shares
Notional
Amount
%
of
Total
Absolute
Notional
Amount
Chevron
Corp
(41,261)
$
(6,272
)
(19.04)%
Exxon
Mobil
Corp
(55,295)
(5,779
)
(17.54)%
Splunk
Inc
24,050
3,757
11.40%
Smurfit
Kappa
Group
PLC
(60,269)
(2,568
)
(7.80)%
Capri
Holdings
Ltd
40,926
1,888
5.73%
Amedisys
Inc
17,009
1,582
4.80%
Sovos
Brands
Inc
59,555
1,357
4.12%
Ball
Corp
20,700
1,325
4.02%
JSR
Corp
44,673
1,198
3.64%
Baxter
International
Inc
24,700
1,011
3.07%
United
States
Steel
Corp
16,168
765
2.32%
Origin
Energy
Ltd
129,490
757
2.30%
General
Electric
Co
4,800
753
2.28%
Fidelity
National
Information
Services
Inc
9,800
678
2.06%
thyssenkrupp
AG
101,100
516
1.57%
Juniper
Networks
Inc
11,541
427
1.30%
Endeavor
Group
Holdings
Inc
13,500
325
0.99%
Vivendi
SE
26,226
293
0.89%
Vale
SA
16,900
227
0.69%
Covestro
AG
3,704
201
0.61%
Altium
Ltd
4,599
194
0.59%
WillScot
Mobile
Mini
Holdings
Corp
(3,369)
(161
)
(0.49)%
Smart
Metering
Systems
PLC
13,037
156
0.47%
Shinko
Electric
Industries
Co
Ltd
4,181
151
0.46%
Capital
One
Financial
Corp
(1,016)
(140
)
(0.42)%
MorphoSys
AG
1,790
126
0.38%
Barratt
Developments
PLC
(20,281)
(119
)
(0.36)%
Redrow
PLC
14,084
114
0.34%
Euronav
NV
3,538
63
0.19%
Brookfield
Asset
Management
Ltd
(945)
(39
)
(0.12)%
(a)
Top
Underlying
Securities
WESTGSUSD
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
133
Description
Shares
Notional
Amount
%
of
Total
Absolute
Notional
Amount
Microsoft
Corp
2,709
$
1,121
1.25%
Catalent
Inc
(15,708)
(901
)
(1.01)%
Apple
Inc
4,805
869
0.97%
NVIDIA
Corp
1,041
824
0.92%
Moderna
Inc
(8,646)
(798
)
(0.89)%
Western
Digital
Corp
(12,935)
(769
)
(0.86)%
Lamb
Weston
Holdings
Inc
(6,193)
(633
)
(0.71)%
Southwest
Airlines
Co
(18,259)
(626
)
(0.70)%
Hess
Corp
(4,241)
(618
)
(0.69)%
Axon
Enterprise
Inc
(2,009)
(618
)
(0.69)%
Alphabet
Inc
-
A
Shares
4,452
616
0.69%
Amazon.com
Inc
3,426
606
0.68%
Corteva
Inc
(11,195)
(599
)
(0.67)%
Jack
Henry
&
Associates
Inc
(3,217)
(559
)
(0.62)%
Marathon
Oil
Corp
(22,601)
(548
)
(0.61)%
Fidelity
National
Information
Services
Inc
(7,843)
(543
)
(0.61)%
Juniper
Networks
Inc
(14,356)
(532
)
(0.59)%
Henry
Schein
Inc
(6,923)
(529
)
(0.59)%
Texas
Instruments
Inc
(3,162)
(529
)
(0.59)%
Corning
Inc
(16,149)
(521
)
(0.58)%
Meta
Platforms
Inc
1,054
517
0.58%
EQT
Corp
(13,895)
(516
)
(0.58)%
Insulet
Corp
(3,109)
(510
)
(0.57)%
Tyson
Foods
Inc
(9,239)
(501
)
(0.56)%
First
Solar
Inc
(3,245)
(499
)
(0.56)%
Biogen
Inc
(2,280)
(495
)
(0.55)%
Northrop
Grumman
Corp
(1,067)
(492
)
(0.55)%
Estee
Lauder
Cos
Inc/The
(3,182)
(473
)
(0.53)%
United
Airlines
Holdings
Inc
(10,324)
(470
)
(0.53)%
NRG
Energy
Inc
8,365
463
0.52%
Analog
Devices
Inc
(2,389)
(458
)
(0.51)%
Alliant
Energy
Corp
(8,938)
(427
)
(0.48)%
Booking
Holdings
Inc
121
420
0.47%
Lululemon
Athletica
Inc
(897)
(419
)
(0.47)%
Boeing
Co/The
(2,036)
(415
)
(0.46)%
Pfizer
Inc
(15,536)
(413
)
(0.46)%
Air
Products
and
Chemicals
Inc
(1,749)
(409
)
(0.46)%
Tyler
Technologies
Inc
(933)
(408
)
(0.46)%
Norwegian
Cruise
Line
Holdings
Ltd
(20,804)
(403
)
(0.45)%
IDEX
Corp
(1,696)
(400
)
(0.45)%
Verisk
Analytics
Inc
(1,644)
(398
)
(0.44)%
Enphase
Energy
Inc
(3,058)
(388
)
(0.43)%
Brown-Forman
Corp
-
B
Shares
(6,447)
(388
)
(0.43)%
Church
&
Dwight
Co
Inc
(3,862)
(387
)
(0.43)%
Live
Nation
Entertainment
Inc
(3,945)
(383
)
(0.43)%
Pinnacle
West
Capital
Corp
(5,377)
(367
)
(0.41)%
Evergy
Inc
(7,392)
(366
)
(0.41)%
Equifax
Inc
(1,325)
(363
)
(0.41)%
Ford
Motor
Co
(29,032)
(361
)
(0.41)%
Parker-Hannifin
Corp
674
361
0.40%
(b)
Top
Underlying
Securities
GOTEBSUSD
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
134
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
Citigroup
Inc
Nigeria
Government
Treasury
Bill,
0.00%,
03/15/2024
255,039,132
Receive
Secured
Overnight
Financing
Rate
+
0.70%
Annual
03/15/2024
$
175‌
$
—‌
$
—‌
$
(19‌)
Citigroup
Inc
Nigeria
Government
Treasury
Bill,
0.00%,
03/28/2024
400,000,000
Receive
US
Federal
Funds
Effective
Rate
(continuous
series)
Annual
03/29/2024
251‌
—‌
—‌
(6‌)
Total
$
—‌
$
—‌
$
(25‌)
Amounts
in
thousands
except
contracts.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
135
Short
Sales
Outstanding
COMMON
STOCKS
-
(5.13)%
Shares
Value
(000's)
Aerospace
&
Defense
-
(0.11)%
Airbus
SE
441‌
$
73‌
CAE
Inc
13,035‌
243‌
Melrose
Industries
PLC
16,338‌
131‌
$
447‌
Agriculture
-
(0.02)%
Bunge
Global
SA
818‌
77‌
Airlines
-
(0.02)%
Deutsche
Lufthansa
AG
12,905‌
100‌
Apparel
-
(0.01)%
Puma
SE
1,289‌
59‌
VF
Corp
184‌
3‌
$
62‌
Automobile
Manufacturers
-
(0.14)%
Renault
SA
2,767‌
116‌
Rivian
Automotive
Inc
6,791‌
77‌
Stellantis
NV
14,415‌
377‌
$
570‌
Automobile
Parts
&
Equipment
-
(0.07)%
Aptiv
PLC
757‌
60‌
BorgWarner
Inc
2,102‌
65‌
Magna
International
Inc
2,700‌
149‌
$
274‌
Banks
-
(0.05)%
Danske
Bank
A/S
5,028‌
148‌
Standard
Chartered
PLC
3,154‌
27‌
$
175‌
Beverages
-
(0.15)%
Brown-Forman
Corp
-
B
Shares
717‌
43‌
Celsius
Holdings
Inc
1,097‌
90‌
Davide
Campari-Milano
NV
31,431‌
319‌
Diageo
PLC
711‌
27‌
JDE
Peet's
NV
3,172‌
72‌
Remy
Cointreau
SA
253‌
27‌
$
578‌
Biotechnology
-
(0.08)%
Biogen
Inc
674‌
146‌
BioMarin
Pharmaceutical
Inc
207‌
18‌
Bio-Rad
Laboratories
Inc
77‌
25‌
Corteva
Inc
86‌
5‌
Regeneron
Pharmaceuticals
Inc
108‌
104‌
$
298‌
Building
Materials
-
(0.08)%
Builders
FirstSource
Inc
806‌
157‌
Svenska
Cellulosa
AB
SCA
5,404‌
76‌
TOTO
Ltd
3,100‌
84‌
$
317‌
Chemicals
-
(0.19)%
Celanese
Corp
350‌
53‌
DuPont
de
Nemours
Inc
2,237‌
155‌
Mitsui
Chemicals
Inc
900‌
25‌
Nippon
Paint
Holdings
Co
Ltd
600‌
4‌
Nissan
Chemical
Corp
2,600‌
109‌
Nutrien
Ltd
2,100‌
110‌
OCI
NV
2,344‌
62‌
Syensqo
SA
753‌
67‌
Symrise
AG
401‌
41‌
Westlake
Corp
580‌
80‌
$
706‌
Coal
-
(0.01)%
Teck
Resources
Ltd
800‌
31‌
Commercial
Services
-
(0.16)%
Ashtead
Group
PLC
842‌
61‌
Equifax
Inc
71‌
19‌
Moody's
Corp
34‌
13‌
Quanta
Services
Inc
446‌
108‌
Rentokil
Initial
PLC
26,645‌
148‌
TOPPAN
Holdings
Inc
5,200‌
124‌
TransUnion
1,774‌
138‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Commercial
Services
(continued)
WillScot
Mobile
Mini
Holdings
Corp
2,005‌
$
96‌
$
707‌
Consumer
Products
-
(0.02)%
Avery
Dennison
Corp
319‌
69‌
Cosmetics
&
Personal
Care
-
(0.04)%
Beiersdorf
AG
206‌
30‌
Kose
Corp
900‌
50‌
Shiseido
Co
Ltd
2,100‌
57‌
Unicharm
Corp
1,800‌
60‌
$
197‌
Distribution
&
Wholesale
-
(0.02)%
D'ieteren
Group
438‌
85‌
Diversified
Financial
Services
-
(0.06)%
Ameriprise
Financial
Inc
34‌
14‌
London
Stock
Exchange
Group
PLC
1,632‌
183‌
LPL
Financial
Holdings
Inc
13‌
3‌
Mastercard
Inc
201‌
95‌
$
295‌
Electric
-
(0.06)%
Elia
Group
SA/NV
18‌
2‌
Iberdrola
SA
21,295‌
245‌
$
247‌
Electronics
-
(0.28)%
Hirose
Electric
Co
Ltd
200‌
21‌
Ibiden
Co
Ltd
8,300‌
384‌
Jabil
Inc
1,323‌
191‌
Keysight
Technologies
Inc
926‌
143‌
Mettler-Toledo
International
Inc
44‌
55‌
MINEBEA
MITSUMI
Inc
7,000‌
145‌
TDK
Corp
2,300‌
120‌
Trimble
Inc
1,068‌
65‌
$
1,124‌
Energy
-
Alternate
Sources
-
0.00%
First
Solar
Inc
53‌
8‌
Engineering
&
Construction
-
(0.10)%
Auckland
International
Airport
Ltd
27,058‌
134‌
Ferrovial
SE
5,062‌
190‌
Jacobs
Solutions
Inc
390‌
57‌
Shimizu
Corp
4,400‌
26‌
$
407‌
Entertainment
-
(0.03)%
Flutter
Entertainment
PLC
597‌
129‌
Environmental
Control
-
(0.02)%
GFL
Environmental
Inc
1,400‌
50‌
Veralto
Corp
250‌
22‌
$
72‌
Food
-
(0.11)%
Ajinomoto
Co
Inc
1,100‌
40‌
HelloFresh
SE
3,440‌
48‌
Kerry
Group
PLC
1,327‌
117‌
Lotus
Bakeries
NV
8‌
75‌
Ocado
Group
PLC
15,130‌
98‌
Salmar
ASA
576‌
37‌
Yakult
Honsha
Co
Ltd
2,500‌
54‌
$
469‌
Forest
Products
&
Paper
-
0.00%
Smurfit
Kappa
Group
PLC
ADR
114‌
5‌
Healthcare
-
Products
-
(0.43)%
Agilent
Technologies
Inc
1,720‌
236‌
Alcon
Inc
142‌
12‌
Asahi
Intecc
Co
Ltd
7,800‌
162‌
Avantor
Inc
9,496‌
234‌
Bio-Techne
Corp
1,444‌
106‌
Cooper
Cos
Inc/The
1,380‌
129‌
Danaher
Corp
752‌
190‌
Demant
A/S
451‌
23‌
Olympus
Corp
1,300‌
18‌
QIAGEN
NV
3,694‌
158‌
Revvity
Inc
649‌
71‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
136
Short
Sales
Outstanding
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Healthcare
-
Products
(continued)
STERIS
PLC
219‌
$
51‌
Thermo
Fisher
Scientific
Inc
64‌
36‌
Waters
Corp
704‌
238‌
West
Pharmaceutical
Services
Inc
158‌
57‌
$
1,721‌
Healthcare
-
Services
-
(0.05)%
BioMerieux
644‌
70‌
Catalent
Inc
662‌
38‌
Laboratory
Corp
of
America
Holdings
302‌
65‌
$
173‌
Home
Furnishings
-
(0.05)%
Sharp
Corp/Japan
23,700‌
129‌
Sony
Group
Corp
1,000‌
86‌
$
215‌
Insurance
-
(0.03)%
Prudential
Financial
Inc
277‌
30‌
Prudential
PLC
9,503‌
94‌
$
124‌
Internet
-
(0.05)%
CDW
Corp/DE
62‌
15‌
Sea
Ltd
ADR
170‌
8‌
SEEK
Ltd
800‌
14‌
Snap
Inc
Class
A
5,421‌
60‌
Uber
Technologies
Inc
1,013‌
81‌
Zillow
Group
Inc
-
C
Shares
1,615‌
91‌
$
269‌
Investment
Companies
-
(0.12)%
Investor
AB
-
B
Shares
7,401‌
186‌
L
E
Lundbergforetagen
AB
3,649‌
198‌
Washington
H
Soul
Pattinson
&
Co
Ltd
3,360‌
76‌
$
460‌
Leisure
Products
&
Services
-
(0.07)%
Yamaha
Corp
13,200‌
289‌
Lodging
-
(0.11)%
Galaxy
Entertainment
Group
Ltd
47,000‌
256‌
Hyatt
Hotels
Corp
1,355‌
208‌
$
464‌
Machinery
-
Construction
&
Mining
-
0.00%
Siemens
Energy
AG
247‌
4‌
Machinery
-
Diversified
-
(0.19)%
FANUC
Corp
4,000‌
117‌
Graco
Inc
1,715‌
156‌
Omron
Corp
600‌
22‌
SMC
Corp
100‌
60‌
Yaskawa
Electric
Corp
10,400‌
426‌
$
781‌
Media
-
(0.19)%
Bollore
SE
33,630‌
231‌
Charter
Communications
Inc
518‌
152‌
Liberty
Broadband
Corp
-
C
Shares
2,062‌
124‌
Liberty
Global
Ltd
2,134‌
40‌
Liberty
Media
Corp-Liberty
SiriusXM
-
C
Shares
102‌
3‌
News
Corp
-
A
Shares
7,091‌
191‌
$
741‌
Mining
-
(0.11)%
Franco-Nevada
Corp
900‌
94‌
Ivanhoe
Mines
Ltd
11,700‌
124‌
Sumitomo
Metal
Mining
Co
Ltd
5,800‌
151‌
Wheaton
Precious
Metals
Corp
1,700‌
70‌
$
439‌
Miscellaneous
Manufacturers
-
(0.09)%
Alstom
SA
1,144‌
15‌
General
Electric
Co
251‌
39‌
Teledyne
Technologies
Inc
806‌
344‌
$
398‌
Oil
&
Gas
-
(0.32)%
Chesapeake
Energy
Corp
7,271‌
602‌
Chevron
Corp
34‌
5‌
Chord
Energy
Corp
1,321‌
215‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Oil
&
Gas
(continued)
Exxon
Mobil
Corp
609‌
$
64‌
Hess
Corp
1,350‌
197‌
Repsol
SA
9,620‌
153‌
Tourmaline
Oil
Corp
1,000‌
45‌
$
1,281‌
Pharmaceuticals
-
(0.11)%
Eisai
Co
Ltd
3,300‌
137‌
McKesson
Corp
629‌
328‌
$
465‌
Private
Equity
-
(0.01)%
EQT
AB
1,328‌
39‌
Real
Estate
-
(0.15)%
CBRE
Group
Inc
5,236‌
481‌
REA
Group
Ltd
551‌
70‌
UOL
Group
Ltd
11,900‌
52‌
$
603‌
REITs
-
0.00%
Kimco
Realty
Corp
13‌
—‌
Retail
-
(0.27)%
AutoZone
Inc
5‌
15‌
CarMax
Inc
4,240‌
335‌
Nitori
Holdings
Co
Ltd
2,400‌
353‌
Reece
Ltd
14,917‌
261‌
Zensho
Holdings
Co
Ltd
3,500‌
153‌
$
1,117‌
Semiconductors
-
(0.12)%
Advantest
Corp
2,000‌
94‌
Hamamatsu
Photonics
KK
9,200‌
331‌
ON
Semiconductor
Corp
1,063‌
84‌
STMicroelectronics
NV
409‌
19‌
$
528‌
Software
-
(0.38)%
Bentley
Systems
Inc
1,470‌
76‌
BILL
Holdings
Inc
151‌
10‌
Confluent
Inc
354‌
12‌
Dayforce
Inc
2,224‌
155‌
Dropbox
Inc
-
A
Shares
2,000‌
48‌
Electronic
Arts
Inc
286‌
40‌
Fair
Isaac
Corp
23‌
29‌
PTC
Inc
589‌
108‌
ROBLOX
Corp
1,347‌
54‌
SS&C
Technologies
Holdings
Inc
2,592‌
165‌
Synopsys
Inc
101‌
58‌
Take-Two
Interactive
Software
Inc
1,917‌
282‌
Twilio
Inc
997‌
59‌
Tyler
Technologies
Inc
71‌
31‌
WiseTech
Global
Ltd
6,311‌
389‌
Xero
Ltd
413‌
34‌
$
1,550‌
Telecommunications
-
(0.03)%
T-Mobile
US
Inc
704‌
115‌
Toys,
Games
&
Hobbies
-
(0.02)%
Bandai
Namco
Holdings
Inc
4,500‌
87‌
Transportation
-
(0.40)%
Canadian
National
Railway
Co
100‌
13‌
Canadian
Pacific
Kansas
City
Ltd
1,400‌
119‌
CSX
Corp
3,661‌
139‌
DSV
A/S
1,164‌
187‌
JB
Hunt
Transport
Services
Inc
997‌
206‌
Kawasaki
Kisen
Kaisha
Ltd
100‌
5‌
Keisei
Electric
Railway
Co
Ltd
9,800‌
458‌
Knight-Swift
Transportation
Holdings
Inc
5,757‌
324‌
Old
Dominion
Freight
Line
Inc
430‌
190‌
$
1,641‌
TOTAL
COMMON
STOCKS
(proceeds
$19,954)
$
20,953‌
PREFERRED
STOCKS
-
(0.01)%
Electronics
-
(0.01)%
Sartorius
AG
0.74%
153‌
$
58‌
TOTAL
PREFERRED
STOCKS
(proceeds
$58)
$
58‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
137
Short
Sales
Outstanding
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
$74)
$
70‌
TOTAL
SHORT
SALES
(proceeds
$20,086)
$
21,081‌
Schedule
of
Investments
Global
Sustainable
Listed
Infrastructure
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
138
INVESTMENT
COMPANIES
-
3
.71
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3
.71
%
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
(a),(b)
616,539‌
$
617‌
TOTAL
INVESTMENT
COMPANIES
$
617‌
COMMON
STOCKS
-
96
.26
%
Shares
Held
Value
(000's)
Commercial
Services
-
6
.50
%
Atlas
Arteria
Ltd
30,247‌
$
107‌
CCR
SA
150,222‌
415‌
Transurban
Group
63,238‌
557‌
$
1,079‌
Electric
-
41
.65
%
ALLETE
Inc
7,435‌
421‌
American
Electric
Power
Co
Inc
9,141‌
779‌
CenterPoint
Energy
Inc
18,599‌
511‌
CLP
Holdings
Ltd
45,500‌
379‌
CMS
Energy
Corp
9,121‌
523‌
DTE
Energy
Co
4,355‌
472‌
EDP
Renovaveis
SA
25,770‌
352‌
Emera
Inc
10,700‌
375‌
Entergy
Corp
6,150‌
625‌
National
Grid
PLC
39,549‌
517‌
NextEra
Energy
Inc
19,421‌
1,073‌
Northwestern
Energy
Group
Inc
6,343‌
304‌
PG&E
Corp
35,311‌
589‌
$
6,920‌
Engineering
&
Construction
-
14
.84
%
Aena
SME
SA
(c)
1,572‌
299‌
Aeroports
de
Paris
SA
3,816‌
519‌
Beijing
Capital
International
Airport
Co
Ltd
(d)
1,074,000‌
346‌
Cellnex
Telecom
SA
-
Rights
(c),(d)
14,093‌
510‌
China
Tower
Corp
Ltd
(c)
2,570,000‌
312‌
Enav
SpA
(c)
46,537‌
163‌
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
36,600‌
317‌
$
2,466‌
Gas
-
1
.96
%
China
Resources
Gas
Group
Ltd
107,600‌
325‌
Pipelines
-
11
.80
%
APA
Group
60,152‌
307‌
DT
Midstream
Inc
8,328‌
480‌
Gibson
Energy
Inc
28,500‌
472‌
Williams
Cos
Inc/The
19,511‌
701‌
$
1,960‌
REITs
-
9
.79
%
American
Tower
Corp
4,615‌
917‌
Crown
Castle
Inc
6,448‌
709‌
$
1,626‌
Transportation
-
6
.04
%
Canadian
National
Railway
Co
4,300‌
557‌
Kyushu
Railway
Co
7,300‌
168‌
Union
Pacific
Corp
1,097‌
278‌
$
1,003‌
Water
-
3
.68
%
Aguas
Andinas
SA
556,537‌
164‌
Severn
Trent
PLC
14,206‌
448‌
$
612‌
TOTAL
COMMON
STOCKS
$
15,991‌
Total
Investments
$
16,608‌
Other
Assets
and
Liabilities
-  0.03%
5‌
TOTAL
NET
ASSETS
-
100.00%
$
16,613‌
(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)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,284
or
7.73%
of
net
assets.
(d)
Non-income
producing
security
Portfolio
Summary
Location
Percent
United
States
54
.17‌
%
Canada
8
.45‌
%
Spain
6
.99‌
%
Australia
5
.85‌
%
United
Kingdom
5
.80‌
%
Hong
Kong
4
.24‌
%
China
3
.96‌
%
France
3
.12‌
%
Brazil
2
.50‌
%
Mexico
1
.91‌
%
Japan
1
.01‌
%
Chile
0
.99‌
%
Italy
0
.98‌
%
Other
Assets
and
Liabilities
0
.03‌
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Global
Sustainable
Listed
Infrastructure
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
139
Affiliated
Securities
August
31,
2023
Purchases
Sales
February
29,
2024
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
$
682‌
$
1,542‌
$
1,607‌
$
617‌
$
682‌
$
1,542‌
$
1,607‌
$
617‌
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
5.23%
$
13‌
$
—‌
$
—‌
$
—‌
$
13‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
International
Equity
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
140
INVESTMENT
COMPANIES
-
1
.93
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
1
.49
%
iShares
MSCI
EAFE
ETF
226,300‌
$
17,482‌
Money
Market
Funds
-
0
.44
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
5.20%
(a),(b)
3,310,401‌
3,310‌
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
(a),(c)
1,799,180‌
1,799‌
$
5,109‌
TOTAL
INVESTMENT
COMPANIES
$
22,591‌
COMMON
STOCKS
-
97
.57
%
Shares
Held
Value
(000's)
Advertising
-
0
.24
%
Dentsu
Group
Inc
14,100‌
$
391‌
Publicis
Groupe
SA
15,981‌
1,691‌
WPP
PLC
75,047‌
671‌
$
2,753‌
Aerospace
&
Defense
-
2
.05
%
Airbus
SE
41,394‌
6,849‌
BAE
Systems
PLC
211,747‌
3,324‌
Dassault
Aviation
SA
1,410‌
279‌
Elbit
Systems
Ltd
1,862‌
414‌
Leonardo
SpA
28,257‌
604‌
Melrose
Industries
PLC
92,933‌
746‌
MTU
Aero
Engines
AG
3,758‌
904‌
Rheinmetall
AG
3,041‌
1,395‌
Rolls-Royce
Holdings
PLC
(d)
587,671‌
2,743‌
Saab
AB
5,591‌
441‌
Safran
SA
23,866‌
5,004‌
Singapore
Technologies
Engineering
Ltd
109,000‌
323‌
Thales
SA
6,605‌
980‌
$
24,006‌
Agriculture
-
0
.68
%
British
American
Tobacco
PLC
140,536‌
4,176‌
Imperial
Brands
PLC
58,419‌
1,258‌
Japan
Tobacco
Inc
83,800‌
2,177‌
Wilmar
International
Ltd
134,100‌
331‌
$
7,942‌
Airlines
-
0
.12
%
ANA
Holdings
Inc
(d),(e)
11,200‌
244‌
Deutsche
Lufthansa
AG
(d)
41,775‌
325‌
Japan
Airlines
Co
Ltd
10,100‌
189‌
Qantas
Airways
Ltd
(d)
58,998‌
197‌
Singapore
Airlines
Ltd
104,000‌
500‌
$
1,455‌
Apparel
-
2
.44
%
Adidas
AG
11,311‌
2,288‌
Burberry
Group
PLC
25,034‌
406‌
Hermes
International
SCA
2,211‌
5,533‌
Kering
SA
5,198‌
2,394‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
19,280‌
17,598‌
Puma
SE
7,372‌
339‌
$
28,558‌
Automobile
Manufacturers
-
3
.95
%
Bayerische
Motoren
Werke
AG
22,265‌
2,634‌
Daimler
Truck
Holding
AG
37,349‌
1,526‌
Ferrari
NV
8,801‌
3,715‌
Honda
Motor
Co
Ltd
322,500‌
3,832‌
Isuzu
Motors
Ltd
40,700‌
581‌
Mazda
Motor
Corp
39,700‌
461‌
Mercedes-Benz
Group
AG
56,024‌
4,464‌
Nissan
Motor
Co
Ltd
168,000‌
662‌
Renault
SA
13,421‌
560‌
Stellantis
NV
154,700‌
4,047‌
Subaru
Corp
42,100‌
952‌
Suzuki
Motor
Corp
27,400‌
1,206‌
Toyota
Motor
Corp
740,400‌
17,834‌
Volkswagen
AG
2,060‌
324‌
Volvo
AB
-
A
Shares
13,981‌
390‌
Volvo
AB
-
B
Shares
105,364‌
2,903‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Manufacturers
(continued)
Volvo
Car
AB
(d)
52,009‌
$
190‌
$
46,281‌
Automobile
Parts
&
Equipment
-
0
.75
%
Aisin
Corp
10,300‌
389‌
Bridgestone
Corp
39,900‌
1,713‌
Cie
Generale
des
Etablissements
Michelin
SCA
47,424‌
1,755‌
Continental
AG
7,681‌
616‌
Denso
Corp
132,000‌
2,428‌
Koito
Manufacturing
Co
Ltd
14,000‌
178‌
Sumitomo
Electric
Industries
Ltd
49,900‌
741‌
Toyota
Industries
Corp
10,200‌
1,016‌
$
8,836‌
Banks
-
10
.71
%
ABN
AMRO
Bank
NV
(f)
33,240‌
535‌
AIB
Group
PLC
109,708‌
509‌
ANZ
Group
Holdings
Ltd
209,991‌
3,892‌
Banco
Bilbao
Vizcaya
Argentaria
SA
407,617‌
4,066‌
Banco
BPM
SpA
84,635‌
493‌
Banco
Santander
SA
1,130,011‌
4,709‌
Bank
Hapoalim
BM
88,702‌
850‌
Bank
Leumi
Le-Israel
BM
106,329‌
892‌
Bank
of
Ireland
Group
PLC
73,777‌
644‌
Banque
Cantonale
Vaudoise
2,103‌
252‌
Barclays
PLC
1,058,123‌
2,212‌
BNP
Paribas
SA
72,107‌
4,328‌
BOC
Hong
Kong
Holdings
Ltd
258,500‌
679‌
CaixaBank
SA
261,907‌
1,185‌
Chiba
Bank
Ltd/The
37,000‌
301‌
Commerzbank
AG
73,606‌
852‌
Commonwealth
Bank
of
Australia
116,928‌
8,870‌
Computershare
Ltd
37,587‌
635‌
Concordia
Financial
Group
Ltd
74,000‌
375‌
Credit
Agricole
SA
74,602‌
1,012‌
Danske
Bank
A/S
48,160‌
1,417‌
DBS
Group
Holdings
Ltd
126,500‌
3,137‌
Deutsche
Bank
AG
135,331‌
1,812‌
DNB
Bank
ASA
64,625‌
1,294‌
Erste
Group
Bank
AG
24,008‌
960‌
FinecoBank
Banca
Fineco
SpA
42,636‌
591‌
Hang
Seng
Bank
Ltd
53,400‌
608‌
HSBC
Holdings
PLC
1,337,619‌
10,412‌
ING
Groep
NV
232,039‌
3,193‌
Intesa
Sanpaolo
SpA
1,021,234‌
3,252‌
Israel
Discount
Bank
Ltd
86,371‌
451‌
Japan
Post
Bank
Co
Ltd
101,000‌
1,077‌
KBC
Group
NV
17,482‌
1,232‌
Lloyds
Banking
Group
PLC
4,438,536‌
2,624‌
Macquarie
Group
Ltd
25,542‌
3,243‌
Mediobanca
Banca
di
Credito
Finanziario
SpA
35,607‌
485‌
Mitsubishi
UFJ
Financial
Group
Inc
775,300‌
7,965‌
Mizrahi
Tefahot
Bank
Ltd
10,814‌
428‌
Mizuho
Financial
Group
Inc
168,480‌
3,148‌
National
Australia
Bank
Ltd
217,808‌
4,840‌
NatWest
Group
PLC
398,326‌
1,204‌
Nordea
Bank
Abp
221,717‌
2,698‌
Oversea-Chinese
Banking
Corp
Ltd
236,400‌
2,283‌
Resona
Holdings
Inc
148,400‌
810‌
Shizuoka
Financial
Group
Inc
32,700‌
320‌
Skandinaviska
Enskilda
Banken
AB
110,799‌
1,648‌
Societe
Generale
SA
50,459‌
1,225‌
Standard
Chartered
PLC
158,168‌
1,337‌
Sumitomo
Mitsui
Financial
Group
Inc
88,700‌
4,942‌
Sumitomo
Mitsui
Trust
Holdings
Inc
45,788‌
928‌
Svenska
Handelsbanken
AB
101,841‌
1,218‌
Swedbank
AB
59,279‌
1,304‌
UBS
Group
AG
229,644‌
6,557‌
UniCredit
SpA
107,608‌
3,604‌
United
Overseas
Bank
Ltd
88,300‌
1,837‌
Schedule
of
Investments
International
Equity
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
141
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Westpac
Banking
Corp
244,486‌
$
4,195‌
$
125,570‌
Beverages
-
1
.76
%
Anheuser-Busch
InBev
SA/NV
60,647‌
3,666‌
Asahi
Group
Holdings
Ltd
33,600‌
1,151‌
Carlsberg
AS
6,876‌
960‌
Coca-Cola
Europacific
Partners
PLC
14,417‌
989‌
Coca-Cola
HBC
AG
(d)
15,355‌
479‌
Davide
Campari-Milano
NV
42,985‌
436‌
Diageo
PLC
156,082‌
5,848‌
Endeavour
Group
Ltd/Australia
100,040‌
358‌
Heineken
Holding
NV
9,050‌
699‌
Heineken
NV
20,109‌
1,858‌
JDE
Peet's
NV
6,774‌
155‌
Kirin
Holdings
Co
Ltd
54,200‌
753‌
Pernod
Ricard
SA
14,279‌
2,386‌
Remy
Cointreau
SA
1,610‌
171‌
Suntory
Beverage
&
Food
Ltd
9,700‌
318‌
Treasury
Wine
Estates
Ltd
56,655‌
455‌
$
20,682‌
Biotechnology
-
0
.82
%
Argenx
SE
(d)
4,133‌
1,549‌
Bachem
Holding
AG
(e)
2,356‌
186‌
CSL
Ltd
33,731‌
6,280‌
Genmab
A/S
(d)
4,613‌
1,282‌
Swedish
Orphan
Biovitrum
AB
(d)
13,608‌
334‌
$
9,631‌
Building
Materials
-
1
.88
%
AGC
Inc
13,700‌
490‌
Cie
de
Saint-Gobain
SA
31,825‌
2,453‌
CRH
PLC
48,442‌
4,035‌
Daikin
Industries
Ltd
18,400‌
2,593‌
Geberit
AG
2,334‌
1,357‌
Heidelberg
Materials
AG
9,100‌
884‌
Holcim
AG
(d)
36,392‌
2,970‌
Investment
AB
Latour
10,338‌
263‌
James
Hardie
Industries
PLC
(d)
30,730‌
1,215‌
Kingspan
Group
PLC
10,866‌
983‌
Nibe
Industrier
AB
105,815‌
591‌
ROCKWOOL
A/S
644‌
206‌
Sika
AG
10,645‌
3,079‌
Svenska
Cellulosa
AB
SCA
42,313‌
599‌
TOTO
Ltd
9,900‌
268‌
$
21,986‌
Chemicals
-
2
.76
%
Air
Liquide
SA
36,623‌
7,444‌
Akzo
Nobel
NV
11,912‌
868‌
Arkema
SA
4,192‌
435‌
Asahi
Kasei
Corp
87,600‌
610‌
BASF
SE
62,318‌
3,174‌
Brenntag
SE
9,266‌
846‌
Clariant
AG
(d)
15,065‌
187‌
Covestro
AG
(d),(f)
13,196‌
718‌
Croda
International
PLC
9,262‌
558‌
DSM-Firmenich
AG
12,985‌
1,392‌
EMS-Chemie
Holding
AG
490‌
342‌
Evonik
Industries
AG
16,269‌
300‌
Givaudan
SA
645‌
2,706‌
ICL
Group
Ltd
54,020‌
287‌
Mitsubishi
Chemical
Group
Corp
89,400‌
513‌
Mitsui
Chemicals
Inc
11,900‌
330‌
Nippon
Paint
Holdings
Co
Ltd
66,200‌
492‌
Nippon
Sanso
Holdings
Corp
12,100‌
351‌
Nissan
Chemical
Corp
8,800‌
368‌
Nitto
Denko
Corp
10,000‌
919‌
Novozymes
A/S
26,051‌
1,469‌
OCI
NV
7,366‌
194‌
Shin-Etsu
Chemical
Co
Ltd
125,800‌
5,368‌
Syensqo
SA
(d)
5,175‌
462‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
(continued)
Symrise
AG
9,271‌
$
949‌
Toray
Industries
Inc
96,800‌
447‌
Umicore
SA
(e)
14,624‌
306‌
Yara
International
ASA
11,561‌
360‌
$
32,395‌
Commercial
Services
-
2
.59
%
Adecco
Group
AG
11,172‌
448‌
Adyen
NV
(d),(f)
1,517‌
2,400‌
Amadeus
IT
Group
SA
31,455‌
1,861‌
Ashtead
Group
PLC
30,554‌
2,198‌
Brambles
Ltd
97,162‌
954‌
Bureau
Veritas
SA
20,593‌
598‌
Dai
Nippon
Printing
Co
Ltd
14,300‌
418‌
Edenred
SE
17,427‌
862‌
Experian
PLC
64,153‌
2,747‌
IDP
Education
Ltd
(e)
18,462‌
229‌
Intertek
Group
PLC
11,269‌
660‌
Nexi
SpA
(d),(f)
41,234‌
303‌
Randstad
NV
7,577‌
418‌
Recruit
Holdings
Co
Ltd
100,700‌
4,062‌
RELX
PLC
131,638‌
5,766‌
Rentokil
Initial
PLC
176,129‌
981‌
Secom
Co
Ltd
14,700‌
1,073‌
Securitas
AB
34,339‌
369‌
SGS
SA
10,466‌
1,005‌
TOPPAN
Holdings
Inc
16,100‌
384‌
Transurban
Group
215,636‌
1,900‌
Wise
PLC
(d)
42,931‌
499‌
Worldline
SA/France
(d),(f)
16,794‌
193‌
$
30,328‌
Computers
-
1
.04
%
Bechtle
AG
5,718‌
295‌
Capgemini
SE
10,847‌
2,639‌
Check
Point
Software
Technologies
Ltd
(d)
6,535‌
1,048‌
CyberArk
Software
Ltd
(d)
2,916‌
769‌
Fujitsu
Ltd
12,300‌
1,922‌
Logitech
International
SA
11,482‌
1,016‌
NEC
Corp
17,100‌
1,154‌
Nomura
Research
Institute
Ltd
26,943‌
757‌
NTT
Data
Group
Corp
44,100‌
718‌
Obic
Co
Ltd
4,900‌
768‌
Otsuka
Corp
8,000‌
352‌
SCSK
Corp
10,900‌
201‌
Teleperformance
SE
3,987‌
495‌
$
12,134‌
Consumer
Products
-
0
.31
%
Henkel
AG
&
Co
KGaA
7,256‌
490‌
Reckitt
Benckiser
Group
PLC
49,840‌
3,149‌
$
3,639‌
Cosmetics
&
Personal
Care
-
1
.98
%
Beiersdorf
AG
7,038‌
1,009‌
Essity
AB
42,542‌
992‌
Haleon
PLC
419,105‌
1,758‌
Kao
Corp
32,500‌
1,230‌
L'Oreal
SA
16,801‌
8,025‌
Shiseido
Co
Ltd
27,900‌
759‌
Unicharm
Corp
28,200‌
935‌
Unilever
PLC
174,584‌
8,526‌
$
23,234‌
Distribution
&
Wholesale
-
1
.67
%
Bunzl
PLC
23,601‌
941‌
D'ieteren
Group
1,500‌
290‌
IMCD
NV
3,979‌
607‌
ITOCHU
Corp
83,000‌
3,606‌
Marubeni
Corp
100,000‌
1,657‌
Mitsubishi
Corp
240,900‌
5,167‌
Mitsui
&
Co
Ltd
90,400‌
3,970‌
Rexel
SA
15,748‌
404‌
Seven
Group
Holdings
Ltd
11,424‌
287‌
Schedule
of
Investments
International
Equity
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
142
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Distribution
&
Wholesale
(continued)
Sumitomo
Corp
72,600‌
$
1,704‌
Toyota
Tsusho
Corp
14,800‌
959‌
$
19,592‌
Diversified
Financial
Services
-
1
.61
%
abrdn
plc
128,524‌
256‌
AerCap
Holdings
NV
(d)
13,979‌
1,079‌
Amundi
SA
(f)
4,287‌
282‌
ASX
Ltd
13,517‌
579‌
Daiwa
Securities
Group
Inc
93,100‌
686‌
Deutsche
Boerse
AG
13,266‌
2,777‌
Euronext
NV
(f)
5,983‌
551‌
Futu
Holdings
Ltd
ADR
(d)
3,857‌
206‌
Hargreaves
Lansdown
PLC
24,838‌
229‌
Hong
Kong
Exchanges
&
Clearing
Ltd
84,100‌
2,590‌
Japan
Exchange
Group
Inc
35,100‌
919‌
Julius
Baer
Group
Ltd
14,383‌
771‌
London
Stock
Exchange
Group
PLC
29,079‌
3,266‌
Mitsubishi
HC
Capital
Inc
56,300‌
389‌
Nomura
Holdings
Inc
209,800‌
1,195‌
ORIX
Corp
81,900‌
1,721‌
SBI
Holdings
Inc
17,290‌
466‌
Schroders
PLC
56,279‌
281‌
Singapore
Exchange
Ltd
59,900‌
421‌
St
James's
Place
PLC
38,305‌
244‌
$
18,908‌
Electric
-
2
.43
%
BKW
AG
1,475‌
207‌
Chubu
Electric
Power
Co
Inc
45,000‌
560‌
CLP
Holdings
Ltd
114,500‌
953‌
E.ON
SE
156,759‌
2,002‌
EDP
-
Energias
de
Portugal
SA
219,103‌
873‌
EDP
Renovaveis
SA
21,449‌
293‌
Elia
Group
SA/NV
2,053‌
228‌
Endesa
SA
22,177‌
399‌
Enel
SpA
567,887‌
3,613‌
Engie
SA
127,528‌
2,046‌
Fortum
Oyj
(e)
31,324‌
391‌
Iberdrola
SA
428,483‌
4,921‌
Kansai
Electric
Power
Co
Inc/The
49,200‌
629‌
Mercury
NZ
Ltd
48,569‌
198‌
Meridian
Energy
Ltd
90,305‌
329‌
National
Grid
PLC
259,717‌
3,398‌
Origin
Energy
Ltd
120,286‌
703‌
Orsted
AS
(f)
13,208‌
740‌
Power
Assets
Holdings
Ltd
96,500‌
579‌
Redeia
Corp
SA
28,334‌
451‌
RWE
AG
44,146‌
1,479‌
Sembcorp
Industries
Ltd
62,400‌
237‌
SSE
PLC
76,309‌
1,568‌
Terna
-
Rete
Elettrica
Nazionale
98,239‌
770‌
Tokyo
Electric
Power
Co
Holdings
Inc
(d)
106,600‌
577‌
Verbund
AG
4,754‌
344‌
$
28,488‌
Electrical
Components
&
Equipment
-
1
.00
%
Brother
Industries
Ltd
16,200‌
272‌
Legrand
SA
18,435‌
1,867‌
Prysmian
SpA
18,343‌
915‌
Schneider
Electric
SE
37,997‌
8,637‌
$
11,691‌
Electronics
-
1
.73
%
ABB
Ltd
111,695‌
5,154‌
Assa
Abloy
AB
69,983‌
1,997‌
Azbil
Corp
8,400‌
247‌
Halma
PLC
26,508‌
772‌
Hirose
Electric
Co
Ltd
1,999‌
213‌
Hoya
Corp
24,500‌
3,198‌
Ibiden
Co
Ltd
7,900‌
366‌
Kyocera
Corp
89,600‌
1,322‌
MINEBEA
MITSUMI
Inc
25,300‌
525‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electronics
(continued)
Murata
Manufacturing
Co
Ltd
120,300‌
$
2,424‌
NIDEC
CORP
29,100‌
1,104‌
SCREEN
Holdings
Co
Ltd
5,700‌
716‌
Shimadzu
Corp
16,500‌
451‌
TDK
Corp
27,100‌
1,413‌
Yokogawa
Electric
Corp
15,900‌
336‌
$
20,238‌
Energy
-
Alternate
Sources
-
0
.17
%
Vestas
Wind
Systems
A/S
(d)
70,511‌
1,965‌
Engineering
&
Construction
-
1
.17
%
Acciona
SA
1,724‌
193‌
ACS
Actividades
de
Construccion
y
Servicios
SA
14,736‌
606‌
Aena
SME
SA
(f)
5,237‌
995‌
Aeroports
de
Paris
SA
(e)
2,418‌
329‌
Auckland
International
Airport
Ltd
92,728‌
458‌
Bouygues
SA
13,346‌
528‌
Cellnex
Telecom
SA
-
Rights
(d),(f)
32,063‌
1,159‌
CK
Infrastructure
Holdings
Ltd
44,000‌
258‌
Eiffage
SA
5,132‌
559‌
Ferrovial
SE
36,201‌
1,359‌
Infrastrutture
Wireless
Italiane
SpA
(f)
23,465‌
260‌
Kajima
Corp
29,500‌
548‌
Keppel
Ltd
101,700‌
548‌
Obayashi
Corp
45,300‌
439‌
Shimizu
Corp
36,200‌
210‌
Skanska
AB
23,756‌
438‌
Taisei
Corp
11,900‌
374‌
Vinci
SA
34,959‌
4,480‌
$
13,741‌
Entertainment
-
1
.02
%
Aristocrat
Leisure
Ltd
40,444‌
1,229‌
Entain
PLC
44,602‌
515‌
Evolution
AB
(f)
12,796‌
1,658‌
Flutter
Entertainment
PLC
(d)
12,359‌
2,676‌
Genting
Singapore
Ltd
422,200‌
286‌
La
Francaise
des
Jeux
SAEM
(f)
7,335‌
307‌
Lottery
Corp
Ltd/The
155,408‌
514‌
Oriental
Land
Co
Ltd/Japan
76,200‌
2,731‌
Toho
Co
Ltd/Tokyo
7,800‌
253‌
Universal
Music
Group
NV
57,237‌
1,728‌
$
11,897‌
Food
-
3
.71
%
Aeon
Co
Ltd
45,700‌
1,091‌
Ajinomoto
Co
Inc
32,800‌
1,206‌
Barry
Callebaut
AG
249‌
350‌
Carrefour
SA
39,591‌
665‌
Chocoladefabriken
Lindt
&
Spruengli
AG
-
PC
67‌
820‌
Chocoladefabriken
Lindt
&
Spruengli
AG
-
REG
8‌
962‌
CK
Hutchison
Holdings
Ltd
187,132‌
945‌
Coles
Group
Ltd
93,449‌
1,028‌
Danone
SA
44,957‌
2,869‌
J
Sainsbury
PLC
115,758‌
365‌
Jeronimo
Martins
SGPS
SA
19,772‌
473‌
Kerry
Group
PLC
11,024‌
968‌
Kesko
Oyj
19,071‌
365‌
Kikkoman
Corp
9,500‌
622‌
Kobe
Bussan
Co
Ltd
10,500‌
283‌
Koninklijke
Ahold
Delhaize
NV
66,496‌
1,980‌
Lotus
Bakeries
NV
28‌
263‌
MEIJI
Holdings
Co
Ltd
16,400‌
369‌
Mowi
ASA
32,495‌
628‌
Nestle
SA
186,425‌
19,335‌
Nissin
Foods
Holdings
Co
Ltd
14,000‌
408‌
Ocado
Group
PLC
(d)
40,498‌
262‌
Orkla
ASA
48,945‌
351‌
Salmar
ASA
4,610‌
293‌
Seven
&
i
Holdings
Co
Ltd
157,200‌
2,343‌
Tesco
PLC
492,649‌
1,738‌
WH
Group
Ltd
(f)
582,500‌
350‌
Schedule
of
Investments
International
Equity
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
143
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
(continued)
Woolworths
Group
Ltd
85,294‌
$
1,811‌
Yakult
Honsha
Co
Ltd
17,900‌
386‌
$
43,529‌
Food
Service
-
0
.32
%
Compass
Group
PLC
119,324‌
3,274‌
Sodexo
SA
6,177‌
493‌
$
3,767‌
Forest
Products
&
Paper
-
0
.24
%
Holmen
AB
(e)
5,322‌
214‌
Mondi
PLC
30,820‌
548‌
Smurfit
Kappa
Group
PLC
18,178‌
777‌
UPM-Kymmene
Oyj
37,267‌
1,247‌
$
2,786‌
Gas
-
0
.27
%
Centrica
PLC
376,876‌
599‌
Enagas
SA
17,378‌
251‌
Hong
Kong
&
China
Gas
Co
Ltd
781,387‌
602‌
Osaka
Gas
Co
Ltd
26,200‌
523‌
Snam
SpA
140,797‌
658‌
Tokyo
Gas
Co
Ltd
25,800‌
565‌
$
3,198‌
Hand
&
Machine
Tools
-
0
.27
%
Fuji
Electric
Co
Ltd
8,900‌
542‌
Makita
Corp
15,600‌
408‌
Schindler
Holding
AG
-
PC
2,843‌
749‌
Schindler
Holding
AG
-
REG
1,639‌
417‌
Techtronic
Industries
Co
Ltd
96,000‌
1,036‌
$
3,152‌
Healthcare
-
Products
-
2
.07
%
Alcon
Inc
34,890‌
2,975‌
Asahi
Intecc
Co
Ltd
15,200‌
316‌
Carl
Zeiss
Meditec
AG
2,810‌
345‌
Cochlear
Ltd
4,573‌
1,042‌
Coloplast
A/S
8,806‌
1,170‌
Demant
A/S
(d)
7,036‌
353‌
DiaSorin
SpA
1,563‌
158‌
EBOS
Group
Ltd
10,715‌
242‌
EssilorLuxottica
SA
20,597‌
4,373‌
Fisher
&
Paykel
Healthcare
Corp
Ltd
40,774‌
607‌
FUJIFILM
Holdings
Corp
26,100‌
1,662‌
Getinge
AB
15,971‌
317‌
Koninklijke
Philips
NV
54,216‌
1,092‌
Lifco
AB
16,276‌
434‌
Olympus
Corp
84,000‌
1,195‌
QIAGEN
NV
(d)
15,444‌
660‌
Sartorius
Stedim
Biotech
2,039‌
561‌
Siemens
Healthineers
AG
(f)
19,690‌
1,182‌
Smith
&
Nephew
PLC
61,041‌
805‌
Sonova
Holding
AG
3,539‌
1,092‌
Straumann
Holding
AG
7,793‌
1,232‌
Sysmex
Corp
11,700‌
657‌
Terumo
Corp
47,000‌
1,831‌
$
24,301‌
Healthcare
-
Services
-
0
.55
%
BioMerieux
2,892‌
316‌
Eurofins
Scientific
SE
9,432‌
564‌
Fresenius
Medical
Care
AG
14,341‌
550‌
Fresenius
SE
&
Co
KGaA
29,495‌
826‌
Lonza
Group
AG
5,200‌
2,714‌
Medibank
Pvt
Ltd
192,290‌
449‌
Ramsay
Health
Care
Ltd
12,816‌
457‌
Sonic
Healthcare
Ltd
31,633‌
614‌
$
6,490‌
Holding
Companies
-
Diversified
-
0
.08
%
Jardine
Matheson
Holdings
Ltd
11,068‌
465‌
Swire
Pacific
Ltd
30,000‌
249‌
Wharf
Holdings
Ltd/The
75,000‌
276‌
$
990‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Builders
-
0
.29
%
Barratt
Developments
PLC
68,048‌
$
402‌
Berkeley
Group
Holdings
PLC
7,408‌
435‌
Daiwa
House
Industry
Co
Ltd
41,400‌
1,196‌
Iida
Group
Holdings
Co
Ltd
10,720‌
138‌
Persimmon
PLC
22,303‌
384‌
Sekisui
Chemical
Co
Ltd
26,600‌
375‌
Taylor
Wimpey
PLC
246,858‌
430‌
$
3,360‌
Home
Furnishings
-
0
.85
%
Hoshizaki
Corp
7,600‌
259‌
Panasonic
Holdings
Corp
154,200‌
1,458‌
Rational
AG
357‌
294‌
SEB
SA
1,739‌
206‌
Sharp
Corp/Japan
(e)
18,100‌
98‌
Sony
Group
Corp
88,100‌
7,590‌
$
9,905‌
Insurance
-
5
.07
%
Admiral
Group
PLC
18,179‌
613‌
Aegon
Ltd
101,366‌
609‌
Ageas
SA/NV
11,156‌
474‌
AIA
Group
Ltd
793,400‌
6,396‌
Allianz
SE
27,351‌
7,512‌
ASR
Nederland
NV
11,066‌
511‌
Assicurazioni
Generali
SpA
70,767‌
1,679‌
Aviva
PLC
191,277‌
1,080‌
AXA
SA
126,807‌
4,515‌
Baloise
Holding
AG
3,198‌
516‌
Dai-ichi
Life
Holdings
Inc
65,700‌
1,496‌
Gjensidige
Forsikring
ASA
13,964‌
221‌
Hannover
Rueck
SE
4,210‌
1,081‌
Helvetia
Holding
AG
2,592‌
366‌
Insurance
Australia
Group
Ltd
167,682‌
677‌
Japan
Post
Holdings
Co
Ltd
145,000‌
1,399‌
Japan
Post
Insurance
Co
Ltd
13,400‌
247‌
Legal
&
General
Group
PLC
417,507‌
1,280‌
M&G
PLC
157,114‌
447‌
MS&AD
Insurance
Group
Holdings
Inc
29,900‌
1,494‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
9,528‌
4,436‌
NN
Group
NV
18,904‌
844‌
Phoenix
Group
Holdings
PLC
52,447‌
330‌
Prudential
PLC
191,988‌
1,892‌
QBE
Insurance
Group
Ltd
104,308‌
1,174‌
Sampo
Oyj
31,520‌
1,410‌
Sompo
Holdings
Inc
20,750‌
1,217‌
Suncorp
Group
Ltd
88,692‌
883‌
Swiss
Life
Holding
AG
2,061‌
1,498‌
Swiss
Re
AG
21,060‌
2,542‌
T&D
Holdings
Inc
34,200‌
595‌
Talanx
AG
4,508‌
322‌
Tokio
Marine
Holdings
Inc
125,800‌
3,675‌
Tryg
A/S
24,379‌
518‌
Zurich
Insurance
Group
AG
10,219‌
5,437‌
$
59,386‌
Internet
-
0
.86
%
Adevinta
ASA
-
B
Shares
(d)
24,417‌
261‌
Auto
Trader
Group
PLC
(f)
63,355‌
593‌
CAR
Group
Ltd
25,008‌
599‌
Delivery
Hero
SE
(d),(f)
12,331‌
285‌
Grab
Holdings
Ltd
(d)
132,662‌
407‌
LY
Corp
186,600‌
516‌
M3
Inc
30,800‌
443‌
MonotaRO
Co
Ltd
17,500‌
168‌
Prosus
NV
(d)
102,133‌
2,983‌
Rakuten
Group
Inc
104,700‌
574‌
Scout24
SE
(f)
5,237‌
381‌
Sea
Ltd
ADR
(d)
25,748‌
1,249‌
SEEK
Ltd
24,872‌
426‌
Trend
Micro
Inc/Japan
9,300‌
462‌
Schedule
of
Investments
International
Equity
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
144
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
(continued)
Wix.com
Ltd
(d)
3,792‌
$
532‌
ZOZO
Inc
9,400‌
213‌
$
10,092‌
Investment
Companies
-
0
.51
%
Eurazeo
SE
2,922‌
247‌
EXOR
NV
6,535‌
706‌
Groupe
Bruxelles
Lambert
NV
6,146‌
462‌
Industrivarden
AB
-
A
Shares
8,898‌
304‌
Industrivarden
AB
-
C
Shares
(e)
10,506‌
358‌
Investor
AB
-
B
Shares
120,851‌
3,041‌
L
E
Lundbergforetagen
AB
5,306‌
289‌
Sofina
SA
1,076‌
246‌
Washington
H
Soul
Pattinson
&
Co
Ltd
16,382‌
368‌
$
6,021‌
Iron
&
Steel
-
0
.54
%
ArcelorMittal
SA
35,727‌
932‌
BlueScope
Steel
Ltd
31,134‌
463‌
Fortescue
Ltd
118,239‌
1,996‌
JFE
Holdings
Inc
40,200‌
659‌
Mineral
Resources
Ltd
12,265‌
532‌
Nippon
Steel
Corp
59,677‌
1,481‌
voestalpine
AG
8,103‌
221‌
$
6,284‌
Leisure
Products
&
Services
-
0
.13
%
Shimano
Inc
5,300‌
734‌
Yamaha
Corp
9,200‌
201‌
Yamaha
Motor
Co
Ltd
62,400‌
560‌
$
1,495‌
Lodging
-
0
.32
%
Accor
SA
13,212‌
574‌
City
Developments
Ltd
34,800‌
147‌
Galaxy
Entertainment
Group
Ltd
153,000‌
833‌
InterContinental
Hotels
Group
PLC
11,538‌
1,225‌
Sands
China
Ltd
(d)
169,600‌
481‌
Whitbread
PLC
13,019‌
544‌
$
3,804‌
Machinery
-
Construction
&
Mining
-
1
.32
%
Epiroc
AB
-
A
Shares
46,014‌
835‌
Epiroc
AB
-
B
Shares
27,229‌
449‌
Hitachi
Construction
Machinery
Co
Ltd
7,500‌
217‌
Hitachi
Ltd
64,700‌
5,482‌
Komatsu
Ltd
64,600‌
1,875‌
Metso
Oyj
46,304‌
495‌
Mitsubishi
Electric
Corp
134,900‌
2,149‌
Mitsubishi
Heavy
Industries
Ltd
22,400‌
1,773‌
Sandvik
AB
74,446‌
1,677‌
Siemens
Energy
AG
(d)
36,276‌
557‌
$
15,509‌
Machinery
-
Diversified
-
1
.99
%
Atlas
Copco
AB
-
A
Shares
187,546‌
3,258‌
Atlas
Copco
AB
-
B
Shares
108,984‌
1,632‌
Beijer
Ref
AB
26,875‌
378‌
Daifuku
Co
Ltd
21,200‌
503‌
FANUC
Corp
66,500‌
1,938‌
GEA
Group
AG
11,431‌
461‌
Hexagon
AB
144,963‌
1,701‌
Husqvarna
AB
24,447‌
189‌
Keyence
Corp
13,560‌
6,355‌
Kone
Oyj
23,732‌
1,162‌
Kubota
Corp
69,800‌
1,024‌
Omron
Corp
12,200‌
454‌
SMC
Corp
4,000‌
2,414‌
Spirax-Sarco
Engineering
PLC
5,151‌
672‌
Wartsila
OYJ
Abp
33,052‌
512‌
Yaskawa
Electric
Corp
16,800‌
689‌
$
23,342‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
-
0
.44
%
Bollore
SE
49,743‌
$
341‌
Informa
PLC
95,937‌
984‌
Pearson
PLC
43,691‌
531‌
Vivendi
SE
46,742‌
522‌
Wolters
Kluwer
NV
17,352‌
2,740‌
$
5,118‌
Metal
Fabrication
&
Hardware
-
0
.20
%
MISUMI
Group
Inc
19,900‌
304‌
SKF
AB
23,797‌
520‌
Tenaris
SA
32,971‌
586‌
VAT
Group
AG
(f)
1,885‌
946‌
$
2,356‌
Mining
-
2
.28
%
Anglo
American
PLC
88,723‌
1,912‌
Antofagasta
PLC
27,534‌
633‌
BHP
Group
Ltd
353,910‌
10,145‌
Boliden
AB
19,097‌
484‌
Endeavour
Mining
PLC
12,829‌
207‌
Glencore
PLC
724,097‌
3,443‌
Norsk
Hydro
ASA
92,639‌
476‌
Northern
Star
Resources
Ltd
80,241‌
667‌
Pilbara
Minerals
Ltd
(e)
199,621‌
545‌
Rio
Tinto
Ltd
25,919‌
2,087‌
Rio
Tinto
PLC
78,633‌
5,044‌
South32
Ltd
316,242‌
606‌
Sumitomo
Metal
Mining
Co
Ltd
17,300‌
450‌
$
26,699‌
Miscellaneous
Manufacturers
-
1
.16
%
Alfa
Laval
AB
20,202‌
761‌
Alstom
SA
20,124‌
269‌
Indutrade
AB
19,078‌
506‌
JSR
Corp
12,400‌
333‌
Knorr-Bremse
AG
5,065‌
355‌
Orica
Ltd
33,654‌
375‌
Siemens
AG
53,065‌
10,505‌
Smiths
Group
PLC
24,266‌
494‌
$
13,598‌
Office
&
Business
Equipment
-
0
.23
%
Canon
Inc
69,800‌
2,041‌
Ricoh
Co
Ltd
38,300‌
319‌
Seiko
Epson
Corp
20,200‌
327‌
$
2,687‌
Oil
&
Gas
-
3
.84
%
Aker
BP
ASA
22,065‌
536‌
Ampol
Ltd
16,639‌
426‌
BP
PLC
1,195,156‌
6,944‌
DCC
PLC
(d)
6,902‌
490‌
ENEOS
Holdings
Inc
201,130‌
868‌
Eni
SpA
153,215‌
2,359‌
Equinor
ASA
62,905‌
1,550‌
Galp
Energia
SGPS
SA
32,450‌
511‌
Idemitsu
Kosan
Co
Ltd
67,605‌
427‌
Inpex
Corp
67,800‌
904‌
Neste
Oyj
29,539‌
810‌
OMV
AG
10,283‌
453‌
Repsol
SA
84,731‌
1,346‌
Santos
Ltd
226,766‌
1,044‌
Shell
PLC
454,025‌
14,043‌
TotalEnergies
SE
151,586‌
9,662‌
Woodside
Energy
Group
Ltd
132,575‌
2,616‌
$
44,989‌
Oil
&
Gas
Services
-
0
.02
%
Seatrium
Ltd
(d)
3,096,937‌
208‌
Packaging
&
Containers
-
0
.08
%
SIG
Group
AG
(d)
21,353‌
423‌
Stora
Enso
Oyj
40,622‌
514‌
$
937‌
Schedule
of
Investments
International
Equity
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
145
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
-
8
.95
%
Amplifon
SpA
8,694‌
$
290‌
Astellas
Pharma
Inc
126,400‌
1,381‌
AstraZeneca
PLC
108,236‌
13,644‌
Bayer
AG
68,595‌
2,073‌
Chugai
Pharmaceutical
Co
Ltd
46,900‌
1,873‌
Daiichi
Sankyo
Co
Ltd
129,100‌
4,252‌
Eisai
Co
Ltd
17,600‌
730‌
Grifols
SA
(d)
20,827‌
172‌
GSK
PLC
287,323‌
6,010‌
Hikma
Pharmaceuticals
PLC
11,577‌
287‌
Ipsen
SA
2,633‌
289‌
Kyowa
Kirin
Co
Ltd
18,900‌
374‌
Merck
KGaA
9,024‌
1,535‌
Novartis
AG
143,116‌
14,440‌
Novo
Nordisk
A/S
227,855‌
27,198‌
Ono
Pharmaceutical
Co
Ltd
25,300‌
419‌
Orion
Oyj
7,526‌
296‌
Otsuka
Holdings
Co
Ltd
29,200‌
1,185‌
Recordati
Industria
Chimica
e
Farmaceutica
SpA
7,301‌
409‌
Roche
Holding
AG
2,235‌
618‌
Roche
Holding
AG
49,054‌
12,826‌
Sandoz
Group
AG
(d)
28,589‌
884‌
Sanofi
SA
79,480‌
7,576‌
Shionogi
&
Co
Ltd
17,200‌
856‌
Takeda
Pharmaceutical
Co
Ltd
110,500‌
3,232‌
Teva
Pharmaceutical
Industries
Ltd
ADR
(d)
78,262‌
1,029‌
UCB
SA
8,828‌
1,019‌
$
104,897‌
Pipelines
-
0
.04
%
APA
Group
89,579‌
457‌
Private
Equity
-
0
.47
%
3i
Group
PLC
67,961‌
2,123‌
CapitaLand
Investment
Ltd/Singapore
181,600‌
376‌
EQT
AB
26,072‌
764‌
Partners
Group
Holding
AG
1,585‌
2,279‌
$
5,542‌
Real
Estate
-
1
.05
%
Azrieli
Group
Ltd
2,963‌
215‌
CK
Asset
Holdings
Ltd
136,132‌
626‌
Daito
Trust
Construction
Co
Ltd
4,100‌
486‌
ESR
Group
Ltd
(f)
119,200‌
159‌
Fastighets
AB
Balder
(d)
45,522‌
283‌
Hang
Lung
Properties
Ltd
126,000‌
135‌
Henderson
Land
Development
Co
Ltd
100,982‌
291‌
Hongkong
Land
Holdings
Ltd
77,029‌
261‌
Hulic
Co
Ltd
26,800‌
267‌
LEG
Immobilien
SE
5,174‌
381‌
Mitsubishi
Estate
Co
Ltd
78,600‌
1,203‌
Mitsui
Fudosan
Co
Ltd
62,100‌
1,686‌
Nomura
Real
Estate
Holdings
Inc
7,700‌
192‌
REA
Group
Ltd
3,690‌
467‌
Sagax
AB
14,241‌
337‌
Sekisui
House
Ltd
41,700‌
929‌
Sino
Land
Co
Ltd
267,073‌
288‌
Sumitomo
Realty
&
Development
Co
Ltd
19,900‌
590‌
Sun
Hung
Kai
Properties
Ltd
101,000‌
1,016‌
Swire
Properties
Ltd
81,400‌
167‌
Swiss
Prime
Site
AG
5,357‌
512‌
Vonovia
SE
51,192‌
1,429‌
Wharf
Real
Estate
Investment
Co
Ltd
117,000‌
390‌
$
12,310‌
REITs
-
1
.07
%
CapitaLand
Ascendas
REIT
260,750‌
531‌
CapitaLand
Integrated
Commercial
Trust
371,838‌
542‌
Covivio
SA/France
3,509‌
158‌
Dexus
75,098‌
360‌
Gecina
SA
3,212‌
310‌
GLP
J-Reit
327‌
260‌
Goodman
Group
119,344‌
2,323‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
GPT
Group/The
133,750‌
$
378‌
Japan
Metropolitan
Fund
Invest
488‌
288‌
Japan
Real
Estate
Investment
Corp
89‌
321‌
KDX
Realty
Investment
Corp
289‌
289‌
Klepierre
SA
15,022‌
382‌
Land
Securities
Group
PLC
49,407‌
387‌
Link
REIT
180,040‌
893‌
Mapletree
Logistics
Trust
243,500‌
268‌
Mapletree
Pan
Asia
Commercial
Trust
164,900‌
166‌
Mirvac
Group
275,508‌
391‌
Nippon
Building
Fund
Inc
107‌
412‌
Nippon
Prologis
REIT
Inc
159‌
266‌
Nomura
Real
Estate
Master
Fund
Inc
280‌
278‌
Scentre
Group
362,403‌
734‌
Segro
PLC
81,428‌
871‌
Stockland
166,677‌
487‌
Unibail-Rodamco-Westfield
(d)
8,252‌
603‌
Vicinity
Ltd
270,172‌
341‌
Warehouses
De
Pauw
CVA
12,257‌
328‌
$
12,567‌
Retail
-
2
.18
%
Associated
British
Foods
PLC
23,810‌
685‌
Avolta
AG
(d)
6,926‌
271‌
Cie
Financiere
Richemont
SA
37,535‌
5,975‌
Fast
Retailing
Co
Ltd
12,200‌
3,534‌
H
&
M
Hennes
&
Mauritz
AB
(e)
45,097‌
612‌
Industria
de
Diseno
Textil
SA
76,164‌
3,388‌
Jardine
Cycle
&
Carriage
Ltd
6,900‌
131‌
JD
Sports
Fashion
PLC
180,949‌
270‌
Kingfisher
PLC
131,056‌
389‌
MatsukiyoCocokara
&
Co
24,000‌
398‌
McDonald's
Holdings
Co
Japan
Ltd
6,000‌
279‌
Moncler
SpA
14,381‌
1,037‌
Next
PLC
8,460‌
890‌
Nitori
Holdings
Co
Ltd
5,600‌
824‌
Pan
Pacific
International
Holdings
Corp
26,600‌
627‌
Pandora
A/S
5,903‌
955‌
Reece
Ltd
15,786‌
276‌
Swatch
Group
AG/The
-
BR
2,020‌
477‌
Swatch
Group
AG/The
-
REG
3,674‌
168‌
USS
Co
Ltd
14,400‌
251‌
Wesfarmers
Ltd
79,233‌
3,439‌
Zalando
SE
(d),(f)
15,655‌
331‌
Zensho
Holdings
Co
Ltd
6,700‌
293‌
$
25,500‌
Semiconductors
-
4
.45
%
Advantest
Corp
53,500‌
2,518‌
ASM
International
NV
3,279‌
2,003‌
ASML
Holding
NV
28,148‌
26,712‌
BE
Semiconductor
Industries
NV
5,383‌
975‌
Disco
Corp
6,400‌
2,086‌
Hamamatsu
Photonics
KK
9,800‌
352‌
Infineon
Technologies
AG
91,182‌
3,274‌
Lasertec
Corp
5,300‌
1,422‌
Renesas
Electronics
Corp
102,600‌
1,695‌
Rohm
Co
Ltd
23,000‌
392‌
STMicroelectronics
NV
47,721‌
2,167‌
SUMCO
Corp
24,400‌
383‌
Tokyo
Electron
Ltd
32,900‌
8,163‌
$
52,142‌
Shipbuilding
-
0
.03
%
Kongsberg
Gruppen
ASA
6,142‌
391‌
Software
-
1
.88
%
Capcom
Co
Ltd
12,100‌
489‌
Dassault
Systemes
SE
46,657‌
2,186‌
Global-e
Online
Ltd
(d)
6,881‌
233‌
Konami
Group
Corp
7,000‌
471‌
Monday.com
Ltd
(d)
2,023‌
451‌
Nemetschek
SE
4,032‌
386‌
Schedule
of
Investments
International
Equity
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
146
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Nexon
Co
Ltd
23,900‌
$
388‌
Oracle
Corp
Japan
2,700‌
207‌
Sage
Group
PLC/The
71,213‌
1,122‌
SAP
SE
72,910‌
13,663‌
Square
Enix
Holdings
Co
Ltd
6,000‌
254‌
Temenos
AG
4,461‌
336‌
TIS
Inc
15,400‌
348‌
WiseTech
Global
Ltd
11,639‌
718‌
Xero
Ltd
(d)
10,058‌
836‌
$
22,088‌
Telecommunications
-
2
.80
%
BT
Group
PLC
451,463‌
596‌
Deutsche
Telekom
AG
226,307‌
5,379‌
Elisa
Oyj
9,931‌
447‌
Hikari
Tsushin
Inc
1,400‌
254‌
HKT
Trust
&
HKT
Ltd
264,980‌
323‌
KDDI
Corp
104,500‌
3,159‌
Koninklijke
KPN
NV
234,274‌
856‌
Nice
Ltd
(d)
4,422‌
1,082‌
Nippon
Telegraph
&
Telephone
Corp
2,086,400‌
2,537‌
Nokia
OYJ
372,349‌
1,313‌
Orange
SA
130,011‌
1,490‌
Singapore
Telecommunications
Ltd
576,500‌
1,006‌
SoftBank
Corp
200,900‌
2,643‌
SoftBank
Group
Corp
71,800‌
4,253‌
Spark
New
Zealand
Ltd
126,668‌
391‌
Swisscom
AG
1,808‌
1,034‌
Tele2
AB
37,446‌
314‌
Telecom
Italia
SpA/Milano
(d)
695,718‌
209‌
Telefonaktiebolaget
LM
Ericsson
204,458‌
1,110‌
Telefonica
SA
341,283‌
1,400‌
Telenor
ASA
43,971‌
481‌
Telia
Co
AB
164,729‌
392‌
Telstra
Group
Ltd
282,364‌
702‌
Vodafone
Group
PLC
1,607,090‌
1,412‌
$
32,783‌
Toys,
Games
&
Hobbies
-
0
.41
%
Bandai
Namco
Holdings
Inc
41,900‌
807‌
Nintendo
Co
Ltd
72,500‌
4,051‌
$
4,858‌
Transportation
-
1
.49
%
AP
Moller
-
Maersk
A/S
-
A
212‌
288‌
AP
Moller
-
Maersk
A/S
-
B
287‌
407‌
Aurizon
Holdings
Ltd
128,522‌
319‌
Central
Japan
Railway
Co
53,900‌
1,356‌
Deutsche
Post
AG
69,211‌
3,214‌
DSV
A/S
12,233‌
1,963‌
East
Japan
Railway
Co
21,100‌
1,248‌
Getlink
SE
24,961‌
426‌
Hankyu
Hanshin
Holdings
Inc
16,000‌
461‌
Kawasaki
Kisen
Kaisha
Ltd
9,100‌
434‌
Keisei
Electric
Railway
Co
Ltd
9,600‌
449‌
Kintetsu
Group
Holdings
Co
Ltd
12,600‌
388‌
Kuehne
+
Nagel
International
AG
3,794‌
1,277‌
Mitsui
OSK
Lines
Ltd
24,000‌
822‌
MTR
Corp
Ltd
108,500‌
359‌
Nippon
Express
Holdings
Inc
5,100‌
270‌
Nippon
Yusen
KK
32,100‌
1,022‌
Odakyu
Electric
Railway
Co
Ltd
21,900‌
308‌
Poste
Italiane
SpA
(f)
31,918‌
374‌
SG
Holdings
Co
Ltd
22,400‌
281‌
SITC
International
Holdings
Co
Ltd
94,000‌
155‌
Tobu
Railway
Co
Ltd
13,200‌
337‌
Tokyu
Corp
34,900‌
434‌
West
Japan
Railway
Co
15,300‌
636‌
Yamato
Holdings
Co
Ltd
18,600‌
283‌
$
17,511‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Water
-
0
.23
%
Severn
Trent
PLC
18,795‌
$
593‌
United
Utilities
Group
PLC
47,611‌
616‌
Veolia
Environnement
SA
48,117‌
1,492‌
$
2,701‌
TOTAL
COMMON
STOCKS
$
1,143,700‌
PREFERRED
STOCKS
-
0
.45
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0
.32
%
Bayerische
Motoren
Werke
AG
8.52%
4,114‌
$
451‌
Dr
Ing
hc
F
Porsche
AG
1.01%
(f)
7,951‌
743‌
Porsche
Automobil
Holding
SE
2.56%
10,692‌
572‌
Volkswagen
AG
8.76%
14,398‌
1,955‌
$
3,721‌
Consumer
Products
-
0
.07
%
Henkel
AG
&
Co
KGaA
1.85%
11,818‌
889‌
Electronics
-
0
.06
%
Sartorius
AG
0.74%
1,830‌
693‌
TOTAL
PREFERRED
STOCKS
$
5,303‌
Total
Investments
$
1,171,594‌
Other
Assets
and
Liabilities
-  0.05%
591‌
TOTAL
NET
ASSETS
-
100.00%
$
1,172,185‌
(a)
1-day
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
$3,310
or
0.28%
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
$3,145
or
0.27%
of
net
assets.
(f)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$15,445
or
1.32%
of
net
assets.
Schedule
of
Investments
International
Equity
Index
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
147
Portfolio
Summary
Location
Percent
Japan
23
.20‌
%
United
Kingdom
12
.72‌
%
France
11
.70‌
%
Switzerland
9
.80‌
%
Germany
8
.40‌
%
Australia
7
.00‌
%
Netherlands
5
.22‌
%
Denmark
3
.48‌
%
Sweden
3
.11‌
%
Spain
2
.45‌
%
Italy
2
.26‌
%
Hong
Kong
2
.05‌
%
United
States
1
.93‌
%
Ireland
1
.37‌
%
Singapore
1
.30‌
%
Finland
0
.99‌
%
Belgium
0
.78‌
%
Israel
0
.76‌
%
Norway
0
.58‌
%
New
Zealand
0
.24‌
%
Luxembourg
0
.18‌
%
Austria
0
.17‌
%
Portugal
0
.15‌
%
Chile
0
.05‌
%
Macao
0
.04‌
%
Jordan
0
.02‌
%
Other
Assets
and
Liabilities
0
.05‌
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2023
Purchases
Sales
February
29,
2024
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
$
4,610‌
$
176,045‌
$
178,856‌
$
1,799‌
$
4,610‌
$
176,045‌
$
178,856‌
$
1,799‌
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
5.23%
$
60‌
$
—‌
$
—‌
$
—‌
$
60‌
$
—‌
$
—‌
$
—‌
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
2024
Long
19‌
$
2,174‌
$
123‌
Total
$
123‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
International
Small
Company
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
148
INVESTMENT
COMPANIES
-
2
.54
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.54
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
5.20%
(a),(b)
5,086,094‌
$
5,086‌
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
(a),(b),(c)
13,099,478‌
13,099‌
$
18,185‌
TOTAL
INVESTMENT
COMPANIES
$
18,185‌
COMMON
STOCKS
-
98
.34
%
Shares
Held
Value
(000's)
Advertising
-
0
.45
%
Stroeer
SE
&
Co
KGaA
56,959‌
$
3,190‌
Aerospace
&
Defense
-
0
.83
%
Saab
AB
74,904‌
5,905‌
Agriculture
-
0
.37
%
GrainCorp
Ltd
522,026‌
2,645‌
Airlines
-
0
.73
%
JET2
PLC
294,795‌
5,193‌
Apparel
-
1
.37
%
Asics
Corp
136,400‌
5,805‌
Gildan
Activewear
Inc
113,600‌
3,956‌
$
9,761‌
Automobile
Parts
&
Equipment
-
1
.68
%
CIE
Automotive
SA
88,889‌
2,372‌
Forvia
SE
(d)
256,425‌
3,658‌
Nifco
Inc/Japan
154,400‌
3,727‌
Yokohama
Rubber
Co
Ltd/The
83,600‌
2,224‌
$
11,981‌
Banks
-
5
.12
%
Banca
Mediolanum
SpA
533,887‌
5,746‌
Banco
de
Sabadell
SA
3,860,421‌
5,021‌
Bank
of
Ireland
Group
PLC
354,802‌
3,098‌
BAWAG
Group
AG
(d),(e)
101,116‌
5,727‌
Chiba
Bank
Ltd/The
621,500‌
5,062‌
Concordia
Financial
Group
Ltd
736,100‌
3,732‌
Mebuki
Financial
Group
Inc
1,326,300‌
4,146‌
Sydbank
AS
75,209‌
4,038‌
$
36,570‌
Beverages
-
0
.47
%
Royal
Unibrew
A/S
52,235‌
3,393‌
Biotechnology
-
0
.49
%
Bavarian
Nordic
A/S
(d)
114,083‌
2,587‌
Immunocore
Holdings
PLC
ADR
(d)
14,164‌
952‌
$
3,539‌
Building
Materials
-
2
.71
%
Buzzi
SpA
139,325‌
4,708‌
Interfor
Corp
(d)
167,000‌
2,497‌
Stella-Jones
Inc
69,200‌
3,890‌
Sumitomo
Osaka
Cement
Co
Ltd
138,300‌
3,290‌
Wienerberger
AG
141,823‌
4,956‌
$
19,341‌
Chemicals
-
2
.59
%
ADEKA
Corp
184,800‌
3,810‌
Air
Water
Inc
360,700‌
5,204‌
Arkema
SA
17,970‌
1,863‌
Fuso
Chemical
Co
Ltd
76,800‌
2,485‌
NOF
Corp
114,600‌
5,153‌
$
18,515‌
Commercial
Services
-
4
.13
%
4imprint
Group
PLC
58,556‌
4,223‌
Element
Fleet
Management
Corp
238,700‌
3,984‌
Elis
SA
275,513‌
6,293‌
Loomis
AB
110,962‌
3,003‌
Persol
Holdings
Co
Ltd
1,340,300‌
1,942‌
Securitas
AB
532,318‌
5,726‌
Shin
Nippon
Biomedical
Laboratories
Ltd
(f)
22,000‌
241‌
Sixt
SE
22,193‌
2,083‌
TechnoPro
Holdings
Inc
102,100‌
2,045‌
$
29,540‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
-
4
.73
%
BIPROGY
Inc
145,900‌
$
4,519‌
Computacenter
PLC
107,023‌
3,940‌
CyberArk
Software
Ltd
(d)
20,076‌
5,295‌
Ferrotec
Holdings
Corp
189,300‌
3,786‌
Internet
Initiative
Japan
Inc
198,300‌
3,686‌
Keywords
Studios
PLC
170,277‌
3,085‌
Serco
Group
PLC
1,962,802‌
4,637‌
Sopra
Steria
Group
18,904‌
4,847‌
$
33,795‌
Distribution
&
Wholesale
-
2
.60
%
Rexel
SA
167,878‌
4,310‌
Seven
Group
Holdings
Ltd
(f)
202,853‌
5,091‌
Sojitz
Corp
238,300‌
6,052‌
Toromont
Industries
Ltd
34,004‌
3,123‌
$
18,576‌
Diversified
Financial
Services
-
2
.57
%
BFF
Bank
SpA
(e)
308,774‌
3,602‌
Credit
Saison
Co
Ltd
300,500‌
5,846‌
IG
Group
Holdings
PLC
421,885‌
3,724‌
Man
Group
PLC/Jersey
1,698,880‌
5,214‌
$
18,386‌
Electric
-
1
.70
%
BKW
AG
24,900‌
3,489‌
Capital
Power
Corp
157,100‌
4,439‌
Sembcorp
Industries
Ltd
1,118,400‌
4,247‌
$
12,175‌
Electronics
-
2
.03
%
Celestica
Inc
(d)
79,000‌
3,358‌
NKT
A/S
(d)
69,902‌
5,260‌
SCREEN
Holdings
Co
Ltd
46,700‌
5,864‌
$
14,482‌
Energy
-
Alternate
Sources
-
0
.60
%
ERG
SpA
98,811‌
2,693‌
Solaria
Energia
y
Medio
Ambiente
SA
(d)
134,944‌
1,612‌
$
4,305‌
Engineering
&
Construction
-
5
.64
%
Alten
SA
19,219‌
2,823‌
Arcadis
NV
58,805‌
3,432‌
Balfour
Beatty
PLC
825,157‌
3,544‌
INFRONEER
Holdings
Inc
447,100‌
4,586‌
Kajima
Corp
229,900‌
4,268‌
Kinden
Corp
197,800‌
3,373‌
SPIE
SA
137,055‌
4,565‌
Stantec
Inc
61,490‌
5,134‌
Technip
Energies
NV
157,489‌
3,425‌
Ventia
Services
Group
Pty
Ltd
2,095,027‌
5,164‌
$
40,314‌
Entertainment
-
1
.56
%
CTS
Eventim
AG
&
Co
KGaA
73,855‌
5,816‌
Entain
PLC
261,110‌
3,013‌
Sankyo
Co
Ltd
205,000‌
2,342‌
$
11,171‌
Food
-
3
.60
%
AAK
AB
192,420‌
4,242‌
Cranswick
PLC
63,424‌
3,088‌
Empire
Co
Ltd
117,900‌
2,987‌
J
Sainsbury
PLC
878,748‌
2,774‌
Sonae
SGPS
SA
2,896,429‌
2,665‌
Toyo
Suisan
Kaisha
Ltd
112,300‌
6,518‌
Yamazaki
Baking
Co
Ltd
148,700‌
3,488‌
$
25,762‌
Hand
&
Machine
Tools
-
1
.59
%
Amada
Co
Ltd
505,200‌
5,617‌
DMG
Mori
Co
Ltd
(f)
249,600‌
5,778‌
$
11,395‌
Schedule
of
Investments
International
Small
Company
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
149
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
-
1
.36
%
ConvaTec
Group
PLC
(e)
1,541,953‌
$
4,799‌
Tecan
Group
AG
12,550‌
4,903‌
$
9,702‌
Healthcare
-
Services
-
0
.48
%
Amvis
Holdings
Inc
204,800‌
3,421‌
Insurance
-
2
.95
%
ASR
Nederland
NV
118,431‌
5,466‌
AUB
Group
Ltd
156,873‌
3,088‌
Beazley
PLC
639,330‌
5,277‌
nib
holdings
Ltd/Australia
597,011‌
2,847‌
SCOR
SE
143,880‌
4,390‌
$
21,068‌
Internet
-
0
.58
%
Scout24
SE
(e)
57,434‌
4,176‌
Leisure
Products
&
Services
-
1
.17
%
BRP
Inc
(f)
52,300‌
3,452‌
Flight
Centre
Travel
Group
Ltd
(f)
353,080‌
4,924‌
$
8,376‌
Lodging
-
1
.21
%
MGM
China
Holdings
Ltd
(d)
2,822,800‌
4,562‌
Whitbread
PLC
97,189‌
4,059‌
$
8,621‌
Machinery
-
Construction
&
Mining
-
1
.26
%
Hitachi
Construction
Machinery
Co
Ltd
139,900‌
4,049‌
Weir
Group
PLC/The
212,949‌
4,939‌
$
8,988‌
Machinery
-
Diversified
-
2
.65
%
ANDRITZ
AG
68,291‌
4,297‌
ATS
Corp
(d)
71,000‌
2,675‌
IMI
PLC
234,570‌
5,149‌
Okuma
Holdings
Inc
84,900‌
4,005‌
Rotork
PLC
725,200‌
2,833‌
$
18,959‌
Media
-
1
.04
%
Fuji
Media
Holdings
Inc
301,600‌
3,612‌
Quebecor
Inc
163,200‌
3,817‌
$
7,429‌
Metal
Fabrication
&
Hardware
-
1
.15
%
Vallourec
SACA
(d)
271,894‌
4,125‌
VAT
Group
AG
(e)
8,192‌
4,112‌
$
8,237‌
Mining
-
3
.55
%
Alamos
Gold
Inc
367,300‌
4,333‌
Bellevue
Gold
Ltd
(d)
2,687,631‌
2,655‌
Constellium
SE
(d)
220,626‌
4,278‌
De
Grey
Mining
Ltd
(d)
2,920,225‌
2,387‌
Deterra
Royalties
Ltd
980,094‌
3,164‌
Filo
Corp
(d)
229,000‌
3,700‌
Osisko
Gold
Royalties
Ltd
333,100‌
4,865‌
$
25,382‌
Miscellaneous
Manufacturers
-
2
.04
%
Amano
Corp
114,500‌
2,805‌
Diploma
PLC
114,209‌
5,002‌
Trelleborg
AB
187,171‌
6,803‌
$
14,610‌
Office
&
Business
Equipment
-
0
.55
%
Canon
Marketing
Japan
Inc
131,300‌
3,911‌
Oil
&
Gas
-
3
.17
%
Ampol
Ltd
164,020‌
4,205‌
ARC
Resources
Ltd
264,600‌
4,510‌
Crescent
Point
Energy
Corp
731,700‌
5,332‌
International
Petroleum
Corp
(d),(f)
161,185‌
1,693‌
Seadrill
Ltd
(d)
66,791‌
2,818‌
Var
Energi
ASA
1,348,929‌
4,122‌
$
22,680‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Packaging
&
Containers
-
1
.99
%
DS
Smith
PLC
1,325,585‌
$
5,401‌
Gerresheimer
AG
24,290‌
2,848‌
Orora
Ltd
1,792,999‌
3,129‌
Rengo
Co
Ltd
425,500‌
2,839‌
$
14,217‌
Pharmaceuticals
-
2
.46
%
ALK-Abello
A/S
(d)
159,729‌
2,980‌
Hikma
Pharmaceuticals
PLC
152,528‌
3,786‌
Indivior
PLC
(d)
215,853‌
4,663‌
Rohto
Pharmaceutical
Co
Ltd
151,100‌
3,073‌
Suzuken
Co
Ltd/Aichi
Japan
104,200‌
3,102‌
$
17,604‌
Pipelines
-
0
.50
%
Keyera
Corp
146,200‌
3,597‌
Private
Equity
-
1
.05
%
Intermediate
Capital
Group
PLC
308,163‌
7,514‌
Real
Estate
-
2
.84
%
Castellum
AB
(d)
249,652‌
2,994‌
Daito
Trust
Construction
Co
Ltd
27,900‌
3,310‌
Hang
Lung
Properties
Ltd
2,023,000‌
2,171‌
PSP
Swiss
Property
AG
45,613‌
5,799‌
TAG
Immobilien
AG
(d)
309,067‌
3,779‌
Tokyu
Fudosan
Holdings
Corp
338,700‌
2,224‌
$
20,277‌
REITs
-
6
.38
%
Aedifica
SA
3,271‌
187‌
British
Land
Co
PLC/The
1,176,425‌
5,176‌
Canadian
Apartment
Properties
REIT
108,200‌
3,796‌
CapitaLand
Ascendas
REIT
2,529,700‌
5,155‌
Gecina
SA
33,534‌
3,239‌
HomeCo
Daily
Needs
REIT
2,489,858‌
2,017‌
Invincible
Investment
Corp
8,545‌
3,509‌
Japan
Metropolitan
Fund
Invest
4,756‌
2,803‌
KDX
Realty
Investment
Corp
3,338‌
3,341‌
Mirvac
Group
2,748,800‌
3,899‌
Mitsui
Fudosan
Logistics
Park
Inc
1,124‌
3,186‌
Safestore
Holdings
PLC
257,584‌
2,497‌
Tritax
Big
Box
REIT
PLC
2,062,511‌
3,826‌
Warehouses
De
Pauw
CVA
112,447‌
3,012‌
$
45,643‌
Retail
-
6
.54
%
ABC-Mart
Inc
126,500‌
2,169‌
B&M
European
Value
Retail
SA
726,201‌
4,830‌
Brunello
Cucinelli
SpA
52,631‌
6,321‌
Eagers
Automotive
Ltd
344,755‌
3,334‌
Food
&
Life
Cos
Ltd
124,800‌
2,477‌
H2O
Retailing
Corp
258,200‌
3,018‌
IDOM
Inc
234,400‌
1,419‌
J
Front
Retailing
Co
Ltd
295,500‌
2,934‌
JD
Sports
Fashion
PLC
3,020,200‌
4,513‌
JINS
Holdings
Inc
69,300‌
1,906‌
KOMEDA
Holdings
Co
Ltd
190,500‌
3,471‌
MatsukiyoCocokara
&
Co
194,900‌
3,232‌
Monogatari
Corp/The
159,000‌
4,964‌
Shimamura
Co
Ltd
40,800‌
2,172‌
$
46,760‌
Semiconductors
-
2
.18
%
AIXTRON
SE
61,439‌
1,709‌
Nova
Ltd
(d)
33,005‌
5,725‌
Socionext
Inc
171,700‌
4,427‌
SOITEC
(d)
25,309‌
3,706‌
$
15,567‌
Software
-
1
.96
%
CompuGroup
Medical
SE
&
Co
KgaA
76,786‌
2,439‌
Descartes
Systems
Group
Inc/The
(d)
50,900‌
4,412‌
Pro
Medicus
Ltd
55,583‌
3,769‌
TIS
Inc
149,700‌
3,379‌
$
13,999‌
Schedule
of
Investments
International
Small
Company
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
150
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
1
.72
%
Kamigumi
Co
Ltd
184,500‌
$
4,320‌
Sankyu
Inc
114,800‌
4,059‌
SG
Holdings
Co
Ltd
312,700‌
3,923‌
$
12,302‌
TOTAL
COMMON
STOCKS
$
702,974‌
Total
Investments
$
721,159‌
Other
Assets
and
Liabilities
-  (0.88)%
(
6,302‌
)
TOTAL
NET
ASSETS
-
100.00%
$
714,857‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$13,356
or
1.87%
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
$22,416
or
3.14%
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
$12,211
or
1.71%
of
net
assets.
Portfolio
Summary
Location
Percent
Japan
29
.61‌
%
United
Kingdom
15
.49‌
%
Canada
11
.14‌
%
Australia
7
.32‌
%
France
7
.20‌
%
Sweden
4
.01‌
%
Germany
3
.64‌
%
Italy
3
.23‌
%
Denmark
2
.56‌
%
Switzerland
2
.56‌
%
United
States
2
.54‌
%
Austria
2
.09‌
%
Israel
1
.54‌
%
Singapore
1
.31‌
%
Spain
1
.26‌
%
Netherlands
1
.25‌
%
Ireland
0
.86‌
%
Macao
0
.64‌
%
Norway
0
.58‌
%
Jordan
0
.53‌
%
Belgium
0
.45‌
%
Bermuda
0
.39‌
%
Portugal
0
.37‌
%
Hong
Kong
0
.31‌
%
Other
Assets
and
Liabilities
(
0
.88‌
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2023
Purchases
Sales
February
29,
2024
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
$
13,893‌
$
166,138‌
$
166,932‌
$
13,099‌
$
13,893‌
$
166,138‌
$
166,932‌
$
13,099‌
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
5.23%
$
188‌
$
—‌
$
—‌
$
—‌
$
188‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
151
INVESTMENT
COMPANIES
-
0
.13
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.13
%
iShares
Short-Term
National
Muni
Bond
ETF
1,000‌
$
105‌
JPMorgan
Ultra-Short
Municipal
Income
ETF
6‌
—‌
SPDR
Nuveen
Bloomberg
High
Yield
Municipal
Bond
ETF
1,678‌
43‌
VanEck
High
Yield
Muni
ETF
341‌
18‌
VanEck
Short
High
Yield
Muni
ETF
1,000‌
22‌
$
188‌
TOTAL
INVESTMENT
COMPANIES
$
188‌
MUNICIPAL
BONDS
-
104
.26
%
Principal
Amount
(000's)
Value
(000's)
Alabama
-
6
.13
%
County
of
Jefferson
AL
Sewer
Revenue
5.50%,
10/01/2053
$
1,800‌
$
1,964‌
Lower
Alabama
Gas
District/The
5.00%,
09/01/2034
1,700‌
1,837‌
5.00%,
09/01/2046
2,180‌
2,362‌
Tuscaloosa
County
Industrial
Development
Authority
4.50%,
05/01/2032
(a)
874‌
867‌
5.25%,
05/01/2044
(a)
2,003‌
1,988‌
$
9,018‌
Arizona
-
2
.65
%
Arizona
Industrial
Development
Authority
0.00%,
01/01/2054
(a),(b)
1,000‌
449‌
Maricopa
County
Industrial
Development
Authority
4.00%,
10/15/2047
(a)
1,000‌
894‌
Navajo
Nation
5.50%,
12/01/2030
(a)
2,500‌
2,555‌
$
3,898‌
Arkansas
-
2
.86
%
Arkansas
Development
Finance
Authority
4.75%,
09/01/2049
(a)
1,000‌
998‌
5.45%,
09/01/2052
1,000‌
1,019‌
6.88%,
07/01/2048
(a)
2,000‌
2,185‌
$
4,202‌
California
-
11
.39
%
Alameda
Corridor
Transportation
Authority
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
10/01/2052
(c)
1,000‌
1,082‌
Bay
Area
Toll
Authority
2.60%,
04/01/2056
245‌
164‌
California
Educational
Facilities
Authority
5.00%,
05/01/2049
2,500‌
3,048‌
California
Infrastructure
&
Economic
Development
Bank
8.00%,
01/01/2050
(a),(d)
2,000‌
2,034‌
California
Municipal
Finance
Authority
4.00%,
07/15/2029
2,000‌
1,971‌
California
Pollution
Control
Financing
Authority
5.00%,
07/01/2038
(a)
1,115‌
1,186‌
5.00%,
07/01/2039
(a)
1,250‌
1,292‌
California
Statewide
Communities
Development
Authority
5.25%,
12/01/2048
(a)
1,000‌
1,016‌
California
Statewide
Financing
Authority
6.00%,
05/01/2043
1,000‌
1,021‌
City
of
Compton
CA
Sewer
Revenue
6.00%,
09/01/2039
1,000‌
1,002‌
City
of
Los
Angeles
Department
of
Airports
5.00%,
05/15/2035
80‌
90‌
5.00%,
05/15/2037
(e)
1,421‌
1,554‌
Golden
State
Tobacco
Securitization
Corp
5.00%,
06/01/2051
1,000‌
1,049‌
La
Verne
Public
Financing
Authority
7.25%,
09/01/2026
240‌
241‌
$
16,750‌
Colorado
-
3
.70
%
Creekside
Village
Metropolitan
District
5.00%,
12/01/2039
1,255‌
1,236‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Colorado
(continued)
Eagle
County
Airport
Terminal
Corp
5.00%,
05/01/2037
$
1,000‌
$
1,027‌
Elbert
County
Independence
Water
&
Sanitation
District
7.25%,
12/01/2038
1,000‌
1,033‌
Painted
Prairie
Public
Improvement
Authority
5.00%,
12/01/2049
500‌
466‌
Pueblo
Urban
Renewal
Authority
4.75%,
12/01/2045
(a)
1,000‌
680‌
Regional
Transportation
District
4.00%,
07/15/2040
1,000‌
1,006‌
$
5,448‌
Connecticut
-
1
.22
%
Mohegan
Tribal
Finance
Authority
7.00%,
02/01/2045
(a)
1,800‌
1,801‌
Florida
-
9
.22
%
City
of
Lakeland
FL
Department
of
Electric
Utilities
5.25%,
10/01/2036
1,000‌
1,188‌
County
of
Miami-Dade
FL
Aviation
Revenue
5.00%,
10/01/2049
(e)
3,000‌
3,079‌
Florida
Development
Finance
Corp
4.50%,
08/01/2055
300‌
294‌
5.25%,
08/01/2029
(a)
2,500‌
2,465‌
5.25%,
08/01/2055
1,000‌
1,055‌
6.13%,
07/01/2032
(a),(d)
2,000‌
2,034‌
7.38%,
01/01/2049
(a)
1,000‌
1,024‌
Ocean
Highway
&
Port
Authority
5.50%,
12/01/2049
(a)
1,500‌
1,206‌
Orange
County
Housing
Finance
Authority
7.00%,
10/01/2025
135‌
135‌
Palm
Beach
County
Health
Facilities
Authority
7.63%,
05/15/2058
1,000‌
1,078‌
$
13,558‌
Georgia
-
1
.04
%
George
L
Smith
II
Congress
Center
Authority
5.00%,
01/01/2036
(a)
1,528‌
1,527‌
Illinois
-
9
.85
%
Chicago
O'Hare
International
Airport
5.50%,
01/01/2055
1,400‌
1,510‌
City
of
Chicago
IL
6.00%,
01/01/2038
1,900‌
1,991‌
7.46%,
02/15/2026
1,165‌
850‌
City
of
Chicago
IL
Wastewater
Transmission
Revenue
5.00%,
01/01/2039
1,200‌
1,206‌
Illinois
State
Toll
Highway
Authority
5.00%,
01/01/2040
(e)
5,000‌
5,110‌
5.00%,
01/01/2043
(e)
1,500‌
1,695‌
Metropolitan
Pier
&
Exposition
Authority
5.00%,
06/15/2050
1,000‌
1,028‌
State
of
Illinois
5.50%,
05/01/2047
1,000‌
1,096‌
$
14,486‌
Indiana
-
1
.24
%
City
of
Whiting
IN
4.40%,
11/01/2045
(d)
1,500‌
1,526‌
Town
of
Shoals
IN
7.25%,
11/01/2043
300‌
301‌
$
1,827‌
Iowa
-
0
.72
%
Iowa
Finance
Authority
5.00%,
12/01/2050
(d)
1,000‌
1,055‌
Kentucky
-
0
.66
%
City
of
Henderson
KY
4.45%,
01/01/2042
(a)
1,000‌
975‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
152
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Louisiana
-
4
.48
%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
3.50%,
11/01/2032
$
1,000‌
$
965‌
4.40%,
11/01/2044
(a)
905‌
874‌
5.50%,
11/01/2039
(a)
600‌
629‌
5.65%,
11/01/2037
(a)
800‌
849‌
Louisiana
Public
Facilities
Authority
0.00%,
07/01/2039
(b)
278‌
—‌
Parish
of
St
James
LA
6.35%,
10/01/2040
(a)
3,000‌
3,268‌
$
6,585‌
Maine
-
0
.54
%
Finance
Authority
of
Maine
8.00%,
12/01/2051
(a)
1,000‌
787‌
Maryland
-
0
.69
%
City
of
Westminster
MD
6.25%,
07/01/2044
600‌
600‌
Maryland
Stadium
Authority
(credit
support
from
State
Intercept
Program
)
0.00%,
05/01/2051
(b),(c)
1,500‌
414‌
$
1,014‌
Massachusetts
-
1
.07
%
Massachusetts
Development
Finance
Agency
5.00%,
07/15/2040
1,300‌
1,576‌
Michigan
-
1
.89
%
City
of
Detroit
MI
5.00%,
04/01/2050
1,000‌
1,010‌
Michigan
Strategic
Fund
5.00%,
11/15/2042
1,000‌
929‌
5.00%,
11/15/2049
1,000‌
843‌
$
2,782‌
Missouri
-
0
.69
%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
5.00%,
02/01/2034
1,000‌
1,011‌
Montana
-
1
.87
%
City
of
Kalispell
MT
5.25%,
05/15/2037
1,400‌
1,265‌
County
of
Gallatin
MT
4.00%,
10/15/2051
(a)
2,000‌
1,479‌
$
2,744‌
Nevada
-
1
.68
%
Las
Vegas
Convention
&
Visitors
Authority
5.00%,
07/01/2043
(e)
2,000‌
2,112‌
State
of
Nevada
Department
of
Business
&
Industry
0.00%,
12/15/2037
(a),(b)
901‌
360‌
$
2,472‌
New
Hampshire
-
2
.01
%
New
Hampshire
Business
Finance
Authority
2.95%,
04/01/2029
(a),(d)
1,000‌
921‌
4.38%,
09/20/2036
979‌
966‌
New
Hampshire
Health
and
Education
Facilities
Authority
Act
5.00%,
08/01/2059
1,000‌
1,072‌
$
2,959‌
New
Jersey
-
2
.00
%
Casino
Reinvestment
Development
Authority
Inc
5.25%,
11/01/2039
250‌
251‌
New
Jersey
Economic
Development
Authority
5.00%,
06/15/2047
500‌
515‌
5.25%,
06/15/2040
55‌
57‌
New
Jersey
Transportation
Trust
Fund
Authority
5.25%,
06/15/2050
1,000‌
1,095‌
South
Jersey
Port
Corp
5.00%,
01/01/2042
1,000‌
1,028‌
$
2,946‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
New
York
-
12
.23
%
New
York
City
Transitional
Finance
Authority
5.50%,
05/01/2042
$
1,000‌
$
1,180‌
New
York
Liberty
Development
Corp
5.25%,
10/01/2035
1,300‌
1,543‌
New
York
State
Energy
Research
&
Development
Authority
4.00%,
04/01/2034
1,000‌
1,023‌
New
York
State
Environmental
Facilities
Corp
5.12%,
09/01/2050
(a),(d)
1,000‌
1,021‌
New
York
Transportation
Development
Corp
4.00%,
10/31/2041
1,000‌
920‌
4.00%,
12/01/2041
1,250‌
1,209‌
5.00%,
01/01/2034
1,000‌
1,032‌
5.38%,
08/01/2036
1,050‌
1,095‌
5.63%,
04/01/2040
1,000‌
1,085‌
6.00%,
06/30/2054
1,000‌
1,101‌
New
York
Transportation
Development
Corp
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.50%,
06/30/2044
(c)
500‌
550‌
Oneida
Indian
Nation
of
New
York
6.00%,
09/01/2043
(a)
3,000‌
3,123‌
Westchester
County
Local
Development
Corp
6.25%,
11/01/2052
1,000‌
1,148‌
Western
Regional
Off-Track
Betting
Corp
3.00%,
12/01/2026
(a)
830‌
783‌
4.13%,
12/01/2041
(a)
1,500‌
1,165‌
$
17,978‌
Ohio
-
4
.22
%
Buckeye
Tobacco
Settlement
Financing
Authority
5.00%,
06/01/2055
2,500‌
2,382‌
Cleveland-Cuyahoga
County
Port
Authority
4.00%,
12/01/2055
(a)
900‌
740‌
4.50%,
12/01/2055
(a)
1,300‌
1,107‌
Jefferson
County
Port
Authority/OH
5.00%,
12/01/2053
(a),(d)
1,000‌
1,015‌
Ohio
Air
Quality
Development
Authority
4.50%,
01/15/2048
(a)
1,000‌
955‌
$
6,199‌
Oklahoma
-
0
.67
%
Tulsa
County
Industrial
Authority
5.25%,
11/15/2045
1,000‌
988‌
Oregon
-
0
.00
%
Oregon
State
Business
Development
Commission
0.00%,
04/01/2031
(a),(b)
1,000‌
—‌
Other
Territory
-
0
.34
%
JPMorgan
Chase
Putters/Drivers
Trust
4.10%,
03/20/2024
(a),(d)
500‌
500‌
Pennsylvania
-
2
.00
%
Allentown
Neighborhood
Improvement
Zone
Development
Authority
5.00%,
05/01/2042
1,000‌
1,021‌
Lancaster
County
Hospital
Authority/PA
5.00%,
07/01/2045
1,000‌
919‌
Pennsylvania
Economic
Development
Financing
Authority
5.50%,
11/01/2044
1,000‌
1,003‌
$
2,943‌
Puerto
Rico
-
2
.96
%
Commonwealth
of
Puerto
Rico
0.00%,
07/01/2024
(b)
17‌
16‌
0.00%,
07/01/2033
(b)
133‌
86‌
0.00%,
11/01/2043
(b),(d)
457‌
267‌
4.00%,
07/01/2033
1,500‌
1,471‌
4.00%,
07/01/2037
80‌
76‌
4.00%,
07/01/2041
108‌
100‌
4.00%,
07/01/2046
113‌
101‌
5.38%,
07/01/2025
115‌
117‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
153
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Puerto
Rico
(continued)
Commonwealth
of
Puerto
Rico  
(continued)
5.63%,
07/01/2027
$
114‌
$
120‌
5.63%,
07/01/2029
112‌
122‌
5.75%,
07/01/2031
109‌
122‌
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Envirml
Ctl
Facs
Fing
Auth
6.75%,
01/01/2045
1,480‌
1,762‌
$
4,360‌
South
Carolina
-
1
.59
%
South
Carolina
Jobs-Economic
Development
Authority
5.25%,
11/15/2052
500‌
457‌
6.25%,
06/01/2040
(a)
1,000‌
664‌
6.50%,
06/01/2051
(a)
2,000‌
1,211‌
$
2,332‌
South
Dakota
-
0
.33
%
Oglala
Sioux
Tribe
5.75%,
10/01/2025
(a)
500‌
488‌
Tennessee
-
2
.51
%
Chattanooga
Health
Educational
&
Housing
Facility
Board
5.00%,
10/01/2028
1,050‌
1,067‌
5.00%,
10/01/2035
500‌
506‌
Metropolitan
Government
Nashville
&
Davidson
County
Industrial
Development
Board
4.00%,
06/01/2051
(a)
1,600‌
1,346‌
Nashville
Metropolitan
Development
&
Housing
Agency
5.13%,
06/01/2036
(a)
750‌
765‌
$
3,684‌
Texas
-
4
.89
%
City
of
Houston
TX
Airport
System
Revenue
4.00%,
07/01/2041
1,000‌
909‌
4.00%,
07/15/2041
500‌
455‌
North
Texas
Tollway
Authority
5.00%,
01/01/2045
615‌
620‌
5.00%,
01/01/2048
500‌
514‌
Port
Beaumont
Navigation
District
3.63%,
01/01/2035
(a)
2,000‌
1,724‌
4.00%,
01/01/2050
(a)
3,000‌
2,301‌
Texas
Municipal
Gas
Acquisition
and
Supply
Corp
I
6.25%,
12/15/2026
650‌
675‌
$
7,198‌
Utah
-
0
.89
%
Utah
Infrastructure
Agency
5.25%,
10/15/2033
1,250‌
1,302‌
Virgin
Islands
-
0
.71
%
Matching
Fund
Special
Purpose
Securitization
Corp
5.00%,
10/01/2039
1,000‌
1,044‌
Virginia
-
1
.27
%
Virginia
Beach
Development
Authority
7.00%,
09/01/2059
1,000‌
1,092‌
Virginia
Small
Business
Financing
Authority
4.00%,
01/01/2039
800‌
778‌
$
1,870‌
Washington
-
0
.06
%
Washington
State
Housing
Finance
Commission
3.50%,
12/20/2035
96‌
90‌
Wisconsin
-
1
.99
%
Public
Finance
Authority
4.00%,
09/30/2051
1,620‌
1,337‌
5.00%,
09/01/2039
(a)
1,000‌
957‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Wisconsin
(continued)
Wisconsin
Health
&
Educational
Facilities
Authority
6.50%,
07/01/2033
$
300‌
$
251‌
7.00%,
07/01/2043
500‌
380‌
$
2,925‌
TOTAL
MUNICIPAL
BONDS
$
153,322‌
Total
Investments
$
153,510‌
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(5.80)%
Notes
with
interest
rates
of
3.35%
-3.55%
at
February
29,
2024
and
contractual
maturity
of
collateral
from
2025-2042.
(f)
$
(
8,533‌
)
(
8,533‌
)
Total
Net
Investments
$
144,977‌
Other
Assets
and
Liabilities
-  1.41%
2,079‌
TOTAL
NET
ASSETS
-
100.00%
$
147,056‌
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$56,208
or
38.22%
of
net
assets.
(b)
Non-income
producing
security
(c)
Credit
support
indicates
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution,
or
government
agency.
(d)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(e)
Security
or
portion
of
underlying
security
related
to
Inverse
Floaters
entered
into
by
the
fund.
(f)
Floating
rate
securities.
The
interest
rate(s)
shown
reflect
the
rates
in
effect
at
February
29,
2024.
Portfolio
Summary
Sector
Percent
Revenue
Bonds
92
.25‌
%
General
Obligation
Unlimited
4
.37‌
%
Tax
Allocation
2
.24‌
%
Insured
1
.39‌
%
Prerefunded
1
.16‌
%
Special
Assessment
0
.92‌
%
General
Obligation
Limited
0
.84‌
%
Certificate
Participation
0
.58‌
%
Special
Tax
0
.33‌
%
Notes
0
.18‌
%
Exchange-Traded
Funds
0
.13‌
%
Liability
For
Floating
Rate
Notes
Issued
(
5
.80‌
)
%
Other
Assets
and
Liabilities
1
.41‌
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Origin
Emerging
Markets
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
154
INVESTMENT
COMPANIES
-
0
.59
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.59
%
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
(a),(b)
15,846,094‌
$
15,846‌
TOTAL
INVESTMENT
COMPANIES
$
15,846‌
COMMON
STOCKS
-
97
.65
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
2
.22
%
Bharat
Electronics
Ltd
24,207,400‌
$
59,795‌
Agriculture
-
0
.79
%
ITC
Ltd
4,369,000‌
21,382‌
Airlines
-
1
.39
%
Turk
Hava
Yollari
AO
(c)
4,167,000‌
37,562‌
Apparel
-
0
.64
%
Makalot
Industrial
Co
Ltd
1,457,000‌
17,148‌
Automobile
Manufacturers
-
6
.72
%
Ashok
Leyland
Ltd
5,807,000‌
11,894‌
BYD
Co
Ltd
995,000‌
24,507‌
Hyundai
Motor
Co
132,000‌
24,851‌
Kia
Corp
675,000‌
63,213‌
Mahindra
&
Mahindra
Ltd
829,000‌
19,303‌
Maruti
Suzuki
India
Ltd
99,000‌
13,473‌
Tata
Motors
Ltd
2,097,000‌
24,009‌
$
181,250‌
Automobile
Parts
&
Equipment
-
0
.55
%
Hyundai
Mobis
Co
Ltd
81,000‌
14,774‌
Banks
-
19
.35
%
Agricultural
Bank
of
China
Ltd
38,328,000‌
15,724‌
Akbank
TAS
16,200,000‌
21,530‌
Axis
Bank
Ltd
1,891,000‌
24,479‌
Banco
do
Brasil
SA
5,468,000‌
63,765‌
Bank
Mandiri
Persero
Tbk
PT
52,800,000‌
23,584‌
Bank
Polska
Kasa
Opieki
SA
347,000‌
15,051‌
Bank
Rakyat
Indonesia
Persero
Tbk
PT
77,924,000‌
30,366‌
Canara
Bank
2,042,000‌
13,873‌
China
Construction
Bank
Corp
19,225,000‌
11,923‌
Grupo
Financiero
Banorte
SAB
de
CV
3,256,537‌
33,685‌
Hana
Financial
Group
Inc
376,800‌
16,032‌
ICICI
Bank
Ltd
6,161,000‌
78,249‌
IndusInd
Bank
Ltd
829,000‌
14,726‌
Krung
Thai
Bank
PCL
25,566,000‌
11,474‌
National
Bank
of
Greece
SA
(c)
2,348,747‌
18,442‌
Nedbank
Group
Ltd
1,004,100‌
11,487‌
OTP
Bank
Nyrt
183,000‌
8,781‌
PT
Bank
Central
Asia
Tbk
23,097,000‌
14,534‌
Sberbank
of
Russia
PJSC
ADR
(c)
3,419,500‌
—‌
Standard
Bank
Group
Ltd
1,080,000‌
11,375‌
State
Bank
of
India
5,631,000‌
50,706‌
Turkiye
Is
Bankasi
AS
33,519,666‌
11,887‌
Union
Bank
of
India
Ltd
5,902,000‌
10,395‌
Woori
Financial
Group
Inc
897,500‌
10,056‌
$
522,124‌
Beverages
-
1
.10
%
Anhui
Yingjia
Distillery
Co
Ltd
1,238,000‌
10,947‌
Fomento
Economico
Mexicano
SAB
de
CV
709,000‌
8,828‌
Jiangsu
King's
Luck
Brewery
JSC
Ltd
1,325,985‌
9,846‌
$
29,621‌
Biotechnology
-
0
.25
%
Beijing
Tiantan
Biological
Products
Corp
Ltd
1,730,000‌
6,794‌
Chemicals
-
0
.70
%
Coromandel
International
Ltd
1,465,600‌
18,998‌
Coal
-
0
.69
%
Coal
India
Ltd
1,986,000‌
10,429‌
Shaanxi
Coal
Industry
Co
Ltd
2,300,000‌
8,224‌
$
18,653‌
Computers
-
2
.03
%
Asia
Vital
Components
Co
Ltd
1,275,000‌
21,508‌
Asustek
Computer
Inc
1,000,000‌
14,408‌
Wiwynn
Corp
257,000‌
18,974‌
$
54,890‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Distribution
&
Wholesale
-
0
.56
%
Zhongji
Innolight
Co
Ltd
700,000‌
$
15,077‌
Diversified
Financial
Services
-
3
.36
%
Banco
BTG
Pactual
SA
4,149,000‌
30,472‌
CTBC
Financial
Holding
Co
Ltd
17,500,000‌
16,291‌
Fubon
Financial
Holding
Co
Ltd
12,125,638‌
26,106‌
KB
Financial
Group
Inc
374,700‌
17,871‌
$
90,740‌
Electric
-
0
.78
%
Ningbo
Sanxing
Medical
Electric
Co
Ltd
5,625,000‌
21,104‌
Electrical
Components
&
Equipment
-
0
.56
%
Sieyuan
Electric
Co
Ltd
1,887,970‌
14,978‌
Electronics
-
1
.52
%
BYD
Electronic
International
Co
Ltd
2,806,000‌
10,595‌
Gold
Circuit
Electronics
Ltd
2,334,000‌
19,003‌
Micro-Star
International
Co
Ltd
1,887,000‌
11,420‌
$
41,018‌
Engineering
&
Construction
-
0
.84
%
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
248,000‌
7,275‌
Larsen
&
Toubro
Ltd
366,000‌
15,345‌
$
22,620‌
Entertainment
-
0
.28
%
JYP
Entertainment
Corp
138,000‌
7,649‌
Food
-
2
.22
%
Bid
Corp
Ltd
503,000‌
11,758‌
BIM
Birlesik
Magazalar
AS
1,808,000‌
22,439‌
Dino
Polska
SA
(c),(d)
221,817‌
25,811‌
$
60,008‌
Healthcare
-
Products
-
1
.27
%
APT
Medical
Inc
129,000‌
8,162‌
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co
Ltd
2,921,970‌
14,494‌
Shenzhen
New
Industries
Biomedical
Engineering
Co
Ltd
1,032,908‌
11,595‌
$
34,251‌
Healthcare
-
Services
-
0
.25
%
Bumrungrad
Hospital
PCL
1,065,000‌
6,645‌
Home
Furnishings
-
1
.59
%
Anker
Innovations
Technology
Co
Ltd
1,075,901‌
12,222‌
Beijing
Roborock
Technology
Co
Ltd
318,000‌
14,382‌
Hisense
Visual
Technology
Co
Ltd
4,573,997‌
16,403‌
$
43,007‌
Insurance
-
1
.66
%
BB
Seguridade
Participacoes
SA
2,264,000‌
15,257‌
PICC
Property
&
Casualty
Co
Ltd
11,992,000‌
16,394‌
Powszechny
Zaklad
Ubezpieczen
SA
1,061,000‌
13,056‌
$
44,707‌
Internet
-
10
.79
%
Alibaba
Group
Holding
Ltd
ADR
595,400‌
44,078‌
Alibaba
Group
Holding
Ltd
467,000‌
4,293‌
Baidu
Inc
(c)
684,000‌
8,655‌
Kuaishou
Technology
(c),(d)
922,000‌
5,206‌
PDD
Holdings
Inc
ADR
(c)
593,076‌
73,862‌
Tencent
Holdings
Ltd
2,201,282‌
77,112‌
Tencent
Music
Entertainment
Group
ADR
(c)
2,126,000‌
22,259‌
Trip.com
Group
Ltd
ADR
(c)
434,000‌
19,300‌
Vipshop
Holdings
Ltd
ADR
(c)
1,891,000‌
36,402‌
$
291,167‌
Iron
&
Steel
-
0
.67
%
Vale
SA
1,347,900‌
18,180‌
Machinery
-
Construction
&
Mining
-
0
.61
%
HD
Hyundai
Electric
Co
Ltd
98,000‌
9,180‌
Zhejiang
Dingli
Machinery
Co
Ltd
874,905‌
7,158‌
$
16,338‌
Mining
-
1
.17
%
Anji
Microelectronics
Technology
Shanghai
Co
Ltd
408,200‌
8,546‌
Gold
Fields
Ltd
498,000‌
6,560‌
Grupo
Mexico
SAB
de
CV
1,839,000‌
8,967‌
MMC
Norilsk
Nickel
PJSC
67,134‌
—‌
Schedule
of
Investments
Origin
Emerging
Markets
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
155
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
(continued)
Zijin
Mining
Group
Co
Ltd
4,710,000‌
$
7,566‌
$
31,639‌
Miscellaneous
Manufacturers
-
0
.60
%
Elite
Material
Co
Ltd
1,030,000‌
16,166‌
Oil
&
Gas
-
3
.92
%
Bharat
Petroleum
Corp
Ltd
2,250,000‌
16,352‌
Gazprom
PJSC
(c)
4,086,000‌
—‌
LUKOIL
PJSC
338,000‌
—‌
Novatek
PJSC
1,026,000‌
—‌
PetroChina
Co
Ltd
29,691,200‌
23,287‌
PRIO
SA/Brazil
2,895,000‌
25,543‌
Reliance
Industries
Ltd
1,153,000‌
40,580‌
$
105,762‌
Pharmaceuticals
-
0
.73
%
Chongqing
Zhifei
Biological
Products
Co
Ltd
841,000‌
6,236‌
Hubei
Jumpcan
Pharmaceutical
Co
Ltd
2,642,000‌
13,570‌
$
19,806‌
Retail
-
0
.94
%
HLA
Group
Corp
Ltd
8,880,000‌
10,617‌
Wal-Mart
de
Mexico
SAB
de
CV
3,659,000‌
14,615‌
$
25,232‌
Semiconductors
-
17
.42
%
Alchip
Technologies
Ltd
169,000‌
22,170‌
Global
Unichip
Corp
386,000‌
19,454‌
MediaTek
Inc
651,000‌
23,492‌
Novatek
Microelectronics
Corp
1,566,000‌
29,806‌
Samsung
Electronics
Co
Ltd
2,110,949‌
116,509‌
SK
Hynix
Inc
100,000‌
11,789‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
9,897,756‌
216,905‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
232,717‌
29,944‌
$
470,069‌
Software
-
4
.18
%
HCL
Technologies
Ltd
3,153,200‌
63,191‌
NetEase
Inc
2,281,000‌
49,549‌
$
112,740‌
Telecommunications
-
3
.73
%
Accton
Technology
Corp
1,319,000‌
21,706‌
Shenzhen
Transsion
Holdings
Co
Ltd
1,078,000‌
23,762‌
Suzhou
TFC
Optical
Communication
Co
Ltd
1,750,000‌
33,084‌
Xiaomi
Corp
(c),(d)
13,091,000‌
21,999‌
$
100,551‌
Transportation
-
0
.96
%
Evergreen
Marine
Corp
Taiwan
Ltd
3,400,000‌
17,812‌
Jiayou
International
Logistics
Co
Ltd
2,545,200‌
8,167‌
$
25,979‌
Water
-
0
.61
%
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
1,037,000‌
16,494‌
TOTAL
COMMON
STOCKS
$
2,634,918‌
PREFERRED
STOCKS
-
2
.42
%
Shares
Held
Value
(000's)
Banks
-
0
.87
%
Itau
Unibanco
Holding
SA
1.13%
3,450,000‌
$
23,534‌
Oil
&
Gas
-
1
.55
%
Petroleo
Brasileiro
SA
2.69%
5,194,000‌
41,856‌
TOTAL
PREFERRED
STOCKS
$
65,390‌
Total
Investments
$
2,716,154‌
Other
Assets
and
Liabilities
-  (0.66)%
(
17,807‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,698,347‌
(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)
1-day
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
$53,016
or
1.96%
of
net
assets.
Portfolio
Summary
Location
Percent
China
24
.99‌
%
Taiwan
20
.09‌
%
India
18
.81‌
%
Korea,
Republic
Of
10
.81‌
%
Brazil
8
.71‌
%
Turkey
3
.46‌
%
Ireland
2
.74‌
%
Mexico
2
.72‌
%
Indonesia
2
.54‌
%
Poland
2
.00‌
%
South
Africa
1
.52‌
%
Greece
0
.68‌
%
Thailand
0
.67‌
%
United
States
0
.59‌
%
Hungary
0
.33‌
%
Russian
Federation
0
.00‌
%
Other
Assets
and
Liabilities
(
0
.66‌
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Origin
Emerging
Markets
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
156
Affiliated
Securities
August
31,
2023
Purchases
Sales
February
29,
2024
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
$
32,836‌
$
548,016‌
$
565,006‌
$
15,846‌
$
32,836‌
$
548,016‌
$
565,006‌
$
15,846‌
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
5.23%
$
560‌
$
—‌
$
—‌
$
—‌
$
560‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Small-MidCap
Dividend
Income
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
157
INVESTMENT
COMPANIES
-
1
.27
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.27
%
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
(a),(b)
14,963,916‌
$
14,964‌
TOTAL
INVESTMENT
COMPANIES
$
14,964‌
COMMON
STOCKS
-
98
.62
%
Shares
Held
Value
(000's)
Advertising
-
1
.67
%
Interpublic
Group
of
Cos
Inc/The
625,492‌
$
19,640‌
Automobile
Parts
&
Equipment
-
1
.42
%
Linamar
Corp
342,394‌
16,757‌
Banks
-
9
.61
%
Bank
OZK
599,356‌
26,252‌
Cathay
General
Bancorp
450,722‌
17,601‌
Cullen/Frost
Bankers
Inc
205,971‌
22,350‌
East
West
Bancorp
Inc
430,311‌
31,352‌
ServisFirst
Bancshares
Inc
249,691‌
15,778‌
$
113,333‌
Chemicals
-
3
.36
%
HB
Fuller
Co
133,732‌
10,636‌
Huntsman
Corp
484,544‌
12,404‌
RPM
International
Inc
143,230‌
16,522‌
$
39,562‌
Commercial
Services
-
0
.61
%
Morningstar
Inc
24,066‌
7,186‌
Computers
-
4
.39
%
Amdocs
Ltd
270,352‌
24,656‌
Crane
NXT
Co
80,564‌
4,707‌
Leidos
Holdings
Inc
174,996‌
22,375‌
$
51,738‌
Consumer
Products
-
2
.53
%
Avery
Dennison
Corp
102,939‌
22,289‌
WD-40
Co
28,062‌
7,532‌
$
29,821‌
Diversified
Financial
Services
-
6
.10
%
Federal
Agricultural
Mortgage
Corp
108,632‌
19,431‌
Hamilton
Lane
Inc
161,588‌
18,558‌
Jefferies
Financial
Group
Inc
374,241‌
15,651‌
Raymond
James
Financial
Inc
151,994‌
18,288‌
$
71,928‌
Electric
-
2
.29
%
Alliant
Energy
Corp
300,878‌
14,367‌
IDACORP
Inc
143,002‌
12,600‌
$
26,967‌
Electrical
Components
&
Equipment
-
1
.75
%
Energizer
Holdings
Inc
195,737‌
5,588‌
Littelfuse
Inc
63,225‌
15,063‌
$
20,651‌
Electronics
-
3
.60
%
Hubbell
Inc
49,685‌
18,914‌
nVent
Electric
PLC
349,741‌
23,544‌
$
42,458‌
Engineering
&
Construction
-
0
.93
%
Comfort
Systems
USA
Inc
35,825‌
10,953‌
Food
-
2
.02
%
Ingredion
Inc
202,505‌
23,821‌
Gas
-
1
.33
%
NiSource
Inc
601,809‌
15,683‌
Hand
&
Machine
Tools
-
5
.22
%
Lincoln
Electric
Holdings
Inc
92,251‌
23,672‌
MSA
Safety
Inc
110,303‌
20,312‌
Snap-on
Inc
63,911‌
17,618‌
$
61,602‌
Healthcare
-
Products
-
4
.10
%
CONMED
Corp
171,613‌
13,784‌
DENTSPLY
SIRONA
Inc
447,473‌
14,623‌
STERIS
PLC
85,542‌
19,924‌
$
48,331‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
-
2
.20
%
Quest
Diagnostics
Inc
68,445‌
$
8,548‌
Select
Medical
Holdings
Corp
636,416‌
17,330‌
$
25,878‌
Home
Builders
-
2
.83
%
LCI
Industries
175,213‌
22,073‌
MDC
Holdings
Inc
180,500‌
11,318‌
$
33,391‌
Insurance
-
5
.18
%
Assured
Guaranty
Ltd
298,961‌
27,385‌
F&G
Annuities
&
Life
Inc
38,671‌
1,461‌
Fidelity
National
Financial
Inc
565,187‌
28,587‌
Kinsale
Capital
Group
Inc
7,128‌
3,679‌
$
61,112‌
Leisure
Products
&
Services
-
3
.80
%
Acushnet
Holdings
Corp
299,632‌
19,302‌
Brunswick
Corp/DE
291,202‌
25,451‌
$
44,753‌
Lodging
-
0
.40
%
Hyatt
Hotels
Corp
30,849‌
4,738‌
Machinery
-
Diversified
-
4
.94
%
AGCO
Corp
98,258‌
10,779‌
Albany
International
Corp
161,029‌
15,116‌
Crane
Co
107,886‌
13,114‌
Nordson
Corp
72,335‌
19,216‌
$
58,225‌
Media
-
0
.37
%
Cable
One
Inc
9,464‌
4,316‌
Metal
Fabrication
&
Hardware
-
1
.57
%
Timken
Co/The
219,845‌
18,465‌
Miscellaneous
Manufacturers
-
0
.94
%
Donaldson
Co
Inc
155,169‌
11,113‌
Oil
&
Gas
-
4
.05
%
Diamondback
Energy
Inc
133,134‌
24,300‌
HF
Sinclair
Corp
296,541‌
16,458‌
Magnolia
Oil
&
Gas
Corp
309,541‌
7,020‌
$
47,778‌
Packaging
&
Containers
-
1
.84
%
Packaging
Corp
of
America
119,705‌
21,689‌
Pharmaceuticals
-
0
.96
%
Organon
&
Co
651,191‌
11,337‌
Pipelines
-
1
.68
%
Targa
Resources
Corp
201,977‌
19,842‌
REITs
-
9
.14
%
Agree
Realty
Corp
307,067‌
16,873‌
Camden
Property
Trust
108,293‌
10,231‌
Cousins
Properties
Inc
624,989‌
14,256‌
EastGroup
Properties
Inc
88,906‌
15,620‌
Essential
Properties
Realty
Trust
Inc
585,578‌
13,989‌
Four
Corners
Property
Trust
Inc
488,775‌
11,819‌
Granite
Real
Estate
Investment
Trust
261,501‌
13,887‌
Terreno
Realty
Corp
173,058‌
11,128‌
$
107,803‌
Retail
-
3
.42
%
Papa
John's
International
Inc
106,175‌
7,633‌
Williams-Sonoma
Inc
138,903‌
32,716‌
$
40,349‌
Semiconductors
-
3
.58
%
MKS
Instruments
Inc
245,479‌
30,135‌
Monolithic
Power
Systems
Inc
16,819‌
12,110‌
$
42,245‌
Shipbuilding
-
0
.79
%
Huntington
Ingalls
Industries
Inc
31,875‌
9,295‌
TOTAL
COMMON
STOCKS
$
1,162,760‌
Total
Investments
$
1,177,724‌
Other
Assets
and
Liabilities
-  0.11%
1,343‌
TOTAL
NET
ASSETS
-
100.00%
$
1,179,067‌
Schedule
of
Investments
Small-MidCap
Dividend
Income
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
158
(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)
1-day
yield
shown
is
as
of
period
end.
Portfolio
Summary
Sector
Percent
Financial
30
.03‌
%
Industrial
21
.58‌
%
Consumer,
Non-cyclical
12
.42‌
%
Consumer,
Cyclical
11
.87‌
%
Technology
7
.97‌
%
Energy
5
.73‌
%
Utilities
3
.62‌
%
Basic
Materials
3
.36‌
%
Communications
2
.04‌
%
Money
Market
Funds
1
.27‌
%
Other
Assets
and
Liabilities
0
.11‌
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2023
Purchases
Sales
February
29,
2024
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
$
13,928‌
$
108,952‌
$
107,916‌
$
14,964‌
$
13,928‌
$
108,952‌
$
107,916‌
$
14,964‌
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
5.23%
$
448‌
$
—‌
$
—‌
$
—‌
$
448‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
159
INVESTMENT
COMPANIES
-
4.23%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.79%
Invesco
Preferred
ETF
(a)
3,269,168‌
$
38,837‌
iShares
Preferred
and
Income
Securities
ETF
(a)
259,165‌
8,340‌
$
47,177‌
Money
Market
Funds
-
3.44%
BlackRock
Liquidity
FedFund
-
Institutional
Class
5.20%
(b),(c)
50,029,781‌
50,030‌
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
(b),(c),(d)
156,418,710‌
156,419‌
$
206,449‌
TOTAL
INVESTMENT
COMPANIES
$
253,626‌
CONVERTIBLE
PREFERRED
STOCKS
-
0.04%
Shares
Held
Value
(000's)
Banks
-
0.04%
Wells
Fargo
&
Co
7.50%
(e)
2,258‌
$
2,665‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
2,665‌
PREFERRED
STOCKS
-
6.93%
Shares
Held
Value
(000's)
Banks
-
2.20%
Bank
of
America
Corp
4.38%,
11/03/2025
(a),(e)
317,959‌
$
6,467‌
Citizens
Financial
Group
Inc
5.00%,
01/06/2025
(a),(e)
14,364‌
306‌
Citizens
Financial
Group
Inc
6.35%,
04/06/2024
(e)
111,027‌
2,798‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.90%
Cullen/Frost
Bankers
Inc
4.45%,
12/15/2025
(e)
382,212‌
7,419‌
First
Horizon
Corp
4.70%,
07/10/2026
(e)
2,024‌
36‌
First
Horizon
Corp
6.50%,
10/10/2025
(e)
4,128‌
102‌
First
Horizon
Corp
6.63%,
08/01/2025
(e)
16,055‌
391‌
3
Month
USD
LIBOR
+
4.26%
Goldman
Sachs
Group
Inc/The
6.23%,
04/01/2024
(e)
27,366‌
630‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.93%
Goldman
Sachs
Group
Inc/The
6.38%,
05/10/2024
(e)
7,685‌
196‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.81%
Huntington
Bancshares
Inc/OH
4.50%,
04/15/2026
(a),(e)
2,000‌
39‌
Huntington
Bancshares
Inc/OH
5.70%,
06/01/2024
(e)
19,328‌
436‌
Huntington
Bancshares
Inc/OH
6.88%,
04/15/2028
(e)
48,664‌
1,194‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.70%
JPMorgan
Chase
&
Co
4.75%,
12/01/2024
(a),(e)
250,724‌
5,679‌
JPMorgan
Chase
&
Co
5.75%,
06/01/2024
(e)
32,068‌
804‌
KeyCorp
5.63%,
09/15/2024
(e)
407‌
9‌
KeyCorp
5.65%,
06/15/2024
(e)
30,834‌
670‌
KeyCorp
6.13%,
12/15/2026
(e)
902,972‌
21,229‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.15%
KeyCorp
6.20%,
12/15/2027
(e)
367,372‌
8,394‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.13%
M&T
Bank
Corp
5.63%,
12/15/2026
(e)
25,070‌
606‌
3
Month
USD
LIBOR
+
4.02%
Morgan
Stanley
4.88%,
01/15/2025
(a),(e)
1,000‌
23‌
Morgan
Stanley
5.85%,
04/15/2027
(e)
649,481‌
16,360‌
3
Month
USD
LIBOR
+
3.49%
Morgan
Stanley
6.50%,
10/15/2027
(e)
510,068‌
13,328‌
Morgan
Stanley
6.88%,
04/15/2024
(a),(e)
1,383‌
35‌
Northern
Trust
Corp
4.70%,
01/01/2025
(e)
213,595‌
4,970‌
Regions
Financial
Corp
4.45%,
06/15/2026
(e)
286,505‌
5,226‌
Regions
Financial
Corp
5.70%,
05/15/2029
(e)
337,621‌
7,836‌
3
Month
USD
LIBOR
+
3.15%
Regions
Financial
Corp
6.38%,
09/15/2024
(a),(e)
27,316‌
678‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.80%
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
State
Street
Corp
5.90%,
03/15/2024
(e)
235,689‌
$
5,880‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.37%
Truist
Financial
Corp
4.75%,
09/01/2025
(e)
423,671‌
8,872‌
US
Bancorp
3.75%,
01/15/2026
(a),(e)
3,217‌
57‌
US
Bancorp
4.00%,
04/15/2026
(a),(e)
81,251‌
1,536‌
Webster
Financial
Corp
5.25%,
04/01/2024
(a),(e)
194,856‌
3,792‌
Webster
Financial
Corp
6.50%,
04/02/2024
(e)
37,427‌
861‌
Wells
Fargo
&
Co
4.70%,
12/15/2025
(a),(e)
47,857‌
994‌
Wells
Fargo
&
Co
4.75%,
03/15/2025
(e)
174,991‌
3,635‌
Wells
Fargo
&
Co
5.63%,
06/15/2024
(e)
17,140‌
416‌
$
131,904‌
Diversified
Financial
Services
-
0.54%
Affiliated
Managers
Group
Inc
4.20%,
09/30/2061
160,011‌
2,805‌
Affiliated
Managers
Group
Inc
4.75%,
09/30/2060
9,003‌
176‌
Affiliated
Managers
Group
Inc
5.88%,
03/30/2059
148,321‌
3,600‌
Capital
One
Financial
Corp
4.25%,
09/01/2026
(e)
98,368‌
1,759‌
Capital
One
Financial
Corp
4.80%,
06/01/2025
(e)
197,961‌
3,927‌
Capital
One
Financial
Corp
5.00%,
12/01/2024
(a),(e)
330,649‌
6,798‌
Stifel
Financial
Corp
4.50%,
08/15/2026
(e)
619,592‌
11,277‌
Stifel
Financial
Corp
5.20%,
10/15/2047
(a)
4,481‌
98‌
Voya
Financial
Inc
5.35%,
09/15/2029
(e)
72,909‌
1,816‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
$
32,256‌
Electric
-
0.80%
CMS
Energy
Corp
4.20%,
07/15/2026
(e)
1,765‌
35‌
CMS
Energy
Corp
5.88%,
03/01/2079
118,907‌
2,941‌
DTE
Energy
Co
4.38%,
12/01/2081
248,859‌
5,333‌
DTE
Energy
Co
5.25%,
12/01/2077
341,382‌
8,432‌
Duke
Energy
Corp
5.75%,
06/15/2024
(a),(e)
49,338‌
1,254‌
Entergy
Arkansas
LLC
4.88%,
09/01/2066
24,641‌
568‌
Entergy
Louisiana
LLC
4.88%,
09/01/2066
90,267‌
2,064‌
Entergy
Texas
Inc
5.38%,
10/15/2024
(e)
29,934‌
712‌
Georgia
Power
Co
5.00%,
10/01/2077
196,503‌
4,759‌
NextEra
Energy
Capital
Holdings
Inc
5.65%,
03/01/2079
110,254‌
2,761‌
Southern
Co/The
4.95%,
01/30/2080
246,842‌
5,776‌
Southern
Co/The
5.25%,
12/01/2077
552,715‌
13,735‌
$
48,370‌
Food
-
0.38%
Dairy
Farmers
of
America
Inc
7.88%,
12/01/2025
(e),(f)
236,300‌
22,567‌
Insurance
-
1.04%
Allstate
Corp/The
4.75%,
01/15/2025
(e)
136,396‌
3,227‌
Allstate
Corp/The
5.10%,
10/15/2024
(e)
40,250‌
936‌
Allstate
Corp/The
7.38%,
07/15/2028
(a),(e)
250,880‌
6,831‌
Allstate
Corp/The
8.74%,
01/15/2053
264,472‌
6,860‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.43%
American
Financial
Group
Inc/OH
4.50%,
09/15/2060
100,754‌
2,030‌
American
Financial
Group
Inc/OH
5.63%,
06/01/2060
126,116‌
2,988‌
American
Financial
Group
Inc/OH
5.88%,
03/30/2059
95,043‌
2,342‌
Arch
Capital
Group
Ltd
4.55%,
06/11/2026
(a),(e)
119,912‌
2,433‌
Arch
Capital
Group
Ltd
5.45%,
04/01/2024
(e)
65,546‌
1,574‌
Assurant
Inc
5.25%,
01/15/2061
16,003‌
342‌
Equitable
Holdings
Inc
4.30%,
03/15/2026
(e)
534,013‌
9,965‌
Equitable
Holdings
Inc
5.25%,
12/15/2024
(e)
461,567‌
10,533‌
Prudential
Financial
Inc
5.95%,
09/01/2062
181,800‌
4,687‌
RenaissanceRe
Holdings
Ltd
4.20%,
07/15/2026
(a),(e)
126,330‌
2,347‌
RenaissanceRe
Holdings
Ltd
5.75%,
04/01/2024
(a),(e)
21,127‌
521‌
W
R
Berkley
Corp
4.13%,
03/30/2061
(a)
78,852‌
1,560‌
W
R
Berkley
Corp
5.10%,
12/30/2059
150,000‌
3,460‌
$
62,636‌
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
160
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
-
1.28%
Digital
Realty
Trust
Inc
5.85%,
04/01/2024
(e)
2,153‌
$
53‌
Federal
Realty
Investment
Trust
5.00%,
04/01/2024
(a),(e)
14,868‌
334‌
Kimco
Realty
Corp
5.13%,
04/01/2024
(e)
22,646‌
526‌
Kimco
Realty
Corp
5.25%,
04/01/2024
(e)
130,526‌
3,050‌
Prologis
Inc
8.54%,
11/13/2026
(e)
141,944‌
7,949‌
Public
Storage
3.88%,
10/06/2025
(e)
67,880‌
1,251‌
Public
Storage
3.90%,
11/17/2025
(e)
23,545‌
436‌
Public
Storage
3.95%,
08/17/2026
(e)
51,430‌
955‌
Public
Storage
4.00%,
06/16/2026
(a),(e)
829,894‌
16,058‌
Public
Storage
4.00%,
11/19/2026
(e)
433,276‌
8,380‌
Public
Storage
4.10%,
01/13/2027
(e)
48,444‌
953‌
Public
Storage
4.13%,
08/14/2025
(e)
488,818‌
9,742‌
Public
Storage
4.63%,
06/17/2025
(e)
286,725‌
6,291‌
Public
Storage
4.70%,
11/15/2024
(e)
338,103‌
7,516‌
Public
Storage
4.75%,
12/20/2024
(e)
212,366‌
4,695‌
Public
Storage
5.05%,
04/01/2024
(a),(e)
19,094‌
475‌
Public
Storage
5.60%,
04/01/2024
(e)
332,437‌
8,374‌
$
77,038‌
Savings
&
Loans
-
0.01%
New
York
Community
Bancorp
Inc
6.38%,
03/17/2027
(e)
27,064‌
516‌
3
Month
USD
LIBOR
+
3.82%
Sovereign
-
0.07%
CoBank
ACB
6.20%,
01/01/2025
(e)
45,175‌
4,472‌
3
Month
USD
LIBOR
+
3.74%
Telecommunications
-
0.61%
AT&T
Inc
4.75%,
02/18/2025
(e)
1,738,182‌
36,102‌
AT&T
Inc
5.00%,
12/12/2024
(e)
12,144‌
270‌
$
36,372‌
TOTAL
PREFERRED
STOCKS
$
416,131‌
BONDS
-
90.19%
Principal
Amount
(000's)
Value
(000's)
Banks
-
60.21%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
06/15/2026
(e),(f),(g),(h)
$
12,200‌
$
12,250‌
USD
Swap
Rate
NY
5
Year
+
5.17%
6.75%,
06/15/2026
(e),(g),(h)
2,700‌
2,711‌
USD
Swap
Rate
NY
5
Year
+
5.17%
Banco
Bilbao
Vizcaya
Argentaria
SA
6.13%,
11/16/2027
(e),(g),(h)
14,200‌
12,808‌
USD
Swap
Semi-Annual
5
Year
+
3.87%
6.50%,
03/05/2025
(e),(g),(h)
60,800‌
59,915‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.19%
Banco
Santander
SA
4.75%,
11/12/2026
(e),(g),(h)
55,000‌
46,902‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.75%
9.63%,
11/21/2028
(e),(g),(h)
30,000‌
31,709‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
9.63%,
05/21/2033
(e),(g),(h)
20,000‌
21,419‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.30%
Bank
of
America
Corp
4.38%,
01/27/2027
(a),(e),(g)
19,620‌
18,116‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.76%
6.13%,
04/27/2027
(e),(g)
48,736‌
48,695‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.23%
6.25%,
09/05/2024
(e),(g)
22,600‌
22,540‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.97%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp  
(continued)
6.50%,
10/23/2024
(a),(e),(g)
$
85,474‌
$
85,361‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.44%
8.05%,
06/15/2027
6,312‌
6,702‌
Bank
of
Montreal
7.70%,
05/26/2084
(g),(i)
28,900‌
28,900‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
Bank
of
New
York
Mellon
Corp/The
3.70%,
03/20/2026
(e),(g)
40,256‌
37,783‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
3.75%,
12/20/2026
(e),(g)
36,150‌
32,366‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
4.63%,
09/20/2026
(e),(g)
7,650‌
7,244‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.39%
4.70%,
09/20/2025
(e),(g)
9,391‌
9,195‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.36%
Bank
of
Nova
Scotia/The
4.90%,
06/04/2025
(a),(e),(g)
62,800‌
60,182‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.55%
8.00%,
01/27/2084
(g)
7,000‌
7,069‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.02%
8.63%,
10/27/2082
(g)
20,103‌
20,682‌
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
10,134‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%
6.13%,
12/15/2025
(e),(g),(h)
25,000‌
23,802‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.87%
8.00%,
06/15/2024
(e),(g),(h)
32,203‌
32,128‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.67%
8.00%,
03/15/2029
(e),(g),(h)
3,600‌
3,537‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
9.63%,
12/15/2029
(e),(g),(h)
40,400‌
41,771‌
USD
SOFR
ICE
Swap
Rate
5
Year
+
5.78%
BNP
Paribas
SA
4.63%,
01/12/2027
(e),(f),(g),(h)
13,200‌
11,724‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%
6.63%,
03/25/2024
(e),(f),(g),(h)
41,500‌
41,504‌
USD
SOFR
Spread-Adj.
ICE
Swap
Rate
5
Year
+
4.15%
6.63%,
03/25/2024
(e),(g),(h)
17,200‌
17,202‌
USD
SOFR
Spread-Adj.
ICE
Swap
Rate
5
Year
+
4.15%
7.00%,
08/16/2028
(a),(e),(f),(g),(h)
4,669‌
4,516‌
USD
SOFR
Spread-Adj.
ICE
Swap
Rate
5
Year
+
3.98%
7.38%,
08/19/2025
(e),(f),(g),(h)
1,600‌
1,602‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
7.38%,
08/19/2025
(a),(e),(g),(h)
26,000‌
26,032‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
7.75%,
08/16/2029
(e),(f),(g),(h)
22,000‌
22,154‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.90%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
161
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
BNP
Paribas
SA  
(continued)
7.75%,
08/16/2029
(e),(g),(h)
$
10,048‌
$
10,117‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.90%
8.00%,
08/22/2031
(e),(f),(g),(h)
15,000‌
14,983‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
8.50%,
08/14/2028
(e),(f),(g),(h)
69,300‌
71,464‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.35%
9.25%,
11/17/2027
(a),(e),(f),(g),(h)
6,000‌
6,375‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
9.25%,
11/17/2027
(e),(g),(h)
8,600‌
9,138‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
Citigroup
Capital
III
7.63%,
12/01/2036
3,300‌
3,423‌
Citigroup
Inc
3.88%,
02/18/2026
(e),(g)
68,100‌
63,972‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%
4.00%,
12/10/2025
(a),(e),(g)
35,990‌
34,063‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%
5.95%,
05/15/2025
(e),(g)
6,168‌
6,115‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.17%
6.25%,
08/15/2026
(a),(e),(g)
71,997‌
71,683‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.78%
7.38%,
05/15/2028
(e),(g)
24,600‌
25,157‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
Citizens
Financial
Group
Inc
4.00%,
10/06/2026
(e),(g)
25,074‌
21,493‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.65%,
10/06/2025
(a),(e),(g)
69,996‌
67,801‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.38%,
04/06/2024
(a),(e),(g)
10,835‌
10,220‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.42%
8.59%,
04/06/2024
(e)
3,440‌
3,245‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.26%
Corestates
Capital
III
6.14%,
02/15/2027
(f)
18,621‌
18,065‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.83%
Credit
Agricole
SA
4.75%,
03/23/2029
(e),(f),(g),(h)
2,100‌
1,807‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%
8.13%,
12/23/2025
(e),(f),(g),(h)
63,768‌
65,020‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
8.13%,
12/23/2025
(a),(e),(g),(h)
15,000‌
15,294‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
Danske
Bank
A/S
1.55%,
09/10/2027
(g)
5,000‌
4,541‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.73%
6.13%,
03/28/2024
(e),(g),(h)
5,500‌
5,500‌
USD
Swap
Semi-Annual
7
Year
+
3.90%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Danske
Bank
A/S  
(continued)
7.00%,
06/26/2025
(e),(g),(h)
$
62,745‌
$
61,804‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.13%
Fifth
Third
Bancorp
4.50%,
09/30/2025
(a),(e),(g)
13,325‌
12,660‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.22%
First
Maryland
Capital
I
6.58%,
01/15/2027
2,000‌
1,883‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.26%
Goldman
Sachs
Group
Inc/The
3.65%,
08/10/2026
(e),(g)
22,598‌
20,452‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
3.80%,
05/10/2026
(e),(g)
12,800‌
11,775‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
4.13%,
11/10/2026
(e),(g)
11,800‌
10,777‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.95%
4.95%,
02/10/2025
(a),(e),(g)
23,663‌
23,154‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.50%,
08/10/2024
(a),(e),(g)
15,750‌
15,561‌
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
87,185‌
3
Month
USD
LIBOR
+
4.98%
10.18%,
06/30/2030
(a),(e),(g)
48,408‌
60,667‌
3
Month
USD
LIBOR
+
4.98%
HSBC
Holdings
PLC
6.00%,
05/22/2027
(e),(g),(h)
15,900‌
15,044‌
USD
Swap
Rate
NY
5
Year
+
3.75%
6.37%,
03/30/2025
(e),(g),(h)
14,800‌
14,631‌
USD
Swap
Rate
NY
5
Year
+
4.37%
6.50%,
03/23/2028
(e),(g),(h)
5,600‌
5,344‌
USD
Swap
Rate
NY
5
Year
+
3.61%
Huntington
Bancshares
Inc/OH
4.45%,
10/15/2027
(a),(e),(g)
87,459‌
76,804‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%
5.63%,
07/15/2030
(e),(g)
38,673‌
34,999‌
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
18,066‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%
4.25%,
05/16/2031
(e),(g),(h)
14,500‌
10,516‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%
4.88%,
05/16/2029
(e),(g),(h)
6,000‌
5,023‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.51%
5.75%,
11/16/2026
(e),(g),(h)
19,275‌
18,137‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%
6.50%,
04/16/2025
(e),(g),(h)
46,800‌
45,984‌
USD
Swap
Semi-Annual
5
Year
+
4.45%
6.75%,
04/16/2024
(e),(g),(h)
45,000‌
45,002‌
USD
Swap
Rate
NY
5
Year
+
4.20%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
162
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Intesa
Sanpaolo
SpA
7.70%,
09/17/2025
(e),(f),(g),(h)
$
91,826‌
$
90,787‌
USD
Swap
Semi-Annual
5
Year
+
5.46%
8.25%,
11/21/2033
(f),(g)
25,319‌
27,476‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
4.40%
JPMorgan
Chase
&
Co
3.65%,
06/01/2026
(a),(e),(g)
137,806‌
128,147‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
6.53%,
01/15/2087
4,000‌
3,600‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.21%
9.35%,
05/01/2024
(e)
91,229‌
91,728‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.04%
KeyCorp
5.00%,
09/15/2026
(a),(e),(g)
16,152‌
13,762‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.87%
KeyCorp
Capital
I
6.33%,
07/01/2028
6,825‌
6,070‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.00%
KeyCorp
Capital
III
7.75%,
07/15/2029
11,200‌
10,987‌
Lloyds
Banking
Group
PLC
6.75%,
06/27/2026
(e),(g),(h)
200‌
195‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%
7.50%,
06/27/2024
(e),(g),(h)
53,331‌
53,262‌
USD
Swap
Semi-Annual
5
Year
+
4.76%
7.50%,
09/27/2025
(e),(g),(h)
39,780‌
39,183‌
USD
Swap
Rate
NY
5
Year
+
4.50%
7.95%,
11/15/2033
(g)
5,000‌
5,562‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.75%
8.00%,
09/27/2029
(e),(g),(h)
6,400‌
6,301‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.91%
M&T
Bank
Corp
3.50%,
09/01/2026
(a),(e),(g)
20,118‌
15,088‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
5.00%,
08/01/2024
(a),(e),(g)
15,848‌
15,048‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
5.13%,
11/01/2026
(e),(g)
6,305‌
5,509‌
3
Month
USD
LIBOR
+
3.52%
Macquarie
Bank
Ltd/London
6.13%,
03/08/2027
(e),(f),(g),(h)
21,000‌
20,009‌
USD
Swap
Semi-Annual
5
Year
+
3.70%
6.13%,
03/08/2027
(e),(g),(h)
5,000‌
4,764‌
USD
Swap
Semi-Annual
5
Year
+
3.70%
NatWest
Group
PLC
4.60%,
06/28/2031
(e),(g),(h)
14,885‌
11,172‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
6.00%,
12/29/2025
(e),(g),(h)
55,100‌
53,499‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.63%
8.00%,
08/10/2025
(e),(g),(h)
42,225‌
42,673‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Nordea
Bank
Abp
6.13%,
09/23/2024
(a),(e),(f),(g),(h)
$
29,631‌
$
29,406‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.13%,
09/23/2024
(e),(g),(h)
18,735‌
18,593‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.63%,
03/26/2026
(e),(g),(h)
13,400‌
13,179‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
6.63%,
03/26/2026
(e),(f),(g),(h)
74,562‌
73,332‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
Northern
Trust
Corp
4.60%,
10/01/2026
(e),(g)
12,400‌
11,949‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.46%
PNC
Financial
Services
Group
Inc/The
3.40%,
09/15/2026
(e),(g)
16,500‌
13,964‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
6.00%,
05/15/2027
(e),(g)
3,000‌
2,899‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
6.20%,
09/15/2027
(e),(g)
9,200‌
9,052‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%
6.25%,
03/15/2030
(e),(g)
51,820‌
48,909‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
2.81%
Regions
Financial
Corp
5.75%,
06/15/2025
(a),(e),(g)
9,964‌
9,688‌
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
31,815‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.46%
Societe
Generale
SA
8.00%,
09/29/2025
(a),(e),(f),(g),(h)
38,460‌
38,600‌
USD
Swap
Rate
NY
5
Year
+
5.87%
8.00%,
09/29/2025
(a),(e),(g),(h)
19,000‌
19,068‌
USD
Swap
Rate
NY
5
Year
+
5.87%
9.38%,
11/22/2027
(a),(e),(f),(g),(h)
3,800‌
3,907‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.39%
10.00%,
11/14/2028
(e),(f),(g),(h)
1,100‌
1,161‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.45%
Standard
Chartered
PLC
4.30%,
08/19/2028
(e),(f),(g),(h)
13,032‌
10,458‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.14%
6.00%,
07/26/2025
(e),(g),(h)
8,000‌
7,878‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
6.00%,
07/26/2025
(e),(f),(g),(h)
15,000‌
14,771‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
7.01%,
07/30/2037
(e),(f),(g)
9,200‌
9,394‌
3
Month
USD
LIBOR
+
1.46%
7.75%,
08/15/2027
(a),(e),(f),(g),(h)
45,000‌
45,339‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.98%
State
Street
Corp
6.70%,
03/15/2029
(e),(g)
37,000‌
36,900‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
163
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Svenska
Handelsbanken
AB
4.38%,
03/01/2027
(e),(g),(h)
$
20,400‌
$
18,582‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.94%
6.25%,
03/01/2024
(e),(g),(h)
13,800‌
13,800‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.69%
Swedbank
AB
7.63%,
03/17/2028
(e),(g),(h)
14,000‌
13,746‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.59%
Toronto-Dominion
Bank/The
8.13%,
10/31/2082
(g)
28,800‌
29,974‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%
Truist
Financial
Corp
4.80%,
09/01/2024
(e),(g)
93,457‌
88,412‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
4.95%,
09/01/2025
(e),(g)
23,134‌
22,496‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.61%
6.24%,
05/15/2027
10,900‌
10,401‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.93%
6.30%,
03/15/2028
9,022‌
8,495‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.91%
6.57%,
04/01/2027
7,000‌
6,645‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.24%
8.75%,
12/15/2024
(a),(e)
11,268‌
11,346‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.36%
UBS
Group
AG
3.88%,
06/02/2026
(a),(e),(f),(g),(h)
20,000‌
18,079‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
4.38%,
02/10/2031
(e),(f),(g),(h)
7,000‌
5,591‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%
6.88%,
08/07/2025
(e),(g),(h)
16,933‌
16,721‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.59%
7.00%,
02/19/2025
(e),(g),(h)
43,320‌
43,216‌
USD
Swap
Semi-Annual
5
Year
+
4.87%
9.25%,
11/13/2028
(e),(f),(g),(h)
17,000‌
18,149‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.75%
UniCredit
SpA
8.00%,
06/03/2024
(e),(g),(h)
60,750‌
60,746‌
USD
Swap
Semi-Annual
5
Year
+
5.18%
US
Bancorp
3.70%,
01/15/2027
(e),(g)
33,243‌
28,364‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.54%
5.30%,
04/15/2027
(e),(g)
10,895‌
10,019‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.18%
USB
Realty
Corp
6.72%,
01/15/2027
(e),(f)
1,500‌
1,114‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.41%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Wells
Fargo
&
Co
3.90%,
03/15/2026
(e),(g)
$
101,743‌
$
95,734‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
5.88%,
06/15/2025
(a),(e)
4,539‌
4,536‌
3
Month
USD
LIBOR
+
3.99%
6.08%,
01/15/2027
5,345‌
5,186‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.76%
7.63%,
09/15/2028
(a),(e),(g)
47,100‌
49,838‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.61%
7.95%,
11/15/2029
3,700‌
4,126‌
$
3,613,999‌
Diversified
Financial
Services
-
5.81%
Ally
Financial
Inc
4.70%,
05/15/2026
(e),(g)
29,300‌
25,126‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%
4.70%,
05/15/2028
(a),(e),(g)
3,400‌
2,669‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
3.48%
American
Express
Co
3.55%,
09/15/2026
(e),(g)
75,190‌
67,838‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
Capital
One
Financial
Corp
3.95%,
09/01/2026
(e),(g)
25,140‌
22,121‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%
Charles
Schwab
Corp/The
4.00%,
06/01/2026
(a),(e),(g)
101,900‌
93,856‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
5.38%,
06/01/2025
(e),(g)
65,131‌
64,230‌
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)
18,000‌
15,922‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
Discover
Financial
Services
6.13%,
06/23/2025
(e),(g)
31,180‌
31,360‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.78%
Julius
Baer
Group
Ltd
3.63%,
03/23/2028
(e),(g),(h)
3,500‌
2,640‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.54%
Voya
Financial
Inc
4.70%,
01/23/2048
(g)
13,055‌
10,956‌
3
Month
USD
LIBOR
+
2.08%
7.76%,
09/15/2028
(a),(e),(g)
11,706‌
11,973‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%
$
348,691‌
Electric
-
4.22%
Algonquin
Power
&
Utilities
Corp
4.75%,
01/18/2082
(g)
10,230‌
8,852‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%
American
Electric
Power
Co
Inc
3.88%,
02/15/2062
(g)
20,950‌
18,636‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
164
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Dominion
Energy
Inc
4.65%,
12/15/2024
(e),(g)
$
122,977‌
$
119,717‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%
Duke
Energy
Corp
3.25%,
01/15/2082
(g)
4,100‌
3,458‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.32%
4.88%,
09/16/2024
(a),(e),(g)
71,712‌
71,016‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.39%
NextEra
Energy
Capital
Holdings
Inc
6.70%,
09/01/2054
(g),(i)
15,300‌
15,260‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%
7.66%,
10/01/2066
17,264‌
16,476‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.33%
$
253,415‌
Food
-
0.16%
Dairy
Farmers
of
America
Inc
7.13%,
12/01/2026
(e),(f)
10,700‌
9,817‌
Insurance
-
12.07%
ACE
Capital
Trust
II
9.70%,
04/01/2030
15,505‌
18,200‌
Allianz
SE
3.20%,
10/30/2027
(e),(f),(g),(h)
5,800‌
4,594‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%
3.50%,
11/17/2025
(e),(g),(h)
6,200‌
5,618‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
3.50%,
11/17/2025
(e),(f),(g),(h)
27,400‌
24,830‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
American
International
Group
Inc
5.75%,
04/01/2048
(g)
13,218‌
12,985‌
3
Month
USD
LIBOR
+
2.87%
Aon
Corp
8.21%,
01/01/2027
4,350‌
4,674‌
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
5.63%,
08/15/2052
(g)
63,620‌
62,414‌
3
Month
USD
LIBOR
+
3.78%
5.75%,
08/15/2050
(g)
49,800‌
49,248‌
3
Month
USD
LIBOR
+
3.59%
Argentum
Netherlands
BV
for
Zurich
Insurance
Co
Ltd
5.13%,
06/01/2048
(g)
2,490‌
2,421‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.27%
AXA
SA
5.13%,
01/17/2047
(g)
500‌
492‌
Secured
Overnight
Financing
Rate
+
4.14%
Corebridge
Financial
Inc
6.88%,
12/15/2052
(g)
30,590‌
30,540‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.85%
Everest
Reinsurance
Holdings
Inc
7.95%,
05/01/2067
14,420‌
12,410‌
3
Month
USD
LIBOR
+
2.39%
Liberty
Mutual
Group
Inc
4.13%,
12/15/2051
(f),(g)
19,000‌
16,680‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.32%
7.80%,
03/07/2087
(f)
76,240‌
77,690‌
3
Month
USD
LIBOR
+
3.58%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Liberty
Mutual
Insurance
Co
7.70%,
10/15/2097
(f)
$
5,025‌
$
5,794‌
MetLife
Capital
Trust
IV
7.88%,
12/15/2067
(f)
24,540‌
26,268‌
MetLife
Inc
3.85%,
09/15/2025
(a),(e),(g)
25,556‌
24,423‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
6.40%,
12/15/2066
10,650‌
10,811‌
9.25%,
04/08/2068
(f)
53,475‌
60,996‌
3
Month
USD
LIBOR
+
5.54%
10.75%,
08/01/2069
50,413‌
67,747‌
3
Month
USD
LIBOR
+
7.55%
Mitsui
Sumitomo
Insurance
Co
Ltd
4.95%,
03/06/2029
(e),(g)
520‌
501‌
USD
Swap
Semi-Annual
5
Year
+
3.26%
4.95%,
03/06/2029
(e),(f),(g)
1,800‌
1,734‌
USD
Swap
Semi-Annual
5
Year
+
3.26%
MMI
Capital
Trust
I
7.63%,
12/15/2027
1,073‌
1,132‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
5.88%,
05/23/2042
(f),(g)
4,800‌
4,838‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
5.88%,
05/23/2042
(g)
1,800‌
1,814‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
Nationwide
Financial
Services
Inc
6.75%,
05/15/2087
73,215‌
70,946‌
Nippon
Life
Insurance
Co
2.75%,
01/21/2051
(f),(g)
3,200‌
2,641‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
2.90%,
09/16/2051
(f),(g)
22,900‌
18,836‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
4.70%,
01/20/2046
(f),(g)
5,000‌
4,873‌
USD
Swap
Rate
NY
5
Year
+
3.75%
5.10%,
10/16/2044
(f),(g)
19,700‌
19,549‌
USD
Swap
Semi-Annual
5
Year
+
3.65%
Prudential
Financial
Inc
3.70%,
10/01/2050
(a),(g)
1,406‌
1,228‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
5.13%,
03/01/2052
(g)
1,000‌
935‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%
6.00%,
09/01/2052
(g)
23,400‌
23,337‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.23%
Sumitomo
Life
Insurance
Co
4.00%,
09/14/2077
(a),(f),(g)
4,700‌
4,411‌
3
Month
USD
LIBOR
+
2.99%
Zurich
Finance
Ireland
Designated
Activity
Co
3.00%,
04/19/2051
(g)
60,100‌
48,699‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.78%
$
724,309‌
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
165
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
-
0.76%
BP
Capital
Markets
PLC
4.38%,
06/22/2025
(e),(g)
$
24,400‌
$
24,043‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.04%
4.88%,
03/22/2030
(e),(g)
22,562‌
21,293‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.40%
$
45,336‌
Pipelines
-
3.28%
Enbridge
Inc
5.75%,
07/15/2080
(g)
59,201‌
55,217‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
01/15/2077
(g)
46,935‌
45,605‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.15%
6.25%,
03/01/2078
(g)
34,882‌
33,292‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.90%
8.25%,
01/15/2084
(g)
3,000‌
3,112‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.79%
Enterprise
Products
Operating
LLC
5.25%,
08/16/2077
(g)
36,410‌
34,540‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.29%
Transcanada
Trust
5.50%,
09/15/2079
(g)
28,000‌
25,037‌
Secured
Overnight
Financing
Rate
+
4.42%
$
196,803‌
REITs
-
1.02%
Scentre
Group
Trust
2
4.75%,
09/24/2080
(f),(g)
10,500‌
9,984‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
4.75%,
09/24/2080
(a),(g)
4,300‌
4,089‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
5.13%,
09/24/2080
(f),(g)
51,600‌
47,226‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.69%
$
61,299‌
Sovereign
-
0.66%
CoBank
ACB
4.25%,
01/01/2027
(e),(g)
1,000‌
811‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.05%
6.25%,
10/01/2026
(e),(g)
16,400‌
15,990‌
3
Month
USD
LIBOR
+
4.66%
6.45%,
10/01/2027
(e),(g)
11,400‌
11,228‌
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
11,505‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.42%
$
39,534‌
Telecommunications
-
1.24%
Vodafone
Group
PLC
3.25%,
06/04/2081
(g)
24,000‌
22,273‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%
7.00%,
04/04/2079
(g)
50,982‌
52,243‌
USD
Swap
Semi-Annual
5
Year
+
4.87%
$
74,516‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Transportation
-
0.76%
BNSF
Funding
Trust
I
6.61%,
12/15/2055
(g)
$
46,256‌
$
45,854‌
3
Month
USD
LIBOR
+
2.35%
TOTAL
BONDS
$
5,413,573‌
Total
Investments
$
6,085,995‌
Other
Assets
and
Liabilities
-  (1.39)%
(83,604‌)
TOTAL
NET
ASSETS
-
100.00%
$
6,002,391‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$126,981
or
2.12%
of
net
assets.
(b)
1-day
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
$131,410
or
2.19%
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
$1,156,977
or
19.28%
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
$1,738,733
or
28.97%
of
net
assets.
(i)
Security
purchased
on
a
when-issued
basis.
Portfolio
Summary
Sector
Percent
Financial
84.22‌%
Utilities
5.02‌%
Energy
4.04‌%
Money
Market
Funds
3.44‌%
Communications
1.85‌%
Exchange-Traded
Funds
0.79‌%
Industrial
0.76‌%
Government
0.73‌%
Consumer,
Non-cyclical
0.54‌%
Other
Assets
and
Liabilities
(1.39‌)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
166
Affiliated
Securities
August
31,
2023
Purchases
Sales
February
29,
2024
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
$
108,485‌
$
1,210,076‌
$
1,162,142‌
$
156,419‌
$
108,485‌
$
1,210,076‌
$
1,162,142‌
$
156,419‌
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
5.23%
$
1,107‌
$
—‌
$
—‌
$
—‌
$
1,107‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Options
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
US
10
Year
Note
Future;
June
2024
N/A
600‌
$
600‌
$
110.25‌
03/25/2024
$
(439‌)
$
(394‌)
$
45‌
Total
$
(439‌)
$
(394‌)
$
45‌
Amounts
in
thousands
except
contracts/shares.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Ultra
Note;
June
2024
Short
1,758‌
$
200,714‌
$
(732‌)
US
2
Year
Note;
June
2024
Long
3,861‌
790,540‌
744‌
Total
$
12‌
Amounts
in
thousands
except
contracts.
Glossary
to
the
Schedule
of
Investments
February
29,
2024
(unaudited)
See
accompanying
notes.
167
Currency
Abbreviations
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
COP
Colombian
Peso
EUR
Euro
GBP
British
Pound
Sterling
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NZD
New
Zealand
Dollar
PEN
Peruvian
Nuevo
Sol
PLN
Polish
Zloty
TRY
Turkish
Lira
USD/$
United
States
Dollar
UYU
Uruguayan
Peso
ZAR
South
African
Rand
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
169
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
2024(b)
$
34.44‌
$
0.02‌
$
6.70‌
$
6.72‌
$
–‌
$
–‌
$
–‌
$
41.16‌
2023
29.35‌
(
0.08‌)
5.37‌
5.29‌
–‌
(
0.20‌)
(
0.20‌)
34.44‌
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
Class
C
shares
2024(b)
31.63‌
(
0.10‌)
6.14‌
6.04‌
–‌
–‌
–‌
37.67‌
2023
27.18‌
(
0.27‌)
4.92‌
4.65‌
–‌
(
0.20‌)
(
0.20‌)
31.63‌
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
Class
J
shares
2024(b)
35.11‌
0.05‌
6.84‌
6.89‌
–‌
–‌
–‌
42.00‌
2023
29.87‌
(
0.03‌)
5.47‌
5.44‌
–‌
(
0.20‌)
(
0.20‌)
35.11‌
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
Institutional
shares
2024(b)
35.44‌
0.07‌
6.91‌
6.98‌
–‌
–‌
–‌
42.42‌
2023
30.11‌
0.01‌
5.52‌
5.53‌
–‌
(
0.20‌)
(
0.20‌)
35.44‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
170
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
19.51‌
%
(c),(d)
$
1,150,378‌
0.94‌
%
(e),(f)
–‌
%
0.11‌
%
(e)
10.2‌
%
(e)
18.15‌
(d)
1,005,219‌
0
.96‌
(f)
–‌
(0.27‌)
10.0‌
(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
19.10‌
(c),(d)
327,682‌
1.67‌
(e),(f)
–‌
(0.63‌)
(e)
10.2‌
(e)
17.24‌
(d)
288,734‌
1.68‌
(f)
–‌
(0.99‌)
10.0‌
(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
19.62‌
(c),(d)
246,800‌
0.76‌
(e),(g)
0.81‌
(e),(h)
0.29‌
(e)
10.2‌
(e)
18.34‌
(d)
196,453‌
0.79‌
(g)
0.84‌
(h)
(0.10‌)
10.0‌
(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
19.70‌
(c)
3,285,035‌
0.66‌
(e),(f)
–‌
0
.38‌
(e)
10.2‌
(e)
18.45‌
(i)
2,555,465‌
0.66‌
(f)
–‌
0.03‌
10.0‌
(26.13‌)
(i)
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
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
29,
2024.
(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)
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.
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
171
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
2024(b)
$
34
.23‌
(
$
0
.01‌
)
$
6
.66‌
$
6
.65‌
$
–‌
$
–‌
$
–‌
$
40
.88‌
2023
29
.23‌
(
0
.13‌
)
5
.33‌
5
.20‌
–‌
(
0
.20‌
)
(
0
.20‌
)
34
.23‌
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
R-4
shares
2024(b)
34
.69‌
0
.02‌
6
.76‌
6
.78‌
–‌
–‌
–‌
41
.47‌
2023
29
.57‌
(
0
.08‌
)
5
.40‌
5
.32‌
–‌
(
0
.20‌
)
(
0
.20‌
)
34
.69‌
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
R-5
shares
2024(b)
35
.06‌
0
.04‌
6
.82‌
6
.86‌
–‌
–‌
–‌
41
.92‌
2023
29
.84‌
(
0
.04‌
)
5
.46‌
5
.42‌
–‌
(
0
.20‌
)
(
0
.20‌
)
35
.06‌
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
R-6
shares
2024(b)
35
.63‌
0
.09‌
6
.94‌
7
.03‌
(
0
.01‌
)
–‌
(
0
.01‌
)
42
.65‌
2023
30
.24‌
0
.04‌
5
.55‌
5
.59‌
–‌
(
0
.20‌
)
(
0
.20‌
)
35
.63‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
172
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
19
.43‌
%
(c)
$
16,212‌
1
.14‌
%
(d)
,(e)
(
0
.08‌
)
%
(d)
10
.2‌
%
(d)
17
.92‌
11,611‌
1
.14‌
(e)
(
0
.44‌
)
10
.0‌
(
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
19
.54‌
(c)
2,889‌
0
.95‌
(d)
,(e)
0
.08‌
(d)
10
.2‌
(d)
18
.12‌
2,025‌
0
.95‌
(e)
(
0
.25‌
)
10
.0‌
(
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
19
.57‌
(c)
25,621‌
0
.83‌
(d)
,(e)
0
.23‌
(d)
10
.2‌
(d)
18
.29‌
12,616‌
0
.83‌
(e)
(
0
.13‌
)
10
.0‌
(
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
19
.74‌
(c)
6,044,959‌
0
.57‌
(d)
,(e)
0
.48‌
(d)
10
.2‌
(d)
18
.61‌
5,405,192‌
0
.57‌
(e)
0
.13‌
10
.0‌
(
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
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
29,
2024.
(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.
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
173
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
2024(b)
$
8.30‌
$
0.14‌
$
0.04‌
$
0.18‌
(
$
0.32‌)
$
–‌
(
$
0.32‌)
$
8.16‌
2023
8.56‌
0.26‌
(
0.41‌)
(
0.15‌)
(
0.11‌)
–‌
(
0.11‌)
8.30‌
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
Institutional
shares
2024(b)
8.51‌
0.16‌
0.03‌
0.19‌
(
0.35‌)
–‌
(
0.35‌)
8.35‌
2023
8.77‌
0.30‌
(
0.42‌)
(
0.12‌)
(
0.14‌)
–‌
(
0.14‌)
8.51‌
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
R-1
shares
2024(b)
8.34‌
0.12‌
0.04‌
0.16‌
(
0.29‌)
–‌
(
0.29‌)
8.21‌
2023
8.58‌
0.22‌
(
0.42‌)
(
0.20‌)
(
0.04‌)
–‌
(
0.04‌)
8.34‌
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
R-3
shares
2024(b)
8.30‌
0.14‌
0.04‌
0.18‌
(
0.31‌)
–‌
(
0.31‌)
8.17‌
2023
8.55‌
0.24‌
(
0.40‌)
(
0.16‌)
(
0.09‌)
–‌
(
0.09‌)
8.30‌
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
R-4
shares
2024(b)
8.39‌
0.14‌
0.03‌
0.17‌
(
0.32‌)
–‌
(
0.32‌)
8.24‌
2023
8.64‌
0.26‌
(
0.41‌)
(
0.15‌)
(
0.10‌)
–‌
(
0.10‌)
8.39‌
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
R-5
shares
2024(b)
8.36‌
0.15‌
0.03‌
0.18‌
(
0.33‌)
–‌
(
0.33‌)
8.21‌
2023
8.61‌
0.27‌
(
0.40‌)
(
0.13‌)
(
0.12‌)
–‌
(
0.12‌)
8.36‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
174
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
2.11‌
%
(c),(d)
$
29,334‌
0.50‌
%
(e),(f)
0.54‌
%
(e),(g)
3.52‌
%
(e)
49.2‌
%
(e)
(1.79‌)
(d)
29,452‌
0.55‌
(f)
0.59‌
(g)
3.08‌
89.7‌
(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
2.23‌
(c)
1,912,503‌
0.14‌
(e),(h)
–‌
3.89‌
(e)
49.2‌
(e)
(1.38‌)
2,434,617‌
0.14‌
(h)
–‌
3.50‌
89.7‌
(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
1.88‌
(c)
695‌
1.01‌
(e),(h)
–‌
3.01‌
(e)
49.2‌
(e)
(2.28‌)
507‌
1.01‌
(h)
–‌
2.60‌
89.7‌
(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
2.06‌
(c)
9,069‌
0.70‌
(e),(h)
–‌
3.33‌
(e)
49.2‌
(e)
(2.02‌)
(i)
8,995‌
0.70‌
(h)
–‌
2.94‌
89.7‌
(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
2.02‌
(c)
4,828‌
0.51‌
(e),(h)
–‌
3.52‌
(e)
49.2‌
(e)
(1.68‌)
3,829‌
0.51‌
(h)
–‌
3.14‌
89.7‌
(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
2.14‌
(c)
9,652‌
0.39‌
(e),(h)
–‌
3.63‌
(e)
49.2‌
(e)
(1.56‌)
9,718‌
0.39‌
(h)
–‌
3.24‌
89.7‌
(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
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
29,
2024.
(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.
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
175
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
2024(c)
$
10
.88‌
$
0
.14‌
(
$
0
.07‌
)
$
0
.07‌
(
$
0
.12‌
)
$
–‌
(
$
0
.12‌
)
$
10
.83‌
2023
12
.73‌
0
.28‌
(
0
.75‌
)
(
0
.47‌
)
(
0
.69‌
)
(
0
.69‌
)
(
1
.38‌
)
10
.88‌
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
Institutional
shares
2024(c)
10
.87‌
0
.15‌
(
0
.06‌
)
0
.09‌
(
0
.14‌
)
–‌
(
0
.14‌
)
10
.82‌
2023
12
.73‌
0
.33‌
(
0
.76‌
)
(
0
.43‌
)
(
0
.74‌
)
(
0
.69‌
)
(
1
.43‌
)
10
.87‌
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
R-3
shares
2024(c)
10
.79‌
0
.12‌
(
0
.06‌
)
0
.06‌
(
0
.11‌
)
–‌
(
0
.11‌
)
10
.74‌
2023
12
.65‌
0
.28‌
(
0
.77‌
)
(
0
.49‌
)
(
0
.68‌
)
(
0
.69‌
)
(
1
.37‌
)
10
.79‌
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
R-6
shares
2024(c)
10
.86‌
0
.16‌
(
0
.07‌
)
0
.09‌
(
0
.14‌
)
–‌
(
0
.14‌
)
10
.81‌
2023
12
.72‌
0
.33‌
(
0
.75‌
)
(
0
.42‌
)
(
0
.75‌
)
(
0
.69‌
)
(
1
.44‌
)
10
.86‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
176
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
0
.62‌
%
(d)
,(e)
$
51,645‌
1
.20‌
%
(f)
,(g)
2
.57‌
%
(f)
84
.5‌
%
(f)
(
3
.63‌
)
(e)
73,729‌
1
.20‌
(g)
2
.46‌
72
.4‌
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
0
.82‌
(d)
1,741,225‌
0
.83‌
(f)
,(g)
2
.88‌
(f)
84
.5‌
(f)
(
3
.32‌
)
2,002,048‌
0
.83‌
(g)
2
.93‌
72
.4‌
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
0
.57‌
(d)
274‌
1
.35‌
(f)
2
.35‌
(f)
84
.5‌
(f)
(
3
.83‌
)
271‌
1
.34‌
(g)
2
.47‌
72
.4‌
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
0
.85‌
(d)
1,493,786‌
0
.78‌
(f)
,(g)
2
.94‌
(f)
84
.5‌
(f)
(
3
.26‌
)
1,416,444‌
0
.77‌
(g)
2
.96‌
72
.4‌
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
(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
29,
2024.
(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.
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
177
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
2024(b)
$
11
.65‌
$
0
.04‌
$
0
.94‌
$
0
.98‌
(
$
0
.12‌
)
(
$
0
.07‌
)
(
$
0
.19‌
)
$
12
.44‌
2023
11
.95‌
0
.09‌
1
.19‌
1
.28‌
(
0
.31‌
)
(
1
.27‌
)
(
1
.58‌
)
11
.65‌
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(h)
11
.98‌
0
.06‌
2
.35‌
2
.41‌
–‌
–‌
–‌
14
.39‌
Institutional
shares
2024(b)
11
.76‌
0
.06‌
0
.96‌
1
.02‌
(
0
.16‌
)
(
0
.07‌
)
(
0
.23‌
)
12
.55‌
2023
12
.05‌
0
.13‌
1
.20‌
1
.33‌
(
0
.35‌
)
(
1
.27‌
)
(
1
.62‌
)
11
.76‌
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
R-6
shares
2024(b)
11
.83‌
0
.07‌
0
.96‌
1
.03‌
(
0
.17‌
)
(
0
.07‌
)
(
0
.24‌
)
12
.62‌
2023
12
.11‌
0
.15‌
1
.20‌
1
.35‌
(
0
.36‌
)
(
1
.27‌
)
(
1
.63‌
)
11
.83‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
178
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
.39‌
%
(c)
,(d)
$
17,444‌
1
.10‌
%
(e)
,(f)
0
.75‌
%
(e)
10
.5‌
%
(e)
12
.20‌
(d)
17,724‌
1
.10‌
(f)
0
.84‌
11
.3‌
(
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)
,(g)
12,547‌
1
.10‌
(f)
0
.46‌
27
.9‌
20
.20‌
(c)
,(d)
,(g)
5,587‌
1
.10‌
(e)
,(f)
0
.59‌
(e)
19
.8‌
(e)
8
.63‌
(c)
34,715‌
0
.77‌
(e)
,(f)
1
.10‌
(e)
10
.5‌
(e)
12
.51‌
30,598‌
0
.77‌
(f)
1
.15‌
11
.3‌
(
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
8
.68‌
(c)
25,227‌
0
.67‌
(e)
,(f)
1
.19‌
(e)
10
.5‌
(e)
12
.66‌
28,053‌
0
.67‌
(f)
1
.26‌
11
.3‌
(
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
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
29,
2024.
(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)
Total
return
is
calculated
using
the
traded
net
asset
value
which
may
differ
from
the
reported
net
asset
value.
The
traded
net
asset
value
is
the
net
asset
value
which
a
shareholder
would
have
paid
or
received
from
a
subscription
or
redemption.
(h)
Period
from
December
31,
2018,
date
operations
commenced,
through
August
31,
2019.
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
179
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
2024(c)
$
10
.36‌
$
0
.21‌
$
0
.27‌
$
0
.48‌
(
$
0
.31‌
)
$
–‌
$
–‌
(
$
0
.31‌
)
$
10
.53‌
2023
11
.06‌
0
.22‌
0
.25‌
0
.47‌
(
0
.59‌
)
(
0
.58‌
)
–‌
(
1
.17‌
)
10
.36‌
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
Institutional
shares
2024(c)
10
.56‌
0
.24‌
0
.28‌
0
.52‌
(
0
.36‌
)
–‌
–‌
(
0
.36‌
)
10
.72‌
2023
11
.24‌
0
.28‌
0
.26‌
0
.54‌
(
0
.64‌
)
(
0
.58‌
)
–‌
(
1
.22‌
)
10
.56‌
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
R-6
shares
2024(c)
10
.57‌
0
.24‌
0
.28‌
0
.52‌
(
0
.36‌
)
–‌
–‌
(
0
.36‌
)
10
.73‌
2023
11
.25‌
0
.28‌
0
.26‌
0
.54‌
(
0
.64‌
)
(
0
.58‌
)
–‌
(
1
.22‌
)
10
.57‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
180
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Expenses
to
Average
Net
Assets
(Excluding
Dividends
and
Interest
Expense
on
Short
Sales,
Short
Sale
Fees
and
Reverse
Repurchase
Agreement
Expense)
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
4
.87‌
%
(d)
,(e)
,(f)
$
36,913‌
2
.11‌
%
(g)
1
.94‌
%
(g)
,(h)
4
.01‌
%
(g)
157
.0‌
%
(g)
4
.79‌
(f)
38,521‌
2
.27‌
(i)
2
.04‌
(h)
,(i)
2
.13‌
147
.0‌
(
2
.60‌
)
(f)
38,252‌
2
.41‌
(i)
2
.08‌
(h)
,(i)
0
.47‌
123
.2‌
8
.71‌
(e)
,(f)
39,485‌
2
.60‌
(i)
2
.12‌
(h)
,(i)
0
.30‌
289
.8‌
3
.01‌
(e)
,(f)
27,072‌
3
.68‌
(i)
,(j)
2
.11‌
(h)
,(i)
,(j)
1
.68‌
439
.7‌
1
.82‌
(f)
41,100‌
3
.37‌
(i)
,(j)
2
.02‌
(h)
,(i)
,(j)
1
.72‌
387
.8‌
5
.07‌
(d)
309,503‌
1
.64‌
(g)
,(i)
1
.47‌
(g)
,(h)
,(i)
4
.49‌
(g)
157
.0‌
(g)
5
.35‌
343,287‌
1
.77‌
(i)
1
.54‌
(h)
,(i)
2
.63‌
147
.0‌
(
2
.19‌
)
364,886‌
1
.96‌
(i)
1
.63‌
(h)
,(i)
0
.92‌
123
.2‌
9
.27‌
(e)
351,188‌
2
.16‌
(i)
1
.63‌
(h)
,(i)
0
.89‌
289
.8‌
3
.44‌
(e)
591,298‌
3
.21‌
(i)
,(j)
1
.64‌
(h)
,(i)
,(j)
1
.98‌
439
.7‌
2
.24‌
453,013‌
2
.99‌
(i)
,(j)
1
.64‌
(h)
,(i)
,(j)
2
.11‌
387
.8‌
5
.06‌
(d)
61,897‌
1
.61‌
(g)
,(i)
1
.44‌
(g)
,(h)
,(i)
4
.50‌
(g)
157
.0‌
(g)
5
.35‌
69,004‌
1
.74‌
(i)
1
.51‌
(h)
,(i)
2
.65‌
147
.0‌
(
2
.10‌
)
76,481‌
1
.91‌
(i)
1
.58‌
(h)
,(i)
0
.88‌
123
.2‌
9
.37‌
173,029‌
2
.08‌
(i)
1
.58‌
(h)
,(i)
0
.89‌
289
.8‌
3
.44‌
166,448‌
3
.15‌
(i)
,(j)
1
.58‌
(h)
,(i)
,(j)
2
.74‌
439
.7‌
2
.28‌
818,258‌
2
.91‌
(i)
,(j)
1
.56‌
(h)
,(i)
,(j)
2
.19‌
387
.8‌
(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
29,
2024.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Total
return
is
calculated
using
the
traded
net
asset
value
which
may
differ
from
the
reported
net
asset
value.
The
traded
net
asset
value
is
the
net
asset
value
which
a
shareholder
would
have
paid
or
received
from
a
subscription
or
redemption.
(f)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(g)
Computed
on
an
annualized
basis.
(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)
Reflects
Manager's
contractual
expense
limit.
(j)
Includes
0.01%
of
expenses
associated
with
fund
investments.
The
expense
is
not
subject
to
the
Manager's
contractual
expense
limit.
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
181
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
2024(c)
$
10
.40‌
$
0
.13‌
$
0
.28‌
$
0
.41‌
(
$
0
.29‌
)
(
$
0
.51‌
)
(
$
0
.80‌
)
$
10
.01‌
2023(f)
10
.00‌
0
.29‌
0
.24‌
0
.53‌
(
0
.08‌
)
(
0
.05‌
)
(
0
.13‌
)
10
.40‌
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
182
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
3
.73‌
%
(d)
$
16,613‌
0
.88‌
%
(b)
,(e)
2
.53‌
%
(e)
46
.7‌
%
(e)
5
.26‌
(d)
16,009‌
0
.88‌
(b)
,(e)
2
.84‌
(e)
46
.3‌
(e)
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Reflects
Manager's
contractual
expense
limit.
(c)
Six
months
ended
February
29,
2024.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
(f)
Period
from
September
22,
2022,
date
operations
commenced,
through
August
31,
2023.
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
183
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
2024(b)
$
10
.79‌
$
0
.08‌
$
0
.91‌
$
0
.99‌
(
$
0
.33‌
)
(
$
0
.09‌
)
(
$
0
.42‌
)
$
11
.36‌
2023
9
.39‌
0
.30‌
1
.38‌
1
.68‌
(
0
.27‌
)
(
0
.01‌
)
(
0
.28‌
)
10
.79‌
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
R-1
shares
2024(b)
10
.41‌
0
.04‌
0
.86‌
0
.90‌
(
0
.18‌
)
(
0
.09‌
)
(
0
.27‌
)
11
.04‌
2023
9
.06‌
0
.20‌
1
.34‌
1
.54‌
(
0
.18‌
)
(
0
.01‌
)
(
0
.19‌
)
10
.41‌
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
R-3
shares
2024(b)
10
.55‌
0
.04‌
0
.89‌
0
.93‌
(
0
.27‌
)
(
0
.09‌
)
(
0
.36‌
)
11
.12‌
2023
9
.18‌
0
.24‌
1
.34‌
1
.58‌
(
0
.20‌
)
(
0
.01‌
)
(
0
.21‌
)
10
.55‌
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
R-4
shares
2024(b)
10
.68‌
0
.06‌
0
.90‌
0
.96‌
(
0
.29‌
)
(
0
.09‌
)
(
0
.38‌
)
11
.26‌
2023
9
.30‌
0
.26‌
1
.36‌
1
.62‌
(
0
.23‌
)
(
0
.01‌
)
(
0
.24‌
)
10
.68‌
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
R-5
shares
2024(b)
10
.72‌
0
.06‌
0
.91‌
0
.97‌
(
0
.30‌
)
(
0
.09‌
)
(
0
.39‌
)
11
.30‌
2023
9
.33‌
0
.27‌
1
.37‌
1
.64‌
(
0
.24‌
)
(
0
.01‌
)
(
0
.25‌
)
10
.72‌
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
R-6
shares
2024(b)
10
.80‌
0
.08‌
0
.91‌
0
.99‌
(
0
.33‌
)
(
0
.09‌
)
(
0
.42‌
)
11
.37‌
2023
9
.40‌
0
.30‌
1
.38‌
1
.68‌
(
0
.27‌
)
(
0
.01‌
)
(
0
.28‌
)
10
.80‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
184
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
9
.31‌
%
(c)
$
75,020‌
0
.31‌
%
(d)
,(e)
1
.41‌
%
(d)
16
.4‌
%
(d)
18
.18‌
65,622‌
0
.32‌
(e)
,(f)
2
.93‌
37
.5‌
(
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
8
.77‌
(c)
236‌
1
.20‌
(d)
0
.73‌
(d)
16
.4‌
(d)
17
.20‌
394‌
1
.20‌
(f)
2
.03‌
37
.5‌
(
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
8
.99‌
(c)
13,544‌
0
.89‌
(d)
0
.84‌
(d)
16
.4‌
(d)
17
.50‌
12,167‌
0
.89‌
(f)
2
.35‌
37
.5‌
(
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
9
.13‌
(c)
9,226‌
0
.70‌
(d)
1
.05‌
(d)
16
.4‌
(d)
17
.68‌
10,011‌
0
.70‌
(f)
2
.53‌
37
.5‌
(
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
9
.18‌
(c)
14,561‌
0
.58‌
(d)
1
.14‌
(d)
16
.4‌
(d)
17
.87‌
14,032‌
0
.58‌
(f)
2
.68‌
37
.5‌
(
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
9
.30‌
(c)
1,059,598‌
0
.29‌
(d)
,(e)
1
.46‌
(d)
16
.4‌
(d)
18
.16‌
1,130,368‌
0
.30‌
(e)
,(f)
2
.89‌
37
.5‌
(
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
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
29,
2024.
(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.
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
185
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
2024(b)
$
9
.73‌
$
0
.04‌
$
0
.46‌
$
0
.50‌
(
$
0
.20‌
)
$
–‌
(
$
0
.20‌
)
$
10
.03‌
2023
8
.88‌
0
.16‌
0
.80‌
0
.96‌
(
0
.11‌
)
–‌
(
0
.11‌
)
9
.73‌
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
R-6
shares
2024(b)
9
.79‌
0
.04‌
0
.46‌
0
.50‌
(
0
.20‌
)
–‌
(
0
.20‌
)
10
.09‌
2023
8
.93‌
0
.17‌
0
.81‌
0
.98‌
(
0
.12‌
)
–‌
(
0
.12‌
)
9
.79‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
186
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
5
.10‌
%
(c)
$
36,249‌
1
.08‌
%
(d)
,(e)
0
.87‌
%
(d)
50
.6‌
%
(d)
10
.91‌
36,678‌
1
.11‌
(e)
1
.72‌
61
.8‌
(
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
5
.12‌
(c)
678,608‌
1
.04‌
(d)
,(e)
0
.91‌
(d)
50
.6‌
(d)
11
.06‌
669,829‌
1
.05‌
(e)
1
.82‌
61
.8‌
(
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
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
29,
2024.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
Manager's
contractual
expense
limit.
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
187
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
2024(b)
$
9
.43‌
$
0
.20‌
$
0
.28‌
$
0
.48‌
(
$
0
.20‌
)
(
$
0
.20‌
)
$
9
.71‌
2023
9
.80‌
0
.39‌
(
0
.37‌
)
0
.02‌
(
0
.39‌
)
(
0
.39‌
)
9
.43‌
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
Institutional
shares
2024(b)
9
.44‌
0
.22‌
0
.26‌
0
.48‌
(
0
.21‌
)
(
0
.21‌
)
9
.71‌
2023
9
.80‌
0
.42‌
(
0
.36‌
)
0
.06‌
(
0
.42‌
)
(
0
.42‌
)
9
.44‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
188
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
5
.17‌
%
(c)
,(d)
$
38,051‌
1
.08‌
%
(e)
,(f)
,(g)
0
.85‌
%
(e)
,(f)
,(g)
,(h)
4
.34‌
%
(e)
69
.1‌
%
(e)
0
.33‌
(d)
41,241‌
1
.05‌
(f)
0
.84‌
(f)
,(h)
4
.17‌
41
.4‌
(
13
.42‌
)
(d)
49,013‌
0
.90‌
(f)
0
.84‌
(f)
,(h)
3
.32‌
52
.4‌
10
.43‌
(d)
59,266‌
0
.88‌
(f)
0
.84‌
(f)
,(h)
3
.26‌
48
.0‌
0
.62‌
(d)
50,459‌
0
.91‌
(f)
0
.84‌
(f)
,(h)
3
.35‌
76
.6‌
10
.36‌
(d)
53,756‌
0
.98‌
(f)
0
.86‌
(f)
,(h)
4
.01‌
66
.1‌
5
.31‌
(c)
,(i)
109,005‌
0
.80‌
(e)
,(f)
,(g)
0
.57‌
(e)
,(f)
,(g)
,(h)
4
.61‌
(e)
69
.1‌
(e)
0
.72‌
94,169‌
0
.77‌
(f)
0
.56‌
(f)
,(h)
4
.44‌
41
.4‌
(
13
.25‌
)
90,215‌
0
.62‌
(f)
0
.56‌
(f)
,(h)
3
.57‌
52
.4‌
10
.73‌
116,210‌
0
.60‌
(f)
0
.56‌
(f)
,(h)
3
.52‌
48
.0‌
0
.99‌
82,465‌
0
.63‌
(f)
0
.56‌
(f)
,(h)
3
.64‌
76
.6‌
10
.55‌
82,132‌
0
.70‌
(f)
0
.58‌
(f)
,(h)
4
.27‌
66
.1‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
29,
2024.
(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)
Excludes
interest
expense
and
fees
paid
through
inverse
floater
agreements.
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.
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
189
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
2024(b)
$
9.61‌
$
0.01‌
$
0.76‌
$
0.77‌
(
$
0.18‌)
$
–‌
(
$
0.18‌)
$
10.20‌
2023
9.83‌
0.19‌
(
0.20‌)
(
0.01‌)
(
0.21‌)
–‌
(
0.21‌)
9.61‌
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
Institutional
shares
2024(b)
9.44‌
0.03‌
0.76‌
0.79‌
(
0.22‌)
–‌
(
0.22‌)
10.01‌
2023
9.67‌
0.21‌
(
0.18‌)
0.03‌
(
0.26‌)
–‌
(
0.26‌)
9.44‌
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
R-6
shares
2024(b)
9.46‌
0.03‌
0.75‌
0.78‌
(
0.23‌)
–‌
(
0.23‌)
10.01‌
2023
9.69‌
0.23‌
(
0.19‌)
0.04‌
(
0.27‌)
–‌
(
0.27‌)
9.46‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
190
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
8.12‌
%
(c),(d)
$
5,059‌
1.46‌
%
(e),(f)
–‌
%
0.21‌
%
(e)
54.2‌
%
(e)
0.08‌
(d)
4,982‌
1.48‌
(f)
–‌
1.94‌
68.0‌
(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
8.44‌
(c)
79,753‌
1.09‌
(e),(f)
–‌
0.58‌
(e)
54.2‌
(e)
0.44‌
73,802‌
1.13‌
(f)
–‌
2.20‌
68.0‌
(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
8.34‌
(c)
2,613,535‌
1.00‌
(e)
–‌
0.67‌
(e)
54.2‌
(e)
0.61‌
2,553,869‌
1.01‌
(g)
1.02‌
(h)
2.48‌
68.0‌
(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
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
29,
2024.
(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
voluntary
expense
limit.
(h)
Excludes
expense
reimbursement
from
Manager.
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
191
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
2024(b)
$
16
.45‌
$
0
.11‌
$
1
.59‌
$
1
.70‌
(
$
0
.11‌
)
(
$
0
.15‌
)
(
$
0
.26‌
)
$
17
.89‌
2023
15
.94‌
0
.22‌
1
.31‌
1
.53‌
(
0
.23‌
)
(
0
.79‌
)
(
1
.02‌
)
16
.45‌
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
Class
C
shares
2024(b)
16
.25‌
0
.05‌
1
.57‌
1
.62‌
(
0
.05‌
)
(
0
.15‌
)
(
0
.20‌
)
17
.67‌
2023
15
.74‌
0
.10‌
1
.31‌
1
.41‌
(
0
.11‌
)
(
0
.79‌
)
(
0
.90‌
)
16
.25‌
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
Institutional
shares
2024(b)
16
.55‌
0
.14‌
1
.60‌
1
.74‌
(
0
.14‌
)
(
0
.15‌
)
(
0
.29‌
)
18
.00‌
2023
16
.03‌
0
.27‌
1
.32‌
1
.59‌
(
0
.28‌
)
(
0
.79‌
)
(
1
.07‌
)
16
.55‌
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
R-6
shares
2024(b)
16
.64‌
0
.14‌
1
.61‌
1
.75‌
(
0
.14‌
)
(
0
.15‌
)
(
0
.29‌
)
18
.10‌
2023
16
.11‌
0
.28‌
1
.32‌
1
.60‌
(
0
.28‌
)
(
0
.79‌
)
(
1
.07‌
)
16
.64‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
192
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
10
.46‌
%
(c)
,(d)
$
166,738‌
1
.12‌
%
(e)
,(f)
1
.40‌
%
(e)
11
.6‌
%
(e)
10
.11‌
(d)
156,039‌
1
.12‌
(f)
1
.43‌
26
.5‌
(
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
10
.03‌
(c)
,(d)
27,546‌
1
.87‌
(e)
,(f)
0
.65‌
(e)
11
.6‌
(e)
9
.34‌
(d)
29,705‌
1
.87‌
(f)
0
.66‌
26
.5‌
(
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
10
.60‌
(c)
715,642‌
0
.85‌
(e)
,(f)
1
.67‌
(e)
11
.6‌
(e)
10
.42‌
698,401‌
0
.85‌
(f)
1
.69‌
26
.5‌
(
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
10
.64‌
(c)
269,141‌
0
.79‌
(e)
,(f)
1
.72‌
(e)
11
.6‌
(e)
10
.49‌
401,595‌
0
.79‌
(f)
1
.75‌
26
.5‌
(
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
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
29,
2024.
(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.
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
193
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
SPECTRUM
PREFERRED
AND
CAPITAL
SECURITIES
INCOME
FUND
Class
A
shares
2024(b)
$
8.68‌
$
0.20‌
$
0.40‌
$
0.60‌
(
$
0.24‌)
(
$
0.24‌)
$
9.04‌
2023
9.13‌
0.39‌
(
0.38‌)
0.01‌
(
0.46‌)
(
0.46‌)
8.68‌
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
Class
C
shares
2024(b)
8.67‌
0.17‌
0.41‌
0.58‌
(
0.21‌)
(
0.21‌)
9.04‌
2023
9.13‌
0.33‌
(
0.40‌)
(
0.07‌)
(
0.39‌)
(
0.39‌)
8.67‌
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
Class
J
shares
2024(b)
8.38‌
0.20‌
0.39‌
0.59‌
(
0.25‌)
(
0.25‌)
8.72‌
2023
8.83‌
0.38‌
(
0
.37‌)
0.01‌
(
0.46‌)
(
0.46‌)
8.38‌
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
Institutional
shares
2024(b)
8.60‌
0.21‌
0.40‌
0.61‌
(
0.26‌)
(
0.26‌)
8.95‌
2023
9.05‌
0.41‌
(
0.38‌)
0.03‌
(
0.48‌)
(
0.48‌)
8.60‌
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
R-1
shares
2024(b)
8.55‌
0.18‌
0.39‌
0.57‌
(
0
.22‌)
(
0.22‌)
8.90‌
2023
9.00‌
0.34‌
(
0.37‌)
(
0.03‌)
(
0.42‌)
(
0.42‌)
8.55‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
194
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
7.10‌
%
(c),(d)
$
688,722‌
1.05‌
%
(e)
–‌
%
4.66‌
%
(e)
16.9‌
%
(e)
0.23‌
(d)
697,257‌
1.05‌
–‌
4.50‌
16.5‌
(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
6.80‌
(c),(d)
140,104‌
1.83‌
(e)
–‌
3.88‌
(e)
16.9‌
(e)
(
0.66‌)
(d)
147,896‌
1.82‌
–‌
3.74‌
16.5‌
(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
7.13‌
(c),(d)
31,654‌
1.03‌
(e),(f)
1.05‌
(e),(g)
4.68‌
(e)
16.9‌
(e)
0.24‌
(d)
31,131‌
1.06‌
(f)
1.08‌
(g)
4.49‌
16.5‌
(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
7.17‌
(c)
4,255,824‌
0.81‌
(e)
–‌
4.89‌
(e)
16.9‌
(e)
0.48‌
3,930,780‌
0.81‌
(h)
–‌
4.74‌
16.5‌
(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
6.81‌
(c)
467‌
1.58‌
(e)
–‌
4.12‌
(e)
16.9‌
(e)
(0.30‌)
459‌
1.58‌
–‌
3.98‌
16.5‌
(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
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
29,
2024.
(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.
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
195
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
SPECTRUM
PREFERRED
AND
CAPITAL
SECURITIES
INCOME
FUND
R-3
shares
2024(b)
$
8
.54‌
$
0
.19‌
$
0
.40‌
$
0
.59‌
(
$
0
.24‌
)
(
$
0
.24‌
)
$
8
.89‌
2023
8
.98‌
0
.37‌
(
0
.37‌
)
–‌
(
0
.44‌
)
(
0
.44‌
)
8
.54‌
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
R-4
shares
2024(b)
8
.50‌
0
.20‌
0
.39‌
0
.59‌
(
0
.24‌
)
(
0
.24‌
)
8
.85‌
2023
8
.95‌
0
.38‌
(
0
.37‌
)
0
.01‌
(
0
.46‌
)
(
0
.46‌
)
8
.50‌
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
R-5
shares
2024(b)
8
.55‌
0
.20‌
0
.41‌
0
.61‌
(
0
.25‌
)
(
0
.25‌
)
8
.91‌
2023
9
.01‌
0
.40‌
(
0
.39‌
)
0
.01‌
(
0
.47‌
)
(
0
.47‌
)
8
.55‌
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
R-6
shares
2024(b)
8
.60‌
0
.22‌
0
.39‌
0
.61‌
(
0
.26‌
)
(
0
.26‌
)
8
.95‌
2023
9
.05‌
0
.42‌
(
0
.38‌
)
0
.04‌
(
0
.49‌
)
(
0
.49‌
)
8
.60‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
196
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
.98‌
%
(c)
$
1,922‌
1
.27‌
%
(d)
4
.43‌
%
(d)
16
.9‌
%
(d)
0
.11‌
1,981‌
1
.27‌
4
.26‌
16
.5‌
(
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
7
.12‌
(c)
962‌
1
.08‌
(d)
4
.62‌
(d)
16
.9‌
(d)
0
.21‌
946‌
1
.08‌
4
.48‌
16
.5‌
(
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
7
.26‌
(c)
2,192‌
0
.96‌
(d)
4
.75‌
(d)
16
.9‌
(d)
0
.21‌
1,987‌
0
.96‌
4
.59‌
16
.5‌
(
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
7
.23‌
(c)
880,544‌
0
.71‌
(d)
5
.00‌
(d)
16
.9‌
(d)
0
.59‌
941,791‌
0
.70‌
4
.85‌
16
.5‌
(
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
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
29,
2024.
(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
29,
2024
(unaudited)
197
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,
2023
to
February
29,
2024
),
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,
2023
Ending
Account
Value
February
29,
2024
Expenses
Paid
During Period
September
1,
2023 to
February
29,
2024
(a)
Beginning
Account
Value
September
1,
2023
Ending
Account
Value
February
29,
2024 
Expenses
Paid
During Period
September
1,
2023 to
February
29,
2024
(a)
Annualized
Expense
Ratio
Blue
Chip
Fund
Class
A
$
1,000.00‌
$
1,195.12‌
$
5.13
$
1,000.00
$
1,020.19‌
$
4.72‌
0.94‌
%
Class
C
1,000.00‌
1,190.96‌
9.10
1,000.00
1,016.56‌
8.37‌
1.67‌
Class
J
1,000.00‌
1,196.24‌
4.15
1,000.00
1,021.08‌
3.82‌
0.76‌
Institutional
1,000.00‌
1,196.95‌
3.61
1,000.00
1,021.58‌
3.32‌
0.66‌
R-3
1,000.00‌
1,194.27‌
6.22
1,000.00
1,019.19‌
5.72‌
1.14‌
R-4
1,000.00‌
1,195.45‌
5.19
1,000.00
1,020.14‌
4.77‌
0.95‌
R-5
1,000.00‌
1,195.66‌
4.53
1,000.00
1,020.74‌
4.17‌
0.83‌
R-6
1,000.00‌
1,197.39‌
3.11
1,000.00
1,022.03‌
2.87‌
0.57‌
Bond
Market
Index
Fund
Class
J
1,000.00‌
1,021.14‌
2.51
1,000.00
1,022.38‌
2.51‌
0.50‌
Institutional
1,000.00‌
1,022.27‌
0.70
1,000.00
1,024.17‌
0.70‌
0.14‌
R-1
1,000.00‌
1,018.81‌
5.07
1,000.00
1,019.84‌
5.07‌
1.01‌
R-3
1,000.00‌
1,020.58‌
3.52
1,000.00
1,021.38‌
3.52‌
0.70‌
R-4
1,000.00‌
1,020.16‌
2.56
1,000.00
1,022.33‌
2.56‌
0.51‌
R-5
1,000.00‌
1,021.36‌
1.96
1,000.00
1,022.92‌
1.96‌
0.39‌
Diversified
Real
Asset
Fund
Class
A
1,000.00‌
1,006.22‌
5.99
1,000.00
1,018.90‌
6.02‌
1.20‌
Institutional
1,000.00‌
1,008.22‌
4.14
1,000.00
1,020.74‌
4.17‌
0.83‌
R-3
1,000.00‌
1,005.71‌
6.73
1,000.00
1,018.15‌
6.77‌
1.35‌
R-6
1,000.00‌
1,008.53‌
3.90
1,000.00
1,020.98‌
3.92‌
0.78‌
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
198
Actual
Hypothetical
Beginning
Account
Value
September
1,
2023
Ending
Account
Value
February
29,
2024
Expenses
Paid
During Period
September
1,
2023 to
February
29,
2024
(a)
Beginning
Account
Value
September
1,
2023
Ending
Account
Value
February
29,
2024 
Expenses
Paid
During Period
September
1,
2023 to
February
29,
2024
(a)
Annualized
Expense
Ratio
Edge
MidCap
Fund
Class
A
$
1,000.00‌
$
1,083.89‌
$
5.70
$
1,000.00
$
1,019.39‌
$
5.52‌
1.10‌
%
Institutional
1,000.00‌
1,086.34‌
3.99
1,000.00
1,021.03‌
3.87‌
0.77‌
R-6
1,000.00‌
1,086.83‌
3.48
1,000.00
1,021.53‌
3.37‌
0.67‌
Global
Multi-Strategy
Fund
Class
A
1,000.00‌
1,048.66‌
10.75
1,000.00
1,014.37‌
10.57‌
2.11‌
Institutional
1,000.00‌
1,050.70‌
8.36
1,000.00
1,016.71‌
8.22‌
1.64‌
R-6
1,000.00‌
1,050.65‌
8.21
1,000.00
1,016.86‌
8.07‌
1.61‌
Global
Multi-Strategy
Fund
(Excluding
Interest
Expense
and
Fees)
Class
A
1,000.00‌
1,048.66‌
9.88‌
1,000.00
1,015.22‌
9.72‌
1.94‌
Institutional
1,000.00‌
1,050.70‌
7.50‌
1,000.00
1,017.55‌
7.37‌
1.47‌
R-6
1,000.00‌
1,050.65‌
7.34‌
1,000.00
1,017.70‌
7.22‌
1.44‌
Global
Sustainable
Listed
Infrastructure
Fund
Institutional
1,000.00‌
1,037.34‌
4.46
1,000.00
1,020.49‌
4.42‌
0.88‌
International
Equity
Index
Fund
Institutional
1,000.00‌
1,093.13‌
1.61
1,000.00
1,023.32‌
1.56‌
0.31‌
R-1
1,000.00‌
1,087.74‌
6.23
1,000.00
1,018.90‌
6.02‌
1.20‌
R-3
1,000.00‌
1,089.86‌
4.62
1,000.00
1,020.44‌
4.47‌
0.89‌
R-4
1,000.00‌
1,091.35‌
3.64
1,000.00
1,021.38‌
3.52‌
0.70‌
R-5
1,000.00‌
1,091.84‌
3.02
1,000.00
1,021.98‌
2.92‌
0.58‌
R-6
1,000.00‌
1,093.04‌
1.51
1,000.00
1,023.42‌
1.46‌
0.29‌
International
Small
Company
Fund
Institutional
1,000.00‌
1,051.04‌
5.51
1,000.00
1,019.49‌
5.42‌
1.08‌
R-6
1,000.00‌
1,051.15‌
5.30
1,000.00
1,019.69‌
5.22‌
1.04‌
Opportunistic
Municipal
Fund
Class
A
1,000.00‌
1,051.70‌
5.51
1,000.00
1,019.49‌
5.42‌
1.08‌
Institutional
1,000.00‌
1,053.11‌
4.08
1,000.00
1,020.89‌
4.02‌
0.80‌
Opportunistic
Municipal
Fund
(Excluding
Interest
Expense
and
Fees)
Class
A
1,000.00‌
1,051.70‌
4.34‌
1,000.00
1,020.64‌
4.27‌
0.85‌
Institutional
1,000.00‌
1,053.11‌
2.91‌
1,000.00
1,022.03‌
2.87‌
0.57‌
Origin
Emerging
Markets
Fund
Class
A
1,000.00‌
1,081.17‌
7.55
1,000.00
1,017.60‌
7.32‌
1.46‌
Institutional
1,000.00‌
1,084.44‌
5.65
1,000.00
1,019.44‌
5.47‌
1.09‌
R-6
1,000.00‌
1,083.35‌
5.18
1,000.00
1,019.89‌
5.02‌
1.00‌
Small-MidCap
Dividend
Income
Fund
Class
A
1,000.00‌
1,104.61‌
5.86
1,000.00
1,019.29‌
5.62‌
1.12‌
Class
C
1,000.00‌
1,100.26‌
9.77
1,000.00
1,015.56‌
9.37‌
1.87‌
Institutional
1,000.00‌
1,106.04‌
4.45
1,000.00
1,020.64‌
4.27‌
0.85‌
R-6
1,000.00‌
1,106.44‌
4.14
1,000.00
1,020.93‌
3.97‌
0.79‌
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
199
Actual
Hypothetical
Beginning
Account
Value
September
1,
2023
Ending
Account
Value
February
29,
2024
Expenses
Paid
During Period
September
1,
2023 to
February
29,
2024
(a)
Beginning
Account
Value
September
1,
2023
Ending
Account
Value
February
29,
2024 
Expenses
Paid
During Period
September
1,
2023 to
February
29,
2024
(a)
Annualized
Expense
Ratio
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Class
A
$
1,000.00‌
$
1,070.98‌
$
5.41
$
1,000.00
$
1,019.64‌
$
5.27‌
1.05‌
%
Class
C
1,000.00‌
1,068.03‌
9.41
1,000.00
1,015.76‌
9.17‌
1.83‌
Class
J
1,000.00‌
1,071.29‌
5.30
1,000.00
1,019.74‌
5.17‌
1.03‌
Institutional
1,000.00‌
1,071.74‌
4.17
1,000.00
1,020.84‌
4.07‌
0.81‌
R-1
1,000.00‌
1,068.09‌
8.12
1,000.00
1,017.01‌
7.92‌
1.58‌
R-3
1,000.00‌
1,069.80‌
6.54
1,000.00
1,018.55‌
6.37‌
1.27‌
R-4
1,000.00‌
1,071.17‌
5.56
1,000.00
1,019.49‌
5.42‌
1.08‌
R-5
1,000.00‌
1,072.58‌
4.95
1,000.00
1,020.09‌
4.82‌
0.96‌
R-6
1,000.00‌
1,072.34‌
3.66
1,000.00
1,021.33‌
3.57‌
0.71‌
(a)
Expenses
are
equal
to
a
fund's
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period).
Principal
Funds,
Inc.
(unaudited)
200
Notification
of
Source
of
Distributions
Pursuant
to
Rule
19a-1
of
the
Investment
Company
Act
of
1940
As
noted
in
the
table
provided
below,
certain
of
the
Principal
Funds
made
distributions
for
the
month
of
December
2023
for
which
a
portion
is
estimated
to
be
in
excess
of
the
Fund’s
current
and
accumulated
net
income.
As
of
December
2023,
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
2023
Fund
Net
Income
Realized
Gain
Capital
Sources
Bond
Market
Index
Fund
99.83%
0.00%
0.17%
Diversified
Real
Asset
Fund
0.00
0.00
100.00
Global
Multi-Strategy
Fund
0.00
0.00
100.00
International
Equity
Index
Fund
75.06
0.00
24.94
International
Small
Company
Fund
79.95
0.00
20.05
Origin
Emerging
Markets
Fund
76.39
0.00
23.61
201
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
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
Craig
Damos
Lead
Independent
Board
Member
since
2020
Board
Member
since
2008
Member,
Audit
Committee
Member,
Nominating
and
Governance
Committee
Member,
Executive
Committee
1954
President,
C.P.
Damos
Consulting
LLC
(consulting
services)
126
None
Katharin
S.
Dyer
Board
Member
since
2023
Member,
Operations
Committee
Member,
15(c)
Committee
1957
Founder
and
Chief
Executive
Officer,
PivotWise
(consulting
services)
126
Liquidity
Services,
Inc.
(2020-present)
Frances
P.
Grieb
Board
Member
since
2023
Member,
Audit
Committee
1960
Retired
126
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
126
MAM
USA
(2011-present)
Victor
L
Hymes
Board
Member
since
2020
Chair,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1957
Founder,
CEO,
CIO,
Legato
Capital
Management,
LLC
(investment
management
company)
126
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)
126
None
Karen
McMillan
Board
Member
since
2014
Member,
Operations
Committee
Chair,
15(c)
Committee
Member,
Nominating
and
Governance
Committee
1961
Founder/Owner,
Tyche
Consulting
LLC
(consulting
services)
Managing
Director,
Patomak
Global
Partners,
LLC
(financial
services
consulting)
from
2014-2021
126
None
202
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
126
SpartanNash
(2000-2022)
Thomas
A.
Swank
Board
Member
since
2024
Member,
Operations
Committee
1960
Chief
Executive
Officer
and
President,
Wellabe
(formerly,
American
Enterprise
Group,
Inc.)
(life
and
health
insurance)
from
2015-2023
126
Wellabe
(formerly,
American
Enterprise
Group,
Inc.)
2015-present
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
Kamal
Bhatia
Principal
Financial
Group*
126
None
Chair
and
Board
Member
since
2023
Chair,
Executive
Committee
Chief
Executive
Officer
and
President
1972
President
and
Chief
Executive
Officer
–
Principal
Asset
Management
~
SM
since
2024
Senior
Executive
Managing
Director
–
Global
Head
of
Investments
–
Principal
Asset
Management
~
SM
(2023)
Senior
Executive
Director
and
Chief
Operating
Officer
–
Principal
Asset
Management
~
SM
(2019-
2023)
President
–
Principal
Funds
(2019-2020)
OppenheimerFunds
Senior
Vice
President
(2011-2019)
Kenneth
A.
McCullum
Principal
Financial
Group*
126
None
Board
Member
since
2023
Member,
Executive
Committee
1964
Executive
Vice
President
and
Chief
Risk
Officer
since
2023
Senior
Vice
President
and
Chief
Risk
Officer
(2020-
2023)
Vice
President
and
Chief
Actuary
(2015-2020)
203
FUND
COMPLEX
OFFICERS
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
George
Djurasovic
Principal
Financial
Group*
Vice
President
and
General
Counsel
Des
Moines,
IA
50392
1971
Vice
President
and
General
Counsel
–
Principal
Asset
Management
~
SM
since
2022
Artisan
Partners
Limited
Partnership
Global
Chief
Compliance
Officer
(2013-2022)
Calvin
Eib
Principal
Financial
Group*
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1963
Counsel
(2021)
Transamerica
Tax
Counsel
(2016-2021)
Beth
Graff
Principal
Financial
Group*
Vice
President
and
Assistant
Controller
Des
Moines,
IA
50392
1968
Senior
Director
–
Fund
Accounting
since
2024
Director
–
Fund
Accounting
(2016-2024)
Gina
L.
Graham
Principal
Financial
Group*
Treasurer
Des
Moines,
IA
50392
1965
Vice
President
and
Treasurer
since
2016
Megan
Hoffmann
Principal
Financial
Group*
Vice
President
and
Controller
Des
Moines,
IA
50392
1979
Senior
Director
–
Fund
Administration
since
2024
Director
–
Accounting
(2020-2024)
Assistant
Director
–
Accounting
(2017-2020)
Laura
B.
Latham
Principal
Financial
Group*
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1986
Assistant
Counsel
and
Assistant
Secretary–
Fund
Complex
(2018-2023)
Counsel
since
2018
Diane
K.
Nelson
Principal
Financial
Group*
AML
Officer
Des
Moines,
IA
50392
1965
Director–
Compliance
since
2024
Chief
Compliance
Officer/AML
Officer
(2015-2024)
Tara
Parks
Principal
Financial
Group*
Vice
President
and
Assistant
Controller
Des
Moines,
IA
50392
1983
Senior
Director
–
Fund
Tax
2024
Director
–
Accounting
(2019–2024)
ALPS
Fund
Services
Tax
Manager
(2011-2019)
Deanna
Y.
Pellack
Principal
Financial
Group*
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1987
Assistant
Counsel
and
Assistant
Secretary
–
Fund
Complex
(2022-2023)
Counsel
since
2022
The
Northern
Trust
Company
Vice
President
(2019-2022)
Second
Vice
President
(2014-2019)
Sara
L.
Reece
Principal
Financial
Group*
Vice
President
and
Chief
Operating
Officer
Des
Moines,
IA
50392
1975
Vice
President
and
Controller
–
Fund
Complex
(2016-2021)
Managing
Director
–
Global
Funds
Ops
since
2021
Director
-
Accounting
(2015-2021)
204
*
The
reference
to
Principal
Financial
Group
includes
positions
held
by
the
Interested
Board
Member
/
Fund
Complex
Officer,
including
as
an
officer,
employee,
and/or
director,
with
affiliates
or
subsidiaries
of
Principal
Financial
Group.
The
titles
set
forth
here
are
each
Interested
Board
Member's
/
Fund
Complex
Officer’s
title
with
Principal
Workforce,
LLC.
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
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Teri
R.
Root
Principal
Financial
Group*
Chief
Compliance
Officer
Des
Moines,
IA
50392
1979
Chief
Compliance
Officer
–
Funds
since
2018
Vice
President
since
2015
Michael
Scholten
Principal
Financial
Group*
Chief
Financial
Officer
Des
Moines,
IA
50392
1979
Assistant
Vice
President
and
Actuary
since
2021
Chief
Financial
Officer
–
Funds/Platforms
(2015-
2021)
Adam
U.
Shaikh
Principal
Financial
Group*
Vice
President
and
Assistant
General
Counsel,
and
Assistant
Secretary
Des
Moines,
IA
50392
1972
Assistant
Counsel
–
Fund
Complex
(2006-2023)
Assistant
General
Counsel
since
2018
John
L.
Sullivan
Principal
Financial
Group*
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1970
Assistant
Counsel
and
Assistant
Secretary
–
Fund
Complex
(2019-2023)
Assistant
General
Counsel
since
2023
Counsel
(2019
–
2023)
Dan
L.
Westholm
Principal
Financial
Group*
Assistant
Treasurer
Des
Moines,
IA
50392
1966
Assistant
Vice
President-Treasury
since
2013
Beth
C.
Wilson
Principal
Financial
Group*
Vice
President
and
Secretary
Des
Moines,
IA
50392
1956
Director
and
Secretary
–
Funds
since
2007
Jared
A.
Yepsen
Principal
Financial
Group*
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1981
Assistant
General
Counsel
since
2023
Counsel
(2015
–
2023)
205
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
1,
2023
(and
as
supplemented).
These
documents
may
be
obtained
free
of
charge
by
writing
Principal
Funds,
Inc.,
P.O.
Box
219971,
Kansas
City,
MO
64121-
9971
or
telephoning
1-800-222-5852.
The
prospectus
may
be
viewed
at
www.PrincipalAM.com.
206
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.
207
BOARD
CONSIDERATION
OF
INVESTMENT
ADVISORY
CONTRACTS
During
the
period
covered
by
this
report,
the
Board
of
Directors
of
Principal
Funds,
Inc.
(“PFI”)
approved
(1)
the
annual
review
and
renewal
of
the
Management
Agreement
and
various
sub-advisory
agreements
for
all
Funds,
and
(2)
a
sub-advisory
agreement
between
PGI
and
Los
Angeles
Capital
Management
LLC
for
the
Global
Multi-Strategy
Fund.
At
its
September
13,
2023
meeting,
the
Board
performed
its
annual
review
and
renewal
process
relating
to
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
all
Funds.
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”)
requires
the
Board,
including
a
majority
of
the
Directors
who
have
no
direct
or
indirect
interest
in
the
investment
advisory
agreements
and
who
are
not
“interested
persons”
of
PFI,
as
defined
in
the
1940
Act
(the
“Board”),
annually
to
review
and
to
consider
the
continuation
of:
(1)
the
Management
Agreement
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
PFI,
on
behalf
of
each
of
the
thirteen
(13)
series
of
PFI
(each
series
is
referred
to
as
a
“Fund”)
(2)
the
Sub-Advisory
Agreements
between
the
Manager
and
each
of
BlackRock
Financial
Management,
Inc.;
BlackRock
International
Limited;
ClearBridge
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
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
Agreements
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
Agreements.
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,
2023
and
the
blended
investment
return
(50%/50%)
of
the
three-
and
five-year
periods
ended
March 31,
2023,
and
compared
those
returns
to
various
agreed-upon
performance
measures,
including,
for
all
Fund,
peer-group
data
based
upon
a
broad-based
industry
category
determined
using
Morningstar
Direct
data
(“Performance
Universe”).
For
Diversified
Real
Asset
Fund,
comparative
performance
information
was
based
upon
data
provided
by
Refinitiv.
208
For
Funds
or
Sub-Advisors
that
did
not
have
a
five-year
performance
history,
the
Board
reviewed
performance
information
for
a
three-year
period
ended
March 31,
2023,
if
available.
For
Funds
or
Sub-Advisors
that
did
not
have
a
three-year
performance
history,
the
Board
reviewed
performance
information
for
a
one-year
period
ended
March 31,
2023,
if
available.
The
Board
also
compared
each
Fund’s
investment
performance
over
the
one-,
three-
and
five-year
periods
ended
March 31,
2023,
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
or
affiliated
portfolio
management
teams
for
multi-manager
Funds,
that
had
not
attained,
during
the
relevant
period(s),
a
level
of
investment
performance
considered
satisfactory
by
the
Board.
For
such
Funds,
the
Board
also
considered
other
factors,
such
as
the
longer-term
performance
of
each
such
Fund,
Sub-Advisor
or
portfolio
management
team,
remedial
efforts
being
undertaken
to
improve
performance
and/or
the
Manager’s
explanation
for
the
performance
of
such
Fund,
Sub-Advisor
or
portfolio
management
team.
The
Board
considered
the
Manager’s
due
diligence
process
for
evaluating
the
performance
of
all
Funds,
all
Sub-Advisors
and
all
affiliated
portfolio
management
teams,
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
or
affiliated
portfolio
management
teams
at
the
appropriate
time,
if
necessary,
subject
to
Board
oversight.
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
Fund,
except
for
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”).
For
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,
indirect
benefits,
and
expense
caps
and
fee
waivers.
The
Board
considered
the
impact
of
changes
in
sub-advisory
fee
rates
put
into
effect
since
September 2022.
The
Board
considered
that
certain
Funds
with
similar
investment
strategies
and
policies
have
different
management
fee
schedules
and
noted
the
reasons
cited
by
the
Manager
for
the
differing
fee
rates.
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
and
the
risks
involved
in
sponsoring
the
Funds
and
the
services
provided
to
and
the
risks
involved
in
sponsoring
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’
review
of
certain
other
Funds.
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.
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
the
third
quartile
(both
were
at
the
92nd
percentile)
in
the
Expense
Group.
The
Board
also
noted
that
the
Fund’s
performance
was
in
the
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
explanation
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.
The
Board
also
considered
the
expense
caps
and
fee
waivers
that
would
be
in
place
with
respect
to
certain
Funds
and
share
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
209
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
Global
Multi-Strategy
Fund,
Opportunistic
Municipal
Bond
Fund,
Diversified
Real
Asset
Fund,
Edge
MidCap
Fund,
and
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
and
considered
this
fee
reduction
in
concluding
that
the
Management
Agreement,
as
amended,
should
be
renewed.
Profitability
The
Board
reviewed
detailed
information
regarding
revenues
the
Manager
received
under
the
Management
Agreements
and
the
estimated
direct
and
indirect
costs
incurred
in
providing
to
each
Fund
the
services
described
in
the
applicable
Management
Agreements
for
the
year
ended
December 31,
2022.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,
2022.
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
analysis
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
savings
passed
along
to
the
Funds
as
a
result
of
certain
expense
caps
and
fee
waivers.
The
Board
also
considered
whether
the
effective
management
fee
rate
for
each
Fund
under
the
applicable
Management
Agreement
is
reasonable
in
relation
to
the
asset
size
of
such
Fund.
The
Board
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
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
the
incidental
benefits
received
by
the
Manager
and
its
affiliates
were
appropriate.
Sub-Advisory
Agreements
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
each
Sub-Advisory
Agreement.
The
Board
considered
the
reputation,
qualifications
and
background
of
the
Sub-Advisor,
the
investment
approach
of
the
Sub-Advisor,
the
experience
and
skills
of
investment
personnel
responsible
for
the
day-to-day
management
of
each
Fund
and
the
resources
made
available
to
such
personnel.
The
Board
also
considered
the
Sub-Advisors’
compliance
with
investment
policies
and
general
legal
compliance.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Sub-Advisors
to
the
sub-advised
Funds
under
the
Sub-Advisory
Agreements
were
satisfactory.
Investment
Performance
As
to
each
sub-advised
Fund,
the
Manager
recommended
the
renewal
of
each
Sub-Advisory
Agreement.
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
undertaken
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.
210
Fees,
Economies
of
Scale
and
Profitability
For
each
sub-advised
Fund,
the
Board
considered
the
sub-advisory
fee
rate(s),
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,
other
than
as
noted
below,
the
Board
received
certain
information
from
Broadridge
comparing
each
such
Fund’s
sub-advisory
fee
rate(s)
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,
taking
into
account
the
changes
in
the
sub-advisory
fee
schedules
noted
above,
as
applicable,
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.
Approval
of
Sub-Advisory
Agreement
for
Global
Multi-Strategy
Fund
On
December 12,
2023,
the
Board
met
to
consider
for
Global
Multi-Strategy
Fund
(the
“Fund”)
the
approval
of
a
new
sub-advisory
agreement
(the
“New
Sub-Advisory
Agreement”)
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
Los
Angeles
Capital
Management
LLC
(the
“Sub-Advisor”)
with
respect
to
the
Fund.
The
New
Sub-Advisory
Agreement
was
proposed
in
light
of
an
anticipated
change
in
control
transaction
with
respect
to
the
Sub-Advisor
that
is
expected
to
be
effective
on
or
about
January
1,
2024.
This
transaction,
if
completed,
would
result
in
the
“assignment”
(as
defined
in
the
Investment
Company
Act
of
1940)
of
the
current
sub-advisory
agreement
between
the
Manager
and
the
Sub-Advisor
(the
“Current
Sub-Advisory
Agreement”),
causing
the
Current
Sub-Advisory
Agreement
to
terminate
automatically.
The
Manager
proposed
that
the
Board
approve
the
New
Sub-Advisory
Agreement
to
take
effect
upon
the
termination
of
the
Current
Sub-Advisory
Agreement
in
order
to
allow
the
Sub-Advisor
to
continue
to
provide
portfolio
management
services
to
the
Fund
following
the
change
in
control.
The
Board
reviewed
materials
received
from
the
Manager
regarding
the
proposed
change
in
control
transaction.
The
Board
considered
that
they
had
last
approved
the
annual
renewal
of
the
Current
Sub-Advisory
Agreement
for
the
Fund
during
the
annual
contract
renewal
process
that
concluded
at
the
Board
of
Directors’
September
2023
meeting.
They
noted
that
during
the
annual
contract
renewal
process,
they
had
considered
the
nature,
quality
and
extent
of
the
services
provided
by
the
Sub-Advisor
under
the
Current
Sub-Advisory
Agreement
and
had
concluded,
based
upon
the
information
provided,
that
the
terms
of
the
Current
Sub-Advisory
Agreement
were
reasonable
and
that
approval
of
the
Current
Sub-
Advisory
Agreement
was
in
the
best
interests
of
the
Fund.
The
Board
considered
the
Manager’s
statements
that
there
were
no
anticipated
changes
to
the
portfolio
management
team,
investment
philosophy
or
process
at
the
Sub-Advisor
and
that
the
change
in
ownership
was
not
expected
to
impact
the
nature,
quality
or
extent
of
services
that
the
Sub-Advisor
provides
to
the
Fund.
The
Board
also
noted
the
Manager’s
statement
that
the
New
Sub-Advisory
Agreement
for
the
Fund
would
be
identical
to
the
Current
Sub-Advisory
Agreement
in
all
material
respects
(including
the
sub-advisory
fee
schedule).
Based
upon
all
of
the
information
considered,
the
Board
concluded
that
it
was
in
the
best
interests
of
the
Fund
to
approve
the
New
Sub-Advisory
Agreement
to
take
effect
following
the
change
in
control
of
the
Sub-Advisor.
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Funds
Distributor,
Inc.
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Street
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Moines,
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©
2024
Principal
Financial
Services,
Inc.
|
FV941SAR-03
|
04/2024
|
2745910
Principal
Capital
Securities
Fund
Class
S
Shares
Semiannual
Report
February
29,
2024
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)
17
Shareholder
Expense
Example
19
Supplemental
Information
20
Statement
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
1
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Capital
Securities
Fund
Investment
in
securities--at
cost
............................................................................................................................
$
1,165,326‌
Investment
in
affiliated
Funds--at
cost
......................................................................................................................
$
37,609‌
Assets
Investment
in
securities--at
value 
............................................................................................................................
$
1,100,738‌
(a)
Investment
in
affiliated
Funds--at
value
.......................................................................................................................
37,609‌
Cash
...........................................................................................................................................................
159‌
Receivables:
Dividends
and
interest
...................................................................................................................................
15,990‌
Expense
reimbursement
from
Manager
.................................................................................................................
38‌
Fund
shares
sold
.........................................................................................................................................
1,732‌
Total
Assets  
1,156,266‌
Liabilities
Accrued
transfer
agent
fees
...................................................................................................................................
66‌
Accrued
directors'
expenses
...................................................................................................................................
1‌
Accrued
professional
fees
.....................................................................................................................................
25‌
Accrued
other
expenses
.......................................................................................................................................
17‌
Payables:
Fund
shares
redeemed
...................................................................................................................................
615‌
Investment
securities
purchased
........................................................................................................................
8,000‌
Collateral
obligation
on
securities
loaned,
at
value
...........................................................................................................
36,615‌
Total
Liabilities  
45,339‌
Net
Assets
Applicable
to
Outstanding
Shares
..............................................................................................................
$
1,110,927‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
.................................................................................................................
$
1,260,992‌
Total
distributable
earnings
(accumulated
loss)
...............................................................................................................
(
150,065‌
)
Total
Net
Assets 
$
1,110,927‌
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
..............................................................................................................................................
500,000‌
Net
Asset
Value
Per
Share:
Class
S
:
Net
Assets
............................................................................................................................................
$
1,110,927‌
Shares
Issued
and
Outstanding
..........................................................................................................................
122,506‌
Net
Asset
Value
per
share
...............................................................................................................................
$
9
.07‌
(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
29,
2024
(unaudited)
2
See
accompanying
notes.
Amounts
in
thousands
Capital
Securities
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
Funds
............................................................................................................................
$
316‌
Dividends
...................................................................................................................................................
143‌
Interest
......................................................................................................................................................
28,226‌
Securities
lending
-
net
.....................................................................................................................................
171‌
Total
Income
28,856‌
Expenses:
Registration
fees
-
Class
S
.................................................................................................................................
20‌
Shareholder
reports
-
Class
S
..............................................................................................................................
4‌
Transfer agent
fees
-
Class
S
...............................................................................................................................
171‌
Custodian
fees
..............................................................................................................................................
5‌
Directors'
expenses
.........................................................................................................................................
12‌
Interest
expense
and
fees
...................................................................................................................................
16‌
Professional fees
...........................................................................................................................................
20‌
Other
expenses
.............................................................................................................................................
6‌
Total
Gross
Expenses
254‌
Less:
Reimbursement
from
Manager
-
Class
S
............................................................................................................
238‌
Total
Net
Expenses
16‌
Net
Investment
Income
(Loss)
28,840‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
Net
realized
gain
(loss)
from:
Investment
transactions
....................................................................................................................................
(
2,735‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.................................................................................................................................................
60,778‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
58,043‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
86,883‌
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
3
See
accompanying
notes.
Amounts
in
thousands
Capital
Securities
Fund
Period
Ended
February
29,
2024
Year
Ended
August
31,
2023
Operations
Net
investment
income
(loss)
................................................................................................................
$
28,840‌
$
56,740‌
Net
realized
gain
(loss)
on
investments
......................................................................................................
(2,735‌)
(57,633‌)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.......................................................................
60,778‌
(7,975‌)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
86,883‌
(8,868‌)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
.........................................................................
(34,416‌)
(62,211‌)
Total
Dividends
and
Distributions
(34,416‌)
(62,211‌)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
........................................................................................
16,926‌
(31,034‌)
Total
Increase
(Decrease)
in
Net
Assets
69,393‌
(102,113‌)
Net
Assets
Beginning
of
period
..........................................................................................................................
1,041,534‌
1,143,647‌
End
of
period
................................................................................................................................
$
1,110,927‌
$
1,041,534‌
Class
S
Capital
Share
Transactions:
Period
Ended
February
29,
2024
Dollars:
Sold
..............................................................................................................
$
194,242‌
Reinvested
.........................................................................................................
20,806‌
Redeemed
..........................................................................................................
(198,122‌)
Net
Increase
(Decrease)
$
16,926‌
Shares:
Sold
..............................................................................................................
22,162‌
Reinvested
.........................................................................................................
2,388‌
Redeemed
..........................................................................................................
(22,697‌)
Net
Increase
(Decrease)
1,853‌
Year
Ended
August
31,
2023
Dollars:
Sold
..............................................................................................................
$
347,019‌
Reinvested
.........................................................................................................
38,232‌
Redeemed
..........................................................................................................
(416,285‌)
Net
Increase
(Decrease)
$
(31,034‌)
Shares:
Sold
..............................................................................................................
39,424‌
Reinvested
.........................................................................................................
4,392‌
Redeemed
..........................................................................................................
(47,533‌)
Net
Increase
(Decrease)
(3,717‌)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(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
fund.
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
29,
2024
(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
29,
2024
,
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.
The
impact
of
the
ASU
will
not
have
a
material
impact
on
the
Fund’s
financial
statements.
The
Fund
will
adopt
the
ASU
for
periods
beginning
after
December
15,
2023.
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
("SOFR") 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
interest
expense
and
fees
on
the
statement
of
operations. Any
outstanding
lending
as
of February
29,
2024 is included
in interfund
lending
on the
statement
of
assets
and
liabilities. 
Any
outstanding
borrowing as
of February
29,
2024 is
included
in
interfund
borrowing
on
the
statement
of
assets
and
liabilities.
During
the
period
ended
February
29,
2024,
the
fund’s
lending
to
the
Facility
was
as
follows
(amounts
in
thousands):
During
the
period
ended
February
29,
2024
,
the
fund’s
borrowing
from
the
Facility
was
as
follows
(amounts
in
thousands): 
Average
Daily
Amount
Loaned
Weighted
Average
Annual
Interest
Rate
Interest
Income
Capital
Securities
Fund
$
136
5.96
%
$
4
Average
Daily
Amount
Borrowed
Weighted
Average
Annual
Interest
Rate
Interest
Expense
Capital
Securities
Fund
$
530
6.01
%
$
16
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
6
In
addition,
the
fund
participates
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
the
applicable
margin
of
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.
Any
outstanding
borrowing
as
of
February
29,
2024 is
included
in
borrowing
on
the
statement
of
assets
and
liabilities.
During
the period ended
February
29,
2024,
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
29,
2024,
the
fund
did
not
have
material
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.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
7
4.
Fair
Valuation
Fair
value
is
defined
as
the
price
that
the
fund
would
receive
upon
selling
a
security
in
a
timely
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
of
the
security
at
the
measurement
date.
In
determining
fair
value,
the
fund
may
use
one
or
more
of
the
following
approaches:
market,
income
and/or
cost.
A
hierarchy
for
inputs
is
used
in
measuring
fair
value
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
requiring
that
the
most
observable
inputs
be
used
when
available.
Observable
inputs
are
inputs
that
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
market
data
obtained
from
sources
independent
of
the
fund.
Unobservable
inputs
are
inputs
that
reflect
the
fund’s
own
estimates
about
the
estimates
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances.
The
three-tier
hierarchy
of
inputs
is
summarized
in
the
three
broad
levels
listed
below.
Level
1
–
Quoted
prices
are
available
in
active
markets
for
identical
securities
as
of
the
reporting
date.
Investments
which
are
generally
included
in
this
category
include
listed
equities
and
exchange-traded
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.
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
8
The
following
is
a
summary
of
the
inputs
used
as
of
February
29,
2024
in
valuing
the
fund’s
securities
carried
at
fair
value
(amounts
in
thousands):
*For
additional
detail
regarding
sector
and/or
sub-industry
classifications,
please
see
the
schedule
of
investments
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
29,
2024,
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
29,
2024 and
August
31,
2023 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,
2023,
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.
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*
$
—
$
1,082,478
$
—
$
1,082,478
Investment
Companies*
52,999
—
—
52,999
Preferred
Stocks*
2,870
—
—
2,870
Total
investments
in
securities
$
55,869
$
1,082,478
$
—
$
1,138,347
Purchases
Sales
Capital
Securities
Fund
$
109,950
$
102,753
Ordinary
Income
2024
2023
Capital
Securities
Fund
$
34,416
$
62,211
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Accumulated
Losses
Net
Unrealized
Appreciation
(Depreciation)
Other
Temporary
Differences*
Total
Accumulated
Earnings
(Deficit)
Capital
Securities
Fund
$
709
$
—
$
(70,672)
$
(142,796)
$
10,227
$
(202,532)
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
29,
2024
(unaudited)
9
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,
2023
,
the
fund
had
approximate
net
capital
loss
carryforwards
as
follows
(amounts
in
thousands):
Capital
losses
will
be
carried
forward
with
no
expiration
and
with
the
character
of
the
loss
retained.
For
the
year
ended
August
31,
2023,
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,
2023,
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,
2023,
the
fund
recorded
no
reclassifications.
Federal
Income
Tax
Basis.
At
February
29,
2024,
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.
Short-Term
Long-Term
Total
Capital
Securities
Fund
$
14,065
$
56,607
$
70,672
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation/
(Depreciation)
Cost
for
Federal
Income
Tax
Purposes
Capital
Securities
Fund
$
11,005
$
(91,793)
$
(80,788)
$
1,219,135
7.
Federal
Tax
Information
(continued)
Schedule
of
Investments
Capital
Securities
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
10
INVESTMENT
COMPANIES
-
4.77%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.13%
Invesco
Preferred
ETF
(a)
121,647‌
$
1,445‌
Money
Market
Funds
-
4.64%
BlackRock
Liquidity
FedFund
-
Institutional
Class
5.20%
(b),(c)
13,944,953‌
13,945‌
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
(b),(c),(d)
37,609,123‌
37,609‌
$
51,554‌
TOTAL
INVESTMENT
COMPANIES
$
52,999‌
PREFERRED
STOCKS
-
0.26%
Shares
Held
Value
(000's)
Banks
-
0.10%
Cullen/Frost
Bankers
Inc
4.45%,
12/15/2025
(e)
55,739‌
$
1,082‌
Diversified
Financial
Services
-
0.01%
Affiliated
Managers
Group
Inc
4.20%,
09/30/2061
9,119‌
160‌
Insurance
-
0.06%
Assurant
Inc
5.25%,
01/15/2061
(a)
29,885‌
638‌
Sovereign
-
0.09%
CoBank
ACB
6.20%,
01/01/2025
(e)
10,000‌
990‌
3
Month
USD
LIBOR
+
3.74%
TOTAL
PREFERRED
STOCKS
$
2,870‌
BONDS
-
97.44%
Principal
Amount
(000's)
Value
(000's)
Banks
-
57.81%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
06/15/2026
(e),(f),(g),(h)
$
1,900‌
$
1,908‌
USD
Swap
Rate
NY
5
Year
+
5.17%
Banco
Bilbao
Vizcaya
Argentaria
SA
6.13%,
11/16/2027
(e),(f),(g)
600‌
541‌
USD
Swap
Semi-Annual
5
Year
+
3.87%
6.50%,
03/05/2025
(e),(f),(g)
11,400‌
11,234‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.19%
9.38%,
03/19/2029
(e),(f),(g)
8,500‌
8,970‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.10%
Banco
Santander
SA
4.75%,
11/12/2026
(e),(f),(g)
10,400‌
8,869‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.75%
9.63%,
11/21/2028
(e),(f),(g)
3,000‌
3,171‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
Bank
of
America
Corp
6.13%,
04/27/2027
(e),(f)
10,304‌
10,295‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.23%
Bank
of
Montreal
7.70%,
05/26/2084
(f),(
i
)
5,300‌
5,300‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
Bank
of
New
York
Mellon
Corp/The
3.70%,
03/20/2026
(a),(e),(f)
25,000‌
23,464‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
3.75%,
12/20/2026
(a),(e),(f)
19,600‌
17,548‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
4.63%,
09/20/2026
(e),(f)
7,300‌
6,913‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.39%
Bank
of
Nova
Scotia/The
3.63%,
10/27/2081
(f)
7,600‌
5,967‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
4.90%,
06/04/2025
(a),(e),(f)
24,000‌
23,000‌
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
$
3,395‌
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
6,285‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%
8.00%,
06/15/2024
(e),(f),(g)
2,000‌
1,995‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.67%
8.00%,
03/15/2029
(e),(f),(g)
1,200‌
1,179‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
9.63%,
12/15/2029
(e),(f),(g)
1,800‌
1,861‌
USD
SOFR
ICE
Swap
Rate
5
Year
+
5.78%
BNP
Paribas
SA
4.50%,
02/25/2030
(e),(f),(g),(h)
3,500‌
2,771‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%
4.63%,
02/25/2031
(e),(f),(g),(h)
7,000‌
5,603‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.34%
6.63%,
03/25/2024
(e),(f),(g)
800‌
800‌
USD
SOFR
Spread-Adj.
ICE
Swap
Rate
5
Year
+
4.15%
7.38%,
08/19/2025
(e),(f),(g),(h)
6,303‌
6,311‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
8.50%,
08/14/2028
(e),(f),(g),(h)
2,000‌
2,062‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.35%
9.25%,
11/17/2027
(e),(f),(g)
1,400‌
1,488‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
Citigroup
Inc
3.88%,
02/18/2026
(e),(f)
22,661‌
21,287‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%
4.00%,
12/10/2025
(e),(f)
12,000‌
11,357‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%
6.25%,
08/15/2026
(a),(e),(f)
1,239‌
1,234‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.78%
7.38%,
05/15/2028
(a),(e),(f)
3,600‌
3,681‌
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
3,343‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.65%,
10/06/2025
(a),(e),(f)
8,000‌
7,749‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
Corestates
Capital
III
6.14%,
02/15/2027
(h)
7,771‌
7,539‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.83%
Credit
Agricole
SA
8.13%,
12/23/2025
(e),(f),(g),(h)
8,232‌
8,394‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
Danske
Bank
A/S
6.13%,
03/28/2024
(e),(f),(g)
6,600‌
6,600‌
USD
Swap
Semi-Annual
7
Year
+
3.90%
7.00%,
06/26/2025
(e),(f),(g)
4,400‌
4,334‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.13%
Schedule
of
Investments
Capital
Securities
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
11
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Fifth
Third
Bancorp
4.50%,
09/30/2025
(e),(f)
$
2,200‌
$
2,090‌
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)
7,100‌
6,426‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
3.80%,
05/10/2026
(e),(f)
444‌
408‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
4.95%,
02/10/2025
(e),(f)
1,000‌
979‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.50%,
08/10/2024
(e),(f)
3,500‌
3,458‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.62%
7.50%,
02/10/2029
(a),(e),(f)
1,000‌
1,052‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%
HSBC
Capital
Funding
Dollar
1
LP
10.18%,
06/30/2030
(e),(f),(h)
1,700‌
2,131‌
3
Month
USD
LIBOR
+
4.98%
10.18%,
06/30/2030
(e),(f)
7,300‌
9,149‌
3
Month
USD
LIBOR
+
4.98%
HSBC
Holdings
PLC
6.00%,
05/22/2027
(e),(f),(g)
3,000‌
2,839‌
USD
Swap
Rate
NY
5
Year
+
3.75%
6.38%,
09/17/2024
(e),(f),(g)
1,300‌
1,289‌
USD
Swap
Rate
NY
5
Year
+
3.71%
6.50%,
03/23/2028
(e),(f),(g)
500‌
477‌
USD
Swap
Rate
NY
5
Year
+
3.61%
8.00%,
03/07/2028
(a),(e),(f),(g)
5,000‌
5,152‌
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
16,861‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%
5.63%,
07/15/2030
(a),(e),(f)
8,600‌
7,783‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%
Huntington
Capital
II
6.27%,
06/15/2028
2,400‌
2,143‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.89%
Huntington
National
Bank/The
5.50%,
05/06/2030
(f)
2,000‌
1,947‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.35%
ING
Groep
NV
5.75%,
11/16/2026
(e),(f),(g)
7,000‌
6,587‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%
6.50%,
04/16/2025
(e),(f),(g)
500‌
491‌
USD
Swap
Semi-Annual
5
Year
+
4.45%
6.75%,
04/16/2024
(e),(f),(g)
10,000‌
10,001‌
USD
Swap
Rate
NY
5
Year
+
4.20%
Intesa
Sanpaolo
SpA
7.70%,
09/17/2025
(e),(f),(g),(h)
7,000‌
6,921‌
USD
Swap
Semi-Annual
5
Year
+
5.46%
JPMorgan
Chase
&
Co
3.65%,
06/01/2026
(a),(e),(f)
21,993‌
20,452‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
KeyCorp
5.00%,
09/15/2026
(a),(e),(f)
$
3,775‌
$
3,216‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.87%
KeyCorp
Capital
I
6.33%,
07/01/2028
1,500‌
1,334‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.00%
KeyCorp
Capital
III
7.75%,
07/15/2029
2,700‌
2,649‌
Lloyds
Banking
Group
PLC
7.50%,
06/27/2024
(e),(f),(g)
4,300‌
4,294‌
USD
Swap
Semi-Annual
5
Year
+
4.76%
7.50%,
09/27/2025
(e),(f),(g)
15,850‌
15,612‌
USD
Swap
Rate
NY
5
Year
+
4.50%
7.95%,
11/15/2033
(f)
1,800‌
2,002‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.75%
8.00%,
09/27/2029
(e),(f),(g)
2,000‌
1,969‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.91%
M&T
Bank
Corp
3.50%,
09/01/2026
(e),(f)
8,000‌
6,000‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
5.13%,
11/01/2026
(e),(f)
4,000‌
3,495‌
3
Month
USD
LIBOR
+
3.52%
9.18%,
05/15/2024
(a),(e)
1,300‌
1,305‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.87%
NatWest
Group
PLC
4.60%,
06/28/2031
(e),(f),(g)
10,000‌
7,506‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
6.00%,
12/29/2025
(e),(f),(g)
8,000‌
7,768‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.63%
8.00%,
08/10/2025
(e),(f),(g)
8,000‌
8,085‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
Nordea
Bank
Abp
6.13%,
09/23/2024
(e),(f),(g),(h)
4,300‌
4,267‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.63%,
03/26/2026
(e),(f),(g),(h)
15,600‌
15,343‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
PNC
Capital
Trust
C
6.21%,
06/01/2028
3,000‌
2,857‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.83%
PNC
Financial
Services
Group
Inc
/The
3.40%,
09/15/2026
(e),(f)
2,300‌
1,946‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
6.00%,
05/15/2027
(e),(f)
13,600‌
13,140‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
6.20%,
09/15/2027
(e),(f)
2,000‌
1,968‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%
6.25%,
03/15/2030
(e),(f)
7,500‌
7,079‌
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
3,403‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
Schedule
of
Investments
Capital
Securities
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
12
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Skandinaviska
Enskilda
Banken
AB
5.13%,
05/13/2025
(e),(f),(g)
$
5,000‌
$
4,850‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.46%
Societe
Generale
SA
8.00%,
09/29/2025
(e),(f),(g),(h)
3,500‌
3,513‌
USD
Swap
Rate
NY
5
Year
+
5.87%
10.00%,
11/14/2028
(e),(f),(g),(h)
7,000‌
7,389‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.45%
Standard
Chartered
PLC
6.00%,
07/26/2025
(e),(f),(g)
1,000‌
985‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
7.01%,
07/30/2037
(e),(f)
2,000‌
2,042‌
3
Month
USD
LIBOR
+
1.46%
7.01%,
07/30/2037
(e),(f),(h)
7,100‌
7,250‌
3
Month
USD
LIBOR
+
1.46%
State
Street
Corp
6.70%,
03/15/2029
(e),(f)
3,900‌
3,889‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
Swedbank
AB
5.63%,
09/17/2024
(e),(f),(g)
1,800‌
1,786‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.13%
Toronto-Dominion
Bank/The
8.13%,
10/31/2082
(f)
13,601‌
14,155‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%
Truist
Financial
Corp
4.80%,
09/01/2024
(e),(f)
23,120‌
21,872‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
4.95%,
09/01/2025
(e),(f)
8,100‌
7,877‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.61%
6.24%,
05/15/2027
4,500‌
4,294‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.93%
6.30%,
03/15/2028
2,000‌
1,883‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.91%
UBS
Group
AG
3.88%,
06/02/2026
(a),(e),(f),(g),(h)
10,000‌
9,039‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
4.88%,
02/12/2027
(e),(f),(g),(h)
12,000‌
10,925‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.40%
6.88%,
08/07/2025
(e),(f),(g)
19,500‌
19,256‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.59%
UniCredit
SpA
8.00%,
06/03/2024
(e),(f),(g)
10,300‌
10,299‌
USD
Swap
Semi-Annual
5
Year
+
5.18%
US
Bancorp
3.70%,
01/15/2027
(e),(f)
32,500‌
27,730‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.54%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Wells
Fargo
&
Co
3.90%,
03/15/2026
(e),(f)
$
16,700‌
$
15,714‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
7.63%,
09/15/2028
(a),(e),(f)
6,800‌
7,195‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.61%
$
642,265‌
Diversified
Financial
Services
-
10.10%
Ally
Financial
Inc
4.70%,
05/15/2026
(e),(f)
3,900‌
3,344‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%
American
Express
Co
3.55%,
09/15/2026
(e),(f)
29,789‌
26,876‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
Capital
One
Financial
Corp
3.95%,
09/01/2026
(e),(f)
11,200‌
9,855‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%
Charles
Schwab
Corp/The
4.00%,
06/01/2026
(e),(f)
26,000‌
23,948‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
5.38%,
06/01/2025
(e),(f)
13,207‌
13,024‌
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
2,211‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
Discover
Financial
Services
6.13%,
06/23/2025
(a),(e),(f)
22,300‌
22,429‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.78%
Voya
Financial
Inc
4.70%,
01/23/2048
(f)
10,800‌
9,064‌
3
Month
USD
LIBOR
+
2.08%
7.76%,
09/15/2028
(e),(f)
1,400‌
1,432‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%
$
112,183‌
Electric
-
6.98%
American
Electric
Power
Co
Inc
3.88%,
02/15/2062
(f)
7,100‌
6,316‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
Dominion
Energy
Inc
4.35%,
01/15/2027
(a),(e),(f)
9,900‌
9,235‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%
4.65%,
12/15/2024
(e),(f)
27,300‌
26,576‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%
5.75%,
10/01/2054
(f)
5,925‌
5,904‌
3
Month
USD
LIBOR
+
3.06%
Duke
Energy
Corp
3.25%,
01/15/2082
(f)
5,000‌
4,217‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.32%
4.88%,
09/16/2024
(e),(f)
17,839‌
17,666‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.39%
Schedule
of
Investments
Capital
Securities
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
13
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
NextEra
Energy
Capital
Holdings
Inc
3.80%,
03/15/2082
(f)
$
2,000‌
$
1,772‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.55%
6.70%,
09/01/2054
(f),(
i
)
2,700‌
2,693‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%
7.66%,
10/01/2066
3,341‌
3,189‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.33%
$
77,568‌
Food
-
0.58%
Dairy
Farmers
of
America
Inc
7.13%,
12/01/2026
(e),(h)
7,000‌
6,423‌
Insurance
-
12.55%
ACE
Capital
Trust
II
9.70%,
04/01/2030
2,570‌
3,017‌
Allianz
SE
3.20%,
10/30/2027
(e),(f),(g),(h)
5,000‌
3,960‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%
Allstate
Corp/The
8.51%,
08/15/2053
6,900‌
6,912‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.20%
American
International
Group
Inc
5.75%,
04/01/2048
(f)
3,580‌
3,517‌
3
Month
USD
LIBOR
+
2.87%
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
5.75%,
08/15/2050
(f)
500‌
494‌
3
Month
USD
LIBOR
+
3.59%
Argentum
Netherlands
BV
for
Zurich
Insurance
Co
Ltd
5.13%,
06/01/2048
(f)
2,000‌
1,945‌
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
4,882‌
3
Month
USD
LIBOR
+
4.92%
Corebridge
Financial
Inc
6.88%,
12/15/2052
(f)
6,600‌
6,589‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.85%
Equitable
Holdings
Inc
4.95%,
09/15/2025
(a),(e),(f)
1,448‌
1,404‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.74%
Everest
Reinsurance
Holdings
Inc
7.95%,
05/01/2067
1,100‌
947‌
3
Month
USD
LIBOR
+
2.39%
Liberty
Mutual
Group
Inc
4.13%,
12/15/2051
(f),(h)
11,500‌
10,096‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.32%
7.80%,
03/07/2087
(h)
6,100‌
6,216‌
3
Month
USD
LIBOR
+
3.58%
Liberty
Mutual
Insurance
Co
7.70%,
10/15/2097
(h)
1,100‌
1,268‌
MetLife
Capital
Trust
IV
7.88%,
12/15/2067
(h)
2,200‌
2,355‌
MetLife
Inc
3.85%,
09/15/2025
(a),(e),(f)
7,200‌
6,881‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
6.40%,
12/15/2066
700‌
711‌
9.25%,
04/08/2068
(h)
10,372‌
11,831‌
3
Month
USD
LIBOR
+
5.54%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
MetLife
Inc  
(continued)
10.75%,
08/01/2069
$
4,300‌
$
5,778‌
3
Month
USD
LIBOR
+
7.55%
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
5.88%,
05/23/2042
(f),(h)
3,600‌
3,629‌
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
3,796‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
2.90%,
09/16/2051
(f),(h)
10,500‌
8,637‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
5.10%,
10/16/2044
(f)
785‌
779‌
USD
Swap
Rate
NY
5
Year
+
3.65%
Prudential
Financial
Inc
3.70%,
10/01/2050
(a),(f)
9,500‌
8,298‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
Sumitomo
Life
Insurance
Co
3.38%,
04/15/2081
(a),(f),(h)
5,000‌
4,273‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.75%
Zurich
Finance
Ireland
Designated
Activity
Co
3.00%,
04/19/2051
(f)
31,200‌
25,281‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.78%
3.50%,
05/02/2052
(f)
7,200‌
5,912‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.79%
$
139,408‌
Oil
&
Gas
-
1.10%
BP
Capital
Markets
PLC
4.38%,
06/22/2025
(e),(f)
9,500‌
9,361‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.04%
4.88%,
03/22/2030
(a),(e),(f)
3,000‌
2,831‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.40%
$
12,192‌
Pipelines
-
4.90%
Enbridge
Inc
5.75%,
07/15/2080
(f)
5,000‌
4,663‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
01/15/2077
(f)
4,200‌
4,081‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.15%
6.25%,
03/01/2078
(f)
11,000‌
10,499‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.90%
7.63%,
01/15/2083
(f)
2,000‌
2,025‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.42%
8.50%,
01/15/2084
(f)
600‌
640‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.43%
Enterprise
Products
Operating
LLC
5.25%,
08/16/2077
(f)
9,881‌
9,373‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.29%
5.38%,
02/15/2078
(f)
1,300‌
1,202‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.83%
Schedule
of
Investments
Capital
Securities
Fund
February
29,
2024
(unaudited)
See
accompanying
notes.
14
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Transcanada
Trust
5.50%,
09/15/2079
(a),(f)
$
12,500‌
$
11,177‌
Secured
Overnight
Financing
Rate
+
4.42%
5.60%,
03/07/2082
(f)
7,300‌
6,388‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.99%
5.63%,
05/20/2075
(f)
600‌
581‌
3
Month
USD
LIBOR
+
3.53%
5.88%,
08/15/2076
(f)
4,000‌
3,836‌
3
Month
USD
LIBOR
+
4.64%
$
54,465‌
REITs
-
0.71%
Scentre
Group
Trust
2
4.75%,
09/24/2080
(f),(h)
4,000‌
3,804‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
5.13%,
09/24/2080
(f),(h)
4,500‌
4,118‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.69%
$
7,922‌
Sovereign
-
0.85%
CoBank
ACB
4.25%,
01/01/2027
(e),(f)
2,000‌
1,622‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.05%
6.25%,
10/01/2026
(e),(f)
1,000‌
975‌
3
Month
USD
LIBOR
+
4.66%
6.45%,
10/01/2027
(e),(f)
5,000‌
4,925‌
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
1,852‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.42%
$
9,374‌
Telecommunications
-
1.38%
Vodafone
Group
PLC
3.25%,
06/04/2081
(f)
8,000‌
7,425‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%
4.13%,
06/04/2081
(f)
9,250‌
7,900‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%
$
15,325‌
Transportation
-
0.48%
BNSF
Funding
Trust
I
6.61%,
12/15/2055
(f)
5,400‌
5,353‌
3
Month
USD
LIBOR
+
2.35%
TOTAL
BONDS
$
1,082,478‌
Total
Investments
$
1,138,347‌
Other
Assets
and
Liabilities
-  (2.47)%
(27,420‌)
TOTAL
NET
ASSETS
-
100.00%
$
1,110,927‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$35,167
or
3.17%
of
net
assets.
(b)
1-day
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
$36,615
or
3.30%
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
$254,979
or
22.95%
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
$175,835
or
15.83%
of
net
assets.
(
i
)
Security
purchased
on
a
when-issued
basis.
Portfolio
Summary
Sector
Percent
Financial
81.34‌%
Utilities
6.98‌%
Energy
6.00‌%
Money
Market
Funds
4.64‌%
Communications
1.38‌%
Government
0.94‌%
Consumer,
Non-cyclical
0.58‌%
Industrial
0.48‌%
Exchange-Traded
Funds
0.13‌%
Other
Assets
and
Liabilities
(2.47‌)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2023
Purchases
Sales
February
29,
2024
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
5.23%
$
13,752‌
$
308,298‌
$
284,441‌
$
37,609‌
$
13,752‌
$
308,298‌
$
284,441‌
$
37,609‌
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
5.23%
$
316‌
$
—‌
$
—‌
$
—‌
$
316‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
le
nding
collateral.
Glossary
to
the
Schedule
of
Investments
February
29,
2024
(unaudited)
See
accompanying
notes.
15
Currency
Abbreviations
USD/$
United
States
Dollar
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
17
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
2024(b)
$
8
.63‌
$
0
.24‌
$
0
.48‌
$
0
.72‌
(
$
0
.28‌
)
(
$
0
.28‌
)
$
9
.07‌
2023
9
.20‌
0
.47‌
(
0
.53‌
)
(
0
.06‌
)
(
0
.51‌
)
(
0
.51‌
)
8
.63‌
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
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
See
accompanying
notes.
18
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
.55‌
%
(c)
$
1,110,927‌
0
.00‌
%
(d)
,(e)
5
.47‌
%
(d)
19
.8‌
%
(d)
(
0
.52‌
)
1,041,534‌
0
.00‌
(e)
5
.34‌
14
.7‌
(
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
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
29,
2024.
(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
29,
2024
(unaudited)
19
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,
2023
to
February
29,
2024
),
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,
2023
Ending
Account
Value
February
29,
2024
Expenses
Paid
During Period
September
1,
2023 to
February
29,
2024
(a)
Beginning
Account
Value
September
1,
2023
Ending
Account
Value
February
29,
2024 
Expenses
Paid
During Period
September
1,
2023 to
February
29,
2024
(a)
Annualized
Expense
Ratio
Capital
Securities
Fund
Class
S
$
1,000.00‌
$
1,085.49‌
$
0.00‌
$
1,000.00‌
$
1,024.86‌
$
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
182/366
(to
reflect
the
one-half
year
period).
20
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
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
Craig
Damos
Lead
Independent
Board
Member
since
2020
Board
Member
since
2008
Member,
Audit
Committee
Member,
Nominating
and
Governance
Committee
Member,
Executive
Committee
1954
President,
C.P.
Damos
Consulting
LLC
(consulting
services)
126
None
Katharin
S.
Dyer
Board
Member
since
2023
Member,
Operations
Committee
Member,
15(c)
Committee
1957
Founder
and
Chief
Executive
Officer,
PivotWise
(consulting
services)
126
Liquidity
Services,
Inc.
(2020-present)
Frances
P.
Grieb
Board
Member
since
2023
Member,
Audit
Committee
1960
Retired
126
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
126
MAM
USA
(2011-present)
Victor
L
Hymes
Board
Member
since
2020
Chair,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1957
Founder,
CEO,
CIO,
Legato
Capital
Management,
LLC
(investment
management
company)
126
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)
126
None
Karen
McMillan
Board
Member
since
2014
Member,
Operations
Committee
Chair,
15(c)
Committee
Member,
Nominating
and
Governance
Committee
1961
Founder/Owner,
Tyche
Consulting
LLC
(consulting
services)
Managing
Director,
Patomak
Global
Partners,
LLC
(financial
services
consulting)
from
2014-2021
126
None
21
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
126
SpartanNash
(2000-2022)
Thomas
A.
Swank
Board
Member
since
2024
Member,
Operations
Committee
1960
Chief
Executive
Officer
and
President,
Wellabe
(formerly,
American
Enterprise
Group,
Inc.)
(life
and
health
insurance)
from
2015-2023
126
Wellabe
(formerly,
American
Enterprise
Group,
Inc.)
2015-present
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
Kamal
Bhatia
Principal
Financial
Group*
126
None
Chair
and
Board
Member
since
2023
Chair,
Executive
Committee
Chief
Executive
Officer
and
President
1972
President
and
Chief
Executive
Officer
–
Principal
Asset
Management
~
SM
since
2024
Senior
Executive
Managing
Director
–
Global
Head
of
Investments
–
Principal
Asset
Management
~
SM
(2023)
Senior
Executive
Director
and
Chief
Operating
Officer
–
Principal
Asset
Management
~
SM
(2019-
2023)
President
–
Principal
Funds
(2019-2020)
OppenheimerFunds
Senior
Vice
President
(2011-2019)
Kenneth
A.
McCullum
Principal
Financial
Group*
126
None
Board
Member
since
2023
Member,
Executive
Committee
1964
Executive
Vice
President
and
Chief
Risk
Officer
since
2023
Senior
Vice
President
and
Chief
Risk
Officer
(2020-
2023)
Vice
President
and
Chief
Actuary
(2015-2020)
22
FUND
COMPLEX
OFFICERS
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
George
Djurasovic
Principal
Financial
Group*
Vice
President
and
General
Counsel
Des
Moines,
IA
50392
1971
Vice
President
and
General
Counsel
–
Principal
Asset
Management
~
SM
since
2022
Artisan
Partners
Limited
Partnership
Global
Chief
Compliance
Officer
(2013-2022)
Calvin
Eib
Principal
Financial
Group*
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1963
Counsel
(2021)
Transamerica
Tax
Counsel
(2016-2021)
Beth
Graff
Principal
Financial
Group*
Vice
President
and
Assistant
Controller
Des
Moines,
IA
50392
1968
Senior
Director
–
Fund
Accounting
since
2024
Director
–
Fund
Accounting
(2016-2024)
Gina
L.
Graham
Principal
Financial
Group*
Treasurer
Des
Moines,
IA
50392
1965
Vice
President
and
Treasurer
since
2016
Megan
Hoffmann
Principal
Financial
Group*
Vice
President
and
Controller
Des
Moines,
IA
50392
1979
Senior
Director
–
Fund
Administration
since
2024
Director
–
Accounting
(2020-2024)
Assistant
Director
–
Accounting
(2017-2020)
Laura
B.
Latham
Principal
Financial
Group*
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1986
Assistant
Counsel
and
Assistant
Secretary–
Fund
Complex
(2018-2023)
Counsel
since
2018
Diane
K.
Nelson
Principal
Financial
Group*
AML
Officer
Des
Moines,
IA
50392
1965
Director–
Compliance
since
2024
Chief
Compliance
Officer/AML
Officer
(2015-2024)
Tara
Parks
Principal
Financial
Group*
Vice
President
and
Assistant
Controller
Des
Moines,
IA
50392
1983
Senior
Director
–
Fund
Tax
2024
Director
–
Accounting
(2019–2024)
ALPS
Fund
Services
Tax
Manager
(2011-2019)
Deanna
Y.
Pellack
Principal
Financial
Group*
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1987
Assistant
Counsel
and
Assistant
Secretary
–
Fund
Complex
(2022-2023)
Counsel
since
2022
The
Northern
Trust
Company
Vice
President
(2019-2022)
Second
Vice
President
(2014-2019)
Sara
L.
Reece
Principal
Financial
Group*
Vice
President
and
Chief
Operating
Officer
Des
Moines,
IA
50392
1975
Vice
President
and
Controller
–
Fund
Complex
(2016-2021)
Managing
Director
–
Global
Funds
Ops
since
2021
Director
-
Accounting
(2015-2021)
23
*
The
reference
to
Principal
Financial
Group
includes
positions
held
by
the
Interested
Board
Member
/
Fund
Complex
Officer,
including
as
an
officer,
employee,
and/or
director,
with
affiliates
or
subsidiaries
of
Principal
Financial
Group.
The
titles
set
forth
here
are
each
Interested
Board
Member's
/
Fund
Complex
Officer’s
title
with
Principal
Workforce,
LLC.
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
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Teri
R.
Root
Principal
Financial
Group*
Chief
Compliance
Officer
Des
Moines,
IA
50392
1979
Chief
Compliance
Officer
–
Funds
since
2018
Vice
President
since
2015
Michael
Scholten
Principal
Financial
Group*
Chief
Financial
Officer
Des
Moines,
IA
50392
1979
Assistant
Vice
President
and
Actuary
since
2021
Chief
Financial
Officer
–
Funds/Platforms
(2015-
2021)
Adam
U.
Shaikh
Principal
Financial
Group*
Vice
President
and
Assistant
General
Counsel,
and
Assistant
Secretary
Des
Moines,
IA
50392
1972
Assistant
Counsel
–
Fund
Complex
(2006-2023)
Assistant
General
Counsel
since
2018
John
L.
Sullivan
Principal
Financial
Group*
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1970
Assistant
Counsel
and
Assistant
Secretary
–
Fund
Complex
(2019-2023)
Assistant
General
Counsel
since
2023
Counsel
(2019
–
2023)
Dan
L.
Westholm
Principal
Financial
Group*
Assistant
Treasurer
Des
Moines,
IA
50392
1966
Assistant
Vice
President-Treasury
since
2013
Beth
C.
Wilson
Principal
Financial
Group*
Vice
President
and
Secretary
Des
Moines,
IA
50392
1956
Director
and
Secretary
–
Funds
since
2007
Jared
A.
Yepsen
Principal
Financial
Group*
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1981
Assistant
General
Counsel
since
2023
Counsel
(2015
–
2023)
24
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
1,
2023
(and
as
supplemented).
These
documents
may
be
obtained
free
of
charge
by
writing
Principal
Funds,
Inc.,
P.O.
Box
219971,
Kansas
City,
MO
64121-
9971
or
telephoning
1-800-222-5852.
The
prospectus
may
be
viewed
at
www.PrincipalAM.com.
25
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.
26
BOARD
CONSIDERATION
OF
INVESTMENT
ADVISORY
CONTRACTS
During
the
period
covered
by
this
report,
the
Board
of
Directors
of
Principal
Funds,
Inc.
(“PFI”)
approved
(1)
the
annual
review
and
renewal
of
the
Management
Agreement
and
various
sub-advisory
agreements
for
all
Funds,
and
(2)
a
sub-advisory
agreement
between
PGI
and
Los
Angeles
Capital
Management
LLC
for
the
Global
Multi-Strategy
Fund.
At
its
September
13,
2023
meeting,
the
Board
performed
its
annual
review
and
renewal
process
relating
to
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
all
Funds.
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”)
requires
the
Board,
including
a
majority
of
the
Directors
who
have
no
direct
or
indirect
interest
in
the
investment
advisory
agreements
and
who
are
not
“interested
persons”
of
PFI,
as
defined
in
the
1940
Act
(the
“Board”),
annually
to
review
and
to
consider
the
continuation
of:
(1)
the
Management
Agreement
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
PFI,
on
behalf
of
each
of
the
thirteen
(13)
series
of
PFI
(each
series
is
referred
to
as
a
“Fund”)
(2)
the
Sub-Advisory
Agreements
between
the
Manager
and
each
of
BlackRock
Financial
Management,
Inc.;
BlackRock
International
Limited;
ClearBridge
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
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
Agreements
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
Agreements.
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,
2023
and
the
blended
investment
return
(50%/50%)
of
the
three-
and
five-year
periods
ended
March 31,
2023,
and
compared
those
returns
to
various
agreed-upon
performance
measures,
including,
for
all
Fund,
peer-group
data
based
upon
a
broad-based
industry
category
determined
using
Morningstar
Direct
data
(“Performance
Universe”).
For
Diversified
Real
Asset
Fund,
comparative
performance
information
was
based
upon
data
provided
by
Refinitiv.
27
For
Funds
or
Sub-Advisors
that
did
not
have
a
five-year
performance
history,
the
Board
reviewed
performance
information
for
a
three-year
period
ended
March 31,
2023,
if
available.
For
Funds
or
Sub-Advisors
that
did
not
have
a
three-year
performance
history,
the
Board
reviewed
performance
information
for
a
one-year
period
ended
March 31,
2023,
if
available.
The
Board
also
compared
each
Fund’s
investment
performance
over
the
one-,
three-
and
five-year
periods
ended
March 31,
2023,
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
or
affiliated
portfolio
management
teams
for
multi-manager
Funds,
that
had
not
attained,
during
the
relevant
period(s),
a
level
of
investment
performance
considered
satisfactory
by
the
Board.
For
such
Funds,
the
Board
also
considered
other
factors,
such
as
the
longer-term
performance
of
each
such
Fund,
Sub-Advisor
or
portfolio
management
team,
remedial
efforts
being
undertaken
to
improve
performance
and/or
the
Manager’s
explanation
for
the
performance
of
such
Fund,
Sub-Advisor
or
portfolio
management
team.
The
Board
considered
the
Manager’s
due
diligence
process
for
evaluating
the
performance
of
all
Funds,
all
Sub-Advisors
and
all
affiliated
portfolio
management
teams,
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
or
affiliated
portfolio
management
teams
at
the
appropriate
time,
if
necessary,
subject
to
Board
oversight.
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
Fund,
except
for
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”).
For
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,
indirect
benefits,
and
expense
caps
and
fee
waivers.
The
Board
considered
the
impact
of
changes
in
sub-advisory
fee
rates
put
into
effect
since
September 2022.
The
Board
considered
that
certain
Funds
with
similar
investment
strategies
and
policies
have
different
management
fee
schedules
and
noted
the
reasons
cited
by
the
Manager
for
the
differing
fee
rates.
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
and
the
risks
involved
in
sponsoring
the
Funds
and
the
services
provided
to
and
the
risks
involved
in
sponsoring
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’
review
of
certain
other
Funds.
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.
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
the
third
quartile
(both
were
at
the
92nd
percentile)
in
the
Expense
Group.
The
Board
also
noted
that
the
Fund’s
performance
was
in
the
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
explanation
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.
The
Board
also
considered
the
expense
caps
and
fee
waivers
that
would
be
in
place
with
respect
to
certain
Funds
and
share
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
28
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
Global
Multi-Strategy
Fund,
Opportunistic
Municipal
Bond
Fund,
Diversified
Real
Asset
Fund,
Edge
MidCap
Fund,
and
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
and
considered
this
fee
reduction
in
concluding
that
the
Management
Agreement,
as
amended,
should
be
renewed.
Profitability
The
Board
reviewed
detailed
information
regarding
revenues
the
Manager
received
under
the
Management
Agreements
and
the
estimated
direct
and
indirect
costs
incurred
in
providing
to
each
Fund
the
services
described
in
the
applicable
Management
Agreements
for
the
year
ended
December 31,
2022.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,
2022.
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
analysis
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
savings
passed
along
to
the
Funds
as
a
result
of
certain
expense
caps
and
fee
waivers.
The
Board
also
considered
whether
the
effective
management
fee
rate
for
each
Fund
under
the
applicable
Management
Agreement
is
reasonable
in
relation
to
the
asset
size
of
such
Fund.
The
Board
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
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
the
incidental
benefits
received
by
the
Manager
and
its
affiliates
were
appropriate.
Sub-Advisory
Agreements
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
each
Sub-Advisory
Agreement.
The
Board
considered
the
reputation,
qualifications
and
background
of
the
Sub-Advisor,
the
investment
approach
of
the
Sub-Advisor,
the
experience
and
skills
of
investment
personnel
responsible
for
the
day-to-day
management
of
each
Fund
and
the
resources
made
available
to
such
personnel.
The
Board
also
considered
the
Sub-Advisors’
compliance
with
investment
policies
and
general
legal
compliance.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Sub-Advisors
to
the
sub-advised
Funds
under
the
Sub-Advisory
Agreements
were
satisfactory.
Investment
Performance
As
to
each
sub-advised
Fund,
the
Manager
recommended
the
renewal
of
each
Sub-Advisory
Agreement.
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
undertaken
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.
29
Fees,
Economies
of
Scale
and
Profitability
For
each
sub-advised
Fund,
the
Board
considered
the
sub-advisory
fee
rate(s),
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,
other
than
as
noted
below,
the
Board
received
certain
information
from
Broadridge
comparing
each
such
Fund’s
sub-advisory
fee
rate(s)
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,
taking
into
account
the
changes
in
the
sub-advisory
fee
schedules
noted
above,
as
applicable,
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.
Approval
of
Sub-Advisory
Agreement
for
Global
Multi-Strategy
Fund
On
December 12,
2023,
the
Board
met
to
consider
for
Global
Multi-Strategy
Fund
(the
“Fund”)
the
approval
of
a
new
sub-advisory
agreement
(the
“New
Sub-Advisory
Agreement”)
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
Los
Angeles
Capital
Management
LLC
(the
“Sub-Advisor”)
with
respect
to
the
Fund.
The
New
Sub-Advisory
Agreement
was
proposed
in
light
of
an
anticipated
change
in
control
transaction
with
respect
to
the
Sub-Advisor
that
is
expected
to
be
effective
on
or
about
January
1,
2024.
This
transaction,
if
completed,
would
result
in
the
“assignment”
(as
defined
in
the
Investment
Company
Act
of
1940)
of
the
current
sub-advisory
agreement
between
the
Manager
and
the
Sub-Advisor
(the
“Current
Sub-Advisory
Agreement”),
causing
the
Current
Sub-Advisory
Agreement
to
terminate
automatically.
The
Manager
proposed
that
the
Board
approve
the
New
Sub-Advisory
Agreement
to
take
effect
upon
the
termination
of
the
Current
Sub-Advisory
Agreement
in
order
to
allow
the
Sub-Advisor
to
continue
to
provide
portfolio
management
services
to
the
Fund
following
the
change
in
control.
The
Board
reviewed
materials
received
from
the
Manager
regarding
the
proposed
change
in
control
transaction.
The
Board
considered
that
they
had
last
approved
the
annual
renewal
of
the
Current
Sub-Advisory
Agreement
for
the
Fund
during
the
annual
contract
renewal
process
that
concluded
at
the
Board
of
Directors’
September
2023
meeting.
They
noted
that
during
the
annual
contract
renewal
process,
they
had
considered
the
nature,
quality
and
extent
of
the
services
provided
by
the
Sub-Advisor
under
the
Current
Sub-Advisory
Agreement
and
had
concluded,
based
upon
the
information
provided,
that
the
terms
of
the
Current
Sub-Advisory
Agreement
were
reasonable
and
that
approval
of
the
Current
Sub-
Advisory
Agreement
was
in
the
best
interests
of
the
Fund.
The
Board
considered
the
Manager’s
statements
that
there
were
no
anticipated
changes
to
the
portfolio
management
team,
investment
philosophy
or
process
at
the
Sub-Advisor
and
that
the
change
in
ownership
was
not
expected
to
impact
the
nature,
quality
or
extent
of
services
that
the
Sub-Advisor
provides
to
the
Fund.
The
Board
also
noted
the
Manager’s
statement
that
the
New
Sub-Advisory
Agreement
for
the
Fund
would
be
identical
to
the
Current
Sub-Advisory
Agreement
in
all
material
respects
(including
the
sub-advisory
fee
schedule).
Based
upon
all
of
the
information
considered,
the
Board
concluded
that
it
was
in
the
best
interests
of
the
Fund
to
approve
the
New
Sub-Advisory
Agreement
to
take
effect
following
the
change
in
control
of
the
Sub-Advisor.
Principal
Funds
Distributor,
Inc.
711
High
Street
Des
Moines,
IA
50392-6370
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not
use
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for
the
shareholders
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This
material
is
not
authorized
for
distribution
unless
preceded
or
accompanied
by
a
current
prospectus
or
a
summary
prospectus
that
includes
more
information
regarding
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factors,
expenses,
policies,
and
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Investors
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carefully
before
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prospectus,
please
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Funds
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Inc.
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Financial
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and
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are
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Financial
Services,
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around
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©
2024
Principal
Financial
Services,
Inc.
|
FV908-09
|
04/2024
|
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 18 – RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

 
(a) Not applicable.
 
(b)
Not applicable.
 
ITEM 19 – 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 (Principal Executive Officer)
 
Date
04/22/2024
 
 
 
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 (Principal Executive Officer)
 
Date
04/22/2024
 
 
 
By
/s/ Michael Scholten
 
            Michael Scholten, Chief Financial Officer (Principal Financial Officer)
 
Date
04/22/2024

 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

cert99.htm

cert906.htm