Schedule
of
Investments
California
Municipal
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
1
INVESTMENT
COMPANIES
-
0
.01
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.01
%
Invesco
California
AMT-Free
Municipal
Bond
ETF
500‌
$
12‌
iShares
California
Muni
Bond
ETF
702‌
40‌
$
52‌
TOTAL
INVESTMENT
COMPANIES
$
52‌
COMMON
STOCKS
-
0
.01
%
Shares
Held
Value
(000's)
Transportation
-
0
.01
%
BL
Train
Holdings
West
LLC
-
Warrants
(a),(b)
72,088‌
$
36‌
TOTAL
COMMON
STOCKS
$
36‌
MUNICIPAL
BONDS
-
103
.35
%
Principal
Amount
(000's)
Value
(000's)
California
-
97
.97
%
Alameda
Community
Improvement
Commission
Successor
Agency
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
09/01/2031
(c)
$
1,000‌
$
1,003‌
Alameda
Corridor
Transportation
Authority
0.00%,
10/01/2047
(a)
1,750‌
1,041‌
5.00%,
10/01/2035
5,270‌
5,281‌
Alameda
Corridor
Transportation
Authority
(credit
support
from
Assured
Guaranty
)
5.00%,
10/01/2043
(c)
1,000‌
1,068‌
Alameda
Unified
School
District-Alameda
County/
CA
5.00%,
08/01/2032
1,795‌
1,795‌
Bay
Area
Toll
Authority
2.70%,
04/01/2059
(d)
200‌
200‌
5.00%,
04/01/2042
1,000‌
1,076‌
5.00%,
04/01/2043
1,000‌
1,072‌
Beverly
Hills
Unified
School
District
CA
3.00%,
08/01/2044
2,230‌
1,817‌
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
5.25%,
07/01/2040
1,435‌
1,540‌
California
Community
Choice
Financing
Authority
5.00%,
07/01/2035
1,500‌
1,621‌
5.00%,
02/01/2054
(d)
5,000‌
5,207‌
5.00%,
02/01/2055
(d)
5,000‌
5,234‌
5.00%,
02/01/2055
(d)
5,000‌
5,225‌
5.00%,
04/01/2056
(d)
3,500‌
3,668‌
California
County
Tobacco
Securitization
Agency
4.00%,
06/01/2049
2,630‌
2,327‌
California
Educational
Facilities
Authority
5.00%,
10/01/2036
1,000‌
1,001‌
5.00%,
06/01/2043
5,645‌
6,507‌
5.00%,
05/01/2045
9,550‌
10,951‌
5.00%,
05/01/2049
2,000‌
2,232‌
5.00%,
04/01/2051
10,100‌
11,206‌
5.00%,
03/01/2055
(d)
1,800‌
2,068‌
5.25%,
04/01/2040
2,960‌
3,502‌
California
Enterprise
Development
Authority
5.25%,
11/01/2049
5,000‌
5,284‌
California
Health
Facilities
Financing
Authority
5.00%,
08/15/2031
2,700‌
2,704‌
5.00%,
12/01/2035
1,500‌
1,654‌
5.00%,
06/01/2041
(d)
10,000‌
10,605‌
5.00%,
11/01/2047
5,900‌
6,373‌
5.00%,
11/15/2048
2,785‌
2,817‌
5.25%,
12/01/2044
6,205‌
6,477‌
California
Housing
Finance
Agency
3.50%,
11/20/2035
7,690‌
7,331‌
4.25%,
01/15/2035
7,407‌
7,531‌
California
Housing
Finance
Agency
(credit
support
from
Federal
Home
Loan
Mortgage
Corporation
Collateral
)
3.75%,
03/25/2035
(c)
11,806‌
11,709‌
California
Housing
Finance
Agency
(credit
support
from
Section
542(c)
Housing
Finance
Agency
Risk
Sharing
Program
)
4.75%,
08/01/2045
(c)
4,755‌
4,840‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
California
Infrastructure
&
Economic
Development
Bank
5.50%,
07/01/2056
$
8,000‌
$
8,511‌
12.00%,
01/01/2065
(d),(e)
4,155‌
2,659‌
California
Municipal
Finance
Authority
2.40%,
10/01/2044
(d)
4,000‌
3,886‌
3.54%,
02/20/2041
(d)
4,573‌
4,138‌
4.00%,
07/15/2029
8,620‌
8,666‌
4.00%,
10/01/2039
3,515‌
3,367‌
4.05%,
07/20/2041
2,118‌
1,999‌
4.38%,
09/01/2053
(d)
1,700‌
1,758‌
5.00%,
05/15/2033
1,000‌
1,032‌
5.00%,
05/15/2034
1,000‌
1,030‌
5.00%,
12/31/2034
7,550‌
7,711‌
5.00%,
11/01/2035
(e)
1,750‌
1,815‌
5.00%,
12/31/2036
8,000‌
8,142‌
5.00%,
04/01/2054
3,480‌
3,483‌
5.25%,
11/01/2036
2,100‌
2,102‌
5.25%,
09/01/2055
1,500‌
1,507‌
5.38%,
11/01/2045
(e)
3,245‌
3,293‌
5.50%,
09/01/2056
2,435‌
2,598‌
5.50%,
09/01/2060
1,500‌
1,592‌
California
Municipal
Finance
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
05/15/2043
(c)
600‌
610‌
5.00%,
05/15/2044
(c)
5,000‌
5,081‌
California
Municipal
Finance
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
-
Transfer
Custodial
Receipt
)
5.00%,
05/15/2031
(c)
10,000‌
10,390‌
California
Municipal
Finance
Authority
(credit
support
from
Fannie
Mae
Collateral
)
4.45%,
12/01/2042
(c)
6,465‌
6,450‌
California
Pollution
Control
Financing
Authority
2.85%,
03/01/2042
(d)
300‌
300‌
4.25%,
12/01/2027
(d)
1,200‌
1,214‌
5.00%,
07/01/2029
(e)
750‌
772‌
5.00%,
07/01/2029
(e)
1,000‌
1,043‌
5.00%,
07/01/2030
(e)
2,000‌
2,005‌
5.00%,
07/01/2030
(e)
565‌
595‌
5.00%,
07/01/2031
(e)
1,000‌
1,061‌
5.00%,
07/01/2037
(e)
12,500‌
12,501‌
5.00%,
07/01/2039
(e)
8,500‌
8,655‌
5.00%,
11/21/2045
(e)
2,500‌
2,540‌
California
Public
Finance
Authority
4.00%,
08/01/2047
1,325‌
1,206‌
5.10%,
04/01/2066
(d),(e)
3,500‌
3,503‌
6.50%,
06/01/2054
(e)
17,120‌
16,463‌
California
School
Finance
Authority
5.00%,
07/01/2035
(e)
1,775‌
1,776‌
5.00%,
08/01/2038
(e)
1,000‌
1,003‌
California
State
University
5.00%,
11/01/2037
2,000‌
2,025‌
California
Statewide
Communities
Development
Authority
3.00%,
06/01/2029
(e)
350‌
340‌
5.00%,
11/01/2032
(e)
1,135‌
1,139‌
5.00%,
06/01/2034
(e)
375‌
381‌
5.00%,
09/02/2034
950‌
972‌
5.00%,
12/01/2036
(e)
7,000‌
7,003‌
5.00%,
09/02/2038
3,000‌
3,050‌
5.00%,
06/01/2039
(e)
475‌
477‌
5.00%,
09/02/2039
900‌
922‌
5.00%,
09/02/2039
945‌
964‌
5.00%,
05/15/2040
3,500‌
3,502‌
5.00%,
09/02/2040
1,000‌
1,020‌
5.00%,
12/01/2041
(e)
4,140‌
4,141‌
Schedule
of
Investments
California
Municipal
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
2
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
California
Statewide
Communities
Development
Authority  
(continued)
5.00%,
09/02/2044
$
1,350‌
$
1,344‌
5.00%,
09/02/2048
940‌
943‌
5.00%,
06/01/2051
(e)
1,950‌
1,862‌
5.25%,
12/01/2034
3,500‌
3,502‌
5.25%,
12/01/2038
(e)
1,000‌
1,018‌
5.25%,
12/01/2043
(e)
3,825‌
3,872‌
5.25%,
12/01/2044
1,370‌
1,481‌
California
Statewide
Communities
Development
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
4.00%,
05/15/2036
(c)
3,000‌
3,025‌
California
Statewide
Financing
Authority
6.00%,
05/01/2043
2,050‌
2,054‌
6.00%,
05/01/2043
1,550‌
1,578‌
Central
Valley
Energy
Authority
5.00%,
08/01/2034
5,165‌
5,400‌
Chino
Valley
Unified
School
District
5.00%,
08/01/2055
(f)
6,570‌
6,703‌
City
of
Compton
CA
Water
Revenue
6.00%,
08/01/2039
1,250‌
1,285‌
City
of
Long
Beach
CA
Airport
System
Revenue
(credit
support
from
Assured
Guaranty
)
5.25%,
06/01/2047
(c)
3,600‌
3,718‌
City
of
Los
Angeles
Department
of
Airports
3.25%,
05/15/2049
720‌
539‌
5.00%,
05/15/2028
(f)
2,760‌
2,858‌
5.00%,
05/15/2029
1,875‌
1,972‌
5.00%,
05/15/2035
835‌
916‌
5.00%,
05/15/2036
5,000‌
5,157‌
5.00%,
05/15/2037
(f)
4,225‌
4,446‌
5.00%,
05/15/2042
(f)
3,500‌
3,520‌
5.00%,
05/15/2044
(f)
4,090‌
4,144‌
5.50%,
05/15/2040
(f)
5,000‌
5,333‌
Coachella
Valley
Unified
School
District/CA
(credit
support
from
Assured
Guaranty
)
0.00%,
08/01/2039
(a),(c)
4,000‌
2,346‌
Compton
Public
Finance
Authority
4.50%,
09/01/2032
(e)
8,000‌
8,001‌
County
of
Sacramento
CA
Airport
System
Revenue
5.00%,
07/01/2037
2,000‌
2,041‌
5.25%,
07/01/2049
7,000‌
7,421‌
5.25%,
07/01/2054
3,000‌
3,152‌
East
Bay
Municipal
Utility
District
Water
System
Revenue
3.00%,
06/01/2037
10‌
9‌
Escondido
Union
High
School
District
0.00%,
08/01/2041
(a)
1,000‌
515‌
Foothill-Eastern
Transportation
Corridor
Agency
4.00%,
01/15/2046
6,360‌
5,865‌
Golden
State
Tobacco
Securitization
Corp
5.00%,
06/01/2028
5,000‌
5,100‌
5.00%,
06/01/2051
10,630‌
10,333‌
Indio
Redevelopment
Agency
Successor
Agency
5.63%,
08/15/2035
295‌
296‌
Inland
Valley
Development
Agency
5.25%,
09/01/2037
1,000‌
1,008‌
La
Verne
Public
Financing
Authority
7.25%,
09/01/2026
105‌
105‌
Long
Beach
Bond
Finance
Authority
5.00%,
11/15/2035
3,485‌
3,748‌
5.50%,
11/15/2032
1,010‌
1,109‌
Los
Angeles
County
Metropolitan
Transportation
Authority
Sales
Tax
Revenue
5.00%,
07/01/2038
1,695‌
1,824‌
5.00%,
07/01/2044
2,000‌
2,174‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
Los
Angeles
County
Public
Works
Financing
Authority
5.00%,
12/01/2033
$
2,000‌
$
2,004‌
5.50%,
12/01/2054
10,000‌
10,849‌
Los
Angeles
Department
of
Water
&
Power
5.00%,
07/01/2029
520‌
549‌
5.00%,
07/01/2042
1,000‌
1,021‌
5.00%,
07/01/2042
2,180‌
2,287‌
5.00%,
07/01/2043
(f)
5,000‌
5,173‌
Los
Angeles
Department
of
Water
&
Power
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
07/01/2037
(c)
5,000‌
5,478‌
Los
Angeles
Unified
School
District/CA
5.00%,
07/01/2033
2,000‌
2,228‌
Merced
Union
High
School
District
0.00%,
08/01/2032
(a)
3,380‌
2,757‌
Metropolitan
Water
District
of
Southern
California
5.00%,
07/01/2040
5,000‌
5,294‌
5.00%,
04/01/2054
1,000‌
1,045‌
M-S-R
Energy
Authority
6.13%,
11/01/2029
1,325‌
1,376‌
6.13%,
11/01/2029
1,580‌
1,640‌
Norco
Community
Redevelopment
Agency
Successor
Agency
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
03/01/2032
(c)
785‌
787‌
Norman
Y
Mineta
San
Jose
International
Airport
SJC
5.00%,
03/01/2047
6,000‌
6,006‌
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
2.61%,
10/01/2047
(d),(e)
200‌
200‌
Pasadena
Unified
School
District
5.25%,
08/01/2047
4,250‌
4,615‌
Port
Commission
of
the
City
&
County
of
San
Francisco
4.00%,
03/01/2035
1,000‌
997‌
Port
of
Los
Angeles
5.00%,
08/01/2033
500‌
547‌
5.00%,
08/01/2034
3,465‌
3,799‌
5.00%,
08/01/2036
500‌
540‌
Poway
Unified
School
District
0.00%,
08/01/2036
(a)
4,000‌
2,798‌
Rialto
Redevelopment
Agency
5.00%,
09/01/2037
1,000‌
1,032‌
Richmond
Joint
Powers
Financing
Authority
(credit
support
from
Assured
Guaranty
)
5.00%,
11/01/2037
(c)
3,660‌
3,823‌
Riverside
County
Transportation
Commission
4.00%,
06/01/2037
1,875‌
1,907‌
4.00%,
06/01/2046
3,460‌
3,252‌
Sacramento
Area
Flood
Control
Agency
5.00%,
10/01/2042
6,000‌
6,623‌
Sacramento
City
Unified
School
District/CA
(credit
support
from
Assured
Guaranty
)
5.00%,
08/01/2054
(c)
8,000‌
8,062‌
Sacramento
Municipal
Utility
District
5.00%,
11/15/2054
1,000‌
1,051‌
San
Diego
Association
of
Governments
South
Bay
Expressway
Revenue
5.00%,
07/01/2036
1,500‌
1,522‌
5.00%,
07/01/2037
2,300‌
2,332‌
San
Diego
County
Regional
Airport
Authority
4.00%,
07/01/2038
10,815‌
10,882‌
5.00%,
07/01/2039
2,000‌
2,077‌
5.00%,
07/01/2042
1,345‌
1,354‌
5.25%,
07/01/2042
2,745‌
2,951‌
Schedule
of
Investments
California
Municipal
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
3
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
San
Diego
Housing
Authority
Inc
(credit
support
from
Federal
Home
Loan
Mortgage
Corporation
Collateral
HUD
Section
8
)
4.20%,
06/01/2040
(c)
$
3,245‌
$
3,150‌
San
Francisco
Bay
Area
Rapid
Transit
District
Sales
Tax
Revenue
4.00%,
07/01/2039
2,075‌
2,056‌
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
5.00%,
05/01/2035
1,000‌
1,037‌
5.00%,
05/01/2036
3,000‌
3,103‌
5.25%,
05/01/2049
3,500‌
3,623‌
5.50%,
05/01/2043
4,000‌
4,293‌
5.50%,
05/01/2055
(f)
11,000‌
11,548‌
San
Joaquin
Valley
Clean
Energy
Authority
5.50%,
01/01/2056
(d)
9,050‌
9,759‌
San
Luis
Obispo
County
Financing
Authority
(credit
support
from
Assured
Guaranty
)
5.00%,
08/01/2030
(c)
1,000‌
1,001‌
San
Ramon
Valley
Fire
Protection
District
4.00%,
08/01/2050
680‌
634‌
Santa
Clara
County
Financing
Authority
4.00%,
11/01/2050
4,450‌
4,176‌
Santa
Monica-Malibu
Unified
School
District
4.00%,
08/01/2041
2,340‌
2,340‌
4.00%,
08/01/2042
2,000‌
2,011‌
5.00%,
07/01/2035
1,000‌
1,144‌
5.00%,
08/01/2054
5,000‌
5,213‌
Southern
California
Public
Power
Authority
5.00%,
11/01/2029
4,725‌
4,891‌
5.00%,
07/01/2049
1,000‌
1,022‌
5.00%,
07/01/2053
1,000‌
1,018‌
State
of
California
5.00%,
09/01/2028
5‌
5‌
5.00%,
03/01/2035
5,000‌
5,678‌
5.00%,
03/01/2038
2,000‌
2,211‌
5.00%,
09/01/2043
6,000‌
6,425‌
5.00%,
08/01/2045
8,250‌
8,894‌
State
of
California
(credit
support
from
Assured
Guaranty
)
5.25%,
08/01/2032
(c)
5,000‌
5,544‌
Tender
Option
Bond
Trust
Receipts/Certificates
2.80%,
04/01/2056
(d),(e)
2,450‌
2,450‌
2.80%,
04/01/2056
(d),(e)
200‌
200‌
2.95%,
05/01/2032
(d),(e)
200‌
200‌
2.95%,
05/01/2033
(d),(e)
3,000‌
3,000‌
Tobacco
Securitization
Authority
of
Southern
California
5.00%,
06/01/2035
1,500‌
1,585‌
5.00%,
06/01/2048
2,785‌
2,714‌
University
of
California
2.80%,
05/15/2048
(d)
190‌
190‌
5.25%,
05/15/2038
3,250‌
3,768‌
5.25%,
05/15/2040
6,580‌
7,609‌
$
659,427‌
Guam
-
1
.57
%
Guam
Government
Waterworks
Authority
5.00%,
07/01/2040
7,890‌
7,913‌
5.50%,
07/01/2044
1,545‌
1,638‌
Port
Authority
of
Guam
5.00%,
07/01/2048
1,000‌
1,004‌
$
10,555‌
Puerto
Rico
-
3
.81
%
Commonwealth
of
Puerto
Rico
0.00%,
07/01/2033
(a)
526‌
382‌
0.00%,
11/01/2043
(a),(d)
1,569‌
1,118‌
4.00%,
07/01/2037
316‌
308‌
4.00%,
07/01/2046
446‌
404‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Puerto
Rico
(continued)
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
6.50%,
01/01/2041
$
3,420‌
$
3,852‌
6.50%,
01/01/2042
3,250‌
3,619‌
6.75%,
01/01/2045
5,550‌
6,247‌
6.75%,
01/01/2045
3,250‌
3,658‌
Puerto
Rico
Sales
Tax
Financing
Corp
Sales
Tax
Revenue
4.50%,
07/01/2034
5‌
5‌
5.00%,
07/01/2058
6,296‌
6,049‌
$
25,642‌
TOTAL
MUNICIPAL
BONDS
$
695,624‌
Total
Investments
$
695,712‌
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(4.30)%
Notes
with
interest
rates
of
2.17%
-
2.95%
at
July
31,
2026
and
contractual
maturities
of
collateral
of
2027-2033.
(g)
$
(
28,930‌
)
(
28,930‌
)
Total
Net
Investments
$
666,782‌
Other
Assets
and
Liabilities
-  0.93%
6,278‌
TOTAL
NET
ASSETS
-
100.00%
$
673,060‌
(a)
Non-income
producing
security
(b)
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.
(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
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
$93,968
or
13.96%
of
net
assets.
(f)
Security
or
portion
of
underlying
security
related
to
Inverse
Floaters
entered
into
by
the
fund.
(g)
Floating
rate
securities.
The
interest
rate(s)
shown
reflect
the
rates
in
effect
at
July
31,
2026.
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
4
INVESTMENT
COMPANIES
-
1
.45
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.45
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
1,987,824‌
$
1,988‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b),(c)
141,362,487‌
141,362‌
$
143,350‌
TOTAL
INVESTMENT
COMPANIES
$
143,350‌
COMMON
STOCKS
-
0
.05
%
Shares
Held
Value
(000's)
Transportation
-
0
.05
%
Trailer
Bridge
Inc
(d),(e),(f)
178,279‌
$
4,722‌
TOTAL
COMMON
STOCKS
$
4,722‌
BONDS
-
59
.96
%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
1
.33
%
Alaska
Airlines
2020-1
Class
A
Pass
Through
Trust
4.80%,
02/15/2029
(g)
$
17,066‌
$
17,070‌
AS
Mileage
Plan
IP
Ltd
5.02%,
10/20/2029
(g)
27,523‌
27,120‌
5.31%,
10/20/2031
(g)
20,000‌
19,394‌
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.75%,
10/20/2028
(g)
18,369‌
18,338‌
United
Airlines
2019-1
Class
A
Pass
Through
Trust
4.55%,
02/25/2033
5,697‌
5,447‌
United
Airlines
2019-2
Class
AA
Pass
Through
Trust
2.70%,
11/01/2033
6,353‌
5,748‌
United
Airlines
2024-1
Class
A
Pass
Through
Trust
5.88%,
08/15/2038
39,469‌
39,068‌
$
132,185‌
Automobile
Manufacturers
-
0
.53
%
American
Honda
Finance
Corp
2.30%,
09/09/2026
7,000‌
6,986‌
4.40%,
10/05/2026
30,000‌
30,013‌
4.90%,
07/09/2027
15,000‌
15,055‌
$
52,054‌
Banks
-
9
.23
%
Bank
of
America
Corp
3.19%,
07/23/2030
(h)
8,000‌
7,623‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.44%
4.98%,
01/24/2029
(h)
29,000‌
29,110‌
Secured
Overnight
Financing
Rate
+
0.83%
5.05%,
02/06/2037
(h)
30,000‌
28,889‌
Secured
Overnight
Financing
Rate
+
1.13%
5.74%,
02/12/2036
(h)
28,000‌
28,018‌
Secured
Overnight
Financing
Rate
+
1.70%
Bank
of
New
York
Mellon
Corp/The
1.65%,
01/28/2031
10,000‌
8,771‌
4.03%,
01/22/2030
(h)
18,000‌
17,701‌
Secured
Overnight
Financing
Rate
+
0.63%
4.54%,
04/23/2032
(h)
14,750‌
14,453‌
Secured
Overnight
Financing
Rate
+
0.90%
4.94%,
02/11/2031
(h)
29,000‌
29,014‌
Secured
Overnight
Financing
Rate
+
0.89%
5.32%,
06/06/2036
(h)
10,000‌
9,944‌
Secured
Overnight
Financing
Rate
+
1.35%
Bank
of
New
York
Mellon/The
4.73%,
04/20/2029
(h)
13,000‌
13,027‌
Secured
Overnight
Financing
Rate
+
1.14%
Citibank
NA
4.88%,
11/19/2027
(h)
24,000‌
24,040‌
Secured
Overnight
Financing
Rate
+
0.71%
Citigroup
Inc
2.98%,
11/05/2030
(h)
51,000‌
47,886‌
Secured
Overnight
Financing
Rate
+
1.42%
4.45%,
09/29/2027
8,000‌
7,980‌
5.17%,
09/11/2036
(h)
11,000‌
10,718‌
Secured
Overnight
Financing
Rate
+
1.49%
Cullen/Frost
Bankers
Inc
4.50%,
03/17/2027
11,000‌
10,945‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Goldman
Sachs
Group
Inc/The
1.99%,
01/27/2032
(h)
$
15,000‌
$
13,076‌
Secured
Overnight
Financing
Rate
+
1.09%
3.50%,
11/16/2026
21,000‌
20,956‌
3.81%,
04/23/2029
(h)
13,000‌
12,783‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.42%
4.37%,
10/21/2031
(h)
29,750‌
28,797‌
Secured
Overnight
Financing
Rate
+
1.06%
5.54%,
01/28/2036
(h)
23,000‌
22,825‌
Secured
Overnight
Financing
Rate
+
1.38%
JPMorgan
Chase
&
Co
2.53%,
11/19/2041
(h)
9,000‌
6,137‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
2.74%,
10/15/2030
(h)
47,000‌
43,966‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
4.81%,
10/22/2036
(h)
16,250‌
15,429‌
Secured
Overnight
Financing
Rate
+
1.19%
4.92%,
01/24/2029
(h)
28,000‌
28,102‌
Secured
Overnight
Financing
Rate
+
0.80%
Morgan
Stanley
1.79%,
02/13/2032
(h)
10,000‌
8,621‌
Secured
Overnight
Financing
Rate
+
1.03%
2.70%,
01/22/2031
(h)
38,000‌
35,109‌
Secured
Overnight
Financing
Rate
+
1.14%
3.95%,
04/23/2027
10,000‌
9,961‌
5.12%,
02/01/2029
(h)
18,000‌
18,079‌
Secured
Overnight
Financing
Rate
+
1.73%
6.25%,
08/09/2026
4,000‌
4,001‌
Morgan
Stanley
Bank
NA
4.45%,
10/15/2027
(h)
25,000‌
24,999‌
Secured
Overnight
Financing
Rate
+
0.68%
PNC
Bank
NA
2.70%,
10/22/2029
53,000‌
49,449‌
PNC
Financial
Services
Group
Inc/The
2.31%,
04/23/2032
(h)
15,000‌
13,240‌
Secured
Overnight
Financing
Rate
+
0.98%
4.90%,
05/13/2031
(h)
19,000‌
18,928‌
Secured
Overnight
Financing
Rate
+
1.33%
5.42%,
01/25/2041
(h)
10,000‌
9,585‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.17%
Truist
Bank
4.63%,
09/17/2029
(h)
52,000‌
51,281‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.15%
Truist
Financial
Corp
4.60%,
01/27/2032
(h)
11,000‌
10,739‌
Secured
Overnight
Financing
Rate
+
0.97%
US
Bancorp
2.49%,
11/03/2036
(h)
29,000‌
25,035‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
0.95%
3.15%,
04/27/2027
3,800‌
3,771‌
4.84%,
02/01/2034
(h)
25,000‌
24,239‌
Secured
Overnight
Financing
Rate
+
1.60%
4.86%,
07/27/2030
(h)
20,000‌
19,961‌
Secured
Overnight
Financing
Rate
+
0.78%
5.08%,
05/15/2031
(h)
12,000‌
12,017‌
Secured
Overnight
Financing
Rate
+
1.30%
5.42%,
02/12/2036
(h)
18,000‌
17,971‌
Secured
Overnight
Financing
Rate
+
1.41%
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
5
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Wells
Fargo
&
Co
2.88%,
10/30/2030
(h)
$
32,000‌
$
30,030‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.43%
4.08%,
09/15/2029
(h)
24,000‌
23,644‌
Secured
Overnight
Financing
Rate
+
0.88%
4.90%,
01/24/2028
(h)
23,500‌
23,542‌
Secured
Overnight
Financing
Rate
+
0.78%
$
914,392‌
Beverages
-
0
.84
%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.70%,
02/01/2036
34,000‌
32,341‌
Anheuser-Busch
InBev
Worldwide
Inc
4.90%,
01/23/2031
21,000‌
21,069‌
5.00%,
06/15/2034
30,000‌
29,738‌
$
83,148‌
Biotechnology
-
2
.45
%
Amgen
Inc
1.65%,
08/15/2028
20,000‌
18,851‌
2.20%,
02/21/2027
11,500‌
11,367‌
2.45%,
02/21/2030
40,000‌
36,882‌
4.85%,
02/19/2036
30,000‌
28,753‌
5.25%,
03/02/2033
14,000‌
14,031‌
Biogen
Inc
2.25%,
05/01/2030
65,000‌
58,993‌
Gilead
Sciences
Inc
1.20%,
10/01/2027
19,000‌
18,321‌
2.60%,
10/01/2040
19,000‌
13,408‌
4.80%,
11/15/2029
20,000‌
20,071‌
5.25%,
10/15/2033
22,000‌
22,207‌
$
242,884‌
Chemicals
-
0
.61
%
Air
Liquide
Finance
SA
2.25%,
09/10/2029
(g)
24,000‌
22,398‌
Westlake
Corp
2.88%,
08/15/2041
15,000‌
10,041‌
3.38%,
06/15/2030
(i)
4,500‌
4,245‌
5.55%,
11/15/2035
(i)
25,000‌
24,264‌
$
60,948‌
Commercial
Services
-
0
.87
%
ERAC
USA
Finance
LLC
4.60%,
05/01/2028
(g)
38,500‌
38,485‌
5.00%,
02/15/2029
(g)
9,500‌
9,559‌
7.00%,
10/15/2037
(g)
13,000‌
14,402‌
United
Rentals
North
America
Inc
6.00%,
12/15/2029
(g)
24,000‌
24,255‌
$
86,701‌
Computers
-
0
.99
%
Apple
Inc
2.05%,
09/11/2026
30,000‌
29,937‌
2.38%,
02/08/2041
20,000‌
13,703‌
3.20%,
05/11/2027
13,000‌
12,910‌
4.15%,
05/10/2030
24,500‌
24,249‌
4.75%,
05/12/2035
18,000‌
17,814‌
$
98,613‌
Diversified
Financial
Services
-
2
.01
%
Atlas
Warehouse
Lending
Co
LP
4.63%,
11/15/2028
(g)
16,000‌
15,776‌
4.95%,
11/15/2030
(g)
14,000‌
13,679‌
6.05%,
01/15/2028
(g)
22,000‌
22,237‌
6.25%,
01/15/2030
(g)
27,000‌
27,631‌
Citadel
Securities
Global
Holdings
LLC
5.13%,
01/27/2032
(g)
12,250‌
11,986‌
5.50%,
06/18/2030
(g)
30,000‌
30,135‌
6.20%,
06/18/2035
(g)
10,000‌
10,057‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Jefferies
Financial
Group
Inc
2.63%,
10/15/2031
$
30,000‌
$
25,989‌
2.75%,
10/15/2032
8,000‌
6,787‌
4.15%,
01/23/2030
19,000‌
18,233‌
4.85%,
01/15/2027
1,750‌
1,752‌
5.50%,
02/15/2036
5,000‌
4,732‌
6.25%,
01/15/2036
10,325‌
10,375‌
$
199,369‌
Electric
-
9
.96
%
AEP
Transmission
Co
LLC
3.15%,
09/15/2049
24,000‌
15,232‌
5.40%,
03/15/2053
23,000‌
20,898‌
AES
Corp/The
5.80%,
03/15/2032
38,000‌
38,200‌
Alabama
Power
Co
1.45%,
09/15/2030
25,000‌
21,865‌
3.13%,
07/15/2051
19,000‌
11,881‌
3.45%,
10/01/2049
42,000‌
28,240‌
Alliant
Energy
Finance
LLC
5.95%,
03/30/2029
(g)
10,000‌
10,239‌
Berkshire
Hathaway
Energy
Co
2.85%,
05/15/2051
23,000‌
13,323‌
Black
Hills
Corp
2.50%,
06/15/2030
15,000‌
13,655‌
3.05%,
10/15/2029
39,500‌
37,238‌
3.15%,
01/15/2027
7,500‌
7,458‌
4.35%,
05/01/2033
8,000‌
7,480‌
Dayton
Power
&
Light
Co/The
3.95%,
06/15/2049
14,000‌
10,120‌
Entergy
Corp
2.40%,
06/15/2031
24,000‌
21,208‌
Entergy
Louisiana
LLC
2.90%,
03/15/2051
18,500‌
10,954‌
3.25%,
04/01/2028
12,000‌
11,743‌
4.20%,
09/01/2048
31,000‌
23,787‌
FirstEnergy
Pennsylvania
Electric
Co
4.30%,
01/15/2029
(g)
14,000‌
13,841‌
FirstEnergy
Transmission
LLC
2.87%,
09/15/2028
(g)
25,000‌
24,012‌
Florida
Power
&
Light
Co
2.88%,
12/04/2051
20,000‌
11,864‌
3.15%,
10/01/2049
25,000‌
15,975‌
5.05%,
04/01/2028
10,000‌
10,087‌
5.15%,
06/15/2029
20,000‌
20,282‌
Indianapolis
Power
&
Light
Co
5.05%,
08/15/2035
(g)
39,000‌
38,314‌
5.70%,
04/01/2054
(g)
15,500‌
14,554‌
Interstate
Power
and
Light
Co
2.30%,
06/01/2030
9,500‌
8,631‌
3.50%,
09/30/2049
66,000‌
44,776‌
5.60%,
06/29/2035
16,000‌
16,087‌
Monongahela
Power
Co
3.55%,
05/15/2027
(g)
20,000‌
19,845‌
5.85%,
02/15/2034
(g)
10,500‌
10,816‌
Nevada
Power
Co
2.40%,
05/01/2030
20,500‌
18,777‌
NextEra
Energy
Capital
Holdings
Inc
2.75%,
11/01/2029
51,000‌
47,914‌
Northern
States
Power
Co/MN
2.90%,
03/01/2050
18,500‌
11,602‌
5.10%,
05/15/2053
28,500‌
24,703‌
Oncor
Electric
Delivery
Co
LLC
2.70%,
11/15/2051
15,000‌
8,455‌
3.10%,
09/15/2049
33,500‌
20,935‌
4.10%,
11/15/2048
5,000‌
3,786‌
5.65%,
11/15/2033
24,000‌
24,571‌
5.75%,
03/15/2029
21,000‌
21,489‌
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
6
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
PacifiCorp
5.25%,
06/15/2035
$
5,750‌
$
5,558‌
5.35%,
12/01/2053
34,000‌
29,045‌
6.25%,
10/15/2037
2,500‌
2,552‌
PPL
Electric
Utilities
Corp
3.00%,
10/01/2049
17,000‌
10,635‌
4.85%,
02/15/2034
19,000‌
18,523‌
5.25%,
05/15/2053
52,000‌
46,350‌
Public
Service
Co
of
Colorado
1.88%,
06/15/2031
11,500‌
9,963‌
3.20%,
03/01/2050
15,000‌
9,609‌
Solar
Star
Funding
LLC
3.95%,
06/30/2035
(g)
4,138‌
3,851‌
5.38%,
06/30/2035
(g)
15,173‌
14,849‌
Southwestern
Electric
Power
Co
2.75%,
10/01/2026
10,000‌
9,977‌
3.85%,
02/01/2048
12,500‌
8,840‌
Tucson
Electric
Power
Co
3.25%,
05/01/2051
18,000‌
11,543‌
4.85%,
12/01/2048
7,000‌
5,860‌
Wisconsin
Power
and
Light
Co
5.38%,
03/30/2034
19,000‌
19,006‌
Xcel
Energy
Inc
2.60%,
12/01/2029
32,000‌
29,743‌
3.50%,
12/01/2049
24,000‌
16,131‌
$
986,872‌
Electronics
-
0
.46
%
Keysight
Technologies
Inc
3.00%,
10/30/2029
48,000‌
45,333‌
Environmental
Control
-
1
.49
%
Republic
Services
Inc
1.75%,
02/15/2032
29,500‌
24,969‌
2.30%,
03/01/2030
16,500‌
15,139‌
4.88%,
04/01/2029
23,500‌
23,597‌
5.15%,
03/15/2035
9,000‌
8,966‌
Waste
Connections
Inc
4.80%,
07/15/2036
(i)
24,000‌
22,932‌
5.25%,
09/01/2035
52,000‌
51,747‌
$
147,350‌
Food
-
0
.67
%
Mars
Inc
4.45%,
03/01/2027
(g)
28,000‌
28,053‌
5.00%,
03/01/2032
(g)
38,000‌
37,880‌
$
65,933‌
Gas
-
1
.04
%
NiSource
Inc
2.95%,
09/01/2029
29,000‌
27,457‌
3.60%,
05/01/2030
14,000‌
13,358‌
5.35%,
04/01/2034
39,000‌
39,013‌
5.35%,
07/15/2035
24,000‌
23,711‌
$
103,539‌
Healthcare
-
Services
-
1
.57
%
HCA
Inc
4.13%,
06/15/2029
14,000‌
13,732‌
4.60%,
11/15/2032
39,500‌
37,981‌
5.60%,
04/01/2034
37,000‌
37,203‌
5.63%,
09/01/2028
2,000‌
2,026‌
7.50%,
11/06/2033
1,950‌
2,167‌
UnitedHealth
Group
Inc
2.00%,
05/15/2030
9,000‌
8,120‌
2.88%,
08/15/2029
15,000‌
14,238‌
3.50%,
08/15/2039
14,000‌
11,211‌
4.70%,
04/15/2029
28,500‌
28,551‌
$
155,229‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
-
2
.70
%
Berkshire
Hathaway
Finance
Corp
1.45%,
10/15/2030
$
36,500‌
$
32,225‌
1.85%,
03/12/2030
(i)
8,000‌
7,275‌
2.50%,
01/15/2051
12,500‌
6,936‌
2.85%,
10/15/2050
30,500‌
18,357‌
Fidelity
National
Financial
Inc
3.40%,
06/15/2030
32,000‌
29,846‌
4.50%,
08/15/2028
39,500‌
39,229‌
First
American
Financial
Corp
2.40%,
08/15/2031
22,000‌
19,004‌
4.00%,
05/15/2030
28,000‌
26,778‌
5.45%,
09/30/2034
30,000‌
29,051‌
Prudential
Financial
Inc
2.10%,
03/10/2030
(i)
23,000‌
21,043‌
3.88%,
03/27/2028
4,550‌
4,505‌
5.20%,
03/14/2035
34,000‌
33,530‌
$
267,779‌
Internet
-
1
.39
%
Amazon.com
Inc
2.88%,
05/12/2041
20,000‌
14,109‌
3.95%,
04/13/2052
10,000‌
7,018‌
4.05%,
08/22/2047
38,000‌
28,324‌
5.45%,
11/20/2055
39,500‌
34,626‌
5.80%,
03/13/2056
13,000‌
11,953‌
Beignet
Investor
LLC
6.58%,
05/30/2049
(g)
43,000‌
41,687‌
$
137,717‌
Lodging
-
1
.08
%
Choice
Hotels
International
Inc
3.70%,
12/01/2029
42,000‌
40,294‌
3.70%,
01/15/2031
11,000‌
10,313‌
Marriott
International
Inc/MD
2.75%,
10/15/2033
(i)
36,000‌
30,748‌
Travel
+
Leisure
Co
4.50%,
12/01/2029
(g)
26,500‌
25,534‌
$
106,889‌
Media
-
1
.75
%
Comcast
Corp
2.65%,
02/01/2030
33,000‌
30,436‌
4.25%,
10/15/2030
4,500‌
4,357‌
4.65%,
02/15/2033
(i)
30,000‌
28,676‌
6.45%,
03/15/2037
1,800‌
1,854‌
Discovery
Communications
LLC
3.63%,
05/15/2030
9,000‌
8,325‌
4.13%,
05/15/2029
22,000‌
21,615‌
5.30%,
05/15/2049
13,000‌
7,963‌
Discovery
Global
Holdings
Inc
5.05%,
03/15/2042
20,000‌
13,900‌
Time
Warner
Cable
LLC
6.55%,
05/01/2037
7,400‌
7,040‌
6.75%,
06/15/2039
6,000‌
5,654‌
7.30%,
07/01/2038
7,750‌
7,659‌
Walt
Disney
Co/The
2.00%,
09/01/2029
28,000‌
25,917‌
6.40%,
12/15/2035
8,900‌
9,637‌
$
173,033‌
Oil
&
Gas
-
1
.00
%
BP
Capital
Markets
America
Inc
3.94%,
09/21/2028
13,000‌
12,825‌
4.70%,
04/10/2029
39,000‌
39,057‌
4.87%,
11/25/2029
24,000‌
24,086‌
Canadian
Natural
Resources
Ltd
5.00%,
12/15/2029
14,500‌
14,582‌
Marathon
Petroleum
Corp
5.13%,
12/15/2026
8,500‌
8,509‌
$
99,059‌
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
7
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
-
0
.67
%
Lohrasp
Enterprise
II
LLC
5.51%,
07/17/2056
(g)
$
17,500‌
$
17,462‌
PFS
Financing
Corp
4.33%,
04/15/2030
(g)
49,250‌
49,351‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.70%
$
66,813‌
Packaging
&
Containers
-
0
.07
%
Sealed
Air
Corp
6.88%,
07/15/2033
(g)
6,900‌
6,748‌
Pharmaceuticals
-
2
.04
%
AbbVie
Inc
4.40%,
03/15/2033
19,000‌
18,311‌
4.65%,
03/15/2028
19,000‌
19,051‌
5.05%,
03/15/2034
60,000‌
59,549‌
Bristol-Myers
Squibb
Co
1.13%,
11/13/2027
12,500‌
12,013‌
1.45%,
11/13/2030
10,000‌
8,741‌
5.90%,
11/15/2033
9,833‌
10,273‌
CVS
Health
Corp
1.30%,
08/21/2027
14,000‌
13,538‌
3.00%,
08/15/2026
17,000‌
16,990‌
4.30%,
03/25/2028
5,046‌
5,015‌
5.05%,
03/25/2048
23,000‌
19,426‌
5.45%,
09/15/2035
19,000‌
18,804‌
$
201,711‌
Pipelines
-
1
.79
%
Buckeye
Partners
LP
3.95%,
12/01/2026
10,500‌
10,448‌
El
Paso
Natural
Gas
Co
LLC
7.50%,
11/15/2026
11,400‌
11,469‌
Enterprise
Products
Operating
LLC
4.30%,
06/20/2028
39,750‌
39,547‌
4.60%,
01/15/2031
46,000‌
45,498‌
NGPL
PipeCo
LLC
3.25%,
07/15/2031
(g)
15,000‌
13,697‌
5.60%,
08/15/2036
(g)
40,000‌
38,724‌
TransCanada
PipeLines
Ltd
6.10%,
06/01/2040
7,000‌
7,130‌
7.25%,
08/15/2038
10,000‌
11,172‌
$
177,685‌
REITs
-
9
.45
%
Alexandria
Real
Estate
Equities
Inc
1.88%,
02/01/2033
13,000‌
10,432‌
2.00%,
05/18/2032
14,000‌
11,678‌
2.75%,
12/15/2029
14,500‌
13,470‌
3.38%,
08/15/2031
30,000‌
27,386‌
4.75%,
04/15/2035
14,500‌
13,505‌
4.90%,
12/15/2030
4,250‌
4,208‌
American
Tower
Corp
1.88%,
10/15/2030
20,000‌
17,618‌
2.10%,
06/15/2030
3,000‌
2,690‌
2.75%,
01/15/2027
53,000‌
52,600‌
2.95%,
01/15/2051
10,000‌
5,942‌
3.38%,
10/15/2026
5,000‌
4,991‌
American
Tower
Trust
#1
5.49%,
03/15/2053
(g)
14,000‌
14,087‌
Crown
Castle
Inc
2.25%,
01/15/2031
18,000‌
15,858‌
2.90%,
04/01/2041
30,000‌
20,903‌
3.10%,
11/15/2029
8,000‌
7,535‌
4.00%,
11/15/2049
17,000‌
12,056‌
4.30%,
02/15/2029
13,000‌
12,797‌
5.00%,
01/11/2028
18,000‌
18,062‌
CubeSmart
LP
2.00%,
02/15/2031
(i)
26,000‌
22,770‌
3.00%,
02/15/2030
18,000‌
16,841‌
4.38%,
02/15/2029
2,000‌
1,979‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
DOC
DR
LLC
2.63%,
11/01/2031
$
32,000‌
$
28,289‌
4.30%,
03/15/2027
22,400‌
22,384‌
Healthcare
Realty
Holdings
LP
2.40%,
03/15/2030
9,000‌
8,172‌
3.63%,
01/15/2028
3,500‌
3,438‌
Healthpeak
OP
LLC
2.88%,
01/15/2031
7,000‌
6,387‌
3.00%,
01/15/2030
50,000‌
46,794‌
Omega
Healthcare
Investors
Inc
3.38%,
02/01/2031
46,000‌
42,290‌
3.63%,
10/01/2029
32,000‌
30,557‌
4.75%,
01/15/2028
7,000‌
6,982‌
Prologis
LP
2.88%,
11/15/2029
12,500‌
11,771‌
3.38%,
12/15/2027
25,000‌
24,661‌
4.25%,
06/15/2031
20,000‌
19,422‌
SBA
Communications
Corp
5.15%,
07/15/2031
29,000‌
28,778‌
SBA
Tower
Trust
1.63%,
05/15/2051
(g)
46,000‌
45,593‌
2.33%,
07/15/2052
(g)
10,000‌
9,642‌
2.59%,
10/15/2056
(g)
20,500‌
18,085‌
Store
Capital
LLC
2.75%,
11/18/2030
18,500‌
16,579‌
4.63%,
03/15/2029
33,500‌
33,066‌
Ventas
Realty
LP
3.00%,
01/15/2030
8,000‌
7,494‌
3.85%,
04/01/2027
21,000‌
20,923‌
5.00%,
02/15/2036
(i)
24,000‌
23,037‌
5.63%,
07/01/2034
38,500‌
38,888‌
Welltower
OP
LLC
2.70%,
02/15/2027
12,000‌
11,901‌
2.75%,
01/15/2031
7,000‌
6,394‌
3.10%,
01/15/2030
25,000‌
23,622‌
4.13%,
03/15/2029
6,000‌
5,915‌
4.25%,
04/15/2028
4,000‌
3,978‌
4.50%,
07/01/2030
24,500‌
24,155‌
Weyerhaeuser
Co
7.38%,
03/15/2032
11,281‌
12,430‌
WP
Carey
Inc
2.40%,
02/01/2031
21,000‌
18,737‌
3.85%,
07/15/2029
30,000‌
29,206‌
$
936,978‌
Semiconductors
-
0
.41
%
NVIDIA
Corp
2.00%,
06/15/2031
19,000‌
16,701‌
2.85%,
04/01/2030
14,000‌
13,122‌
3.50%,
04/01/2040
13,000‌
10,346‌
$
40,169‌
Software
-
0
.44
%
Oracle
Corp
4.80%,
09/26/2032
14,000‌
12,886‌
5.50%,
08/03/2035
33,500‌
30,751‌
$
43,637‌
Telecommunications
-
2
.19
%
Beacon
Point
DC
LLC
6.13%,
11/30/2042
(g)
25,000‌
23,988‌
Corning
Inc
4.75%,
03/15/2042
4,650‌
4,106‌
5.45%,
11/15/2079
43,500‌
37,164‌
Crown
Castle
Towers
LLC
4.24%,
07/15/2048
(g)
16,000‌
15,814‌
Sopaipilla
Investor
LLC
7.53%,
11/30/2048
(g)
29,500‌
30,576‌
Sprint
Spectrum
Co
LLC
/
Sprint
Spectrum
Co
II
LLC
/
Sprint
Spectrum
Co
III
LLC
5.15%,
03/20/2028
(g)
12,075‌
12,091‌
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
8
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
T-Mobile
USA
Inc
2.55%,
02/15/2031
$
20,000‌
$
17,935‌
3.00%,
02/15/2041
39,000‌
27,463‌
4.63%,
01/15/2033
21,500‌
20,663‌
5.30%,
05/15/2035
27,500‌
26,897‌
$
216,697‌
Transportation
-
0
.65
%
Ryder
System
Inc
2.90%,
12/01/2026
51,000‌
50,728‌
5.00%,
03/15/2030
14,000‌
14,033‌
$
64,761‌
Trucking
&
Leasing
-
0
.28
%
Penske
Truck
Leasing
Co
Lp
/
PTL
Finance
Corp
4.55%,
01/15/2031
(g)
18,500‌
18,135‌
5.70%,
02/01/2028
(g)
10,000‌
10,127‌
$
28,262‌
TOTAL
BONDS
$
5,942,488‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
38
.19
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0
.06
%
3.50%,
03/01/2048
$
5,863‌
$
5,336‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
24
.26
%
2.00%,
10/01/2050
28,883‌
23,077‌
2.00%,
11/01/2050
29,137‌
23,293‌
2.00%,
12/01/2050
32,996‌
26,252‌
2.00%,
12/01/2050
33,512‌
26,663‌
2.50%,
09/01/2050
28,731‌
23,902‌
2.50%,
10/01/2050
28,438‌
23,590‌
2.50%,
10/01/2050
29,791‌
24,702‌
2.50%,
11/01/2050
29,364‌
24,447‌
2.50%,
11/01/2050
28,090‌
23,367‌
2.50%,
11/01/2050
27,270‌
22,686‌
2.50%,
11/01/2050
29,041‌
24,091‌
2.50%,
11/01/2050
27,971‌
23,290‌
2.50%,
02/01/2052
28,776‌
23,619‌
3.00%,
06/01/2042
10,250‌
9,222‌
3.00%,
08/01/2049
14,025‌
12,227‌
3.00%,
10/01/2049
12,979‌
11,269‌
3.00%,
10/01/2049
11,067‌
9,585‌
3.00%,
10/01/2049
14,884‌
12,923‌
3.00%,
11/01/2049
14,882‌
12,921‌
3.00%,
11/01/2049
13,476‌
11,659‌
3.00%,
03/01/2050
15,383‌
13,312‌
3.00%,
04/01/2050
16,264‌
14,112‌
3.00%,
09/01/2050
18,734‌
16,161‌
3.00%,
05/01/2052
14,257‌
12,375‌
3.00%,
06/01/2052
20,774‌
17,878‌
3.50%,
06/01/2046
10,604‌
9,827‌
3.50%,
08/01/2047
6,208‌
5,616‌
3.50%,
09/01/2047
25,409‌
22,745‌
3.50%,
12/01/2047
6,226‌
5,611‌
3.50%,
06/01/2049
23,150‌
20,872‌
3.50%,
07/01/2049
7,688‌
6,900‌
3.50%,
09/01/2049
7,244‌
6,500‌
3.50%,
09/01/2049
6,778‌
6,080‌
3.50%,
09/01/2049
21,967‌
19,735‌
3.50%,
11/01/2049
10,375‌
9,400‌
3.50%,
11/01/2049
8,881‌
7,964‌
3.50%,
12/01/2049
10,736‌
9,628‌
3.50%,
01/01/2050
29,974‌
26,978‌
3.50%,
02/01/2050
20,160‌
17,948‌
3.50%,
06/01/2050
18,024‌
16,173‌
3.50%,
08/01/2050
24,390‌
21,907‌
3.50%,
10/01/2050
23,132‌
20,715‌
3.50%,
01/01/2051
17,709‌
15,872‌
3.50%,
01/01/2051
25,404‌
22,915‌
3.50%,
04/01/2052
28,527‌
25,489‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
3.50%,
04/01/2052
$
38,339‌
$
34,322‌
4.00%,
02/01/2044
6,515‌
6,163‌
4.00%,
06/01/2046
8,975‌
8,473‌
4.00%,
10/01/2047
24,861‌
23,104‌
4.00%,
10/01/2048
6,981‌
6,488‌
4.00%,
03/01/2049
19,713‌
18,309‌
4.00%,
04/01/2049
21,973‌
20,412‌
4.00%,
06/01/2049
32,571‌
30,266‌
4.00%,
08/01/2049
25,108‌
23,325‌
4.00%,
10/01/2049
11,881‌
11,021‌
4.00%,
12/01/2049
18,148‌
16,949‌
4.00%,
01/01/2050
16,237‌
15,056‌
4.00%,
07/01/2050
34,377‌
31,925‌
4.00%,
02/01/2052
27,742‌
25,468‌
4.00%,
02/01/2052
32,230‌
29,635‌
4.00%,
02/01/2052
29,164‌
26,762‌
4.00%,
05/01/2052
37,012‌
33,971‌
4.00%,
05/01/2052
34,663‌
31,752‌
4.00%,
06/01/2052
29,175‌
26,869‌
4.50%,
06/01/2046
10,333‌
10,019‌
4.50%,
07/01/2052
33,942‌
32,132‌
4.50%,
07/01/2052
13,862‌
13,150‌
4.50%,
08/01/2052
29,568‌
28,070‌
4.50%,
08/01/2052
30,393‌
28,882‌
4.50%,
08/01/2052
33,569‌
31,868‌
4.50%,
09/01/2052
30,292‌
28,843‌
4.50%,
09/01/2052
28,695‌
27,241‌
4.50%,
09/01/2052
29,796‌
28,223‌
4.50%,
10/01/2052
30,496‌
29,008‌
4.50%,
10/01/2052
19,147‌
18,195‌
4.50%,
11/01/2052
31,949‌
30,291‌
4.50%,
11/01/2052
33,213‌
31,617‌
4.50%,
02/01/2053
28,847‌
27,390‌
4.50%,
11/01/2054
26,513‌
25,054‌
5.00%,
07/01/2052
32,353‌
31,746‌
5.00%,
09/01/2052
30,046‌
29,368‌
5.00%,
10/01/2052
28,737‌
28,081‌
5.00%,
10/01/2052
18,462‌
18,025‌
5.00%,
02/01/2053
28,644‌
28,075‌
5.00%,
03/01/2053
29,674‌
28,973‌
5.00%,
07/01/2053
30,085‌
29,465‌
5.00%,
09/01/2053
23,481‌
22,907‌
5.00%,
10/01/2053
34,847‌
33,935‌
5.00%,
10/01/2053
38,232‌
37,293‌
5.00%,
02/01/2054
34,302‌
33,398‌
5.00%,
11/01/2054
37,413‌
36,560‌
5.00%,
12/01/2054
37,460‌
36,475‌
5.00%,
11/01/2055
38,759‌
37,628‌
5.50%,
02/01/2053
27,170‌
27,185‌
5.50%,
03/01/2053
29,483‌
29,436‌
5.50%,
04/01/2053
27,853‌
27,951‌
5.50%,
07/01/2053
30,064‌
30,085‌
5.50%,
09/01/2053
30,486‌
30,545‌
5.50%,
09/01/2053
29,797‌
29,959‌
5.50%,
03/01/2054
24,231‌
24,238‌
5.50%,
06/01/2054
25,451‌
25,502‌
5.50%,
10/01/2054
33,806‌
33,869‌
5.50%,
12/01/2054
35,010‌
35,055‌
5.50%,
04/01/2055
35,304‌
35,182‌
5.50%,
04/01/2056
38,467‌
38,223‌
6.00%,
10/01/2053
28,660‌
29,375‌
$
2,404,285‌
U.S.
Treasury
-
13
.87
%
0.50%,
10/31/2027
40,000‌
38,222‌
0.75%,
01/31/2028
40,000‌
37,994‌
0.88%,
11/15/2030
40,000‌
34,539‌
1.13%,
02/15/2031
40,000‌
34,664‌
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
9
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
1.13%,
08/15/2040
$
40,000‌
$
24,142‌
1.25%,
08/15/2031
40,000‌
34,287‌
1.25%,
05/15/2050
40,000‌
17,984‌
1.38%,
08/15/2050
40,000‌
18,541‌
1.50%,
02/15/2030
40,000‌
36,275‌
1.63%,
11/15/2050
40,000‌
19,789‌
1.75%,
11/15/2029
40,000‌
36,852‌
1.75%,
08/15/2041
40,000‌
25,772‌
1.88%,
02/15/2032
40,000‌
34,936‌
1.88%,
02/15/2051
40,000‌
21,061‌
1.88%,
11/15/2051
40,000‌
20,795‌
2.00%,
08/15/2051
40,000‌
21,567‌
2.25%,
11/15/2027
40,000‌
39,022‌
2.25%,
08/15/2046
40,000‌
24,891‌
2.25%,
08/15/2049
40,000‌
23,627‌
2.25%,
02/15/2052
40,000‌
22,819‌
2.38%,
05/15/2051
40,000‌
23,737‌
2.63%,
02/15/2029
40,000‌
38,389‌
2.75%,
02/15/2028
40,000‌
39,112‌
2.75%,
08/15/2032
40,000‌
36,300‌
2.75%,
08/15/2042
40,000‌
29,353‌
2.75%,
08/15/2047
40,000‌
26,983‌
2.88%,
05/15/2028
40,000‌
39,048‌
2.88%,
08/15/2028
40,000‌
38,914‌
2.88%,
05/15/2052
40,000‌
26,278‌
3.00%,
11/15/2045
40,000‌
28,897‌
3.00%,
08/15/2048
40,000‌
27,931‌
3.00%,
08/15/2052
40,000‌
26,931‌
3.13%,
11/15/2028
40,000‌
38,984‌
3.38%,
05/15/2033
40,000‌
37,264‌
3.50%,
02/15/2033
40,000‌
37,663‌
3.63%,
02/15/2044
40,000‌
32,530‌
3.63%,
02/15/2053
40,000‌
30,423‌
3.63%,
05/15/2053
40,000‌
30,391‌
3.75%,
11/15/2043
40,000‌
33,198‌
3.88%,
08/15/2033
40,000‌
38,338‌
4.00%,
02/15/2034
(j)
40,000‌
38,475‌
4.00%,
11/15/2052
40,000‌
32,581‌
4.38%,
05/15/2036
40,000‌
38,950‌
4.63%,
05/15/2054
40,000‌
36,177‌
$
1,374,626‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
3,784,247‌
Total
Investments
$
9,874,807‌
Other
Assets
and
Liabilities
-  0.35%
35,075‌
TOTAL
NET
ASSETS
-
100.00%
$
9,909,882‌
(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
$32,448
or
0.33%
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)
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.
(f)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(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
$930,117
or
9.39%
of
net
assets.
(h)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(i)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$31,103
or
0.31%
of
net
assets.
(j)
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
$5,829
or
0.06%
of
net
assets.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
97,792‌
$
2,041,511‌
$
1,997,941‌
$
141,362‌
$
97,792‌
$
2,041,511‌
$
1,997,941‌
$
141,362‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
3,130‌
$
—‌
$
—‌
$
—‌
$
3,130‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Trailer
Bridge
Inc
05/07/2012-05/28/2019
$
21,314‌
$
4,722‌
0.05%
Total
$
4,722‌
0.05%
Amounts
in
thousands.
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
10
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Treasury
Note;
September
2026
Long
1,509‌
$
162,972‌
$
(
2,490‌
)
US
2
Year
Treasury
Note;
September
2026
Long
3,392‌
697,427‌
(
3,001‌
)
US
Ultra
Bond;
September
2026
Short
397‌
43,546‌
1,624‌
Total
$
(
3,867‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
11
INVESTMENT
COMPANIES
-
8
.63
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
5
.79
%
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
250,000‌
$
9,195‌
Vanguard
Emerging
Markets
Government
Bond
ETF
150,000‌
9,876‌
Vanguard
Short-Term
Corporate
Bond
ETF
98,000‌
7,705‌
$
26,776‌
Money
Market
Funds
-
2
.84
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
302,267‌
302‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b),(c)
12,829,804‌
12,830‌
$
13,132‌
TOTAL
INVESTMENT
COMPANIES
$
39,908‌
COMMON
STOCKS
-
0
.01
%
Shares
Held
Value
(000's)
Commercial
Services
-
0
.01
%
Labels
Buyer
LLC
NPV
(d)
380‌
$
32‌
Labels
Buyer
LLC
NPV
-
Warrants
(d)
177‌
—‌
$
32‌
Oil
&
Gas
-
0
.00
%
Mesquite
Energy
Inc
(d),(e)
2,036‌
16‌
Retail
-
0
.00
%
Claire's
Holdings
LLC
(d),(e)
232‌
—‌
TOTAL
COMMON
STOCKS
$
48‌
PREFERRED
STOCKS
-
0
.00
%
Shares
Held
Value
(000's)
Packaging
&
Containers
-
0
.00
%
Labels
Buyer
LLC
0.00%,
09/01/2026
(d),(f)
192‌
$
15‌
TOTAL
PREFERRED
STOCKS
$
15‌
BONDS
-
62
.42
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
1
.56
%
Boeing
Co/The
5.81%,
05/01/2050
$
1,660‌
$
1,568‌
7.01%,
05/01/2064
340‌
367‌
Honeywell
Aerospace
Inc
4.60%,
03/16/2033
(g)
580‌
561‌
4.95%,
03/16/2036
(g)
345‌
332‌
5.62%,
03/16/2046
(g)
230‌
219‌
5.73%,
03/16/2056
(g)
395‌
376‌
Northrop
Grumman
Corp
4.03%,
10/15/2047
190‌
144‌
4.95%,
03/15/2053
250‌
213‌
5.20%,
06/01/2054
440‌
390‌
5.25%,
07/15/2035
220‌
219‌
RTX
Corp
3.03%,
03/15/2052
480‌
294‌
4.63%,
11/16/2048
100‌
83‌
5.38%,
02/27/2053
425‌
389‌
6.10%,
03/15/2034
495‌
522‌
6.40%,
03/15/2054
260‌
271‌
Spirit
AeroSystems
Inc
4.60%,
06/15/2028
240‌
239‌
TransDigm
Inc
6.38%,
03/01/2029
(g)
270‌
273‌
6.75%,
01/31/2034
(g)
727‌
739‌
$
7,199‌
Agriculture
-
0
.55
%
BAT
Capital
Corp
4.63%,
03/22/2033
210‌
202‌
4.76%,
09/06/2049
125‌
100‌
7.08%,
08/02/2053
775‌
839‌
Philip
Morris
International
Inc
4.63%,
10/29/2035
505‌
477‌
4.88%,
04/29/2036
430‌
412‌
Reynolds
American
Inc
5.70%,
08/15/2035
485‌
491‌
$
2,521‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Airlines
-
1
.31
%
AS
Mileage
Plan
IP
Ltd
5.02%,
10/20/2029
(g)
$
1,145‌
$
1,128‌
5.31%,
10/20/2031
(g)
1,080‌
1,047‌
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.75%,
10/20/2028
(g)
1,163‌
1,161‌
Grupo
Aeromexico
SAB
de
CV
8.63%,
11/15/2031
(g),(h)
475‌
479‌
OneSky
Flight
LLC
8.88%,
12/15/2029
(g)
31‌
33‌
United
Airlines
2024-1
Class
A
Pass
Through
Trust
5.88%,
08/15/2038
681‌
674‌
United
Airlines
Holdings
Inc
4.88%,
03/01/2029
1,550‌
1,526‌
$
6,048‌
Automobile
Asset
Backed
Securities
-
1
.72
%
AutoNation
Finance
Trust
2025-1
5.63%,
09/10/2032
(g)
555‌
557‌
BofA
Auto
Trust
2025-1
4.17%,
11/22/2027
(g)
24‌
24‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.55%
Chase
Auto
Owner
Trust
2024-5
4.18%,
08/27/2029
(g)
1,248‌
1,247‌
Drive
Auto
Receivables
Trust
2025-2
4.29%,
10/16/2028
437‌
437‌
GLS
Auto
Select
Receivables
Issuer
Trust
2026-1
5.25%,
04/18/2033
(g)
250‌
246‌
Mercedes-Benz
Auto
Lease
Trust
2025-A
4.15%,
04/17/2028
1,000‌
1,001‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.52%
Santander
Drive
Auto
Receivables
Trust
2025-3
4.63%,
10/16/2028
711‌
712‌
Santander
Drive
Auto
Receivables
Trust
2025-4
4.28%,
01/15/2029
1,012‌
1,013‌
Santander
Drive
Auto
Receivables
Trust
2026-1
4.04%,
03/15/2029
900‌
899‌
Wheels
Fleet
Lease
Funding
1
LLC
4.34%,
01/18/2040
(g)
1,264‌
1,266‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.67%
World
Omni
Auto
Receivables
Trust
2023-C
5.15%,
11/15/2028
189‌
190‌
World
Omni
Auto
Receivables
Trust
2025-D
3.91%,
02/15/2029
358‌
358‌
$
7,950‌
Automobile
Manufacturers
-
0
.53
%
Ford
Motor
Credit
Co
LLC
5.80%,
03/08/2029
1,420‌
1,429‌
General
Motors
Financial
Co
Inc
5.10%,
09/15/2031
430‌
427‌
Hyundai
Capital
America
5.00%,
04/07/2031
(g)
410‌
406‌
5.25%,
06/21/2033
(g)
200‌
197‌
$
2,459‌
Banks
-
8
.09
%
Banco
Bilbao
Vizcaya
Argentaria
SA
4.97%,
05/08/2031
400‌
396‌
Bank
of
America
Corp
2.68%,
06/19/2041
(i)
1,335‌
940‌
Secured
Overnight
Financing
Rate
+
1.93%
2.69%,
04/22/2032
(i)
1,336‌
1,198‌
Secured
Overnight
Financing
Rate
+
1.32%
Bank
of
Ireland
Group
PLC
5.00%,
11/12/2032
(g),(i)
940‌
928‌
Secured
Overnight
Financing
Rate
+
1.16%
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
12
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Barclays
PLC
5.59%,
06/26/2037
(i)
$
530‌
$
517‌
Secured
Overnight
Financing
Rate
+
1.51%
CaixaBank
SA
4.82%,
04/22/2032
(g),(i)
200‌
196‌
Secured
Overnight
Financing
Rate
+
1.21%
5.40%,
04/22/2037
(g),(i)
310‌
301‌
Secured
Overnight
Financing
Rate
+
1.53%
5.58%,
07/03/2036
(g),(i)
490‌
487‌
Secured
Overnight
Financing
Rate
+
1.79%
Deutsche
Bank
AG/New
York
NY
4.95%,
08/04/2031
(i)
505‌
499‌
Secured
Overnight
Financing
Rate
+
1.30%
Goldman
Sachs
Group
Inc/The
4.52%,
01/21/2032
(i)
325‌
315‌
Secured
Overnight
Financing
Rate
+
0.96%
4.94%,
10/21/2036
(i)
680‌
643‌
Secured
Overnight
Financing
Rate
+
1.33%
5.02%,
10/23/2035
(i)
570‌
549‌
Secured
Overnight
Financing
Rate
+
1.42%
5.07%,
01/21/2037
(i)
1,450‌
1,381‌
Secured
Overnight
Financing
Rate
+
1.19%
5.43%,
06/03/2037
(i)
390‌
381‌
Secured
Overnight
Financing
Rate
+
1.31%
5.56%,
11/19/2045
(i)
425‌
394‌
Secured
Overnight
Financing
Rate
+
1.58%
Huntington
Bancshares
Inc/OH
5.61%,
01/28/2041
(i)
510‌
489‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.35%
5.71%,
02/02/2035
(i)
1,795‌
1,801‌
Secured
Overnight
Financing
Rate
+
1.87%
JPMorgan
Chase
&
Co
4.90%,
01/22/2037
(i)
220‌
210‌
Secured
Overnight
Financing
Rate
+
1.07%
4.91%,
07/25/2033
(i)
2,055‌
2,028‌
Secured
Overnight
Financing
Rate
+
2.08%
5.04%,
07/23/2032
(i)
370‌
368‌
Secured
Overnight
Financing
Rate
+
1.02%
6.50%,
04/01/2030
(f),(i)
565‌
574‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.15%
Keybank
National
Association
5.00%,
01/26/2033
1,000‌
974‌
KeyCorp
5.12%,
04/04/2031
(i)
575‌
575‌
Secured
Overnight
Financing
Rate
+
1.23%
6.40%,
03/06/2035
(i)
520‌
543‌
Secured
Overnight
Financing
Rate
+
2.42%
Mitsubishi
UFJ
Financial
Group
Inc
4.85%,
04/21/2032
(i)
500‌
493‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.92%
Morgan
Stanley
2.48%,
09/16/2036
(i)
1,140‌
978‌
Secured
Overnight
Financing
Rate
+
1.36%
4.71%,
03/12/2032
(i)
660‌
645‌
Secured
Overnight
Financing
Rate
+
1.20%
4.81%,
04/16/2032
(i)
695‌
682‌
Secured
Overnight
Financing
Rate
+
1.18%
5.32%,
07/19/2035
(i)
2,975‌
2,933‌
Secured
Overnight
Financing
Rate
+
1.56%
Morgan
Stanley
Private
Bank
NA
4.73%,
07/18/2031
(i)
1,780‌
1,757‌
Secured
Overnight
Financing
Rate
+
1.08%
Pinnacle
Financial
Partners
Inc
5.60%,
05/19/2032
(i)
475‌
471‌
Secured
Overnight
Financing
Rate
+
1.70%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
PNC
Financial
Services
Group
Inc/The
5.37%,
07/21/2036
(i)
$
240‌
$
237‌
Secured
Overnight
Financing
Rate
+
1.42%
5.42%,
01/25/2041
(i)
470‌
451‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.17%
5.58%,
01/29/2036
(i)
350‌
352‌
Secured
Overnight
Financing
Rate
+
1.39%
5.68%,
01/22/2035
(i)
1,680‌
1,697‌
Secured
Overnight
Financing
Rate
+
1.90%
6.88%,
10/20/2034
(i)
571‌
619‌
Secured
Overnight
Financing
Rate
+
2.28%
Scotiabank
Peru
SAA
6.10%,
10/01/2035
(g),(i)
200‌
203‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.31%
Societe
Generale
SA
5.37%,
05/27/2032
(g),(i)
970‌
965‌
Secured
Overnight
Financing
Rate
+
1.28%
5.40%,
08/08/2034
(g),(i)
540‌
528‌
Secured
Overnight
Financing
Rate
+
1.51%
Texas
Capital
Bancshares
Inc
5.30%,
02/27/2032
(i)
490‌
480‌
Secured
Overnight
Financing
Rate
+
1.94%
Truist
Financial
Corp
4.60%,
01/27/2032
(i)
375‌
366‌
Secured
Overnight
Financing
Rate
+
0.97%
4.68%,
04/23/2032
(i)
640‌
625‌
Secured
Overnight
Financing
Rate
+
1.09%
5.28%,
04/23/2037
(i)
760‌
736‌
Secured
Overnight
Financing
Rate
+
1.41%
UBS
Group
AG
5.43%,
02/08/2030
(g),(i)
405‌
409‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.52%
7.00%,
02/10/2030
(f),(g),(i),(j)
971‌
982‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.08%
US
Bancorp
2.49%,
11/03/2036
(i)
235‌
203‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
0.95%
5.47%,
07/27/2037
(i)
785‌
777‌
Secured
Overnight
Financing
Rate
+
1.25%
5.68%,
01/23/2035
(i)
1,215‌
1,232‌
Secured
Overnight
Financing
Rate
+
1.86%
5.72%,
05/20/2041
(i)
1,185‌
1,158‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.25%
Westpac
Banking
Corp
4.11%,
07/24/2034
(i)
625‌
608‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
Zions
Bancorp
NA
4.70%,
08/18/2028
(i)
160‌
159‌
Secured
Overnight
Financing
Rate
+
1.16%
$
37,433‌
Biotechnology
-
0
.08
%
Amgen
Inc
5.60%,
03/02/2043
265‌
254‌
Gilead
Sciences
Inc
5.50%,
11/15/2054
140‌
130‌
$
384‌
Building
Materials
-
0
.39
%
Ameritex
Holdco
Intermediate
LLC
7.63%,
08/15/2033
(g)
765‌
788‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
13
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Building
Materials
(continued)
Smyrna
Ready
Mix
Concrete
LLC
6.00%,
11/01/2028
(g)
$
1,032‌
$
1,030‌
$
1,818‌
Chemicals
-
0
.74
%
Alpek
SAB
de
CV
4.25%,
09/18/2029
(g)
500‌
471‌
CF
Industries
Inc
5.30%,
11/26/2035
650‌
635‌
Consolidated
Energy
Finance
SA
5.63%,
10/15/2028
(g),(h)
555‌
536‌
OCP
SA
6.10%,
04/30/2030
(g)
320‌
323‌
Olympus
Water
US
Holding
Corp
4.25%,
10/01/2028
(g)
375‌
362‌
6.25%,
10/01/2029
(g)
205‌
202‌
Sociedad
Quimica
y
Minera
de
Chile
SA
5.63%,
04/22/2056
(g),(i)
900‌
874‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.92%
$
3,403‌
Commercial
Mortgage
Backed
Securities
-
7
.13
%
ALA
Trust
2025-OANA
5.42%,
06/15/2040
(g)
1,000‌
1,004‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.74%
BBCMS
Mortgage
Trust
2025-5C33
6.17%,
03/15/2058
(k)
2,500‌
2,558‌
Benchmark
2021-B25
Mortgage
Trust
2.58%,
04/15/2054
500‌
444‌
BFLD
Commercial
Mortgage
Trust
2025-5MW
4.67%,
10/10/2042
(g),(k)
750‌
736‌
BPR
Trust
2024-PMDW
5.36%,
11/05/2041
(g),(k)
2,625‌
2,625‌
BRCK
Trust
2025-830B
0.27%,
12/10/2030
(g),(k),(l)
34,000‌
290‌
Bridge
Commercial
Mortgage
Trust
2026-MF
4.93%,
06/15/2039
(g)
2,000‌
2,002‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.25%
BSTN
Commercial
Mortgage
Trust
2025-1C
5.37%,
06/15/2044
(g),(k)
2,000‌
2,004‌
BX
2025-BIO3
Mortgage
Trust
6.14%,
02/10/2042
(g)
1,000‌
983‌
BX
Commercial
Mortgage
Trust
2026-Vlt10
5.36%,
07/13/2058
(g),(k)
1,500‌
1,422‌
BX
Commercial
Mortgage
Trust
2026-VLT9
5.38%,
03/15/2045
(g)
1,000‌
997‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.70%
BX
Trust
2025-ARIA
5.03%,
12/13/2042
(g),(k)
500‌
497‌
BX
Trust
2026-OPTM
4.88%,
03/15/2039
(g)
1,000‌
997‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.20%
BXHPP
Trust
2021-FILM
4.44%,
08/15/2036
(g)
500‌
475‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.76%
COMM
2025-167G
Mortgage
Trust
5.50%,
08/10/2040
(g)
800‌
790‌
CONE
Commercial
Mortgage
Trust
2026-ACD6
6.51%,
07/15/2043
(g),(k)
2,000‌
1,968‌
CONE
Commercial
Mortgage
Trust
2026-DFW3
5.57%,
05/15/2043
(g),(k)
2,500‌
2,471‌
ELM
Trust
2024-ELM
5.80%,
06/10/2039
(g),(k)
2,000‌
2,000‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
ESTN
Trust
2026-TOWN
5.36%,
05/12/2046
(g),(k)
$
1,250‌
$
1,238‌
GGP
Commercial
Mortgage
Trust
2026-SSP
5.29%,
07/05/2043
(g),(k)
1,500‌
1,488‌
GS
Mortgage
Securities
Trust
2020-GSA2
2.01%,
12/12/2053
2,000‌
1,743‌
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C24
0.69%,
11/15/2047
(k),(l)
919‌
—‌
KRE
Commercial
Mortgage
Trust
2026-ICNA
5.53%,
05/15/2043
(g)
2,500‌
2,503‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.85%
LBA
Trust
2024-7IND
5.12%,
10/15/2041
(g)
533‌
533‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.44%
PSA
Trust
2026-STOR
0.00%,
08/15/2031
(d),(g),(k),(m)
1,000‌
1,011‌
Wells
Fargo
Commercial
Mortgage
Trust
2025-5C7
4.32%,
12/15/2058
221‌
218‌
$
32,997‌
Commercial
Services
-
0
.53
%
Adani
Ports
&
Special
Economic
Zone
Ltd
4.38%,
07/03/2029
(g)
200‌
193‌
EquipmentShare.com
Inc
7.13%,
07/01/2034
(g)
135‌
129‌
8.00%,
03/15/2033
(g),(h)
866‌
873‌
8.63%,
05/15/2032
(g)
47‌
48‌
Garda
World
Security
Corp
6.00%,
06/01/2029
(g)
405‌
399‌
8.38%,
11/15/2032
(g)
325‌
330‌
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub
Inc
6.75%,
08/15/2032
(g)
485‌
486‌
$
2,458‌
Computers
-
0
.85
%
Accenture
Capital
Inc
5.00%,
07/10/2031
655‌
652‌
Hewlett
Packard
Enterprise
Co
4.40%,
10/15/2030
700‌
682‌
4.55%,
10/15/2029
135‌
134‌
5.00%,
10/15/2034
825‌
791‌
5.25%,
04/01/2033
670‌
663‌
5.60%,
10/15/2054
355‌
309‌
6.35%,
10/15/2045
125‌
123‌
International
Business
Machines
Corp
5.70%,
02/10/2055
275‌
242‌
McAfee
Corp
7.38%,
02/15/2030
(g)
400‌
339‌
$
3,935‌
Consumer
Products
-
0
.04
%
Kronos
Acquisition
Holdings
Inc
8.25%,
06/30/2031
(g)
293‌
205‌
Credit
Card
Asset
Backed
Securities
-
1
.06
%
American
Express
Credit
Account
Master
Trust
5.24%,
04/15/2031
4,045‌
4,119‌
WF
Card
Issuance
Trust
4.34%,
05/15/2030
800‌
799‌
$
4,918‌
Distribution
&
Wholesale
-
0
.07
%
Veritiv
Operating
Co
10.50%,
11/30/2030
(g)
315‌
323‌
Diversified
Financial
Services
-
3
.61
%
Aercap
Funding
DAC
4.88%,
07/07/2031
850‌
837‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
14
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.95%,
03/10/2055
(i)
$
455‌
$
466‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%
Aircastle
Ltd
/
Aircastle
Ireland
DAC
5.00%,
09/15/2030
(g)
405‌
400‌
5.75%,
10/01/2031
(g)
910‌
923‌
Atlas
Warehouse
Lending
Co
LP
4.95%,
11/15/2030
(g)
1,070‌
1,046‌
5.25%,
01/15/2033
(g)
250‌
242‌
Avolon
Holdings
Funding
Ltd
4.85%,
04/01/2033
(g)
475‌
453‌
Charles
Schwab
Corp/The
4.91%,
11/14/2036
(i)
870‌
831‌
Secured
Overnight
Financing
Rate
+
1.23%
5.49%,
05/21/2037
(i)
550‌
546‌
Secured
Overnight
Financing
Rate
+
1.28%
Citadel
Finance
LLC
4.75%,
02/14/2029
(g)
500‌
490‌
5.90%,
02/10/2030
(g)
1,000‌
1,003‌
Citadel
Securities
Global
Holdings
LLC
5.13%,
01/27/2032
(g)
500‌
489‌
5.50%,
06/18/2030
(g)
250‌
251‌
6.20%,
06/18/2035
(g)
1,300‌
1,307‌
Equitable
America
Global
Funding
4.95%,
06/09/2030
(g)
250‌
248‌
Freedom
Mortgage
Holdings
LLC
7.88%,
04/01/2033
(g),(h)
425‌
410‌
9.13%,
05/15/2031
(g)
610‌
625‌
Global
Aircraft
Leasing
Co
Ltd
8.75%,
09/01/2027
(g)
923‌
938‌
ILFC
E-Capital
Trust
II
6.73%,
12/21/2065
(g)
245‌
216‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.00%
Jane
Street
Group
/
JSG
Finance
Inc
6.13%,
11/01/2032
(g)
1,323‌
1,316‌
6.75%,
05/01/2033
(g)
1,237‌
1,261‌
OneMain
Finance
Corp
3.50%,
01/15/2027
410‌
407‌
4.00%,
09/15/2030
30‌
28‌
6.63%,
01/15/2028
35‌
35‌
7.13%,
11/15/2031
318‌
322‌
7.50%,
05/15/2031
605‌
620‌
Rfna
LP
7.88%,
02/15/2030
(g)
540‌
540‌
TrueNoord
Capital
DAC
8.75%,
03/01/2030
(g)
415‌
430‌
$
16,680‌
Electric
-
3
.83
%
AES
Corp/The
5.75%,
07/15/2033
140‌
139‌
5.80%,
03/15/2032
495‌
498‌
Alliant
Energy
Finance
LLC
5.95%,
03/30/2029
(g)
305‌
312‌
Atlantica
Sustainable
Infrastructure
PLC
4.13%,
06/15/2028
(g)
222‌
218‌
Berkshire
Hathaway
Energy
Co
4.60%,
05/01/2053
540‌
428‌
Black
Hills
Corp
4.55%,
01/31/2031
360‌
351‌
California
Buyer
Ltd
/
Atlantica
Sustainable
Infrastructure
PLC
6.38%,
02/15/2032
(g)
891‌
878‌
Clearway
Energy
Operating
LLC
4.75%,
03/15/2028
(g)
315‌
311‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
CMS
Energy
Corp
6.50%,
06/01/2055
(i)
$
1,070‌
$
1,083‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.96%
COX
Asset
Mexico
SA
de
CV
7.13%,
01/08/2032
(g)
200‌
199‌
Dominion
Energy
Inc
5.35%,
06/15/2036
350‌
340‌
6.15%,
12/15/2056
(i)
490‌
485‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.87%
Duke
Energy
Florida
LLC
6.20%,
11/15/2053
275‌
277‌
Evergy
Missouri
West
Inc
5.25%,
12/15/2035
(g)
325‌
317‌
Indianapolis
Power
&
Light
Co
5.70%,
04/01/2054
(g)
345‌
324‌
Interstate
Power
and
Light
Co
5.60%,
06/29/2035
1,230‌
1,237‌
Louisville
Gas
and
Electric
Co
5.85%,
08/15/2055
190‌
182‌
NextEra
Energy
Capital
Holdings
Inc
5.45%,
03/15/2035
205‌
203‌
6.38%,
08/15/2055
(i)
625‌
627‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.05%
6.70%,
09/01/2054
(i)
915‌
927‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%
NRG
Energy
Inc
5.41%,
10/15/2035
(g)
250‌
239‌
5.75%,
01/15/2034
(g)
383‌
373‌
5.88%,
05/15/2034
(g)
180‌
177‌
6.00%,
01/15/2036
(g)
383‌
375‌
6.13%,
05/15/2036
(g)
180‌
178‌
Pacific
Gas
and
Electric
Co
5.05%,
11/15/2031
300‌
297‌
6.00%,
05/01/2056
335‌
308‌
6.30%,
08/15/2056
490‌
470‌
Puget
Sound
Energy
Inc
5.60%,
09/15/2055
235‌
217‌
Saavi
Energia
Sarl
8.88%,
02/10/2035
(g)
455‌
492‌
Southern
Co/The
5.70%,
03/15/2034
640‌
652‌
Southern
Power
Co
4.90%,
10/01/2035
495‌
471‌
Vistra
Corp
7.00%,
12/15/2026
(f),(g),(i)
946‌
951‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%
VoltaGrid
LLC
7.38%,
11/01/2030
(g)
675‌
678‌
WEC
Energy
Group
Inc
5.63%,
05/15/2056
(i)
555‌
547‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.91%
Xcel
Energy
Inc
5.45%,
08/15/2033
1,520‌
1,524‌
5.75%,
12/03/2056
(i)
445‌
436‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%
$
17,721‌
Engineering
&
Construction
-
0
.31
%
ATP
Tower
Holdings
/
Andean
Telecom
Partners
Chile
SpA
/
Andean
Tower
Partners
Colombia
SAS
7.88%,
02/03/2030
(g)
440‌
448‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
15
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Engineering
&
Construction
(continued)
Global
Infrastructure
Solutions
Inc
5.63%,
06/01/2029
(g)
$
400‌
$
399‌
Sitios
Latinoamerica
SAB
de
CV
5.38%,
04/04/2032
(g)
575‌
566‌
$
1,413‌
Entertainment
-
0
.38
%
Caesars
Entertainment
Inc
4.63%,
10/15/2029
(g)
540‌
513‌
6.50%,
02/15/2032
(g)
535‌
511‌
Cinemark
USA
Inc
5.25%,
07/15/2028
(g)
515‌
511‌
7.00%,
08/01/2032
(g)
55‌
57‌
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp
7.13%,
02/15/2031
(g)
150‌
157‌
$
1,749‌
Environmental
Control
-
0
.08
%
Waste
Connections
Inc
4.80%,
07/15/2036
385‌
368‌
Food
-
1
.90
%
B&G
Foods
Inc
8.00%,
09/15/2028
(g)
644‌
630‌
11.00%,
06/15/2031
(g)
280‌
249‌
Chobani
LLC
/
Chobani
Finance
Corp
Inc
6.38%,
04/15/2034
(g)
480‌
481‌
7.63%,
07/01/2029
(g)
345‌
356‌
Fiesta
Purchaser
Inc
7.88%,
03/01/2031
(g)
345‌
345‌
Grupo
Nutresa
SA
8.00%,
05/12/2030
(g)
300‌
316‌
JBS
NV/JBS
USA
Foods
Group
Holdings
Inc/JBS
USA
Food
Co
Holdings
4.38%,
02/02/2052
1,421‌
1,020‌
5.63%,
03/10/2037
(g)
520‌
507‌
5.75%,
04/01/2033
230‌
233‌
5.95%,
04/20/2035
775‌
783‌
6.25%,
03/01/2056
435‌
407‌
6.38%,
02/25/2055
280‌
266‌
6.40%,
05/10/2057
(g)
425‌
404‌
Mars
Inc
5.20%,
03/01/2035
(g)
1,080‌
1,065‌
5.70%,
05/01/2055
(g)
929‌
877‌
Viking
Baked
Goods
Acquisition
Corp
8.63%,
11/01/2031
(g)
245‌
246‌
8.63%,
11/01/2031
(g),(k)
615‌
617‌
$
8,802‌
Forest
Products
&
Paper
-
0
.01
%
Mercer
International
Inc
12.88%,
10/01/2028
(g),(h)
100‌
49‌
Gas
-
0
.80
%
Boston
Gas
Co
5.66%,
07/24/2036
(g)
700‌
696‌
5.84%,
01/10/2035
(g)
250‌
253‌
Grupo
Energia
Bogota
SA
ESP
5.75%,
10/22/2035
(g)
400‌
387‌
NiSource
Inc
6.95%,
11/30/2054
(i)
835‌
858‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%
Promigas
SA
ESP
/
Gases
del
Pacifico
SAC
7.75%,
06/24/2056
(g),(i)
400‌
408‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.63%
Southern
California
Gas
Co
6.00%,
06/15/2055
655‌
637‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Gas
(continued)
Southern
Co
Gas
Capital
Corp
6.05%,
09/15/2056
(i)
$
450‌
$
446‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.82%
$
3,685‌
Healthcare
-
Products
-
0
.41
%
Abbott
Laboratories
4.30%,
03/15/2033
600‌
575‌
4.65%,
03/15/2036
380‌
361‌
5.50%,
03/15/2056
595‌
554‌
VSP
Optical
Group
Inc
5.65%,
06/01/2036
(g)
415‌
412‌
$
1,902‌
Healthcare
-
Services
-
0
.51
%
Centene
Corp
4.25%,
12/15/2027
67‌
67‌
HCA
Inc
5.30%,
05/15/2036
475‌
460‌
5.45%,
04/01/2031
65‌
66‌
LifePoint
Health
Inc
8.38%,
02/15/2032
(g)
706‌
711‌
Tenet
Healthcare
Corp
6.13%,
06/15/2030
261‌
262‌
UnitedHealth
Group
Inc
4.75%,
05/15/2052
625‌
514‌
5.75%,
07/15/2064
320‌
296‌
$
2,376‌
Holding
Companies
-
Diversified
-
0
.03
%
Clue
Opco
LLC
9.50%,
10/15/2031
(g),(h)
135‌
131‌
Home
Builders
-
0
.17
%
Adams
Homes
Inc
9.25%,
10/15/2028
(g)
285‌
293‌
K
Hovnanian
Enterprises
Inc
8.38%,
10/01/2033
(g)
485‌
493‌
$
786‌
Home
Equity
Asset
Backed
Securities
-
0
.36
%
Chase
Funding
Trust
Series
2003-5
4.44%,
07/25/2033
329‌
329‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.71%
First
NLC
Trust
2005-1
2.68%,
05/25/2035
135‌
119‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.61%
JP
Morgan
Mortgage
Trust
2026-ACES1
4.89%,
04/25/2066
(g),(k)
1,108‌
1,091‌
Saxon
Asset
Securities
Trust
2004-1
1.64%,
03/25/2035
207‌
115‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.81%
$
1,654‌
Insurance
-
1
.06
%
Allianz
SE
6.55%,
10/30/2033
(f),(g),(i),(j)
400‌
402‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.32%
Aon
North
America
Inc
5.75%,
03/01/2054
685‌
636‌
Arch
Capital
Group
Ltd
5.95%,
06/15/2056
555‌
534‌
Asurion
LLC/
Asurion
Co-Issuer
Inc
8.00%,
12/31/2032
(g)
775‌
784‌
8.38%,
02/01/2034
(g)
125‌
114‌
Athene
Global
Funding
5.13%,
06/01/2029
(g)
290‌
290‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
16
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Athene
Holding
Ltd
6.25%,
04/01/2054
$
95‌
$
85‌
Corebridge
Financial
Inc
5.75%,
01/15/2034
235‌
238‌
GA
Global
Funding
Trust
5.50%,
07/17/2031
(g)
560‌
556‌
Markel
Group
Inc
6.00%,
05/16/2054
210‌
200‌
Marsh
&
McLennan
Cos
Inc
6.25%,
11/01/2052
160‌
162‌
MetLife
Inc
5.00%,
07/15/2052
140‌
120‌
5.85%,
03/15/2056
(i)
505‌
492‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.82%
Northwestern
Mutual
Life
Insurance
Co/The
6.17%,
05/29/2055
(g)
300‌
295‌
$
4,908‌
Internet
-
0
.95
%
Amazon.com
Inc
5.30%,
07/09/2036
580‌
570‌
5.80%,
03/13/2056
255‌
234‌
6.10%,
07/09/2056
650‌
624‌
Beignet
Investor
LLC
6.58%,
05/30/2049
(g)
1,160‌
1,125‌
MercadoLibre
Inc
4.90%,
01/15/2033
500‌
481‌
Meta
Platforms
Inc
4.45%,
08/15/2052
755‌
538‌
5.25%,
05/15/2036
(h)
395‌
379‌
6.30%,
05/15/2056
500‌
459‌
$
4,410‌
Investment
Companies
-
0
.54
%
HA
Sustainable
Infrastructure
Capital
Inc
5.95%,
07/15/2033
(g)
310‌
306‌
7.13%,
11/15/2056
(i)
375‌
378‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.48%
8.00%,
06/01/2056
(i)
795‌
835‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.30%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.38%,
02/01/2029
675‌
588‌
5.25%,
05/15/2027
(h)
155‌
154‌
10.00%,
11/15/2029
(g)
222‌
222‌
$
2,483‌
Iron
&
Steel
-
0
.24
%
ArcelorMittal
SA
5.38%,
05/19/2036
510‌
496‌
Vale
Overseas
Ltd
6.00%,
02/25/2056
(g),(i)
600‌
599‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.43%
$
1,095‌
Leisure
Products
&
Services
-
0
.07
%
NCL
Finance
Ltd
6.13%,
03/15/2028
(g)
340‌
342‌
Lodging
-
0
.17
%
Wynn
Macau
Ltd
5.63%,
08/26/2028
(g)
805‌
796‌
Machinery
-
Construction
&
Mining
-
0
.13
%
Solaris
Energy
Infrastructure
LLC
6.38%,
05/15/2031
(g)
605‌
594‌
Machinery
-
Diversified
-
0
.12
%
Maxim
Crane
Works
Holdings
Capital
LLC
11.50%,
09/01/2028
(g)
550‌
571‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
-
1
.44
%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.50%,
08/15/2030
(g)
$
579‌
$
528‌
4.50%,
05/01/2032
175‌
151‌
4.50%,
06/01/2033
(g),(h)
53‌
45‌
5.38%,
06/01/2029
(g)
205‌
199‌
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.90%,
06/01/2052
860‌
517‌
Directv
Financing
LLC
8.88%,
02/01/2030
(g)
340‌
345‌
8.88%,
02/01/2030
(g)
274‌
279‌
Directv
Financing
LLC
/
Directv
Financing
Co-
Obligor
Inc
5.88%,
08/15/2027
(g)
4‌
4‌
9.25%,
06/01/2032
(g)
40‌
41‌
10.00%,
02/15/2031
(g)
35‌
36‌
Discovery
Communications
LLC
3.63%,
05/15/2030
55‌
51‌
4.13%,
05/15/2029
215‌
211‌
5.00%,
09/20/2037
110‌
81‌
Discovery
Global
Holdings
Inc
5.05%,
03/15/2042
507‌
352‌
DISH
DBS
Corp
5.25%,
12/01/2026
(g)
270‌
269‌
EchoStar
Corp
10.75%,
11/30/2029
916‌
991‌
iHeartCommunications
Inc
4.75%,
01/15/2028
(g)
96‌
90‌
7.75%,
08/15/2030
(g)
276‌
242‌
Paramount
Global
4.20%,
05/19/2032
175‌
149‌
4.85%,
07/01/2042
45‌
29‌
5.85%,
09/01/2043
145‌
103‌
Sinclair
Television
Group
Inc
8.13%,
02/15/2033
(g)
731‌
750‌
Space
Exploration
Technologies
Corp
5.35%,
07/15/2031
(g)
435‌
423‌
Virgin
Media
Secured
Finance
PLC
5.50%,
05/15/2029
(g)
585‌
525‌
Ziggo
BV
4.88%,
01/15/2030
(g)
261‌
235‌
$
6,646‌
Metal
Fabrication
&
Hardware
-
0
.08
%
TMS
International
Corp/DE
6.25%,
04/15/2029
(g)
385‌
385‌
Mining
-
0
.71
%
Anglo
American
Capital
PLC
5.25%,
03/19/2036
(g)
460‌
446‌
Antofagasta
PLC
5.63%,
09/09/2035
(g)
300‌
299‌
First
Quantum
Minerals
Ltd
6.38%,
02/15/2036
(g)
200‌
194‌
8.00%,
03/01/2033
(g)
550‌
571‌
Glencore
Funding
LLC
4.90%,
07/01/2031
(g)
660‌
653‌
5.51%,
04/01/2036
(g)
570‌
562‌
Trekor
Metals
Ltd
8.25%,
05/01/2030
(g)
535‌
556‌
$
3,281‌
Mortgage
Backed
Securities
-
2
.02
%
Fannie
Mae
REMICS
2.32%,
08/25/2049
(l)
4,859‌
437‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
2.37%,
08/25/2043
(l)
925‌
75‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.99%
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
17
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Fannie
Mae
REMICS
(continued)
2.42%,
01/25/2048
(l)
$
1,396‌
$
138‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.04%
2.47%,
03/25/2048
(l)
1,677‌
166‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.09%
2.47%,
06/25/2048
(l)
1,892‌
217‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.09%
3.00%,
04/25/2027
(l)
42‌
—‌
3.00%,
09/25/2050
(l)
1,732‌
271‌
3.50%,
09/25/2027
(l)
98‌
1‌
3.50%,
11/25/2027
(l)
20‌
—‌
3.50%,
05/25/2028
(l)
26‌
—‌
4.00%,
04/25/2043
(l)
62‌
3‌
Freddie
Mac
REMICS
2.00%,
02/15/2036
10‌
10‌
2.42%,
06/25/2050
(l)
1,910‌
185‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.04%
3.00%,
05/15/2027
(l)
35‌
—‌
3.00%,
10/15/2027
(l)
24‌
—‌
3.00%,
02/15/2029
(l)
83‌
1‌
3.50%,
02/15/2028
(l)
36‌
—‌
3.50%,
03/15/2041
(l)
316‌
6‌
4.19%,
05/15/2049
1,810‌
1,783‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.56%
Ginnie
Mae
1.88%,
04/20/2052
(l)
2,087‌
167‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.50%
2.23%,
12/16/2043
(l)
2,050‌
149‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.94%
2.27%,
05/20/2046
(l)
235‌
22‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.94%
2.32%,
11/20/2046
(l)
1,746‌
173‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
2.37%,
08/20/2044
(l)
764‌
72‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.04%
2.37%,
03/20/2047
(l)
955‌
95‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.04%
2.42%,
10/20/2045
(l)
784‌
79‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
2.42%,
08/20/2047
(l)
3,611‌
406‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
2.42%,
08/20/2047
(l)
395‌
49‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
2.42%,
11/20/2047
(l)
598‌
61‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
2.47%,
06/20/2045
(l)
1,030‌
104‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.14%
2.47%,
10/20/2047
(l)
1,505‌
186‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.14%
2.50%,
12/20/2050
(l)
2,378‌
364‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Ginnie
Mae
(continued)
2.52%,
11/20/2050
(l)
$
1,535‌
$
182‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
2.52%,
08/20/2051
(l)
1,411‌
163‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
2.63%,
09/20/2050
(l)
1,558‌
188‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.25%
2.93%,
04/20/2041
(l)
397‌
42‌
(1.10)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.97%
3.00%,
07/20/2050
(l)
457‌
71‌
3.00%,
11/20/2050
(l)
1,239‌
206‌
3.00%,
11/20/2050
(l)
1,692‌
277‌
3.00%,
11/20/2050
(l)
1,996‌
347‌
3.50%,
01/20/2043
(l)
1,460‌
217‌
3.50%,
10/20/2049
(l)
703‌
131‌
4.00%,
09/20/2040
(l)
80‌
1‌
4.50%,
05/16/2043
(l)
601‌
95‌
JP
Morgan
Mortgage
Trust
2025-1
6.00%,
06/25/2055
(g),(k)
899‌
899‌
Sequoia
Mortgage
Trust
2024-2
5.90%,
03/25/2054
(g),(k)
341‌
340‌
Sequoia
Mortgage
Trust
2024-3
5.97%,
04/25/2054
(g),(k)
396‌
395‌
Sequoia
Mortgage
Trust
2025-S2
4.00%,
11/25/2055
(g),(k)
592‌
558‌
$
9,332‌
Oil
&
Gas
-
1
.16
%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp
7.50%,
10/01/2029
(g)
408‌
423‌
Chord
Energy
Corp
6.00%,
10/01/2030
(g)
330‌
331‌
Comstock
Resources
Inc
6.75%,
03/01/2029
(g)
745‌
734‌
Diamondback
Energy
Inc
5.75%,
04/18/2054
320‌
298‌
Ecopetrol
SA
5.88%,
05/28/2045
350‌
278‌
Matador
Resources
Co
6.00%,
04/15/2034
(g)
155‌
150‌
6.25%,
04/15/2033
(g)
971‌
956‌
Noble
Finance
II
LLC
6.25%,
06/15/2034
(g)
745‌
723‌
Pertamina
Persero
PT
3.10%,
08/27/2030
(g)
200‌
183‌
Petroleos
Mexicanos
7.69%,
01/23/2050
225‌
201‌
Sunoco
LP
5.88%,
03/15/2034
(g)
1,113‌
1,089‌
$
5,366‌
Oil
&
Gas
Services
-
0
.15
%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-
Obligor
Inc
5.85%,
06/15/2056
730‌
689‌
Other
Asset
Backed
Securities
-
6
.79
%
Bluepeak
ABS
Issuer
LLC
6.49%,
12/20/2055
(g)
250‌
250‌
Brant
Point
CLO
2024-5
Ltd
5.23%,
10/20/2037
(g)
250‌
250‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.50%
Consolidated
Communications
LLC/Fidium
Fiber
Finance
Holdco
LLC
5.08%,
03/20/2056
(g)
750‌
732‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
18
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
DataBank
Issuer
5.81%,
02/25/2056
(g)
$
630‌
$
623‌
Ezee
Fiber
Funding
LLC
5.99%,
08/20/2056
(g),(m)
800‌
803‌
Firstlight
Issuer
LLC
5.87%,
06/20/2056
(g)
1,500‌
1,490‌
Flexential
Issuer
LLC
6.00%,
03/25/2061
(g)
2,000‌
1,965‌
Iskandar
Enterprise
LLC
5.05%,
04/17/2056
(g)
1,000‌
979‌
Kinetic
ABS
Issuer
LLC
5.22%,
02/25/2056
(g)
3,250‌
3,184‌
6.22%,
06/25/2058
(g)
500‌
498‌
Lightpath
Fiber
Issuer
LLC
5.60%,
03/25/2056
(g)
2,000‌
1,981‌
Lohrasp
Enterprise
II
LLC
5.51%,
07/17/2056
(g)
800‌
798‌
MetroNet
Infrastructure
Issuer
LLC
5.16%,
12/20/2055
(g)
2,800‌
2,754‌
5.27%,
04/20/2056
(g)
2,500‌
2,471‌
QTS
Issuer
ABS
II
LLC
5.34%,
07/05/2056
(g)
1,250‌
1,236‌
5.85%,
01/05/2056
(g)
575‌
556‌
7.14%,
07/05/2056
(g)
1,000‌
993‌
Summit
Issuer
LLC
5.21%,
11/20/2055
(g)
2,000‌
1,968‌
Switch
ABS
Issuer
LLC
5.12%,
10/25/2055
(g)
2,165‌
2,119‌
Trafigura
Securitisation
Finance
PLC
6.19%,
12/15/2029
(g)
250‌
250‌
Venture
47
Clo
Ltd
5.01%,
04/20/2036
(g)
1,000‌
1,000‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.28%
Verizon
Master
Trust
Series
2025-2
4.94%,
01/20/2033
(g)
235‌
236‌
Zayo
Issuer
LLC
5.55%,
04/20/2056
(g)
950‌
940‌
5.57%,
10/20/2055
(g)
2,350‌
2,305‌
5.72%,
10/20/2055
(g)
300‌
289‌
6.04%,
04/20/2056
(g)
750‌
741‌
$
31,411‌
Packaging
&
Containers
-
0
.52
%
Mauser
Packaging
Solutions
Holding
Co
7.88%,
04/15/2030
(g)
484‌
494‌
9.25%,
04/15/2030
(g)
314‌
311‌
Packaging
Corp
of
America
5.20%,
08/15/2035
760‌
746‌
Smurfit
Kappa
Treasury
ULC
5.20%,
01/15/2030
845‌
850‌
$
2,401‌
Pharmaceuticals
-
1
.02
%
1261229
BC
Ltd
10.00%,
04/15/2032
(g)
310‌
317‌
AbbVie
Inc
4.25%,
11/21/2049
615‌
479‌
5.50%,
03/15/2064
130‌
118‌
Accendra
Health
Inc
9.00%,
06/15/2032
(g)
150‌
143‌
Adapthealth
LLC
6.13%,
08/01/2028
(g)
290‌
290‌
CVS
Health
Corp
5.45%,
09/15/2035
425‌
421‌
Eli
Lilly
&
Co
5.60%,
05/20/2056
365‌
348‌
Endo
Finance
Holdings
LP
8.50%,
04/15/2031
(g)
306‌
322‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Jazz
Securities
DAC
4.38%,
01/15/2029
(g)
$
285‌
$
279‌
Novartis
Capital
Corp
5.70%,
03/18/2056
410‌
396‌
Zoetis
Inc
4.70%,
02/01/2043
190‌
164‌
5.00%,
08/17/2035
(h)
1,485‌
1,439‌
$
4,716‌
Pipelines
-
1
.79
%
Cheniere
Energy
Inc
5.65%,
04/15/2034
605‌
611‌
DT
Midstream
Inc
4.13%,
06/15/2029
(g)
1,440‌
1,404‌
Energy
Transfer
LP
5.15%,
03/15/2045
750‌
648‌
5.95%,
05/15/2054
610‌
560‌
6.50%,
02/15/2056
(i)
1,314‌
1,314‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp
8.13%,
02/15/2029
(g)
170‌
174‌
NGPL
PipeCo
LLC
5.60%,
08/15/2036
(g)
710‌
687‌
ONEOK
Inc
4.75%,
10/15/2031
570‌
558‌
5.70%,
11/01/2054
600‌
531‌
Rio
Grande
LNG
LLC
6.15%,
06/30/2041
(g)
495‌
479‌
Venture
Global
LNG
Inc
6.63%,
06/15/2036
(g)
120‌
118‌
8.38%,
06/01/2031
(g)
160‌
166‌
9.00%,
09/30/2029
(f),(g),(i)
437‌
435‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.44%
9.50%,
02/01/2029
(g)
545‌
583‌
$
8,268‌
Real
Estate
-
0
.09
%
CoreLogic
Inc
9.00%,
08/01/2031
(g)
410‌
404‌
REITs
-
0
.76
%
Arbor
Realty
SR
Inc
7.88%,
07/15/2030
(g),(h)
405‌
368‌
8.50%,
12/15/2028
(g),(h)
560‌
537‌
CFE
Fibra
E
5.88%,
09/23/2040
(g)
389‌
373‌
Fibra
SOMA
Trust
F/6185
7.13%,
05/28/2036
(g)
200‌
196‌
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
4.75%,
06/15/2029
(g)
514‌
501‌
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
4.88%,
05/15/2029
(g)
270‌
263‌
7.00%,
02/01/2030
(g)
150‌
152‌
Uniti
Group
LP
/
Uniti
Fiber
Holdings
Inc
/
CSL
Capital
LLC
6.00%,
01/15/2030
(g)
625‌
596‌
XHR
LP
4.88%,
06/01/2029
(g)
511‌
498‌
6.63%,
05/15/2030
(g)
25‌
26‌
$
3,510‌
Retail
-
0
.68
%
Carvana
Co
9.00%,
06/01/2030
(g),(k)
475‌
490‌
El
Puerto
de
Liverpool
SAB
de
CV
5.75%,
02/10/2038
(g)
200‌
187‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
19
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co
Inc
4.63%,
01/15/2029
(g)
$
335‌
$
326‌
Michaels
Cos
Inc/The
11.00%,
03/15/2034
(g)
315‌
308‌
Park
River
Holdings
Inc
8.00%,
03/15/2031
(g)
555‌
552‌
Specialty
Building
Products
Holdings
LLC
/
SBP
Finance
Corp
7.75%,
10/15/2029
(g)
657‌
624‌
Victra
Holdings
LLC
/
Victra
Finance
Corp
8.75%,
09/15/2029
(g)
655‌
667‌
$
3,154‌
Semiconductors
-
1
.69
%
Broadcom
Inc
3.42%,
04/15/2033
2,515‌
2,220‌
4.35%,
02/15/2030
200‌
195‌
4.55%,
02/15/2032
215‌
207‌
4.60%,
01/15/2033
865‌
825‌
5.15%,
11/15/2031
340‌
339‌
5.20%,
07/15/2035
540‌
518‌
Intel
Corp
4.75%,
03/25/2050
525‌
409‌
5.30%,
05/15/2036
490‌
473‌
Marvell
Technology
Inc
2.95%,
04/15/2031
415‌
376‌
4.75%,
07/15/2030
250‌
247‌
5.30%,
04/15/2036
1,205‌
1,162‌
5.45%,
07/15/2035
360‌
353‌
5.95%,
09/15/2033
460‌
470‌
$
7,794‌
Software
-
0
.66
%
Cloud
Software
Group
LLC
9.00%,
09/30/2029
(g)
430‌
421‌
OAK-Eagle
Acquireco
Inc
7.25%,
07/01/2033
(g)
281‌
291‌
Oracle
Corp
3.95%,
03/25/2051
915‌
558‌
4.00%,
07/15/2046
250‌
159‌
4.90%,
02/06/2033
165‌
152‌
5.20%,
09/26/2035
410‌
368‌
5.38%,
09/27/2054
275‌
200‌
5.55%,
02/06/2053
360‌
270‌
Synopsys
Inc
5.15%,
04/01/2035
365‌
354‌
5.70%,
04/01/2055
330‌
303‌
$
3,076‌
Sovereign
-
0
.46
%
Brazilian
Government
International
Bond
6.25%,
05/22/2036
700‌
678‌
Colombia
Government
International
Bond
6.13%,
01/21/2031
300‌
300‌
Israel
Government
International
Bond
5.00%,
01/13/2036
(h)
550‌
527‌
Istanbul
Metropolitan
Municipality
10.50%,
12/06/2028
(g)
300‌
321‌
Romanian
Government
International
Bond
5.75%,
07/04/2036
(g)
300‌
283‌
$
2,109‌
Telecommunications
-
1
.80
%
Altice
France
SA
6.50%,
04/15/2032
(g)
230‌
223‌
9.50%,
11/01/2029
(g)
637‌
646‌
AT&T
Inc
3.50%,
09/15/2053
323‌
195‌
3.55%,
09/15/2055
780‌
468‌
Beacon
Point
DC
LLC
6.13%,
11/30/2042
(g)
330‌
317‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Digicel
International
Finance
Ltd
/
Difl
US
LLC
8.63%,
08/01/2032
(g)
$
1,036‌
$
1,070‌
Level
3
Financing
Inc
7.50%,
02/15/2037
(g)
380‌
377‌
8.50%,
01/15/2036
(g)
280‌
291‌
Meridian
Arc
Holdco
LLC
6.25%,
04/30/2031
(g)
670‌
644‌
PR
RNO
Property
Owner
1
LLC
6.50%,
05/01/2031
(g)
740‌
697‌
Sopaipilla
Investor
LLC
7.53%,
11/30/2048
(g)
1,030‌
1,068‌
Telecom
Argentina
SA
9.50%,
07/18/2031
(g)
200‌
216‌
T-Mobile
USA
Inc
3.40%,
10/15/2052
395‌
241‌
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
8.63%,
06/15/2032
(g)
335‌
342‌
8.63%,
06/15/2032
(g)
150‌
153‌
Uniti
Services
LLC
7.50%,
10/15/2033
(g)
46‌
47‌
Verizon
Communications
Inc
5.88%,
11/30/2055
135‌
123‌
Viasat
Inc
6.50%,
07/15/2028
(g)
217‌
215‌
7.50%,
05/30/2031
(g)
514‌
514‌
Viavi
Solutions
Inc
3.75%,
10/01/2029
(g)
190‌
179‌
Zayo
Group
Holdings
Inc
5.75%,
PIK
0.50%;
03/09/2030
(g),(k),(n)
78‌
78‌
7.13%,
PIK
1.88%;
09/09/2030
(g),(k),(n)
235‌
230‌
$
8,334‌
Transportation
-
0
.22
%
Burlington
Northern
Santa
Fe
LLC
5.55%,
03/15/2056
380‌
355‌
Eletson
Holdings
Inc
-
Escrow
0.00%,
01/15/2022
(d),(e)
1,749‌
—‌
Navios
Maritime
Partners
LP
7.75%,
11/07/2030
(g)
200‌
204‌
Watco
Cos
LLC
/
Watco
Finance
Corp
7.13%,
08/01/2032
(g)
455‌
466‌
$
1,025‌
Water
-
0
.05
%
Essential
Utilities
Inc
5.13%,
03/15/2036
255‌
246‌
TOTAL
BONDS
$
288,713‌
SENIOR
FLOATING
RATE
INTERESTS
-
2
.32
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
0
.10
%
TransDigm
Inc
;
Term
Loan
J
6.23%,
02/28/2031
480‌
480‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Airlines
-
0
.10
%
United
Airlines
Inc
;
Term
Loan
B
5.48%,
02/22/2031
474‌
473‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
Chemicals
-
0
.06
%
Advancion
Holdings
LLC
;
Term
Loan
11.52%,
11/24/2028
274‌
205‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.75%
Consolidated
Energy
Finance
SA
;
Term
Loan
B
5.10%,
11/15/2030
74‌
72‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
$
277‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
20
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
-
0
.24
%
Garda
World
Security
Corp
;
Term
Loan
B
6.51%,
02/01/2029
$
672‌
$
671‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Shift4
Payments
LLC
;
Term
Loan
B
5.73%,
06/30/2032
438‌
437‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
$
1,108‌
Computers
-
0
.09
%
McAfee
Corp
;
Term
Loan
B1
6.73%,
03/01/2029
480‌
433‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Consumer
Products
-
0
.11
%
Kronos
Acquisition
Holdings
Inc
;
Term
Loan
B
7.73%,
07/08/2031
731‌
502‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Distribution
&
Wholesale
-
0
.10
%
Veritiv
Operating
Co
;
Term
Loan
B
7.73%,
11/30/2030
502‌
477‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Diversified
Financial
Services
-
0
.12
%
Jane
Street
Group
LLC
;
Term
Loan
B
5.67%,
12/15/2031
548‌
546‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
Food
-
0
.16
%
Fiesta
Purchaser
Inc
;
Term
Loan
B
6.48%,
02/12/2031
749‌
735‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Healthcare
-
Services
-
0
.05
%
LifePoint
Health
Inc
;
Term
Loan
B
7.50%,
05/16/2031
219‌
209‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Insurance
-
0
.05
%
Asurion
LLC
;
Term
Loan
B4
9.33%,
01/20/2029
206‌
204‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Lodging
-
0
.16
%
Fertitta
Entertainment
LLC/NV
;
Term
Loan
B
6.98%,
01/27/2029
758‌
758‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Machinery
-
Diversified
-
0
.01
%
TK
Elevator
US
Newco
Inc
;
Term
Loan
B
6.70%,
04/30/2030
25‌
25‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Media
-
0
.26
%
Directv
Financing
LLC
;
Term
Loan
B
8.32%,
08/02/2029
191‌
192‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
9.32%,
02/15/2031
402‌
403‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
iHeartCommunications
Inc
;
Term
Loan
9.62%,
05/01/2029
677‌
626‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.78%
$
1,221‌
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Packaging
&
Containers
-
0
.07
%
Clydesdale
Acquisition
Holdings
Inc
;
Term
Loan
B
6.98%,
03/26/2032
$
1‌
$
1‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Mauser
Packaging
Solutions
Holding
Co
;
Term
Loan
B
7.15%,
04/15/2030
323‌
320‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
321‌
Pharmaceuticals
-
0
.31
%
1261229
BC
Ltd
;
Term
Loan
B
9.98%,
10/08/2030
838‌
813‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.25%
Accendra
Health
Inc
;
Term
Loan
B1
0.00%,
03/29/2029
(o)
475‌
446‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Jazz
Financing
Lux
Sarl
;
Term
Loan
B2
7.01%,
05/05/2028
188‌
188‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
1,447‌
Retail
-
0
.16
%
IRB
Holding
Corp
;
Term
Loan
B
6.23%,
12/15/2030
215‌
215‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Michaels
Cos
Inc/The
;
Term
Loan
B
8.73%,
02/18/2033
500‌
499‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
$
714‌
Software
-
0
.09
%
Cloud
Software
Group
LLC
;
Term
Loan
B1
6.98%,
08/13/2032
453‌
405‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Telecommunications
-
0
.08
%
Zayo
Group
Holdings
Inc
;
PIK
Term
Loan
6.76%,
PIK
0.05%;
03/11/2030
(n)
385‌
385‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
10,720‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
28
.56
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0
.69
%
3.00%,
01/01/2043
$
937‌
$
841‌
3.00%,
02/01/2043
433‌
389‌
4.50%,
04/01/2031
118‌
117‌
4.50%,
04/01/2041
1,160‌
1,127‌
5.00%,
06/01/2031
84‌
84‌
5.50%,
05/01/2033
11‌
12‌
5.50%,
12/01/2033
138‌
139‌
5.50%,
11/01/2036
197‌
199‌
5.50%,
04/01/2038
42‌
42‌
5.50%,
08/01/2038
98‌
100‌
6.00%,
12/01/2031
4‌
4‌
6.00%,
12/01/2032
5‌
5‌
6.00%,
02/01/2033
25‌
26‌
6.00%,
12/01/2033
13‌
13‌
6.00%,
07/01/2038
59‌
61‌
6.50%,
05/01/2029
1‌
1‌
6.50%,
04/01/2031
1‌
1‌
6.50%,
05/01/2032
2‌
2‌
6.50%,
10/01/2035
15‌
15‌
7.00%,
12/01/2029
1‌
1‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
21
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
7.00%,
06/01/2030
$
2‌
$
2‌
8.00%,
09/01/2030
22‌
22‌
$
3,203‌
Federal
National
Mortgage
Association
(FNMA)
-
0
.17
%
5.00%,
07/01/2044
615‌
610‌
6.00%,
07/01/2033
150‌
152‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.57%
$
762‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
15
.92
%
2.00%,
01/01/2051
3,346‌
2,705‌
2.00%,
02/01/2051
1,852‌
1,488‌
2.00%,
05/01/2051
582‌
458‌
2.00%,
11/01/2051
1,766‌
1,410‌
2.00%,
11/01/2051
3,886‌
3,098‌
2.00%,
12/01/2051
3,501‌
2,782‌
2.00%,
05/01/2052
2,470‌
1,980‌
2.50%,
10/01/2050
1,307‌
1,079‌
2.50%,
02/01/2051
2,183‌
1,830‌
2.50%,
07/01/2051
2,501‌
2,084‌
2.50%,
09/01/2051
1,143‌
954‌
2.50%,
11/01/2051
1,553‌
1,292‌
2.50%,
04/01/2052
2,639‌
2,194‌
2.50%,
10/01/2053
459‌
378‌
3.00%,
10/01/2029
11‌
11‌
3.00%,
09/01/2032
35‌
34‌
3.00%,
04/01/2043
150‌
134‌
3.00%,
05/01/2043
270‌
242‌
3.00%,
12/01/2048
51‌
45‌
3.00%,
11/01/2050
614‌
537‌
3.00%,
03/01/2052
2,591‌
2,254‌
3.50%,
02/01/2033
6‌
6‌
3.50%,
04/01/2047
62‌
56‌
3.50%,
10/01/2047
27‌
24‌
3.50%,
11/01/2047
692‌
630‌
3.50%,
03/01/2048
14‌
13‌
4.00%,
02/01/2031
40‌
39‌
4.00%,
06/01/2048
6‌
6‌
4.00%,
08/01/2052
1,805‌
1,664‌
4.00%,
07/01/2053
941‌
862‌
4.00%,
04/01/2054
688‌
635‌
4.00%,
07/01/2055
1,713‌
1,577‌
4.50%,
06/01/2044
259‌
249‌
4.50%,
08/01/2052
996‌
945‌
4.50%,
09/01/2052
2,729‌
2,591‌
4.50%,
10/01/2052
1,089‌
1,029‌
4.50%,
07/01/2053
928‌
878‌
4.50%,
07/01/2053
601‌
571‌
4.50%,
08/01/2053
926‌
875‌
4.50%,
01/01/2054
942‌
894‌
5.00%,
06/01/2048
445‌
438‌
5.00%,
07/01/2052
847‌
831‌
5.00%,
09/01/2052
1,142‌
1,117‌
5.00%,
06/01/2053
2,130‌
2,080‌
5.00%,
11/01/2054
929‌
898‌
5.00%,
11/01/2054
1,572‌
1,527‌
5.00%,
11/01/2054
1,345‌
1,313‌
5.00%,
12/01/2054
947‌
922‌
5.00%,
02/01/2055
1,948‌
1,892‌
5.00%,
01/01/2056
1,211‌
1,174‌
5.00%,
04/01/2056
652‌
631‌
5.50%,
07/01/2033
13‌
13‌
5.50%,
09/01/2033
30‌
30‌
5.50%,
05/01/2040
75‌
75‌
5.50%,
05/01/2053
2,150‌
2,153‌
5.50%,
11/01/2053
1,628‌
1,632‌
5.50%,
11/01/2053
1,576‌
1,573‌
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)
5.50%,
03/01/2054
$
807‌
$
806‌
5.50%,
10/01/2054
578‌
575‌
5.50%,
02/01/2055
2,033‌
2,030‌
5.50%,
04/01/2055
565‌
564‌
5.50%,
04/01/2055
875‌
873‌
5.50%,
06/01/2055
1,539‌
1,537‌
5.50%,
06/01/2055
557‌
556‌
5.50%,
08/01/2055
995‌
989‌
5.50%,
08/01/2055
1,007‌
1,007‌
6.00%,
05/01/2038
24‌
25‌
6.00%,
08/01/2038
41‌
41‌
6.00%,
08/01/2038
51‌
52‌
6.00%,
01/01/2053
1,091‌
1,123‌
6.00%,
04/01/2054
1,129‌
1,160‌
6.00%,
05/01/2054
884‌
906‌
6.00%,
06/01/2054
738‌
756‌
6.00%,
09/01/2054
513‌
521‌
6.00%,
09/01/2055
880‌
899‌
6.50%,
12/01/2031
1‌
1‌
6.50%,
04/01/2032
1‌
1‌
6.50%,
07/01/2037
77‌
81‌
6.50%,
12/01/2037
67‌
71‌
6.50%,
02/01/2038
120‌
125‌
6.50%,
09/01/2038
107‌
113‌
7.00%,
03/01/2032
9‌
9‌
$
73,653‌
Government
National
Mortgage
Association
(GNMA)
-
6
.15
%
2.00%,
07/20/2051
801‌
643‌
2.00%,
11/20/2051
1,019‌
817‌
2.00%,
04/20/2052
489‌
393‌
2.50%,
06/20/2050
570‌
477‌
2.50%,
04/20/2051
1,100‌
919‌
2.50%,
05/20/2051
748‌
625‌
2.50%,
07/20/2051
677‌
566‌
3.00%,
11/20/2046
954‌
840‌
3.50%,
03/15/2042
336‌
306‌
3.50%,
04/15/2042
358‌
327‌
4.00%,
04/20/2052
292‌
267‌
4.00%,
10/20/2052
1,764‌
1,623‌
4.50%,
09/15/2039
96‌
93‌
4.50%,
03/15/2040
520‌
505‌
4.50%,
09/20/2052
1,385‌
1,313‌
4.50%,
02/20/2053
543‌
514‌
4.50%,
08/20/2053
912‌
862‌
4.50%,
03/20/2054
576‌
541‌
4.50%,
11/20/2054
2,891‌
2,718‌
5.00%,
12/20/2052
963‌
940‌
5.00%,
02/20/2053
1,384‌
1,349‌
5.00%,
05/20/2053
1,151‌
1,119‌
5.00%,
09/20/2053
979‌
953‌
5.00%,
04/20/2054
2,264‌
2,197‌
5.00%,
08/20/2056
(p)
2,945‌
2,849‌
5.50%,
05/20/2035
15‌
15‌
5.50%,
02/15/2038
167‌
171‌
5.50%,
06/20/2053
450‌
451‌
5.50%,
07/20/2054
984‌
982‌
5.50%,
08/20/2056
(p)
3,020‌
3,000‌
6.00%,
07/20/2028
1‌
1‌
6.00%,
11/20/2028
2‌
2‌
6.00%,
01/20/2029
2‌
3‌
6.00%,
07/20/2029
1‌
1‌
6.00%,
08/15/2031
8‌
8‌
6.00%,
01/15/2032
1‌
1‌
6.00%,
02/15/2032
1‌
1‌
6.00%,
02/15/2033
4‌
4‌
6.00%,
12/15/2033
7‌
7‌
6.50%,
05/20/2029
1‌
1‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
22
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
6.50%,
10/15/2032
$
2‌
$
2‌
6.50%,
12/15/2032
16‌
17‌
7.00%,
06/15/2031
2‌
2‌
7.00%,
06/15/2032
11‌
11‌
8.00%,
01/20/2031
1‌
1‌
$
28,437‌
U.S.
Treasury
-
5
.50
%
2.88%,
08/15/2045
7,200‌
5,108‌
3.88%,
08/15/2040
(q)
4,720‌
4,174‌
4.13%,
07/15/2029
14,600‌
14,518‌
4.25%,
08/15/2035
1,700‌
1,646‌
$
25,446‌
U.S.
Treasury
Bill
-
0
.13
%
3.76%,
12/24/2026
(r)
600‌
591‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
132,092‌
Total
Investments
$
471,496‌
Other
Assets
and
Liabilities
-  (1.94)%
(
8,963‌
)
TOTAL
NET
ASSETS
-
100.00%
$
462,533‌
(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
$4,842
or
1.05%
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)
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.
(f)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(g)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$159,452
or
34.47%
of
net
assets.
(h)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$4,627
or
1.00%
of
net
assets.
(i)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(j)
Security
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
$1,384
or
0.30%
of
net
assets.
(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)
Security
is
an
Interest
Only
Strip.
(m)
Security
purchased
on
a
when-issued
basis.
(n)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(o)
This
Senior
Floating
Rate
Note
will
settle
after
July
31,
2026,
at
which
time
the
interest
rate
will
be
determined.
(p)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(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
$3,914
or
0.85%
of
net
assets.
(r)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
24,598‌
$
401,377‌
$
413,145‌
$
12,830‌
$
24,598‌
$
401,377‌
$
413,145‌
$
12,830‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
295‌
$
—‌
$
—‌
$
—‌
$
295‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Treasury
Note;
September
2026
Short
197‌
$
21,276‌
$
295‌
US
10
Year
Treasury
Ultra
Note;
September
2026
Short
29‌
3,181‌
25‌
US
2
Year
Treasury
Note;
September
2026
Long
232‌
47,701‌
(
192‌
)
US
5
Year
Treasury  Note;
September
2026
Short
197‌
20,877‌
(
19‌
)
US
Long
Bond;
September
2026
Long
216‌
23,395‌
(
547‌
)
US
Ultra
Bond;
September
2026
Long
100‌
10,969‌
(
371‌
)
Total
$
(
809‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
23
INVESTMENT
COMPANIES
-
9
.39
%
Shares
Held
Value
(000's)
Closed-End
Funds
-
0
.19
%
Variant
Alternative
Income
Fund
146,636‌
$
3,778‌
Exchange-Traded
Funds
-
4
.10
%
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
1,530,719‌
56,300‌
iShares
Core
U.S.
Aggregate
Bond
ETF
45,475‌
4,428‌
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
46,839‌
4,434‌
Vanguard
Intermediate-Term
Corporate
Bond
ETF
218,404‌
17,747‌
$
82,909‌
Money
Market
Funds
-
5
.10
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
503,672‌
503‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b),(c)
102,727,628‌
102,728‌
$
103,231‌
TOTAL
INVESTMENT
COMPANIES
$
189,918‌
COMMON
STOCKS
-
1
.06
%
Shares
Held
Value
(000's)
Healthcare
-
Services
-
0
.03
%
Sound
Inpatient
Physicians
Inc
-
Class
A
(d),(e)
4,565,306‌
$
525‌
Sound
Inpatient
Physicians
Inc
-
Class
A2
(d),(e)
204,373‌
23‌
$
548‌
Iron
&
Steel
-
0
.26
%
Specialty
Steel
Holdings,
Inc.
(d),(e),(f)
87‌
5,309‌
Mining
-
0
.77
%
Arctic
Canadian
Diamond
Co
Ltd
(d),(e),(g)
6,589‌
212‌
Real
Alloy
Holding
Inc
(e),(f)
300‌
15,258‌
$
15,470‌
Semiconductors
-
0
.00
%
Bright
Bidco
-
1145
Shares
(d),(e)
10,688‌
3‌
Bright
Bidco
-
4A2
Shares
(d),(e)
14,600‌
3‌
$
6‌
TOTAL
COMMON
STOCKS
$
21,333‌
PREFERRED
STOCKS
-
1
.67
%
Shares
Held
Value
(000's)
Banks
-
0
.53
%
Associated
Banc-Corp
6.63%,
03/01/2033
12,288‌
$
303‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.81%
Bank
of
Hawaii
Corp
4.38%,
11/01/2026
(h)
18,636‌
285‌
Bank
of
Hawaii
Corp
8.00%,
08/01/2029
(h)
4,117‌
108‌
Citizens
Financial
Group
Inc
6.50%,
10/06/2030
(h)
64,541‌
1,600‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
Fifth
Third
Bancorp
6.88%,
10/01/2030
(h)
25,441‌
660‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.13%
First
Horizon
Corp
6.75%,
04/10/2031
(h)
44,687‌
1,102‌
KeyCorp
6.13%,
12/15/2026
(h)
45,339‌
1,146‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.15%
KeyCorp
6.20%,
12/15/2027
(h)
8,800‌
223‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.13%
M&T
Bank
Corp
0.00%,
09/15/2031
(d),(h)
4,000‌
99‌
M&T
Bank
Corp
6.35%,
12/15/2030
(h)
36,723‌
877‌
Morgan
Stanley
4.25%,
01/15/2027
(h)
11,085‌
185‌
Morgan
Stanley
5.85%,
04/15/2027
(h)
59,100‌
1,370‌
3
Month
USD
LIBOR
+
3.49%
Morgan
Stanley
6.50%,
10/15/2027
(h)
8,715‌
219‌
Northern
Trust
Corp
4.70%,
10/01/2026
(h)
9,858‌
183‌
Regions
Financial
Corp
4.45%,
09/15/2026
(h)
15,000‌
242‌
Regions
Financial
Corp
5.70%,
05/15/2029
(h)
39,877‌
976‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.41%
Regions
Financial
Corp
6.95%,
09/15/2029
(h)
5,900‌
150‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
UMB
Financial
Corp
7.75%,
07/15/2030
(h)
13,100‌
$
346‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.74%
Wells
Fargo
&
Co
4.70%,
09/15/2026
(h)
7,070‌
128‌
Wintrust
Financial
Corp
7.88%,
07/15/2030
(h)
16,800‌
440‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.88%
$
10,642‌
Diversified
Financial
Services
-
0
.15
%
Affiliated
Managers
Group
Inc
4.75%,
09/30/2060
12,860‌
216‌
Affiliated
Managers
Group
Inc
5.88%,
03/30/2059
21,046‌
424‌
Capital
One
Financial
Corp
4.80%,
12/01/2026
(h)
29,254‌
507‌
Stifel
Financial
Corp
4.50%,
09/02/2026
(h)
2,539‌
41‌
Voya
Financial
Inc
5.35%,
09/15/2029
(h)
77,215‌
1,831‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
$
3,019‌
Electric
-
0
.43
%
CMS
Energy
Corp
5.88%,
03/01/2079
159,839‌
3,534‌
DTE
Energy
Co
4.38%,
12/01/2081
13,005‌
218‌
DTE
Energy
Co
5.25%,
12/01/2077
35,000‌
707‌
DTE
Energy
Co
6.25%,
10/01/2085
15,000‌
355‌
Entergy
Louisiana
LLC
4.88%,
09/01/2066
9,359‌
187‌
NextEra
Energy
Capital
Holdings
Inc
5.65%,
03/01/2079
102,304‌
2,238‌
Southern
Co/The
5.25%,
12/01/2077
17,556‌
357‌
Xcel
Energy
Inc
6.25%,
10/15/2085
51,209‌
1,192‌
$
8,788‌
Insurance
-
0
.13
%
Allstate
Corp/The
4.75%,
10/15/2026
(h)
4,065‌
74‌
Allstate
Corp/The
5.10%,
10/15/2026
(h)
8,460‌
164‌
Axis
Capital
Holdings
Ltd
5.50%,
09/02/2026
(h)
30,195‌
565‌
Corebridge
Financial
Inc
6.38%,
12/15/2064
24,629‌
544‌
Equitable
Holdings
Inc
4.30%,
09/02/2026
(h)
5,055‌
82‌
Equitable
Holdings
Inc
5.25%,
09/15/2026
(h)
24,903‌
482‌
Globe
Life
Inc
4.25%,
06/15/2061
35,328‌
545‌
Prudential
Financial
Inc
5.95%,
09/01/2062
7,597‌
169‌
$
2,625‌
Pipelines
-
0
.02
%
TransCanada
PipeLines
Ltd
6.25%,
11/01/2085
17,987‌
413‌
REITs
-
0
.39
%
Kimco
Realty
Corp
5.25%,
09/03/2026
(h)
31,567‌
618‌
Prologis
Inc
8.54%,
11/13/2026
(h)
41,934‌
2,166‌
Public
Storage
3.95%,
09/02/2026
(h)
14,056‌
212‌
Public
Storage
4.00%,
09/02/2026
(h)
83,560‌
1,284‌
Public
Storage
4.13%,
09/02/2026
(h)
96,000‌
1,531‌
Public
Storage
4.63%,
09/02/2026
(h)
11,898‌
212‌
Public
Storage
4.70%,
09/03/2026
(h)
28,130‌
512‌
Public
Storage
5.60%,
09/03/2026
(h)
51,653‌
1,115‌
Public
Storage
6.00%,
09/03/2026
(h)
10,000‌
226‌
$
7,876‌
Telecommunications
-
0
.02
%
T-Mobile
USA
Inc
5.50%,
03/01/2070
17,170‌
351‌
T-Mobile
USA
Inc
6.25%,
09/01/2069
6,548‌
151‌
$
502‌
TOTAL
PREFERRED
STOCKS
$
33,865‌
BONDS
-
73
.09
%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0
.25
%
MMS
USA
Holdings
Inc
1.25%,
06/13/2028
EUR
100‌
$
111‌
Omnicom
Group
Inc
4.20%,
03/02/2029
$
259‌
255‌
4.20%,
06/01/2030
100‌
97‌
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
4.63%,
03/15/2030
(i)
625‌
604‌
6.00%,
06/15/2034
(i)
3,250‌
3,209‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
24
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Advertising
(continued)
WPP
2025
LLC/Delaware
6.50%,
03/30/2036
$
708‌
$
688‌
WPP
Finance
SA
4.13%,
05/30/2028
EUR
100‌
117‌
$
5,081‌
Aerospace
&
Defense
-
1
.06
%
Airbus
SE
1.63%,
06/09/2030
100‌
108‌
ATI
Inc
5.88%,
06/15/2033
$
500‌
503‌
Boeing
Co/The
2.95%,
02/01/2030
100‌
94‌
3.38%,
06/15/2046
369‌
249‌
3.60%,
05/01/2034
607‌
537‌
3.75%,
02/01/2050
663‌
462‌
5.15%,
05/01/2030
417‌
419‌
5.71%,
05/01/2040
100‌
99‌
5.81%,
05/01/2050
263‌
248‌
5.93%,
05/01/2060
442‌
413‌
7.01%,
05/01/2064
50‌
54‌
Czechoslovak
Group
AS
6.50%,
01/10/2031
(i)
1,600‌
1,621‌
6.50%,
01/10/2031
1,225‌
1,241‌
Embraer
Netherlands
Finance
BV
5.98%,
02/11/2035
50‌
51‌
GE
Capital
Funding
LLC
4.55%,
05/15/2032
200‌
197‌
General
Dynamics
Corp
4.25%,
04/01/2050
25‌
20‌
General
Electric
Co
4.90%,
01/29/2036
7‌
7‌
Goat
Holdco
LLC
6.75%,
02/01/2032
(i)
2,905‌
2,952‌
Honeywell
Aerospace
Inc
4.00%,
03/16/2029
(i)
100‌
98‌
4.95%,
03/16/2036
(i)
665‌
641‌
5.73%,
03/16/2056
(i)
545‌
519‌
Howmet
Aerospace
Inc
4.55%,
11/15/2032
50‌
49‌
L3Harris
Technologies
Inc
5.05%,
04/27/2045
100‌
89‌
5.40%,
07/31/2033
380‌
382‌
Lockheed
Martin
Corp
4.75%,
02/15/2034
100‌
98‌
5.90%,
11/15/2063
100‌
97‌
Northrop
Grumman
Corp
5.15%,
05/01/2040
50‌
48‌
5.25%,
05/01/2050
50‌
45‌
RTX
Corp
3.75%,
11/01/2046
100‌
74‌
4.45%,
11/16/2038
100‌
90‌
5.75%,
01/15/2029
200‌
205‌
TransDigm
Inc
6.13%,
07/31/2034
(i)
60‌
59‌
6.38%,
05/31/2033
(i)
5,380‌
5,379‌
6.75%,
01/31/2034
(i)
3,770‌
3,831‌
7.13%,
12/01/2031
(i)
475‌
490‌
$
21,469‌
Agriculture
-
0
.20
%
Altria
Group
Inc
3.70%,
02/04/2051
100‌
66‌
5.95%,
02/14/2049
50‌
47‌
Archer-Daniels-Midland
Co
4.50%,
08/15/2033
100‌
97‌
BAT
Capital
Corp
6.34%,
08/02/2030
50‌
53‌
7.08%,
08/02/2043
50‌
54‌
7.08%,
08/02/2053
50‌
54‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Agriculture
(continued)
British
American
Tobacco
PLC
3.75%,
06/27/2029
(h),(j)
EUR
100‌
$
113‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
3.95%
Bunge
Ltd
Finance
Corp
3.75%,
09/25/2027
$
100‌
99‌
Cargill
Inc
4.76%,
11/23/2045
(i)
100‌
86‌
Imperial
Brands
Finance
Netherlands
BV
1.75%,
03/18/2033
EUR
100‌
99‌
JT
International
Financial
Services
BV
3.87%,
09/04/2055
(j)
100‌
113‌
Euribor
Swap
Rate
5
Year
+
1.53%
MHP
Lux
SA
10.50%,
07/28/2029
(i)
$
2,800‌
2,912‌
Philip
Morris
International
Inc
5.13%,
02/15/2030
100‌
101‌
5.25%,
09/07/2028
75‌
76‌
5.63%,
09/07/2033
100‌
102‌
$
4,072‌
Airlines
-
0
.14
%
American
Airlines
2017-2
Class
AA
Pass
Through
Trust
3.35%,
04/15/2031
57‌
54‌
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd
5.75%,
04/20/2029
(i)
894‌
889‌
British
Airways
2021-1
Class
A
Pass
Through
Trust
2.90%,
09/15/2036
(i)
550‌
499‌
Delta
Air
Lines
Inc
4.95%,
07/10/2028
50‌
50‌
JetBlue
Airways
Corp
/
JetBlue
Loyalty
LP
9.88%,
09/20/2031
(i)
710‌
618‌
Qantas
Airways
Ltd
2.95%,
11/27/2029
AUD
100‌
65‌
Southwest
Airlines
Co
5.13%,
06/15/2027
$
100‌
100‌
5.25%,
11/15/2035
474‌
449‌
United
Airlines
2023-1
Class
A
Pass
Through
Trust
5.80%,
07/15/2037
89‌
91‌
$
2,815‌
Apparel
-
0
.37
%
Beach
Acquisition
Bidco
LLC
10.00%,
PIK
10.75%;
07/15/2033
(i),(k),(l)
6,643‌
7,131‌
Gildan
Activewear
Inc
4.70%,
10/07/2030
(i)
50‌
49‌
Kering
SA
3.63%,
09/05/2031
EUR
100‌
115‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
0.13%,
02/11/2028
100‌
110‌
NIKE
Inc
3.25%,
03/27/2040
$
50‌
39‌
$
7,444‌
Automobile
Asset
Backed
Securities
-
0
.22
%
BofA
Auto
Trust
2025-1
4.17%,
11/22/2027
(i)
33‌
33‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.55%
Chase
Auto
Owner
Trust
2024-4
4.94%,
07/25/2029
(i)
426‌
428‌
GM
Financial
Consumer
Automobile
Receivables
Trust
2024-1
4.85%,
12/18/2028
830‌
833‌
Hyundai
Auto
Receivables
Trust
2024-A
4.99%,
02/15/2029
587‌
589‌
Santander
Drive
Auto
Receivables
Trust
2025-3
4.63%,
10/16/2028
206‌
206‌
Santander
Drive
Auto
Receivables
Trust
2025-4
4.28%,
01/15/2029
640‌
641‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
25
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
Wheels
Fleet
Lease
Funding
1
LLC
4.34%,
01/18/2040
(i)
$
1,677‌
$
1,680‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.67%
$
4,410‌
Automobile
Manufacturers
-
0
.78
%
American
Honda
Finance
Corp
3.50%,
06/27/2031
EUR
100‌
113‌
4.70%,
01/12/2028
$
200‌
200‌
BMW
Finance
NV
2.63%,
05/20/2028
EUR
100‌
114‌
3.63%,
05/22/2035
50‌
56‌
3.75%,
01/27/2036
100‌
111‌
BMW
US
Capital
LLC
3.75%,
04/12/2028
(i)
$
200‌
197‌
5.00%,
03/19/2033
(i)
230‌
224‌
Cummins
Inc
5.15%,
02/20/2034
50‌
50‌
Daimler
Truck
Finance
North
America
LLC
4.15%,
01/12/2029
(i)
275‌
271‌
4.65%,
10/12/2030
(i)
213‌
209‌
4.95%,
01/13/2028
(i)
220‌
221‌
5.13%,
01/19/2028
(i)
306‌
308‌
Ford
Credit
Canada
Co
Cie
Credit
Ford
Du
Canada
4.82%,
09/11/2028
CAD
100‌
72‌
Ford
Motor
Co
3.25%,
02/12/2032
$
347‌
303‌
4.75%,
01/15/2043
230‌
176‌
5.29%,
12/08/2046
50‌
40‌
Ford
Motor
Credit
Co
LLC
2.90%,
02/10/2029
200‌
188‌
4.00%,
11/13/2030
965‌
901‌
4.45%,
02/14/2030
EUR
100‌
117‌
4.97%,
04/06/2029
$
597‌
590‌
6.05%,
11/05/2031
640‌
644‌
General
Motors
Co
6.25%,
10/02/2043
100‌
97‌
6.60%,
04/01/2036
50‌
53‌
General
Motors
Financial
Co
Inc
3.10%,
01/12/2032
252‌
226‌
4.30%,
02/15/2029
EUR
100‌
117‌
5.60%,
06/18/2031
$
1,300‌
1,320‌
5.80%,
06/23/2028
200‌
203‌
5.90%,
01/07/2035
362‌
366‌
6.10%,
01/07/2034
25‌
26‌
6.40%,
01/09/2033
100‌
105‌
General
Motors
Financial
of
Canada
Ltd
5.20%,
02/09/2028
CAD
100‌
73‌
Honda
Canada
Finance
Inc
3.55%,
02/25/2031
50‌
35‌
4.87%,
09/23/2027
100‌
73‌
Hyundai
Capital
America
4.75%,
04/06/2029
(i)
$
524‌
520‌
4.75%,
06/18/2029
(i)
562‌
558‌
5.10%,
06/24/2030
(i)
50‌
50‌
5.40%,
06/23/2032
(i)
440‌
442‌
5.68%,
06/26/2028
(i)
250‌
253‌
Mercedes-Benz
Finance
North
America
LLC
4.50%,
03/10/2031
(i)
407‌
396‌
5.05%,
08/03/2033
(i)
150‌
147‌
Mercedes-Benz
Group
AG
1.38%,
05/11/2028
EUR
100‌
112‌
Mercedes-Benz
International
Finance
BV
3.70%,
05/30/2031
100‌
116‌
Nissan
Motor
Co
Ltd
4.81%,
09/17/2030
(i)
$
1,200‌
1,112‌
7.50%,
07/17/2030
(i)
1,200‌
1,229‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
(continued)
PACCAR
Financial
Corp
3.90%,
02/05/2029
$
100‌
$
99‌
RCI
Banque
SA
3.63%,
02/22/2030
EUR
100‌
114‌
3.88%,
01/12/2029
100‌
116‌
Stellantis
Finance
US
Inc
5.75%,
03/18/2030
(i)
$
685‌
680‌
Stellantis
Financial
Services
US
Corp
5.80%,
06/15/2031
(i)
403‌
395‌
Stellantis
NV
1.25%,
06/20/2033
EUR
150‌
136‌
Toyota
Motor
Credit
Corp
3.38%,
04/01/2030
$
100‌
95‌
3.85%,
07/24/2030
EUR
100‌
117‌
4.05%,
09/05/2028
$
50‌
50‌
5.25%,
09/11/2028
200‌
203‌
Toyota
Motor
Finance
Netherlands
BV
3.25%,
04/23/2030
EUR
100‌
114‌
Traton
Finance
Luxembourg
SA
1.25%,
03/24/2033
100‌
97‌
Volkswagen
Financial
Services
AG
0.88%,
01/31/2028
200‌
222‌
Volkswagen
Group
of
America
Finance
LLC
4.60%,
06/08/2029
(i)
$
200‌
198‌
Volkswagen
International
Finance
NV
1.25%,
09/23/2032
EUR
100‌
98‌
3.75%,
12/28/2027
(h),(j)
100‌
115‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.92%
4.13%,
09/02/2035
100‌
112‌
$
15,695‌
Automobile
Parts
&
Equipment
-
0
.39
%
Aptiv
Swiss
Holdings
Ltd
3.10%,
12/01/2051
$
545‌
319‌
4.15%,
05/01/2052
50‌
36‌
Clarios
Global
LP
/
Clarios
US
Finance
Co
6.75%,
02/15/2030
(i)
525‌
538‌
Dexko
Global
Inc
7.50%,
04/15/2032
(i)
4,095‌
3,410‌
IHO
Verwaltungs
GmbH
7.38%,
PIK
0.00%;
05/15/2033
(i),(k),(l)
2,930‌
3,037‌
Realtruck
Group
Inc
6.25%,
07/31/2031
(i)
3,604‌
632‌
$
7,972‌
Banks
-
11
.77
%
ABN
AMRO
Bank
NV
2.47%,
12/13/2029
(i),(j)
200‌
189‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.10%
2.63%,
01/16/2029
EUR
100‌
114‌
AIB
Group
PLC
4.63%,
07/23/2029
(j)
100‌
118‌
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
1.95%
Ardshinbank
CJSC
Via
Dilijan
Finance
BV
6.60%,
01/22/2031
(i)
$
2,800‌
2,800‌
Australia
&
New
Zealand
Banking
Group
Ltd
5.10%,
02/03/2033
(j)
EUR
100‌
118‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.15%
5.69%,
08/14/2040
(j)
AUD
125‌
84‌
3
Month
Bank
Bill
Swap
Rate
+
1.68%
Banco
Bilbao
Vizcaya
Argentaria
SA
3.88%,
01/15/2034
EUR
100‌
117‌
4.38%,
08/29/2036
(j)
100‌
117‌
Euribor
Swap
Rate
5
Year
+
2.00%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
26
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Banco
Bilbao
Vizcaya
Argentaria
SA
(continued)
9.38%,
03/19/2029
(h),(j),(m)
$
1,500‌
$
1,623‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.10%
Banco
de
Sabadell
SA
4.25%,
09/13/2030
(j)
EUR
100‌
118‌
Euribor
Swap
Rate
1
Year
+
1.60%
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8.00%,
01/24/2033
(h),(i),(j),(m)
$
1,525‌
1,523‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
Banco
Nacional
de
Mexico
SA
6.70%,
08/07/2036
(i),(j),(m)
1,425‌
1,404‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
Banco
Santander
Chile
3.18%,
10/26/2031
150‌
136‌
Banco
Santander
SA
0.20%,
02/11/2028
EUR
100‌
110‌
3.00%,
01/12/2030
100‌
114‌
3.50%,
02/17/2035
100‌
112‌
5.57%,
01/17/2030
$
200‌
203‌
7.25%,
12/03/2035
(h),(j),(m)
600‌
602‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.84%
9.63%,
11/21/2028
(h),(j),(m)
800‌
866‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
Bangkok
Bank
PCL/Hong
Kong
9.03%,
03/15/2029
(i)
100‌
109‌
Bank
Leumi
Le-Israel
BM
5.74%,
09/09/2036
(i),(j),(m),(n)
1,500‌
1,479‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.55%
Bank
of
America
Corp
1.38%,
05/09/2030
(j)
EUR
100‌
109‌
3
Month
Euro
Interbank
Offered
Rate
+
0.91%
2.68%,
06/19/2041
(j)
$
25‌
18‌
Secured
Overnight
Financing
Rate
+
1.93%
3.31%,
04/22/2042
(j)
1,349‌
1,011‌
Secured
Overnight
Financing
Rate
+
1.58%
3.42%,
12/20/2028
(j)
200‌
197‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.30%
3.85%,
03/08/2037
(j)
2,020‌
1,857‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
3.95%,
01/23/2049
(j)
100‌
75‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.45%
4.08%,
04/23/2040
(j)
719‌
613‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.58%
4.24%,
04/24/2038
(j)
100‌
89‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.08%
4.48%,
04/23/2030
(j)
672‌
665‌
Secured
Overnight
Financing
Rate
+
0.87%
4.57%,
04/27/2033
(j)
300‌
290‌
Secured
Overnight
Financing
Rate
+
1.83%
4.75%,
04/21/2045
100‌
86‌
4.98%,
01/24/2029
(j)
100‌
100‌
Secured
Overnight
Financing
Rate
+
0.83%
5.02%,
07/22/2033
(j)
200‌
198‌
Secured
Overnight
Financing
Rate
+
2.16%
5.16%,
01/24/2031
1,025‌
1,031‌
Secured
Overnight
Financing
Rate
+
2.00%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp
(continued)
5.20%,
04/25/2029
(j)
$
100‌
$
101‌
Secured
Overnight
Financing
Rate
+
1.63%
5.43%,
08/15/2035
(j)
392‌
385‌
Secured
Overnight
Financing
Rate
+
1.91%
5.47%,
01/23/2035
(j)
100‌
100‌
Secured
Overnight
Financing
Rate
+
1.65%
5.51%,
01/24/2036
(j)
100‌
100‌
Secured
Overnight
Financing
Rate
+
1.31%
5.52%,
10/25/2035
(j)
1,356‌
1,341‌
Secured
Overnight
Financing
Rate
+
1.74%
5.74%,
02/12/2036
322‌
322‌
Secured
Overnight
Financing
Rate
+
3.39%
5.82%,
09/15/2029
(j)
100‌
102‌
Secured
Overnight
Financing
Rate
+
1.57%
5.87%,
09/15/2034
(j)
100‌
103‌
Secured
Overnight
Financing
Rate
+
1.84%
6.11%,
01/29/2037
569‌
586‌
6.25%,
07/26/2030
(h),(j)
3,000‌
3,003‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.35%
6.63%,
05/01/2030
(h),(j)
2,300‌
2,348‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
Bank
of
Georgia
JSC
6.50%,
06/03/2031
(i)
3,000‌
2,970‌
Bank
of
Ireland
Group
PLC
4.63%,
11/13/2029
(j)
EUR
100‌
118‌
Euribor
Swap
Rate
1
Year
+
1.55%
Bank
of
Montreal
3.73%,
06/03/2031
(j)
CAD
75‌
53‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.15%
4.06%,
09/22/2028
(j)
$
100‌
99‌
Secured
Overnight
Financing
Rate
+
0.75%
4.35%,
09/22/2031
(j)
100‌
98‌
Secured
Overnight
Financing
Rate
+
1.08%
4.75%,
09/29/2032
(j)
GBP
100‌
131‌
SONIA
Interest
Rate
Benchmark
+
0.85%
5.04%,
05/29/2028
CAD
100‌
73‌
6.88%,
11/26/2085
(j)
$
800‌
805‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.98%
7.70%,
05/26/2084
(j)
4,600‌
4,771‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
Bank
of
New
York
Mellon
Corp/The
4.54%,
04/23/2032
(j)
556‌
545‌
Secured
Overnight
Financing
Rate
+
0.90%
4.60%,
07/26/2030
(j)
200‌
199‌
Secured
Overnight
Financing
Rate
+
1.76%
4.97%,
04/26/2034
(j)
100‌
98‌
Secured
Overnight
Financing
Rate
+
1.61%
5.63%,
03/20/2031
(h),(j)
1,000‌
988‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.03%
Bank
of
Nova
Scotia/The
3.62%,
01/30/2032
(j)
CAD
100‌
70‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.03%
4.44%,
11/15/2035
(j)
50‌
36‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.33%
4.59%,
05/04/2037
$
1,070‌
1,018‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.10%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
27
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
Nova
Scotia/The
(continued)
6.88%,
10/27/2085
(j)
$
1,032‌
$
1,025‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.73%
7.35%,
04/27/2085
(j)
400‌
413‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
8.00%,
01/27/2084
(j)
3,000‌
3,147‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.02%
8.63%,
10/27/2082
(j)
1,000‌
1,035‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.39%
BankUnited
Inc
5.13%,
06/11/2030
1,262‌
1,240‌
Banque
Federative
du
Credit
Mutuel
SA
0.10%,
10/08/2027
EUR
100‌
111‌
3.75%,
02/03/2034
100‌
114‌
4.13%,
06/14/2033
100‌
117‌
4.38%,
05/02/2030
100‌
118‌
Barclays
PLC
3.33%,
11/24/2042
(j)
$
200‌
144‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.30%
3.79%,
10/31/2036
(j)
EUR
100‌
111‌
Euribor
Swap
Rate
1
Year
+
1.18%
5.10%,
06/26/2032
(j)
$
1,952‌
1,927‌
Secured
Overnight
Financing
Rate
+
1.14%
5.26%,
01/29/2034
(j)
EUR
100‌
123‌
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
2.55%
5.86%,
08/11/2046
(j)
$
288‌
275‌
Secured
Overnight
Financing
Rate
+
1.83%
6.69%,
09/13/2034
(j)
200‌
212‌
Secured
Overnight
Financing
Rate
+
2.62%
7.63%,
03/15/2035
(h),(j),(m)
400‌
413‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.69%
8.41%,
11/14/2032
(j)
GBP
100‌
140‌
Generic
Britain
5
Year
Government
Bond
+
4.75%
9.63%,
12/15/2029
(h),(j),(m)
$
2,000‌
2,203‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
5.78%
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico/TX
7.63%,
02/11/2035
(i),(j),(m)
2,550‌
2,607‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.38%
BNP
Paribas
SA
1.38%,
05/28/2029
EUR
100‌
109‌
2.88%,
02/24/2029
GBP
100‌
128‌
3.05%,
01/13/2031
(i),(j)
$
200‌
187‌
Secured
Overnight
Financing
Rate
+
1.51%
3.13%,
01/20/2033
(i),(j)
200‌
179‌
Secured
Overnight
Financing
Rate
+
1.56%
3.78%,
01/19/2036
(j)
EUR
100‌
113‌
Euribor
Swap
Rate
5
Year
+
1.55%
4.13%,
05/24/2033
100‌
118‌
4.16%,
08/28/2034
(j)
100‌
116‌
Euribor
Swap
Rate
5
Year
+
1.70%
4.89%,
06/30/2030
(i),(j)
$
514‌
512‌
Secured
Overnight
Financing
Rate
+
0.94%
4.92%,
01/15/2034
(i),(j)
951‌
921‌
Secured
Overnight
Financing
Rate
+
1.29%
7.20%,
04/17/2036
(h),(i),(j),(m)
400‌
397‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
BNP
Paribas
SA
(continued)
7.45%,
06/27/2035
(h),(i),(j),(m)
$
3,800‌
$
3,851‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.13%
7.45%,
06/27/2035
(h),(j),(m)
1,000‌
1,014‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.13%
BOI
Finance
BV
7.50%,
02/16/2027
EUR
3,425‌
4,014‌
BPCE
SA
3.38%,
12/19/2031
(j)
100‌
113‌
3
Month
Euro
Interbank
Offered
Rate
+
0.95%
3.58%,
10/19/2042
(i),(j)
$
700‌
509‌
Secured
Overnight
Financing
Rate
+
1.95%
4.13%,
03/08/2033
(j)
EUR
100‌
116‌
3
Month
Euro
Interbank
Offered
Rate
+
1.45%
4.25%,
07/16/2035
(j)
100‌
116‌
Euribor
Swap
Rate
5
Year
+
1.95%
5.75%,
07/19/2033
(i),(j)
$
250‌
252‌
Secured
Overnight
Financing
Rate
+
2.87%
6.35%,
01/13/2047
(i),(j)
538‌
504‌
Secured
Overnight
Financing
Rate
+
2.11%
6.92%,
01/14/2046
(i),(j)
355‌
355‌
Secured
Overnight
Financing
Rate
+
2.61%
BSF
Finance
5.76%,
09/03/2035
(j)
1,900‌
1,854‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
CaixaBank
SA
3.88%,
01/20/2037
(j)
EUR
100‌
113‌
3
Month
Euro
Interbank
Offered
Rate
+
1.08%
4.38%,
08/08/2036
(j)
100‌
117‌
Euribor
Swap
Rate
5
Year
+
1.95%
Canadian
Imperial
Bank
of
Commerce
3.45%,
04/07/2027
$
200‌
199‌
3.90%,
06/20/2031
(j)
CAD
100‌
71‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.15%
4.58%,
09/08/2031
(j)
$
50‌
49‌
Secured
Overnight
Financing
Rate
+
1.17%
5.35%,
04/20/2033
(j)
CAD
100‌
73‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
2.23%
5.50%,
01/14/2028
100‌
73‌
6.95%,
01/28/2085
(j)
$
2,000‌
2,015‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.83%
7.00%,
10/28/2085
(j)
1,200‌
1,215‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
Citibank
NA
4.91%,
05/29/2030
933‌
934‌
Citigroup
Inc
0.50%,
11/01/2028
CHF
180‌
222‌
2.52%,
11/03/2032
(j)
$
200‌
175‌
Secured
Overnight
Financing
Rate
+
1.18%
2.67%,
01/29/2031
(j)
300‌
277‌
Secured
Overnight
Financing
Rate
+
1.15%
2.90%,
11/03/2042
(j)
167‌
117‌
Secured
Overnight
Financing
Rate
+
1.38%
3.79%,
03/17/2033
(j)
1,124‌
1,045‌
Secured
Overnight
Financing
Rate
+
1.94%
4.54%,
09/19/2030
(j)
1,639‌
1,619‌
Secured
Overnight
Financing
Rate
+
1.34%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
28
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Citigroup
Inc
(continued)
5.17%,
02/13/2030
(j)
$
200‌
$
201‌
Secured
Overnight
Financing
Rate
+
1.36%
5.17%,
09/11/2036
(j)
413‌
402‌
Secured
Overnight
Financing
Rate
+
1.49%
5.33%,
03/27/2036
(j)
100‌
99‌
Secured
Overnight
Financing
Rate
+
1.47%
5.45%,
06/11/2035
(j)
100‌
100‌
Secured
Overnight
Financing
Rate
+
1.45%
5.88%,
02/22/2033
933‌
954‌
6.02%,
01/24/2036
(j)
963‌
975‌
Secured
Overnight
Financing
Rate
+
1.83%
6.17%,
05/25/2034
(j)
100‌
103‌
Secured
Overnight
Financing
Rate
+
2.66%
6.63%,
02/15/2031
(h),(j)
600‌
603‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
6.88%,
08/15/2030
(h),(j)
2,700‌
2,726‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%
6.95%,
02/15/2030
(h),(j)
2,500‌
2,522‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.73%
7.00%,
08/15/2034
(h),(j)
1,730‌
1,769‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
2.76%
Citizens
Financial
Group
Inc
5.72%,
07/23/2032
(j)
1,273‌
1,294‌
Secured
Overnight
Financing
Rate
+
1.91%
5.84%,
01/23/2030
(j)
100‌
102‌
Secured
Overnight
Financing
Rate
+
2.01%
Commerzbank
AG
1.50%,
08/28/2028
EUR
100‌
112‌
4.88%,
10/16/2034
(j)
100‌
118‌
Euribor
Swap
Rate
5
Year
+
2.15%
Commonwealth
Bank
of
Australia
2.69%,
03/11/2031
(i)
$
250‌
224‌
6.70%,
03/15/2038
(j)
AUD
200‌
146‌
3
Month
Bank
Bill
Swap
Rate
+
2.45%
Cooperatieve
Rabobank
UA
4.63%,
05/23/2029
GBP
100‌
132‌
4.99%,
05/27/2031
(i),(j)
$
250‌
250‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.92%
Cooperatieve
Rabobank
UA/NY
4.32%,
04/01/2029
882‌
877‌
Credit
Agricole
SA
3.75%,
05/27/2035
EUR
100‌
113‌
3.88%,
11/28/2034
100‌
116‌
4.66%,
01/12/2032
(i),(j)
$
250‌
244‌
Secured
Overnight
Financing
Rate
+
1.17%
4.88%,
10/23/2029
GBP
100‌
134‌
5.19%,
08/01/2032
(i),(j)
$
846‌
840‌
Secured
Overnight
Financing
Rate
+
1.13%
5.22%,
05/27/2031
(i),(j)
439‌
440‌
Secured
Overnight
Financing
Rate
+
1.46%
5.30%,
07/12/2028
(i)
557‌
565‌
7.13%,
09/23/2035
(h),(i),(j),(m)
3,000‌
3,047‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.58%
7.13%,
09/23/2035
(h),(j),(m)
500‌
508‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.58%
Credit
Agricole
SA/London
1.75%,
03/05/2029
EUR
100‌
111‌
Credit
Mutuel
Arkea
SA
4.81%,
05/15/2035
(j)
100‌
118‌
Euribor
Swap
Rate
5
Year
+
1.90%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Crelan
SA
6.00%,
02/28/2030
(j)
EUR
100‌
$
122‌
Euribor
Swap
Rate
1
Year
+
2.85%
Danske
Bank
A/S
4.13%,
01/10/2031
(j)
100‌
118‌
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
1.25%
Depository
Trust
Co/The
4.55%,
03/27/2031
(i)
$
421‌
415‌
Deutsche
Bank
AG
3.63%,
07/14/2032
(j)
EUR
100‌
114‌
3
Month
Euro
Interbank
Offered
Rate
+
0.90%
5.00%,
09/05/2030
(j)
200‌
240‌
3
Month
Euro
Interbank
Offered
Rate
+
2.95%
8.13%,
04/30/2030
(h),(j),(m)
$
1,400‌
1,474‌
USD
Secured
Overnight
Financing
Rate
Spread-Adj.
ICE
Swap
Rate
5
Year
+
4.36%
Deutsche
Bank
AG/New
York
NY
3.55%,
09/18/2031
(j)
350‌
327‌
Secured
Overnight
Financing
Rate
+
3.04%
3.73%,
01/14/2032
(j)
361‌
334‌
Secured
Overnight
Financing
Rate
+
2.76%
3.74%,
01/07/2033
(j)
350‌
319‌
Secured
Overnight
Financing
Rate
+
2.26%
DNB
Bank
ASA
0.25%,
02/23/2029
(j)
EUR
100‌
110‌
3
Month
Euro
Interbank
Offered
Rate
+
0.53%
Emirates
NBD
Bank
PJSC
4.53%,
01/13/2031
$
1,550‌
1,506‌
Erste
Group
Bank
AG
3.63%,
11/26/2035
(j)
EUR
100‌
113‌
Euribor
Swap
Rate
5
Year
+
1.30%
Eurobank
SA
4.88%,
04/30/2031
(j)
100‌
120‌
Euribor
Swap
Rate
5
Year
+
2.17%
Federation
des
Caisses
Desjardins
du
Quebec
5.48%,
08/16/2028
CAD
100‌
74‌
Fifth
Third
Bancorp
5.14%,
01/29/2037
(j)
$
100‌
96‌
Secured
Overnight
Financing
Rate
+
1.24%
5.98%,
01/30/2030
(i),(j)
100‌
102‌
Secured
Overnight
Financing
Rate
+
2.16%
6.36%,
10/27/2028
(j)
50‌
51‌
Secured
Overnight
Financing
Rate
+
2.19%
First
Citizens
BancShares
Inc/NC
5.60%,
09/05/2035
(j)
75‌
73‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.85%
6.25%,
03/12/2040
(j)
666‌
646‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.97%
First
Horizon
Bank
5.75%,
05/01/2030
1,016‌
1,022‌
First-Citizens
Bank
&
Trust
Co
5.10%,
07/13/2029
(j)
298‌
297‌
Secured
Overnight
Financing
Rate
+
1.15%
FNB
Corp/PA
5.72%,
12/11/2030
(j)
1,002‌
1,003‌
Secured
Overnight
Financing
Rate
+
1.93%
Goldman
Sachs
Group
Inc/The
1.25%,
02/07/2029
EUR
100‌
110‌
2.38%,
07/21/2032
(j)
$
609‌
532‌
Secured
Overnight
Financing
Rate
+
1.25%
3.21%,
04/22/2042
(j)
593‌
429‌
Secured
Overnight
Financing
Rate
+
1.51%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
29
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Goldman
Sachs
Group
Inc/The
(continued)
3.63%,
10/29/2029
(j)
GBP
100‌
$
131‌
Generic
Britain
1
Year
Government
Bond
+
1.95%
3.98%,
12/18/2036
(j)
EUR
75‌
85‌
3
Month
Euro
Interbank
Offered
Rate
+
1.10%
4.15%,
01/21/2029
(j)
$
1,304‌
1,292‌
Secured
Overnight
Financing
Rate
+
0.71%
4.37%,
10/21/2031
628‌
608‌
Secured
Overnight
Financing
Rate
+
2.12%
4.94%,
10/21/2036
(j)
100‌
95‌
Secured
Overnight
Financing
Rate
+
1.33%
5.09%,
04/20/2034
554‌
542‌
Secured
Overnight
Financing
Rate
+
2.68%
5.15%,
05/22/2045
100‌
87‌
5.21%,
01/28/2031
(j)
100‌
100‌
Secured
Overnight
Financing
Rate
+
1.08%
5.33%,
07/23/2035
(j)
100‌
98‌
Secured
Overnight
Financing
Rate
+
1.55%
5.54%,
01/21/2047
(j)
341‌
314‌
Secured
Overnight
Financing
Rate
+
1.32%
5.56%,
11/19/2045
(j)
100‌
93‌
Secured
Overnight
Financing
Rate
+
1.58%
5.73%,
04/25/2030
(j)
100‌
102‌
Secured
Overnight
Financing
Rate
+
1.27%
5.85%,
04/25/2035
(j)
100‌
102‌
Secured
Overnight
Financing
Rate
+
1.55%
6.22%,
07/21/2057
(j)
403‌
399‌
Secured
Overnight
Financing
Rate
+
1.82%
6.45%,
05/01/2036
50‌
52‌
6.56%,
10/24/2034
(j)
100‌
106‌
Secured
Overnight
Financing
Rate
+
1.95%
6.75%,
10/01/2037
1,463‌
1,554‌
6.85%,
02/10/2030
(h),(j)
2,800‌
2,834‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.46%
7.50%,
05/10/2029
(h),(j)
1,700‌
1,758‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.81%
HBOS
PLC
6.00%,
11/01/2033
(i)
100‌
101‌
HSBC
Holdings
PLC
3.97%,
05/22/2030
(j)
200‌
194‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.87%
4.86%,
05/23/2033
(j)
EUR
100‌
121‌
3
Month
Euro
Interbank
Offered
Rate
+
1.94%
5.21%,
05/12/2034
(j)
$
744‌
731‌
Secured
Overnight
Financing
Rate
+
1.32%
5.28%,
03/10/2037
(j)
695‌
673‌
Secured
Overnight
Financing
Rate
+
1.55%
5.73%,
05/17/2032
(j)
710‌
724‌
Secured
Overnight
Financing
Rate
+
1.52%
5.74%,
09/10/2036
(j)
575‌
568‌
Secured
Overnight
Financing
Rate
+
1.96%
6.33%,
03/09/2044
881‌
904‌
Secured
Overnight
Financing
Rate
+
5.30%
6.36%,
11/16/2032
(j)
EUR
100‌
119‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
3.30%
6.55%,
06/20/2034
(j)
$
200‌
209‌
Secured
Overnight
Financing
Rate
+
2.98%
6.75%,
11/18/2032
(h),(j),(m)
2,900‌
2,879‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.51%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
HSBC
Holdings
PLC
(continued)
7.00%,
09/24/2035
(h),(j),(m)
$
200‌
$
203‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.80%
8.20%,
11/16/2034
(j)
GBP
150‌
216‌
Generic
Britain
5
Year
Government
Bond
+
4.55%
Huntington
Bancshares
Inc/OH
5.61%,
01/28/2041
(j)
$
547‌
524‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.35%
5.63%,
07/15/2030
(h),(j)
700‌
697‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%
6.25%,
10/15/2030
(h),(j)
3,200‌
3,189‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
ING
Groep
NV
3.75%,
02/10/2037
(j)
EUR
100‌
112‌
3
Month
Euro
Interbank
Offered
Rate
+
0.97%
3.88%,
08/12/2029
(j)
100‌
116‌
3
Month
Euro
Interbank
Offered
Rate
+
1.72%
4.80%,
03/23/2032
(j)
$
200‌
197‌
Secured
Overnight
Financing
Rate
+
1.26%
5.00%,
02/20/2035
(j)
EUR
100‌
119‌
Euribor
Swap
Rate
5
Year
+
2.20%
7.00%,
11/16/2032
(h),(j),(m)
$
4,600‌
4,688‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.59%
Intesa
Sanpaolo
SpA
2.50%,
01/15/2030
GBP
100‌
124‌
2.93%,
10/14/2030
EUR
100‌
112‌
5.13%,
08/29/2031
100‌
123‌
6.01%,
06/29/2037
(i),(j)
$
397‌
390‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.50%
Ipoteka-Bank
ATIB
6.45%,
10/09/2030
825‌
825‌
JPMorgan
Chase
&
Co
0.60%,
02/17/2033
(j)
EUR
100‌
97‌
3
Month
Euro
Interbank
Offered
Rate
+
0.65%
2.07%,
06/01/2029
(j)
$
3,261‌
3,108‌
Secured
Overnight
Financing
Rate
+
1.02%
2.52%,
04/22/2031
(j)
300‌
275‌
Secured
Overnight
Financing
Rate
+
2.04%
2.53%,
11/19/2041
(j)
2,197‌
1,498‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
2.55%,
11/08/2032
(j)
262‌
230‌
Secured
Overnight
Financing
Rate
+
1.18%
3.88%,
07/24/2038
(j)
200‌
172‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.62%
3.96%,
11/15/2048
(j)
100‌
75‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.64%
4.85%,
02/01/2044
100‌
88‌
4.86%,
07/23/2030
(j)
813‌
811‌
Secured
Overnight
Financing
Rate
+
0.85%
4.90%,
01/22/2037
(j)
210‌
200‌
Secured
Overnight
Financing
Rate
+
1.07%
4.91%,
07/25/2033
(j)
238‌
235‌
Secured
Overnight
Financing
Rate
+
2.08%
4.95%,
06/01/2045
100‌
88‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
30
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
JPMorgan
Chase
&
Co
(continued)
5.01%,
01/23/2030
(j)
$
100‌
$
100‌
Secured
Overnight
Financing
Rate
+
1.31%
5.29%,
07/22/2035
(j)
100‌
99‌
Secured
Overnight
Financing
Rate
+
1.46%
5.30%,
07/24/2029
(j)
200‌
202‌
Secured
Overnight
Financing
Rate
+
1.45%
5.34%,
01/23/2035
(j)
100‌
100‌
Secured
Overnight
Financing
Rate
+
1.62%
5.58%,
07/23/2036
569‌
564‌
Secured
Overnight
Financing
Rate
+
3.27%
5.72%,
09/14/2033
(j)
50‌
51‌
Secured
Overnight
Financing
Rate
+
2.58%
5.77%,
04/22/2035
(j)
100‌
102‌
Secured
Overnight
Financing
Rate
+
1.49%
6.10%,
07/01/2031
(h),(j)
600‌
598‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.08%
6.25%,
10/23/2034
944‌
991‌
Secured
Overnight
Financing
Rate
+
3.62%
KBC
Group
NV
4.75%,
04/17/2035
(j)
EUR
100‌
118‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.25%
Keybank
National
Association
4.90%,
08/08/2032
$
865‌
839‌
KeyCorp
5.31%,
01/28/2037
411‌
398‌
Secured
Overnight
Financing
Rate
+
2.73%
KeyCorp
Capital
III
7.75%,
07/15/2029
795‌
831‌
Lloyds
Banking
Group
PLC
3.88%,
05/14/2032
(j)
EUR
100‌
116‌
Euribor
Swap
Rate
1
Year
+
1.18%
4.75%,
09/21/2031
(j)
100‌
120‌
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
1.60%
5.72%,
06/05/2030
(j)
$
393‌
401‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.07%
6.63%,
09/27/2035
(h),(j),(m)
400‌
393‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
6.75%,
09/27/2031
(h),(j),(m)
300‌
305‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.15%
M&T
Bank
Corp
5.05%,
01/27/2034
(j)
100‌
97‌
Secured
Overnight
Financing
Rate
+
1.85%
5.40%,
07/30/2035
(j)
412‌
408‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.43%
Macquarie
Group
Ltd
3.76%,
11/28/2028
(i),(j)
100‌
99‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.63%
5.49%,
11/09/2033
(i),(j)
100‌
101‌
Secured
Overnight
Financing
Rate
+
2.87%
Mediobanca
Banca
di
Credito
Finanziario
SpA
1.00%,
07/17/2029
(j)
EUR
100‌
110‌
3
Month
Euro
Interbank
Offered
Rate
+
0.90%
Mitsubishi
UFJ
Financial
Group
Inc
2.56%,
02/25/2030
$
200‌
184‌
4.29%,
07/26/2038
100‌
91‌
4.51%,
01/14/2032
736‌
717‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.60%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Mitsubishi
UFJ
Financial
Group
Inc
(continued)
4.98%,
07/24/2030
(j)
$
298‌
$
298‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.67%
5.87%,
04/21/2047
(j)
516‌
501‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.98%
Mizuho
Bank
Ltd
5.77%,
04/16/2046
(i)
474‌
456‌
Mizuho
Financial
Group
Inc
1.98%,
09/08/2031
(j)
200‌
177‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.53%
3.98%,
05/21/2034
EUR
100‌
115‌
4.16%,
05/20/2028
100‌
117‌
4.97%,
07/13/2032
(j)
$
1,237‌
1,222‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.83%
5.67%,
05/27/2029
(j)
200‌
203‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.50%
5.78%,
07/06/2029
(j)
959‌
977‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.65%
Morgan
Stanley
0.50%,
02/07/2031
(j)
EUR
100‌
103‌
3
Month
Euro
Interbank
Offered
Rate
+
0.72%
2.48%,
09/16/2036
(j)
$
583‌
500‌
Secured
Overnight
Financing
Rate
+
1.36%
2.51%,
10/20/2032
(j)
200‌
175‌
Secured
Overnight
Financing
Rate
+
1.20%
3.22%,
04/22/2042
(j)
730‌
537‌
Secured
Overnight
Financing
Rate
+
1.49%
3.62%,
04/01/2031
253‌
241‌
Secured
Overnight
Financing
Rate
+
6.24%
3.75%,
11/07/2036
(j)
EUR
100‌
111‌
3
Month
Euro
Interbank
Offered
Rate
+
1.12%
4.56%,
04/10/2030
(j)
$
522‌
517‌
Secured
Overnight
Financing
Rate
+
0.96%
4.65%,
10/18/2030
(j)
195‌
193‌
Secured
Overnight
Financing
Rate
+
1.10%
4.81%,
04/16/2032
(j)
100‌
98‌
Secured
Overnight
Financing
Rate
+
1.18%
4.87%,
07/12/2029
(j)
657‌
657‌
Secured
Overnight
Financing
Rate
+
0.85%
4.89%,
10/22/2036
(j)
541‌
513‌
Secured
Overnight
Financing
Rate
+
1.31%
4.99%,
04/12/2029
(j)
200‌
201‌
Secured
Overnight
Financing
Rate
+
1.38%
5.07%,
01/30/2037
(j)
100‌
96‌
Secured
Overnight
Financing
Rate
+
1.18%
5.17%,
01/16/2030
(j)
1,293‌
1,299‌
Secured
Overnight
Financing
Rate
+
1.45%
5.23%,
01/15/2031
(j)
100‌
101‌
Secured
Overnight
Financing
Rate
+
1.11%
5.30%,
04/20/2037
(j)
690‌
678‌
Secured
Overnight
Financing
Rate
+
2.62%
5.31%,
01/18/2041
(j)
432‌
409‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.17%
5.32%,
07/19/2035
1,077‌
1,062‌
Secured
Overnight
Financing
Rate
+
3.11%
5.42%,
07/21/2034
(j)
100‌
100‌
Secured
Overnight
Financing
Rate
+
1.88%
5.60%,
03/24/2051
(j)
100‌
93‌
Secured
Overnight
Financing
Rate
+
4.84%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
31
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Morgan
Stanley
(continued)
5.61%,
07/17/2037
(j)
$
281‌
$
279‌
Secured
Overnight
Financing
Rate
+
1.43%
5.66%,
04/17/2036
(j)
100‌
100‌
Secured
Overnight
Financing
Rate
+
1.76%
5.79%,
11/18/2033
(j)
GBP
100‌
136‌
SONIA
Interest
Rate
Benchmark
+
2.25%
5.83%,
04/19/2035
(j)
$
100‌
102‌
Secured
Overnight
Financing
Rate
+
1.58%
5.94%,
02/07/2039
(j)
100‌
101‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.80%
6.63%,
11/01/2034
(j)
100‌
107‌
Secured
Overnight
Financing
Rate
+
2.05%
Morgan
Stanley
Bank
NA
4.79%,
05/10/2030
(j)
428‌
426‌
Secured
Overnight
Financing
Rate
+
0.97%
National
Australia
Bank
Ltd
2.13%,
05/24/2028
EUR
100‌
113‌
2.33%,
08/21/2030
(i)
$
250‌
224‌
National
Bank
of
Canada
5.43%,
08/16/2032
(j)
CAD
100‌
73‌
Canadian
Overnight
Repo
Rate
Average
+
2.32%
National
Bank
of
Uzbekistan
7.20%,
07/17/2030
$
525‌
539‌
8.50%,
07/05/2029
2,550‌
2,698‌
NatWest
Group
PLC
3.03%,
11/28/2035
(j)
920‌
839‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.35%
3.99%,
05/13/2036
(j)
EUR
100‌
115‌
3
Month
Euro
Interbank
Offered
Rate
+
1.52%
4.60%,
06/28/2031
(h),(j),(m)
$
800‌
734‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
4.77%,
02/16/2029
(j)
EUR
100‌
118‌
3
Month
Euro
Interbank
Offered
Rate
+
1.83%
4.96%,
08/15/2030
(j)
$
536‌
536‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.22%
5.08%,
01/27/2030
(j)
200‌
201‌
3
Month
USD
LIBOR
+
1.91%
5.91%,
03/03/2047
(j)
894‌
837‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.30%
7.30%,
11/19/2034
(h),(j),(m)
400‌
409‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%
8.13%,
11/10/2033
(h),(j),(m)
1,000‌
1,088‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.75%
Nordea
Bank
Abp
2.88%,
08/24/2032
EUR
100‌
111‌
6.75%,
11/10/2033
(h),(i),(j),(m)
$
400‌
399‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%
Northern
Trust
Corp
3.15%,
05/03/2029
100‌
96‌
Nykredit
Realkredit
A/S
4.00%,
07/17/2028
EUR
100‌
117‌
OP
Corporate
Bank
plc
0.38%,
06/16/2028
100‌
109‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
OTP
Bank
Nyrt
4.25%,
10/16/2030
(j)
EUR
100‌
$
117‌
3
Month
Euro
Interbank
Offered
Rate
+
1.95%
Pinnacle
Bank/Nashville
TN
5.96%,
01/15/2036
(j)
$
450‌
443‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.30%
PNC
Financial
Services
Group
Inc/The
4.63%,
06/06/2033
(j)
100‌
96‌
Secured
Overnight
Financing
Rate
+
1.85%
5.07%,
01/24/2034
(j)
100‌
98‌
Secured
Overnight
Financing
Rate
+
1.93%
5.42%,
01/25/2041
(j)
186‌
178‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.17%
5.49%,
05/14/2030
(j)
100‌
102‌
Secured
Overnight
Financing
Rate
+
1.20%
6.25%,
03/15/2030
(h),(j)
2,800‌
2,829‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
2.81%
Raiffeisen
Bank
International
AG
1.38%,
06/17/2033
(j)
EUR
100‌
111‌
Euribor
Swap
Rate
5
Year
+
1.60%
Regions
Financial
Corp
5.72%,
06/06/2030
(j)
$
467‌
477‌
Secured
Overnight
Financing
Rate
+
1.49%
7.38%,
12/10/2037
837‌
930‌
Riyad
Sukuk
Ltd
6.21%,
07/14/2035
(j)
1,675‌
1,675‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.25%
Royal
Bank
of
Canada
2.13%,
04/26/2029
EUR
100‌
112‌
4.21%,
07/03/2035
(j)
CAD
100‌
71‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.51%
4.37%,
05/01/2037
(j)
50‌
35‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.16%
4.40%,
04/17/2030
(j)
$
695‌
686‌
Secured
Overnight
Financing
Rate
+
0.84%
4.65%,
07/10/2029
(j)
1,642‌
1,642‌
Secured
Overnight
Financing
Rate
+
0.61%
5.15%,
02/01/2034
200‌
200‌
6.35%,
11/24/2084
(j)
1,000‌
950‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.26%
6.50%,
11/24/2085
(j)
4,600‌
4,466‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.46%
6.50%,
05/24/2086
(j)
600‌
588‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%
6.75%,
08/24/2085
(j)
400‌
405‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.82%
Santander
Holdings
USA
Inc
5.70%,
06/05/2037
(j)
793‌
773‌
Secured
Overnight
Financing
Rate
+
1.60%
6.57%,
06/12/2029
(j)
100‌
103‌
Secured
Overnight
Financing
Rate
+
2.70%
Santander
UK
Group
Holdings
PLC
6.53%,
01/10/2029
(j)
200‌
205‌
Secured
Overnight
Financing
Rate
+
2.60%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
32
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Saudi
Awwal
Bank
5.95%,
09/04/2035
(j)
$
2,075‌
$
2,047‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.20%
Skandinaviska
Enskilda
Banken
AB
3.50%,
08/14/2035
EUR
100‌
111‌
SNB
Sukuk
Ltd
5.94%,
07/18/2036
(j)
$
1,825‌
1,818‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.85%
Societe
Generale
SA
0.50%,
06/12/2029
(j)
EUR
100‌
109‌
3
Month
Euro
Interbank
Offered
Rate
+
0.95%
3.63%,
03/01/2041
(i)
$
200‌
143‌
3.75%,
09/02/2033
(j)
EUR
100‌
113‌
3
Month
Euro
Interbank
Offered
Rate
+
1.40%
3.75%,
05/17/2035
(j)
100‌
114‌
Euribor
Swap
Rate
5
Year
+
1.65%
5.25%,
09/06/2032
(j)
100‌
117‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
3.10%
5.40%,
08/08/2034
(i),(j)
$
363‌
355‌
Secured
Overnight
Financing
Rate
+
1.51%
8.50%,
03/25/2034
(h),(i),(j),(m)
600‌
651‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.15%
10.00%,
11/14/2028
(h),(i),(j),(m)
200‌
217‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.45%
Sovcombank
Via
Sovcom
Capital
DAC
-
Escrow
0.00%,
12/31/2049
(d)
230‌
—‌
Standard
Chartered
PLC
4.75%,
01/14/2031
(h),(j),(m)
1,525‌
1,423‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.81%
4.87%,
05/10/2031
(j)
EUR
100‌
120‌
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
1.85%
5.24%,
05/13/2031
(i),(j)
$
200‌
201‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.35%
7.00%,
11/14/2035
(h),(i),(j),(m)
4,000‌
3,982‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.87%
7.00%,
06/08/2033
(h),(i),(j),(m)
1,125‌
1,118‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.67%
7.63%,
01/16/2032
(h),(i),(j),(m),(n)
900‌
938‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.02%
State
Street
Corp
4.14%,
12/03/2029
(j)
200‌
198‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.29%
5.27%,
08/03/2026
100‌
100‌
6.70%,
03/15/2029
(h),(j)
500‌
511‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
6.70%,
09/15/2029
(h),(j)
2,800‌
2,875‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
Sumitomo
Mitsui
Financial
Group
Inc
4.95%,
07/08/2033
(j)
923‌
906‌
Secured
Overnight
Financing
Rate
+
1.38%
5.81%,
09/14/2033
200‌
205‌
6.18%,
07/13/2043
100‌
102‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Svenska
Handelsbanken
AB
3.13%,
02/16/2033
EUR
100‌
$
112‌
Swedbank
AB
0.20%,
01/12/2028
100‌
111‌
7.75%,
03/17/2030
(h),(j),(m)
$
200‌
210‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.66%
Texas
Capital
Bancshares
Inc
5.30%,
02/27/2032
(j)
509‌
498‌
Secured
Overnight
Financing
Rate
+
1.94%
Toronto-Dominion
Bank/The
2.00%,
09/10/2031
100‌
87‌
3.69%,
01/09/2032
(j)
CAD
50‌
35‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
0.93%
4.42%,
10/31/2035
(j)
100‌
71‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.32%
4.68%,
01/08/2029
200‌
146‌
4.75%,
09/11/2030
AUD
50‌
34‌
4.87%,
04/22/2033
$
1,065‌
1,040‌
6.35%,
10/31/2085
(j)
1,600‌
1,600‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%
8.13%,
10/31/2082
(j)
1,300‌
1,340‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%
Truist
Bank
4.14%,
10/23/2029
(j)
936‌
922‌
Secured
Overnight
Financing
Rate
+
0.91%
Truist
Financial
Corp
3.88%,
03/19/2029
100‌
98‌
4.68%,
04/23/2032
(j)
100‌
98‌
Secured
Overnight
Financing
Rate
+
1.09%
5.10%,
03/01/2030
(h),(j)
500‌
496‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.35%
5.28%,
04/23/2037
(j)
695‌
673‌
Secured
Overnight
Financing
Rate
+
1.41%
UBS
Group
AG
0.88%,
11/03/2031
EUR
200‌
200‌
3.87%,
01/12/2029
(i),(j)
$
400‌
396‌
3
Month
USD
LIBOR
+
1.41%
4.15%,
12/23/2029
(i),(j)
200‌
197‌
Secured
Overnight
Financing
Rate
+
0.84%
4.21%,
04/10/2030
(i),(j)
500‌
490‌
Secured
Overnight
Financing
Rate
+
0.84%
4.84%,
11/06/2033
(i),(j)
673‌
653‌
Secured
Overnight
Financing
Rate
+
1.29%
4.88%,
05/15/2045
250‌
217‌
5.43%,
02/08/2030
(i),(j)
558‌
564‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.52%
6.60%,
08/05/2030
(h),(i),(j),(m)
400‌
402‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.12%
6.63%,
01/08/2031
(h),(i),(j),(m)
1,000‌
997‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.24%
7.00%,
01/08/2036
(h),(i),(j),(m)
2,000‌
1,989‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.32%
UniCredit
SpA
0.85%,
01/19/2031
EUR
100‌
103‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
33
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
US
Bancorp
1.38%,
07/22/2030
$
100‌
$
87‌
2.49%,
11/03/2036
(j)
1,730‌
1,493‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
0.95%
3.00%,
07/30/2029
100‌
95‌
5.84%,
06/12/2034
(j)
200‌
205‌
Secured
Overnight
Financing
Rate
+
2.26%
Valley
National
Bancorp
6.22%,
06/01/2036
(j)
952‌
942‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.43%
Webster
Financial
Corp
5.78%,
09/11/2035
(j)
961‌
963‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.13%
Wells
Fargo
&
Co
2.50%,
05/02/2029
GBP
100‌
126‌
2.88%,
10/30/2030
(j)
$
137‌
129‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.43%
3.07%,
04/30/2041
(j)
910‌
672‌
Secured
Overnight
Financing
Rate
+
2.53%
3.90%,
07/22/2032
(j)
EUR
100‌
116‌
3
Month
Euro
Interbank
Offered
Rate
+
1.22%
3.90%,
05/01/2045
$
100‌
76‌
4.08%,
09/15/2029
(j)
853‌
840‌
Secured
Overnight
Financing
Rate
+
0.88%
4.15%,
01/24/2029
100‌
99‌
4.48%,
04/04/2031
(j)
200‌
197‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.03%
4.75%,
12/07/2046
187‌
153‌
4.84%,
05/20/2032
(j)
988‌
975‌
Secured
Overnight
Financing
Rate
+
0.97%
4.89%,
09/15/2036
(j)
50‌
48‌
Secured
Overnight
Financing
Rate
+
1.34%
5.50%,
01/23/2035
(j)
323‌
324‌
Secured
Overnight
Financing
Rate
+
1.78%
5.56%,
07/25/2034
(j)
100‌
101‌
Secured
Overnight
Financing
Rate
+
1.99%
5.57%,
07/25/2029
(j)
200‌
203‌
Secured
Overnight
Financing
Rate
+
1.74%
5.61%,
01/15/2044
927‌
864‌
6.13%,
06/15/2031
(h),(j)
2,800‌
2,798‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.34%
Wells
Fargo
Bank
NA
6.60%,
01/15/2038
250‌
266‌
Western
Alliance
Bank
6.54%,
11/15/2035
(j)
740‌
730‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
Westpac
Banking
Corp
2.96%,
11/16/2040
50‌
36‌
3.02%,
11/18/2036
(j)
100‌
89‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.53%
4.30%,
06/19/2030
AUD
100‌
68‌
5.14%,
02/12/2031
100‌
70‌
5.46%,
11/18/2027
$
200‌
203‌
Zions
Bancorp
NA
6.82%,
11/19/2035
(j)
1,042‌
1,078‌
Secured
Overnight
Financing
Rate
+
2.83%
$
238,087‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Beverages
-
0
.28
%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.70%,
02/01/2036
$
100‌
$
95‌
4.90%,
02/01/2046
902‌
789‌
Anheuser-Busch
InBev
SA/NV
2.88%,
04/02/2032
EUR
100‌
111‌
Anheuser-Busch
InBev
Worldwide
Inc
5.00%,
06/15/2034
$
100‌
99‌
5.45%,
01/23/2039
100‌
99‌
5.80%,
01/23/2059
100‌
97‌
CCEP
Finance
Ireland
DAC
1.50%,
05/06/2041
EUR
100‌
82‌
Coca-Cola
Co/The
1.65%,
06/01/2030
$
200‌
179‌
2.50%,
03/15/2051
50‌
28‌
5.20%,
01/14/2055
50‌
45‌
Constellation
Brands
Inc
4.85%,
05/06/2031
367‌
364‌
4.90%,
05/01/2033
50‌
49‌
Diageo
Finance
PLC
2.50%,
03/27/2032
EUR
100‌
109‌
2.75%,
06/08/2038
GBP
100‌
98‌
Heineken
NV
1.75%,
03/17/2031
EUR
100‌
107‌
3.51%,
05/03/2034
100‌
113‌
JDE
Peet's
NV
0.63%,
02/09/2028
100‌
111‌
Keurig
Dr
Pepper
Inc
3.80%,
05/01/2050
$
100‌
68‌
Maple
Parent
Holdings
Corp
5.70%,
03/26/2036
(i)
452‌
449‌
6.63%,
03/26/2056
(i)
594‌
600‌
Molson
Coors
Beverage
Co
5.50%,
07/08/2036
345‌
339‌
PepsiCo
Inc
3.00%,
10/15/2027
100‌
99‌
3.38%,
07/29/2049
200‌
137‌
3.60%,
02/18/2028
327‌
323‌
3.70%,
02/11/2038
EUR
100‌
111‌
4.45%,
02/07/2028
$
486‌
487‌
4.65%,
07/23/2032
427‌
424‌
Pernod
Ricard
SA
1.75%,
04/08/2030
EUR
100‌
109‌
$
5,721‌
Biotechnology
-
0
.33
%
Amgen
Inc
3.15%,
02/21/2040
$
824‌
623‌
4.20%,
02/19/2031
327‌
317‌
4.40%,
05/01/2045
162‌
132‌
4.40%,
02/22/2062
50‌
37‌
4.66%,
06/15/2051
200‌
162‌
5.15%,
03/02/2028
426‌
429‌
5.25%,
03/02/2033
200‌
200‌
5.60%,
03/02/2043
50‌
48‌
5.65%,
03/02/2053
336‌
312‌
5.75%,
03/02/2063
321‌
296‌
Baxalta
Inc
5.25%,
06/23/2045
75‌
68‌
Biogen
Inc
3.15%,
05/01/2050
100‌
62‌
BioMarin
Pharmaceutical
Inc
5.50%,
02/15/2034
(i)
1,500‌
1,463‌
CSL
Finance
PLC
4.63%,
04/27/2042
(i)
50‌
43‌
Gilead
Sciences
Inc
4.15%,
03/01/2047
150‌
118‌
4.80%,
11/15/2029
474‌
476‌
4.90%,
05/20/2034
464‌
455‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
34
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Biotechnology
(continued)
Gilead
Sciences
Inc
(continued)
5.10%,
06/15/2035
$
315‌
$
312‌
5.25%,
10/15/2033
100‌
101‌
Royalty
Pharma
PLC
2.15%,
09/02/2031
777‌
677‌
3.35%,
09/02/2051
100‌
64‌
5.15%,
09/02/2029
275‌
277‌
$
6,672‌
Building
Materials
-
0
.55
%
Amrize
Finance
US
LLC
7.13%,
07/15/2036
50‌
56‌
Carlisle
Cos
Inc
2.20%,
03/01/2032
100‌
85‌
Carrier
Global
Corp
3.58%,
04/05/2050
100‌
69‌
4.13%,
05/29/2028
EUR
100‌
117‌
Cimko
Cimento
Ve
Beton
Sanayi
Ve
Ticaret
AS
10.75%,
05/21/2030
$
800‌
840‌
CRH
SMW
Finance
DAC
4.25%,
07/11/2035
EUR
100‌
116‌
5.13%,
01/09/2030
$
200‌
201‌
5.20%,
05/21/2029
917‌
925‌
EMRLD
Borrower
LP
/
Emerald
Co-Issuer
Inc
6.75%,
07/15/2031
(i)
1,580‌
1,620‌
Heidelberg
Materials
Finance
Luxembourg
SA
3.00%,
07/10/2030
EUR
100‌
113‌
Johnson
Controls
International
plc
4.25%,
05/23/2035
100‌
118‌
Limak
Cimento
Sanayi
ve
Ticaret
AS
9.75%,
07/25/2029
$
1,800‌
1,809‌
Martin
Marietta
Materials
Inc
2.40%,
07/15/2031
100‌
88‌
Owens
Corning
5.50%,
06/15/2027
269‌
271‌
Quikrete
Holdings
Inc
6.38%,
03/01/2032
(i)
890‌
901‌
6.75%,
03/01/2033
(i)
1,440‌
1,459‌
Smyrna
Ready
Mix
Concrete
LLC
6.00%,
11/01/2028
(i)
2,125‌
2,122‌
Trane
Technologies
Financing
Ltd
3.80%,
03/21/2029
50‌
49‌
Vulcan
Materials
Co
3.50%,
06/01/2030
100‌
95‌
$
11,054‌
Chemicals
-
1
.04
%
Air
Liquide
Finance
SA
0.38%,
05/27/2031
EUR
100‌
100‌
Air
Products
and
Chemicals
Inc
3.25%,
06/16/2032
100‌
112‌
Akzo
Nobel
NV
2.00%,
03/28/2032
100‌
105‌
Braskem
Idesa
SAPI
0.00%,
11/15/2029
(d)
$
1,950‌
1,287‌
0.00%,
02/20/2032
(d)
1,000‌
653‌
Celanese
US
Holdings
LLC
6.75%,
04/15/2033
2,410‌
2,457‌
CF
Industries
Inc
5.38%,
03/15/2044
768‌
703‌
Dangote
Fertiliser
Ltd
7.75%,
05/05/2031
(i)
2,325‌
2,332‌
7.75%,
05/05/2031
325‌
326‌
Dow
Chemical
Co/The
4.80%,
01/15/2031
100‌
98‌
4.80%,
05/15/2049
100‌
77‌
DSM
BV
3.00%,
02/25/2031
EUR
100‌
113‌
DuPont
de
Nemours
Inc
5.32%,
11/15/2038
$
30‌
29‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
Eastman
Chemical
Co
4.50%,
02/20/2031
$
450‌
$
437‌
5.75%,
03/08/2033
535‌
544‌
Ecolab
Inc
2.70%,
12/15/2051
684‌
396‌
3.95%,
12/01/2047
100‌
76‌
4.60%,
06/15/2029
1,123‌
1,120‌
International
Flavors
&
Fragrances
Inc
4.38%,
06/01/2047
75‌
59‌
Linde
PLC
0.38%,
09/30/2033
EUR
100‌
92‌
2.63%,
02/18/2029
100‌
114‌
LYB
International
Finance
BV
4.88%,
03/15/2044
$
50‌
41‌
LYB
International
Finance
III
LLC
5.13%,
01/15/2031
50‌
49‌
6.15%,
05/15/2035
50‌
51‌
Mosaic
Co/The
4.35%,
01/15/2029
100‌
99‌
Nutrien
Ltd
2.95%,
05/13/2030
150‌
140‌
4.85%,
05/29/2031
353‌
350‌
Olympus
Water
US
Holding
Corp
6.75%,
08/01/2032
(i)
470‌
457‌
7.25%,
02/15/2033
(i)
3,100‌
3,037‌
PPG
Industries
Inc
4.38%,
03/15/2031
658‌
642‌
Qnity
Electronics
Inc
6.25%,
08/15/2033
(i)
1,575‌
1,582‌
Sasol
Financing
USA
LLC
8.75%,
04/10/2033
(i)
850‌
886‌
Sherwin-Williams
Co/The
2.20%,
03/15/2032
100‌
86‌
Stonepeak
Motion
Holdco
Ltd
/
Stonepeak
Motion
Finco
LLC
6.13%,
07/15/2033
(i)
1,900‌
1,890‌
Westlake
Corp
2.88%,
08/15/2041
100‌
67‌
3.38%,
08/15/2061
638‌
358‌
Yara
International
ASA
4.75%,
06/01/2028
(i)
100‌
100‌
$
21,065‌
Coal
-
0
.22
%
SunCoke
Energy
Inc
4.88%,
06/30/2029
(i)
4,775‌
4,554‌
Commercial
Mortgage
Backed
Securities
-
1
.13
%
Bayview
Commercial
Asset
Trust
2005-3
4.32%,
11/25/2035
(i)
421‌
411‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.59%
4.44%,
11/25/2035
(i)
323‌
318‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.71%
Bayview
Commercial
Asset
Trust
2006-2
4.18%,
07/25/2036
(i)
295‌
287‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.46%
Bayview
Commercial
Asset
Trust
2006-3
4.21%,
10/25/2036
(i)
77‌
75‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.49%
Bayview
Commercial
Asset
Trust
2006-4
4.18%,
12/25/2036
(i)
471‌
456‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.46%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
35
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Bayview
Commercial
Asset
Trust
2007-4
4.51%,
09/25/2037
(i)
$
459‌
$
436‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.79%
Bayview
Commercial
Asset
Trust
2008-2
7.59%,
04/25/2038
(i)
403‌
400‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.86%
BBCMS
2018-CHRS
Mortgage
Trust
4.41%,
08/05/2038
(i),(k)
300‌
276‌
BBCMS
2018-TALL
Mortgage
Trust
4.60%,
03/15/2037
(i)
1,470‌
1,389‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.92%
Benchmark
2019-B15
Mortgage
Trust
2.93%,
12/15/2072
390‌
361‌
Benchmark
2020-B20
Mortgage
Trust
2.03%,
10/15/2053
2,320‌
2,039‌
Benchmark
2022-B32
Mortgage
Trust
3.00%,
01/15/2055
(k)
568‌
498‌
Benchmark
2022-B34
Mortgage
Trust
3.79%,
04/15/2055
(k)
2,831‌
2,590‌
BX
Commercial
Mortgage
Trust
2020-VIV2
3.54%,
03/09/2044
(i),(k)
200‌
185‌
BX
Commercial
Mortgage
Trust
2020-VIV4
2.84%,
03/09/2044
(i)
1,500‌
1,380‌
BX
Trust
2019-OC11
3.94%,
12/09/2041
(i),(k)
1,750‌
1,647‌
COMM
2024-277P
Mortgage
Trust
6.34%,
08/10/2044
(i)
1,484‌
1,526‌
ESTN
Trust
2026-TOWN
5.36%,
05/12/2046
(i),(k)
635‌
629‌
First
Citizens
Loan
Trust
2026-SBA1
5.68%,
05/27/2053
(i)
593‌
587‌
FRESB
2019-SB63
Mortgage
Trust
1.60%,
04/25/2039
(k),(o)
8,057‌
175‌
FRESB
2020-SB76
Mortgage
Trust
0.00%,
05/25/2030
(d),(k),(o)
4,902‌
115‌
FRESB
2020-SB77
Mortgage
Trust
0.57%,
06/25/2040
(k),(o)
21,458‌
749‌
Grace
Trust
2020-GRCE
2.35%,
12/10/2040
(i)
1,072‌
950‌
GSMS
Trust
2026-DAWN
5.63%,
04/10/2043
(i),(k)
179‌
177‌
Harvest
Commercial
Capital
Loan
Trust
2019-1
4.64%,
09/25/2046
(i),(k)
2,000‌
1,932‌
Harvest
Commercial
Capital
Loan
Trust
2020-1
5.96%,
04/25/2052
(i),(k)
270‌
261‌
Houston
Galleria
Mall
Trust
2025-HGLR
5.64%,
02/05/2045
(i),(k)
364‌
365‌
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2024-OMNI
5.99%,
10/05/2039
(i),(k)
1,007‌
1,012‌
MKT
2020-525M
Mortgage
Trust
2.69%,
02/12/2040
(i)
1,400‌
1,255‌
NYC
Commercial
Mortgage
Trust
2026-1PARK
4.96%,
02/15/2043
(i)
257‌
257‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.25%
ROCK
Trust
2024-CNTR
5.39%,
11/13/2041
(i)
225‌
226‌
$
22,964‌
Commercial
Services
-
2
.81
%
Adani
International
Container
Terminal
Pvt
Ltd
3.00%,
02/16/2031
2,628‌
2,425‌
ADT
Security
Corp/The
5.88%,
10/15/2033
(i)
450‌
436‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
AMN
Healthcare
Inc
6.50%,
01/15/2031
(i)
$
2,470‌
$
2,470‌
APi
Group
DE
Inc
5.75%,
06/01/2034
(i)
1,750‌
1,713‌
APRR
SA
1.25%,
01/18/2028
EUR
100‌
112‌
Ashtead
Capital
Inc
4.25%,
11/01/2029
(i)
$
200‌
194‌
Automatic
Data
Processing
Inc
5.00%,
05/07/2036
565‌
550‌
Autoroutes
du
Sud
de
la
France
SA
2.75%,
09/02/2032
EUR
100‌
109‌
Autostrade
per
l'Italia
SpA
5.13%,
06/14/2033
100‌
122‌
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc
8.25%,
01/15/2030
(i)
$
760‌
771‌
8.38%,
06/15/2032
(i)
1,090‌
1,085‌
Block
Financial
LLC
3.88%,
08/15/2030
100‌
94‌
Carrix
Inc
6.13%,
08/01/2033
(i)
1,600‌
1,593‌
CompoSecure
Holdings
LLC
5.63%,
02/01/2033
(i)
1,925‌
1,850‌
Duke
University
2.76%,
10/01/2050
50‌
30‌
EquipmentShare.com
Inc
7.13%,
07/01/2034
(i)
1,275‌
1,218‌
ERAC
USA
Finance
LLC
4.70%,
04/30/2031
(i)
100‌
99‌
4.90%,
05/01/2033
(i)
100‌
98‌
5.25%,
04/30/2036
(i)
1,051‌
1,028‌
Experian
Finance
US
Inc
5.35%,
08/24/2036
(i)
409‌
397‌
Ford
Foundation/The
2.82%,
06/01/2070
730‌
387‌
Global
Payments
Inc
2.90%,
11/15/2031
100‌
87‌
4.50%,
11/15/2028
100‌
99‌
4.88%,
11/15/2030
50‌
49‌
5.20%,
11/15/2032
425‌
410‌
5.55%,
11/15/2035
533‌
508‌
Herc
Holdings
Inc
6.00%,
03/15/2034
(i)
3,075‌
3,015‌
Massachusetts
Institute
of
Technology
3.07%,
04/01/2052
100‌
64‌
Mersin
Uluslararasi
Liman
Isletmeciligi
AS
8.25%,
11/15/2028
1,425‌
1,455‌
Moody's
Corp
2.75%,
08/19/2041
100‌
69‌
Motability
Operations
Group
PLC
2.13%,
01/18/2042
GBP
100‌
77‌
3.63%,
07/24/2029
EUR
100‌
116‌
PayPal
Holdings
Inc
5.05%,
06/01/2052
$
50‌
42‌
President
and
Fellows
of
Harvard
College
3.75%,
11/15/2052
50‌
36‌
PROG
Holdings
Inc
6.00%,
11/15/2029
(i)
3,175‌
3,104‌
Quanta
Services
Inc
2.35%,
01/15/2032
459‌
399‌
2.90%,
10/01/2030
50‌
46‌
3.05%,
10/01/2041
399‌
285‌
5.10%,
08/09/2035
316‌
307‌
Raven
Acquisition
Holdings
LLC
6.88%,
11/15/2031
(i)
4,230‌
4,115‌
RELX
Finance
BV
0.50%,
03/10/2028
EUR
100‌
111‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
36
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
S&P
Global
Inc
2.95%,
03/01/2029
$
486‌
$
466‌
3.70%,
03/01/2052
100‌
70‌
4.25%,
01/15/2031
(i)
296‌
288‌
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub
Inc
6.75%,
08/15/2032
(i)
6,225‌
6,234‌
Sunbelt
Rentals
Holdings
Inc
5.65%,
08/12/2036
(i)
190‌
187‌
Thomas
Jefferson
University
3.85%,
11/01/2057
50‌
34‌
Transurban
Finance
Co
Pty
Ltd
3.00%,
04/08/2030
EUR
100‌
113‌
4.56%,
11/14/2028
CAD
57‌
41‌
Transurban
Queensland
Finance
Pty
Ltd
3.25%,
08/05/2031
AUD
100‌
63‌
Triton
Container
International
Ltd
3.15%,
06/15/2031
(i)
$
1,571‌
1,410‌
Triton
Container
International
Ltd
/
TAL
International
Container
Corp
3.25%,
03/15/2032
459‌
407‌
5.15%,
02/15/2033
678‌
656‌
University
of
Miami
4.06%,
04/01/2052
50‌
37‌
University
of
Southern
California
4.98%,
10/01/2053
50‌
44‌
Upbound
Group
Inc
6.38%,
02/15/2029
(i)
4,075‌
4,045‌
Verisk
Analytics
Inc
4.45%,
03/15/2031
572‌
555‌
VT
Topco
Inc
8.50%,
08/15/2030
(i)
3,220‌
3,289‌
Wand
NewCo
3
Inc
7.63%,
01/30/2032
(i)
2,045‌
2,100‌
WEX
Inc
6.50%,
03/15/2033
(i)
5,566‌
5,530‌
Wolters
Kluwer
NV
0.75%,
07/03/2030
EUR
100‌
104‌
$
56,848‌
Computers
-
0
.99
%
Accenture
Capital
Inc
4.50%,
10/04/2034
$
321‌
302‌
4.75%,
07/10/2029
383‌
383‌
Amentum
Holdings
Inc
7.25%,
08/01/2032
(i)
3,100‌
3,185‌
Apple
Inc
1.38%,
05/24/2029
EUR
100‌
111‌
1.40%,
08/05/2028
$
1,071‌
1,012‌
2.65%,
05/11/2050
782‌
454‌
2.70%,
08/05/2051
287‌
166‌
2.85%,
08/05/2061
200‌
108‌
3.35%,
08/08/2032
200‌
187‌
3.95%,
08/08/2052
100‌
73‌
4.15%,
05/10/2030
100‌
99‌
4.38%,
05/13/2045
441‌
366‌
4.45%,
05/06/2044
50‌
43‌
Booz
Allen
Hamilton
Inc
4.00%,
07/01/2029
(i)
418‌
403‌
5.38%,
01/30/2030
(p)
558‌
558‌
5.95%,
08/04/2033
50‌
50‌
5.95%,
04/15/2035
896‌
880‌
CACI
International
Inc
6.38%,
06/15/2033
(i)
800‌
806‌
Capgemini
SE
2.00%,
04/15/2029
EUR
100‌
111‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
Dell
International
LLC
/
EMC
Corp
3.38%,
12/15/2041
$
702‌
$
514‌
4.35%,
02/01/2030
525‌
514‌
4.75%,
04/01/2028
688‌
689‌
4.75%,
07/15/2031
242‌
238‌
5.10%,
02/15/2036
50‌
48‌
5.25%,
02/01/2028
100‌
101‌
5.75%,
02/01/2033
150‌
153‌
8.10%,
07/15/2036
586‌
679‌
DXC
Technology
Co
2.38%,
09/15/2028
50‌
47‌
Everforth
Inc
4.63%,
05/15/2028
(i)
2,075‌
1,981‌
Fortress
Intermediate
3
Inc
7.50%,
06/01/2031
(i)
1,150‌
1,170‌
Gartner
Inc
4.95%,
03/20/2031
50‌
48‌
Hewlett
Packard
Enterprise
Co
4.60%,
03/23/2029
335‌
333‌
5.25%,
07/01/2028
100‌
101‌
5.25%,
04/01/2033
458‌
453‌
5.60%,
10/15/2054
50‌
44‌
HP
Inc
5.50%,
01/15/2033
100‌
101‌
IBM
International
Capital
Pte
Ltd
4.75%,
02/05/2031
885‌
874‌
Insight
Enterprises
Inc
6.63%,
05/15/2032
(i)
1,425‌
1,433‌
International
Business
Machines
Corp
0.88%,
02/09/2030
EUR
100‌
106‌
4.25%,
05/15/2049
$
100‌
72‌
4.60%,
02/03/2033
707‌
678‌
5.10%,
02/06/2053
100‌
81‌
5.20%,
02/10/2035
100‌
97‌
Kyndryl
Holdings
Inc
3.15%,
10/15/2031
58‌
48‌
4.10%,
10/15/2041
50‌
35‌
Leidos
Inc
5.50%,
03/15/2035
50‌
49‌
Teleperformance
SE
4.25%,
01/21/2030
EUR
100‌
116‌
$
20,100‌
Consumer
Products
-
0
.01
%
Kimberly-Clark
Corp
2.00%,
11/02/2031
$
100‌
87‌
Reckitt
Benckiser
Treasury
Services
PLC
2.63%,
09/10/2028
EUR
100‌
114‌
$
201‌
Cosmetics
&
Personal
Care
-
0
.16
%
Haleon
Netherlands
Capital
BV
2.13%,
03/29/2034
100‌
102‌
Haleon
US
Capital
LLC
4.00%,
03/24/2052
$
775‌
577‌
High
Ridge
Brands
-
Escrow
0.00%,
03/15/2025
(d),(e),(g)
15,607‌
—‌
Kenvue
Inc
4.85%,
05/22/2032
439‌
436‌
5.10%,
03/22/2043
100‌
92‌
L'Oreal
SA
2.75%,
11/19/2030
EUR
100‌
113‌
Prestige
Brands
Inc
3.75%,
04/01/2031
(i)
$
300‌
275‌
6.25%,
07/15/2034
(i)
1,325‌
1,329‌
Procter
&
Gamble
Co/The
4.05%,
01/26/2033
200‌
193‌
Unilever
Capital
Corp
5.00%,
12/08/2033
100‌
100‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
37
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Cosmetics
&
Personal
Care
(continued)
Unilever
Finance
Netherlands
BV
1.38%,
09/04/2030
EUR
100‌
$
107‌
$
3,324‌
Credit
Card
Asset
Backed
Securities
-
0
.06
%
American
Express
Credit
Account
Master
Trust
4.65%,
07/15/2029
$
1,305‌
1,310‌
Distribution
&
Wholesale
-
0
.17
%
Resideo
Funding
II
LLC
6.50%,
07/15/2032
(i)
3,350‌
3,351‌
Diversified
Financial
Services
-
2
.66
%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.85%,
10/29/2041
150‌
117‌
Ally
Financial
Inc
6.18%,
07/26/2035
(j)
100‌
100‌
Secured
Overnight
Financing
Rate
+
2.29%
6.70%,
02/14/2033
2,200‌
2,243‌
American
Express
Co
3.43%,
05/20/2032
(j)
EUR
100‌
114‌
3
Month
Euro
Interbank
Offered
Rate
+
1.10%
4.44%,
05/03/2030
(j)
$
782‌
774‌
Secured
Overnight
Financing
Rate
+
0.81%
4.92%,
07/20/2033
(j)
287‌
283‌
Secured
Overnight
Financing
Rate
+
1.22%
5.09%,
01/30/2031
(j)
100‌
100‌
Secured
Overnight
Financing
Rate
+
1.02%
5.10%,
02/16/2028
(j)
524‌
526‌
Secured
Overnight
Financing
Rate
+
1.00%
5.28%,
07/27/2029
(j)
150‌
152‌
Secured
Overnight
Financing
Rate
+
1.28%
5.44%,
01/30/2036
(j)
100‌
100‌
Secured
Overnight
Financing
Rate
+
1.32%
Apollo
Global
Management
Inc
6.00%,
12/15/2054
(j)
50‌
48‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%
Aviation
Capital
Group
LLC
6.25%,
04/15/2028
(i)
100‌
102‌
Avolon
Holdings
Funding
Ltd
2.53%,
11/18/2027
(i)
200‌
194‌
Azorra
Finance
Ltd
7.75%,
04/15/2030
(i)
3,625‌
3,752‌
Blackstone
Holdings
Finance
Co
LLC
3.50%,
06/01/2034
EUR
100‌
111‌
Blue
Owl
Finance
LLC
3.13%,
06/10/2031
$
100‌
87‌
Bread
Financial
Holdings
Inc
6.75%,
05/15/2031
(i)
425‌
433‌
8.38%,
06/15/2035
(i),(j)
1,850‌
1,915‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.30%
Brookfield
Asset
Management
Ltd
4.65%,
11/15/2030
50‌
49‌
4.83%,
04/15/2031
100‌
98‌
Burford
Capital
Global
Finance
LLC
9.25%,
07/01/2031
(i)
3,175‌
3,095‌
Capital
One
Financial
Corp
1.65%,
06/12/2029
EUR
100‌
109‌
3.80%,
01/31/2028
$
100‌
99‌
4.49%,
09/11/2031
(j)
100‌
97‌
Secured
Overnight
Financing
Rate
+
1.25%
5.88%,
07/26/2035
(j)
100‌
101‌
Secured
Overnight
Financing
Rate
+
1.99%
Champions
Financing
Inc
8.75%,
02/15/2029
(i)
1,575‌
1,559‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Charles
Schwab
Corp/The
5.64%,
05/19/2029
(j)
$
100‌
$
102‌
Secured
Overnight
Financing
Rate
+
2.21%
6.10%,
06/01/2031
(h),(j)
3,700‌
3,650‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.25%
6.14%,
08/24/2034
(j)
100‌
104‌
Secured
Overnight
Financing
Rate
+
2.01%
Credit
Acceptance
Corp
9.25%,
12/15/2028
(i)
2,725‌
2,821‌
Equitable
America
Global
Funding
3.95%,
09/15/2027
(i)
50‌
50‌
4.30%,
12/15/2028
(i)
422‌
417‌
Euronext
NV
2.63%,
11/26/2028
EUR
100‌
114‌
Focus
Financial
Partners
LLC
6.75%,
09/15/2031
(i)
$
3,770‌
3,746‌
Freedom
Mortgage
Holdings
LLC
7.88%,
04/01/2033
(i)
1,000‌
964‌
Gabx
Leasing
LLC
4.63%,
04/15/2031
(i)
312‌
305‌
Intercontinental
Exchange
Inc
1.85%,
09/15/2032
100‌
83‌
3.00%,
09/15/2060
100‌
55‌
Jane
Street
Group
/
JSG
Finance
Inc
6.13%,
11/01/2032
(i)
1,400‌
1,393‌
6.75%,
05/01/2033
(i)
3,580‌
3,649‌
Jefferies
Financial
Group
Inc
2.63%,
10/15/2031
100‌
87‌
5.50%,
02/15/2036
50‌
47‌
Lazard
Group
LLC
4.38%,
03/11/2029
100‌
99‌
LPL
Holdings
Inc
5.75%,
06/15/2035
50‌
49‌
Lseg
Netherlands
BV
0.25%,
04/06/2028
EUR
100‌
110‌
Mastercard
Inc
1.90%,
03/15/2031
$
100‌
88‌
4.35%,
01/15/2032
305‌
297‌
Nasdaq
Inc
5.35%,
06/28/2028
100‌
101‌
Nomura
Holdings
Inc
5.00%,
06/29/2029
313‌
313‌
5.17%,
07/14/2031
200‌
198‌
7.00%,
07/15/2030
(h),(j),(m)
200‌
203‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.08%
OneMain
Finance
Corp
4.00%,
09/15/2030
400‌
367‌
7.13%,
11/15/2031
875‌
887‌
7.50%,
05/15/2031
1,925‌
1,973‌
7.88%,
03/15/2030
1,500‌
1,553‌
ORIX
Corp
2.25%,
03/09/2031
100‌
88‌
5.20%,
09/13/2032
50‌
50‌
Osaic
Holdings
Inc
8.00%,
08/01/2033
(i)
890‌
903‌
Raymond
James
Financial
Inc
4.65%,
04/01/2030
100‌
99‌
Rfna
LP
7.88%,
02/15/2030
(i)
2,675‌
2,674‌
Rocket
Cos
Inc
6.38%,
08/01/2033
(i)
1,100‌
1,107‌
6.50%,
08/01/2029
(i)
1,600‌
1,621‌
7.13%,
02/01/2032
(i)
575‌
589‌
Sagen
MI
Canada
Inc
3.26%,
03/05/2031
CAD
100‌
68‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
38
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Stonex
Escrow
Issuer
LLC
6.88%,
07/15/2032
(i)
$
2,525‌
$
2,563‌
StoneX
Group
Inc
7.88%,
03/01/2031
(i)
1,350‌
1,406‌
Sumisho
Air
Lease
Corp
5.30%,
02/01/2028
150‌
151‌
Synchrony
Financial
2.88%,
10/28/2031
100‌
88‌
5.15%,
03/19/2029
258‌
257‌
5.45%,
10/15/2030
(j)
287‌
287‌
Secured
Overnight
Financing
Rate
+
1.35%
7.25%,
02/02/2033
463‌
476‌
USAA
Capital
Corp
4.38%,
06/01/2028
(i)
625‌
623‌
Visa
Inc
2.05%,
04/15/2030
100‌
91‌
3.65%,
09/15/2047
100‌
74‌
4.40%,
02/12/2033
362‌
352‌
Voya
Financial
Inc
5.00%,
09/20/2034
75‌
72‌
$
53,822‌
Electric
-
3
.19
%
AES
Corp/The
2.45%,
01/15/2031
104‌
92‌
5.20%,
07/15/2029
292‌
292‌
Alabama
Power
Co
3.00%,
03/15/2052
150‌
91‌
4.30%,
03/15/2031
50‌
49‌
AltaLink
LP
4.87%,
11/15/2040
CAD
100‌
71‌
Ameren
Illinois
Co
3.85%,
09/01/2032
$
100‌
94‌
American
Electric
Power
Co
Inc
5.80%,
03/15/2056
450‌
442‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.26%
6.05%,
03/15/2056
(j)
600‌
590‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.94%
6.95%,
12/15/2054
(j)
600‌
631‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
7.05%,
12/15/2054
(j)
800‌
826‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.75%
Amprion
GmbH
4.13%,
09/07/2034
EUR
100‌
116‌
Appalachian
Power
Co
4.50%,
03/01/2049
$
100‌
79‌
7.00%,
04/01/2038
100‌
110‌
Arizona
Public
Service
Co
4.50%,
04/01/2042
100‌
84‌
AusNet
Services
Holdings
Pty
Ltd
2.60%,
07/31/2029
AUD
100‌
65‌
Avangrid
Inc
3.80%,
06/01/2029
$
100‌
97‌
Baltimore
Gas
and
Electric
Co
5.40%,
06/01/2053
50‌
45‌
Black
Hills
Corp
4.55%,
01/31/2031
50‌
49‌
Brookfield
Infrastructure
Finance
ULC
5.98%,
02/14/2033
CAD
100‌
77‌
Brookfield
Renewable
Partners
ULC
5.88%,
11/09/2032
100‌
77‌
Bruce
Power
LP
4.70%,
12/21/2027
100‌
73‌
Capital
Power
Corp
4.23%,
01/14/2033
50‌
35‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
CenterPoint
Energy
Houston
Electric
LLC
5.05%,
03/01/2035
$
50‌
$
49‌
CenterPoint
Energy
Inc
6.85%,
02/15/2055
(j)
50‌
52‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.95%
CMS
Energy
Corp
4.75%,
06/01/2050
659‌
641‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
8.23%
Comision
Federal
de
Electricidad
5.00%,
09/29/2036
809‌
757‌
Commonwealth
Edison
Co
3.80%,
10/01/2042
100‌
78‌
Connecticut
Light
and
Power
Co/The
4.95%,
08/15/2034
100‌
97‌
Consolidated
Edison
Co
of
New
York
Inc
4.13%,
05/15/2049
464‌
349‌
4.45%,
03/15/2044
241‌
199‌
4.50%,
12/01/2045
348‌
284‌
4.50%,
05/15/2058
50‌
38‌
4.63%,
12/01/2054
100‌
79‌
5.88%,
06/15/2056
595‌
566‌
Constellation
Energy
Generation
LLC
3.75%,
03/01/2031
100‌
95‌
5.80%,
03/01/2033
100‌
103‌
Consumers
Energy
Co
3.60%,
08/15/2032
100‌
93‌
4.90%,
02/15/2029
100‌
101‌
6.10%,
08/15/2056
(p)
210‌
209‌
COX
Asset
Mexico
SA
de
CV
7.13%,
01/08/2032
(i)
1,700‌
1,691‌
Dominion
Energy
Inc
3.38%,
04/01/2030
100‌
95‌
5.25%,
08/01/2033
660‌
660‌
5.35%,
06/15/2036
569‌
554‌
6.25%,
12/15/2056
(j)
75‌
74‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.70%
6.63%,
05/15/2055
2,050‌
2,065‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.41%
7.00%,
06/01/2054
(j)
300‌
313‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.51%
DTE
Electric
Co
4.05%,
05/15/2048
100‌
76‌
DTE
Energy
Co
4.88%,
06/01/2028
439‌
440‌
6.20%,
07/01/2058
(j)
600‌
598‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.81%
Duke
Energy
Carolinas
LLC
3.55%,
03/15/2052
266‌
179‌
5.25%,
03/15/2035
100‌
99‌
5.40%,
01/15/2054
169‌
153‌
Duke
Energy
Corp
3.75%,
09/01/2046
50‌
36‌
5.00%,
12/08/2027
100‌
101‌
5.80%,
06/15/2054
345‌
318‌
6.45%,
09/01/2054
(j)
50‌
51‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.59%
Duke
Energy
Florida
LLC
5.95%,
11/15/2052
227‌
221‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
39
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Duke
Energy
Indiana
LLC
3.25%,
10/01/2049
$
100‌
$
65‌
4.95%,
03/15/2036
246‌
237‌
5.40%,
04/01/2053
50‌
45‌
Duke
Energy
Ohio
Inc
5.55%,
03/15/2054
50‌
46‌
5.65%,
04/01/2053
183‌
170‌
Duke
Energy
Progress
LLC
4.00%,
04/01/2052
351‌
255‌
Duquesne
Light
Holdings
Inc
2.53%,
10/01/2030
(i)
100‌
89‌
E.ON
International
Finance
BV
5.88%,
10/30/2037
GBP
50‌
65‌
E.ON
SE
3.13%,
03/05/2030
EUR
100‌
114‌
3.50%,
10/26/2037
100‌
107‌
Eastern
European
Electric
Co
BV
6.50%,
05/15/2030
(i)
825‌
983‌
6.50%,
05/15/2030
250‌
298‌
Eastern
Power
Networks
PLC
1.88%,
06/01/2035
GBP
100‌
99‌
EDP
Finance
BV
3.88%,
03/11/2030
EUR
100‌
117‌
Electricite
de
France
SA
9.13%,
03/15/2033
(h),(j)
$
1,700‌
1,968‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.41%
Emera
US
Finance
LLC
5.20%,
04/01/2033
342‌
335‌
Emera
US
Finance
LP
2.64%,
06/15/2031
100‌
89‌
4.75%,
06/15/2046
517‌
423‌
ENEL
Finance
International
NV
3.50%,
04/06/2028
(i)
347‌
340‌
4.50%,
02/20/2043
EUR
100‌
114‌
4.75%,
05/25/2047
(i)
$
283‌
228‌
5.13%,
06/26/2029
(i)
275‌
277‌
6.80%,
09/15/2037
(i)
100‌
107‌
Enel
SpA
4.25%,
01/14/2030
(h),(j)
EUR
100‌
114‌
Euribor
Swap
Rate
5
Year
+
2.01%
Energo
-
Pro
as
6.45%,
04/15/2031
1,100‌
1,267‌
8.00%,
05/27/2030
100‌
121‌
8.00%,
05/27/2030
(i)
1,500‌
1,815‌
Engie
SA
2.13%,
03/30/2032
200‌
213‌
4.25%,
01/11/2043
100‌
109‌
Entergy
Arkansas
LLC
4.20%,
04/01/2049
$
100‌
76‌
Entergy
Corp
6.10%,
06/15/2056
(j)
1,900‌
1,867‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.01%
Entergy
Louisiana
LLC
2.35%,
06/15/2032
100‌
87‌
Entergy
Mississippi
LLC
3.85%,
06/01/2049
275‌
197‌
Entergy
Texas
Inc
4.50%,
03/30/2039
1,047‌
927‌
5.55%,
09/15/2054
50‌
46‌
Eurogrid
GmbH
0.74%,
04/21/2033
EUR
100‌
94‌
EUSHI
Finance
Inc
6.25%,
04/01/2056
(j)
$
400‌
395‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.51%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Evergy
Metro
Inc
4.20%,
06/15/2047
$
100‌
$
78‌
Evergy
Missouri
West
Inc
4.70%,
05/21/2029
(i)
282‌
281‌
Eversource
Energy
3.45%,
01/15/2050
100‌
66‌
Exelon
Corp
4.10%,
03/15/2052
100‌
73‌
6.50%,
03/15/2055
(j)
100‌
102‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.98%
FirstEnergy
Corp
2.65%,
03/01/2030
100‌
92‌
3.40%,
03/01/2050
50‌
32‌
4.85%,
07/15/2047
435‌
363‌
FirstEnergy
Pennsylvania
Electric
Co
5.20%,
04/01/2028
(i)
702‌
707‌
FirstEnergy
Transmission
LLC
4.55%,
04/01/2049
(i)
854‌
681‌
Florida
Power
&
Light
Co
3.99%,
03/01/2049
50‌
37‌
4.05%,
10/01/2044
100‌
79‌
5.15%,
06/15/2029
580‌
588‌
5.30%,
06/15/2034
150‌
150‌
5.60%,
02/15/2066
251‌
228‌
5.70%,
03/15/2055
50‌
47‌
FortisAlberta
Inc
4.27%,
09/22/2045
CAD
100‌
64‌
Georgia
Power
Co
3.25%,
03/15/2051
$
704‌
451‌
Guermat
Elektrik
Ueretim
AS
10.75%,
05/21/2035
(i)
2,025‌
2,002‌
Hydro
One
Inc
3.63%,
06/25/2049
CAD
100‌
57‌
4.25%,
01/04/2035
100‌
71‌
Iberdrola
Finanzas
SA
4.88%,
04/25/2028
(h),(j)
EUR
100‌
117‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.26%
Iberdrola
International
BV
6.75%,
07/15/2036
$
25‌
27‌
Indianapolis
Power
&
Light
Co
5.70%,
04/01/2054
(i)
50‌
47‌
Interstate
Power
and
Light
Co
3.50%,
09/30/2049
497‌
337‌
ITC
Holdings
Corp
3.35%,
11/15/2027
100‌
98‌
Kentucky
Power
Co
7.00%,
11/15/2033
(i)
840‌
892‌
Kentucky
Utilities
Co
5.13%,
11/01/2040
100‌
93‌
5.85%,
08/15/2055
184‌
176‌
Liberty
Utilities
Finance
GP
1
2.05%,
09/15/2030
(i)
352‌
313‌
MidAmerican
Energy
Co
5.35%,
01/15/2034
50‌
50‌
5.85%,
09/15/2054
50‌
48‌
Narragansett
Electric
Co/The
5.35%,
05/01/2034
(i)
400‌
399‌
National
Grid
PLC
0.55%,
09/18/2029
EUR
100‌
105‌
National
Rural
Utilities
Cooperative
Finance
Corp
3.95%,
12/10/2027
$
339‌
337‌
4.05%,
02/09/2029
100‌
98‌
4.15%,
08/25/2028
208‌
206‌
4.40%,
05/11/2029
836‌
829‌
4.75%,
02/07/2028
213‌
214‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
40
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Network
Finance
Co
Pty
Ltd
2.58%,
10/03/2028
AUD
100‌
$
66‌
Nevada
Power
Co
3.13%,
08/01/2050
$
100‌
63‌
New
England
Power
Co
3.80%,
12/05/2047
(i)
50‌
36‌
New
York
State
Electric
&
Gas
Corp
5.85%,
08/15/2033
(i)
391‌
402‌
NextEra
Energy
Capital
Holdings
Inc
4.00%,
05/15/2056
(j)
EUR
100‌
112‌
Euribor
Swap
Rate
5
Year
+
1.59%
5.65%,
05/01/2079
(j)
$
100‌
99‌
3
Month
USD
LIBOR
+
3.16%
6.20%,
10/01/2056
(j)
200‌
195‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.77%
6.63%,
10/01/2066
(j)
200‌
195‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.69%
Niagara
Mohawk
Power
Corp
5.66%,
01/17/2054
(i)
50‌
46‌
Northern
Powergrid
Northeast
PLC
1.88%,
06/16/2062
GBP
100‌
51‌
NRG
Energy
Inc
4.96%,
04/30/2031
(i)
$
373‌
365‌
5.88%,
05/15/2034
(i)
1,025‌
1,006‌
6.13%,
05/15/2036
(i)
1,400‌
1,382‌
7.00%,
03/15/2033
(i)
50‌
53‌
Oglethorpe
Power
Corp
5.90%,
02/01/2055
50‌
47‌
Oklahoma
Gas
and
Electric
Co
3.25%,
04/01/2030
100‌
95‌
Oncor
Electric
Delivery
Co
LLC
3.70%,
05/15/2050
100‌
70‌
4.15%,
06/01/2032
377‌
361‌
5.75%,
03/15/2029
100‌
102‌
Pacific
Gas
and
Electric
Co
3.30%,
08/01/2040
100‌
73‌
3.95%,
12/01/2047
304‌
214‌
4.30%,
03/15/2045
789‌
600‌
4.95%,
07/01/2050
638‌
515‌
5.00%,
06/04/2028
50‌
50‌
6.10%,
01/15/2029
75‌
77‌
6.10%,
10/15/2055
773‌
721‌
6.75%,
01/15/2053
100‌
101‌
PacifiCorp
3.30%,
03/15/2051
593‌
363‌
4.10%,
02/01/2042
100‌
78‌
PPL
Capital
Funding
Inc
5.25%,
09/01/2034
206‌
203‌
Public
Service
Co
of
Colorado
1.90%,
01/15/2031
100‌
88‌
2.70%,
01/15/2051
1,313‌
748‌
3.70%,
06/15/2028
462‌
456‌
4.10%,
06/15/2048
618‌
472‌
5.15%,
09/15/2035
50‌
49‌
Public
Service
Co
of
Oklahoma
2.20%,
08/15/2031
559‌
486‌
5.45%,
01/15/2036
50‌
49‌
Public
Service
Electric
and
Gas
Co
4.85%,
08/01/2034
100‌
97‌
5.63%,
01/01/2056
50‌
47‌
Public
Service
Enterprise
Group
Inc
2.45%,
11/15/2031
100‌
88‌
Puget
Energy
Inc
4.10%,
06/15/2030
50‌
48‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Puget
Sound
Energy
Inc
5.60%,
09/15/2055
$
50‌
$
46‌
5.69%,
06/15/2054
333‌
314‌
RWE
AG
2.75%,
05/24/2030
EUR
50‌
57‌
4.13%,
02/13/2035
50‌
58‌
RWE
Finance
US
LLC
5.88%,
09/18/2055
(i)
$
670‌
616‌
6.25%,
04/16/2054
(i)
826‌
801‌
Saavi
Energia
Sarl
8.88%,
02/10/2035
(i)
2,575‌
2,783‌
San
Diego
Gas
&
Electric
Co
4.95%,
08/15/2028
50‌
50‌
5.40%,
04/15/2035
50‌
50‌
Sempra
5.25%,
03/15/2036
457‌
441‌
6.55%,
04/01/2055
(j)
50‌
50‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.14%
Southern
California
Edison
Co
3.60%,
02/01/2045
100‌
69‌
5.45%,
06/01/2052
75‌
65‌
5.88%,
12/01/2053
266‌
243‌
5.95%,
11/01/2032
100‌
103‌
6.20%,
09/15/2055
356‌
339‌
Southern
Co/The
4.85%,
06/15/2028
100‌
100‌
6.38%,
03/15/2055
(j)
50‌
51‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.07%
Southwestern
Electric
Power
Co
5.90%,
04/01/2056
784‌
735‌
Southwestern
Public
Service
Co
5.88%,
08/15/2056
736‌
698‌
6.00%,
06/01/2054
50‌
48‌
SSE
PLC
4.00%,
01/21/2028
(h),(j)
EUR
100‌
115‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.70%
Terna
-
Rete
Elettrica
Nazionale
0.38%,
06/23/2029
100‌
106‌
Trans-Allegheny
Interstate
Line
Co
5.00%,
01/15/2031
(i)
$
321‌
320‌
Union
Electric
Co
3.25%,
10/01/2049
100‌
65‌
3.90%,
04/01/2052
336‌
242‌
Virginia
Electric
and
Power
Co
2.40%,
03/30/2032
100‌
87‌
4.60%,
12/01/2048
50‌
41‌
5.05%,
08/15/2034
100‌
98‌
Vistra
Operations
Co
LLC
4.30%,
10/15/2028
(i)
532‌
524‌
4.55%,
10/30/2028
(i)
100‌
99‌
5.55%,
04/30/2036
(i)
913‌
889‌
6.95%,
10/15/2033
(i)
100‌
106‌
VoltaGrid
LLC
7.38%,
11/01/2030
(i)
2,600‌
2,613‌
WEC
Energy
Group
Inc
2.20%,
12/15/2028
100‌
94‌
5.63%,
05/15/2056
(j)
300‌
296‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.91%
Wisconsin
Electric
Power
Co
4.15%,
10/15/2030
100‌
97‌
Wisconsin
Power
and
Light
Co
3.95%,
09/01/2032
331‌
312‌
5.38%,
03/30/2034
100‌
100‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
41
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Xcel
Energy
Inc
5.45%,
08/15/2033
$
100‌
$
100‌
$
64,523‌
Electrical
Components
&
Equipment
-
0
.03
%
Schneider
Electric
SE
3.38%,
04/13/2034
EUR
100‌
113‌
WESCO
Distribution
Inc
5.50%,
04/15/2034
(i)
$
525‌
510‌
$
623‌
Electronics
-
0
.21
%
Allegion
US
Holding
Co
Inc
5.41%,
07/01/2032
374‌
378‌
5.60%,
05/29/2034
391‌
393‌
Amphenol
Corp
3.90%,
11/15/2028
393‌
387‌
4.63%,
02/15/2036
50‌
47‌
Fortive
Corp
4.75%,
05/15/2031
695‌
683‌
Honeywell
International
Inc
1.95%,
06/01/2030
100‌
90‌
4.50%,
01/15/2034
100‌
96‌
Hubbell
Inc
5.15%,
06/15/2036
511‌
497‌
Keysight
Technologies
Inc
4.60%,
04/06/2027
100‌
100‌
nVent
Finance
Sarl
2.75%,
11/15/2031
396‌
350‌
4.55%,
04/15/2028
150‌
149‌
Trimble
Inc
6.10%,
03/15/2033
276‌
284‌
Vontier
Corp
2.40%,
04/01/2028
100‌
96‌
2.95%,
04/01/2031
874‌
789‌
$
4,339‌
Energy
-
Alternate
Sources
-
0
.06
%
FS
Luxembourg
Sarl
8.63%,
06/25/2033
(i)
950‌
904‌
8.63%,
06/25/2033
400‌
381‌
$
1,285‌
Engineering
&
Construction
-
1
.15
%
Aeroports
de
Montreal
3.03%,
04/21/2050
CAD
75‌
40‌
ATP
Tower
Holdings
/
Andean
Telecom
Partners
Chile
SpA
/
Andean
Tower
Partners
Colombia
SAS
7.88%,
02/03/2030
(i)
$
1,975‌
2,013‌
Bouygues
SA
2.25%,
06/29/2029
EUR
100‌
112‌
Brundage-Bone
Concrete
Pumping
Holdings
Inc
7.50%,
02/01/2032
(i)
$
3,750‌
3,843‌
Cellnex
Finance
Co
SA
2.00%,
02/15/2033
EUR
100‌
103‌
CIMIC
Finance
USA
Pty
Ltd
7.00%,
03/25/2034
(i)
$
50‌
53‌
Corp
Quiport
SA
9.00%,
12/15/2037
(i)
3,050‌
3,324‌
Gatwick
Funding
Ltd
2.88%,
07/05/2051
GBP
100‌
73‌
Global
Infrastructure
Solutions
Inc
6.38%,
07/15/2034
(i)
$
1,350‌
1,359‌
Greater
Toronto
Airports
Authority
2.75%,
10/17/2039
CAD
50‌
29‌
Heathrow
Funding
Ltd
1.88%,
03/14/2036
EUR
100‌
98‌
HOCHTIEF
AG
0.63%,
04/26/2029
100‌
107‌
HTA
Group
Ltd/Mauritius
6.75%,
04/01/2031
(i)
$
2,825‌
2,848‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Engineering
&
Construction
(continued)
ICA
ICTAS
Altyapi
Yavuz
Sultan
Selim
Koprusu
Ve
Kuzey
Cevre
Otoyolu
Yatirim
Ve
Isletme
A.S.
7.54%,
10/31/2027
$
2,825‌
$
2,852‌
IHS
Holding
Ltd
5.63%,
11/29/2026
2,159‌
2,148‌
7.88%,
05/29/2030
(i)
1,700‌
1,743‌
IHS
Mauritius
NG
Holdco
Ltd
8.00%,
09/18/2027
(n)
1,048‌
1,047‌
Jacobs
Engineering
Group
Inc
6.35%,
08/18/2028
50‌
52‌
Kingston
Airport
Revenue
Finance
Ltd
6.75%,
12/15/2036
(i)
899‌
886‌
MasTec
Inc
5.90%,
06/15/2029
369‌
377‌
Sydney
Airport
Finance
Co
Pty
Ltd
4.38%,
05/03/2033
EUR
100‌
118‌
$
23,225‌
Entertainment
-
1
.83
%
Brightstar
Lottery
PLC/
Brightstar
Global
Solutions
Corp
5.75%,
01/15/2033
(i)
$
1,825‌
1,761‌
Caesars
Entertainment
Inc
4.63%,
10/15/2029
(i)
625‌
594‌
6.00%,
10/15/2032
(i)
5,630‌
4,938‌
7.00%,
02/15/2030
(i)
3,425‌
3,436‌
Cinemark
USA
Inc
7.00%,
08/01/2032
(i)
1,675‌
1,717‌
Flutter
Treasury
DAC
5.88%,
06/04/2031
(i)
1,750‌
1,724‌
Jacobs
Entertainment
Inc
6.75%,
02/15/2029
(i)
900‌
883‌
Light
&
Wonder
International
Inc
6.25%,
10/01/2033
(i)
3,785‌
3,719‌
7.50%,
09/01/2031
(i)
2,225‌
2,292‌
Penn
Entertainment
Inc
6.75%,
04/01/2031
(i)
2,430‌
2,439‌
Pioneer
Opco
LLC
7.00%,
05/15/2033
(i)
2,050‌
2,070‌
Rivers
Enterprise
Borrower
LLC
/
Rivers
Enterprise
Finance
Corp
6.63%,
02/01/2033
(i)
3,675‌
3,698‌
Scientific
Games
Holdings
LP/Scientific
Games
US
FinCo
Inc
6.63%,
03/01/2030
(i)
3,150‌
2,552‌
Voyager
Parent
LLC
9.25%,
07/01/2032
(i)
3,643‌
3,870‌
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp
7.13%,
02/15/2031
(i)
1,350‌
1,414‌
$
37,107‌
Environmental
Control
-
0
.35
%
Madison
IAQ
LLC
5.88%,
06/30/2029
(i)
1,750‌
1,750‌
Republic
Services
Inc
4.75%,
07/15/2031
477‌
474‌
5.00%,
04/01/2034
100‌
99‌
Waste
Connections
Inc
2.20%,
01/15/2032
666‌
579‌
2.60%,
02/01/2030
50‌
46‌
Waste
Management
Inc
3.15%,
11/15/2027
100‌
98‌
4.63%,
02/15/2033
100‌
98‌
4.88%,
02/15/2029
581‌
584‌
Waste
Pro
USA
Inc
7.00%,
02/01/2033
(i)
3,275‌
3,319‌
$
7,047‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
42
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
-
1
.78
%
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
5.75%,
03/31/2034
(i)
$
1,800‌
$
1,674‌
Bimbo
Bakeries
USA
Inc
6.05%,
01/15/2029
200‌
204‌
Campbell's
Company/The
4.55%,
03/21/2031
100‌
97‌
Carrefour
SA
2.88%,
12/08/2028
EUR
100‌
114‌
Chobani
LLC
/
Chobani
Finance
Corp
Inc
6.38%,
04/15/2034
(i)
$
300‌
301‌
Conagra
Brands
Inc
4.85%,
11/01/2028
100‌
100‌
5.00%,
08/01/2030
50‌
49‌
5.40%,
08/01/2031
167‌
167‌
7.00%,
10/01/2028
556‌
579‌
Fiesta
Purchaser
Inc
7.88%,
03/01/2031
(i)
1,780‌
1,781‌
9.63%,
09/15/2032
(i)
4,500‌
4,216‌
Froneri
Lux
FinCo
SARL
4.75%,
08/01/2032
(i)
EUR
2,700‌
3,020‌
6.00%,
08/01/2032
(i)
$
725‌
709‌
General
Mills
Inc
4.20%,
04/17/2028
100‌
99‌
Grupo
Nutresa
SA
7.88%,
10/21/2031
(h),(i),(j)
1,375‌
1,357‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.10%
7.88%,
10/21/2031
(h),(j)
200‌
197‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.10%
8.00%,
05/12/2030
(i)
1,350‌
1,424‌
Hormel
Foods
Corp
1.70%,
06/03/2028
100‌
95‌
J
M
Smucker
Co/The
6.20%,
11/15/2033
50‌
52‌
JBS
NV/JBS
USA
Foods
Group
Holdings
Inc/JBS
USA
Food
Co
Holdings
5.95%,
04/20/2035
150‌
152‌
6.50%,
12/01/2052
50‌
48‌
Kellanova
7.45%,
04/01/2031
894‌
986‌
Kraft
Heinz
Foods
Co
3.75%,
04/01/2030
50‌
48‌
4.38%,
06/01/2046
140‌
108‌
4.88%,
10/01/2049
170‌
137‌
5.20%,
03/15/2032
298‌
298‌
5.50%,
06/01/2050
100‌
88‌
Kroger
Co/The
3.88%,
10/15/2046
172‌
125‌
4.65%,
01/15/2048
50‌
40‌
5.00%,
09/15/2034
268‌
260‌
5.50%,
09/15/2054
544‌
490‌
5.65%,
09/15/2064
855‌
763‌
Lamb
Weston
Holdings
Inc
4.38%,
01/31/2032
(i)
1,425‌
1,336‌
Loblaw
Cos
Ltd
5.01%,
09/13/2032
CAD
100‌
74‌
Mars
Inc
3.95%,
04/01/2044
(i)
$
100‌
78‌
4.60%,
03/01/2028
(i)
100‌
100‌
4.65%,
04/20/2031
(i)
705‌
698‌
4.80%,
03/01/2030
(i)
50‌
50‌
5.65%,
05/01/2045
(i)
529‌
506‌
5.70%,
05/01/2055
(i)
383‌
361‌
McCormick
&
Co
Inc/MD
4.15%,
02/15/2029
100‌
98‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
Metro
Inc/CN
4.27%,
12/04/2047
CAD
50‌
$
31‌
Mondelez
International
Inc
0.25%,
03/17/2028
EUR
100‌
110‌
5.13%,
05/06/2035
$
50‌
49‌
Nestle
Finance
International
Ltd
1.25%,
03/29/2031
EUR
100‌
106‌
3.50%,
09/23/2038
50‌
55‌
3.75%,
03/13/2033
100‌
118‌
Nestle
Holdings
Inc
2.63%,
09/14/2051
(i)
$
150‌
88‌
Performance
Food
Group
Inc
5.63%,
03/01/2034
(i)
3,000‌
2,910‌
6.13%,
09/15/2032
(i)
1,075‌
1,078‌
Pilgrim's
Pride
Corp
6.25%,
07/01/2033
100‌
103‌
Post
Holdings
Inc
4.50%,
09/15/2031
(i)
3,425‌
3,174‌
6.50%,
03/15/2036
(i)
1,900‌
1,853‌
Smithfield
Foods
Inc
2.63%,
09/13/2031
(i)
100‌
88‌
Sysco
Corp
4.40%,
07/25/2031
789‌
762‌
4.45%,
03/15/2048
541‌
419‌
4.50%,
04/01/2046
315‌
251‌
6.60%,
04/01/2050
50‌
51‌
Tesco
Corporate
Treasury
Services
PLC
2.75%,
04/27/2030
GBP
100‌
124‌
Tyson
Foods
Inc
4.95%,
02/20/2036
$
100‌
95‌
US
Foods
Inc
7.25%,
01/15/2032
(i)
1,271‌
1,313‌
Woolworths
Group
Ltd
5.91%,
11/29/2034
AUD
100‌
70‌
$
35,927‌
Forest
Products
&
Paper
-
0
.07
%
Georgia-Pacific
LLC
2.30%,
04/30/2030
(i)
$
100‌
91‌
International
Paper
Co
4.40%,
08/15/2047
75‌
58‌
Magnera
Corp
4.75%,
11/15/2029
(i)
800‌
745‌
7.25%,
11/15/2031
(i)
550‌
538‌
Suzano
Austria
GmbH
3.13%,
01/15/2032
100‌
88‌
$
1,520‌
Gas
-
0
.31
%
AltaGas
Ltd
3.03%,
11/10/2027
CAD
50‌
36‌
7.20%,
10/15/2054
(i),(j)
$
1,000‌
1,034‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.57%
AmeriGas
Partners
LP
/
AmeriGas
Finance
Corp
6.88%,
06/01/2031
(i)
1,800‌
1,828‌
APA
Infrastructure
Ltd
5.13%,
09/16/2034
(i)
50‌
49‌
Atmos
Energy
Corp
1.50%,
01/15/2031
50‌
43‌
5.45%,
01/15/2056
50‌
46‌
Cadent
Finance
PLC
5.75%,
03/14/2034
GBP
100‌
133‌
CU
Inc
5.09%,
09/20/2053
CAD
75‌
53‌
Enbridge
Gas
Inc
4.00%,
08/22/2044
100‌
62‌
EP
Infrastructure
AS
2.05%,
10/09/2028
EUR
100‌
111‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
43
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Gas
(continued)
Italgas
SpA
1.00%,
12/11/2031
EUR
100‌
$
101‌
National
Grid
North
America
Inc
3.92%,
06/03/2035
100‌
113‌
Naturgy
Finance
Iberia
SA
1.50%,
01/29/2028
100‌
113‌
NiSource
Inc
5.65%,
02/01/2045
$
100‌
94‌
5.85%,
04/01/2055
173‌
162‌
6.38%,
03/31/2055
(j)
1,800‌
1,827‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.53%
Snam
SpA
1.25%,
06/20/2034
EUR
100‌
95‌
Southern
California
Gas
Co
5.60%,
04/01/2054
$
50‌
46‌
Southern
Co
Gas
Capital
Corp
1.75%,
01/15/2031
75‌
66‌
Spire
Inc
4.60%,
09/01/2031
100‌
97‌
Vier
Gas
Transport
GmbH
3.50%,
10/21/2030
EUR
100‌
115‌
$
6,224‌
Hand
&
Machine
Tools
-
0
.04
%
Stanley
Black
&
Decker
Inc
6.71%,
03/15/2060
(j)
$
883‌
874‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%
Healthcare
-
Products
-
0
.52
%
Abbott
Laboratories
4.75%,
03/15/2038
471‌
443‌
4.75%,
04/15/2043
100‌
89‌
5.50%,
03/15/2056
393‌
366‌
Agilent
Technologies
Inc
2.30%,
03/12/2031
868‌
773‌
2.75%,
09/15/2029
733‌
690‌
American
Medical
Systems
Europe
BV
1.38%,
03/08/2028
EUR
100‌
112‌
Baxter
International
Inc
2.54%,
02/01/2032
$
100‌
86‌
3.95%,
04/01/2030
100‌
96‌
5.65%,
12/15/2035
252‌
246‌
Boston
Scientific
Corp
2.65%,
06/01/2030
100‌
92‌
DH
Europe
Finance
II
Sarl
0.75%,
09/18/2031
EUR
100‌
100‌
3.40%,
11/15/2049
$
100‌
67‌
EssilorLuxottica
SA
0.50%,
06/05/2028
EUR
100‌
110‌
GE
HealthCare
Technologies
Inc
5.50%,
06/15/2035
$
50‌
50‌
5.65%,
11/15/2027
1,055‌
1,068‌
Insulet
Corp
6.50%,
04/01/2033
(i)
525‌
532‌
Koninklijke
Philips
NV
4.25%,
09/08/2031
EUR
100‌
118‌
Medline
Borrower
LP
5.25%,
10/01/2029
(i)
$
525‌
520‌
Medtronic
Global
Holdings
SCA
1.63%,
10/15/2050
EUR
100‌
64‌
Medtronic
Inc
4.38%,
03/15/2035
$
100‌
94‌
Molnlycke
Holding
AB
4.25%,
09/08/2028
EUR
100‌
117‌
Neogen
Food
Safety
Corp
8.63%,
07/20/2030
(i)
$
885‌
926‌
Solventum
Corp
5.90%,
04/30/2054
50‌
47‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Products
(continued)
STERIS
Irish
FinCo
UnLtd
Co
3.75%,
03/15/2051
$
1,394‌
$
952‌
Stryker
Corp
0.75%,
03/01/2029
EUR
100‌
108‌
4.85%,
12/08/2028
$
100‌
100‌
5.20%,
02/10/2035
50‌
50‌
Teleflex
Inc
5.88%,
01/15/2032
(i)
1,250‌
1,239‌
Thermo
Fisher
Scientific
Inc
1.50%,
10/01/2039
EUR
100‌
85‌
2.04%,
03/07/2036
CHF
50‌
65‌
4.47%,
10/07/2032
$
427‌
415‌
5.00%,
01/31/2029
363‌
367‌
5.40%,
08/10/2043
100‌
95‌
VSP
Optical
Group
Inc
5.40%,
06/01/2033
(i)
262‌
259‌
$
10,541‌
Healthcare
-
Services
-
2
.69
%
Acadia
Healthcare
Co
Inc
5.00%,
04/15/2029
(i)
1,325‌
1,297‌
5.50%,
07/01/2028
(i)
80‌
79‌
7.38%,
03/15/2033
(i)
2,360‌
2,434‌
Adventist
Health
System/West
4.74%,
12/01/2030
50‌
49‌
Ascension
Health
4.92%,
11/15/2035
50‌
48‌
Banner
Health
2.34%,
01/01/2030
50‌
46‌
Charlotte
Buyer
Inc
8.00%,
06/30/2031
(i)
2,580‌
2,608‌
Cigna
Group/The
2.38%,
03/15/2031
403‌
360‌
3.40%,
03/15/2050
983‌
647‌
3.88%,
10/15/2047
194‌
141‌
4.38%,
10/15/2028
296‌
294‌
4.80%,
08/15/2038
100‌
92‌
4.88%,
09/15/2032
50‌
49‌
CommonSpirit
Health
4.19%,
10/01/2049
100‌
75‌
Concentra
Health
Services
Inc
6.88%,
07/15/2032
(i)
1,075‌
1,105‌
DaVita
Inc
3.75%,
02/15/2031
(i)
350‌
323‌
4.63%,
06/01/2030
(i)
1,525‌
1,470‌
6.75%,
07/15/2033
(i)
1,525‌
1,563‌
6.88%,
09/01/2032
(i)
525‌
540‌
Elevance
Health
Inc
3.60%,
03/15/2051
150‌
100‌
4.55%,
03/01/2048
100‌
80‌
5.70%,
09/15/2055
251‌
232‌
6.10%,
10/15/2052
60‌
58‌
Encompass
Health
Corp
5.88%,
06/01/2034
(i)
200‌
198‌
Eurofins
Scientific
SE
4.75%,
09/06/2030
EUR
100‌
119‌
Fresenius
Medical
Care
US
Finance
III
Inc
3.75%,
06/15/2029
(i)
$
150‌
145‌
Fresenius
SE
&
Co
KGaA
2.88%,
05/24/2030
EUR
100‌
113‌
Global
Medical
Response
Inc
7.38%,
10/01/2032
(i)
$
4,780‌
4,864‌
Hackensack
Meridian
Health
Inc
2.88%,
09/01/2050
50‌
31‌
HCA
Inc
3.38%,
03/15/2029
250‌
241‌
3.50%,
09/01/2030
526‌
496‌
3.50%,
07/15/2051
639‌
408‌
4.50%,
02/15/2027
100‌
100‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
44
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
HCA
Inc
(continued)
4.63%,
03/15/2052
$
810‌
$
624‌
5.45%,
04/01/2031
381‌
386‌
5.50%,
03/01/2032
440‌
445‌
5.75%,
03/01/2035
100‌
101‌
6.10%,
04/01/2064
50‌
47‌
Health
Care
Service
Corp
A
Mutual
Legal
Reserve
Co
5.45%,
06/15/2034
(i)
100‌
99‌
Humana
Inc
3.13%,
08/15/2029
100‌
95‌
4.88%,
04/01/2030
445‌
442‌
5.55%,
05/01/2035
50‌
49‌
5.75%,
04/15/2054
50‌
45‌
5.88%,
03/01/2033
499‌
507‌
IQVIA
Inc
6.25%,
06/01/2032
(i)
2,375‌
2,406‌
Kaiser
Foundation
Hospitals
4.15%,
05/01/2047
100‌
79‌
LifePoint
Health
Inc
9.88%,
08/15/2030
(i)
200‌
210‌
10.00%,
06/01/2032
(i)
4,275‌
4,104‌
Lonza
Finance
International
NV
3.25%,
09/04/2030
EUR
100‌
114‌
Memorial
Sloan-Kettering
Cancer
Center
2.96%,
01/01/2050
$
50‌
31‌
Molina
Healthcare
Inc
3.88%,
05/15/2032
(i)
1,120‌
1,002‌
6.25%,
01/15/2033
(i)
1,010‌
999‌
6.50%,
02/15/2031
(i)
320‌
323‌
Montefiore
Obligated
Group
5.25%,
11/01/2048
25‌
20‌
National
Mentor
Holdings
Inc
10.50%,
12/15/2030
(i)
4,690‌
4,946‌
Providence
St
Joseph
Health
Obligated
Group
5.37%,
10/01/2032
50‌
50‌
Quest
Diagnostics
Inc
5.00%,
12/15/2034
464‌
454‌
Roche
Holdings
Inc
2.61%,
12/13/2051
(i)
200‌
114‌
4.37%,
12/02/2032
(i)
550‌
534‌
4.91%,
03/08/2031
(i)
771‌
773‌
5.49%,
11/13/2030
(i)
1,721‌
1,764‌
Select
Medical
Corp
6.25%,
12/01/2032
(i),(n)
1,975‌
1,897‌
Star
Parent
Inc
9.00%,
10/01/2030
(i)
1,600‌
1,680‌
Surgery
Center
Holdings
Inc
7.25%,
04/15/2032
(i)
6,935‌
6,957‌
Tenet
Healthcare
Corp
5.50%,
11/15/2032
(i)
600‌
591‌
UnitedHealth
Group
Inc
2.88%,
08/15/2029
100‌
95‌
3.05%,
05/15/2041
50‌
37‌
4.25%,
06/15/2048
765‌
594‌
4.75%,
05/15/2052
418‌
344‌
4.90%,
04/15/2031
412‌
412‌
4.95%,
05/15/2062
227‌
185‌
5.05%,
04/15/2053
100‌
86‌
5.15%,
07/15/2034
100‌
99‌
5.20%,
04/15/2063
100‌
85‌
5.30%,
02/15/2030
100‌
102‌
5.63%,
07/15/2054
100‌
93‌
$
54,425‌
Home
Builders
-
0
.02
%
Lennar
Corp
5.20%,
07/30/2030
290‌
291‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Home
Builders
(continued)
Sekisui
House
US
Inc
3.85%,
01/15/2030
$
100‌
$
95‌
$
386‌
Home
Equity
Asset
Backed
Securities
-
0
.09
%
RCKT
Mortgage
Trust
2026-CES5
5.25%,
05/25/2056
(i),(k)
725‌
721‌
Structured
Asset
Securities
Corp
Mortgage
Loan
Trust
2007-BC2
4.14%,
03/25/2037
1,775‌
1,161‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.41%
$
1,882‌
Insurance
-
3
.58
%
Acrisure
LLC
/
Acrisure
Finance
Inc
7.50%,
11/06/2030
(i)
300‌
290‌
8.25%,
02/01/2029
(i)
1,825‌
1,750‌
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
6.50%,
10/01/2031
(i)
3,125‌
3,122‌
7.38%,
10/01/2032
(i)
2,460‌
2,474‌
Allianz
SE
4.25%,
07/05/2052
(j)
EUR
100‌
116‌
3
Month
Euro
Interbank
Offered
Rate
+
3.55%
Allstate
Corp/The
5.25%,
03/30/2033
$
100‌
100‌
American
International
Group
Inc
5.13%,
03/27/2033
100‌
99‌
American
National
Global
Funding
5.55%,
01/28/2030
(i)
50‌
50‌
AmFam
Holdings
Inc
2.81%,
03/11/2031
(i)
50‌
44‌
AmWINS
Group
Inc
4.88%,
06/30/2029
(i)
3,225‌
3,104‌
Amynta
Agency
Borrower
Inc
and
Amynta
Warranty
Borrower
Inc
7.50%,
07/15/2033
(i)
1,700‌
1,662‌
Aon
Corp
/
Aon
Global
Holdings
PLC
3.90%,
02/28/2052
100‌
70‌
Aon
North
America
Inc
5.30%,
03/01/2031
749‌
757‌
Ardonagh
Finco
Ltd
7.75%,
02/15/2031
(i)
2,190‌
2,224‌
Ardonagh
Group
Finance
Ltd
8.88%,
02/15/2032
(i)
5,675‌
5,646‌
Arthur
J
Gallagher
&
Co
4.85%,
12/15/2029
50‌
50‌
5.15%,
02/15/2035
100‌
97‌
ASR
Nederland
NV
3.38%,
05/02/2049
(j)
EUR
100‌
114‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
4.00%
Assurant
Inc
5.55%,
02/15/2036
$
552‌
539‌
Asurion
LLC/
Asurion
Co-Issuer
Inc
8.38%,
02/01/2034
(i)
6,815‌
6,210‌
Athene
Global
Funding
5.32%,
11/13/2031
(i)
840‌
828‌
Athene
Holding
Ltd
6.25%,
04/01/2054
100‌
89‌
Aviva
PLC
6.88%,
05/20/2058
(j)
GBP
50‌
68‌
SONIA
Interest
Rate
Benchmark
+
3.38%
AXA
SA
3.25%,
05/28/2049
(j)
EUR
100‌
114‌
3
Month
Euro
Interbank
Offered
Rate
+
3.20%
3.63%,
01/10/2033
100‌
116‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
45
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Berkshire
Hathaway
Finance
Corp
2.38%,
06/19/2039
GBP
100‌
$
91‌
2.50%,
01/15/2051
$
150‌
83‌
Brighthouse
Financial
Inc
4.70%,
06/22/2047
50‌
33‌
Brown
&
Brown
Inc
5.65%,
06/11/2034
100‌
99‌
Chubb
INA
Holdings
LLC
1.38%,
09/15/2030
100‌
87‌
4.65%,
08/15/2029
611‌
610‌
6.50%,
05/15/2038
100‌
109‌
CNO
Global
Funding
4.38%,
09/08/2028
(i)
100‌
99‌
Corebridge
Financial
Inc
3.90%,
04/05/2032
100‌
93‌
6.38%,
09/15/2054
(j)
1,300‌
1,276‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
6.88%,
12/01/2030
(h),(j)
500‌
511‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.18%
Corebridge
Global
Funding
5.90%,
09/19/2028
(i)
100‌
102‌
CRC
Insurance
Group
LLC
7.13%,
06/01/2031
(i)
2,575‌
2,570‌
Credit
Agricole
Assurances
SA
2.00%,
07/17/2030
EUR
100‌
108‌
Empower
Finance
2020
LP
1.36%,
09/17/2027
(i)
$
100‌
96‌
F&G
Global
Funding
4.65%,
09/08/2028
(i)
100‌
99‌
Fairfax
Financial
Holdings
Ltd
4.23%,
06/14/2029
CAD
100‌
72‌
6.00%,
12/07/2033
$
100‌
103‌
Farmers
Insurance
Exchange
4.75%,
11/01/2057
(i),(j)
50‌
42‌
3
Month
USD
LIBOR
+
3.23%
Global
Atlantic
Fin
Co
4.40%,
10/15/2029
(i)
150‌
145‌
Great-West
Lifeco
Inc
2.38%,
05/14/2030
CAD
100‌
69‌
Guardian
Life
Insurance
Co
of
America/The
4.88%,
06/19/2064
(i)
$
50‌
40‌
Howden
UK
Refinance
PLC
/
Howden
UK
Refinance
2
PLC
/
Howden
US
Refinance
LLC
7.25%,
02/15/2031
(i)
1,775‌
1,758‌
8.13%,
02/15/2032
(i)
2,225‌
2,069‌
HUB
International
Ltd
7.38%,
01/31/2032
(i)
810‌
828‌
Jackson
Financial
Inc
5.17%,
06/08/2027
100‌
100‌
Jackson
National
Life
Global
Funding
4.55%,
09/09/2030
(i)
50‌
49‌
Jones
Deslauriers
Insurance
Management
Inc
6.88%,
10/01/2033
(i)
3,540‌
3,334‌
Legal
&
General
Group
PLC
4.50%,
11/01/2050
(j)
GBP
100‌
128‌
Generic
Britain
5
Year
Government
Bond
+
5.25%
Liberty
Mutual
Group
Inc
3.95%,
05/15/2060
(i)
$
100‌
67‌
4.30%,
02/01/2061
(i)
1,070‌
656‌
7.80%,
03/07/2087
(i)
2,000‌
2,156‌
3
Month
USD
LIBOR
+
3.58%
Lincoln
National
Corp
3.40%,
03/01/2032
100‌
91‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
M&G
PLC
5.63%,
10/20/2051
(j)
GBP
100‌
$
132‌
Generic
Britain
5
Year
Government
Bond
+
5.00%
Manulife
Financial
Corp
2.48%,
05/19/2027
$
100‌
99‌
3.98%,
05/23/2035
(j)
CAD
50‌
36‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.32%
4.99%,
12/11/2035
$
344‌
332‌
Mapfre
SA
3.13%,
01/20/2032
EUR
100‌
112‌
Markel
Group
Inc
6.00%,
05/16/2054
$
50‌
48‌
Marsh
&
McLennan
Cos
Inc
4.95%,
03/15/2036
100‌
96‌
5.40%,
09/15/2033
100‌
101‌
Massachusetts
Mutual
Life
Insurance
Co
5.67%,
12/01/2052
(i)
50‌
46‌
Meiji
Yasuda
Life
Insurance
Co
5.80%,
09/11/2054
(i),(j)
500‌
489‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.03%
6.10%,
06/11/2055
(i),(j)
1,500‌
1,495‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.91%
MetLife
Inc
5.25%,
01/15/2054
100‌
89‌
5.85%,
03/15/2056
(j)
500‌
487‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.82%
9.25%,
04/08/2068
(i)
3,575‌
4,126‌
3
Month
USD
LIBOR
+
5.54%
10.75%,
08/01/2069
1,264‌
1,593‌
3
Month
USD
LIBOR
+
15.10%
Metropolitan
Life
Global
Funding
I
3.63%,
03/26/2034
EUR
100‌
113‌
5.40%,
09/12/2028
(i)
$
150‌
152‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
1.25%,
05/26/2041
(j)
EUR
100‌
103‌
3
Month
Euro
Interbank
Offered
Rate
+
2.55%
Nassau
Cos
of
New
York/The
7.88%,
07/15/2030
(i)
$
3,850‌
3,623‌
Nationwide
Mutual
Insurance
Co
4.35%,
04/30/2050
(i)
100‌
73‌
New
York
Life
Global
Funding
0.13%,
07/23/2030
CHF
100‌
119‌
New
York
Life
Insurance
Co
3.75%,
05/15/2050
(i)
$
100‌
70‌
Nippon
Life
Insurance
Co
4.11%,
01/23/2055
(j)
EUR
100‌
112‌
Euribor
Swap
Rate
5
Year
+
2.60%
5.05%,
04/02/2033
(i)
$
397‌
392‌
5.95%,
04/16/2054
(i),(j)
1,000‌
1,001‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.59%
6.50%,
04/30/2055
(j)
1,500‌
1,544‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.19%
NLG
Global
Funding
4.35%,
09/15/2030
(i)
75‌
73‌
NN
Group
NV
4.63%,
01/13/2048
(j)
EUR
100‌
116‌
3
Month
Euro
Interbank
Offered
Rate
+
4.95%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
46
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Northwestern
Mutual
Life
Insurance
Co/The
3.63%,
09/30/2059
(i)
$
50‌
$
32‌
6.17%,
05/29/2055
(i)
244‌
240‌
Pacific
Life
Global
Funding
II
5.69%,
04/22/2031
AUD
100‌
71‌
Pacific
Life
Insurance
Co
4.30%,
10/24/2067
(i),(j)
$
50‌
38‌
3
Month
USD
LIBOR
+
2.80%
5.95%,
09/15/2055
(i)
280‌
267‌
Pension
Insurance
Corp
PLC
4.63%,
05/07/2031
GBP
100‌
126‌
Pricoa
Global
Funding
I
4.65%,
08/27/2031
(i)
$
439‌
431‌
Protective
Life
Corp
4.70%,
01/15/2031
(i)
50‌
49‌
Prudential
Financial
Inc
3.70%,
10/01/2050
(j)
100‌
92‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
3.94%,
12/07/2049
150‌
109‌
5.70%,
09/15/2048
(j)
185‌
185‌
3
Month
USD
LIBOR
+
2.67%
Prudential
Funding
Asia
PLC
3.13%,
04/14/2030
100‌
94‌
Reinsurance
Group
of
America
Inc
3.15%,
06/15/2030
100‌
93‌
5.75%,
09/15/2034
50‌
50‌
6.65%,
09/15/2055
(j)
1,900‌
1,895‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.39%
Sammons
Financial
Group
Inc
6.88%,
04/15/2034
(i)
50‌
53‌
SBL
Holdings
Inc
5.90%,
09/26/2028
(i)
75‌
73‌
Sompo
Holdings
Inc
5.41%,
04/22/2037
(i),(j)
482‌
463‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.13%
Sun
Life
Financial
Inc
4.14%,
09/13/2037
(j)
CAD
50‌
35‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.42%
Swiss
Life
Finance
I
AG
3.25%,
08/31/2029
EUR
100‌
115‌
Swiss
RE
Subordinated
Finance
PLC
5.70%,
04/05/2035
(i),(j)
$
1,800‌
1,786‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.81%
6.19%,
04/01/2046
(i),(j)
200‌
193‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.13%
Teachers
Insurance
&
Annuity
Association
of
America
4.27%,
05/15/2047
(i)
100‌
77‌
6.05%,
06/15/2056
(i)
409‌
396‌
Travelers
Cos
Inc/The
4.95%,
07/24/2031
837‌
836‌
5.35%,
11/01/2040
100‌
97‌
Unum
Group
5.25%,
12/15/2035
148‌
142‌
5.75%,
08/15/2042
50‌
48‌
Willis
North
America
Inc
4.50%,
09/15/2028
100‌
100‌
$
72,464‌
Internet
-
0
.68
%
Alibaba
Group
Holding
Ltd
2.70%,
02/09/2041
200‌
143‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
(continued)
Alphabet
Inc
1.90%,
08/15/2040
$
75‌
$
48‌
2.05%,
08/15/2050
100‌
49‌
3.00%,
05/06/2033
EUR
100‌
111‌
4.00%,
11/06/2044
100‌
106‌
4.10%,
11/15/2030
$
50‌
49‌
4.40%,
02/15/2033
549‌
527‌
4.80%,
02/15/2036
100‌
96‌
5.25%,
05/15/2055
50‌
43‌
5.30%,
05/15/2065
355‌
301‌
5.35%,
11/15/2045
360‌
329‌
5.45%,
11/15/2055
50‌
44‌
5.65%,
02/15/2056
50‌
46‌
5.70%,
11/15/2075
552‌
489‌
5.75%,
02/15/2066
50‌
45‌
Amazon.com
Inc
2.10%,
05/12/2031
50‌
44‌
3.15%,
08/22/2027
200‌
198‌
3.35%,
03/16/2032
EUR
100‌
114‌
3.70%,
03/16/2035
100‌
113‌
3.88%,
08/22/2037
$
175‌
152‌
3.90%,
11/20/2028
50‌
49‌
3.95%,
04/13/2052
100‌
70‌
4.05%,
08/22/2047
300‌
224‌
4.10%,
11/20/2030
50‌
48‌
4.10%,
04/13/2062
50‌
34‌
4.55%,
03/13/2033
686‌
663‌
4.60%,
07/09/2029
1,644‌
1,638‌
4.65%,
11/20/2035
50‌
47‌
4.88%,
03/13/2036
100‌
96‌
5.00%,
06/12/2056
CAD
50‌
34‌
5.55%,
11/20/2065
$
1,135‌
982‌
5.80%,
03/13/2056
150‌
138‌
6.05%,
03/13/2076
782‌
723‌
6.25%,
07/09/2066
603‌
578‌
Booking
Holdings
Inc
4.13%,
05/09/2038
EUR
100‌
111‌
4.50%,
11/15/2031
100‌
119‌
eBay
Inc
2.70%,
03/11/2030
$
100‌
92‌
Expedia
Group
Inc
5.50%,
04/15/2036
50‌
48‌
Meta
Platforms
Inc
4.20%,
11/15/2030
50‌
48‌
4.60%,
05/15/2028
50‌
50‌
4.60%,
11/15/2032
275‌
265‌
4.75%,
08/15/2034
100‌
95‌
5.50%,
11/15/2045
411‌
355‌
5.55%,
08/15/2064
340‌
272‌
5.60%,
05/15/2053
100‌
84‌
5.63%,
11/15/2055
767‌
642‌
5.75%,
11/15/2065
50‌
41‌
6.30%,
05/15/2056
75‌
69‌
6.45%,
05/15/2066
475‌
435‌
Netflix
Inc
3.63%,
06/15/2030
EUR
100‌
116‌
Prosus
NV
2.03%,
08/03/2032
100‌
103‌
Tencent
Holdings
Ltd
3.93%,
01/19/2038
$
200‌
175‌
Uber
Technologies
Inc
4.80%,
09/15/2034
100‌
96‌
Wayfair
LLC
6.75%,
11/15/2032
(i)
2,110‌
2,148‌
$
13,735‌
Investment
Companies
-
0
.14
%
Apollo
Debt
Solutions
BDC
6.70%,
07/29/2031
50‌
50‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
47
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Investment
Companies
(continued)
Ares
Capital
Corp
5.25%,
04/12/2031
$
100‌
$
97‌
Ares
Strategic
Income
Fund
5.45%,
09/09/2028
50‌
50‌
5.55%,
04/15/2031
50‌
48‌
Blackstone
Private
Credit
Fund
5.35%,
03/12/2031
100‌
95‌
Blue
Owl
Credit
Income
Corp
6.65%,
03/15/2031
50‌
50‌
Blue
Owl
Technology
Finance
Corp
6.75%,
04/04/2029
100‌
100‌
Goldman
Sachs
Private
Credit
Corp
5.05%,
02/23/2028
100‌
99‌
Groupe
Bruxelles
Lambert
NV
0.13%,
01/28/2031
EUR
100‌
99‌
HA
Sustainable
Infrastructure
Capital
Inc
6.38%,
07/01/2034
$
50‌
50‌
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.75%,
09/15/2030
(i)
2,075‌
1,925‌
JAB
Holdings
BV
4.75%,
06/29/2032
EUR
100‌
121‌
$
2,784‌
Iron
&
Steel
-
1
.48
%
ArcelorMittal
SA
6.80%,
11/29/2032
$
100‌
108‌
Baffinland
Iron
Mines
Corp
/
Baffinland
Iron
Mines
LP
0.00%,
07/15/2026
(d),(i)
13,822‌
7,326‌
Nucor
Corp
3.13%,
04/01/2032
100‌
91‌
Samarco
Mineracao
SA
4.00%,
PIK
5.00%;
06/30/2031
(k),(l)
2,870‌
2,892‌
Samarco
Mineracao
SA
Escrow
Shares
0.00%,
10/24/2023
(d),(e)
550‌
—‌
Specialty
Steel
12.00%,
11/15/2033
(e),(g)
38,772‌
18,196‌
Steel
Dynamics
Inc
4.00%,
12/15/2028
390‌
384‌
United
States
Steel
Corp
5.20%,
08/01/2031
(i)
763‌
754‌
Vale
Overseas
Ltd
6.13%,
06/12/2033
100‌
104‌
$
29,855‌
Leisure
Products
&
Services
-
0
.20
%
A&K
Travel
Group
Holdings
Ltd
7.50%,
05/15/2033
(i)
3,160‌
3,145‌
Brunswick
Corp/DE
4.40%,
09/15/2032
100‌
94‌
NCL
Corp
Ltd
6.25%,
09/15/2033
(i)
725‌
689‌
Royal
Caribbean
Cruises
Ltd
6.00%,
02/01/2033
(i)
100‌
101‌
$
4,029‌
Lodging
-
0
.67
%
Boyd
Gaming
Corp
4.75%,
06/15/2031
(i)
1,700‌
1,623‌
Gohl
Capital
Holdings
Ltd
7.63%,
10/29/2031
(h),(j)
1,400‌
1,339‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.71%
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower
Inc
6.63%,
01/15/2032
(i)
1,425‌
1,428‌
Marriott
International
Inc/MD
2.85%,
04/15/2031
391‌
356‌
3.50%,
10/15/2032
598‌
544‌
4.50%,
10/15/2031
50‌
49‌
4.50%,
05/01/2033
317‌
302‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
(continued)
Marriott
International
Inc/MD
(continued)
5.50%,
04/15/2037
$
237‌
$
233‌
Sands
China
Ltd
5.40%,
08/08/2028
200‌
201‌
Station
Casinos
LLC
4.63%,
12/01/2031
(i)
4,175‌
3,926‌
6.63%,
03/15/2032
(i)
1,610‌
1,627‌
Wyndham
Hotels
&
Resorts
Inc
5.63%,
03/01/2033
(i)
1,900‌
1,849‌
$
13,477‌
Machinery
-
Construction
&
Mining
-
0
.16
%
Caterpillar
Financial
Services
Corp
3.95%,
11/14/2028
944‌
933‌
4.10%,
08/15/2028
486‌
483‌
4.30%,
05/15/2029
537‌
533‌
Caterpillar
Inc
3.80%,
08/15/2042
150‌
120‌
GE
Vernova
Inc
4.88%,
02/04/2036
277‌
266‌
Solaris
Energy
Infrastructure
LLC
6.38%,
05/15/2031
(i)
875‌
859‌
Vertiv
Holdings
Co
4.85%,
03/15/2036
50‌
47‌
$
3,241‌
Machinery
-
Diversified
-
0
.40
%
AGCO
Corp
5.45%,
03/21/2027
593‌
596‌
CNH
Industrial
Capital
LLC
4.50%,
10/16/2030
50‌
49‌
CNH
Industrial
NV
3.88%,
09/03/2035
EUR
100‌
111‌
Deere
&
Co
3.75%,
04/15/2050
$
100‌
73‌
5.45%,
01/16/2035
367‌
373‌
Deere
Funding
Canada
Corp
4.15%,
10/09/2030
427‌
416‌
4.85%,
07/15/2031
478‌
477‌
Ingersoll
Rand
Inc
5.70%,
08/14/2033
100‌
102‌
John
Deere
Capital
Corp
3.45%,
03/07/2029
100‌
97‌
4.13%,
01/18/2029
468‌
464‌
4.40%,
09/08/2031
579‌
568‌
Lsf12
Helix
Parent
LLC
7.13%,
02/01/2033
(i)
4,340‌
4,249‌
Otis
Worldwide
Corp
3.36%,
02/15/2050
50‌
33‌
Westinghouse
Air
Brake
Technologies
Corp
4.70%,
09/15/2028
50‌
50‌
Xylem
Inc/NY
2.25%,
01/30/2031
100‌
90‌
5.45%,
06/01/2036
322‌
322‌
$
8,070‌
Manufactured
Housing
Asset
Backed
Securities
-
0
.04
%
Greenpoint
Manufactured
Housing
9.23%,
12/15/2029
(k)
849‌
837‌
Media
-
1
.44
%
Bertelsmann
SE
&
Co
KGaA
2.00%,
04/01/2028
EUR
100‌
113‌
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.25%,
02/01/2031
(i)
$
1,750‌
1,549‌
4.25%,
01/15/2034
(i)
4,210‌
3,438‌
4.50%,
05/01/2032
575‌
496‌
4.75%,
03/01/2030
(i)
750‌
701‌
7.38%,
02/01/2036
(i)
2,490‌
2,367‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
48
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.50%,
06/01/2041
$
589‌
$
398‌
3.85%,
04/01/2061
805‌
440‌
4.80%,
03/01/2050
1,026‌
718‌
5.38%,
05/01/2047
341‌
259‌
6.38%,
10/23/2035
200‌
193‌
6.48%,
10/23/2045
100‌
87‌
Comcast
Corp
1.50%,
02/20/2029
GBP
100‌
123‌
1.50%,
02/15/2031
$
200‌
171‌
2.65%,
02/01/2030
25‌
23‌
2.99%,
11/01/2063
200‌
97‌
3.97%,
11/01/2047
50‌
34‌
4.00%,
11/01/2049
100‌
67‌
4.60%,
10/15/2038
631‌
549‌
5.17%,
01/15/2037
(i)
579‌
540‌
5.50%,
05/15/2064
329‌
264‌
6.05%,
05/15/2055
50‌
45‌
Cox
Communications
Inc
3.50%,
08/15/2027
(i)
100‌
99‌
4.60%,
08/15/2047
(i)
50‌
33‌
5.45%,
09/01/2034
(i)
488‌
452‌
5.95%,
09/01/2054
(i)
364‌
290‌
CSC
Holdings
LLC
4.13%,
12/01/2030
(i)
1,325‌
741‌
4.50%,
11/15/2031
(i)
900‌
498‌
6.50%,
02/01/2029
(i)
300‌
170‌
7.50%,
04/01/2028
(i)
1,000‌
231‌
Discovery
Global
Holdings
Inc
5.05%,
03/15/2042
1,910‌
1,327‌
Fox
Corp
5.58%,
01/25/2049
657‌
590‌
6.50%,
10/13/2033
100‌
105‌
Informa
PLC
3.75%,
04/29/2032
EUR
100‌
114‌
McGraw-Hill
Education
Inc
8.00%,
08/01/2029
(i)
$
5,780‌
5,732‌
Paramount
Global
5.25%,
04/01/2044
383‌
247‌
5.85%,
09/01/2043
77‌
55‌
Sirius
XM
Radio
LLC
4.13%,
07/01/2030
(i)
1,475‌
1,379‌
Space
Exploration
Technologies
Corp
5.35%,
07/15/2031
(i)
1,042‌
1,014‌
5.88%,
07/15/2036
(i)
273‌
255‌
6.60%,
07/15/2046
(i)
50‌
45‌
6.65%,
07/15/2056
(i)
439‌
388‌
Time
Warner
Cable
LLC
5.50%,
09/01/2041
50‌
41‌
6.55%,
05/01/2037
717‌
682‌
Videotron
Ltd
5.00%,
07/15/2034
CAD
100‌
73‌
Virgin
Media
Finance
PLC
5.00%,
07/15/2030
(i)
$
2,675‌
1,646‌
Walt
Disney
Co/The
2.65%,
01/13/2031
100‌
92‌
3.60%,
01/13/2051
50‌
34‌
5.40%,
10/01/2043
100‌
95‌
$
29,100‌
Mining
-
0
.90
%
Anglo
American
Capital
PLC
4.75%,
09/21/2032
EUR
100‌
120‌
Arsenal
AIC
Parent
LLC
8.00%,
10/01/2030
(i)
$
900‌
935‌
11.50%,
10/01/2031
(i)
1,700‌
1,809‌
Barrick
PD
Australia
Finance
Pty
Ltd
5.95%,
10/15/2039
50‌
50‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mining
(continued)
BHP
Billiton
Finance
Ltd
4.30%,
09/25/2042
GBP
100‌
$
107‌
BHP
Billiton
Finance
USA
Ltd
5.00%,
02/15/2036
$
50‌
49‌
5.75%,
09/05/2055
368‌
355‌
Glencore
Funding
LLC
3.88%,
04/27/2051
(i)
100‌
70‌
4.00%,
03/27/2027
(i)
100‌
100‌
4.00%,
07/28/2031
CAD
100‌
71‌
Ivanhoe
Mines
Ltd
7.88%,
01/23/2030
(i)
$
2,775‌
2,791‌
Northwest
Acquisitions
ULC
/
Dominion
Finco
Inc
0.00%,
11/01/2022
(d),(e),(i)
19,888‌
—‌
Novelis
Corp
4.75%,
01/30/2030
(i)
2,939‌
2,825‌
6.38%,
08/15/2033
(i)
1,400‌
1,397‌
Rio
Tinto
Finance
USA
PLC
5.88%,
03/14/2065
100‌
96‌
South32
Treasury
Ltd
4.35%,
04/14/2032
(i)
801‌
772‌
Vedanta
Resources
Finance
II
PLC
7.00%,
07/13/2032
(i)
1,550‌
1,551‌
7.38%,
07/13/2034
(i)
1,350‌
1,343‌
WE
Soda
Investments
Holding
PLC
9.38%,
02/14/2031
(n)
1,150‌
1,119‌
9.50%,
10/06/2028
400‌
402‌
9.50%,
10/06/2028
(i)
2,200‌
2,214‌
$
18,176‌
Miscellaneous
Manufacturers
-
0
.08
%
3M
Co
3.63%,
09/14/2028
100‌
98‌
3.63%,
10/15/2047
50‌
35‌
Eaton
Corp
4.15%,
11/02/2042
100‌
83‌
Illinois
Tool
Works
Inc
1.00%,
06/05/2031
EUR
100‌
103‌
Parker-Hannifin
Corp
4.10%,
03/01/2047
$
50‌
39‌
Siemens
Financieringsmaatschappij
NV
0.25%,
02/20/2029
EUR
100‌
107‌
3.63%,
02/22/2044
100‌
105‌
Siemens
Funding
BV
4.60%,
05/28/2030
(i)
$
200‌
199‌
4.90%,
05/28/2032
(i)
269‌
269‌
5.80%,
05/28/2055
(i)
290‌
284‌
5.90%,
05/28/2065
(i)
274‌
268‌
Teledyne
Technologies
Inc
2.75%,
04/01/2031
50‌
45‌
$
1,635‌
Mortgage
Backed
Securities
-
0
.67
%
Alternative
Loan
Trust
2005-30CB
4.59%,
08/25/2035
891‌
564‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.86%
Angel
Oak
Mortgage
Trust
2022-6
4.30%,
07/25/2067
(i),(k)
1,111‌
1,107‌
Angel
Oak
Mortgage
Trust
2025-5
5.57%,
04/25/2070
(i),(k)
632‌
631‌
Banc
of
America
Funding
2007-1
Trust
6.44%,
01/25/2037
(k)
796‌
730‌
COLT
2021-RPL1
Trust
1.67%,
09/25/2061
(i),(k)
258‌
236‌
CSMC
2021-RPL2Trust
1.11%,
01/25/2060
(i),(k)
279‌
233‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
49
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Fannie
Mae
REMICS
2.27%,
05/25/2046
(o)
$
6,239‌
$
500‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
2.27%,
09/25/2046
(o)
1,625‌
140‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
2.27%,
12/25/2049
(o)
3,810‌
352‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
2.27%,
05/25/2050
(o)
2,391‌
223‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
2.32%,
08/25/2049
(o)
2,665‌
240‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
2.32%,
11/25/2049
(o)
3,849‌
340‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
2.34%,
06/25/2050
(o)
1,903‌
180‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.96%
2.47%,
03/25/2048
(o)
1,585‌
157‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.09%
2.47%,
06/25/2048
(o)
1,788‌
205‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.09%
2.97%,
12/25/2042
(o)
1,434‌
161‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.59%
First
Horizon
Alternative
Mortgage
Securities
Trust
2006-FA8
6.25%,
02/25/2037
3,034‌
1,027‌
Freddie
Mac
REMICS
2.32%,
10/25/2049
(o)
2,889‌
263‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
2.91%,
05/15/2042
(o)
2,934‌
258‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.54%
2.91%,
08/15/2043
(o)
3,095‌
311‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.54%
Ginnie
Mae
2.32%,
11/20/2046
(o)
4,162‌
412‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
2.50%,
11/20/2050
(o)
6,771‌
980‌
2.50%,
12/20/2050
(o)
2,446‌
374‌
2.52%,
08/20/2051
(o)
2,687‌
310‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
2.63%,
09/20/2050
(o)
1,765‌
213‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.25%
2.73%,
04/20/2051
(o)
1,523‌
180‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.35%
3.00%,
11/20/2050
(o)
2,017‌
336‌
3.00%,
12/20/2050
(o)
2,107‌
350‌
OBX
2025-NQM8
Trust
5.47%,
03/25/2065
(i),(k)
498‌
497‌
RALI
Series
2005-QS17
Trust
6.00%,
12/25/2035
771‌
668‌
6.00%,
12/25/2035
529‌
458‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Series
2006-5
Trust
6.00%,
07/25/2036
$
1,437‌
$
1,013‌
$
13,649‌
Oil
&
Gas
-
3
.94
%
Aker
BP
ASA
3.75%,
01/15/2030
(i)
200‌
192‌
APA
Corp
5.35%,
07/01/2049
1,377‌
1,156‌
6.10%,
02/15/2035
50‌
51‌
Azule
Energy
Finance
Plc
8.13%,
01/23/2030
(i)
1,825‌
1,853‌
8.25%,
01/22/2031
(i)
1,475‌
1,501‌
BP
Capital
Markets
America
Inc
3.00%,
02/24/2050
100‌
62‌
4.87%,
11/25/2029
1,054‌
1,058‌
BP
Capital
Markets
PLC
1.10%,
11/15/2034
EUR
100‌
92‌
3.63%,
03/22/2029
(h),(j)
100‌
114‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
3.78%
Canadian
Natural
Resources
Ltd
2.95%,
07/15/2030
$
100‌
93‌
5.40%,
12/15/2034
50‌
50‌
Caturus
Energy
LLC
7.13%,
05/15/2031
(i)
1,775‌
1,760‌
Cenovus
Energy
Inc
4.25%,
03/20/2033
CAD
50‌
35‌
CNX
Resources
Corp
5.88%,
03/01/2034
(i)
$
750‌
727‌
Comstock
Resources
Inc
5.88%,
01/15/2030
(i)
3,075‌
2,897‌
6.75%,
03/01/2029
(i)
1,525‌
1,502‌
ConocoPhillips
Co
5.70%,
09/15/2063
75‌
69‌
Constellation
Oil
Services
Holding
SA
7.70%,
08/03/2033
(i),(p)
2,950‌
2,969‌
Continental
Resources
Inc/OK
2.88%,
04/01/2032
(i)
100‌
87‌
Dangote
Petroleum
Refinery
And
Petrochemicals
Fze
7.50%,
07/16/2031
800‌
797‌
DCC
Group
Finance
Ireland
DAC
4.38%,
06/27/2031
EUR
100‌
115‌
Devon
Energy
Corp
5.40%,
02/15/2035
(i)
$
518‌
510‌
5.90%,
02/15/2055
(i)
919‌
859‌
Diamondback
Energy
Inc
5.75%,
04/18/2054
50‌
46‌
6.25%,
03/15/2053
651‌
646‌
Energean
Israel
Finance
Ltd
5.88%,
03/30/2031
(i)
1,825‌
1,745‌
Energean
PLC
5.63%,
05/12/2031
(i)
EUR
900‌
1,029‌
Eni
SpA
0.63%,
01/23/2030
100‌
105‌
4.25%,
05/09/2029
(i)
$
200‌
197‌
5.70%,
10/01/2040
(i)
100‌
96‌
6.00%,
05/18/2056
(i)
441‌
416‌
EOG
Resources
Inc
5.95%,
07/15/2055
50‌
49‌
EQT
Corp
3.63%,
05/15/2031
(i)
100‌
93‌
Expand
Energy
Corp
4.75%,
02/01/2032
598‌
580‌
Exxon
Mobil
Corp
0.84%,
06/26/2032
EUR
100‌
99‌
4.23%,
03/19/2040
$
50‌
44‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
50
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
HF
Sinclair
Corp
5.00%,
02/01/2028
$
408‌
$
408‌
5.50%,
09/01/2032
50‌
50‌
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
6.25%,
04/15/2032
(i)
1,500‌
1,456‌
6.88%,
05/15/2034
(i)
775‌
759‌
7.25%,
02/15/2035
(i)
2,000‌
1,984‌
Infinity
Natural
Resources
LLC
7.63%,
04/01/2031
(i)
2,125‌
2,120‌
Kosmos
Energy
Ltd
7.50%,
03/01/2028
850‌
838‌
Leviathan
Bond
Ltd
6.50%,
06/30/2027
(i)
2,250‌
2,253‌
Magnolia
Oil
&
Gas
Operating
LLC
/
Magnolia
Oil
&
Gas
Finance
Corp
6.63%,
08/15/2034
(i),(p)
2,250‌
2,251‌
Marathon
Petroleum
Corp
5.15%,
03/01/2030
100‌
101‌
Matador
Resources
Co
6.25%,
04/15/2033
(i)
3,400‌
3,345‌
North
West
Redwater
Partnership
/
NWR
Financing
Co
Ltd
4.35%,
01/10/2039
CAD
100‌
68‌
Occidental
Petroleum
Corp
4.40%,
04/15/2046
$
809‌
645‌
6.05%,
10/01/2054
50‌
48‌
6.45%,
09/15/2036
729‌
768‌
OMV
AG
3.13%,
11/10/2033
EUR
50‌
56‌
Ovintiv
Inc
7.10%,
07/15/2053
$
30‌
32‌
Parex
Resources
Inc
8.50%,
05/11/2031
(i)
2,850‌
2,903‌
Petroleos
de
Venezuela
SA
0.00%,
05/16/2024
(d)
11,302‌
4,237‌
Petroleos
Mexicanos
6.50%,
01/23/2029
2,825‌
2,865‌
6.84%,
01/23/2030
2,360‌
2,395‌
Phillips
66
Co
3.75%,
03/01/2028
100‌
99‌
5.50%,
03/15/2055
100‌
89‌
Puma
International
Financing
SA
7.75%,
04/25/2029
(i)
975‌
1,000‌
Reliance
Industries
Ltd
2.88%,
01/12/2032
250‌
223‌
Santos
Finance
Ltd
5.75%,
11/13/2035
(i)
50‌
49‌
Shell
Finance
US
Inc
3.00%,
11/26/2051
75‌
46‌
4.13%,
11/06/2030
376‌
367‌
4.38%,
05/11/2045
100‌
82‌
Shell
International
Finance
BV
1.25%,
11/11/2032
EUR
100‌
100‌
SM
Energy
Co
7.00%,
08/01/2032
(i)
$
1,200‌
1,219‌
Sonangol
Finance
Ltd
10.00%,
01/29/2031
2,950‌
3,011‌
Suncor
Energy
Inc
3.75%,
03/04/2051
50‌
35‌
Sunoco
LP
5.63%,
07/15/2034
(i)
1,660‌
1,605‌
5.88%,
03/15/2034
(i)
4,150‌
4,062‌
TotalEnergies
Capital
International
SA
2.99%,
06/29/2041
100‌
73‌
3.39%,
06/29/2060
50‌
31‌
TotalEnergies
Capital
SA
5.43%,
09/10/2064
534‌
475‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
TotalEnergies
Capital
USA
LLC
4.25%,
01/13/2031
$
412‌
$
402‌
TotalEnergies
SE
2.13%,
07/25/2032
(h),(j)
EUR
100‌
101‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.51%
3.25%,
07/17/2036
(h),(j)
100‌
101‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.94%
Transocean
International
Ltd
6.80%,
03/15/2038
$
900‌
842‌
7.50%,
04/15/2031
2,125‌
2,133‌
Trident
Energy
Finance
PLC
12.50%,
11/30/2029
2,775‌
2,932‌
Uzbekneftegaz
JSC
8.75%,
05/07/2030
(i)
1,325‌
1,412‌
8.75%,
05/07/2030
400‌
426‌
Valero
Energy
Corp
3.65%,
12/01/2051
50‌
34‌
Wildfire
Intermediate
Holdings
LLC
7.50%,
10/15/2029
(i)
4,200‌
4,327‌
Wintershall
Dea
Finance
BV
1.33%,
09/25/2028
EUR
100‌
110‌
Woodside
Finance
Ltd
4.50%,
03/04/2029
(i)
$
50‌
49‌
5.40%,
05/19/2030
919‌
927‌
$
79,638‌
Oil
&
Gas
Services
-
0
.18
%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-
Obligor
Inc
3.14%,
11/07/2029
100‌
95‌
5.00%,
06/15/2036
100‌
96‌
Halliburton
Co
4.85%,
11/15/2035
100‌
95‌
Yinson
Production
Financial
Services
Pte
Ltd
9.63%,
05/03/2029
(i)
3,125‌
3,281‌
$
3,567‌
Other
Asset
Backed
Securities
-
0
.49
%
AGL
CLO
12
Ltd
4.53%,
10/20/2038
(i)
408‌
408‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.80%
Bain
Capital
Credit
CLO
2019-2
4.67%,
10/17/2032
(i)
136‌
136‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.92%
Battalion
CLO
VIII
Ltd
4.98%,
07/18/2030
(i)
55‌
54‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.25%
Battalion
Clo
XV
Ltd
4.73%,
01/17/2033
(i)
228‌
228‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.98%
BlueMountain
CLO
2015-4
Ltd
4.68%,
04/20/2030
(i)
77‌
77‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.95%
CARLYLE
US
CLO
2019-1
LTD
5.13%,
04/20/2031
(i)
1,018‌
1,020‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.40%
Dryden
40
Senior
Loan
Fund
4.80%,
08/15/2031
(i)
449‌
449‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.15%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
51
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Dryden
64
CLO
Ltd
4.96%,
04/18/2031
(i)
$
115‌
$
115‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.23%
Dryden
72
CLO
Ltd
4.75%,
05/15/2032
(i)
1,101‌
1,101‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.10%
Dryden
80
CLO
Ltd
4.70%,
01/17/2033
(i)
710‌
710‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.95%
FirstKey
Homes
2021-SFR1
Trust
1.54%,
08/17/2038
(i)
179‌
179‌
Greywolf
CLO
IV
Ltd
4.99%,
04/17/2034
(i)
219‌
219‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.24%
Invitation
Homes
2024-SFR1
Trust
4.00%,
09/17/2041
(i)
1,495‌
1,449‌
LCM
37
Ltd
4.81%,
04/15/2034
(i)
258‌
258‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.06%
LCM
XVIII
LP
5.84%,
04/20/2031
(i)
2‌
2‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.11%
Madison
Park
Funding
XLII
Ltd
4.67%,
11/21/2030
(i)
160‌
160‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.92%
OZLM
XV
Ltd
4.78%,
04/20/2033
(i)
237‌
237‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.05%
Rockford
Tower
CLO
2019-2
Ltd
4.77%,
08/20/2032
(i)
362‌
362‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.13%
Tricon
American
Homes
2020-SFR2
Trust
1.48%,
11/17/2039
(i)
553‌
530‌
Trinitas
CLO
XII
Ltd
4.86%,
04/25/2033
(i)
72‌
72‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.05%
VERDE
CLO
Ltd
5.40%,
04/15/2032
(i)
800‌
801‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.65%
Voya
CLO
2019-3
Ltd
5.09%,
10/17/2032
(i)
472‌
472‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.34%
Voya
CLO
2025-1
Ltd
4.63%,
04/20/2038
(i)
120‌
120‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.90%
Zais
Clo
16
Ltd
4.86%,
10/20/2034
(i)
782‌
782‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.13%
$
9,941‌
Packaging
&
Containers
-
0
.41
%
Amcor
Flexibles
North
America
Inc
2.69%,
05/25/2031
716‌
644‌
5.50%,
03/17/2035
100‌
100‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Packaging
&
Containers
(continued)
AptarGroup
Inc
4.75%,
03/30/2031
$
638‌
$
627‌
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
4.00%,
09/01/2029
(i)
3,475‌
3,299‌
6.25%,
01/30/2031
(i)
950‌
956‌
Packaging
Corp
of
America
3.40%,
12/15/2027
100‌
98‌
5.70%,
12/01/2033
602‌
615‌
Sonoco
Products
Co
4.60%,
09/01/2029
493‌
487‌
Toucan
FinCo
Ltd/Toucan
FinCo
Can
Inc/Toucan
FinCo
US
LLC
9.50%,
05/15/2030
(i)
1,500‌
1,355‌
WRKCo
Inc
3.00%,
06/15/2033
100‌
87‌
$
8,268‌
Pharmaceuticals
-
1
.10
%
AbbVie
Inc
4.05%,
11/21/2039
1,176‌
1,004‌
4.25%,
11/14/2028
100‌
99‌
4.25%,
11/21/2049
665‌
518‌
4.40%,
03/15/2033
477‌
460‌
4.88%,
11/14/2048
100‌
86‌
4.95%,
03/15/2031
450‌
452‌
5.05%,
03/15/2034
50‌
50‌
Astrazeneca
Finance
LLC
4.85%,
02/26/2029
705‌
709‌
4.88%,
03/03/2028
586‌
590‌
4.90%,
03/03/2030
641‌
645‌
AstraZeneca
PLC
1.38%,
08/06/2030
100‌
88‌
3.00%,
05/28/2051
100‌
63‌
Bayer
AG
4.63%,
05/26/2033
EUR
100‌
120‌
Bayer
US
Finance
LLC
6.38%,
07/20/2056
(i)
$
241‌
233‌
Becton
Dickinson
&
Co
3.79%,
05/20/2050
100‌
69‌
3.83%,
06/07/2032
EUR
100‌
115‌
4.30%,
08/22/2032
$
214‌
205‌
4.69%,
02/13/2028
608‌
608‌
Bristol-Myers
Squibb
Co
1.75%,
05/15/2035
EUR
100‌
98‌
3.25%,
08/01/2042
$
216‌
158‌
3.70%,
03/15/2052
50‌
35‌
3.90%,
02/20/2028
28‌
28‌
3.90%,
03/15/2062
100‌
68‌
4.13%,
06/15/2039
100‌
87‌
5.75%,
02/01/2031
696‌
721‌
Cardinal
Health
Inc
4.50%,
09/15/2030
298‌
293‌
4.60%,
03/15/2043
1,328‌
1,117‌
4.90%,
09/15/2045
100‌
86‌
5.75%,
11/15/2054
238‌
225‌
Cencora
Inc
2.70%,
03/15/2031
100‌
91‌
4.30%,
12/15/2047
363‌
286‌
5.13%,
02/15/2034
502‌
495‌
5.65%,
02/13/2056
193‌
182‌
CVS
Health
Corp
4.78%,
03/25/2038
100‌
91‌
5.00%,
01/30/2029
100‌
101‌
5.13%,
07/20/2045
1,579‌
1,372‌
5.55%,
06/01/2031
432‌
441‌
6.05%,
06/01/2054
100‌
95‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
52
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Eli
Lilly
&
Co
0.63%,
11/01/2031
EUR
100‌
$
100‌
3.38%,
03/15/2029
$
150‌
146‌
4.15%,
05/20/2029
232‌
230‌
4.60%,
08/14/2034
393‌
380‌
4.70%,
02/27/2033
100‌
99‌
4.75%,
02/12/2030
396‌
397‌
4.90%,
10/15/2035
100‌
98‌
5.65%,
10/15/2065
251‌
237‌
5.70%,
05/20/2066
324‌
309‌
EMD
Finance
LLC
5.00%,
10/15/2035
(i)
601‌
579‌
GlaxoSmithKline
Capital
Inc
3.88%,
05/15/2028
100‌
99‌
4.50%,
04/15/2030
413‌
410‌
GlaxoSmithKline
Capital
PLC
1.63%,
05/12/2035
GBP
100‌
98‌
Grifols
SA
4.75%,
10/15/2028
(i)
$
875‌
854‌
Johnson
&
Johnson
0.95%,
09/01/2027
100‌
97‌
1.65%,
05/20/2035
EUR
100‌
98‌
2.10%,
09/01/2040
$
150‌
102‌
McKesson
Corp
4.95%,
05/30/2032
748‌
746‌
Merck
&
Co
Inc
3.40%,
03/07/2029
200‌
194‌
4.50%,
05/17/2033
100‌
97‌
4.90%,
05/17/2044
100‌
88‌
5.00%,
05/17/2053
100‌
86‌
Merck
Financial
Services
GmbH
0.88%,
07/05/2031
EUR
100‌
102‌
Novartis
Capital
Corp
2.20%,
08/14/2030
$
200‌
182‌
3.70%,
09/21/2042
100‌
79‌
4.40%,
03/18/2031
719‌
707‌
4.90%,
03/18/2036
75‌
73‌
Novo
Nordisk
Finance
Netherlands
BV
1.38%,
03/31/2030
EUR
100‌
108‌
3.00%,
02/20/2032
100‌
112‌
Pfizer
Inc
3.45%,
03/15/2029
$
100‌
97‌
3.88%,
11/15/2027
483‌
480‌
3.90%,
03/15/2039
100‌
85‌
4.88%,
11/15/2035
75‌
73‌
Pfizer
Investment
Enterprises
Pte
Ltd
4.75%,
05/19/2033
573‌
560‌
5.11%,
05/19/2043
664‌
606‌
5.30%,
05/19/2053
583‌
523‌
5.34%,
05/19/2063
286‌
250‌
Sanofi
SA
1.25%,
04/06/2029
EUR
100‌
110‌
Takeda
Pharmaceutical
Co
Ltd
1.00%,
07/09/2029
100‌
107‌
Viatris
Inc
3.85%,
06/22/2040
$
100‌
76‌
Zoetis
Inc
4.15%,
08/17/2028
50‌
50‌
5.00%,
08/17/2035
100‌
97‌
$
22,205‌
Pipelines
-
3
.01
%
Acu
Petroleo
Luxembourg
Sarl
7.50%,
07/13/2035
2,059‌
2,114‌
Buckeye
Partners
LP
5.60%,
10/15/2044
225‌
195‌
5.85%,
11/15/2043
1,300‌
1,154‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Cheniere
Energy
Partners
LP
3.25%,
01/31/2032
$
100‌
$
90‌
4.00%,
03/01/2031
100‌
95‌
5.35%,
11/30/2036
(i)
204‌
198‌
CNX
Midstream
Partners
LP
4.75%,
04/15/2030
(i)
2,375‌
2,277‌
Coastal
Gaslink
Pipeline
LP
4.69%,
09/30/2029
CAD
100‌
73‌
5.19%,
09/30/2034
100‌
75‌
Columbia
Pipelines
Operating
Co
LLC
6.50%,
08/15/2043
(i)
$
100‌
103‌
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
5.50%,
06/15/2031
(i)
2,005‌
1,952‌
DCP
Midstream
Operating
LP
3.25%,
02/15/2032
100‌
91‌
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp
6.88%,
06/01/2034
(i)
2,525‌
2,537‌
Enbridge
Energy
Partners
LP
7.38%,
10/15/2045
100‌
111‌
Enbridge
Inc
2.99%,
10/03/2029
CAD
100‌
70‌
3.52%,
02/22/2029
100‌
71‌
4.60%,
06/20/2028
$
247‌
247‌
4.73%,
08/22/2034
CAD
100‌
72‌
5.36%,
05/26/2033
75‌
56‌
7.20%,
06/27/2054
(j)
$
1,400‌
1,474‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
7.38%,
03/15/2055
(j)
60‌
63‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.12%
8.50%,
01/15/2084
(j)
1,200‌
1,356‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.43%
Energy
Transfer
LP
4.95%,
05/15/2028
191‌
192‌
5.15%,
02/01/2043
161‌
140‌
5.25%,
07/01/2029
100‌
101‌
5.35%,
05/15/2045
916‌
801‌
5.40%,
10/01/2047
1,074‌
938‌
5.95%,
05/15/2054
100‌
92‌
6.10%,
02/15/2042
50‌
49‌
6.25%,
04/15/2049
25‌
24‌
6.75%,
02/15/2056
(j)
3,200‌
3,210‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.48%
Enterprise
Products
Operating
LLC
3.70%,
01/31/2051
256‌
179‌
4.60%,
01/15/2031
295‌
292‌
5.10%,
02/15/2045
100‌
90‌
5.20%,
01/15/2036
100‌
98‌
Esentia
Energy
Development
SAB
de
CV
6.50%,
07/30/2038
(i)
268‌
256‌
Flex
Intermediate
Holdco
LLC
3.36%,
06/30/2031
(i)
100‌
92‌
Galaxy
Pipeline
Assets
Bidco
Ltd
2.16%,
03/31/2034
132‌
116‌
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
6.75%,
03/15/2034
2,025‌
2,020‌
8.00%,
05/15/2033
1,375‌
1,430‌
Gibson
Energy
Inc
4.45%,
08/20/2032
CAD
50‌
36‌
Golar
LNG
Ltd
7.50%,
10/02/2030
(i)
$
1,475‌
1,505‌
Gray
Oak
Pipeline
LLC
3.45%,
10/15/2027
(i)
716‌
703‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
53
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Harvest
Midstream
I
LP
6.75%,
05/15/2034
(i)
$
2,400‌
$
2,410‌
7.50%,
05/15/2032
(i)
225‌
231‌
Inter
Pipeline
Ltd/AB
3.98%,
11/25/2031
CAD
100‌
70‌
Keyera
Corp
4.57%,
10/15/2035
50‌
35‌
Kinder
Morgan
Energy
Partners
LP
5.00%,
08/15/2042
$
100‌
88‌
5.50%,
03/01/2044
413‌
378‌
Kinder
Morgan
Inc
5.45%,
08/01/2052
395‌
351‌
5.85%,
06/01/2035
100‌
102‌
Midwest
Connector
Capital
Co
LLC
4.63%,
04/01/2029
(i)
50‌
49‌
MPLX
LP
4.70%,
04/15/2048
50‌
40‌
4.80%,
02/15/2031
488‌
482‌
4.90%,
04/15/2058
50‌
40‌
5.30%,
04/01/2036
362‌
351‌
ONEOK
Inc
4.75%,
10/15/2031
809‌
792‌
5.80%,
11/01/2030
50‌
51‌
6.05%,
09/01/2033
100‌
103‌
6.63%,
09/01/2053
100‌
100‌
ONEOK
Partners
LP
6.65%,
10/01/2036
821‌
874‌
Pembina
Pipeline
Corp
4.75%,
03/26/2048
CAD
100‌
64‌
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
4.30%,
01/31/2043
$
320‌
254‌
4.90%,
02/15/2045
50‌
43‌
Prairie
Acquiror
LP
9.00%,
08/01/2029
(i)
3,000‌
3,095‌
Rio
Grande
LNG
LLC
5.75%,
06/30/2036
(i)
771‌
749‌
South
Bow
USA
Infrastructure
Holdings
LLC
5.58%,
10/01/2034
50‌
49‌
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp
6.00%,
09/01/2031
(i)
675‌
664‌
6.75%,
03/15/2034
(i)
1,475‌
1,484‌
Targa
Resources
Corp
4.20%,
02/01/2033
100‌
93‌
4.95%,
04/15/2052
50‌
41‌
Tennessee
Gas
Pipeline
Co
LLC
2.90%,
03/01/2030
(i)
200‌
186‌
TransCanada
PipeLines
Ltd
5.00%,
10/16/2043
100‌
90‌
6.38%,
10/17/2056
3,950‌
3,962‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.23%
Transcontinental
Gas
Pipe
Line
Co
LLC
5.10%,
03/15/2036
50‌
48‌
5.75%,
03/15/2056
293‌
274‌
Transportadora
de
Gas
del
Sur
SA
8.50%,
07/24/2031
275‌
291‌
Venture
Global
LNG
Inc
6.38%,
12/15/2034
(i)
550‌
536‌
6.63%,
06/15/2036
(i)
1,625‌
1,593‌
8.38%,
06/01/2031
(i)
1,050‌
1,085‌
9.50%,
02/01/2029
(i)
550‌
589‌
9.88%,
02/01/2032
(i)
5,305‌
5,648‌
Venture
Global
Plaquemines
LNG
LLC
6.75%,
01/15/2036
(i)
3,300‌
3,454‌
7.75%,
05/01/2035
(i)
1,650‌
1,829‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Western
Midstream
Operating
LP
5.30%,
03/01/2048
$
235‌
$
197‌
5.50%,
12/15/2035
208‌
202‌
Williams
Cos
Inc/The
2.60%,
03/15/2031
100‌
90‌
5.30%,
08/15/2028
100‌
101‌
5.30%,
08/15/2052
100‌
86‌
5.75%,
06/24/2044
403‌
384‌
5.95%,
03/15/2056
286‌
270‌
$
60,836‌
Private
Equity
-
0
.02
%
Blackstone
Reg
Finance
Co
LLC
5.00%,
12/06/2034
100‌
97‌
Brookfield
Finance
II
Inc
5.43%,
12/14/2032
CAD
100‌
75‌
Brookfield
Finance
Inc
5.97%,
03/04/2054
$
50‌
47‌
Brookfield
Finance
LLC
/
Brookfield
Finance
Inc
3.45%,
04/15/2050
50‌
32‌
Carlyle
Finance
Subsidiary
LLC
3.50%,
09/19/2029
(i)
100‌
96‌
KKR
Group
Finance
Co
VIII
LLC
3.50%,
08/25/2050
(i)
50‌
32‌
$
379‌
Real
Estate
-
0
.35
%
Acef
Holding
SCA
1.25%,
04/26/2030
EUR
100‌
105‌
Aldar
Properties
PJSC
5.88%,
04/14/2056
(i),(j)
$
1,525‌
1,399‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.02%
Aster
Treasury
Plc
1.41%,
01/27/2036
GBP
100‌
91‌
Blend
Funding
PLC
3.46%,
09/21/2049
100‌
88‌
CBRE
Services
Inc
4.90%,
01/15/2033
$
360‌
351‌
Clarion
Funding
PLC
1.25%,
11/13/2032
GBP
100‌
105‌
CTP
NV
1.25%,
06/21/2029
EUR
100‌
108‌
Grand
City
Properties
SA
4.38%,
01/09/2030
100‌
117‌
Heimstaden
Bostad
Treasury
BV
1.38%,
07/24/2028
100‌
110‌
Hyde
Housing
Association
Ltd
1.75%,
08/18/2055
GBP
100‌
51‌
IWG
US
Finance
LLC
6.50%,
06/28/2030
EUR
100‌
123‌
LEG
Immobilien
SE
0.75%,
06/30/2031
100‌
99‌
London
&
Quadrant
Housing
Trust
2.00%,
03/31/2032
GBP
100‌
112‌
MAF
Global
Securities
Ltd
7.88%,
06/30/2027
(h),(j),(n)
$
1,600‌
1,604‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
Mobiliare
Latam
SA
/
Mobiliare
Latam
Mexico
SA
de
CV
6.75%,
11/10/2032
(i)
1,575‌
1,575‌
Notting
Hill
Genesis
2.88%,
01/31/2029
GBP
100‌
127‌
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
2.50%,
10/15/2031
(i)
$
830‌
725‌
Southern
Housing
3.50%,
10/19/2047
GBP
100‌
86‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
54
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Real
Estate
(continued)
Vonovia
SE
1.13%,
09/14/2034
EUR
100‌
$
91‌
5.27%,
09/03/2032
AUD
50‌
34‌
$
7,101‌
Regional
Authority
-
0
.28
%
Province
of
British
Columbia
Canada
4.20%,
07/06/2033
$
1,106‌
1,068‌
Province
of
Santa
Fe
8.10%,
12/11/2034
(i)
1,375‌
1,372‌
Provincia
de
Buenos
Aires/Government
Bonds
6.63%,
09/01/2037
(k)
2,268‌
1,878‌
Provincia
de
Cordoba
8.60%,
02/03/2035
(i)
1,450‌
1,441‌
$
5,759‌
REITs
-
0
.83
%
Alexandria
Real
Estate
Equities
Inc
5.25%,
05/15/2036
100‌
96‌
American
Homes
4
Rent
LP
4.25%,
02/15/2028
100‌
99‌
American
Tower
Corp
1.50%,
01/31/2028
200‌
191‌
2.30%,
09/15/2031
536‌
468‌
4.10%,
05/16/2034
EUR
100‌
115‌
4.70%,
12/15/2032
$
206‌
200‌
5.20%,
02/15/2029
903‌
910‌
AvalonBay
Communities
Inc
2.45%,
01/15/2031
100‌
90‌
Boston
Properties
LP
2.55%,
04/01/2032
150‌
130‌
Brixmor
Operating
Partnership
LP
4.05%,
07/01/2030
100‌
97‌
Choice
Properties
Real
Estate
Investment
Trust
4.18%,
03/08/2028
CAD
100‌
72‌
Covivio
SA/France
1.63%,
06/23/2030
EUR
100‌
107‌
Crown
Castle
Inc
2.25%,
01/15/2031
$
100‌
88‌
2.90%,
04/01/2041
50‌
35‌
5.00%,
01/11/2028
399‌
400‌
5.60%,
06/01/2029
346‌
352‌
Digital
Dutch
Finco
BV
1.25%,
02/01/2031
EUR
100‌
103‌
Emirates
Reit
Sukuk
III
Ltd
7.50%,
12/12/2028
(k)
$
675‌
677‌
Equinix
Asia
Financing
Corp
Pte
Ltd
4.40%,
03/15/2031
100‌
97‌
Equinix
Inc
3.90%,
04/15/2032
100‌
93‌
ERP
Operating
LP
3.50%,
03/01/2028
100‌
98‌
Essex
Portfolio
LP
1.65%,
01/15/2031
100‌
86‌
Extra
Space
Storage
LP
5.70%,
04/01/2028
100‌
101‌
Gecina
SA
1.63%,
05/29/2034
EUR
100‌
97‌
GLP
Capital
LP
/
GLP
Financing
II
Inc
5.63%,
09/15/2034
$
50‌
49‌
Goodman
US
Finance
Eight
LLC
5.88%,
04/28/2046
(i)
592‌
559‌
Goodman
US
Finance
Six
LLC
5.13%,
10/07/2034
(i)
237‌
229‌
Healthpeak
OP
LLC
3.50%,
07/15/2029
100‌
96‌
Host
Hotels
&
Resorts
LP
5.50%,
04/15/2035
25‌
25‌
Invitation
Homes
Operating
Partnership
LP
5.50%,
08/15/2033
100‌
100‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Iron
Mountain
Inc
6.25%,
01/15/2035
(i)
$
2,150‌
$
2,123‌
Kimco
Realty
OP
LLC
2.25%,
12/01/2031
100‌
87‌
4.60%,
02/01/2033
25‌
24‌
Klepierre
SA
2.00%,
05/12/2029
EUR
100‌
111‌
LXP
Industrial
Trust
2.38%,
10/01/2031
$
332‌
292‌
Mid-America
Apartments
LP
4.65%,
01/15/2033
50‌
48‌
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
3.50%,
03/15/2031
1,650‌
1,126‌
National
Health
Investors
Inc
5.35%,
02/01/2033
135‌
132‌
NNN
REIT
Inc
5.60%,
10/15/2033
50‌
51‌
Omega
Healthcare
Investors
Inc
5.20%,
07/01/2030
50‌
50‌
Prologis
Euro
Finance
LLC
0.50%,
02/16/2032
EUR
200‌
193‌
Prologis
LP
2.25%,
04/15/2030
$
100‌
91‌
4.25%,
05/15/2034
CAD
100‌
70‌
Public
Storage
Operating
Co
5.00%,
12/15/2035
$
100‌
97‌
Realty
Income
Corp
4.65%,
03/15/2047
100‌
84‌
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
5.75%,
03/15/2034
(i)
1,900‌
1,861‌
RioCan
Real
Estate
Investment
Trust
5.61%,
10/06/2027
CAD
100‌
73‌
SBA
Communications
Corp
5.45%,
07/15/2033
$
974‌
970‌
Scentre
Group
Trust
1
5.90%,
11/27/2034
AUD
100‌
69‌
Service
Properties
Trust
8.63%,
11/15/2031
(i)
$
2,225‌
2,338‌
Simon
Property
Group
LP
5.85%,
03/08/2053
100‌
97‌
SmartCentres
Real
Estate
Investment
Trust
5.16%,
08/01/2030
CAD
100‌
74‌
UDR
Inc
3.10%,
11/01/2034
$
100‌
85‌
Unibail-Rodamco-Westfield
SE
2.00%,
05/29/2037
EUR
100‌
93‌
Ventas
Realty
LP
5.70%,
09/30/2043
$
50‌
48‌
VICI
Properties
LP
5.75%,
04/01/2034
100‌
99‌
Vital
Infrastructure
Property
Trust
5.51%,
02/18/2030
CAD
50‌
37‌
WEA
Finance
LLC
3.50%,
06/15/2029
(i)
$
100‌
96‌
Welltower
OP
LLC
4.13%,
03/15/2029
100‌
99‌
Weyerhaeuser
Co
4.00%,
03/09/2052
431‌
311‌
WPC
Eurobond
BV
0.95%,
06/01/2030
EUR
100‌
104‌
$
16,893‌
Retail
-
0
.85
%
1011778
BC
ULC
/
New
Red
Finance
Inc
4.00%,
10/15/2030
(i)
$
3,150‌
2,960‌
Alimentation
Couche-Tard
Inc
5.27%,
02/12/2034
(i)
150‌
149‌
Asbury
Automotive
Group
Inc
5.00%,
02/15/2032
(i)
600‌
572‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
55
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
AutoNation
Inc
4.45%,
01/15/2029
$
290‌
$
286‌
CK
Hutchison
Europe
Finance
21
Ltd
1.00%,
11/02/2033
EUR
100‌
94‌
Darden
Restaurants
Inc
4.35%,
10/15/2027
$
311‌
310‌
Dick's
Sporting
Goods
Inc
4.10%,
01/15/2052
50‌
35‌
Dollar
General
Corp
3.50%,
04/03/2030
100‌
95‌
Dollarama
Inc
3.94%,
07/25/2031
CAD
100‌
71‌
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co
Inc
6.75%,
01/15/2030
(i)
$
700‌
687‌
Home
Depot
Inc/The
3.35%,
04/15/2050
100‌
67‌
4.50%,
12/06/2048
100‌
81‌
4.75%,
06/25/2029
50‌
50‌
4.90%,
04/15/2029
345‌
348‌
4.95%,
06/25/2034
100‌
99‌
LCM
Investments
Holdings
II
LLC
8.25%,
08/01/2031
(i)
1,725‌
1,797‌
Lithia
Motors
Inc
4.38%,
01/15/2031
(i)
950‌
899‌
Lowe's
Cos
Inc
2.63%,
04/01/2031
100‌
90‌
4.05%,
05/03/2047
50‌
37‌
4.45%,
04/01/2062
75‌
55‌
McDonald's
Corp
3.63%,
09/01/2049
478‌
332‌
4.60%,
09/09/2032
100‌
99‌
4.80%,
08/14/2028
1,023‌
1,027‌
4.88%,
12/09/2045
100‌
87‌
5.20%,
05/17/2034
100‌
100‌
Michaels
Cos
Inc/The
8.50%,
03/15/2033
(i)
1,875‌
1,857‌
O'Reilly
Automotive
Inc
3.60%,
09/01/2027
740‌
733‌
Papa
John's
International
Inc
3.88%,
09/15/2029
(i)
525‌
491‌
Starbucks
Corp
4.50%,
11/15/2048
50‌
40‌
4.80%,
02/15/2033
100‌
98‌
Suburban
Propane
Partners
LP/Suburban
Energy
Finance
Corp
5.00%,
06/01/2031
(i)
700‌
660‌
Target
Corp
2.95%,
01/15/2052
50‌
30‌
4.50%,
09/15/2032
75‌
74‌
Victra
Holdings
LLC
/
Victra
Finance
Corp
8.75%,
09/15/2029
(i)
2,425‌
2,470‌
Walmart
Inc
1.50%,
09/22/2028
50‌
47‌
1.80%,
09/22/2031
150‌
131‌
2.50%,
09/22/2041
100‌
70‌
$
17,128‌
Savings
&
Loans
-
0
.01
%
Nationwide
Building
Society
3.77%,
01/27/2036
(j)
EUR
100‌
113‌
3
Month
Euro
Interbank
Offered
Rate
+
1.23%
Semiconductors
-
0
.41
%
Analog
Devices
Inc
5.30%,
04/01/2054
$
50‌
45‌
Applied
Materials
Inc
3.30%,
04/01/2027
100‌
99‌
4.60%,
01/15/2036
50‌
47‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Semiconductors
(continued)
Broadcom
Inc
2.45%,
02/15/2031
$
1,112‌
$
990‌
3.19%,
11/15/2036
979‌
779‌
3.42%,
04/15/2033
150‌
132‌
4.90%,
07/15/2032
409‌
400‌
4.90%,
02/15/2038
100‌
93‌
Foundry
JV
Holdco
LLC
6.15%,
01/25/2032
(i)
469‌
484‌
6.30%,
01/25/2039
(i)
400‌
410‌
6.40%,
01/25/2038
(i)
725‌
749‌
Intel
Corp
2.80%,
08/12/2041
100‌
67‌
3.73%,
12/08/2047
794‌
539‌
4.10%,
05/19/2046
100‌
73‌
4.15%,
08/05/2032
345‌
325‌
4.88%,
02/10/2028
200‌
200‌
5.30%,
05/15/2036
75‌
72‌
5.70%,
02/10/2053
348‌
309‌
6.13%,
05/15/2056
50‌
47‌
6.20%,
05/15/2066
392‌
361‌
KLA
Corp
4.95%,
07/15/2052
50‌
43‌
Marvell
Technology
Inc
4.88%,
06/22/2028
100‌
100‌
NVIDIA
Corp
2.00%,
06/15/2031
100‌
88‌
5.63%,
06/15/2056
715‌
648‌
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
5.00%,
01/15/2033
100‌
98‌
Qorvo
Inc
4.38%,
10/15/2029
100‌
96‌
QUALCOMM
Inc
4.75%,
05/20/2032
310‌
306‌
4.80%,
05/20/2045
100‌
84‌
Texas
Instruments
Inc
3.88%,
03/15/2039
100‌
85‌
4.60%,
02/15/2028
396‌
397‌
4.90%,
03/14/2033
100‌
100‌
$
8,266‌
Software
-
2
.55
%
AthenaHealth
Group
Inc
6.50%,
02/15/2030
(i)
10,785‌
10,403‌
Capstone
Borrower
Inc
8.00%,
06/15/2030
(i)
3,050‌
2,967‌
Cloud
Software
Group
LLC
6.50%,
03/31/2029
(i)
860‌
840‌
CoreWeave
Inc
9.00%,
02/01/2031
(i)
4,490‌
4,053‌
Dye
&
Durham
Ltd
8.63%,
04/15/2029
(i)
4,078‌
2,452‌
Ellucian
Holdings
Inc
6.50%,
12/01/2029
(i)
4,495‌
4,322‌
Fair
Isaac
Corp
6.25%,
09/15/2034
(i)
1,610‌
1,555‌
Fidelity
National
Information
Services
Inc
4.55%,
03/10/2029
50‌
50‌
4.80%,
03/10/2031
50‌
49‌
Fiserv
Inc
3.00%,
07/01/2031
GBP
100‌
120‌
Intuit
Inc
4.95%,
06/15/2031
$
432‌
428‌
5.13%,
09/15/2028
75‌
76‌
Microsoft
Corp
2.68%,
06/01/2060
150‌
78‌
3.70%,
08/08/2046
100‌
74‌
4.10%,
02/06/2037
150‌
138‌
MSCI
Inc
5.25%,
09/01/2035
50‌
48‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
56
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
OAK-Eagle
Acquireco
Inc
7.25%,
07/01/2033
(i)
$
3,260‌
$
3,378‌
8.75%,
07/01/2034
(i)
1,550‌
1,633‌
Oracle
Corp
2.88%,
03/25/2031
100‌
87‌
3.60%,
04/01/2040
100‌
69‌
3.60%,
04/01/2050
100‌
57‌
3.80%,
11/15/2037
912‌
687‌
4.00%,
11/15/2047
686‌
432‌
4.13%,
05/15/2045
200‌
132‌
4.45%,
09/26/2030
464‌
438‌
4.50%,
07/08/2044
1,424‌
997‌
4.65%,
05/06/2030
100‌
96‌
4.80%,
09/26/2032
50‌
46‌
5.35%,
05/04/2033
795‌
747‌
5.50%,
08/03/2035
386‌
354‌
5.70%,
02/04/2036
50‌
46‌
5.88%,
09/26/2045
366‌
300‌
5.95%,
09/26/2055
735‌
584‌
6.10%,
09/26/2065
20‌
16‌
6.13%,
07/08/2039
100‌
91‌
6.70%,
02/04/2056
381‌
336‌
Playtika
Holding
Corp
4.25%,
03/15/2029
(i)
4,575‌
4,157‌
Roper
Technologies
Inc
4.20%,
09/15/2028
200‌
198‌
4.25%,
09/15/2028
335‌
332‌
Salesforce
Inc
1.95%,
07/15/2031
150‌
129‌
4.65%,
03/15/2029
100‌
100‌
5.55%,
03/15/2036
50‌
49‌
6.40%,
03/15/2046
50‌
48‌
6.55%,
03/15/2056
328‌
314‌
SAP
SE
1.25%,
03/10/2028
EUR
100‌
112‌
SS&C
Technologies
Inc
6.50%,
06/01/2032
(i)
$
1,400‌
1,410‌
Synopsys
Inc
5.00%,
04/01/2032
100‌
99‌
UKG
Inc
6.88%,
02/01/2031
(i)
3,675‌
3,601‌
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp
3.88%,
02/01/2029
(i)
3,550‌
2,947‌
$
51,675‌
Sovereign
-
5
.30
%
Angolan
Government
International
Bond
9.38%,
03/31/2033
(i)
1,975‌
2,035‌
Argentine
Republic
Government
International
Bond
0.75%,
07/09/2030
(k)
3,312‌
2,891‌
Brazil
Notas
do
Tesouro
Nacional
Serie
F
9.76%,
01/01/2029
BRL
50,400‌
9,196‌
Brazilian
Government
International
Bond
4.88%,
04/23/2033
EUR
2,400‌
2,717‌
Colombian
TES
12.75%,
11/28/2040
COP
10,616,600‌
3,517‌
13.25%,
02/09/2033
9,527,000‌
3,144‌
Czech
Republic
Government
Bond
6.20%,
06/16/2031
CZK
59,000‌
3,023‌
DRC
International
Bond
8.75%,
04/16/2032
(i)
$
3,275‌
3,376‌
Ecuador
Government
International
Bond
0.00%,
07/31/2030
(d)
3,000‌
2,539‌
6.90%,
07/31/2035
(k)
955‌
859‌
Egypt
Government
Bond
22.42%,
01/06/2028
EGP
43,600‌
833‌
24.46%,
10/01/2027
55,900‌
1,066‌
25.32%,
08/13/2027
53,500‌
1,037‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Egypt
Treasury
Bills
20.25%,
10/27/2026
(q)
EGP
50,100‌
$
926‌
21.07%,
09/08/2026
(q)
27,600‌
527‌
21.32%,
08/25/2026
(q)
27,600‌
532‌
21.36%,
01/12/2027
(q)
22,900‌
403‌
21.67%,
12/15/2026
(q)
36,475‌
653‌
21.76%,
12/08/2026
(q)
14,225‌
256‌
Farm
Credit
Bank
of
Texas
7.00%,
09/15/2030
(h),(j)
$
2,000‌
2,027‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.01%
Ghana
Government
International
Bond
0.00%,
01/03/2030
(d),(i)
1,240‌
1,087‌
0.00%,
01/03/2030
(d)
1,095‌
960‌
5.00%,
07/03/2029
(i),(k)
1,819‌
1,781‌
5.00%,
07/03/2029
206‌
202‌
Hungary
Government
Bond
4.75%,
11/24/2032
HUF
1,455,000‌
4,401‌
6.75%,
07/23/2031
1,709,400‌
5,675‌
Japan
Government
Five
Year
Bond
0.40%,
09/20/2028
JPY
75,500‌
463‌
Japan
Government
Ten
Year
Bond
0.70%,
12/20/2033
31,050‌
172‌
Mexican
Bonos
8.50%,
11/18/2038
MXN
107,500‌
5,771‌
Mexican
Udibonos
2.75%,
11/27/2031
26,261‌
1,393‌
4.00%,
08/24/2034
19,887‌
1,100‌
Mexico
Government
International
Bond
4.28%,
08/14/2041
$
881‌
667‌
5.38%,
03/22/2033
1,019‌
981‌
6.25%,
08/27/2037
390‌
380‌
6.34%,
05/04/2053
400‌
356‌
6.63%,
01/29/2038
802‌
797‌
Peruvian
Government
International
Bond
6.90%,
08/12/2037
PEN
14,950‌
4,501‌
Philippine
Government
International
Bond
5.33%,
06/24/2036
$
1,044‌
1,022‌
Republic
of
Angola
Via
Avenir
Issuer
IV
Ireland
DAC
10.75%,
02/05/2029
1,695‌
1,733‌
Republic
of
Cameroon
International
Bond
8.88%,
01/30/2033
1,425‌
1,380‌
9.50%,
07/31/2031
875‌
873‌
Republic
of
Italy
Government
International
Bond
3.88%,
05/06/2051
1,013‌
716‌
6.00%,
07/14/2056
(i)
940‌
901‌
Republic
of
Poland
Government
Bond
2.00%,
08/25/2036
PLN
17,292‌
4,160‌
Republic
of
South
Africa
Government
Bond
7.00%,
02/28/2031
ZAR
49,350‌
2,862‌
8.75%,
01/31/2044
28,608‌
1,648‌
Romania
Government
Bond
6.70%,
02/25/2032
RON
7,075‌
1,545‌
Romanian
Government
International
Bond
5.63%,
05/30/2037
EUR
3,450‌
3,854‌
6.13%,
10/07/2037
550‌
633‌
Ukraine
Government
International
Bond
4.00%,
02/01/2032
(i),(k)
$
1,016‌
842‌
4.00%,
02/01/2032
(k)
4,025‌
3,336‌
4.50%,
02/01/2034
(i),(k)
573‌
398‌
4.50%,
02/01/2034
(k)
4,467‌
3,104‌
Venezuela
Government
International
Bond
0.00%,
05/07/2023
(d)
6,100‌
2,928‌
0.00%,
01/13/2034
(d)
425‌
207‌
Zambia
Government
International
Bond
5.75%,
06/30/2033
(k)
2,860‌
2,797‌
$
107,183‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
57
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Student
Loan
Asset
Backed
Securities
-
0
.33
%
Commonbond
Student
Loan
Trust
2017-B-GS
2.68%,
09/25/2042
(i)
$
903‌
$
846‌
Commonbond
Student
Loan
Trust
2021-A-GS
1.20%,
03/25/2052
(i)
193‌
166‌
ELFI
Graduate
Loan
Program
2024-A
LLC
5.56%,
08/25/2049
(i)
1,318‌
1,323‌
Navient
Private
Education
Refi
Loan
Trust
2022-A
2.23%,
07/15/2070
(i)
694‌
630‌
Navient
Student
Loan
Trust
6.48%,
03/15/2072
(i)
1,090‌
1,106‌
Nelnet
Student
Loan
Trust
2021-D
4.47%,
04/20/2062
(i)
192‌
191‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.80%
Nelnet
Student
Loan
Trust
2023-A
5.82%,
02/20/2041
(i)
307‌
313‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
2.20%
6.64%,
02/20/2041
(i)
384‌
392‌
SLM
Private
Credit
Student
Loan
Trust
2003-A
5.53%,
06/15/2032
1,939‌
807‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.86%
SLM
Private
Credit
Student
Loan
Trust
2003-B
5.53%,
03/15/2033
661‌
179‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.86%
SLM
Private
Credit
Student
Loan
Trust
2003-C
5.53%,
09/15/2032
511‌
109‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.86%
Towd
Point
Asset
Trust
2021-SL1
1.05%,
11/20/2061
(i)
538‌
526‌
$
6,588‌
Supranational
Bank
-
0
.14
%
Inter-American
Development
Bank
1.13%,
07/20/2028
1,592‌
1,496‌
International
Bank
for
Reconstruction
&
Development
0.75%,
11/24/2027
1,334‌
1,273‌
$
2,769‌
Telecommunications
-
3
.52
%
Africell
Holding
Ltd
10.50%,
10/23/2029
(i),(n)
2,500‌
2,567‌
10.50%,
10/23/2029
(n)
300‌
308‌
America
Movil
SAB
de
CV
6.13%,
03/30/2040
100‌
102‌
APLD
ComputeCo
2
LLC
6.75%,
03/15/2031
(i)
1,150‌
1,124‌
APLD
ComputeCo
3
LLC
7.00%,
06/15/2031
(i)
3,335‌
3,252‌
APLD
ComputeCo
LLC
9.25%,
12/15/2030
(i)
3,920‌
4,166‌
AT&T
Inc
3.15%,
06/01/2030
EUR
100‌
113‌
3.55%,
09/15/2055
$
200‌
120‌
3.65%,
06/01/2051
100‌
63‌
3.85%,
06/01/2060
269‌
167‌
4.25%,
06/01/2043
GBP
100‌
99‌
4.30%,
02/15/2030
$
100‌
98‌
4.30%,
11/18/2034
EUR
100‌
116‌
4.50%,
05/15/2035
$
1,060‌
973‌
4.70%,
08/15/2030
50‌
49‌
4.75%,
04/30/2033
361‌
347‌
4.75%,
05/15/2046
827‌
656‌
4.90%,
11/01/2035
50‌
47‌
4.90%,
08/15/2037
1,101‌
1,015‌
5.25%,
10/30/2036
100‌
95‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
AT&T
Inc
(continued)
5.38%,
08/15/2035
$
50‌
$
49‌
5.55%,
08/15/2041
100‌
93‌
5.70%,
11/01/2054
717‌
619‌
6.05%,
08/15/2056
309‌
280‌
6.30%,
10/30/2066
394‌
363‌
Axian
Telecom
Holding
&
Management
PLC
7.25%,
07/11/2030
(i)
975‌
983‌
7.25%,
07/11/2030
400‌
403‌
Beacon
Point
DC
LLC
6.13%,
11/30/2042
(i)
630‌
605‌
Bell
Telephone
Co
of
Canada
or
Bell
Canada
4.70%,
03/14/2036
CAD
100‌
71‌
5.20%,
02/15/2034
$
50‌
49‌
5.60%,
08/11/2053
CAD
50‌
35‌
Black
Pearl
Compute
LLC
6.13%,
02/15/2031
(i)
$
1,350‌
1,348‌
British
Telecommunications
Ltd
3.13%,
11/21/2031
GBP
100‌
122‌
Cisco
Systems
Inc
5.05%,
02/26/2034
$
100‌
99‌
5.10%,
02/24/2035
901‌
891‌
5.30%,
02/26/2054
100‌
89‌
Corning
Inc
5.45%,
11/15/2079
50‌
43‌
DB
Terra
Chile
HoldCo
SpA
7.95%,
04/20/2031
(i)
2,900‌
2,865‌
Deutsche
Telekom
AG
1.75%,
12/09/2049
EUR
100‌
70‌
Deutsche
Telekom
International
Finance
BV
4.38%,
06/21/2028
(i)
$
150‌
149‌
Digicel
International
Finance
Ltd
/
Difl
US
LLC
8.63%,
08/01/2032
(i)
2,525‌
2,607‌
ELK
Grove
Village
Property
LLC
7.50%,
06/15/2031
(i)
650‌
626‌
Flash
Compute
LLC
7.25%,
12/31/2030
(i)
875‌
884‌
Galaxy
Helios
Data
Centers
II
LLC
9.88%,
08/01/2031
(i)
2,270‌
2,276‌
HUT
8
DC
LLC
6.19%,
11/15/2042
(i)
835‌
812‌
Meridian
Arc
Holdco
LLC
6.25%,
04/30/2031
(i)
6,455‌
6,202‌
Motorola
Solutions
Inc
5.55%,
08/15/2035
50‌
50‌
NTT
Finance
Corp
0.34%,
03/03/2030
EUR
100‌
103‌
5.17%,
07/16/2032
(i)
$
531‌
526‌
Orange
SA
0.50%,
09/04/2032
EUR
100‌
95‌
1.38%,
02/11/2029
(h),(j)
100‌
108‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
1.49%
1.88%,
09/12/2030
200‌
217‌
4.00%,
01/13/2029
(i)
$
406‌
399‌
4.25%,
01/13/2031
(i)
342‌
330‌
5.00%,
01/13/2036
(i)
257‌
245‌
PR
RNO
Property
Owner
1
LLC
6.50%,
05/01/2031
(i)
1,100‌
1,036‌
QTS
Fayetteville
I
Dc1-2
LLC
/
QTS
TRS
Fayetteville
I
DC1-2
LLC
5.70%,
04/15/2036
(i)
100‌
91‌
Rogers
Communications
Inc
4.55%,
03/15/2052
100‌
75‌
5.30%,
02/15/2034
50‌
49‌
SE
Cosmos
LLC
8.88%,
05/01/2031
(i)
2,740‌
2,702‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
58
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Silk
Road
Group
Holding
LLC
7.50%,
09/15/2030
(i)
$
3,200‌
$
3,187‌
SoftBank
Corp
3.94%,
06/30/2032
EUR
100‌
115‌
Sopaipilla
Investor
LLC
7.53%,
11/30/2048
(i)
$
100‌
104‌
Sprint
Capital
Corp
6.88%,
11/15/2028
100‌
104‌
SV
RNO
Property
Owner
1
LLC
5.88%,
03/01/2031
(i)
1,250‌
1,161‌
Telecom
Argentina
SA
9.50%,
07/18/2031
775‌
838‌
Telecommunications
co
Telekom
Srbija
AD
Belgrade
7.00%,
10/28/2029
(i)
825‌
821‌
7.00%,
10/28/2029
950‌
946‌
7.25%,
05/18/2031
(i)
2,900‌
2,866‌
Telefonica
Emisiones
SA
3.72%,
01/23/2034
EUR
100‌
112‌
4.67%,
03/06/2038
$
150‌
133‌
4.90%,
03/06/2048
657‌
530‌
Telia
Co
AB
0.13%,
11/27/2030
EUR
100‌
100‌
Telstra
Group
Ltd
1.38%,
03/26/2029
100‌
110‌
TELUS
Corp
4.70%,
03/06/2048
CAD
100‌
63‌
7.00%,
10/15/2055
(j)
$
1,000‌
1,008‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.71%
T-Mobile
USA
Inc
3.00%,
02/15/2041
1,897‌
1,336‌
3.60%,
11/15/2060
452‌
270‌
3.70%,
05/08/2032
EUR
100‌
115‌
3.88%,
04/15/2030
$
100‌
96‌
4.38%,
04/15/2040
100‌
84‌
4.80%,
07/15/2028
100‌
100‌
5.05%,
07/15/2033
100‌
98‌
5.65%,
01/15/2053
100‌
88‌
Veon
Midco
BV
3.38%,
11/25/2027
232‌
225‌
6.95%,
06/01/2031
(i)
1,750‌
1,742‌
7.45%,
06/01/2033
(i)
1,950‌
1,933‌
Verizon
Communications
Inc
1.30%,
05/18/2033
EUR
100‌
97‌
2.36%,
03/15/2032
$
200‌
173‌
2.65%,
05/06/2030
AUD
200‌
128‌
2.85%,
09/03/2041
$
738‌
503‌
2.99%,
10/30/2056
100‌
55‌
3.00%,
11/20/2060
650‌
351‌
3.40%,
03/22/2041
428‌
317‌
3.55%,
03/22/2051
100‌
65‌
3.88%,
03/01/2052
286‌
197‌
4.25%,
08/15/2056
(j)
EUR
100‌
112‌
Euribor
Swap
Rate
5
Year
+
1.72%
4.50%,
08/10/2033
$
681‌
646‌
4.78%,
02/15/2035
191‌
180‌
5.25%,
04/02/2035
715‌
697‌
5.75%,
11/30/2045
290‌
268‌
6.00%,
11/30/2065
360‌
327‌
6.05%,
05/14/2058
(j)
200‌
197‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.81%
6.20%,
05/14/2056
(j)
100‌
98‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.04%
Vmed
O2
UK
Financing
I
PLC
4.25%,
01/31/2031
(i)
2,450‌
1,949‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Vodafone
Group
PLC
5.63%,
02/10/2053
$
100‌
$
88‌
5.75%,
06/28/2054
368‌
332‌
5.75%,
02/10/2063
321‌
282‌
6.10%,
06/18/2056
500‌
466‌
Vodafone
International
Financing
DAC
3.38%,
07/03/2033
EUR
100‌
112‌
WULF
Compute
LLC
7.75%,
10/15/2030
(i)
$
1,075‌
1,117‌
$
71,178‌
Transportation
-
0
.55
%
Burlington
Northern
Santa
Fe
LLC
4.15%,
12/15/2048
583‌
450‌
4.45%,
03/15/2043
640‌
547‌
Canadian
National
Railway
Co
3.05%,
02/08/2050
CAD
100‌
51‌
3.85%,
08/05/2032
$
100‌
94‌
Canadian
Pacific
Railway
Co
2.88%,
11/15/2029
100‌
94‌
4.30%,
05/15/2043
100‌
83‌
4.70%,
05/01/2048
411‌
346‌
CSX
Corp
3.35%,
09/15/2049
100‌
67‌
Deutsche
Post
AG
3.75%,
11/25/2037
EUR
50‌
56‌
DSV
Finance
BV
1.38%,
03/16/2030
100‌
107‌
Federal
Express
Corp
2020-1
Pass
Through
Trusts
1.88%,
08/20/2035
$
1,244‌
1,065‌
Fedex
Freight
Holding
Co
Inc
4.30%,
03/15/2029
(i)
374‌
367‌
GB
AIT
Buyer
Inc
8.75%,
04/30/2034
(i)
1,650‌
1,638‌
GXO
Logistics
Inc
6.25%,
05/06/2029
386‌
397‌
Norfolk
Southern
Corp
4.55%,
06/01/2053
100‌
80‌
5.55%,
03/15/2034
100‌
102‌
Ryder
System
Inc
5.25%,
06/01/2028
100‌
101‌
Transnet/South
Africa
8.25%,
02/06/2028
2,925‌
3,024‌
Union
Pacific
Corp
3.25%,
02/05/2050
100‌
66‌
3.60%,
09/15/2037
100‌
86‌
3.85%,
02/14/2072
100‌
66‌
United
Parcel
Service
Inc
3.40%,
11/15/2046
50‌
35‌
5.30%,
04/01/2050
100‌
90‌
Yinson
Bergenia
Production
BV
8.50%,
01/31/2045
(i)
927‌
994‌
8.50%,
01/31/2045
1,098‌
1,177‌
$
11,183‌
Trucking
&
Leasing
-
0
.26
%
FTAI
Aviation
Investors
LLC
7.00%,
05/01/2031
(i)
1,925‌
1,979‌
7.00%,
06/15/2032
(i)
875‌
894‌
GATX
Corp
6.05%,
03/15/2034
100‌
103‌
Penske
Truck
Leasing
Co
Lp
/
PTL
Finance
Corp
5.25%,
02/01/2030
(i)
606‌
608‌
5.35%,
03/30/2029
(i)
254‌
256‌
5.88%,
11/15/2027
(i)
100‌
101‌
6.05%,
08/01/2028
(i)
619‌
632‌
6.20%,
06/15/2030
(i)
682‌
706‌
$
5,279‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
59
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Municipals
-
0
.15
%
Barranquilla
Distrito
Especial
Industrial
y
Portuario
7.35%,
07/23/2031
(i)
$
3,000‌
$
3,082‌
Water
-
0
.04
%
American
Water
Capital
Corp
4.15%,
06/01/2049
100‌
76‌
Anglian
Water
Services
Financing
PLC
5.38%,
11/10/2033
GBP
100‌
128‌
Essential
Utilities
Inc
3.35%,
04/15/2050
$
50‌
32‌
Northumbrian
Water
Finance
PLC
5.63%,
04/29/2033
GBP
50‌
66‌
Severn
Trent
Utilities
Finance
PLC
4.00%,
03/05/2034
EUR
100‌
115‌
SW
Finance
I
PLC
6.19%,
03/31/2029
GBP
50‌
68‌
United
Utilities
Water
Finance
PLC
2.63%,
02/12/2031
100‌
119‌
Veolia
Environnement
SA
0.80%,
01/15/2032
EUR
100‌
99‌
1.59%,
01/10/2028
100‌
113‌
Yorkshire
Water
Services
Finance
Ltd
5.50%,
05/28/2037
(k)
GBP
50‌
63‌
$
879‌
TOTAL
BONDS
$
1,478,921‌
SENIOR
FLOATING
RATE
INTERESTS
-
2
.40
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
0
.07
%
TransDigm
Inc
;
Term
Loan
J
6.14%,
02/28/2031
$
494‌
494‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
TransDigm
Inc
;
Term
Loan
L
6.14%,
01/19/2032
181‌
181‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
TransDigm
Inc
;
Term
Loan
M
6.14%,
08/19/2032
330‌
330‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
TransDigm
Inc
;
Term
Loan
K
5.90%,
03/22/2030
18‌
18‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
TransDigm
Inc
;
Term
Loan
N
6.14%,
02/10/2033
343‌
343‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
$
1,366‌
Airlines
-
0
.02
%
AAdvantage
Loyalty
IP
Ltd
;
Term
Loan
B
5.98%,
04/20/2028
183‌
183‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
American
Airlines
Inc
;
Term
Loan
B
6.66%,
05/20/2033
165‌
164‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
United
Airlines
Inc
;
Term
Loan
B
5.40%,
02/22/2031
98‌
98‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
$
445‌
Beverages
-
0
.08
%
Arterra
Wines
Canada
Inc/ON
;
Term
Loan
B1
7.49%,
11/25/2027
1,556‌
1,553‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Beverages
(continued)
BrewCo
Borrower
LLC
10.67%,
09/30/2030
$
41‌
$
14‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.00%
10.67%,
09/30/2030
182‌
18‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.00%
$
1,585‌
Chemicals
-
0
.36
%
Advancion
Holdings
LLC
;
Term
Loan
11.52%,
10/27/2028
8,680‌
6,510‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.75%
INEOS
US
Finance
LLC
;
Term
Loan
B
6.64%,
02/07/2031
868‌
806‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
7,316‌
Commercial
Services
-
0
.02
%
Garda
World
Security
Corp
;
Term
Loan
B
6.51%,
02/01/2029
286‌
285‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Jupiter
Buyer
Inc
;
Term
Loan
B
7.73%,
10/10/2031
154‌
155‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Prime
Security
Services
Borrower
LLC
;
Term
Loan
B2
5.41%,
03/07/2032
55‌
54‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
Signal
Parent
Inc
;
Term
Loan
B
7.27%,
04/03/2028
38‌
14‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
$
508‌
Computers
-
0
.00
%
McAfee
Corp
;
Term
Loan
B1
6.63%,
03/01/2029
14‌
12‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Cosmetics
&
Personal
Care
-
0
.00
%
Perrigo
Investments
LLC
;
Term
Loan
B
5.64%,
04/20/2029
93‌
93‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Distribution
&
Wholesale
-
0
.24
%
Infinite
Bidco
LLC
;
Term
Loan
10.92%,
02/24/2029
4,850‌
4,765‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.00%
Diversified
Financial
Services
-
0
.01
%
Jupiter
Borrower
Inc
;
Term
Loan
B
6.48%,
06/30/2033
180‌
181‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Healthcare
-
Services
-
0
.02
%
LifePoint
Health
Inc
;
Term
Loan
B
7.26%,
05/17/2031
14‌
13‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
7.50%,
05/17/2031
200‌
191‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
60
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Syneos
Health
US
Inc
;
Term
Loan
B
7.73%,
09/27/2030
$
179‌
$
179‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
383‌
Insurance
-
0
.05
%
Asurion
LLC
;
Term
Loan
B4
9.33%,
01/20/2029
509‌
505‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
10.50%
Asurion
LLC
;
Term
Loan
B13
7.91%,
09/19/2030
258‌
251‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Asurion
LLC
;
Term
Loan
B14
7.41%,
02/23/2033
356‌
333‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
$
1,089‌
Internet
-
0
.13
%
Ten-X
LLC
;
Term
Loan
9.49%,
05/26/2028
2,936‌
2,736‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
6.00%
Leisure
Products
&
Services
-
0
.01
%
GBT
US
III
LLC
;
Term
Loan
B2
5.81%,
07/25/2031
107‌
107‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Lodging
-
0
.01
%
Fertitta
Entertainment
LLC/NV
;
Term
Loan
B
6.89%,
01/13/2029
232‌
232‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Media
-
0
.02
%
Directv
Financing
LLC
;
Term
Loan
B
8.32%,
08/02/2029
141‌
141‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
iHeartCommunications
Inc
;
Term
Loan
9.53%,
05/01/2029
186‌
172‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.78%
SportsNet
New
York
0.00%,
04/15/2031
(d),(e)
24,157‌
—‌
$
313‌
Mining
-
0
.02
%
Arctic
Canadian
Diamond
Co
Ltd
4.25%,
12/15/2033
(e)
4,835‌
159‌
Arsenal
AIC
Parent
LLC
;
Term
Loan
B
6.39%,
08/18/2030
178‌
178‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
$
337‌
Packaging
&
Containers
-
0
.02
%
Clydesdale
Acquisition
Holdings
Inc
;
Term
Loan
B
6.82%,
04/13/2029
214‌
209‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.18%
6.89%,
03/26/2032
299‌
285‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
494‌
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
-
0
.44
%
Covetrus
Inc
;
Term
Loan
8.73%,
10/13/2029
$
9,056‌
$
8,778‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
Jazz
Financing
Lux
Sarl
;
Term
Loan
B2
5.89%,
05/05/2028
192‌
192‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
8,970‌
Retail
-
0
.06
%
IRB
Holding
Corp
;
Term
Loan
B
6.14%,
12/15/2030
294‌
295‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Victra
Holdings
LLC
;
Term
Loan
B
7.48%,
03/31/2029
937‌
926‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
$
1,221‌
Semiconductors
-
0
.17
%
Altar
Bidco
Inc
;
Term
Loan
9.11%,
02/01/2030
3,570‌
3,438‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
5.60%
Software
-
0
.47
%
Cloud
Software
Group
LLC
;
Term
Loan
B2
6.98%,
03/21/2031
241‌
218‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Cloud
Software
Group
LLC
;
Term
Loan
B1
6.98%,
08/13/2032
147‌
132‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
CoreWeave
Financing
DDTL
V
LLC
;
Delayed
Draw
Term
Loan
DD-CapEx
8.12%-8.14%,
11/06/2031
494‌
493‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Darktrace
Finco
US
LLC
;
Term
Loan
8.99%,
10/11/2032
3,275‌
2,879‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
EP
Purchaser
LLC
;
Term
Loan
B
8.27%,
11/06/2028
19‌
12‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Kaseya
Inc
;
Term
Loan
8.66%,
03/20/2033
6,535‌
3,671‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
10.00%
OAK-Eagle
Acquireco
Inc
;
Term
Loan
B
0.00%,
03/24/2033
(r)
1,971‌
1,981‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.00%
Rackspace
Finance
LLC
;
Term
Loan
B
6.53%,
05/15/2028
38‌
34‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
West
Technology
Group
LLC
;
Term
Loan
B3
7.91%,
04/09/2027
320‌
49‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
$
9,469‌
Telecommunications
-
0
.18
%
Connect
Finco
SARL
;
Term
Loan
B
8.14%,
09/27/2029
93‌
94‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
61
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Cyborg
Oldco
DC
Holdings
Inc
;
Term
Loan
B
0.00%,
05/01/2024
(d),(e)
$
454‌
$
—‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Level
3
Financing
Inc
;
Term
Loan
B5
6.39%,
03/29/2032
1,500‌
1,504‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Uniti
Services
LLC
;
Term
Loan
B
7.64%,
10/06/2032
233‌
233‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Viasat
Inc
;
Term
Loan
B
8.29%,
03/04/2029
30‌
30‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
8.29%,
05/30/2030
245‌
246‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Zayo
Group
Holdings
Inc
;
PIK
Term
Loan
6.85%,
PIK
0.50%;
03/11/2030
(l)
1,437‌
1,439‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
3,546‌
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
48,606‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
9
.59
%
Principal
Amount
(000's)
Value
(000's)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
5
.41
%
2.00%,
07/01/2051
$
4,942‌
$
3,875‌
2.00%,
09/01/2051
5,381‌
4,212‌
2.00%,
11/01/2051
3,038‌
2,422‌
2.00%,
12/01/2051
2,106‌
1,673‌
2.00%,
02/01/2052
2,804‌
2,254‌
2.00%,
02/01/2052
764‌
597‌
2.00%,
03/01/2052
1,614‌
1,277‌
2.50%,
07/01/2051
719‌
592‌
2.50%,
12/01/2051
1,829‌
1,524‌
2.50%,
12/01/2051
2,868‌
2,387‌
2.50%,
12/01/2051
3,906‌
3,269‌
2.50%,
01/01/2052
1,755‌
1,460‌
2.50%,
01/01/2052
2,962‌
2,453‌
2.50%,
01/01/2054
2,310‌
1,892‌
2.50%,
08/01/2056
(s)
665‌
542‌
3.00%,
07/01/2051
2,256‌
1,957‌
3.00%,
03/01/2052
1,455‌
1,253‌
3.00%,
03/01/2052
3,110‌
2,706‌
3.50%,
05/01/2052
1,947‌
1,746‌
3.50%,
05/01/2052
1,473‌
1,320‌
4.00%,
07/01/2052
785‌
723‌
4.00%,
08/01/2052
2,726‌
2,513‌
4.00%,
10/01/2052
1,059‌
975‌
4.00%,
03/01/2053
3,137‌
2,888‌
4.00%,
04/01/2054
910‌
839‌
4.50%,
06/01/2052
1,130‌
1,075‌
4.50%,
08/01/2052
1,113‌
1,056‌
4.50%,
08/01/2052
1,351‌
1,282‌
4.50%,
09/01/2052
1,599‌
1,517‌
4.50%,
10/01/2052
508‌
480‌
4.50%,
10/01/2052
1,753‌
1,671‌
4.50%,
02/01/2053
2,054‌
1,950‌
4.50%,
07/01/2053
2,117‌
2,002‌
4.50%,
01/01/2054
1,188‌
1,128‌
4.50%,
01/01/2056
1,219‌
1,151‌
5.00%,
07/01/2052
2,145‌
2,105‌
5.00%,
04/01/2053
286‌
278‌
5.00%,
06/01/2053
1,835‌
1,794‌
5.00%,
06/01/2053
2,931‌
2,860‌
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)
5.00%,
08/01/2053
$
2,014‌
$
1,955‌
5.00%,
11/01/2054
1,301‌
1,270‌
5.00%,
11/01/2054
1,443‌
1,402‌
5.00%,
02/01/2055
455‌
445‌
5.00%,
02/01/2055
1,082‌
1,051‌
5.00%,
01/01/2056
824‌
798‌
5.00%,
01/01/2056
947‌
923‌
5.00%,
02/01/2056
1,466‌
1,419‌
5.00%,
03/01/2056
1,485‌
1,436‌
5.50%,
08/01/2041
(s)
1,200‌
1,212‌
5.50%,
02/01/2053
2,531‌
2,542‌
5.50%,
07/01/2053
1,104‌
1,111‌
5.50%,
11/01/2053
1,532‌
1,536‌
5.50%,
11/01/2053
1,379‌
1,376‌
5.50%,
03/01/2054
1,124‌
1,122‌
5.50%,
05/01/2054
1,229‌
1,232‌
5.50%,
05/01/2054
1,165‌
1,160‌
5.50%,
10/01/2054
1,645‌
1,635‌
5.50%,
10/01/2054
2,303‌
2,307‌
5.50%,
02/01/2055
2,732‌
2,727‌
5.50%,
06/01/2055
776‌
774‌
5.50%,
08/01/2055
1,376‌
1,367‌
5.50%,
10/01/2055
1,644‌
1,639‌
5.50%,
06/01/2056
999‌
992‌
6.00%,
04/01/2054
1,286‌
1,322‌
6.00%,
06/01/2054
777‌
795‌
6.00%,
09/01/2054
836‌
857‌
6.00%,
09/01/2054
1,440‌
1,463‌
6.00%,
11/01/2054
1,602‌
1,642‌
6.00%,
09/01/2055
1,308‌
1,337‌
6.00%,
08/01/2056
(s)
453‌
458‌
6.50%,
05/01/2054
431‌
445‌
$
109,448‌
Government
National
Mortgage
Association
(GNMA)
-
2
.11
%
2.00%,
01/20/2051
1,133‌
909‌
2.00%,
05/20/2051
971‌
779‌
2.00%,
07/20/2051
1,584‌
1,271‌
2.00%,
08/20/2051
960‌
770‌
2.00%,
04/20/2052
1,429‌
1,146‌
2.50%,
04/20/2051
1,801‌
1,505‌
2.50%,
07/20/2051
354‌
296‌
2.50%,
09/20/2051
1,758‌
1,468‌
2.50%,
05/20/2052
1,762‌
1,472‌
3.00%,
09/20/2051
794‌
690‌
4.00%,
03/20/2049
1,541‌
1,422‌
4.00%,
03/20/2050
512‌
472‌
4.00%,
10/20/2052
992‌
913‌
4.50%,
05/20/2048
2,021‌
1,928‌
4.50%,
05/20/2052
946‌
895‌
4.50%,
09/20/2052
454‌
430‌
4.50%,
02/20/2053
1,600‌
1,513‌
4.50%,
03/20/2054
831‌
780‌
4.50%,
10/20/2054
1,020‌
960‌
4.50%,
11/20/2054
3,169‌
2,980‌
5.00%,
12/20/2052
1,043‌
1,018‌
5.00%,
01/20/2053
2,134‌
2,079‌
5.00%,
02/20/2053
865‌
843‌
5.00%,
05/20/2053
1,559‌
1,516‌
5.00%,
08/20/2053
2,374‌
2,311‌
5.00%,
09/20/2053
1,311‌
1,277‌
5.00%,
10/20/2053
1,346‌
1,310‌
5.00%,
04/20/2054
2,415‌
2,344‌
5.00%,
05/20/2055
675‌
654‌
5.00%,
08/20/2056
(s)
410‌
397‌
5.50%,
03/20/2053
731‌
733‌
5.50%,
06/20/2053
643‌
644‌
5.50%,
08/20/2053
1,084‌
1,084‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
62
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
5.50%,
04/20/2054
$
2,068‌
$
2,064‌
5.50%,
07/20/2054
679‌
678‌
5.50%,
08/20/2056
(s)
1,000‌
993‌
$
42,544‌
U.S.
Treasury
-
1
.31
%
1.88%,
11/15/2051
1,668‌
867‌
2.25%,
02/15/2052
1,050‌
599‌
2.75%,
11/15/2042
798‌
583‌
3.25%,
05/15/2042
454‌
360‌
3.88%,
08/15/2034
986‌
936‌
3.95%,
01/31/2028
(t),(u)
9,546‌
9,556‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.10%
4.00%,
07/31/2032
197‌
192‌
4.00%,
11/15/2035
892‌
846‌
4.01%,
07/31/2027
1,279‌
1,281‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.16%
4.13%,
07/15/2029
260‌
258‌
4.13%,
08/15/2044
549‌
477‌
4.25%,
11/15/2034
1,536‌
1,494‌
4.25%,
08/15/2054
2,273‌
1,930‌
4.38%,
05/15/2034
534‌
525‌
4.38%,
05/15/2036
221‌
215‌
4.63%,
05/15/2044
414‌
384‌
4.63%,
05/15/2054
1,407‌
1,272‌
4.63%,
02/15/2055
874‌
790‌
4.63%,
11/15/2055
404‌
366‌
4.75%,
02/15/2045
753‌
708‌
4.75%,
08/15/2055
656‌
606‌
4.75%,
02/15/2056
1,533‌
1,417‌
5.00%,
05/15/2045
896‌
868‌
$
26,530‌
U.S.
Treasury
Bill
-
0
.76
%
3.64%,
08/27/2026
(q)
13,575‌
13,543‌
3.76%,
12/24/2026
(q)
1,900‌
1,871‌
$
15,414‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
193,936‌
Total
Investments
$
1,966,579‌
Other
Assets
and
Liabilities
-  2.80%
56,737‌
TOTAL
NET
ASSETS
-
100.00%
$
2,023,316‌
(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
$8,273
or
0.41%
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)
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.
(f)
Security
is
subject
to
a
contractual
sale
restriction
but
this
feature
is
not
considered
in
measuring
the
fair
value.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$20,567.
The
sale
restriction
provision
specified
in
the
shareholder
agreements
have
no
specified
expiration
date
or
circumstances
that
could
cause
a
lapse.  
(g)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(h)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(i)
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
$773,326
or
38.22%
of
net
assets.
(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)
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
$46,239
or
2.29%
of
net
assets.
(n)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$7,935
or
0.39%
of
net
assets.
(o)
Security
is
an
Interest
Only
Strip.
(p)
Security
purchased
on
a
when-issued
basis.
(q)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
(r)
This
Senior
Floating
Rate
Note
will
settle
after
July
31,
2026,
at
which
time
the
interest
rate
will
be
determined.
(s)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(t)
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
$268
or
0.01%
of
net
assets.
(u)
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
$421
or
0.02%
of
net
assets.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
136,493‌
$
1,591,139‌
$
1,624,904‌
$
102,728‌
$
136,493‌
$
1,591,139‌
$
1,624,904‌
$
102,728‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
1,707‌
$
—‌
$
—‌
$
—‌
$
1,707‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
63
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Arctic
Canadian
Diamond
Co
Ltd
02/03/2021
$
—‌
$
212‌
0.01%
High
Ridge
Brands
-
Escrow  
0.00%,
03/15/2025
12/29/2020-10/10/2025
14,671‌
—‌
0.00%
Specialty
Steel  
12.00%,
11/15/2033
08/11/2025
34,200‌
18,196‌
0.90%
Total
$
18,408‌
0.91%
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Treasury
Note;
September
2026
Short
55‌
$
5,940‌
$
93‌
US
10
Year
Treasury
Note;
September
2026
Long
51‌
5,508‌
(
82‌
)
US
10
Year
Treasury
Ultra
Note;
September
2026
Long
14‌
1,536‌
(
27‌
)
US
2
Year
Treasury
Note;
September
2026
Short
23‌
4,729‌
18‌
US
2
Year
Treasury
Note;
September
2026
Long
97‌
19,944‌
(
44‌
)
US
5
Year
Treasury  Note;
September
2026
Short
118‌
12,505‌
115‌
US
Long
Bond;
September
2026
Short
6‌
650‌
27‌
US
Ultra
Bond;
September
2026
Short
1‌
110‌
3‌
Total
$
103‌
Amounts
in
thousands
except
contracts.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
New
York
Mellon
08/20/2026
EUR
3‌
$
4‌
$
—‌
$
—‌
Bank
of
New
York
Mellon
08/20/2026
$
3,137‌
EUR
2,685‌
39‌
—‌
Citigroup
Inc
08/31/2026
EUR
15‌
$
17‌
—‌
—‌
Citigroup
Inc
08/31/2026
$
13‌
EUR
11‌
—‌
—‌
Goldman
Sachs
&
Co
08/31/2026
EUR
15‌
$
17‌
—‌
—‌
HSBC
Securities
Inc
08/24/2026
$
4,226‌
PLN
16,050‌
—‌
(
72‌
)
HSBC
Securities
Inc
08/24/2026
$
5,648‌
MXN
99,025‌
—‌
(
61‌
)
HSBC
Securities
Inc
08/24/2026
$
1,460‌
ZAR
24,025‌
7‌
—‌
JPMorgan
Chase
08/14/2026
$
16,673‌
EUR
14,573‌
—‌
(
138‌
)
JPMorgan
Chase
08/24/2026
TRY
645,700‌
$
13,359‌
29‌
—‌
JPMorgan
Chase
08/24/2026
$
11,284‌
EUR
9,850‌
—‌
(
83‌
)
JPMorgan
Chase
08/24/2026
$
3,148‌
ZAR
51,975‌
13‌
(
6‌
)
JPMorgan
Chase
08/24/2026
$
1,192‌
HUF
380,975‌
—‌
(
12‌
)
JPMorgan
Chase
08/31/2026
EUR
20‌
$
23‌
—‌
—‌
Morgan
Stanley
&
Co
08/31/2026
EUR
198‌
$
231‌
—‌
(
3‌
)
Morgan
Stanley
&
Co
08/31/2026
$
660‌
EUR
565‌
8‌
—‌
Total
$
96‌
$
(
375‌
)
Amounts
in
thousands.
Credit
Default
Swaps
Buy
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2026
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Bank
of
America
NA
ITRX.FIN.SNR.44  0-3%
Index
Tranche
(b)
N/A
(1.00)%
Quarterly
12/20/2030
EUR
140‌
$
32‌
$
(
2‌
)
$
30‌
$
—‌
Bank
of
America
NA
ITRX.FIN.SNR.44  3-6%
Index
Tranche
(b)
N/A
(1.00)%
Quarterly
12/20/2030
310‌
8‌
(
1‌
)
7‌
—‌
Goldman
Sachs
&
Co
CDX.NA.HY.43
N/A
(5.00)%
Quarterly
12/20/2029
$
1,130‌
(
65‌
)
(
45‌
)
—‌
(
110‌
)
Goldman
Sachs
&
Co
CMBX.11.BBB-
N/A
(3.00)%
Monthly
11/18/2054
650‌
79‌
(
10‌
)
69‌
—‌
Goldman
Sachs
&
Co
CMBX.18.BBB-
N/A
(3.00)%
Monthly
12/17/2057
670‌
50‌
5‌
55‌
—‌
Goldman
Sachs
&
Co
CMBX.18.BBB-
N/A
(3.00)%
Monthly
12/17/2057
489‌
30‌
10‌
40‌
—‌
Goldman
Sachs
&
Co
CMBX.6.BBB-
N/A
(3.00)%
Monthly
05/11/2063
92‌
13‌
11‌
24‌
—‌
Goldman
Sachs
&
Co
CMBX.NA.BBB-
N/A
(3.00)%
Monthly
11/18/2064
1,000‌
150‌
(
8‌
)
142‌
—‌
Morgan
Stanley
&
Co
CMBX.18.BBB-
N/A
(3.00)%
Monthly
12/17/2057
489‌
33‌
7‌
40‌
—‌
Morgan
Stanley
&
Co
CMBX.NA.8.A
N/A
(2.00)%
Monthly
10/17/2057
208‌
5‌
13‌
18‌
—‌
Morgan
Stanley
&
Co
CMBX.NA.BBB-
N/A
(3.00)%
Monthly
11/18/2064
500‌
68‌
3‌
71‌
—‌
Total
$
403‌
$
(
17‌
)
$
496‌
$
(
110‌
)
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
64
Credit
Default
Swaps
(continued)
Sell
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2026
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(c)
Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
(d)
Bank
of
America
NA
ITRX.FIN.SNR.44  12-
100%
Index
Tranche
(b)
N/A
1.00%
Quarterly
12/20/2030
EUR
3,350‌
$
114‌
$
4‌
$
118‌
$
—‌
Bank
of
America
NA
ITRX.XOVER.42  12-
100%
Index
Tranche
(b)
N/A
1.00%
Quarterly
12/20/2029
7,340‌
184‌
41‌
225‌
—‌
BNP
Paribas
ITRX.FIN.SNR.44  35-
100%
Index
Tranche
(b)
N/A
5.00%
Quarterly
12/20/2030
2,100‌
433‌
(
2‌
)
431‌
—‌
Goldman
Sachs
&
Co
CDX.NA.HY.43
N/A
5.00%
Quarterly
12/20/2029
$
1,730‌
200‌
35‌
235‌
—‌
Goldman
Sachs
&
Co
CDX.NA.HY.43  15-25%
Index
Tranche
(b)
N/A
5.00%
Quarterly
12/20/2029
250‌
(
10‌
)
34‌
24‌
—‌
Goldman
Sachs
&
Co
CDX.NA.HY.43  25-35%
Index
Tranche
(b)
N/A
5.00%
Quarterly
12/20/2029
250‌
17‌
17‌
34‌
—‌
JPMorgan
Chase
CDX.NA.HY.45  35-
100%
Index
Tranche
(b)
N/A
5.00%
Quarterly
12/20/2030
1,343‌
236‌
1‌
237‌
—‌
Morgan
Stanley
&
Co
CDX.NA.HY.43  25-35%
Index
Tranche
(b)
N/A
5.00%
Quarterly
12/20/2029
376‌
46‌
5‌
51‌
—‌
Morgan
Stanley
&
Co
CMBX.17.BBB-
N/A
3.00%
Monthly
12/15/2056
376‌
(
48‌
)
(
9‌
)
—‌
(
57‌
)
Total
$
1,172‌
$
126‌
$
1,355‌
$
(
57‌
)
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Buy
Protection
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2026
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
CDX.NA.IG.45
N/A
(1.00)%
Quarterly
12/20/2030
$
3,240‌
$
(
59‌
)
$
(
8‌
)
$
(
67‌
)
CDX.NA.IG.46
N/A
(1.00)%
Quarterly
06/20/2031
5,857‌
(
95‌
)
(
26‌
)
(
121‌
)
ITRX.EUROPE.42
N/A
(1.00)%
Quarterly
12/20/2029
EUR
4,400‌
(
61‌
)
(
42‌
)
(
103‌
)
ITRX.FIN.SNR.44
N/A
(1.00)%
Quarterly
12/20/2030
4,722‌
(
87‌
)
(
26‌
)
(
113‌
)
ITRX.FIN.SNR.44
N/A
(5.00)%
Quarterly
12/20/2030
930‌
(
105‌
)
(
7‌
)
(
112‌
)
Total
$
(
407‌
)
$
(
109‌
)
$
(
516‌
)
Amounts
in
thousands.
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
fair
value
of
credit
default
swap
agreements
on
corporate
issues
or
sovereign
issues
as
of
period
end
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
buying/selling
protection
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
(b)
A
credit
default
tranche
is
a
type
of
credit
default
swap
that
allows
an
investor
to
gain
exposure
to
a
particular
portion
of
the
loss
distribution
on
a
specified
credit
index.
Tranches
are
defined
by
attachment
and
detachment
points
that
specify
the
range
of
exposure
to
which
an
investor
is
receiving
or
providing
protection
with
respect
to
the
specified
credit
index.
(c)
The
maximum
potential
payment
amount
that
the
seller
of
credit
protection
could
be
required
to
make
if
a
credit
event
occurs
is
$4,325
and
12,790
EUR.
(d)
The
price
and
resulting
fair
value
for
credit
default
swap
agreements
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
of
an
expected
liability
(or
profit)
for
the
credit
default
swap
as
of
the
period
end.
Increasing
fair
values
of
the
swap,
in
absolute
terms
when
compared
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Total
Return
Swaps
Counterparty
Fund
Pays
Fund
Receives
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Premiums
Paid/
(Received)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
 Liability
Citigroup
Inc
Secured
Overnight
Financing
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
09/08/2026
Annual
09/09/2026
NGN
1,800,000‌
$
—‌
$
39‌
$
—‌
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
09/15/2026
Annual
09/16/2026
546,000‌
—‌
15‌
—‌
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
09/15/2026
Annual
09/17/2026
144,000‌
—‌
4‌
—‌
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
09/29/2026
Annual
10/01/2026
149,000‌
—‌
4‌
—‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
65
Total
Return
Swaps
(continued)
Counterparty
Fund
Pays
Fund
Receives
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Premiums
Paid/
(Received)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
 Liability
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
09/29/2026
Annual
10/01/2026
NGN
1,441,000‌
$
—‌
$
43‌
$
—‌
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
09/29/2026
Annual
10/01/2026
450,000‌
—‌
13‌
—‌
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
10/13/2026
Annual
10/15/2026
835,000‌
—‌
13‌
—‌
Citigroup
Inc
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
10/13/2026
Annual
10/13/2026
500,000‌
—‌
8‌
—‌
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Uganda
Government
Bond,
16.00%,
05/14/2037
Annual
05/18/2037
UGX
3,904,000‌
—‌
—‌
(
17‌
)
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Uganda
Government
Bond,
16.25%,
11/13/2035
Annual
11/13/2035
2,009,000‌
—‌
—‌
(
12‌
)
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
08/04/2026
Annual
08/04/2026
NGN
612,000‌
—‌
30‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
08/25/2026
Annual
08/25/2026
2,100,000‌
—‌
73‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
09/08/2026
Annual
09/08/2026
780,000‌
—‌
23‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
09/15/2026
Annual
09/16/2026
400,000‌
—‌
13‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
09/15/2026
Annual
09/17/2026
556,000‌
—‌
16‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
11/17/2026
Annual
11/19/2026
329,000‌
—‌
—‌
—‌
Total
$
—‌
$
294‌
$
(
29‌
)
Amounts
in
thousands.
Schedule
of
Investments
Diversified
International
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
66
INVESTMENT
COMPANIES
-
0
.63
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.63
%
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b)
6,391,901‌
$
6,392‌
TOTAL
INVESTMENT
COMPANIES
$
6,392‌
COMMON
STOCKS
-
99
.49
%
Shares
Held
Value
(000's)
Advertising
-
0
.59
%
Publicis
Groupe
SA
55,845‌
$
5,960‌
Aerospace
&
Defense
-
1
.64
%
BAE
Systems
PLC
583,702‌
16,524‌
Agriculture
-
1
.89
%
British
American
Tobacco
PLC
314,254‌
19,063‌
Airlines
-
0
.87
%
Ryanair
Holdings
PLC
314,529‌
8,820‌
Apparel
-
1
.65
%
Adidas
AG
14,483‌
2,680‌
Gildan
Activewear
Inc
103,200‌
5,712‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
5,285‌
2,902‌
Samsonite
Group
SA
(c)
2,964,500‌
5,335‌
$
16,629‌
Automobile
Manufacturers
-
1
.72
%
Daimler
Truck
Holding
AG
306,681‌
17,346‌
Automobile
Parts
&
Equipment
-
0
.28
%
Nisshinbo
Holdings
Inc
213,300‌
2,866‌
Banks
-
15
.63
%
AIB
Group
PLC
1,664,392‌
19,796‌
BNP
Paribas
SA
80,881‌
10,277‌
Credicorp
Ltd
35,744‌
14,318‌
DBS
Group
Holdings
Ltd
265,460‌
15,316‌
Erste
Group
Bank
AG
138,126‌
18,056‌
FinecoBank
Banca
Fineco
SpA
169,667‌
4,648‌
HDFC
Bank
Ltd
ADR
306,880‌
7,344‌
National
Bank
of
Greece
SA
588,074‌
11,004‌
NatWest
Group
PLC
1,364,379‌
12,870‌
Nordea
Bank
Abp
194,962‌
3,938‌
Piraeus
Bank
SA
(d)
562,380‌
6,560‌
PT
Bank
Central
Asia
Tbk
7,881,570‌
2,762‌
Societe
Generale
SA
63,517‌
5,970‌
Swedbank
AB
98,662‌
3,946‌
UniCredit
SpA
222,904‌
21,023‌
$
157,828‌
Beverages
-
0
.92
%
Arca
Continental
SAB
de
CV
240,100‌
2,742‌
Carlsberg
AS
26,446‌
3,894‌
Varun
Beverages
Ltd
573,077‌
2,656‌
$
9,292‌
Biotechnology
-
1
.47
%
Argenx
SE
(d)
17,343‌
14,854‌
Building
Materials
-
2
.03
%
Daikin
Industries
Ltd
33,200‌
4,809‌
Mitsubishi
Electric
Corp
435,000‌
15,670‌
$
20,479‌
Commercial
Services
-
1
.96
%
Elis
SA
248,097‌
7,116‌
Localiza
Rent
a
Car
SA
417,787‌
3,114‌
Sunbelt
Rentals
Holdings
Inc
132,833‌
9,517‌
$
19,747‌
Computers
-
2
.86
%
BayCurrent
Inc
139,900‌
6,310‌
Fujitsu
Ltd
833,100‌
19,202‌
Obic
Co
Ltd
118,100‌
3,388‌
$
28,900‌
Cosmetics
&
Personal
Care
-
1
.88
%
Haleon
PLC
2,960,433‌
14,493‌
Unilever
PLC
71,027‌
4,519‌
$
19,012‌
Distribution
&
Wholesale
-
1
.13
%
Rexel
SA
275,868‌
11,447‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
-
0
.68
%
Banco
BTG
Pactual
SA
353,600‌
$
3,956‌
IG
Group
Holdings
PLC
146,155‌
2,880‌
$
6,836‌
Electrical
Components
&
Equipment
-
0
.38
%
Delta
Electronics
Inc
77,000‌
3,788‌
Electronics
-
2
.20
%
Chroma
ATE
Inc
70,000‌
4,398‌
Halma
PLC
66,858‌
3,194‌
Hoya
Corp
95,660‌
14,628‌
$
22,220‌
Engineering
&
Construction
-
2
.73
%
Balfour
Beatty
PLC
374,559‌
4,366‌
Enav
SpA
(c)
532,830‌
3,112‌
Kajima
Corp
162,500‌
5,430‌
Obayashi
Corp
488,000‌
9,591‌
Stantec
Inc
71,500‌
5,046‌
$
27,545‌
Entertainment
-
1
.19
%
Entain
PLC
1,246,303‌
9,124‌
Universal
Music
Group
NV
174,038‌
2,872‌
$
11,996‌
Food
-
0
.83
%
Tesco
PLC
752,230‌
4,951‌
Toyo
Suisan
Kaisha
Ltd
53,200‌
3,452‌
$
8,403‌
Healthcare
-
Products
-
1
.42
%
Alcon
AG
67,067‌
4,606‌
Medtronic
PLC
48,736‌
4,162‌
QIAGEN
NV
135,198‌
5,597‌
$
14,365‌
Healthcare
-
Services
-
0
.96
%
ICON
PLC
(d)
59,345‌
9,707‌
Insurance
-
6
.48
%
AIA
Group
Ltd
1,754,000‌
17,682‌
Fairfax
Financial
Holdings
Ltd
3,527‌
5,906‌
Hannover
Rueck
SE
28,956‌
8,347‌
Sompo
Holdings
Inc
427,600‌
18,984‌
Tokio
Marine
Holdings
Inc
284,800‌
14,515‌
$
65,434‌
Internet
-
6
.44
%
Scout24
SE
(c)
73,752‌
6,323‌
Spotify
Technology
SA
(d)
35,504‌
17,750‌
Tencent
Holdings
Ltd
481,300‌
29,409‌
Trip.com
Group
Ltd
(d)
246,050‌
11,527‌
$
65,009‌
Investment
Companies
-
0
.36
%
Rosebank
Industries
PLC
(d)
803,843‌
3,647‌
Iron
&
Steel
-
1
.09
%
Vale
SA
733,100‌
11,040‌
Lodging
-
1
.97
%
Galaxy
Entertainment
Group
Ltd
2,367,000‌
10,323‌
InterContinental
Hotels
Group
PLC
59,442‌
9,612‌
$
19,935‌
Machinery
-
Construction
&
Mining
-
0
.80
%
Komatsu
Ltd
186,900‌
8,110‌
Machinery
-
Diversified
-
1
.87
%
Atlas
Copco
AB
-
A
Shares
455,307‌
9,621‌
Keyence
Corp
18,432‌
9,245‌
$
18,866‌
Metal
Fabrication
&
Hardware
-
0
.40
%
APL
Apollo
Tubes
Ltd
209,605‌
3,996‌
Mining
-
4
.54
%
Agnico
Eagle
Mines
Ltd
37,600‌
5,459‌
Sandfire
Resources
Ltd
(d)
610,520‌
8,082‌
Teck
Resources
Ltd
456,205‌
27,453‌
Wheaton
Precious
Metals
Corp
44,800‌
4,873‌
$
45,867‌
Schedule
of
Investments
Diversified
International
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
67
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
-
4
.41
%
BP
PLC
2,035,232‌
$
15,291‌
Canadian
Natural
Resources
Ltd
90,631‌
4,318‌
Suncor
Energy
Inc
371,745‌
24,964‌
$
44,573‌
Packaging
&
Containers
-
0
.65
%
Toyo
Seikan
Group
Holdings
Ltd
256,500‌
6,517‌
Pharmaceuticals
-
2
.71
%
Ascendis
Pharma
A/S
(d)
19,682‌
4,801‌
AstraZeneca
PLC
117,074‌
19,915‌
Zealand
Pharma
A/S
(d)
57,051‌
2,682‌
$
27,398‌
Pipelines
-
0
.31
%
Gibson
Energy
Inc
136,000‌
3,113‌
Retail
-
3
.45
%
Cie
Financiere
Richemont
SA
35,405‌
8,368‌
Industria
de
Diseno
Textil
SA
122,434‌
7,990‌
Next
PLC
10,484‌
2,100‌
Yum
China
Holdings
Inc
345,431‌
16,368‌
$
34,826‌
Semiconductors
-
14
.76
%
ASM
International
NV
7,462‌
6,911‌
ASML
Holding
NV
23,065‌
38,010‌
Samsung
Electronics
Co
Ltd
226,911‌
39,495‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
873,544‌
64,612‌
$
149,028‌
Software
-
1
.75
%
Nemetschek
SE
47,016‌
3,169‌
Nice
Ltd
ADR
(d)
73,435‌
7,255‌
Sage
Group
PLC/The
550,024‌
7,245‌
$
17,669‌
Telecommunications
-
0
.59
%
Zegona
Communications
plc
299,602‌
5,913‌
TOTAL
COMMON
STOCKS
$
1,004,568‌
PREFERRED
STOCKS
-
0
.02
%
Shares
Held
Value
(000's)
Commercial
Services
-
0
.02
%
Localiza
Rent
a
Car
SA
0.52%
29,779‌
$
214‌
TOTAL
PREFERRED
STOCKS
$
214‌
Total
Investments
$
1,011,174‌
Other
Assets
and
Liabilities
-  (0.14)%
(
1,454‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,009,720‌
(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
$14,770
or
1.46%
of
net
assets.
(d)
Non-income
producing
security
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
4,062‌
$
506,732‌
$
504,402‌
$
6,392‌
$
4,062‌
$
506,732‌
$
504,402‌
$
6,392‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
239‌
$
—‌
$
—‌
$
—‌
$
239‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Equity
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
68
INVESTMENT
COMPANIES
-
1
.02
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.02
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
1,061,606‌
$
1,062‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(c)
79,689,698‌
79,690‌
$
80,752‌
TOTAL
INVESTMENT
COMPANIES
$
80,752‌
COMMON
STOCKS
-
99
.03
%
Shares
Held
Value
(000's)
Advertising
-
1
.04
%
Publicis
Groupe
SA
ADR
3,116,780‌
$
82,782‌
Automobile
Manufacturers
-
4
.18
%
Cummins
Inc
248,570‌
157,643‌
PACCAR
Inc
1,308,889‌
173,663‌
$
331,306‌
Banks
-
12
.66
%
Bank
of
America
Corp
3,067,996‌
190,062‌
Citigroup
Inc
829,757‌
109,901‌
JPMorgan
Chase
&
Co
734,140‌
258,263‌
Morgan
Stanley
1,105,505‌
232,621‌
PNC
Financial
Services
Group
Inc/The
854,038‌
213,399‌
$
1,004,246‌
Beverages
-
2
.89
%
Coca-Cola
Co/The
2,618,048‌
229,315‌
Biotechnology
-
1
.62
%
Corteva
Inc
1,630,350‌
128,325‌
Building
Materials
-
2
.01
%
Trane
Technologies
PLC
349,728‌
159,109‌
Chemicals
-
0
.49
%
Air
Products
and
Chemicals
Inc
132,530‌
39,082‌
Computers
-
4
.70
%
Apple
Inc
1,206,523‌
372,707‌
Cosmetics
&
Personal
Care
-
1
.71
%
Procter
&
Gamble
Co/The
940,515‌
135,895‌
Diversified
Financial
Services
-
2
.26
%
Blackrock
Inc
121,195‌
132,150‌
Nasdaq
Inc
504,211‌
47,491‌
$
179,641‌
Electric
-
3
.88
%
NextEra
Energy
Inc
1,328,436‌
115,468‌
Sempra
586,461‌
51,931‌
WEC
Energy
Group
Inc
636,202‌
69,613‌
Xcel
Energy
Inc
907,837‌
70,993‌
$
308,005‌
Healthcare
-
Products
-
2
.72
%
Abbott
Laboratories
1,166,361‌
123,285‌
STERIS
PLC
404,633‌
92,418‌
$
215,703‌
Healthcare
-
Services
-
2
.46
%
HCA
Healthcare
Inc
282,445‌
113,710‌
UnitedHealth
Group
Inc
196,014‌
81,228‌
$
194,938‌
Home
Builders
-
2
.53
%
DR
Horton
Inc
1,404,011‌
200,858‌
Insurance
-
3
.42
%
Chubb
Ltd
649,711‌
227,840‌
Fidelity
National
Financial
Inc
847,972‌
43,747‌
$
271,587‌
Internet
-
1
.57
%
Alphabet
Inc
-
A
Shares
349,677‌
124,530‌
Iron
&
Steel
-
1
.68
%
Reliance
Inc
327,772‌
133,108‌
Lodging
-
2
.38
%
Hilton
Worldwide
Holdings
Inc
590,116‌
189,126‌
Machinery
-
Diversified
-
1
.41
%
Deere
&
Co
189,457‌
112,285‌
Miscellaneous
Manufacturers
-
2
.00
%
Parker-Hannifin
Corp
162,261‌
158,453‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
-
4
.90
%
Chevron
Corp
437,688‌
$
86,150‌
EOG
Resources
Inc
982,030‌
146,018‌
Marathon
Petroleum
Corp
495,152‌
156,701‌
$
388,869‌
Pharmaceuticals
-
6
.56
%
AstraZeneca
PLC
479,724‌
81,380‌
Eli
Lilly
&
Co
71,705‌
82,378‌
Merck
&
Co
Inc
1,353,003‌
176,161‌
Novartis
AG
ADR
935,325‌
146,051‌
Roche
Holding
AG
ADR
626,285‌
34,239‌
$
520,209‌
Pipelines
-
1
.31
%
Enterprise
Products
Partners
LP
2,741,167‌
104,301‌
Private
Equity
-
1
.30
%
KKR
&
Co
Inc
1,016,911‌
103,145‌
REITs
-
3
.40
%
Equity
LifeStyle
Properties
Inc
1,882,406‌
122,488‌
Prologis
Inc
1,016,039‌
146,930‌
$
269,418‌
Retail
-
7
.33
%
Costco
Wholesale
Corp
238,066‌
226,613‌
Dick's
Sporting
Goods
Inc
581,376‌
113,897‌
Starbucks
Corp
1,026,141‌
108,001‌
Williams-Sonoma
Inc
581,339‌
132,929‌
$
581,440‌
Semiconductors
-
7
.55
%
Broadcom
Inc
471,005‌
183,353‌
Monolithic
Power
Systems
Inc
108,721‌
155,039‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
644,823‌
260,670‌
$
599,062‌
Software
-
5
.42
%
Microsoft
Corp
602,382‌
279,939‌
Salesforce
Inc
302,172‌
55,605‌
SAP
SE
ADR
(d)
515,057‌
94,575‌
$
430,119‌
Telecommunications
-
2
.29
%
Motorola
Solutions
Inc
202,615‌
88,290‌
T-Mobile
US
Inc
541,412‌
93,507‌
$
181,797‌
Transportation
-
1
.36
%
Expeditors
International
of
Washington
Inc
644,646‌
108,230‌
TOTAL
COMMON
STOCKS
$
7,857,591‌
Total
Investments
$
7,938,343‌
Other
Assets
and
Liabilities
-  (0.05)%
(
4,269‌
)
TOTAL
NET
ASSETS
-
100.00%
$
7,934,074‌
(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
$1,062
or
0.01%
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
$1,057
or
0.01%
of
net
assets.
Schedule
of
Investments
Equity
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
69
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
37,248‌
$
2,683,920‌
$
2,641,478‌
$
79,690‌
$
37,248‌
$
2,683,920‌
$
2,641,478‌
$
79,690‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
2,234‌
$
—‌
$
—‌
$
—‌
$
2,234‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
70
INVESTMENT
COMPANIES
-
6
.12
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
6
.12
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
391,916‌
$
392‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b),(c)
57,895,413‌
57,895‌
$
58,287‌
TOTAL
INVESTMENT
COMPANIES
$
58,287‌
BONDS
-
90
.34
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
0
.93
%
Czechoslovak
Group
AS
6.50%,
01/10/2031
(d),(e)
$
4,675‌
$
4,737‌
6.50%,
01/10/2031
4,100‌
4,154‌
$
8,891‌
Banks
-
10
.02
%
Ardshinbank
CJSC
Via
Dilijan
Finance
BV
6.60%,
01/22/2031
(e)
2,650‌
2,650‌
6.60%,
01/22/2031
425‌
425‌
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8.00%,
01/24/2033
(e),(f),(g),(h)
5,125‌
5,120‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
Banco
Nacional
de
Mexico
SA
6.70%,
08/07/2036
(e),(g),(h)
5,000‌
4,925‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
Bank
Leumi
Le-Israel
BM
5.74%,
09/09/2036
(e),(g),(h)
5,775‌
5,694‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.55%
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico/TX
5.13%,
01/18/2033
(g),(h)
2,800‌
2,724‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
7.63%,
02/11/2035
(e),(g),(h)
6,150‌
6,288‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.38%
7.63%,
02/11/2035
(g),(h)
1,500‌
1,534‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.38%
BOI
Finance
BV
7.50%,
02/16/2027
EUR
8,180‌
9,586‌
BSF
Finance
5.76%,
09/03/2035
(g)
$
6,325‌
6,173‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
Emirates
NBD
Bank
PJSC
4.53%,
01/13/2031
5,325‌
5,173‌
HSBC
Holdings
PLC
6.75%,
11/18/2032
(f),(g),(h)
3,825‌
3,797‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.51%
Ipoteka-Bank
ATIB
6.45%,
10/09/2030
2,375‌
2,375‌
Mizrahi
Tefahot
Bank
Ltd
5.84%,
04/15/2036
(d),(e),(g),(h)
8,225‌
8,175‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.10%
National
Bank
of
Uzbekistan
7.20%,
07/17/2030
2,150‌
2,209‌
8.50%,
07/05/2029
4,225‌
4,471‌
Riyad
Sukuk
Ltd
6.21%,
07/14/2035
(g)
5,425‌
5,427‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.25%
Saudi
Awwal
Bank
5.95%,
09/04/2035
(g)
6,425‌
6,338‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.20%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
SNB
Sukuk
Ltd
5.94%,
07/18/2036
(g)
$
5,850‌
$
5,826‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.85%
Standard
Chartered
PLC
7.00%,
06/08/2033
(e),(f),(g),(h)
3,700‌
3,677‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.67%
7.63%,
01/16/2032
(d),(e),(f),(g),(h)
2,725‌
2,840‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.02%
$
95,427‌
Building
Materials
-
0
.88
%
Cimko
Cimento
Ve
Beton
Sanayi
Ve
Ticaret
AS
10.75%,
05/21/2030
2,625‌
2,755‌
Limak
Cimento
Sanayi
ve
Ticaret
AS
9.75%,
07/25/2029
5,625‌
5,652‌
$
8,407‌
Chemicals
-
1
.80
%
Braskem
Idesa
SAPI
0.00%,
11/15/2029
(i)
5,700‌
3,763‌
0.00%,
02/20/2032
(i)
2,775‌
1,811‌
Dangote
Fertiliser
Ltd
7.75%,
05/05/2031
(e)
7,800‌
7,824‌
7.75%,
05/05/2031
1,050‌
1,052‌
Sasol
Financing
USA
LLC
8.75%,
04/10/2033
(e)
2,550‌
2,659‌
$
17,109‌
Commercial
Services
-
0
.53
%
Mersin
Uluslararasi
Liman
Isletmeciligi
AS
8.25%,
11/15/2028
4,975‌
5,080‌
Diversified
Financial
Services
-
0
.20
%
Kona
Spc
Ltd
4.97%,
12/29/2026
(e),(j)
EUR
1,700‌
1,935‌
12
Month
Euro
Interbank
Offered
Rate
+
2.70%
Electric
-
3
.17
%
Comision
Federal
de
Electricidad
5.00%,
09/29/2036
$
2,115‌
1,979‌
COX
Asset
Mexico
SA
de
CV
7.13%,
01/08/2032
(e)
5,100‌
5,074‌
Eastern
European
Electric
Co
BV
6.50%,
05/15/2030
(e)
EUR
2,050‌
2,442‌
6.50%,
05/15/2030
1,200‌
1,430‌
Energo
-
Pro
as
6.45%,
04/15/2031
3,425‌
3,947‌
8.00%,
05/27/2030
850‌
1,028‌
8.00%,
05/27/2030
(e)
4,250‌
5,141‌
Saavi
Energia
Sarl
8.88%,
02/10/2035
(e)
$
8,450‌
9,133‌
$
30,174‌
Energy
-
Alternate
Sources
-
0
.42
%
FS
Luxembourg
Sarl
8.63%,
06/25/2033
(e)
2,300‌
2,189‌
8.63%,
06/25/2033
(d)
1,900‌
1,809‌
$
3,998‌
Engineering
&
Construction
-
3
.11
%
ATP
Tower
Holdings
/
Andean
Telecom
Partners
Chile
SpA
/
Andean
Tower
Partners
C
7.88%,
02/03/2030
950‌
968‌
ATP
Tower
Holdings
/
Andean
Telecom
Partners
Chile
SpA
/
Andean
Tower
Partners
Colombia
SAS
7.88%,
02/03/2030
(e)
5,775‌
5,885‌
HTA
Group
Ltd/Mauritius
6.75%,
04/01/2031
(e)
3,975‌
4,007‌
7.50%,
06/04/2029
(e)
3,525‌
3,604‌
7.50%,
06/04/2029
2,850‌
2,914‌
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
71
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Engineering
&
Construction
(continued)
IHS
Holding
Ltd
7.88%,
05/29/2030
(e)
$
4,225‌
$
4,332‌
7.88%,
05/29/2030
2,200‌
2,256‌
IHS
Mauritius
NG
Holdco
Ltd
8.00%,
09/18/2027
(d)
3,420‌
3,416‌
Kingston
Airport
Revenue
Finance
Ltd
6.75%,
12/15/2036
(e)
2,323‌
2,289‌
$
29,671‌
Food
-
1
.05
%
Grupo
Nutresa
SA
7.88%,
10/21/2031
(e),(f),(g)
4,850‌
4,786‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.10%
7.88%,
10/21/2031
(f),(g)
250‌
247‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.10%
8.00%,
05/12/2030
(e)
4,675‌
4,930‌
$
9,963‌
Iron
&
Steel
-
0
.61
%
Samarco
Mineracao
SA
4.00%,
PIK
5.00%;
06/30/2031
(k),(l)
5,774‌
5,818‌
Samarco
Mineracao
SA
Escrow
Shares
0.00%,
10/24/2023
(i),(j)
200‌
—‌
$
5,818‌
Lodging
-
0
.44
%
Gohl
Capital
Holdings
Ltd
7.63%,
10/29/2031
(f),(g)
4,350‌
4,159‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.71%
Mining
-
3
.11
%
Ivanhoe
Mines
Ltd
7.88%,
01/23/2030
(e)
7,175‌
7,216‌
7.88%,
01/23/2030
1,650‌
1,659‌
Vedanta
Resources
Finance
II
PLC
7.00%,
07/13/2032
(e)
5,000‌
5,004‌
7.38%,
07/13/2034
(e)
4,750‌
4,727‌
WE
Soda
Investments
Holding
PLC
9.38%,
02/14/2031
3,900‌
3,794‌
9.50%,
10/06/2028
3,550‌
3,572‌
9.50%,
10/06/2028
(e)
3,675‌
3,698‌
$
29,670‌
Oil
&
Gas
-
9
.99
%
Azule
Energy
Finance
Plc
8.13%,
01/23/2030
(e)
5,050‌
5,128‌
8.13%,
01/23/2030
675‌
685‌
8.25%,
01/22/2031
(e)
4,525‌
4,604‌
Constellation
Oil
Services
Holding
SA
7.70%,
08/03/2033
(e),(m)
2,400‌
2,416‌
Dangote
Petroleum
Refinery
And
Petrochemicals
Fze
7.50%,
07/16/2031
2,700‌
2,690‌
Energean
Israel
Finance
Ltd
5.38%,
03/30/2028
(e)
5,550‌
5,499‌
Energean
PLC
5.63%,
05/12/2031
(e)
EUR
2,450‌
2,802‌
Kosmos
Energy
Ltd
7.50%,
03/01/2028
$
2,775‌
2,737‌
Leviathan
Bond
Ltd
6.50%,
06/30/2027
(e)
7,325‌
7,336‌
Petroleos
de
Venezuela
SA
0.00%,
05/16/2024
(i)
36,475‌
13,673‌
0.00%,
11/15/2026
(i)
7,675‌
2,890‌
Petroleos
Mexicanos
5.95%,
01/28/2031
5,800‌
5,681‌
6.70%,
02/16/2032
8,500‌
8,479‌
6.84%,
01/23/2030
7,855‌
7,973‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Puma
International
Financing
SA
7.75%,
04/25/2029
(e)
$
5,025‌
$
5,155‌
7.75%,
04/25/2029
1,125‌
1,154‌
Sonangol
Finance
Ltd
10.00%,
01/29/2031
9,200‌
9,389‌
Tengizchevroil
Finance
Co
International
Ltd
4.00%,
08/15/2026
1,383‌
1,381‌
Uzbekneftegaz
JSC
8.75%,
05/07/2030
(d),(e)
3,725‌
3,970‌
8.75%,
05/07/2030
1,475‌
1,572‌
$
95,214‌
Oil
&
Gas
Services
-
0
.58
%
Yinson
Boronia
Production
BV
8.95%,
07/31/2042
5,041‌
5,554‌
Pipelines
-
1
.55
%
Acu
Petroleo
Luxembourg
Sarl
7.50%,
07/13/2035
5,669‌
5,819‌
Golar
LNG
Ltd
7.50%,
10/02/2030
(e)
4,275‌
4,363‌
Green
Palm
Bidco
Sarl
5.96%,
06/30/2041
(e)
3,800‌
3,724‌
Transportadora
de
Gas
del
Sur
SA
8.50%,
07/24/2031
775‌
821‌
$
14,727‌
Real
Estate
-
1
.04
%
Aldar
Properties
PJSC
5.88%,
04/14/2056
(e),(g)
4,750‌
4,359‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.02%
5.88%,
04/14/2056
(g)
500‌
459‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.02%
Mobiliare
Latam
SA
/
Mobiliare
Latam
Mexico
SA
de
CV
6.75%,
11/10/2032
(e)
3,875‌
3,876‌
6.75%,
11/10/2032
1,250‌
1,251‌
$
9,945‌
Regional
Authority
-
1
.59
%
Province
of
Santa
Fe
8.10%,
12/11/2034
(e)
4,225‌
4,214‌
Provincia
de
Buenos
Aires/Government
Bonds
6.63%,
09/01/2037
(k)
7,493‌
6,207‌
Provincia
de
Cordoba
8.60%,
02/03/2035
(e)
4,775‌
4,744‌
$
15,165‌
REITs
-
0
.20
%
Emirates
Reit
Sukuk
III
Ltd
7.50%,
12/12/2028
(k)
1,875‌
1,880‌
Sovereign
-
41
.77
%
Angolan
Government
International
Bond
8.00%,
11/26/2029
1,943‌
1,984‌
9.38%,
03/31/2033
(e)
6,050‌
6,234‌
Argentine
Republic
Government
International
Bond
0.75%,
07/09/2030
(k)
8,720‌
7,613‌
4.12%,
07/09/2035
(k)
4,250‌
3,360‌
Benin
Sukuk
SA
6.20%,
01/29/2033
2,850‌
2,740‌
Brazil
Notas
do
Tesouro
Nacional
Serie
F
9.76%,
01/01/2027
BRL
50,754‌
9,870‌
9.76%,
01/01/2033
55,830‌
9,042‌
9.76%,
01/01/2035
62,518‌
9,719‌
Brazilian
Government
International
Bond
4.88%,
04/23/2033
EUR
3,125‌
3,537‌
Chile
Government
International
Bond
3.24%,
02/06/2028
$
13,125‌
12,836‌
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
72
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Colombian
TES
12.75%,
11/28/2040
COP
34,506,400‌
$
11,432‌
13.25%,
02/09/2033
46,663,500‌
15,402‌
Czech
Republic
Government
Bond
3.60%,
06/03/2036
CZK
478,100‌
20,415‌
4.95%,
02/27/2037
272,150‌
12,898‌
Eagle
Funding
Luxco
Sarl
5.50%,
08/17/2030
$
9,525‌
9,508‌
Ecuador
Government
International
Bond
0.00%,
07/31/2030
(i)
5,080‌
4,300‌
6.90%,
07/31/2035
(k)
3,138‌
2,821‌
Egypt
Government
Bond
22.42%,
01/06/2028
EGP
126,300‌
2,414‌
24.46%,
10/01/2027
155,400‌
2,963‌
25.32%,
08/13/2027
162,225‌
3,144‌
Egypt
Treasury
Bills
20.25%,
10/27/2026
(n)
145,000‌
2,681‌
21.04%,
09/22/2026
(n)
75,000‌
1,419‌
21.07%,
09/08/2026
(n)
138,900‌
2,653‌
21.32%,
08/25/2026
(n)
109,400‌
2,110‌
21.36%,
01/12/2027
(n)
59,075‌
1,039‌
21.67%,
12/15/2026
(n)
124,300‌
2,227‌
21.76%,
12/08/2026
(n)
48,250‌
869‌
Ghana
Government
International
Bond
0.00%,
01/03/2030
(e),(i)
$
2,640‌
2,315‌
0.00%,
01/03/2030
(i)
4,147‌
3,636‌
5.00%,
07/03/2029
(e),(k)
4,706‌
4,608‌
5.00%,
07/03/2029
2,044‌
2,001‌
Hungary
Government
Bond
4.50%,
03/23/2028
HUF
4,813,000‌
15,010‌
6.25%,
09/23/2037
1,570,650‌
5,243‌
7.00%,
10/24/2035
5,071,670‌
17,611‌
Hungary
Government
International
Bond
4.25%,
05/21/2037
EUR
3,550‌
3,976‌
Mexican
Bonos
8.50%,
11/18/2038
MXN
254,870‌
13,681‌
Mexican
Udibonos
2.75%,
11/27/2031
84,219‌
4,466‌
4.00%,
08/24/2034
63,624‌
3,520‌
Mexico
Government
International
Bond
6.25%,
08/27/2037
$
2,750‌
2,676‌
Nigeria
Government
International
Bond
6.13%,
09/28/2028
3,200‌
3,201‌
6.50%,
11/28/2027
1,375‌
1,383‌
7.14%,
02/23/2030
5,625‌
5,747‌
Peru
Government
Bond
7.60%,
08/12/2039
(e)
PEN
13,675‌
4,310‌
Peruvian
Government
International
Bond
6.85%,
08/12/2035
(e)
41,975‌
12,969‌
6.90%,
08/12/2037
39,700‌
11,953‌
Republic
of
Cameroon
International
Bond
8.88%,
01/30/2033
$
4,300‌
4,163‌
9.50%,
07/31/2031
2,800‌
2,794‌
Republic
of
Poland
Government
Bond
2.00%,
08/25/2036
PLN
56,805‌
13,665‌
5.00%,
10/25/2035
26,375‌
6,721‌
Republic
of
South
Africa
Government
Bond
8.50%,
01/31/2037
ZAR
111,550‌
6,571‌
8.75%,
01/31/2044
156,285‌
9,004‌
9.88%,
03/31/2039
102,644‌
6,518‌
Romania
Government
Bond
6.70%,
02/25/2032
RON
23,000‌
5,021‌
6.85%,
07/29/2030
27,650‌
6,092‌
Romanian
Government
International
Bond
5.63%,
05/30/2037
EUR
11,225‌
12,538‌
6.13%,
10/07/2037
1,700‌
1,957‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Ukraine
Government
International
Bond
4.00%,
02/01/2032
(e),(k)
$
3,161‌
$
2,619‌
4.00%,
02/01/2032
(k)
9,595‌
7,952‌
4.50%,
02/01/2034
(e),(k)
2,346‌
1,633‌
4.50%,
02/01/2034
(k)
13,940‌
9,686‌
Venezuela
Government
International
Bond
0.00%,
05/07/2023
(i)
17,275‌
8,292‌
0.00%,
01/13/2034
(i)
1,375‌
669‌
Zambia
Government
International
Bond
5.75%,
06/30/2033
(k)
8,781‌
8,587‌
$
398,018‌
Supranational
Bank
-
1
.65
%
Africa
Finance
Corp
7.50%,
01/21/2030
(e),(f),(g)
4,425‌
4,467‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.02%
7.50%,
01/21/2030
(f),(g)
1,150‌
1,161‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.02%
African
Export-Import
Bank/The
6.25%,
01/23/2032
(e)
4,650‌
4,636‌
Banque
Ouest
Africaine
de
Developpement
5.00%,
07/27/2027
5,525‌
5,499‌
$
15,763‌
Telecommunications
-
4
.08
%
Axian
Telecom
Holding
&
Management
PLC
7.25%,
07/11/2030
(e)
2,700‌
2,722‌
7.25%,
07/11/2030
1,550‌
1,563‌
DB
Terra
Chile
HoldCo
SpA
7.95%,
04/20/2031
(e)
3,225‌
3,186‌
Digicel
International
Finance
Ltd
/
Difl
US
LLC
8.63%,
08/01/2032
(e)
8,225‌
8,493‌
Telecom
Argentina
SA
9.50%,
07/18/2031
2,550‌
2,758‌
Telecommunications
co
Telekom
Srbija
AD
Belgrade
7.00%,
10/28/2029
(e)
2,650‌
2,638‌
7.00%,
10/28/2029
1,925‌
1,916‌
7.25%,
05/18/2031
(e)
3,525‌
3,484‌
Veon
Midco
BV
3.38%,
11/25/2027
731‌
710‌
6.95%,
06/01/2031
(e)
5,375‌
5,349‌
7.45%,
06/01/2033
(e)
6,075‌
6,022‌
$
38,841‌
Transportation
-
1
.62
%
Transnet/South
Africa
8.25%,
02/06/2028
9,525‌
9,848‌
Yinson
Bergenia
Production
BV
8.50%,
01/31/2045
(e)
2,562‌
2,747‌
8.50%,
01/31/2045
2,659‌
2,852‌
$
15,447‌
TOTAL
BONDS
$
860,856‌
Total
Investments
$
919,143‌
Other
Assets
and
Liabilities
-  3.54%
33,724‌
TOTAL
NET
ASSETS
-
100.00%
$
952,867‌
(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
$6,232
or
0.65%
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
$6,047
or
0.63%
of
net
assets.
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
73
(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
$271,603
or
28.50%
of
net
assets.
(f)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(g)
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
$44,774
or
4.70%
of
net
assets.
(i)
Non-income
producing
security
(j)
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.
(k)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(l)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(m)
Security
purchased
on
a
when-issued
basis.
(n)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
82,233‌
$
1,031,866‌
$
1,056,204‌
$
57,895‌
$
82,233‌
$
1,031,866‌
$
1,056,204‌
$
57,895‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
2,248‌
$
—‌
$
—‌
$
—‌
$
2,248‌
$
—‌
$
—‌
$
—‌
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)
Euro-Bobl
5
Year;
September
2026
Long
814‌
$
106,857‌
$
(
1,021‌
)
US
5
Year
Treasury  Note;
September
2026
Long
1,801‌
190,864‌
(
1,487‌
)
Total
$
(
2,508‌
)
Amounts
in
thousands
except
contracts.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
HSBC
Securities
Inc
08/14/2026
EUR
4,602‌
$
5,262‌
$
46‌
$
—‌
HSBC
Securities
Inc
08/24/2026
$
20,919‌
PLN
79,450‌
—‌
(
354‌
)
HSBC
Securities
Inc
08/24/2026
$
21,732‌
MXN
381,024‌
—‌
(
233‌
)
HSBC
Securities
Inc
08/24/2026
$
4,744‌
ZAR
78,075‌
24‌
—‌
JPMorgan
Chase
08/03/2026
$
1,178‌
EUR
1,023‌
—‌
(
2‌
)
JPMorgan
Chase
08/14/2026
EUR
1,023‌
$
1,178‌
2‌
—‌
JPMorgan
Chase
08/14/2026
$
56,609‌
EUR
49,480‌
—‌
(
469‌
)
JPMorgan
Chase
08/24/2026
TRY
2,100,125‌
$
43,450‌
92‌
—‌
JPMorgan
Chase
08/24/2026
$
63,804‌
EUR
55,709‌
—‌
(
485‌
)
JPMorgan
Chase
08/24/2026
$
17,711‌
ZAR
291,775‌
94‌
(
21‌
)
JPMorgan
Chase
08/24/2026
$
9,288‌
HUF
2,967,625‌
—‌
(
89‌
)
Total
$
258‌
$
(
1,653‌
)
Amounts
in
thousands.
Credit
Default
Swaps
Buy
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2026
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Goldman
Sachs
&
Co
Bank
of
China
Ltd/
Sydney,
4.19%,
06/14/2027
0.32%
(1.00)%
Quarterly
12/20/2028
$
29,900‌
$
(
443‌
)
$
(
20‌
)
$
—‌
$
(
463‌
)
Goldman
Sachs
&
Co
Bank
of
China
Ltd/
Sydney,
4.19%,
06/14/2027
0.32%
(1.00)%
Quarterly
12/20/2028
3,000‌
(
44‌
)
(
2‌
)
—‌
(
46‌
)
Goldman
Sachs
&
Co
China
Construction
Bank
Corp/Hong
Kong,
4.21%,
07/16/2027
0.23%
(1.00)%
Quarterly
12/20/2028
29,900‌
(
443‌
)
(
88‌
)
—‌
(
531‌
)
Goldman
Sachs
&
Co
China
Construction
Bank
Corp/Hong
Kong,
4.21%,
07/16/2027
0.23%
(1.00)%
Quarterly
12/20/2028
3,000‌
(
44‌
)
(
9‌
)
—‌
(
53‌
)
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
74
Credit
Default
Swaps
(continued)
Buy
Protection
(continued)
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2026
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Goldman
Sachs
&
Co
China
Development
Bank,
3.00%,
06/01/2026
0.26%
(1.00)%
Quarterly
12/20/2028
$
29,900‌
$
(
442‌
)
$
(
62‌
)
$
—‌
$
(
504‌
)
Goldman
Sachs
&
Co
China
Development
Bank,
3.00%,
06/01/2026
0.23%
(1.00)%
Quarterly
12/20/2028
3,000‌
(
44‌
)
(
9‌
)
—‌
(
53‌
)
Goldman
Sachs
&
Co
Industrial
&
Commercial
Bank
of
China
Ltd/Hong
Kong,
1.63%,
10/28/2026
0.23%
(1.00)%
Quarterly
12/20/2028
29,900‌
(
443‌
)
(
88‌
)
—‌
(
531‌
)
Goldman
Sachs
&
Co
Industrial
&
Commercial
Bank
of
China
Ltd/Hong
Kong,
1.63%,
10/28/2026
0.29%
(1.00)%
Quarterly
06/20/2029
3,000‌
(
45‌
)
(
14‌
)
—‌
(
59‌
)
Total
$
(
1,948‌
)
$
(
292‌
)
$
—‌
$
(
2,240‌
)
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Buy
Protection
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2026
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
CDX.NA.HY.46
N/A
(5.00)%
Quarterly
06/20/2031
$
27,001‌
$
(
986‌
)
$
(
1,044‌
)
$
(
2,030‌
)
ITRX.XOVER.45
N/A
(5.00)%
Quarterly
06/20/2031
EUR
27,200‌
(
2,707‌
)
(
415‌
)
(
3,122‌
)
Total
$
(
3,693‌
)
$
(
1,459‌
)
$
(
5,152‌
)
Amounts
in
thousands.
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
fair
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
Premiums
Paid/
(Received)
Fair
Value
6
Month
Prague
Interbank
Offered
Rate
Pay
4.21%
Semiannual
Annual
N/A
09/16/2031
CZK
377,600‌
$
(
256‌
)
$
(
3‌
)
$
(
259‌
)
Total
$
(
256‌
)
$
(
3‌
)
$
(
259‌
)
Amounts
in
thousands.
(a)    
Forward
swap.
Total
Return
Swaps
Counterparty
Fund
Pays
Fund
Receives
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Premiums
Paid/
(Received)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
 Liability
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
08/11/2026
Annual
08/11/2026
NGN
2,264,100‌
$
—‌
$
129‌
$
—‌
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
08/11/2026
Annual
08/11/2026
1,780,920‌
—‌
81‌
—‌
Citigroup
Inc
Secured
Overnight
Financing
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
09/08/2026
Annual
09/09/2026
5,600,000‌
—‌
118‌
—‌
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
09/15/2026
Annual
09/17/2026
459,000‌
—‌
13‌
—‌
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
09/15/2026
Annual
09/16/2026
1,480,000‌
—‌
41‌
—‌
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
75
Total
Return
Swaps
(continued)
Counterparty
Fund
Pays
Fund
Receives
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Premiums
Paid/
(Received)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
 Liability
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
09/29/2026
Annual
10/01/2026
NGN
3,028,000‌
$
—‌
$
84‌
$
—‌
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
09/29/2026
Annual
10/01/2026
4,580,000‌
—‌
138‌
—‌
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
09/29/2026
Annual
10/01/2026
451,000‌
—‌
14‌
—‌
Citigroup
Inc
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
10/13/2026
Annual
10/13/2026
1,464,200‌
—‌
25‌
—‌
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Nigeria
OMO
Bill,
0.00%,
10/13/2026
Annual
10/15/2026
2,814,000‌
—‌
42‌
—‌
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Uganda
Government
Bond,
16.00%,
05/14/2037
Annual
05/18/2037
UGX
12,674,000‌
—‌
—‌
(
54‌
)
Citigroup
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Uganda
Government
Bond,
16.25%,
11/13/2035
Annual
11/13/2035
6,447,000‌
—‌
—‌
(
38‌
)
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
08/04/2026
Annual
08/04/2026
NGN
1,762,000‌
—‌
88‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
08/25/2026
Annual
08/25/2026
5,400,000‌
—‌
188‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
09/08/2026
Annual
09/08/2026
1,850,000‌
—‌
55‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
09/15/2026
Annual
09/16/2026
1,273,000‌
—‌
42‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
09/15/2026
Annual
09/15/2026
830,000‌
—‌
28‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.85%
Nigeria
OMO
Bill,
0.00%,
11/17/2026
Annual
11/19/2026
1,051,000‌
—‌
2‌
—‌
Total
$
—‌
$
1,088‌
$
(
92‌
)
Amounts
in
thousands.
Schedule
of
Investments
Global
Emerging
Markets
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
76
INVESTMENT
COMPANIES
-
1
.65
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.65
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
2,251,284‌
$
2,251‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b),(c)
122,952,868‌
122,953‌
$
125,204‌
TOTAL
INVESTMENT
COMPANIES
$
125,204‌
COMMON
STOCKS
-
98
.89
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1
.68
%
CSG
NV
(d),(e)
1,870,697‌
$
35,795‌
LIG
Defense&Aerospace
Co
Ltd
187,202‌
91,471‌
$
127,266‌
Automobile
Manufacturers
-
0
.61
%
Mahindra
&
Mahindra
Ltd
1,304,355‌
46,445‌
Automobile
Parts
&
Equipment
-
2
.40
%
Contemporary
Amperex
Technology
Co
Ltd
1,519,362‌
89,007‌
Contemporary
Amperex
Technology
Co
Ltd
111,400‌
8,819‌
Weichai
Power
Co
Ltd
20,479,150‌
84,759‌
$
182,585‌
Banks
-
11
.86
%
Asia
Commercial
Bank
JSC
63,656,064‌
52,948‌
Credicorp
Ltd
239,393‌
95,896‌
Grupo
Financiero
Banorte
SAB
de
CV
7,857,800‌
90,576‌
HDFC
Bank
Ltd
18,716,460‌
146,584‌
ICICI
Bank
Ltd
10,321,884‌
155,129‌
IDFC
First
Bank
Ltd
102,179,799‌
90,652‌
Piraeus
Bank
SA
(d)
11,843,962‌
138,149‌
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
2,667,145‌
79,889‌
Vietnam
Technological
&
Commercial
Joint
Stock
Bank
46,420,000‌
50,994‌
$
900,817‌
Beverages
-
1
.84
%
Arca
Continental
SAB
de
CV
6,329,200‌
72,291‌
Varun
Beverages
Ltd
14,610,489‌
67,704‌
$
139,995‌
Biotechnology
-
1
.84
%
BeOne
Medicines
Ltd
(d)
1,946,200‌
48,110‌
Samsung
Biologics
Co
Ltd
(d),(f)
60,230‌
61,967‌
Structure
Therapeutics
Inc
ADR
(d)
625,751‌
30,061‌
$
140,138‌
Building
Materials
-
1
.17
%
UltraTech
Cement
Ltd
710,065‌
88,550‌
Commercial
Services
-
0
.61
%
Localiza
Rent
a
Car
SA
6,185,700‌
46,102‌
Diversified
Financial
Services
-
4
.10
%
Bajaj
Finance
Ltd
6,713,035‌
80,250‌
Banco
BTG
Pactual
SA
11,708,350‌
130,985‌
Hong
Kong
Exchanges
&
Clearing
Ltd
1,921,900‌
100,136‌
$
311,371‌
Electric
-
0
.18
%
Emirates
Central
Cooling
Systems
Corp
32,436,721‌
13,904‌
Electrical
Components
&
Equipment
-
1
.74
%
Delta
Electronics
Inc
2,682,000‌
131,948‌
Electronics
-
1
.69
%
Chroma
ATE
Inc
1,274,000‌
80,040‌
Voltronic
Power
Technology
Corp
1,645,000‌
48,260‌
$
128,300‌
Food
-
0
.69
%
BIM
Birlesik
Magazalar
AS
6,380,832‌
52,409‌
Healthcare
-
Products
-
0
.40
%
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co
Ltd
7,313,687‌
30,426‌
Home
Furnishings
-
0
.90
%
Anker
Innovations
Technology
Co
Ltd
3,789,703‌
68,485‌
Insurance
-
3
.92
%
AIA
Group
Ltd
16,999,000‌
171,365‌
Bupa
Arabia
for
Cooperative
Insurance
Co
1,698,650‌
71,164‌
Max
Financial
Services
Ltd
(d)
3,542,811‌
55,627‌
$
298,156‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
-
10
.69
%
Alibaba
Group
Holding
Ltd
14,361,524‌
$
218,775‌
Grab
Holdings
Ltd
(d)
21,055,951‌
73,696‌
MercadoLibre
Inc
(d)
51,029‌
95,830‌
Tencent
Holdings
Ltd
4,785,300‌
292,396‌
Trip.com
Group
Ltd
(d)
1,819,298‌
85,235‌
Vishal
Mega
Mart
Ltd
(d)
41,046,896‌
46,073‌
$
812,005‌
Investment
Companies
-
0
.69
%
SK
Square
Co
Ltd
(d)
75,821‌
52,135‌
Iron
&
Steel
-
1
.12
%
Severstal
PAO
(d)
31,471‌
—‌
Vale
SA
ADR
5,628,317‌
84,762‌
$
84,762‌
Lodging
-
1
.79
%
H
World
Group
Ltd
14,838,300‌
63,038‌
Indian
Hotels
Co
Ltd/The
9,399,353‌
72,759‌
$
135,797‌
Machinery
-
Diversified
-
0
.44
%
WEG
SA
3,593,000‌
33,625‌
Metal
Fabrication
&
Hardware
-
1
.15
%
APL
Apollo
Tubes
Ltd
3,770,619‌
71,885‌
JSW
One
Platforms
Ltd
(d),(g),(h)
4,446,260‌
15,158‌
$
87,043‌
Mining
-
2
.25
%
Polyus
PJSC
(d)
3,430‌
—‌
Teck
Resources
Ltd
1,627,032‌
98,012‌
Wheaton
Precious
Metals
Corp
666,124‌
72,628‌
$
170,640‌
Miscellaneous
Manufacturers
-
0
.54
%
Hyundai
Rotem
Co
Ltd
439,166‌
40,812‌
Oil
&
Gas
-
3
.50
%
ADNOC
Drilling
Co
PJSC
57,543,872‌
91,343‌
PRIO
SA/Brazil
(d)
7,081,200‌
85,282‌
Reliance
Industries
Ltd
6,511,648‌
89,154‌
$
265,779‌
Pharmaceuticals
-
1
.09
%
Richter
Gedeon
Nyrt
1,390,653‌
51,815‌
Simcere
Pharmaceutical
Group
Ltd
(f)
19,615,000‌
30,862‌
$
82,677‌
Real
Estate
-
1
.94
%
Aldar
Properties
PJSC
37,391,485‌
75,437‌
China
Resources
Land
Ltd
11,265,500‌
47,660‌
Cury
Construtora
e
Incorporadora
SA
4,155,400‌
24,592‌
$
147,689‌
Retail
-
2
.42
%
BBB
Foods
Inc
(d)
1,912,474‌
79,043‌
Yum
China
Holdings
Inc
2,215,200‌
104,966‌
$
184,009‌
Semiconductors
-
33
.10
%
ASML
Holding
NV
-
NY
Reg
Shares
53,558‌
87,246‌
MediaTek
Inc
943,000‌
100,456‌
Samsung
Electronics
Co
Ltd
4,049,595‌
704,851‌
SK
hynix
Inc
246,175‌
279,570‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
18,140,685‌
1,341,781‌
$
2,513,904‌
Shipbuilding
-
0
.62
%
HD
Hyundai
Marine
Solution
Co
Ltd
369,833‌
46,970‌
Software
-
0
.82
%
NetEase
Inc
2,345,325‌
62,400‌
Telecommunications
-
1
.10
%
Accton
Technology
Corp
1,295,000‌
83,938‌
TOTAL
COMMON
STOCKS
$
7,511,082‌
Total
Investments
$
7,636,286‌
Other
Assets
and
Liabilities
-  (0.54)%
(
41,131‌
)
TOTAL
NET
ASSETS
-
100.00%
$
7,595,155‌
Schedule
of
Investments
Global
Emerging
Markets
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
77
(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
$36,951
or
0.49%
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
$35,437
or
0.47%
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
$92,829
or
1.22%
of
net
assets.
(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.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
245,061‌
$
2,431,753‌
$
2,553,861‌
$
122,953‌
$
245,061‌
$
2,431,753‌
$
2,553,861‌
$
122,953‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
2,149‌
$
—‌
$
—‌
$
—‌
$
2,149‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
JSW
One
Platforms
Ltd
06/30/2026
$
11,986‌
$
15,158‌
0.20%
Total
$
15,158‌
0.20%
Amounts
in
thousands.
Schedule
of
Investments
Global
Real
Estate
Securities
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
78
INVESTMENT
COMPANIES
-
0
.79
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.79
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
8‌
$
—‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(c)
13,675,206‌
13,675‌
$
13,675‌
TOTAL
INVESTMENT
COMPANIES
$
13,675‌
COMMON
STOCKS
-
99
.37
%
Shares
Held
Value
(000's)
Engineering
&
Construction
-
0
.66
%
Keppel
Ltd
1,280,600‌
$
11,437‌
Healthcare
-
Services
-
0
.50
%
Chartwell
Retirement
Residences
531,610‌
8,567‌
Lodging
-
1
.84
%
Hilton
Worldwide
Holdings
Inc
71,828‌
23,020‌
Hyatt
Hotels
Corp
51,064‌
8,888‌
$
31,908‌
Private
Equity
-
0
.63
%
CapitaLand
Investment
Ltd/Singapore
5,252,800‌
10,886‌
Real
Estate
-
9
.90
%
Castellum
AB
1,613,620‌
22,648‌
City
Developments
Ltd
1,334,800‌
8,163‌
CK
Asset
Holdings
Ltd
885,000‌
5,391‌
CTP
NV
(d)
522,803‌
9,447‌
Jones
Lang
LaSalle
Inc
(e)
33,425‌
11,867‌
Mitsubishi
Estate
Co
Ltd
1,870,200‌
45,403‌
Sumitomo
Realty
&
Development
Co
Ltd
1,210,600‌
27,135‌
Sun
Hung
Kai
Properties
Ltd
860,000‌
13,498‌
Swire
Properties
Ltd
4,040,000‌
12,304‌
TAG
Immobilien
AG
962,454‌
15,379‌
$
171,235‌
REITs
-
84
.92
%
Advance
Residence
Investment
Corp
7,833‌
7,268‌
Agree
Realty
Corp
244,401‌
19,014‌
American
Healthcare
REIT
Inc
437,656‌
24,334‌
American
Homes
4
Rent
1,355,318‌
45,295‌
American
Tower
Corp
72,856‌
12,630‌
Americold
Realty
Trust
Inc
511,775‌
7,211‌
AvalonBay
Communities
Inc
243,110‌
45,124‌
Blackstone
Digital
Infrastructure
Trust
Inc
(e)
539,934‌
11,236‌
British
Land
Co
PLC/The
4,256,885‌
25,455‌
Brixmor
Property
Group
Inc
436,853‌
13,765‌
Canadian
Apartment
Properties
REIT
374,086‌
9,249‌
CapitaLand
Integrated
Commercial
Trust
10,042,000‌
19,489‌
Centurion
Accommodation
Reit
3,599,669‌
3,169‌
Charter
Hall
Group
1,086,232‌
17,762‌
COPT
Defense
Properties
236,743‌
8,987‌
Cousins
Properties
Inc
557,999‌
17,605‌
Curbline
Properties
Corp
1,082,585‌
33,170‌
Digital
Realty
Trust
Inc
217,784‌
41,057‌
EastGroup
Properties
Inc
133,348‌
27,871‌
Equinix
Inc
118,838‌
121,129‌
Equity
LifeStyle
Properties
Inc
361,259‌
23,507‌
Essex
Property
Trust
Inc
137,573‌
39,090‌
Extra
Space
Storage
Inc
446,198‌
66,055‌
Gaming
and
Leisure
Properties
Inc
427,895‌
19,165‌
Goodman
Group
3,130,132‌
65,166‌
Healthpeak
Properties
Inc
1,201,638‌
26,232‌
Iron
Mountain
Inc
176,390‌
21,576‌
Janus
Living
Inc
550,800‌
16,640‌
Japan
Metropolitan
Fund
Invest
16,729‌
12,357‌
Keppel
DC
REIT
2,881,771‌
5,011‌
Kilroy
Realty
Corp
295,341‌
11,465‌
Klepierre
SA
344,542‌
15,649‌
Link
REIT
3,936,500‌
19,621‌
Merlin
Properties
Socimi
SA
1,444,444‌
25,105‌
Mitsui
Fudosan
Accommodations
Fund
Inc
7,276‌
5,606‌
Nippon
Building
Fund
Inc
12,409‌
10,467‌
Nippon
Prologis
REIT
Inc
21,149‌
12,019‌
Prologis
Inc
507,611‌
73,406‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Prologis
Property
Mexico
SA
de
CV
960,046‌
$
4,297‌
Regency
Centers
Corp
523,904‌
42,064‌
Rexford
Industrial
Realty
Inc
710,189‌
26,824‌
Sabra
Health
Care
REIT
Inc
1,345,502‌
28,484‌
Safestore
Holdings
PLC
1,416,627‌
11,817‌
Saul
Centers
Inc
24,872‌
847‌
SBA
Communications
Corp
48,361‌
8,752‌
Sekisui
House
Reit
Inc
13,881‌
6,602‌
Simon
Property
Group
Inc
109,974‌
25,225‌
Stockland
5,984,076‌
17,913‌
Terreno
Realty
Corp
164,318‌
11,773‌
Unibail-Rodamco-Westfield
(e)
479,356‌
58,404‌
Ventas
Inc
915,622‌
85,620‌
Vornado
Realty
Trust
365,297‌
14,389‌
Warehouses
De
Pauw
CVA
638,103‌
16,422‌
Welltower
Inc
557,538‌
130,709‌
$
1,469,099‌
Telecommunications
-
0
.69
%
NEXTDC
Ltd
(e)
1,264,052‌
11,889‌
Transportation
-
0
.23
%
East
Japan
Railway
Co
173,800‌
3,999‌
TOTAL
COMMON
STOCKS
$
1,719,020‌
Total
Investments
$
1,732,695‌
Other
Assets
and
Liabilities
-  (0.16)%
(
2,796‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,729,899‌
(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
$0
or
0.00%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
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
$9,447
or
0.55%
of
net
assets.
(e)
Non-income
producing
security
Schedule
of
Investments
Global
Real
Estate
Securities
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
79
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
20,825‌
$
279,750‌
$
286,900‌
$
13,675‌
$
20,825‌
$
279,750‌
$
286,900‌
$
13,675‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
421‌
$
—‌
$
—‌
$
—‌
$
421‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
80
INVESTMENT
COMPANIES
-
1
.41
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.41
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
3‌
$
—‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(c)
7,357,364‌
7,357‌
$
7,357‌
TOTAL
INVESTMENT
COMPANIES
$
7,357‌
BONDS
-
16
.06
%
Principal
Amount
(000's)
Value
(000's)
Automobile
Asset
Backed
Securities
-
1
.27
%
BofA
Auto
Trust
2025-1
4.17%,
11/22/2027
(d)
$
107‌
$
107‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.55%
Capital
One
Prime
Auto
Receivables
Trust
2025-1
3.88%,
01/16/2029
1,457‌
1,456‌
Santander
Drive
Auto
Receivables
Trust
2025-3
4.63%,
10/16/2028
1,717‌
1,718‌
Santander
Drive
Auto
Receivables
Trust
2025-4
4.28%,
01/15/2029
2,153‌
2,154‌
Wheels
Fleet
Lease
Funding
1
LLC
4.34%,
01/18/2040
(d)
1,192‌
1,194‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.67%
$
6,629‌
Commercial
Mortgage
Backed
Securities
-
2
.01
%
BODI
Commercial
Mortgage
Trust
2026-DC1
5.36%,
03/13/2052
(d),(e)
3,175‌
3,145‌
BX
Trust
2025-VOLT
5.38%,
12/15/2044
(d)
2,465‌
2,459‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.70%
CONE
Commercial
Mortgage
Trust
2026-ACD6
6.06%,
07/15/2043
(d),(e)
2,225‌
2,207‌
CONE
Commercial
Mortgage
Trust
2026-DFW3
5.57%,
05/15/2043
(d),(e)
2,750‌
2,718‌
$
10,529‌
Mortgage
Backed
Securities
-
8
.94
%
Citigroup
Mortgage
Loan
Trust
2015-PS1
5.25%,
09/25/2042
(d),(e)
1,606‌
1,591‌
CSMC
Trust
2015-1
3.87%,
01/25/2045
(d),(e)
1,844‌
1,767‌
Fannie
Mae
Interest
Strip
3.50%,
12/25/2043
(e),(f)
1,081‌
137‌
Fannie
Mae
REMICS
2.01%,
06/25/2045
(f)
2,851‌
160‌
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.00%
2.27%,
09/25/2046
(f)
8,658‌
746‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
2.27%,
10/25/2049
(f)
9,434‌
949‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
2.27%,
05/25/2050
(f)
9,959‌
928‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
2.32%,
08/25/2049
(f)
14,680‌
1,320‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
2.32%,
09/25/2049
(f)
4,216‌
427‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
2.32%,
11/25/2049
(f)
7,039‌
622‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
2.34%,
06/25/2050
(f)
6,742‌
639‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.96%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Fannie
Mae
REMICS
(continued)
2.42%,
09/25/2047
(f)
$
13,329‌
$
1,232‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.04%
2.50%,
02/25/2028
(f)
486‌
7‌
2.97%,
12/25/2042
(f)
5,131‌
576‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.59%
3.00%,
07/25/2032
(f)
1,723‌
77‌
3.00%,
10/25/2040
(f)
308‌
3‌
3.00%,
04/25/2042
148‌
147‌
3.00%,
05/25/2048
623‌
538‌
3.00%,
01/25/2051
(f)
9,830‌
1,708‌
3.50%,
02/25/2036
(f)
1,337‌
100‌
3.50%,
02/25/2043
(f)
112‌
2‌
3.50%,
02/25/2043
51‌
51‌
3.50%,
07/25/2043
(f)
1,652‌
80‌
7.00%,
04/25/2032
146‌
149‌
Freddie
Mac
REMICS
2.32%,
09/25/2049
(f)
13,187‌
1,188‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
2.32%,
10/25/2049
(f)
10,583‌
965‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
2.32%,
11/25/2049
(f)
4,695‌
417‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
2.32%,
03/25/2050
(f)
7,791‌
728‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
3.00%,
04/15/2046
674‌
615‌
4.00%,
11/15/2042
(f)
945‌
121‌
6.50%,
08/15/2027
2‌
2‌
Ginnie
Mae
2.32%,
03/20/2044
(f)
3,385‌
312‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
2.32%,
06/20/2046
(f)
1,570‌
148‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
2.32%,
08/20/2047
(f)
8,381‌
805‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
2.42%,
10/20/2045
(f)
3,493‌
353‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
2.42%,
11/20/2047
(f)
2,638‌
269‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
2.52%,
07/20/2051
(f)
6,538‌
725‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
2.52%,
08/20/2051
(f)
8,060‌
930‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
2.63%,
09/20/2050
(f)
5,883‌
711‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.25%
3.00%,
07/20/2050
(f)
5,368‌
830‌
3.00%,
11/20/2050
(f)
9,873‌
1,644‌
3.00%,
11/20/2050
(f)
14,669‌
2,405‌
3.00%,
12/20/2050
(f)
6,180‌
1,026‌
3.50%,
10/20/2049
(f)
8,995‌
1,673‌
4.00%,
04/20/2044
(f)
735‌
33‌
4.00%,
01/20/2046
(f)
446‌
17‌
JP
Morgan
Mortgage
Trust
2016-4
3.50%,
10/25/2046
(d),(e)
510‌
454‌
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
81
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
New
Residential
Mortgage
Loan
Trust
2015-2
5.21%,
08/25/2055
(d),(e)
$
1,647‌
$
1,631‌
Sequoia
Mortgage
Trust
2013-2
3.63%,
02/25/2043
(e)
419‌
412‌
Sequoia
Mortgage
Trust
2017-3
3.77%,
04/25/2047
(d),(e)
1,406‌
1,312‌
Sequoia
Mortgage
Trust
2017-5
3.50%,
08/25/2047
(d),(e)
152‌
136‌
Sequoia
Mortgage
Trust
2024-5
6.00%,
06/25/2054
(d),(e)
215‌
214‌
Sequoia
Mortgage
Trust
2025-HYB1
5.02%,
10/25/2055
(d),(e)
6,524‌
6,408‌
Sequoia
Mortgage
Trust
2026-HYB1
4.67%,
04/25/2056
(d),(e)
6,509‌
6,352‌
$
46,792‌
Other
Asset
Backed
Securities
-
3
.84
%
Consolidated
Communications
LLC/Fidium
Fiber
Finance
Holdco
LLC
5.08%,
03/20/2056
(d)
2,550‌
2,487‌
Firstlight
Issuer
LLC
5.87%,
06/20/2056
(d)
1,600‌
1,589‌
Iskandar
Enterprise
LLC
5.05%,
04/17/2056
(d)
2,090‌
2,045‌
Lightpath
Fiber
Issuer
LLC
5.60%,
03/25/2056
(d)
1,275‌
1,263‌
MetroNet
Infrastructure
Issuer
LLC
5.16%,
12/20/2055
(d)
1,275‌
1,254‌
5.27%,
04/20/2056
(d)
2,550‌
2,520‌
QTS
Issuer
ABS
II
LLC
5.34%,
07/05/2056
(d)
1,275‌
1,261‌
Zayo
Issuer
LLC
5.55%,
04/20/2056
(d)
2,850‌
2,820‌
5.57%,
10/20/2055
(d)
4,925‌
4,830‌
$
20,069‌
TOTAL
BONDS
$
84,019‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
83
.69
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
3
.11
%
3.00%,
05/01/2043
$
785‌
$
704‌
3.00%,
07/01/2045
2,008‌
1,777‌
3.00%,
10/01/2046
2,877‌
2,568‌
3.50%,
02/01/2044
1,659‌
1,525‌
3.50%,
11/01/2046
1,361‌
1,240‌
4.00%,
12/01/2041
1,303‌
1,243‌
4.00%,
09/15/2042
409‌
389‌
4.00%,
10/01/2045
2,396‌
2,255‌
4.50%,
04/01/2041
1,340‌
1,303‌
5.00%,
12/01/2032
5‌
5‌
5.00%,
02/01/2033
64‌
64‌
5.00%,
01/01/2034
765‌
765‌
5.00%,
05/01/2034
18‌
17‌
5.00%,
07/01/2035
8‌
8‌
5.00%,
10/01/2035
1‌
1‌
5.00%,
11/01/2035
77‌
77‌
5.00%,
07/01/2044
679‌
675‌
5.00%,
03/01/2048
1,317‌
1,302‌
5.50%,
05/01/2033
1‌
1‌
5.50%,
10/01/2033
3‌
3‌
5.50%,
12/01/2033
63‌
64‌
6.00%,
05/01/2031
14‌
14‌
6.00%,
02/01/2032
3‌
3‌
6.00%,
11/01/2033
100‌
102‌
6.00%,
05/01/2037
38‌
39‌
6.00%,
07/01/2038
47‌
48‌
6.00%,
10/01/2038
19‌
20‌
6.50%,
03/01/2029
3‌
3‌
6.50%,
04/01/2031
13‌
13‌
6.50%,
10/01/2031
10‌
10‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
6.50%,
02/01/2032
$
1‌
$
1‌
6.50%,
04/01/2032
1‌
1‌
7.00%,
06/01/2029
7‌
7‌
7.00%,
04/01/2031
6‌
7‌
7.00%,
10/01/2031
13‌
13‌
7.00%,
04/01/2032
29‌
31‌
$
16,298‌
Federal
National
Mortgage
Association
(FNMA)
-
0
.07
%
5.50%,
05/01/2033
26‌
26‌
6.00%,
01/01/2032
15‌
15‌
6.00%,
04/01/2033
34‌
34‌
6.00%,
09/01/2034
105‌
104‌
6.11%,
12/01/2033
9‌
9‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.71%
6.50%,
06/01/2031
15‌
15‌
6.50%,
11/01/2032
100‌
100‌
6.50%,
11/01/2032
23‌
23‌
7.00%,
08/01/2028
4‌
4‌
7.00%,
12/01/2028
6‌
6‌
7.00%,
07/01/2029
5‌
5‌
7.00%,
07/01/2032
2‌
2‌
$
343‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
57
.02
%
2.00%,
11/01/2051
8,478‌
6,767‌
2.00%,
12/01/2051
8,640‌
6,909‌
2.00%,
01/01/2052
9,526‌
7,622‌
2.00%,
02/01/2052
9,204‌
7,398‌
2.00%,
03/01/2052
10,409‌
8,194‌
2.00%,
03/01/2052
11,558‌
9,164‌
2.00%,
10/01/2052
11,267‌
8,822‌
2.50%,
10/01/2050
3,559‌
2,941‌
2.50%,
02/01/2051
6,235‌
5,226‌
2.50%,
07/01/2051
9,380‌
7,817‌
2.50%,
10/01/2051
9,978‌
8,194‌
2.50%,
11/01/2051
4,718‌
3,926‌
2.50%,
12/01/2051
10,557‌
8,913‌
2.50%,
04/01/2052
2,937‌
2,410‌
2.50%,
10/01/2053
1,959‌
1,613‌
3.00%,
01/01/2046
1,847‌
1,646‌
3.00%,
10/01/2046
2,528‌
2,231‌
3.00%,
12/01/2046
2,687‌
2,361‌
3.00%,
08/01/2050
3,388‌
2,920‌
3.00%,
09/01/2050
5,507‌
4,759‌
3.50%,
06/01/2042
725‌
674‌
3.50%,
11/01/2042
1,340‌
1,246‌
3.50%,
03/01/2045
1,480‌
1,355‌
4.00%,
11/01/2044
956‌
901‌
4.00%,
08/01/2046
2,804‌
2,621‌
4.00%,
02/01/2048
2,233‌
2,083‌
4.00%,
07/01/2053
3,294‌
3,016‌
4.00%,
02/01/2054
3,771‌
3,451‌
4.50%,
08/01/2039
728‌
708‌
4.50%,
10/01/2044
1,063‌
1,014‌
4.50%,
12/01/2044
2,266‌
2,183‌
4.50%,
05/01/2045
1,043‌
1,005‌
4.50%,
09/01/2045
1,392‌
1,340‌
4.50%,
10/01/2045
1,990‌
1,919‌
4.50%,
11/01/2045
2,761‌
2,656‌
4.50%,
06/01/2052
4,011‌
3,816‌
4.50%,
08/01/2052
4,152‌
3,942‌
4.50%,
08/01/2052
4,117‌
3,906‌
4.50%,
10/01/2052
7,015‌
6,628‌
4.50%,
11/01/2053
2,850‌
2,689‌
4.50%,
01/01/2054
4,054‌
3,850‌
4.50%,
11/01/2054
3,834‌
3,616‌
5.00%,
04/01/2035
42‌
41‌
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
82
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)
5.00%,
05/01/2035
$
16‌
$
16‌
5.00%,
07/01/2035
5‌
5‌
5.00%,
02/01/2038
521‌
519‌
5.00%,
03/01/2038
323‌
321‌
5.00%,
02/01/2040
1,673‌
1,677‌
5.00%,
05/01/2040
662‌
658‌
5.00%,
07/01/2040
334‌
330‌
5.00%,
07/01/2041
1,802‌
1,789‌
5.00%,
02/01/2044
951‌
940‌
5.00%,
06/01/2044
798‌
792‌
5.00%,
05/01/2048
1,508‌
1,490‌
5.00%,
09/01/2052
3,691‌
3,611‌
5.00%,
04/01/2053
2,624‌
2,555‌
5.00%,
06/01/2053
8,325‌
8,082‌
5.00%,
06/01/2054
1,482‌
1,439‌
5.00%,
11/01/2054
1,941‌
1,893‌
5.00%,
11/01/2054
4,221‌
4,079‌
5.00%,
11/01/2054
5,018‌
4,873‌
5.00%,
01/01/2055
4,089‌
3,976‌
5.00%,
02/01/2055
2,773‌
2,693‌
5.00%,
02/01/2055
1,449‌
1,415‌
5.00%,
01/01/2056
2,907‌
2,816‌
5.00%,
02/01/2056
5,864‌
5,677‌
5.50%,
07/01/2033
124‌
125‌
5.50%,
12/01/2037
267‌
269‌
5.50%,
07/01/2053
2,255‌
2,256‌
5.50%,
11/01/2053
5,152‌
5,164‌
5.50%,
11/01/2053
5,123‌
5,112‌
5.50%,
03/01/2054
3,551‌
3,543‌
5.50%,
05/01/2054
3,965‌
3,974‌
5.50%,
10/01/2054
6,681‌
6,693‌
5.50%,
02/01/2055
6,069‌
6,058‌
5.50%,
04/01/2055
3,937‌
3,931‌
5.50%,
06/01/2055
3,552‌
3,542‌
5.50%,
06/01/2055
2,416‌
2,411‌
5.50%,
08/01/2055
6,135‌
6,098‌
5.50%,
08/01/2055
3,945‌
3,944‌
5.50%,
10/01/2055
6,108‌
6,089‌
6.00%,
03/01/2029
4‌
4‌
6.00%,
11/01/2032
4‌
4‌
6.00%,
04/01/2039
100‌
103‌
6.00%,
09/01/2053
2,320‌
2,352‌
6.00%,
04/01/2054
4,275‌
4,393‌
6.00%,
05/01/2054
3,924‌
4,023‌
6.00%,
06/01/2054
2,912‌
2,982‌
6.00%,
09/01/2054
2,730‌
2,799‌
6.00%,
09/01/2054
3,587‌
3,643‌
6.00%,
11/01/2054
2,393‌
2,453‌
6.50%,
03/01/2029
3‌
3‌
6.50%,
06/01/2031
31‌
32‌
6.50%,
12/01/2031
1‌
1‌
6.50%,
04/01/2032
2‌
2‌
6.50%,
08/01/2032
13‌
13‌
6.50%,
02/01/2033
24‌
25‌
6.50%,
04/01/2036
1‌
1‌
6.50%,
08/01/2036
13‌
13‌
6.50%,
08/01/2036
5‌
5‌
6.50%,
10/01/2036
9‌
10‌
6.50%,
11/01/2036
4‌
5‌
6.50%,
07/01/2037
6‌
6‌
6.50%,
08/01/2037
9‌
10‌
6.50%,
08/01/2037
82‌
86‌
6.50%,
02/01/2038
9‌
9‌
7.00%,
11/01/2031
21‌
22‌
$
298,347‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
-
23
.00
%
2.00%,
08/20/2050
$
3,199‌
$
2,567‌
2.00%,
02/20/2051
6,053‌
4,857‌
2.00%,
05/20/2051
3,034‌
2,434‌
2.50%,
06/20/2050
10,575‌
8,836‌
2.50%,
09/20/2051
8,708‌
7,276‌
3.00%,
12/20/2051
2,238‌
1,944‌
4.00%,
09/15/2041
1,719‌
1,598‌
4.00%,
03/15/2044
1,052‌
975‌
4.00%,
10/20/2052
3,932‌
3,618‌
4.50%,
05/20/2052
4,093‌
3,873‌
4.50%,
09/20/2052
4,879‌
4,624‌
4.50%,
03/20/2053
2,724‌
2,583‌
4.50%,
10/20/2054
2,617‌
2,462‌
4.50%,
11/20/2054
13,446‌
12,643‌
5.00%,
12/20/2052
6,604‌
6,444‌
5.00%,
04/20/2053
10,810‌
10,535‌
5.00%,
05/20/2053
5,105‌
4,964‌
5.00%,
09/20/2053
4,305‌
4,193‌
5.00%,
10/20/2053
4,452‌
4,334‌
5.00%,
02/20/2054
1,912‌
1,863‌
5.00%,
04/20/2054
6,059‌
5,880‌
5.00%,
08/20/2056
(g)
2,600‌
2,515‌
5.50%,
07/20/2033
204‌
206‌
5.50%,
03/20/2034
229‌
233‌
5.50%,
05/20/2035
24‌
24‌
5.50%,
03/20/2053
3,364‌
3,370‌
5.50%,
06/20/2053
1,479‌
1,481‌
5.50%,
08/20/2053
4,855‌
4,855‌
5.50%,
07/20/2054
2,714‌
2,710‌
5.50%,
08/20/2056
(g)
6,060‌
6,020‌
6.00%,
02/20/2029
5‌
5‌
6.00%,
02/15/2033
2‌
2‌
6.00%,
07/20/2033
167‌
170‌
6.00%,
08/15/2038
23‌
24‌
6.50%,
10/20/2028
1‌
1‌
6.50%,
03/20/2031
9‌
9‌
6.50%,
04/20/2031
7‌
7‌
6.50%,
10/15/2031
3‌
3‌
6.50%,
07/15/2032
1‌
1‌
6.50%,
05/20/2034
141‌
146‌
7.00%,
06/15/2028
14‌
16‌
7.00%,
12/15/2028
4‌
4‌
7.00%,
01/15/2029
4‌
4‌
7.00%,
03/15/2029
6‌
6‌
7.00%,
04/15/2029
5‌
5‌
7.00%,
05/15/2031
1‌
1‌
7.50%,
08/15/2029
4‌
4‌
7.50%,
10/15/2029
6‌
6‌
8.00%,
12/15/2030
1‌
1‌
$
120,332‌
U.S.
Treasury
Bill
-
0
.49
%
3.76%,
12/24/2026
(h)
2,600‌
2,561‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
437,881‌
Total
Investments
$
529,257‌
Other
Assets
and
Liabilities
-  (1.16)%
(
6,050‌
)
TOTAL
NET
ASSETS
-
100.00%
$
523,207‌
(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
$0
or
0.00%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
83
(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
$51,764
or
9.89%
of
net
assets.
(e)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(f)
Security
is
an
Interest
Only
Strip.
(g)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(h)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
11,601‌
$
167,040‌
$
171,284‌
$
7,357‌
$
11,601‌
$
167,040‌
$
171,284‌
$
7,357‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
120‌
$
—‌
$
—‌
$
—‌
$
120‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Treasury
Note;
September
2026
Short
114‌
$
12,312‌
$
164‌
US
2
Year
Treasury
Note;
September
2026
Short
69‌
14,187‌
52‌
US
5
Year
Treasury  Note;
September
2026
Short
620‌
65,706‌
567‌
US
Long
Bond;
September
2026
Long
105‌
11,373‌
(
299‌
)
Total
$
484‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
High
Yield
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
84
INVESTMENT
COMPANIES
-
2.61%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2.61%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
2,087,435‌
$
2,087‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b),(c)
98,875,520‌
98,876‌
$
100,963‌
TOTAL
INVESTMENT
COMPANIES
$
100,963‌
COMMON
STOCKS
-
0.06%
Shares
Held
Value
(000's)
Commercial
Services
-
0.03%
Labels
Buyer
LLC
NPV
(d)
13,951‌
$
1,158‌
Labels
Buyer
LLC
NPV
-
Warrants
(d)
6,501‌
12‌
$
1,170‌
Electric
-
0.00%
Vistra
Energy
Corp
-
Rights
(d),(e)
164,087‌
—‌
Healthcare
-
Services
-
0.01%
Sound
Inpatient
Physicians
Inc
-
Class
A
(d),(e)
2,346,933‌
270‌
Sound
Inpatient
Physicians
Inc
-
Class
A2
(d),(e)
105,065‌
12‌
$
282‌
Mining
-
0.00%
Arctic
Canadian
Diamond
Co
Ltd
(d),(e),(f)
3,182‌
102‌
Burgundy
Diamond
Mines
Ltd
(d),(e),(f)
6,531,458‌
—‌
$
102‌
Oil
&
Gas
-
0.02%
Mesquite
Energy
Inc
(d),(e)
76,703‌
616‌
Sabine
Oil
&
Gas
Holdings
Inc
(d),(e)
246‌
—‌
$
616‌
Retail
-
0.00%
Claire's
Holdings
LLC
(d),(e)
4,036‌
—‌
Textiles
-
0.00%
Lycra
Company
-
Warrants
(d),(e)
387‌
—‌
Lycra
Company
-
Warrants
(d),(e)
3,671‌
121‌
$
121‌
TOTAL
COMMON
STOCKS
$
2,291‌
PREFERRED
STOCKS
-
0.02%
Shares
Held
Value
(000's)
Packaging
&
Containers
-
0.02%
Labels
Buyer
LLC
0.00%,
09/01/2026
(d),(g)
7,063‌
$
561‌
TOTAL
PREFERRED
STOCKS
$
561‌
BONDS
-
91.54%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.20%
Neptune
Bidco
US
Inc
9.50%,
02/15/2033
(h)
$
7,484‌
$
7,624‌
Aerospace
&
Defense
-
1.67%
Bombardier
Inc
6.75%,
06/15/2033
(h)
1,749‌
1,801‌
7.00%,
06/01/2032
(h)
7,094‌
7,309‌
7.25%,
07/01/2031
(h)
8,271‌
8,615‌
8.75%,
11/15/2030
(h)
5,973‌
6,294‌
TransDigm
Inc
6.00%,
01/15/2033
(h)
8,432‌
8,431‌
6.13%,
07/31/2034
(h)
10,556‌
10,437‌
6.38%,
05/31/2033
(h)
13,404‌
13,401‌
6.63%,
03/01/2032
(h)
4,129‌
4,198‌
6.75%,
01/31/2034
(h)
4,055‌
4,121‌
$
64,607‌
Airlines
-
1.07%
American
Airlines
2021-1
Class
B
Pass
Through
Trust
3.95%,
01/11/2032
1,341‌
1,274‌
American
Airlines
Inc
7.25%,
02/15/2028
(h)
56‌
56‌
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd
5.75%,
04/20/2029
(h)
4,885‌
4,858‌
Grupo
Aeromexico
SAB
de
CV
8.63%,
11/15/2031
(h),(i)
10,445‌
10,523‌
OneSky
Flight
LLC
8.88%,
12/15/2029
(h)
7,865‌
8,269‌
United
Airlines
2016-2
Class
A
Pass
Through
Trust
3.10%,
04/07/2030
32‌
31‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Airlines
(continued)
United
Airlines
Holdings
Inc
5.38%,
03/01/2031
$
3,404‌
$
3,359‌
United
Airlines
Inc
4.63%,
04/15/2029
(h)
13,121‌
12,894‌
$
41,264‌
Automobile
Manufacturers
-
0.51%
Allison
Transmission
Inc
5.88%,
12/01/2033
(h)
8,335‌
8,213‌
Nissan
Motor
Co
Ltd
4.81%,
09/17/2030
(h)
12,273‌
11,376‌
$
19,589‌
Automobile
Parts
&
Equipment
-
0.90%
American
Axle
&
Manufacturing
Inc
6.88%,
07/01/2028
(i)
1,446‌
1,446‌
7.75%,
10/15/2033
(h)
11,439‌
11,264‌
Cyprium
Corp
/
Cyprium
Holdings
Luxembourg
Sarl
6.13%,
04/15/2031
(h)
10,739‌
10,644‌
Goodyear
Tire
&
Rubber
Co/The
8.88%,
07/15/2032
3,500‌
3,592‌
Phinia
Inc
6.63%,
10/15/2032
(h)
6,886‌
6,955‌
6.75%,
04/15/2029
(h)
773‌
786‌
$
34,687‌
Banks
-
2.76%
Barclays
PLC
5.09%,
06/20/2030
(j)
15,804‌
15,787‌
3
Month
USD
LIBOR
+
3.05%
7.63%,
03/15/2035
(g),(i),(j),(k)
6,989‌
7,224‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.69%
8.00%,
03/15/2029
(g),(j),(k)
12,664‌
13,323‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
JPMorgan
Chase
&
Co
6.10%,
07/01/2031
(g),(j)
9,790‌
9,749‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.08%
6.50%,
04/01/2030
(g),(j)
21,254‌
21,580‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.15%
UBS
Group
AG
6.63%,
01/08/2031
(g),(h),(j),(k)
5,458‌
5,443‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.24%
6.88%,
06/05/2032
(g),(h),(j),(k)
12,000‌
11,909‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.09%
7.00%,
02/10/2030
(g),(h),(j),(k)
21,488‌
21,736‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.08%
$
106,751‌
Building
Materials
-
1.81%
Ameritex
Holdco
Intermediate
LLC
7.63%,
08/15/2033
(h)
15,578‌
16,039‌
Miter
Brands
Acquisition
Holdco
Inc
/
MIWD
Borrower
LLC
6.75%,
04/01/2032
(h)
5,272‌
5,191‌
MIWD
Holdco
II
LLC
/
MIWD
Finance
Corp
5.50%,
02/01/2030
(h),(i)
3,120‌
2,887‌
Quikrete
Holdings
Inc
6.38%,
03/01/2032
(h)
9,305‌
9,418‌
6.75%,
03/01/2033
(h)
4,726‌
4,788‌
Smyrna
Ready
Mix
Concrete
LLC
6.00%,
11/01/2028
(h)
29,860‌
29,818‌
8.88%,
11/15/2031
(h)
1,863‌
1,951‌
$
70,092‌
Schedule
of
Investments
High
Yield
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
85
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
-
2.37%
Advancion
Sciences
Inc
9.25%,
PIK
10.00%;
11/01/2026
(h),(l),(m)
$
6,736‌
$
5,389‌
Consolidated
Energy
Finance
SA
5.63%,
10/15/2028
(h)
10,828‌
10,458‌
12.00%,
02/15/2031
(h)
6,401‌
6,687‌
Element
Solutions
Inc
3.88%,
09/01/2028
(h)
15,445‌
15,189‌
Olympus
Water
US
Holding
Corp
4.25%,
10/01/2028
(h)
701‌
676‌
6.25%,
10/01/2029
(h)
22,593‌
22,308‌
6.75%,
08/01/2032
(h)
10,551‌
10,269‌
7.25%,
06/15/2031
(h)
7,268‌
7,344‌
Tronox
Inc
4.63%,
03/15/2029
(h)
14,114‌
8,672‌
9.13%,
09/30/2030
(h)
1,552‌
1,549‌
Vibrantz
Technologies
Inc
9.00%,
02/28/2031
(h)
330‌
162‌
9.00%,
02/28/2031
(h)
13,360‌
2,939‌
$
91,642‌
Commercial
Services
-
3.22%
ADT
Security
Corp/The
4.13%,
08/01/2029
(h)
8,088‌
7,747‌
5.88%,
10/15/2033
(h)
12,787‌
12,399‌
Albion
Financing
1
SARL
/
Aggreko
Holdings
Inc
7.00%,
05/21/2030
(h)
9,696‌
9,877‌
Carrix
Inc
6.13%,
08/01/2033
(h)
1,895‌
1,886‌
EquipmentShare.com
Inc
7.13%,
07/01/2034
(h)
8,810‌
8,415‌
8.00%,
03/15/2033
(h),(i)
9,221‌
9,291‌
8.63%,
05/15/2032
(h)
6,390‌
6,535‌
Garda
World
Security
Corp
6.00%,
06/01/2029
(h)
10,360‌
10,210‌
8.25%,
08/01/2032
(h)
1,870‌
1,896‌
8.38%,
11/15/2032
(h)
12,120‌
12,314‌
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub
Inc
6.75%,
08/15/2032
(h)
17,842‌
17,867‌
Synergy
Infrastructure
Holdings
LLC
7.00%,
07/15/2034
(h)
7,251‌
7,315‌
7.88%,
12/01/2030
(h)
4,357‌
4,545‌
United
Rentals
North
America
Inc
3.88%,
02/15/2031
6,898‌
6,448‌
4.88%,
01/15/2028
2,485‌
2,475‌
5.25%,
01/15/2030
(i)
5,197‌
5,172‌
$
124,392‌
Computers
-
1.07%
McAfee
Corp
7.38%,
02/15/2030
(h)
10,529‌
8,927‌
NCR
Atleos
Corp
9.50%,
04/01/2029
(h)
15,948‌
16,914‌
Seagate
Data
Storage
Technology
Pte
Ltd
5.75%,
12/01/2034
5,804‌
5,733‌
9.63%,
12/01/2032
9,060‌
9,932‌
$
41,506‌
Consumer
Products
-
0.29%
Kronos
Acquisition
Holdings
Inc
8.25%,
06/30/2031
(h)
16,147‌
11,308‌
Cosmetics
&
Personal
Care
-
0.50%
Perrigo
Finance
Unlimited
Co
6.13%,
09/30/2032
20,414‌
19,395‌
Distribution
&
Wholesale
-
0.88%
S&S
Holdings
LLC
8.38%,
10/01/2031
(h)
14,584‌
14,083‌
Veritiv
Operating
Co
10.50%,
11/30/2030
(h)
19,362‌
19,864‌
$
33,947‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
-
5.45%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.95%,
03/10/2055
(j)
$
16,601‌
$
16,984‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%
Credit
Acceptance
Corp
6.63%,
03/15/2030
(h)
8,772‌
8,763‌
9.25%,
12/15/2028
(h)
17,134‌
17,737‌
Freedom
Mortgage
Holdings
LLC
7.88%,
04/01/2033
(h)
1,769‌
1,706‌
9.13%,
05/15/2031
(h)
24,657‌
25,277‌
Global
Aircraft
Leasing
Co
Ltd
8.75%,
09/01/2027
(h)
25,733‌
26,143‌
Jane
Street
Group
/
JSG
Finance
Inc
6.13%,
11/01/2032
(h)
18,731‌
18,637‌
6.75%,
05/01/2033
(h)
8,759‌
8,926‌
OneMain
Finance
Corp
3.50%,
01/15/2027
2,529‌
2,509‌
4.00%,
09/15/2030
4,589‌
4,207‌
6.63%,
01/15/2028
1,607‌
1,622‌
6.63%,
05/15/2029
6,826‌
6,910‌
7.13%,
11/15/2031
16,447‌
16,667‌
7.13%,
09/15/2032
10,326‌
10,434‌
7.50%,
05/15/2031
4,663‌
4,780‌
Rfna
LP
7.88%,
02/15/2030
(h)
8,856‌
8,853‌
Rocket
Cos
Inc
6.13%,
08/01/2030
(h)
6,929‌
6,985‌
6.38%,
08/01/2033
(h)
9,253‌
9,308‌
TrueNoord
Capital
DAC
8.75%,
03/01/2030
(h)
12,965‌
13,436‌
Vericast
Corp
12.50%,
12/15/2027
(h)
480‌
490‌
$
210,374‌
Electric
-
3.91%
California
Buyer
Ltd
/
Atlantica
Sustainable
Infrastructure
PLC
6.38%,
02/15/2032
(h)
29,004‌
28,599‌
Clearway
Energy
Operating
LLC
3.75%,
02/15/2031
(h)
21,400‌
19,630‌
5.75%,
01/15/2034
(h)
7,385‌
7,121‌
NextEra
Energy
Capital
Holdings
Inc
6.70%,
09/01/2054
(j)
15,774‌
15,987‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%
NRG
Energy
Inc
5.75%,
01/15/2034
(h)
10,857‌
10,573‌
5.88%,
05/15/2034
(h)
4,218‌
4,141‌
6.00%,
01/15/2036
(h)
10,857‌
10,622‌
6.13%,
05/15/2036
(h)
4,196‌
4,142‌
10.25%,
03/15/2028
(g),(h),(j)
7,287‌
7,783‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.92%
Talen
Energy
Supply
LLC
6.25%,
02/01/2034
(h)
11,994‌
11,764‌
Vistra
Corp
7.00%,
12/15/2026
(g),(h),(j)
10,241‌
10,296‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%
VoltaGrid
LLC
7.38%,
11/01/2030
(h)
20,107‌
20,207‌
$
150,865‌
Engineering
&
Construction
-
0.54%
Global
Infrastructure
Solutions
Inc
5.63%,
06/01/2029
(h)
15,065‌
15,023‌
6.38%,
07/15/2034
(h)
5,920‌
5,960‌
$
20,983‌
Schedule
of
Investments
High
Yield
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
86
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
-
2.42%
Caesars
Entertainment
Inc
6.00%,
10/15/2032
(h),(i)
$
11,153‌
$
9,782‌
6.50%,
02/15/2032
(h)
18,030‌
17,229‌
Churchill
Downs
Inc
4.75%,
01/15/2028
(h)
144‌
143‌
5.75%,
04/01/2030
(h)
17,203‌
17,152‌
6.75%,
05/01/2031
(h)
127‌
128‌
Cinemark
USA
Inc
5.25%,
07/15/2028
(h)
4,864‌
4,830‌
7.00%,
08/01/2032
(h)
23,169‌
23,752‌
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp
5.13%,
10/01/2029
(h)
64‌
63‌
6.25%,
03/15/2033
(h)
10,261‌
10,171‌
7.13%,
02/15/2031
(h)
9,594‌
10,053‌
$
93,303‌
Food
-
2.93%
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
3.50%,
03/15/2029
(h)
7,081‌
6,664‌
5.63%,
03/31/2032
(h)
12,007‌
11,421‌
6.25%,
03/15/2033
(h)
2,848‌
2,759‌
B&G
Foods
Inc
8.00%,
09/15/2028
(h)
15,323‌
14,980‌
11.00%,
06/15/2031
(h)
8,355‌
7,415‌
Chobani
LLC
/
Chobani
Finance
Corp
Inc
4.63%,
11/15/2028
(h)
5,825‌
5,756‌
6.38%,
04/15/2034
(h)
5,136‌
5,149‌
7.63%,
07/01/2029
(h)
7,501‌
7,735‌
Fiesta
Purchaser
Inc
7.88%,
03/01/2031
(h)
2,249‌
2,250‌
9.63%,
09/15/2032
(h)
14,717‌
13,789‌
Post
Holdings
Inc
4.50%,
09/15/2031
(h)
11,545‌
10,700‌
4.63%,
04/15/2030
(h)
5,281‌
5,087‌
6.25%,
10/15/2034
(h)
1,724‌
1,676‌
6.50%,
03/15/2036
(h)
1,156‌
1,128‌
Viking
Baked
Goods
Acquisition
Corp
8.63%,
11/01/2031
(h)
11,730‌
11,773‌
8.63%,
11/01/2031
(h),(l)
4,845‌
4,863‌
$
113,145‌
Forest
Products
&
Paper
-
0.24%
Mercer
International
Inc
5.13%,
02/01/2029
9,212‌
5,373‌
12.88%,
10/01/2028
(h)
2,181‌
1,069‌
Sappi
Papier
Holding
GmbH
7.50%,
06/15/2032
(h)
3,233‌
2,982‌
$
9,424‌
Healthcare
-
Services
-
3.28%
Acadia
Healthcare
Co
Inc
5.00%,
04/15/2029
(h)
22,116‌
21,650‌
CHS/Community
Health
Systems
Inc
5.25%,
05/15/2030
(h)
3,220‌
2,973‌
6.00%,
01/15/2029
(h)
14,854‌
14,594‌
Concentra
Health
Services
Inc
6.88%,
07/15/2032
(h),(i)
13,298‌
13,674‌
IQVIA
Inc
6.25%,
06/01/2032
(h)
10,131‌
10,261‌
LifePoint
Health
Inc
8.38%,
02/15/2032
(h)
8,993‌
9,054‌
Molina
Healthcare
Inc
3.88%,
11/15/2030
(h)
6,505‌
6,015‌
3.88%,
05/15/2032
(h)
6,240‌
5,580‌
4.38%,
06/15/2028
(h)
2,708‌
2,651‌
6.25%,
01/15/2033
(h)
4,051‌
4,006‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Tenet
Healthcare
Corp
5.50%,
11/15/2032
(h)
$
9,926‌
$
9,773‌
6.13%,
06/15/2030
16,135‌
16,217‌
6.75%,
05/15/2031
10,014‌
10,213‌
$
126,661‌
Holding
Companies
-
Diversified
-
0.19%
Clue
Opco
LLC
9.50%,
10/15/2031
(h),(i)
7,460‌
7,246‌
Home
Builders
-
1.82%
Adams
Homes
Inc
9.25%,
10/15/2028
(h)
14,352‌
14,773‌
Century
Communities
Inc
3.88%,
08/15/2029
(h)
11,168‌
10,591‌
6.63%,
09/15/2033
(h)
3,226‌
3,237‌
Dream
Finders
Homes
Inc
6.88%,
09/15/2030
(h)
5,378‌
5,249‌
8.25%,
08/15/2028
(h)
9,735‌
9,928‌
Forestar
Group
Inc
6.50%,
03/15/2033
(h)
6,929‌
6,943‌
K
Hovnanian
Enterprises
Inc
8.00%,
04/01/2031
(h)
2,256‌
2,300‌
8.38%,
10/01/2033
(h)
7,052‌
7,166‌
LGI
Homes
Inc
4.00%,
07/15/2029
(h)
148‌
137‌
7.00%,
11/15/2032
(h)
10,336‌
10,075‌
$
70,399‌
Home
Furnishings
-
0.30%
Whirlpool
Corp
4.75%,
02/26/2029
4,095‌
3,820‌
7.50%,
07/01/2031
(h)
7,715‌
7,667‌
$
11,487‌
Housewares
-
0.48%
Newell
Brands
Inc
8.50%,
06/01/2028
(h)
17,919‌
18,703‌
Insurance
-
0.60%
Asurion
LLC/
Asurion
Co-Issuer
Inc
8.00%,
12/31/2032
(h)
16,685‌
16,879‌
8.38%,
02/01/2034
(h)
7,064‌
6,436‌
$
23,315‌
Internet
-
0.30%
Gen
Digital
Inc
6.25%,
04/01/2033
(h)
11,626‌
11,445‌
Investment
Companies
-
1.12%
HA
Sustainable
Infrastructure
Capital
Inc
7.13%,
11/15/2056
(j)
2,211‌
2,228‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.48%
8.00%,
06/01/2056
(j)
14,662‌
15,391‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.30%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.38%,
02/01/2029
21,134‌
18,398‌
10.00%,
11/15/2029
(h)
7,214‌
7,226‌
$
43,243‌
Iron
&
Steel
-
1.01%
Cleveland-Cliffs
Inc
4.63%,
03/01/2029
(h)
6,125‌
5,941‌
4.88%,
03/01/2031
(h)
36‌
33‌
6.75%,
04/15/2030
(h)
49‌
49‌
6.88%,
11/01/2029
(h)
37‌
37‌
7.00%,
03/15/2032
(h)
3,533‌
3,541‌
7.38%,
05/01/2033
(h)
9,467‌
9,568‌
Commercial
Metals
Co
5.75%,
11/15/2033
(h)
1,971‌
1,936‌
6.00%,
12/15/2035
(h)
15,964‌
15,688‌
Schedule
of
Investments
High
Yield
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
87
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Iron
&
Steel
(continued)
Specialty
Steel
12.00%,
11/15/2033
(e),(f)
$
4,909‌
$
2,304‌
$
39,097‌
Leisure
Products
&
Services
-
1.25%
Life
Time
Inc
6.00%,
11/15/2031
(h)
10,560‌
10,650‌
NCL
Corp
Ltd
6.25%,
03/01/2030
(h)
12,006‌
11,918‌
6.25%,
09/15/2033
(h)
743‌
706‌
6.75%,
02/01/2032
(h)
3,004‌
2,945‌
7.75%,
02/15/2029
(h)
50‌
52‌
NCL
Finance
Ltd
6.13%,
03/15/2028
(h)
7,955‌
8,002‌
Patrick
Industries
Inc
4.75%,
05/01/2029
(h)
6,440‌
6,282‌
6.38%,
11/01/2032
(h)
7,734‌
7,627‌
$
48,182‌
Lodging
-
1.58%
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower
Inc
6.63%,
01/15/2032
(h)
19,647‌
19,692‌
Station
Casinos
LLC
4.50%,
02/15/2028
(h)
61‌
60‌
6.63%,
03/15/2032
(h)
21,437‌
21,661‌
Wynn
Macau
Ltd
5.13%,
12/15/2029
(h)
45‌
44‌
5.50%,
10/01/2027
(h)
25‌
25‌
5.63%,
08/26/2028
(h)
19,621‌
19,396‌
$
60,878‌
Machinery
-
Construction
&
Mining
-
0.38%
Solaris
Energy
Infrastructure
LLC
6.38%,
05/15/2031
(h)
14,810‌
14,548‌
Machinery
-
Diversified
-
0.52%
Esab
Corp
5.63%,
04/01/2031
(h)
843‌
833‌
Maxim
Crane
Works
Holdings
Capital
LLC
11.50%,
09/01/2028
(h)
18,652‌
19,353‌
$
20,186‌
Media
-
8.62%
AMC
Global
Media
Inc
10.50%,
07/15/2032
(h)
18,714‌
19,277‌
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.25%,
01/15/2034
(h),(i)
3,184‌
2,600‌
4.50%,
08/15/2030
(h)
7,054‌
6,436‌
4.50%,
06/01/2033
(h),(i)
7,784‌
6,623‌
4.75%,
03/01/2030
(h)
6,294‌
5,881‌
4.75%,
02/01/2032
(h)
17,705‌
15,471‌
5.00%,
02/01/2028
(h)
795‌
785‌
5.13%,
05/01/2027
(h)
1,225‌
1,222‌
7.00%,
02/01/2033
(h)
5,735‌
5,496‌
CSC
Holdings
LLC
4.50%,
11/15/2031
(h)
18,568‌
10,285‌
5.50%,
04/15/2027
(h)
1,486‌
920‌
6.50%,
02/01/2029
(h)
13,433‌
7,605‌
11.25%,
05/15/2028
(h)
3,767‌
2,188‌
Directv
Financing
LLC
8.88%,
02/01/2030
(h)
17,439‌
17,701‌
8.88%,
02/01/2030
(h)
6,887‌
7,012‌
Directv
Financing
LLC
/
Directv
Financing
Co-
Obligor
Inc
5.88%,
08/15/2027
(h)
371‌
370‌
9.25%,
06/01/2032
(h)
6,865‌
7,025‌
10.00%,
02/15/2031
(h)
13,208‌
13,801‌
Discovery
Communications
LLC
3.63%,
05/15/2030
2,762‌
2,555‌
4.13%,
05/15/2029
10,044‌
9,868‌
5.00%,
09/20/2037
835‌
612‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Discovery
Global
Holdings
Inc
5.05%,
03/15/2042
$
26,405‌
$
18,351‌
DISH
DBS
Corp
5.25%,
12/01/2026
(h)
12,768‌
12,704‌
EchoStar
Corp
10.75%,
11/30/2029
27,368‌
29,604‌
iHeartCommunications
Inc
4.75%,
01/15/2028
(h)
8,810‌
8,258‌
7.75%,
08/15/2030
(h)
4,658‌
4,085‌
LCPR
Senior
Secured
Financing
DAC
5.13%,
07/15/2029
(h)
15,281‌
8,408‌
McGraw-Hill
Education
Inc
7.38%,
09/01/2031
(h)
11,666‌
11,813‌
Nexstar
Media
Inc
6.50%,
09/15/2033
(h)
10,347‌
10,294‌
7.25%,
04/15/2034
(h)
5,099‌
5,110‌
Paramount
Global
4.20%,
05/19/2032
9,578‌
8,144‌
4.85%,
07/01/2042
965‌
622‌
5.50%,
05/15/2033
4,745‌
4,141‌
5.85%,
09/01/2043
1,985‌
1,407‌
Scripps
Escrow
II
Inc
3.88%,
01/15/2029
(h)
12,265‌
11,208‌
Sinclair
Television
Group
Inc
8.13%,
02/15/2033
(h)
18,081‌
18,542‌
Virgin
Media
Finance
PLC
5.00%,
07/15/2030
(h)
11,242‌
6,918‌
Virgin
Media
O2
Vendor
Financing
Notes
VI
DAC
8.50%,
03/15/2033
(h)
7,155‌
4,484‌
Virgin
Media
Secured
Finance
PLC
4.50%,
08/15/2030
(h)
7,006‌
5,758‌
VZ
Secured
Financing
BV
5.00%,
01/15/2032
(h)
6,064‌
4,972‌
Ziggo
BV
4.88%,
01/15/2030
(h)
15,860‌
14,283‌
$
332,839‌
Metal
Fabrication
&
Hardware
-
0.40%
TMS
International
Corp/DE
6.25%,
04/15/2029
(h)
15,395‌
15,388‌
Mining
-
1.66%
ACN
113
874
712
Pty
Ltd
0.00%,
02/15/2018
(d),(e),(h)
10,457‌
105‌
Arsenal
AIC
Parent
LLC
8.00%,
10/01/2030
(h)
241‌
250‌
11.50%,
10/01/2031
(h)
435‌
463‌
Coeur
Mining
Inc
6.88%,
04/01/2032
(h)
8,274‌
8,453‌
First
Quantum
Minerals
Ltd
6.38%,
02/15/2036
(h)
2,062‌
1,995‌
7.25%,
02/15/2034
(h)
5,546‌
5,649‌
8.00%,
03/01/2033
(h)
5,524‌
5,740‌
8.63%,
06/01/2031
(h)
10,366‌
10,784‌
IAMGOLD
Corp
5.75%,
10/15/2028
(h)
9,149‌
9,127‌
Northwest
Acquisitions
ULC
/
Dominion
Finco
Inc
0.00%,
11/01/2022
(d),(e),(h)
15,820‌
—‌
Skeena
Resources
Ltd
8.50%,
04/01/2031
(h)
2,811‌
2,935‌
Trekor
Metals
Ltd
8.25%,
05/01/2030
(h)
17,939‌
18,641‌
$
64,142‌
Oil
&
Gas
-
5.87%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp
7.50%,
10/01/2029
(h)
17,430‌
18,084‌
APA
Corp
5.25%,
02/01/2042
2,460‌
2,097‌
Schedule
of
Investments
High
Yield
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
88
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp
6.63%,
10/15/2032
(h)
$
16,736‌
$
16,825‌
6.63%,
07/15/2033
(h)
1,160‌
1,165‌
9.00%,
11/01/2027
(h)
5,590‌
5,927‌
Borr
IHC
Ltd
/
Borr
Finance
LLC
8.75%,
01/15/2032
(h)
5,790‌
5,665‌
Chord
Energy
Corp
6.00%,
10/01/2030
(h)
8,334‌
8,362‌
6.75%,
03/15/2033
(h)
20,507‌
20,887‌
Comstock
Resources
Inc
6.75%,
03/01/2029
(h)
19,555‌
19,259‌
Crescent
Energy
Finance
LLC
8.38%,
01/15/2034
(h)
5,974‌
6,164‌
Infinity
Natural
Resources
LLC
7.63%,
04/01/2031
(h)
9,456‌
9,433‌
Matador
Resources
Co
6.00%,
04/15/2034
(h)
1,550‌
1,499‌
6.25%,
04/15/2033
(h)
19,828‌
19,510‌
Noble
Finance
II
LLC
6.25%,
06/15/2034
(h)
19,595‌
19,028‌
Northern
Oil
&
Gas
Inc
7.88%,
10/15/2033
(h)
19,086‌
19,100‌
Permian
Resources
Operating
LLC
6.25%,
02/01/2033
(h)
9,004‌
9,166‌
Sunoco
LP
5.88%,
03/15/2034
(h)
14,828‌
14,513‌
Sunoco
LP
/
Sunoco
Finance
Corp
4.50%,
04/30/2030
19,007‌
18,337‌
Talos
Production
Inc
8.00%,
07/15/2034
(h)
10,845‌
10,951‌
9.38%,
02/01/2031
(h)
855‌
901‌
$
226,873‌
Oil
&
Gas
Services
-
0.42%
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp
6.00%,
02/01/2034
(h)
16,558‌
16,205‌
Packaging
&
Containers
-
2.28%
Canpack
Group
Inc
/
CANPACK
SA
6.00%,
05/15/2031
(h)
9,884‌
9,830‌
Cascades
Inc/Cascades
USA
Inc
5.38%,
01/15/2028
(h)
9,978‌
9,924‌
6.75%,
07/15/2030
(h)
9,615‌
9,768‌
Clydesdale
Acquisition
Holdings
Inc
6.88%,
01/15/2030
(h)
9,022‌
8,944‌
8.75%,
04/15/2030
(h)
5,766‌
5,511‌
Crown
Americas
LLC
5.88%,
06/01/2033
5,489‌
5,478‌
Mauser
Packaging
Solutions
Holding
Co
7.88%,
04/15/2030
(h)
7,363‌
7,509‌
9.25%,
04/15/2030
(h)
12,674‌
12,562‌
Multi-Color
Corp
8.50%,
PIK
0.00%;
05/11/2033
(h),(l),(m)
21,266‌
18,482‌
$
88,008‌
Pharmaceuticals
-
2.73%
1261229
BC
Ltd
10.00%,
04/15/2032
(h)
13,246‌
13,541‌
Accendra
Health
Inc
9.00%,
06/15/2032
(h)
10,110‌
9,649‌
9.75%,
06/15/2033
(h)
7,982‌
5,069‌
9.75%,
06/15/2033
(h)
1,996‌
1,332‌
Adapthealth
LLC
5.13%,
03/01/2030
(h)
18,957‌
18,279‌
BellRing
Brands
Inc
7.00%,
03/15/2030
(h)
11,288‌
11,158‌
Endo
Finance
Holdings
LP
8.50%,
04/15/2031
(h)
17,424‌
18,349‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Jazz
Securities
DAC
4.38%,
01/15/2029
(h)
$
28,887‌
$
28,280‌
$
105,657‌
Pipelines
-
4.45%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5.38%,
06/15/2029
(h)
10,282‌
10,250‌
5.75%,
10/15/2033
(h)
9,335‌
9,169‌
6.63%,
02/01/2032
(h)
55‌
56‌
Energy
Transfer
LP
6.50%,
02/15/2056
(j)
34,198‌
34,202‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
6.75%,
03/15/2034
10,077‌
10,050‌
Harvest
Midstream
I
LP
6.75%,
05/15/2034
(h)
6,225‌
6,250‌
7.50%,
05/15/2032
(h)
12,621‌
12,940‌
Hess
Midstream
Operations
LP
4.25%,
02/15/2030
(h)
20,240‌
19,380‌
Venture
Global
LNG
Inc
6.63%,
06/15/2036
(h)
2,885‌
2,827‌
8.38%,
06/01/2031
(h)
16,950‌
17,523‌
9.00%,
09/30/2029
(g),(h),(j)
9,891‌
9,851‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.44%
9.50%,
02/01/2029
(h)
17,944‌
19,208‌
Venture
Global
Plaquemines
LNG
LLC
6.75%,
01/15/2036
(h)
17,780‌
18,610‌
7.75%,
05/01/2035
(h)
1,429‌
1,584‌
$
171,900‌
Real
Estate
-
0.29%
CoreLogic
Inc
9.00%,
08/01/2031
(h)
11,485‌
11,324‌
REITs
-
4.52%
Arbor
Realty
SR
Inc
7.88%,
07/15/2030
(h),(i)
10,690‌
9,720‌
8.50%,
12/15/2028
(h),(i)
8,229‌
7,889‌
Iron
Mountain
Inc
4.50%,
02/15/2031
(h)
26,805‌
25,369‌
4.88%,
09/15/2029
(h)
140‌
137‌
5.25%,
07/15/2030
(h)
3,813‌
3,726‌
6.25%,
01/15/2033
(h)
4,075‌
4,091‌
6.25%,
01/15/2035
(h)
4,855‌
4,794‌
Iron
Mountain
Information
Management
Services
Inc
5.00%,
07/15/2032
(h)
91‌
87‌
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
4.75%,
06/15/2029
(h)
23,486‌
22,873‌
7.00%,
07/15/2031
(h)
11,327‌
11,708‌
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
3.50%,
03/15/2031
13,310‌
9,085‌
8.50%,
02/15/2032
(h)
3,810‌
3,872‌
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
4.88%,
05/15/2029
(h)
10,217‌
9,958‌
5.88%,
10/01/2028
(h)
37‌
37‌
7.00%,
02/01/2030
(h)
8,619‌
8,758‌
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
5.75%,
03/15/2034
(h)
4,831‌
4,731‌
6.50%,
06/15/2033
(h)
7,611‌
7,744‌
Uniti
Group
LP
/
Uniti
Fiber
Holdings
Inc
/
CSL
Capital
LLC
6.00%,
01/15/2030
(h)
21,687‌
20,693‌
Schedule
of
Investments
High
Yield
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
89
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
XHR
LP
4.88%,
06/01/2029
(h)
$
18,360‌
$
17,887‌
6.63%,
05/15/2030
(h)
1,598‌
1,632‌
$
174,791‌
Retail
-
5.14%
Academy
Ltd
5.88%,
05/15/2031
(h)
10,573‌
10,459‌
Bath
&
Body
Works
Inc
6.63%,
10/01/2030
(h)
10,421‌
10,589‌
6.75%,
07/01/2036
6,832‌
6,757‌
6.88%,
11/01/2035
(i)
72‌
73‌
6.95%,
03/01/2033
1,668‌
1,662‌
Carvana
Co
9.00%,
06/01/2030
(h),(l)
17,676‌
18,219‌
9.00%,
06/01/2031
(h),(l)
247‌
272‌
Ferrellgas
LP
/
Ferrellgas
Finance
Corp
9.25%,
01/15/2031
(h)
8,234‌
8,660‌
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co
Inc
4.63%,
01/15/2029
(h)
24,314‌
23,641‌
6.75%,
01/15/2030
(h)
4,355‌
4,277‌
Macy's
Retail
Holdings
LLC
4.50%,
12/15/2034
3,872‌
3,479‌
5.88%,
03/15/2030
(h)
2,020‌
2,005‌
6.13%,
03/15/2032
(h)
13,192‌
13,231‌
6.38%,
03/15/2037
19‌
18‌
6.70%,
07/15/2034
(h)
79‌
76‌
7.38%,
08/01/2033
(h)
5,504‌
5,727‌
Michaels
Cos
Inc/The
8.50%,
03/15/2033
(h)
6,523‌
6,462‌
11.00%,
03/15/2034
(h)
8,137‌
7,965‌
Park
River
Holdings
Inc
8.00%,
03/15/2031
(h)
7,938‌
7,902‌
8.75%,
12/31/2030
(h)
10,333‌
9,502‌
PetSmart
LLC
/
PetSmart
Finance
Corp
7.50%,
09/15/2032
(h)
12,901‌
13,035‌
10.00%,
09/15/2033
(h)
5,700‌
5,671‌
Specialty
Building
Products
Holdings
LLC
/
SBP
Finance
Corp
7.75%,
10/15/2029
(h)
13,132‌
12,468‌
Victra
Holdings
LLC
/
Victra
Finance
Corp
8.75%,
09/15/2029
(h)
25,820‌
26,296‌
$
198,446‌
Savings
&
Loans
-
0.00%
Washington
Mutual
Bank
/
Henderson
NV
0.00%,
06/15/2011
(d),(e)
3,500‌
—‌
0.00%,
01/15/2013
(d),(e)
3,000‌
—‌
0.00%,
01/15/2015
(d),(e)
2,000‌
—‌
$
—‌
Software
-
1.62%
Cloud
Software
Group
LLC
6.63%,
08/15/2033
(h),(i)
9,130‌
7,960‌
9.00%,
09/30/2029
(h)
19,928‌
19,524‌
CoreWeave
Inc
9.25%,
06/01/2030
(h)
9,410‌
8,794‌
9.63%,
07/15/2032
(h)
6,795‌
6,082‌
9.75%,
10/01/2031
(h)
3,472‌
3,150‌
OAK-Eagle
Acquireco
Inc
7.25%,
07/01/2033
(h)
8,262‌
8,561‌
Oracle
Corp
3.60%,
04/01/2050
14,590‌
8,362‌
$
62,433‌
Telecommunications
-
5.82%
Altice
Financing
SA
5.00%,
01/15/2028
(h)
8,555‌
5,415‌
Altice
France
SA
6.50%,
04/15/2032
(h)
5,632‌
5,452‌
9.50%,
11/01/2029
(h)
19,550‌
19,825‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
APLD
ComputeCo
3
LLC
7.00%,
06/15/2031
(h)
$
8,180‌
$
7,978‌
Black
Pearl
Compute
LLC
6.13%,
02/15/2031
(h)
16,093‌
16,066‌
Cipher
Compute
LLC
7.13%,
11/15/2030
(h)
8,928‌
9,107‌
Connect
Finco
SARL
/
Connect
US
Finco
LLC
9.00%,
09/15/2029
(h)
8,028‌
8,421‌
Digicel
International
Finance
Ltd
/
Difl
US
LLC
8.63%,
08/01/2032
(h)
18,251‌
18,847‌
Level
3
Financing
Inc
7.00%,
03/31/2034
(h)
11,740‌
11,942‌
7.50%,
02/15/2037
(h)
7,800‌
7,747‌
8.50%,
01/15/2036
(h)
10,832‌
11,270‌
Meridian
Arc
Holdco
LLC
6.25%,
04/30/2031
(h)
17,006‌
16,340‌
PR
RNO
Property
Owner
1
LLC
6.50%,
05/01/2031
(h)
19,393‌
18,261‌
SV
RNO
Property
Owner
1
LLC
5.88%,
03/01/2031
(h)
15,879‌
14,745‌
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
8.63%,
06/15/2032
(h)
7,497‌
7,656‌
Uniti
Services
LLC
7.50%,
10/15/2033
(h)
2,660‌
2,718‌
Viasat
Inc
6.50%,
07/15/2028
(h)
6,069‌
6,021‌
7.50%,
05/30/2031
(h)
3,732‌
3,731‌
Viavi
Solutions
Inc
3.75%,
10/01/2029
(h)
16,450‌
15,520‌
Vmed
O2
UK
Financing
I
PLC
4.75%,
07/15/2031
(h)
379‌
300‌
6.75%,
01/15/2033
(h)
910‌
729‌
Windstream
Services
LLC
/
Windstream
Escrow
Finance
Corp
8.25%,
10/01/2031
(h)
4,177‌
4,348‌
Zayo
Group
Holdings
Inc
5.75%,
PIK
0.50%;
03/09/2030
(h),(l),(m)
5,651‌
5,644‌
7.13%,
PIK
1.88%;
09/09/2030
(h),(l),(m)
7,039‌
6,898‌
$
224,981‌
Transportation
-
2.15%
Brightline
East
LLC
11.00%,
01/31/2030
(h)
5,925‌
326‌
Eletson
Holdings
Inc
-
Escrow
0.00%,
01/15/2022
(d),(e)
18,905‌
—‌
GB
AIT
Buyer
Inc
8.75%,
04/30/2034
(h)
2,799‌
2,778‌
Navios
Maritime
Partners
LP
7.75%,
11/07/2030
(h)
7,000‌
7,141‌
Navios
South
American
Logistics
Inc
8.88%,
07/14/2030
(h)
12,400‌
12,800‌
RXO
Inc
6.38%,
05/15/2031
(h)
11,081‌
11,057‌
SFL
Corp
Ltd
7.75%,
01/29/2030
(h)
14,400‌
14,794‌
8.25%,
04/19/2028
6,200‌
6,366‌
8.88%,
02/01/2027
5,300‌
5,329‌
Watco
Cos
LLC
/
Watco
Finance
Corp
7.13%,
08/01/2032
(h)
21,877‌
22,419‌
$
83,010‌
TOTAL
BONDS
$
3,536,285‌
Schedule
of
Investments
High
Yield
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
90
CONVERTIBLE
BONDS
-
0.00%
Principal
Amount
(000's)
Value
(000's)
Food
-
0.00%
Fresh
Express
Delivery
Holding
Group
Co
Ltd
-
Escrow
0.00%,
11/09/2009
(d),(e)
HKD
46,500‌
$
—‌
0.00%,
10/18/2010
(d),(e)
CNH
245,000‌
—‌
$
—‌
TOTAL
CONVERTIBLE
BONDS
$
—‌
SENIOR
FLOATING
RATE
INTERESTS
-
5.10%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
0.05%
TransDigm
Inc
;
Term
Loan
J
6.23%,
02/28/2031
$
2,114‌
2,117‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Airlines
-
0.27%
AAdvantage
Loyalty
IP
Ltd
;
Term
Loan
B
5.98%,
04/20/2028
7,485‌
7,481‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
6.48%,
05/28/2032
2,994‌
2,993‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
$
10,474‌
Building
Materials
-
0.09%
Quikrete
Holdings
Inc
;
Term
Loan
B3
5.98%,
02/10/2032
3,429‌
3,430‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Chemicals
-
0
.46%
Advancion
Holdings
LLC
;
Term
Loan
11.52%,
11/24/2028
13,038‌
9,778‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.75%
Consolidated
Energy
Finance
SA
;
Term
Loan
B
5.10%,
11/15/2030
3,882‌
3,767‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Consolidated
Energy
Finance
SA
;
Term
Loan
5.35%,
11/27/2030
4,439‌
4,301‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
$
17,846‌
Commercial
Services
-
0.23%
Aggreko
Holdings
Inc
;
Term
Loan
B
6.63%,
05/21/2031
3,076‌
3,086‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Garda
World
Security
Corp
;
Term
Loan
B
6.51%,
02/01/2029
2,377‌
2,373‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Shift4
Payments
LLC
;
Term
Loan
B
5.73%,
06/30/2032
3,593‌
3,586‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
$
9,045‌
Computers
-
0.27%
McAfee
Corp
;
Term
Loan
B1
6.73%,
03/01/2029
11,708‌
10,558‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Consumer
Products
-
0.20%
Kronos
Acquisition
Holdings
Inc
;
Term
Loan
B
7.73%,
07/08/2031
11,039‌
7,576‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Distribution
&
Wholesale
-
0.16%
Veritiv
Operating
Co
;
Term
Loan
B
7.73%,
11/30/2030
$
6,327‌
$
6,005‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Diversified
Financial
Services
-
0.04%
Jane
Street
Group
LLC
;
Term
Loan
B
5.67%,
12/15/2031
1,500‌
1,493‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
Food
-
0.18%
Fiesta
Purchaser
Inc
;
Term
Loan
B
6.48%,
02/12/2031
6,988‌
6,864‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Forest
Products
&
Paper
-
0.04%
Spectrum
Group
Buyer
Inc
;
Term
Loan
B
10.32%,
05/19/2028
1,683‌
1,579‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.50%
Healthcare
-
Services
-
0.23%
LifePoint
Health
Inc
;
Term
Loan
B
7.50%,
05/16/2031
9,335‌
8,892‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Insurance
-
0.11%
Asurion
LLC
;
Term
Loan
B4
9.33%,
01/20/2029
4,163‌
4,125‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Investment
Companies
-
0.11%
Teide
Ltd
;
PIK
Term
Loan
0.00%,
PIK
10.00%;
08/01/2029
(m)
EUR
10,120‌
4,376‌
Lodging
-
0.06%
Fertitta
Entertainment
LLC/NV
;
Term
Loan
B
6.98%,
01/27/2029
$
2,507‌
2,507‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Machinery
-
Diversified
-
0.17%
TK
Elevator
US
Newco
Inc
;
Term
Loan
B
6.70%,
04/30/2030
6,491‌
6,514‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Media
-
0.30%
Directv
Financing
LLC
;
Term
Loan
B
9.32%,
02/15/2031
2,471‌
2,481‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
iHeartCommunications
Inc
;
Term
Loan
9.62%,
05/01/2029
9,761‌
9,032‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.78%
SportsNet
New
York
0.00%,
04/15/2031
(d),(e)
4,966‌
—‌
$
11,513‌
Metal
Fabrication
&
Hardware
-
0.15%
TMS
International
Corp/DE
;
Term
Loan
B7
7.23%,
03/02/2030
5,925‌
5,927‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Mining
-
0.21%
Arctic
Canadian
Diamond
Co
Ltd
4.25%,
12/15/2033
(e)
2,341‌
77‌
Arsenal
AIC
Parent
LLC
;
Term
Loan
B
6.39%,
08/18/2030
7,833‌
7,854‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
$
7,931‌
Schedule
of
Investments
High
Yield
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
91
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Packaging
&
Containers
-
0.05%
Mauser
Packaging
Solutions
Holding
Co
;
Term
Loan
B
7.15%,
04/15/2030
$
1,990‌
$
1,974‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Pharmaceuticals
-
0.76%
1261229
BC
Ltd
;
Term
Loan
B
9.98%,
10/08/2030
26,446‌
25,629‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.25%
Endo
Finance
Holdings
LP
;
Term
Loan
B
7.48%,
04/23/2031
3,615‌
3,617‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
$
29,246‌
Retail
-
0.47%
IRB
Holding
Corp
;
Term
Loan
B
6.23%,
12/15/2030
8,204‌
8,217‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Michaels
Cos
Inc/The
;
Term
Loan
B
8.73%,
02/18/2033
8,404‌
8,382‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
Victra
Holdings
LLC
;
Term
Loan
B
7.48%,
03/30/2029
1,404‌
1,387‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
$
17,986‌
Software
-
0.12%
OAK-Eagle
Acquireco
Inc
;
Term
Loan
B
0.00%,
03/24/2033
(n)
4,615‌
4,639‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Telecommunications
-
0.26%
Altice
France
SA
;
Term
Loan
B11
7.87%,
04/30/2028
3,642‌
3,642‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.13%
Zayo
Group
Holdings
Inc
;
PIK
Term
Loan
6.76%,
PIK
0.05%;
03/11/2030
(m)
6,574‌
6,579‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
10,221‌
Transportation
-
0.11%
GB
AIT
Buyer
Inc
;
Term
Loan
B
4.85%,
04/22/2033
4,232‌
4,225‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
197,063‌
Total
Investments
$
3,837,163‌
Other
Assets
and
Liabilities
-  0.67%
25,967‌
TOTAL
NET
ASSETS
-
100.00%
$
3,863,130‌
(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
$34,147
or
0.88%
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)
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.
(f)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(g)
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.
(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
$3,069,122
or
79.45%
of
net
assets.
(i)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$32,689
or
0.85%
of
net
assets.
(j)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(k)
Security
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
$59,635
or
1.54%
of
net
assets.
(l)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(m)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(n)
This
Senior
Floating
Rate
Note
will
settle
after
July
31,
2026,
at
which
time
the
interest
rate
will
be
determined.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
260,621‌
$
1,716,694‌
$
1,878,439‌
$
98,876‌
$
260,621‌
$
1,716,694‌
$
1,878,439‌
$
98,876‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
2,195‌
$
—‌
$
—‌
$
—‌
$
2,195‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
High
Yield
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
92
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Arctic
Canadian
Diamond
Co
Ltd
03/03/2025
$
—‌
$
102‌
0.00%
Burgundy
Diamond
Mines
Ltd
03/03/2025
1,089‌
—‌
0.00%
Specialty
Steel  
12.00%,
11/15/2033
08/11/2025
4,330‌
2,304‌
0.06%
Total
$
2,406‌
0.06%
Amounts
in
thousands.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
RBC
Dominon
Securities
Corp
08/18/2026
$
4,703‌
EUR
4,112‌
$
—‌
$
(41‌)
Total
$
—‌
$
(41‌)
Amounts
in
thousands.
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
93
INVESTMENT
COMPANIES
-
0
.38
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.38
%
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b)
8,097,009‌
$
8,097‌
TOTAL
INVESTMENT
COMPANIES
$
8,097‌
BONDS
-
0
.00
%
Principal
Amount
(000's)
Value
(000's)
Mortgage
Backed
Securities
-
0
.00
%
Alternative
Loan
Trust
2006-OA6
4.36%,
07/25/2046
$
1‌
$
1‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.63%
Fannie
Mae
REMIC
Trust
2004-W5
4.18%,
02/25/2047
7‌
7‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.56%
$
8‌
TOTAL
BONDS
$
8‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
99
.76
%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
Inflation-Indexed
Obligations
-
99
.76
%
0.13%,
01/15/2030
$
58,256‌
$
54,403‌
0.13%,
07/15/2030
66,916‌
62,117‌
0.13%,
01/15/2031
67,793‌
62,144‌
0.13%,
07/15/2031
69,864‌
63,588‌
0.13%,
01/15/2032
75,058‌
67,312‌
0.13%,
02/15/2051
22,951‌
11,375‌
0.13%,
02/15/2052
29,994‌
14,523‌
0.25%,
07/15/2029
51,311‌
48,714‌
0.25%,
02/15/2050
22,094‌
11,708‌
0.50%,
01/15/2028
63,370‌
61,594‌
0.63%,
07/15/2032
77,279‌
70,858‌
0.63%,
02/15/2043
25,844‌
18,045‌
0.75%,
07/15/2028
49,488‌
48,216‌
0.75%,
02/15/2042
34,299‌
25,165‌
0.75%,
02/15/2045
37,128‌
25,162‌
0.88%,
01/15/2029
44,737‌
43,320‌
0.88%,
02/15/2047
26,384‌
17,633‌
1.00%,
02/15/2046
19,738‌
13,802‌
1.00%,
02/15/2048
18,571‌
12,546‌
1.00%,
02/15/2049
16,541‌
11,012‌
1.13%,
10/15/2030
76,713‌
73,883‌
1.13%,
01/15/2033
76,064‌
71,124‌
1.25%,
04/15/2028
59,137‌
57,970‌
1.25%,
04/15/2031
67,145‌
64,462‌
1.38%,
07/15/2033
79,955‌
75,713‌
1.38%,
02/15/2044
34,133‌
26,681‌
1.50%,
02/15/2053
27,058‌
19,407‌
1.63%,
10/15/2027
68,891‌
68,287‌
1.63%,
10/15/2029
70,357‌
69,427‌
1.63%,
04/15/2030
73,775‌
72,335‌
1.75%,
01/15/2028
31,033‌
30,695‌
1.75%,
01/15/2034
78,801‌
75,938‌
1.88%,
07/15/2034
86,888‌
84,335‌
1.88%,
07/15/2035
93,442‌
89,777‌
1.88%,
01/15/2036
86,582‌
82,485‌
2.13%,
04/15/2029
68,052‌
67,827‌
2.13%,
01/15/2035
85,950‌
84,406‌
2.13%,
02/15/2040
14,545‌
13,618‌
2.13%,
02/15/2041
20,237‌
18,696‌
2.13%,
02/15/2054
29,821‌
24,663‌
2.38%,
10/15/2028
67,370‌
67,753‌
2.38%,
07/15/2036
31,423‌
31,246‌
2.38%,
02/15/2055
24,565‌
21,426‌
2.38%,
02/15/2056
12,853‌
11,220‌
2.50%,
01/15/2029
23,794‌
23,945‌
3.38%,
04/15/2032
11,886‌
12,643‌
3.63%,
04/15/2028
26,314‌
26,813‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
Inflation-Indexed
Obligations
(continued)
3.88%,
04/15/2029
$
27,424‌
$
28,578‌
$
2,138,590‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
2,138,590‌
Total
Investments
$
2,146,695‌
Other
Assets
and
Liabilities
-  (0.14)%
(
2,979‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,143,716‌
(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.
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
94
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
38,852‌
$
419,892‌
$
450,647‌
$
8,097‌
$
38,852‌
$
419,892‌
$
450,647‌
$
8,097‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
232‌
$
—‌
$
—‌
$
—‌
$
232‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
International
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
95
INVESTMENT
COMPANIES
-
0.71%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0.71%
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b)
2,320,844‌
$
2,321‌
TOTAL
INVESTMENT
COMPANIES
$
2,321‌
BONDS
-
96.46%
Principal
Amount
(000's)
Value
(000's)
Agriculture
-
1.24%
BAT
International
Finance
PLC
6.00%,
11/24/2034
GBP
3,000‌
$
4,062‌
Banks
-
13.79%
AIB
Group
PLC
4.63%,
07/23/2029
(c)
EUR
3,000‌
3,539‌
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
1.95%
5.25%,
10/23/2031
(c)
4,000‌
4,909‌
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
2.00%
Australia
&
New
Zealand
Banking
Group
Ltd
5.00%,
06/18/2029
AUD
1,400‌
983‌
Banco
Santander
SA
3.50%,
02/17/2035
EUR
3,000‌
3,349‌
China
Development
Bank
3.48%,
01/08/2029
CNH
55,000‌
8,533‌
Cooperatieve
Rabobank
UA
2.25%,
07/16/2030
(c)
JPY
300,000‌
1,878‌
JPY
Overnight
Index
Swap
Rate
Semi-
Annual
1
Year
+
0.58%
Danske
Bank
A/S
0.75%,
06/09/2029
(c)
EUR
3,000‌
3,303‌
Euribor
Swap
Rate
1
Year
+
0.88%
HSBC
Holdings
PLC
2.63%,
08/16/2028
GBP
3,500‌
4,507‌
Kreditanstalt
fuer
Wiederaufbau
1.13%,
06/15/2037
EUR
5,000‌
4,557‌
4.20%,
02/08/2029
AUD
1,400‌
972‌
Nederlandse
Waterschapsbank
NV
4.80%,
08/05/2031
2,000‌
1,390‌
Royal
Bank
of
Canada
3.41%,
06/12/2029
(c)
CAD
4,000‌
2,848‌
Canadian
Overnight
Repo
Rate
Average
+
0.87%
UBS
Group
AG
2.88%,
02/12/2030
(c)
EUR
3,000‌
3,411‌
Euribor
Swap
Rate
1
Year
+
0.78%
Westpac
Banking
Corp
5.00%,
01/15/2029
AUD
1,400‌
983‌
$
45,162‌
Commercial
Services
-
0.57%
PSA
Treasury
Pte
Ltd
2.70%,
06/03/2035
CNH
12,000‌
1,851‌
Distribution
&
Wholesale
-
0.48%
Mitsubishi
Corp
2.75%,
03/03/2030
EUR
1,400‌
1,577‌
Diversified
Financial
Services
-
0.52%
Hong
Kong
Mortgage
Corp
Ltd/The
3.45%,
10/17/2029
HKD
13,500‌
1,710‌
Internet
-
1.54%
Netflix
Inc
3.88%,
11/15/2029
EUR
3,000‌
3,509‌
Tencent
Holdings
Ltd
2.50%,
09/23/2035
CNH
10,000‌
1,526‌
$
5,035‌
Investment
Companies
-
0.70%
Temasek
Financial
I
Ltd
3.50%,
02/15/2033
EUR
2,000‌
2,302‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Miscellaneous
Manufacturers
-
1.52%
Siemens
Financieringsmaatschappij
NV
3.13%,
05/27/2033
EUR
1,400‌
$
1,576‌
3.63%,
05/27/2036
3,000‌
3,408‌
$
4,984‌
Regional
Authority
-
2.44%
Province
of
British
Columbia
Canada
5.70%,
06/18/2029
CAD
6,000‌
4,575‌
Province
of
Ontario
Canada
2.90%,
12/02/2046
3,000‌
1,624‌
Province
of
Quebec
Canada
3.50%,
12/01/2045
3,000‌
1,788‌
$
7,987‌
Sovereign
-
68.79%
Airport
Authority
2.85%,
01/14/2035
CNH
20,000‌
3,141‌
3.38%,
05/06/2036
HKD
1,500‌
184‌
Australia
Government
Bond
1.50%,
06/21/2031
AUD
3,300‌
2,014‌
3.25%,
04/21/2029
2,300‌
1,567‌
4.25%,
03/21/2036
4,000‌
2,669‌
4.75%,
06/21/2054
600‌
379‌
Bundesobligation
2.50%,
04/16/2031
EUR
3,000‌
3,398‌
Bundesrepublik
Deutschland
Bundesanleihe
2.30%,
02/15/2033
300‌
332‌
2.90%,
02/15/2036
6,500‌
7,334‌
2.90%,
08/15/2056
2,000‌
1,980‌
Canadian
Government
Bond
2.25%,
02/01/2028
CAD
1,000‌
707‌
2.75%,
09/01/2030
3,000‌
2,101‌
2.75%,
12/01/2055
2,000‌
1,111‌
3.25%,
06/01/2035
4,000‌
2,783‌
China
Government
Bond
1.36%,
12/15/2027
CNH
45,000‌
6,674‌
1.63%,
10/25/2030
45,000‌
6,724‌
1.78%,
11/15/2035
60,000‌
8,937‌
2.15%,
08/25/2055
30,000‌
4,381‌
2.23%,
06/25/2056
30,000‌
4,466‌
Czech
Republic
Government
Bond
3.00%,
03/03/2033
CZK
9,000‌
387‌
3.60%,
06/03/2036
9,000‌
384‌
European
Financial
Stability
Facility
3.88%,
03/30/2032
EUR
2,000‌
2,383‌
European
Union
2.50%,
10/14/2030
7,000‌
7,894‌
2.63%,
07/04/2028
3,500‌
4,016‌
French
Republic
Government
Bond
OAT
0.50%,
05/25/2040
(d)
2,000‌
1,412‌
2.00%,
11/25/2032
(d)
2,000‌
2,113‌
2.75%,
02/25/2029
(d)
2,000‌
2,290‌
3.25%,
05/25/2055
(d)
1,700‌
1,514‌
3.50%,
11/25/2035
(d)
2,500‌
2,800‌
Hungary
Government
Bond
6.00%,
11/28/2029
HUF
70,000‌
225‌
6.75%,
07/23/2031
35,000‌
116‌
7.00%,
10/24/2035
35,000‌
122‌
Indonesia
Treasury
Bond
6.50%,
04/15/2036
IDR
10,000,000‌
524‌
6.88%,
04/15/2029
10,000,000‌
550‌
6.88%,
07/15/2054
10,000,000‌
523‌
Israel
Government
Bond
-
Fixed
1.00%,
03/31/2030
ILS
1,000‌
298‌
4.15%,
10/31/2035
1,000‌
334‌
Italy
Buoni
Poliennali
Del
Tesoro
2.80%,
12/01/2028
EUR
2,500‌
2,871‌
3.15%,
03/15/2033
(d)
3,000‌
3,370‌
3.45%,
02/01/2036
3,000‌
3,332‌
3.85%,
10/01/2040
(d)
1,500‌
1,653‌
Schedule
of
Investments
International
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
96
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Italy
Buoni
Poliennali
Del
Tesoro
(continued)
4.30%,
10/01/2054
(d)
EUR
2,700‌
$
2,927‌
Japan
Government
Five
Year
Bond
1.60%,
12/20/2030
JPY
500,000‌
3,098‌
Japan
Government
Ten
Year
Bond
2.10%,
12/20/2035
900,000‌
5,369‌
Japan
Government
Thirty
Year
Bond
3.40%,
12/20/2055
900,000‌
5,064‌
Japan
Government
Twenty
Year
Bond
0.50%,
09/20/2041
1,100,000‌
4,561‌
3.40%,
03/20/2046
1,100,000‌
6,629‌
Japan
Government
Two
Year
Bond
1.10%,
01/01/2028
1,350,000‌
8,453‌
Kingdom
of
Belgium
Government
Bond
0.90%,
06/22/2029
(d)
EUR
3,000‌
3,267‌
2.60%,
10/22/2030
(d)
4,000‌
4,520‌
3.50%,
06/22/2055
(d)
2,200‌
2,115‌
Korea
Housing
Finance
Corp
4.50%,
06/18/2030
AUD
1,320‌
904‌
Korea
Treasury
Bond
2.25%,
09/10/2027
KRW
3,800,000‌
2,629‌
2.50%,
09/10/2030
4,400,000‌
2,917‌
2.63%,
09/10/2055
2,500,000‌
1,221‌
3.25%,
12/10/2035
2,800,000‌
1,810‌
Malaysia
Government
Bond
3.34%,
05/15/2030
MYR
3,000‌
731‌
3.48%,
07/02/2035
6,500‌
1,560‌
3.89%,
08/15/2029
7,000‌
1,738‌
4.18%,
05/16/2044
4,500‌
1,130‌
Mexican
Bonos
8.00%,
02/21/2036
MXN
15,000‌
801‌
8.00%,
04/29/2055
10,000‌
483‌
8.50%,
03/01/2029
42,000‌
2,461‌
Netherlands
Government
Bond
2.50%,
01/15/2031
(d)
EUR
3,000‌
3,393‌
2.50%,
07/15/2035
(d)
1,400‌
1,525‌
3.50%,
01/15/2056
(d)
1,000‌
1,110‌
New
Zealand
Government
Bond
0.25%,
05/15/2028
NZD
1,000‌
555‌
4.25%,
05/15/2036
600‌
341‌
5.00%,
05/15/2054
600‌
339‌
Norway
Government
Bond
2.00%,
04/26/2028
(d)
NOK
6,000‌
606‌
3.75%,
06/12/2035
(d)
3,000‌
301‌
Portugal
Obrigacoes
do
Tesouro
OT
2.88%,
10/14/2033
(d)
EUR
4,000‌
4,493‌
3.38%,
06/15/2040
(d)
4,000‌
4,391‌
3.63%,
06/12/2054
(d)
300‌
316‌
Republic
of
Austria
Government
Bond
0.00%,
02/20/2031
(d),(e)
1,400‌
1,409‌
0.75%,
02/20/2028
(d)
5,000‌
5,587‌
3.15%,
10/20/2053
(d)
700‌
703‌
Republic
of
Poland
Government
Bond
4.50%,
01/25/2031
PLN
3,000‌
785‌
5.00%,
10/25/2035
3,000‌
765‌
5.75%,
04/25/2029
1,500‌
413‌
Romania
Government
Bond
7.50%,
07/27/2033
RON
2,000‌
455‌
Singapore
Government
Bond
2.25%,
08/01/2036
SGD
1,300‌
1,003‌
2.88%,
09/01/2027
2,500‌
1,975‌
3.25%,
06/01/2054
200‌
181‌
Spain
Government
Bond
1.25%,
10/31/2030
(d)
EUR
5,700‌
6,115‌
3.20%,
10/31/2035
(d)
3,500‌
3,928‌
4.00%,
10/31/2054
(d)
700‌
772‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Sweden
Government
Bond
0.75%,
05/12/2028
SEK
14,000‌
$
1,427‌
2.50%,
10/15/2036
6,000‌
601‌
Swiss
Confederation
Government
Bond
0.25%,
06/23/2035
CHF
500‌
609‌
0.50%,
06/27/2032
700‌
874‌
4.00%,
04/08/2028
1,700‌
2,239‌
Thailand
Government
Bond
1.34%,
03/17/2031
THB
14,000‌
415‌
1.84%,
05/17/2036
14,000‌
411‌
2.40%,
11/17/2027
25,000‌
762‌
2.98%,
06/17/2045
20,000‌
592‌
United
Kingdom
Gilt
4.38%,
03/07/2030
GBP
700‌
938‌
4.38%,
07/31/2054
5,500‌
5,974‌
4.50%,
03/07/2035
3,500‌
4,561‌
$
225,245‌
Supranational
Bank
-
1.84%
European
Investment
Bank
4.00%,
02/15/2029
2,000‌
2,662‌
International
Bank
for
Reconstruction
&
Development
4.50%,
07/15/2030
2,500‌
3,357‌
$
6,019‌
Telecommunications
-
0.44%
AT&T
Inc
3.15%,
09/04/2036
EUR
1,400‌
1,448‌
Transportation
-
2.59%
MTR
Corp
Ltd
3.25%,
06/10/2034
3,500‌
3,934‌
3.30%,
04/28/2036
HKD
1,500‌
182‌
4.13%,
06/10/2046
EUR
4,000‌
4,364‌
$
8,480‌
TOTAL
BONDS
$
315,862‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
2.40%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
2.40%
4.13%,
06/30/2028
$
5,000‌
$
4,987‌
4.13%,
02/15/2036
3,000‌
2,867‌
$
7,854‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
7,854‌
Total
Investments
$
326,037‌
Other
Assets
and
Liabilities
-  0.43%
1,407‌
TOTAL
NET
ASSETS
-
100.00%
$
327,444‌
(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)
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.
(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
$62,630
or
19.13%
of
net
assets.
(e)
Non-income
producing
security
Schedule
of
Investments
International
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
97
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
—‌
$
202,680‌
$
200,359‌
$
2,321‌
$
—‌
$
202,680‌
$
200,359‌
$
2,321‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
128‌
$
—‌
$
—‌
$
—‌
$
128‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
ANZ
Stockbroking
09/17/2026
$
45,077‌
CNH
304,000‌
$
—‌
$
(95‌)
ANZ
Stockbroking
09/17/2026
$
38,884‌
EUR
34,000‌
—‌
(388‌)
ANZ
Stockbroking
09/17/2026
$
1,309‌
THB
44,000‌
—‌
(13‌)
ANZ
Stockbroking
09/17/2026
$
11,110‌
JPY
1,800,000‌
—‌
(245‌)
ANZ
Stockbroking
09/17/2026
$
11,211‌
AUD
16,000‌
—‌
(35‌)
ANZ
Stockbroking
09/17/2026
$
1,171‌
NZD
2,000‌
—‌
(8‌)
RBC
Dominon
Securities
Corp
09/17/2026
$
1,981‌
PLN
7,500‌
—‌
(27‌)
RBC
Dominon
Securities
Corp
09/17/2026
$
17,459‌
CAD
24,500‌
—‌
(55‌)
RBC
Dominon
Securities
Corp
09/17/2026
$
2,044‌
HKD
16,000‌
1‌
—‌
RBC
Dominon
Securities
Corp
09/17/2026
$
3,604‌
CHF
2,900‌
3‌
(5‌)
RBC
Dominon
Securities
Corp
09/17/2026
$
2,723‌
SGD
3,500‌
—‌
(16‌)
RBC
Dominon
Securities
Corp
09/17/2026
$
30,963‌
EUR
27,000‌
—‌
(223‌)
RBC
Dominon
Securities
Corp
09/17/2026
$
830‌
NOK
8,000‌
—‌
(14‌)
RBC
Dominon
Securities
Corp
09/17/2026
$
497‌
ILS
1,500‌
5‌
—‌
Standard
Chartered
Bank,
Hong
Kong
09/17/2026
$
2,745‌
MXN
48,000‌
—‌
(16‌)
Standard
Chartered
Bank,
Hong
Kong
09/17/2026
$
21,653‌
JPY
3,500,000‌
—‌
(426‌)
Standard
Chartered
Bank,
Hong
Kong
09/17/2026
$
42,327‌
EUR
37,000‌
—‌
(
410‌)
Standard
Chartered
Bank,
Hong
Kong
09/17/2026
$
26,049‌
GBP
19,400‌
10‌
(101‌)
Standard
Chartered
Bank,
Hong
Kong
09/17/2026
$
1,387‌
AUD
2,000‌
—‌
(19‌)
Standard
Chartered
Bank,
Hong
Kong
09/17/2026
$
442‌
HUF
140,000‌
—‌
(1‌)
Standard
Chartered
Bank,
Hong
Kong
09/17/2026
$
756‌
CZK
16,000‌
—‌
(6‌)
Standard
Chartered
Bank,
Hong
Kong
09/17/2026
$
802‌
IDR
14,500,000‌
1‌
—‌
Standard
Chartered
Bank,
Hong
Kong
09/17/2026
$
2,703‌
KRW
4,000,000‌
—‌
(72‌
)
State
Street
Financial
Global
Markets
09/17/2026
JPY
200,000‌
$
1,251‌
10‌
—‌
State
Street
Financial
Global
Markets
09/17/2026
NZD
2,000‌
$
1,158‌
21‌
—‌
State
Street
Financial
Global
Markets
09/17/2026
$
835‌
THB
28,000‌
—‌
(
7‌)
State
Street
Financial
Global
Markets
09/17/2026
$
30,975‌
EUR
27,000‌
—‌
(211‌)
State
Street
Financial
Global
Markets
09/17/2026
$
435‌
RON
2,000‌
—‌
(4‌)
State
Street
Financial
Global
Markets
09/17/2026
$
1,027‌
MXN
18,000‌
—‌
(8‌)
State
Street
Financial
Global
Markets
09/17/2026
$
1,870‌
SEK
18,000‌
—‌
(26‌)
State
Street
Financial
Global
Markets
09/17/2026
$
4,897‌
MYR
20,000‌
1‌
(11‌)
State
Street
Financial
Global
Markets
09/17/2026
$
5,420‌
KRW
8,000,000‌
—‌
(129‌)
State
Street
Financial
Global
Markets
09/17/2026
$
834‌
IDR
15,000,000‌
6‌
—‌
State
Street
Financial
Global
Markets
09/17/2026
$
1,856‌
JPY
300,000‌
—‌
(36‌)
Total
$
58‌
$
(2,607‌)
Amounts
in
thousands.
Schedule
of
Investments
International
Equity
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
98
INVESTMENT
COMPANIES
-
1
.08
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.08
%
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b)
69,799,130‌
$
69,799‌
TOTAL
INVESTMENT
COMPANIES
$
69,799‌
COMMON
STOCKS
-
98
.87
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
2
.50
%
BAE
Systems
PLC
5,714,926‌
$
161,785‌
Agriculture
-
3
.54
%
British
American
Tobacco
PLC
3,776,303‌
229,073‌
Apparel
-
0
.60
%
Samsonite
Group
SA
(c)
21,715,800‌
39,079‌
Automobile
Manufacturers
-
3
.70
%
Daimler
Truck
Holding
AG
4,238,261‌
239,719‌
Banks
-
15
.98
%
AIB
Group
PLC
17,808,461‌
211,807‌
BNP
Paribas
SA
1,005,268‌
127,738‌
Erste
Group
Bank
AG
1,469,026‌
192,036‌
National
Bank
of
Greece
SA
7,358,333‌
137,682‌
NatWest
Group
PLC
17,544,262‌
165,488‌
Sberbank
of
Russia
PJSC
ADR
(d)
194,243‌
—‌
UniCredit
SpA
2,122,935‌
200,218‌
$
1,034,969‌
Biotechnology
-
1
.82
%
Argenx
SE
(d)
137,663‌
117,908‌
Computers
-
2
.86
%
Fujitsu
Ltd
8,026,400‌
185,003‌
Cosmetics
&
Personal
Care
-
2
.54
%
Haleon
PLC
33,631,327‌
164,644‌
Distribution
&
Wholesale
-
3
.07
%
Rexel
SA
4,794,706‌
198,960‌
Electronics
-
1
.42
%
Hoya
Corp
602,600‌
92,148‌
Engineering
&
Construction
-
1
.86
%
Obayashi
Corp
6,118,700‌
120,259‌
Entertainment
-
1
.52
%
Entain
PLC
13,467,143‌
98,594‌
Food
-
0
.00
%
Magnit
PJSC
(d)
24,200‌
—‌
Healthcare
-
Products
-
1
.13
%
QIAGEN
NV
1,765,970‌
73,111‌
Healthcare
-
Services
-
1
.65
%
ICON
PLC
(d)
652,500‌
106,726‌
Insurance
-
10
.50
%
AIA
Group
Ltd
14,791,200‌
149,109‌
Hannover
Rueck
SE
436,775‌
125,899‌
Sompo
Holdings
Inc
5,899,000‌
261,896‌
Tokio
Marine
Holdings
Inc
2,818,200‌
143,633‌
$
680,537‌
Internet
-
7
.98
%
Spotify
Technology
SA
(d)
363,680‌
181,818‌
Tencent
Holdings
Ltd
3,579,000‌
218,688‌
Trip.com
Group
Ltd
(d)
2,489,050‌
116,613‌
$
517,119‌
Iron
&
Steel
-
1
.40
%
Evraz
PLC
(d)
204,000‌
—‌
Vale
SA
ADR
6,013,758‌
90,567‌
$
90,567‌
Lodging
-
1
.81
%
Galaxy
Entertainment
Group
Ltd
26,917,000‌
117,385‌
Machinery
-
Construction
&
Mining
-
1
.59
%
Komatsu
Ltd
2,374,400‌
103,026‌
Mining
-
4
.01
%
Teck
Resources
Ltd
4,320,070‌
259,971‌
Oil
&
Gas
-
5
.23
%
BP
PLC
14,838,391‌
111,483‌
Gazprom
PJSC
(d)
288,000‌
—‌
LUKOIL
PJSC
(d)
20,000‌
—‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Novatek
PJSC
(d)
67,000‌
$
—‌
Suncor
Energy
Inc
3,386,716‌
227,432‌
$
338,915‌
Pharmaceuticals
-
2
.94
%
Ascendis
Pharma
A/S
(d)
174,937‌
42,669‌
AstraZeneca
PLC
869,496‌
147,910‌
$
190,579‌
Retail
-
3
.21
%
Yum
China
Holdings
Inc
4,385,280‌
207,794‌
Semiconductors
-
14
.87
%
ASML
Holding
NV
188,884‌
311,271‌
Samsung
Electronics
Co
Ltd
1,658,048‌
288,591‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
1,242,000‌
91,865‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
671,869‌
271,603‌
$
963,330‌
Software
-
1
.14
%
Constellation
Software
Inc/Canada
-
Warrants
(d),(e)
500‌
—‌
Nice
Ltd
ADR
(d)
748,912‌
73,985‌
$
73,985‌
TOTAL
COMMON
STOCKS
$
6,405,186‌
Total
Investments
$
6,474,985‌
Other
Assets
and
Liabilities
-  0.05%
3,342‌
TOTAL
NET
ASSETS
-
100.00%
$
6,478,327‌
(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
$39,079
or
0.60%
of
net
assets.
(d)
Non-income
producing
security
(e)
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.
Schedule
of
Investments
International
Equity
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
99
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
2,296‌
$
2,736,560‌
$
2,669,057‌
$
69,799‌
$
2,296‌
$
2,736,560‌
$
2,669,057‌
$
69,799‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
1,492‌
$
—‌
$
—‌
$
—‌
$
1,492‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
LargeCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
100
INVESTMENT
COMPANIES
-
2
.88
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.31
%
iShares
Russell
Top
200
Growth
ETF
64,200‌
$
17,744‌
Money
Market
Funds
-
2
.57
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
1,523,538‌
1,523‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(c)
143,999,552‌
144,000‌
$
145,523‌
TOTAL
INVESTMENT
COMPANIES
$
163,267‌
CONVERTIBLE
PREFERRED
STOCKS
-
0
.33
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0
.17
%
Waymo
LLC
Series
A-2
0.00%
(d),(e),(f)
48,770‌
$
9,562‌
Chemicals
-
0
.04
%
Sila
Nano
Series
F
0.00%
(d),(e),(f)
103,620‌
1,953‌
Software
-
0
.12
%
Nuro
-
Series
C
0.00%
(d),(e),(f)
353,308‌
5,335‌
Rappi
Inc
-
Series
E
0.00%
(d),(e),(f)
103,387‌
1,506‌
$
6,841‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
18,356‌
COMMON
STOCKS
-
97
.43
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
3
.22
%
Boeing
Co/The
(d)
13,830‌
$
2,989‌
FTAI
Aviation
Ltd
131,525‌
27,095‌
General
Electric
Co
35,002‌
12,603‌
HEICO
Corp
-
Class
A
43,476‌
11,185‌
Howmet
Aerospace
Inc
418,011‌
117,988‌
Karman
Holdings
Inc
(d)
18,805‌
905‌
Lockheed
Martin
Corp
5,709‌
3,327‌
Rocket
Lab
Corp
(d)
85,445‌
5,550‌
TransDigm
Group
Inc
793‌
995‌
$
182,637‌
Airlines
-
0
.13
%
Delta
Air
Lines
Inc
81,951‌
7,166‌
Apparel
-
0
.07
%
Ralph
Lauren
Corp
8,501‌
3,233‌
Tapestry
Inc
6,759‌
1,030‌
$
4,263‌
Automobile
Manufacturers
-
1
.55
%
Cummins
Inc
14,686‌
9,314‌
Tesla
Inc
(d)
252,227‌
78,495‌
$
87,809‌
Banks
-
1
.44
%
Bank
of
America
Corp
216,483‌
13,411‌
Bank
of
New
York
Mellon
Corp/The
7,339‌
1,147‌
Citigroup
Inc
251,244‌
33,277‌
Morgan
Stanley
148,520‌
31,252‌
NU
Holdings
Ltd/Cayman
Islands
(d)
97,434‌
1,396‌
Popular
Inc
7,225‌
1,266‌
$
81,749‌
Beverages
-
0
.05
%
Coca-Cola
Co/The
12,541‌
1,099‌
Monster
Beverage
Corp
(d)
8,990‌
866‌
PepsiCo
Inc
4,533‌
633‌
$
2,598‌
Biotechnology
-
1
.80
%
Alnylam
Pharmaceuticals
Inc
(d)
48,788‌
10,027‌
Amgen
Inc
10,728‌
4,132‌
Arrowhead
Pharmaceuticals
Inc
(d)
77,332‌
6,546‌
Biogen
Inc
(d)
30,615‌
6,213‌
Cogent
Biosciences
Inc
(d)
29,149‌
1,135‌
Dianthus
Therapeutics
Inc
(d)
47,837‌
5,115‌
Exelixis
Inc
(d)
29,615‌
1,571‌
Gilead
Sciences
Inc
235,890‌
30,715‌
Halozyme
Therapeutics
Inc
(d)
442,936‌
36,560‌
$
102,014‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
-
0
.05
%
Johnson
Controls
International
plc
1,130‌
$
166‌
Trane
Technologies
PLC
6,207‌
2,824‌
$
2,990‌
Chemicals
-
0
.06
%
DuPont
de
Nemours
Inc
18,728‌
2,566‌
Sherwin-Williams
Co/The
1,715‌
584‌
$
3,150‌
Commercial
Services
-
1
.68
%
API
Group
Corp
(d)
736,738‌
29,234‌
Automatic
Data
Processing
Inc
4,140‌
1,103‌
Block
Inc
(d)
14,932‌
1,213‌
Cintas
Corp
9,581‌
1,961‌
H&R
Block
Inc
260,719‌
11,479‌
Moody's
Corp
1,951‌
933‌
Morningstar
Inc
36,567‌
7,042‌
NIQ
Global
Intelligence
Plc
(d)
166,858‌
1,864‌
Quanta
Services
Inc
54,279‌
36,224‌
UL
Solutions
Inc
16,120‌
1,477‌
United
Rentals
Inc
2,511‌
2,710‌
$
95,240‌
Computers
-
10
.30
%
Apple
Inc
1,303,386‌
402,630‌
Crowdstrike
Holdings
Inc
(d)
54,693‌
10,438‌
Dell
Technologies
Inc
4,754‌
1,927‌
ExlService
Holdings
Inc
(d)
56,041‌
1,901‌
Fortinet
Inc
(d)
21,881‌
3,544‌
Lumentum
Holdings
Inc
(d)
18,633‌
13,303‌
NetApp
Inc
115,440‌
20,606‌
Okta
Inc
(d)
18,260‌
2,592‌
Rubrik
Inc
(d)
256,446‌
18,556‌
Sandisk
Corp
(d)
27,397‌
33,282‌
Seagate
Technology
Holdings
PLC
10,969‌
9,391‌
Western
Digital
Corp
119,600‌
65,163‌
$
583,333‌
Cosmetics
&
Personal
Care
-
0
.12
%
Colgate-Palmolive
Co
9,674‌
883‌
Estee
Lauder
Cos
Inc/The
70,289‌
5,897‌
$
6,780‌
Diversified
Financial
Services
-
2
.05
%
Ally
Financial
Inc
221,978‌
9,618‌
American
Express
Co
4,344‌
1,461‌
Brookfield
Asset
Management
Ltd
9,936‌
481‌
Charles
Schwab
Corp/The
3,443‌
362‌
Figure
Technology
Solutions
Inc
(d)
228,669‌
5,696‌
Interactive
Brokers
Group
Inc
-
A
Shares
4,870‌
429‌
Mastercard
Inc
22,701‌
13,010‌
Rocket
Cos
Inc
(d)
252,782‌
3,261‌
Visa
Inc
223,992‌
82,010‌
$
116,328‌
Electric
-
0
.42
%
Constellation
Energy
Corp
628‌
165‌
NRG
Energy
Inc
30,891‌
4,149‌
Talen
Energy
Corp
(d)
58,124‌
19,419‌
$
23,733‌
Electrical
Components
&
Equipment
-
0
.27
%
Eaton
Corp
PLC
1,686‌
700‌
Powell
Industries
Inc
70,750‌
14,764‌
$
15,464‌
Electronics
-
2
.14
%
Advanced
Energy
Industries
Inc
39,325‌
11,385‌
Amphenol
Corp
140,754‌
22,619‌
Garmin
Ltd
110,237‌
32,385‌
Jabil
Inc
93,623‌
29,496‌
Keysight
Technologies
Inc
(d)
32,119‌
10,249‌
Sanmina
Corp
(d)
35,526‌
6,592‌
TTM
Technologies
Inc
(d)
20,099‌
2,320‌
Vicor
Corp
(d)
30,754‌
6,378‌
$
121,424‌
Schedule
of
Investments
LargeCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
101
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
-
1
.87
%
Comfort
Systems
USA
Inc
35,339‌
$
61,126‌
Dycom
Industries
Inc
(d)
7,095‌
2,845‌
EMCOR
Group
Inc
26,436‌
21,081‌
Everus
Construction
Group
Inc
(d)
102,222‌
12,822‌
Sterling
Infrastructure
Inc
(d)
13,350‌
7,967‌
$
105,841‌
Environmental
Control
-
0
.17
%
GFL
Environmental
Inc
218,515‌
9,029‌
Waste
Management
Inc
2,815‌
638‌
$
9,667‌
Food
-
0
.14
%
Performance
Food
Group
Co
(d)
67,864‌
7,763‌
Healthcare
-
Products
-
0
.52
%
Caris
Life
Sciences
Inc
(d)
492,218‌
7,713‌
Intuitive
Surgical
Inc
(d)
9,904‌
3,499‌
Natera
Inc
(d)
41,274‌
11,052‌
Thermo
Fisher
Scientific
Inc
12,258‌
7,040‌
$
29,304‌
Home
Furnishings
-
0
.06
%
SharkNinja
Inc
(d)
22,242‌
3,598‌
Internet
-
17
.81
%
Airbnb
Inc
(d)
11,619‌
1,760‌
Alphabet
Inc
-
A
Shares
1,161,023‌
413,475‌
Alphabet
Inc
-
C
Shares
513,375‌
183,095‌
Amazon.com
Inc
(d)
364,832‌
99,081‌
AppLovin
Corp
(d)
69,764‌
27,620‌
Booking
Holdings
Inc
36,743‌
7,087‌
DoorDash
Inc
-
Class
A
(d)
10,531‌
2,066‌
Expedia
Group
Inc
41,432‌
12,212‌
Gen
Digital
Inc
359,275‌
9,862‌
Lyft
Inc
(d)
244,070‌
3,871‌
MercadoLibre
Inc
(d)
3,720‌
6,986‌
Meta
Platforms
Inc
318,044‌
177,058‌
Netflix
Inc
(d)
117,903‌
8,455‌
Palo
Alto
Networks
Inc
(d)
29,110‌
9,660‌
Reddit
Inc
(d)
39,439‌
5,548‌
Robinhood
Markets
Inc
(d)
94,532‌
8,183‌
Roku
Inc
(d)
57,422‌
8,327‌
Sea
Ltd
ADR
(d)
124,237‌
13,261‌
Spotify
Technology
SA
(d)
4,437‌
2,218‌
Uber
Technologies
Inc
(d)
127,859‌
8,996‌
$
1,008,821‌
Investment
Companies
-
0
.15
%
IREN
Ltd
(d)
225,198‌
8,287‌
Leisure
Products
&
Services
-
0
.17
%
Royal
Caribbean
Cruises
Ltd
25,304‌
8,054‌
Viking
Holdings
Ltd
(d)
13,435‌
1,402‌
$
9,456‌
Lodging
-
0
.78
%
Hilton
Worldwide
Holdings
Inc
6,270‌
2,009‌
Marriott
International
Inc/MD
71,098‌
26,508‌
Travel
+
Leisure
Co
131,528‌
9,999‌
Wyndham
Hotels
&
Resorts
Inc
78,017‌
5,840‌
$
44,356‌
Machinery
-
Construction
&
Mining
-
2
.16
%
Bloom
Energy
Corp
(d)
17,884‌
3,680‌
Caterpillar
Inc
22,615‌
18,427‌
Forgent
Power
Solutions
Inc
(d)
253,714‌
8,441‌
GE
Vernova
Inc
80,397‌
79,617‌
Vertiv
Holdings
Co
50,420‌
12,180‌
$
122,345‌
Media
-
0
.32
%
Nexstar
Media
Group
Inc
15,380‌
2,930‌
Space
Exploration
Technologies
Corp
(d),(g)
140,397‌
15,215‌
$
18,145‌
Mining
-
0
.04
%
Southern
Copper
Corp
13,815‌
2,524‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Miscellaneous
Manufacturers
-
2
.04
%
3M
Co
37,544‌
$
6,619‌
Axon
Enterprise
Inc
(d)
133,693‌
70,558‌
Fabrinet
(d)
32,393‌
14,104‌
Illinois
Tool
Works
Inc
2,349‌
674‌
ITT
Inc
121,294‌
23,771‌
$
115,726‌
Oil
&
Gas
-
0
.81
%
HF
Sinclair
Corp
118,674‌
10,855‌
Marathon
Petroleum
Corp
12,715‌
4,024‌
Phillips
66
129,583‌
27,430‌
Valero
Energy
Corp
10,899‌
3,410‌
$
45,719‌
Oil
&
Gas
Services
-
0
.06
%
TechnipFMC
PLC
50,167‌
3,595‌
Pharmaceuticals
-
4
.97
%
AbbVie
Inc
3,969‌
996‌
Abivax
SA
ADR
(d)
63,871‌
7,979‌
Ascendis
Pharma
A/S
(d)
310,369‌
75,702‌
Cardinal
Health
Inc
111,324‌
25,608‌
Eli
Lilly
&
Co
129,363‌
148,618‌
Johnson
&
Johnson
36,932‌
9,467‌
McKesson
Corp
3,231‌
2,766‌
Novo
Nordisk
A/S
ADR
218,464‌
10,285‌
$
281,421‌
Private
Equity
-
0
.04
%
Blackstone
Inc
16,540‌
2,113‌
KKR
&
Co
Inc
4,199‌
426‌
$
2,539‌
REITs
-
0
.10
%
American
Tower
Corp
8,476‌
1,469‌
Public
Storage
531‌
172‌
Welltower
Inc
17,517‌
4,107‌
$
5,748‌
Retail
-
1
.25
%
AutoZone
Inc
(d)
63‌
190‌
Carvana
Co
(d)
19,479‌
1,215‌
Costco
Wholesale
Corp
5,455‌
5,192‌
Home
Depot
Inc/The
20,747‌
6,887‌
Murphy
USA
Inc
24,922‌
15,147‌
QXO
Inc
(d)
1,139,027‌
15,149‌
Ross
Stores
Inc
87,901‌
22,069‌
Starbucks
Corp
17,618‌
1,854‌
TJX
Cos
Inc/The
14,185‌
2,232‌
Walmart
Inc
10,592‌
1,178‌
$
71,113‌
Semiconductors
-
24
.64
%
Advanced
Micro
Devices
Inc
(d)
193,565‌
92,166‌
Analog
Devices
Inc
740‌
272‌
Applied
Materials
Inc
71,444‌
36,270‌
ASML
Holding
NV
-
NY
Reg
Shares
13,220‌
21,535‌
Astera
Labs
Inc
(d)
31,174‌
9,702‌
Broadcom
Inc
694,462‌
270,340‌
KLA
Corp
47,220‌
8,633‌
Lam
Research
Corp
111,298‌
32,613‌
Marvell
Technology
Inc
18,693‌
3,506‌
Micron
Technology
Inc
126,995‌
104,521‌
Monolithic
Power
Systems
Inc
1,014‌
1,446‌
NVIDIA
Corp
3,640,745‌
730,879‌
SK
hynix
Inc
ADR
6,642‌
955‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
192,537‌
77,833‌
Texas
Instruments
Inc
19,487‌
5,373‌
$
1,396,044‌
Software
-
11
.31
%
Adobe
Inc
(d)
10,161‌
2,545‌
Cadence
Design
Systems
Inc
(d)
9,953‌
3,384‌
Cloudflare
Inc
(d)
103,410‌
28,849‌
Datadog
Inc
(d)
18,969‌
5,083‌
Dynatrace
Inc
(d)
42,068‌
1,865‌
Schedule
of
Investments
LargeCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
102
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Elastic
NV
(d)
195,108‌
$
12,836‌
Intuit
Inc
3,076‌
972‌
Magic
Leap
Inc
(d),(e),(f)
10,706‌
—‌
Microsoft
Corp
756,458‌
351,542‌
MongoDB
Inc
(d)
48,330‌
16,310‌
MSCI
Inc
34,913‌
19,979‌
nCino
Inc
(d)
58,248‌
1,075‌
Nebius
Group
NV
(d)
156,406‌
29,781‌
Oracle
Corp
112,239‌
14,576‌
Palantir
Technologies
Inc
(d)
225,553‌
27,757‌
ServiceNow
Inc
(d)
321,359‌
35,745‌
Snowflake
Inc
-
Class
A
(d)
239,501‌
70,241‌
Stripe
Inc
-
Class
B
(d),(e),(f)
63,561‌
4,004‌
Teradata
Corp
(d)
66,072‌
2,048‌
Twilio
Inc
(d)
60,671‌
11,973‌
$
640,565‌
Telecommunications
-
1
.49
%
Arista
Networks
Inc
(d)
312,732‌
56,401‌
Ciena
Corp
(d)
48,548‌
18,305‌
Corning
Inc
55,891‌
7,727‌
Motorola
Solutions
Inc
2,271‌
990‌
Ubiquiti
Inc
1,651‌
919‌
$
84,342‌
Transportation
-
1
.18
%
CH
Robinson
Worldwide
Inc
89,566‌
13,232‌
CSX
Corp
590,270‌
29,750‌
Landstar
System
Inc
92,548‌
16,175‌
Union
Pacific
Corp
4,267‌
1,246‌
XPO
Inc
(d)
30,976‌
6,225‌
$
66,628‌
TOTAL
COMMON
STOCKS
$
5,520,225‌
Total
Investments
$
5,701,848‌
Other
Assets
and
Liabilities
-  (0.64)%
(
36,117‌
)
TOTAL
NET
ASSETS
-
100.00%
$
5,665,731‌
(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
$1,523
or
0.03%
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)
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.
(f)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(g)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,442
or
0.03%
of
net
assets.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
154,085‌
$
2,963,586‌
$
2,973,671‌
$
144,000‌
$
154,085‌
$
2,963,586‌
$
2,973,671‌
$
144,000‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
2,924‌
$
—‌
$
—‌
$
—‌
$
2,924‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Magic
Leap
Inc
01/20/2016-10/12/2017
$
5,204‌
$
—‌
0.00%
Nuro
-
Series
C  
0.00%
10/30/2020
4,612‌
5,335‌
0.09%
Rappi
Inc
-
Series
E  
0.00%
09/08/2020
6,177‌
1,506‌
0.03%
Sila
Nano
Series
F  
0.00%
01/07/2021
4,277‌
1,953‌
0.04%
Stripe
Inc
-
Class
B
12/17/2019
997‌
4,004‌
0.07%
Waymo
LLC
Series
A-2  
0.00%
05/08/2020
4,188‌
9,562‌
0.17%
Total
$
22,360‌
0.40%
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
September
2026
Long
90‌
$
33,837‌
$
256‌
Total
$
256‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
103
INVESTMENT
COMPANIES
-
0
.31
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.26
%
iShares
Core
S&P
500
ETF
47,100‌
$
35,340‌
Money
Market
Funds
-
0
.05
%
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b)
6,014,171‌
6,014‌
TOTAL
INVESTMENT
COMPANIES
$
41,354‌
COMMON
STOCKS
-
99
.39
%
Shares
Held
Value
(000's)
Advertising
-
0
.05
%
Omnicom
Group
Inc
58,741‌
$
4,623‌
Trade
Desk
Inc/The
(c)
88,006‌
1,588‌
$
6,211‌
Aerospace
&
Defense
-
2
.20
%
Boeing
Co/The
(c)
162,472‌
35,117‌
General
Dynamics
Corp
52,314‌
20,058‌
General
Electric
Co
215,034‌
77,427‌
Honeywell
Aerospace
Inc
(c)
65,299‌
13,500‌
Howmet
Aerospace
Inc
82,464‌
23,276‌
L3Harris
Technologies
Inc
38,395‌
10,638‌
Lockheed
Martin
Corp
41,819‌
24,370‌
Northrop
Grumman
Corp
27,518‌
14,928‌
RTX
Corp
277,555‌
59,735‌
TransDigm
Group
Inc
11,529‌
14,462‌
$
293,511‌
Agriculture
-
0
.72
%
Altria
Group
Inc
344,169‌
23,517‌
Archer-Daniels-Midland
Co
99,332‌
7,874‌
Bunge
Global
SA
27,991‌
2,973‌
Philip
Morris
International
Inc
321,223‌
61,296‌
$
95,660‌
Airlines
-
0
.18
%
Delta
Air
Lines
Inc
134,676‌
11,776‌
Southwest
Airlines
Co
100,738‌
4,530‌
United
Airlines
Holdings
Inc
(c)
66,895‌
8,117‌
$
24,423‌
Apparel
-
0
.17
%
Deckers
Outdoor
Corp
(c)
29,256‌
2,834‌
NIKE
Inc
247,220‌
10,312‌
Ralph
Lauren
Corp
7,967‌
3,030‌
Tapestry
Inc
41,642‌
6,345‌
$
22,521‌
Automobile
Manufacturers
-
1
.81
%
Cummins
Inc
28,441‌
18,037‌
Ford
Motor
Co
806,653‌
11,842‌
General
Motors
Co
185,835‌
16,513‌
PACCAR
Inc
108,470‌
14,392‌
Tesla
Inc
(c)
580,242‌
180,577‌
$
241,361‌
Automobile
Parts
&
Equipment
-
0
.02
%
Aptiv
PLC
(c)
43,616‌
2,463‌
Banks
-
4
.70
%
Bank
of
America
Corp
1,345,617‌
83,361‌
Bank
of
New
York
Mellon
Corp/The
141,465‌
22,115‌
Citigroup
Inc
351,525‌
46,559‌
Citizens
Financial
Group
Inc
87,157‌
6,245‌
Fifth
Third
Bancorp
186,793‌
10,554‌
Goldman
Sachs
Group
Inc/The
60,803‌
61,921‌
Huntington
Bancshares
Inc/OH
417,798‌
7,119‌
JPMorgan
Chase
&
Co
552,255‌
194,278‌
KeyCorp
189,943‌
4,291‌
M&T
Bank
Corp
30,182‌
7,433‌
Morgan
Stanley
247,063‌
51,987‌
Northern
Trust
Corp
38,139‌
6,949‌
PNC
Financial
Services
Group
Inc/The
82,764‌
20,680‌
Regions
Financial
Corp
175,884‌
5,444‌
State
Street
Corp
57,043‌
10,505‌
Truist
Financial
Corp
256,779‌
13,311‌
US
Bancorp
319,933‌
20,159‌
Wells
Fargo
&
Co
630,714‌
54,525‌
$
627,436‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Beverages
-
1
.04
%
Brown-Forman
Corp
-
B
Shares
34,698‌
$
997‌
Coca-Cola
Co/The
798,078‌
69,904‌
Constellation
Brands
Inc
28,743‌
3,743‌
Keurig
Dr
Pepper
Inc
280,415‌
8,727‌
Molson
Coors
Beverage
Co
33,065‌
1,374‌
Monster
Beverage
Corp
(c)
147,146‌
14,182‌
PepsiCo
Inc
281,694‌
39,313‌
$
138,240‌
Biotechnology
-
1
.06
%
Amgen
Inc
111,235‌
42,843‌
Biogen
Inc
(c)
30,428‌
6,175‌
Corteva
Inc
137,846‌
10,850‌
Gilead
Sciences
Inc
255,892‌
33,320‌
Incyte
Corp
(c)
34,587‌
4,134‌
Moderna
Inc
(c)
72,783‌
3,990‌
Regeneron
Pharmaceuticals
Inc
20,596‌
15,707‌
Vertex
Pharmaceuticals
Inc
(c)
52,311‌
24,958‌
$
141,977‌
Building
Materials
-
0
.62
%
Builders
FirstSource
Inc
(c)
22,168‌
1,473‌
Carrier
Global
Corp
160,914‌
9,946‌
CRH
PLC
137,718‌
13,084‌
Johnson
Controls
International
plc
125,747‌
18,442‌
Lennox
International
Inc
6,528‌
2,715‌
Martin
Marietta
Materials
Inc
12,377‌
6,500‌
Masco
Corp
41,578‌
2,972‌
Trane
Technologies
PLC
45,561‌
20,728‌
Vulcan
Materials
Co
26,742‌
7,182‌
$
83,042‌
Chemicals
-
0
.93
%
Air
Products
and
Chemicals
Inc
45,895‌
13,534‌
Albemarle
Corp
24,307‌
2,859‌
CF
Industries
Holdings
Inc
31,664‌
3,964‌
Dow
Inc
148,547‌
4,500‌
DuPont
de
Nemours
Inc
28,162‌
3,858‌
Ecolab
Inc
52,205‌
14,494‌
International
Flavors
&
Fragrances
Inc
52,619‌
4,169‌
Linde
PLC
95,293‌
45,586‌
LyondellBasell
Industries
NV
53,222‌
3,304‌
Mosaic
Co/The
65,509‌
1,449‌
PPG
Industries
Inc
45,940‌
5,077‌
Qnity
Electronics
Inc
43,146‌
5,660‌
Sherwin-Williams
Co/The
47,274‌
16,113‌
$
124,567‌
Commercial
Services
-
1
.14
%
Automatic
Data
Processing
Inc
82,386‌
21,953‌
Block
Inc
(c)
110,305‌
8,961‌
Cintas
Corp
70,090‌
14,343‌
Corpay
Inc
(c)
13,471‌
5,147‌
Equifax
Inc
24,541‌
4,236‌
Global
Payments
Inc
47,922‌
4,029‌
Moody's
Corp
30,966‌
14,814‌
PayPal
Holdings
Inc
181,804‌
10,401‌
Quanta
Services
Inc
30,929‌
20,641‌
Rollins
Inc
60,531‌
2,298‌
S&P
Global
Inc
62,491‌
25,742‌
United
Rentals
Inc
12,913‌
13,936‌
Verisk
Analytics
Inc
27,004‌
5,262‌
$
151,763‌
Computers
-
9
.37
%
Accenture
PLC
-
Class
A
126,535‌
20,995‌
Apple
Inc
3,027,106‌
935,103‌
Cognizant
Technology
Solutions
Corp
97,666‌
5,406‌
Crowdstrike
Holdings
Inc
(c)
209,844‌
40,051‌
Dell
Technologies
Inc
59,622‌
24,169‌
Fortinet
Inc
(c)
128,350‌
20,786‌
Gartner
Inc
(c)
13,799‌
2,084‌
Hewlett
Packard
Enterprise
Co
273,469‌
13,099‌
HP
Inc
188,491‌
5,140‌
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
104
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
International
Business
Machines
Corp
193,713‌
$
43,324‌
Leidos
Holdings
Inc
25,925‌
2,997‌
Lumentum
Holdings
Inc
(c)
16,036‌
11,449‌
NetApp
Inc
40,671‌
7,260‌
Sandisk
Corp
(c)
30,523‌
37,080‌
Seagate
Technology
Holdings
PLC
46,216‌
39,567‌
Super
Micro
Computer
Inc
(c)
115,988‌
3,294‌
Western
Digital
Corp
71,041‌
38,706‌
$
1,250,510‌
Consumer
Products
-
0
.13
%
Avery
Dennison
Corp
15,765‌
2,676‌
Church
&
Dwight
Co
Inc
48,835‌
4,825‌
Clorox
Co/The
24,922‌
2,381‌
Kimberly-Clark
Corp
68,414‌
7,478‌
$
17,360‌
Cosmetics
&
Personal
Care
-
0
.72
%
Colgate-Palmolive
Co
164,921‌
15,057‌
Estee
Lauder
Cos
Inc/The
50,967‌
4,276‌
Kenvue
Inc
395,719‌
7,614‌
Procter
&
Gamble
Co/The
479,931‌
69,345‌
$
96,292‌
Distribution
&
Wholesale
-
0
.22
%
Copart
Inc
(c)
182,657‌
5,319‌
Fastenal
Co
236,613‌
11,289‌
WW
Grainger
Inc
8,954‌
12,376‌
$
28,984‌
Diversified
Financial
Services
-
3
.51
%
American
Express
Co
109,691‌
36,884‌
Ameriprise
Financial
Inc
18,529‌
10,114‌
Apollo
Global
Management
Inc
95,058‌
11,938‌
Ares
Management
Corp
43,473‌
5,568‌
Blackrock
Inc
29,756‌
32,446‌
Capital
One
Financial
Corp
128,256‌
26,807‌
Cboe
Global
Markets
Inc
21,570‌
6,692‌
Charles
Schwab
Corp/The
336,934‌
35,459‌
CME
Group
Inc
74,682‌
19,999‌
Coinbase
Global
Inc
(c)
45,842‌
6,705‌
Franklin
Resources
Inc
63,189‌
2,140‌
Interactive
Brokers
Group
Inc
-
A
Shares
91,816‌
8,079‌
Intercontinental
Exchange
Inc
116,553‌
17,772‌
Invesco
Ltd
91,365‌
2,704‌
Mastercard
Inc
166,300‌
95,306‌
Nasdaq
Inc
92,082‌
8,673‌
Raymond
James
Financial
Inc
35,747‌
6,291‌
Synchrony
Financial
69,326‌
5,254‌
T
Rowe
Price
Group
Inc
44,161‌
4,935‌
Visa
Inc
342,071‌
125,242‌
$
469,008‌
Electric
-
2
.02
%
AES
Corp/The
146,984‌
2,158‌
Alliant
Energy
Corp
53,232‌
3,768‌
Ameren
Corp
57,040‌
6,252‌
American
Electric
Power
Co
Inc
112,141‌
14,337‌
CenterPoint
Energy
Inc
134,826‌
5,668‌
CMS
Energy
Corp
63,669‌
4,584‌
Consolidated
Edison
Inc
75,955‌
8,268‌
Constellation
Energy
Corp
65,886‌
17,312‌
Dominion
Energy
Inc
181,258‌
12,538‌
DTE
Energy
Co
42,875‌
6,083‌
Duke
Energy
Corp
160,677‌
20,154‌
Edison
International
79,307‌
5,819‌
Entergy
Corp
94,372‌
10,156‌
Evergy
Inc
47,510‌
3,944‌
Eversource
Energy
77,512‌
5,549‌
Exelon
Corp
210,886‌
9,663‌
FirstEnergy
Corp
107,295‌
5,183‌
NextEra
Energy
Inc
429,795‌
37,358‌
NRG
Energy
Inc
43,485‌
5,840‌
PG&E
Corp
453,885‌
7,888‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
Pinnacle
West
Capital
Corp
24,977‌
$
2,522‌
PPL
Corp
155,062‌
5,460‌
Public
Service
Enterprise
Group
Inc
102,706‌
7,875‌
Sempra
134,727‌
11,930‌
Southern
Co/The
232,340‌
21,965‌
Vistra
Corp
65,324‌
9,680‌
WEC
Energy
Group
Inc
67,133‌
7,346‌
Xcel
Energy
Inc
128,664‌
10,061‌
$
269,361‌
Electrical
Components
&
Equipment
-
0
.35
%
AMETEK
Inc
47,239‌
11,418‌
Eaton
Corp
PLC
80,030‌
33,229‌
Generac
Holdings
Inc
(c)
12,132‌
2,391‌
$
47,038‌
Electronics
-
1
.15
%
Allegion
plc
17,712‌
2,788‌
Amphenol
Corp
253,555‌
40,746‌
Coherent
Corp
(c)
40,321‌
10,600‌
Emerson
Electric
Co
115,438‌
17,295‌
Flex
Ltd
(c)
75,779‌
8,620‌
Fortive
Corp
62,832‌
3,720‌
Garmin
Ltd
33,786‌
9,926‌
Honeywell
International
Inc
65,299‌
15,871‌
Hubbell
Inc
10,891‌
5,147‌
Jabil
Inc
21,745‌
6,851‌
Keysight
Technologies
Inc
(c)
35,347‌
11,279‌
Mettler-Toledo
International
Inc
(c)
4,166‌
5,900‌
TE
Connectivity
PLC
60,160‌
12,374‌
Trimble
Inc
(c)
48,045‌
2,718‌
$
153,835‌
Energy
-
Alternate
Sources
-
0
.03
%
First
Solar
Inc
(c)
22,147‌
4,674‌
Engineering
&
Construction
-
0
.17
%
Comfort
Systems
USA
Inc
7,245‌
12,532‌
EMCOR
Group
Inc
9,161‌
7,305‌
Jacobs
Solutions
Inc
24,337‌
3,284‌
$
23,121‌
Entertainment
-
0
.06
%
Live
Nation
Entertainment
Inc
(c)
32,615‌
5,679‌
TKO
Group
Holdings
Inc
12,979‌
2,360‌
$
8,039‌
Environmental
Control
-
0
.25
%
Pentair
PLC
33,307‌
2,179‌
Republic
Services
Inc
41,217‌
8,678‌
Veralto
Corp
50,618‌
4,767‌
Waste
Management
Inc
76,145‌
17,251‌
$
32,875‌
Food
-
0
.42
%
General
Mills
Inc
109,994‌
3,932‌
Hershey
Co/The
30,551‌
5,348‌
Hormel
Foods
Corp
60,110‌
1,503‌
J
M
Smucker
Co/The
21,980‌
2,621‌
Kraft
Heinz
Co/The
175,962‌
4,549‌
Kroger
Co/The
116,909‌
6,750‌
McCormick
&
Co
Inc/MD
52,347‌
2,665‌
Mondelez
International
Inc
264,564‌
16,485‌
Sysco
Corp
98,554‌
8,401‌
Tyson
Foods
Inc
58,146‌
3,370‌
$
55,624‌
Forest
Products
&
Paper
-
0
.03
%
International
Paper
Co
109,135‌
4,456‌
Gas
-
0
.08
%
Atmos
Energy
Corp
34,402‌
5,944‌
NiSource
Inc
98,814‌
4,390‌
$
10,334‌
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
105
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Hand
&
Machine
Tools
-
0
.06
%
Snap-on
Inc
10,678‌
$
4,383‌
Stanley
Black
&
Decker
Inc
32,040‌
3,030‌
$
7,413‌
Healthcare
-
Products
-
2
.04
%
Abbott
Laboratories
358,993‌
37,946‌
Agilent
Technologies
Inc
58,246‌
8,059‌
Align
Technology
Inc
(c)
13,728‌
2,322‌
Baxter
International
Inc
106,446‌
2,785‌
Bio-Techne
Corp
32,270‌
2,326‌
Boston
Scientific
Corp
(c)
306,342‌
14,315‌
Cooper
Cos
Inc/The
(c)
40,214‌
2,908‌
Danaher
Corp
129,828‌
25,314‌
Edwards
Lifesciences
Corp
(c)
118,674‌
10,214‌
GE
HealthCare
Technologies
Inc
93,755‌
6,377‌
IDEXX
Laboratories
Inc
(c)
16,259‌
9,090‌
Insulet
Corp
(c)
14,276‌
2,361‌
Intuitive
Surgical
Inc
(c)
72,994‌
25,791‌
Medtronic
PLC
264,613‌
22,595‌
ResMed
Inc
29,897‌
6,308‌
Revvity
Inc
22,993‌
2,587‌
Solventum
Corp
(c)
30,338‌
2,592‌
STERIS
PLC
20,214‌
4,617‌
Stryker
Corp
71,110‌
23,161‌
Thermo
Fisher
Scientific
Inc
76,593‌
43,987‌
Waters
Corp
(c)
20,237‌
7,636‌
West
Pharmaceutical
Services
Inc
14,561‌
4,965‌
Zimmer
Biomet
Holdings
Inc
39,873‌
3,745‌
$
272,001‌
Healthcare
-
Services
-
1
.21
%
Centene
Corp
(c)
96,684‌
6,016‌
Charles
River
Laboratories
International
Inc
(c)
9,928‌
2,308‌
Cigna
Group/The
54,521‌
15,214‌
DaVita
Inc
(c)
6,616‌
1,588‌
Elevance
Health
Inc
44,759‌
16,822‌
HCA
Healthcare
Inc
32,005‌
12,885‌
Humana
Inc
24,746‌
9,004‌
IQVIA
Holdings
Inc
(c)
34,398‌
8,084‌
Labcorp
Holdings
Inc
16,900‌
5,226‌
Quest
Diagnostics
Inc
22,814‌
5,316‌
UnitedHealth
Group
Inc
187,172‌
77,564‌
Universal
Health
Services
Inc
10,983‌
1,850‌
$
161,877‌
Home
Builders
-
0
.15
%
DR
Horton
Inc
54,356‌
7,776‌
Lennar
Corp
-
A
Shares
44,362‌
3,653‌
NVR
Inc
(c)
558‌
3,430‌
PulteGroup
Inc
39,260‌
4,966‌
$
19,825‌
Insurance
-
3
.13
%
Aflac
Inc
94,413‌
12,036‌
Allstate
Corp/The
53,056‌
14,011‌
American
International
Group
Inc
109,277‌
8,587‌
Aon
PLC
44,019‌
15,871‌
Arch
Capital
Group
Ltd
(c)
71,720‌
7,210‌
Arthur
J
Gallagher
&
Co
52,948‌
13,206‌
Assurant
Inc
10,212‌
2,851‌
Berkshire
Hathaway
Inc
-
Class
B
(c)
377,855‌
193,288‌
Brown
&
Brown
Inc
60,078‌
4,229‌
Chubb
Ltd
74,343‌
26,071‌
Cincinnati
Financial
Corp
31,882‌
5,665‌
Erie
Indemnity
Co
5,236‌
1,267‌
Everest
Group
Ltd
8,156‌
3,052‌
Globe
Life
Inc
16,003‌
2,917‌
Hartford
Insurance
Group
Inc/The
56,500‌
8,018‌
Loews
Corp
34,775‌
4,034‌
Marsh
&
McLennan
Cos
Inc
99,300‌
18,836‌
MetLife
Inc
111,396‌
10,709‌
Principal
Financial
Group
Inc
40,513‌
4,606‌
Progressive
Corp/The
120,433‌
25,462‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Prudential
Financial
Inc
71,518‌
$
8,731‌
Travelers
Cos
Inc/The
43,827‌
16,407‌
W
R
Berkley
Corp
60,615‌
4,397‌
Willis
Towers
Watson
PLC
19,466‌
6,539‌
$
418,000‌
Internet
-
13
.91
%
Airbnb
Inc
(c)
86,136‌
13,051‌
Alphabet
Inc
-
A
Shares
1,208,520‌
430,390‌
Alphabet
Inc
-
C
Shares
974,126‌
347,422‌
Amazon.com
Inc
(c)
2,017,535‌
547,922‌
AppLovin
Corp
(c)
55,452‌
21,953‌
Booking
Holdings
Inc
159,704‌
30,807‌
CDW
Corp/DE
26,331‌
3,892‌
DoorDash
Inc
-
Class
A
(c)
77,995‌
15,300‌
eBay
Inc
91,509‌
10,433‌
Expedia
Group
Inc
23,599‌
6,956‌
F5
Inc
(c)
11,630‌
4,682‌
Gen
Digital
Inc
113,595‌
3,118‌
GoDaddy
Inc
(c)
27,290‌
2,258‌
Meta
Platforms
Inc
452,612‌
251,974‌
Netflix
Inc
(c)
867,858‌
62,234‌
Palo
Alto
Networks
Inc
(c)
167,149‌
55,465‌
Robinhood
Markets
Inc
(c)
163,066‌
14,115‌
Uber
Technologies
Inc
(c)
419,543‌
29,519‌
VeriSign
Inc
16,880‌
4,896‌
$
1,856,387‌
Iron
&
Steel
-
0
.14
%
Nucor
Corp
46,938‌
12,077‌
Steel
Dynamics
Inc
27,939‌
7,020‌
$
19,097‌
Leisure
Products
&
Services
-
0
.19
%
Carnival
Corp
Ltd
265,141‌
7,374‌
Norwegian
Cruise
Line
Holdings
Ltd
(c)
94,624‌
1,753‌
Royal
Caribbean
Cruises
Ltd
51,406‌
16,362‌
$
25,489‌
Lodging
-
0
.29
%
Hilton
Worldwide
Holdings
Inc
46,919‌
15,037‌
Las
Vegas
Sands
Corp
61,454‌
3,004‌
Marriott
International
Inc/MD
45,108‌
16,818‌
MGM
Resorts
International
(c)
39,548‌
1,763‌
Wynn
Resorts
Ltd
17,285‌
1,716‌
$
38,338‌
Machinery
-
Construction
&
Mining
-
1
.13
%
Caterpillar
Inc
94,930‌
77,350‌
GE
Vernova
Inc
55,384‌
54,846‌
Vertiv
Holdings
Co
79,166‌
19,124‌
$
151,320‌
Machinery
-
Diversified
-
0
.61
%
Deere
&
Co
51,774‌
30,685‌
Dover
Corp
27,754‌
5,679‌
IDEX
Corp
15,255‌
3,516‌
Ingersoll
Rand
Inc
73,397‌
6,120‌
Nordson
Corp
10,922‌
3,252‌
Otis
Worldwide
Corp
79,085‌
5,690‌
Rockwell
Automation
Inc
22,934‌
11,010‌
Westinghouse
Air
Brake
Technologies
Corp
34,971‌
10,172‌
Xylem
Inc/NY
48,989‌
5,730‌
$
81,854‌
Media
-
0
.60
%
Charter
Communications
Inc
(c)
17,236‌
2,499‌
Comcast
Corp
-
Class
A
734,300‌
17,594‌
EchoStar
Corp
(c)
28,087‌
2,362‌
FactSet
Research
Systems
Inc
7,508‌
1,976‌
Fox
Corp
-
A
Shares
41,113‌
2,394‌
Fox
Corp
-
B
Shares
28,657‌
1,488‌
News
Corp
-
A
Shares
75,206‌
2,073‌
News
Corp
-
B
Shares
24,832‌
777‌
Paramount
Skydance
Corp
65,009‌
517‌
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
106
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
Walt
Disney
Co/The
357,900‌
$
34,426‌
Warner
Bros
Discovery
Inc
(c)
510,805‌
13,434‌
$
79,540‌
Mining
-
0
.29
%
Freeport-McMoRan
Inc
296,285‌
18,556‌
Newmont
Corp
220,025‌
20,619‌
$
39,175‌
Miscellaneous
Manufacturers
-
0
.59
%
3M
Co
107,497‌
18,950‌
A
O
Smith
Corp
23,077‌
1,388‌
Axon
Enterprise
Inc
(c)
16,614‌
8,768‌
Illinois
Tool
Works
Inc
53,959‌
15,483‌
Parker-Hannifin
Corp
25,987‌
25,377‌
Teledyne
Technologies
Inc
(c)
9,549‌
6,260‌
Textron
Inc
35,839‌
3,056‌
$
79,282‌
Office
&
Business
Equipment
-
0
.02
%
Zebra
Technologies
Corp
(c)
9,817‌
2,884‌
Oil
&
Gas
-
2
.68
%
APA
Corp
72,851‌
2,719‌
Chevron
Corp
385,846‌
75,946‌
ConocoPhillips
251,094‌
30,252‌
Devon
Energy
Corp
237,626‌
10,724‌
Diamondback
Energy
Inc
40,006‌
8,119‌
EOG
Resources
Inc
109,777‌
16,323‌
EQT
Corp
128,912‌
6,870‌
Expand
Energy
Corp
49,305‌
4,636‌
ExxonMobil
Holdings
Corp
854,285‌
132,790‌
Marathon
Petroleum
Corp
60,169‌
19,042‌
Occidental
Petroleum
Corp
149,648‌
8,540‌
Phillips
66
82,634‌
17,492‌
Texas
Pacific
Land
Corp
11,942‌
4,807‌
Valero
Energy
Corp
61,199‌
19,149‌
$
357,409‌
Oil
&
Gas
Services
-
0
.25
%
Baker
Hughes
Co
204,468‌
12,368‌
Halliburton
Co
172,178‌
5,553‌
SLB
Ltd
308,136‌
15,280‌
$
33,201‌
Packaging
&
Containers
-
0
.13
%
Amcor
PLC
95,291‌
4,277‌
Ball
Corp
54,874‌
3,561‌
Packaging
Corp
of
America
18,249‌
4,486‌
Smurfit
Westrock
PLC
108,093‌
4,969‌
$
17,293‌
Pharmaceuticals
-
4
.72
%
AbbVie
Inc
364,141‌
91,378‌
Becton
Dickinson
&
Co
56,789‌
9,405‌
Bristol-Myers
Squibb
Co
420,877‌
27,487‌
Cardinal
Health
Inc
48,271‌
11,104‌
Cencora
Inc
40,100‌
12,485‌
CVS
Health
Corp
262,972‌
27,462‌
Dexcom
Inc
(c)
79,529‌
6,637‌
Eli
Lilly
&
Co
163,042‌
187,309‌
Henry
Schein
Inc
(c)
19,957‌
1,711‌
Johnson
&
Johnson
496,135‌
127,184‌
McKesson
Corp
24,776‌
21,213‌
Merck
&
Co
Inc
509,038‌
66,277‌
Pfizer
Inc
1,174,671‌
29,379‌
Viatris
Inc
240,018‌
4,215‌
Zoetis
Inc
86,404‌
6,678‌
$
629,924‌
Pipelines
-
0
.41
%
Kinder
Morgan
Inc
403,518‌
12,985‌
ONEOK
Inc
129,852‌
11,792‌
Targa
Resources
Corp
44,239‌
11,961‌
Williams
Cos
Inc/The
252,064‌
18,033‌
$
54,771‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Private
Equity
-
0
.25
%
Blackstone
Inc
153,110‌
$
19,560‌
KKR
&
Co
Inc
142,491‌
14,453‌
$
34,013‌
Real
Estate
-
0
.08
%
CBRE
Group
Inc
(c)
60,350‌
8,860‌
CoStar
Group
Inc
(c)
84,164‌
2,421‌
$
11,281‌
REITs
-
1
.79
%
Alexandria
Real
Estate
Equities
Inc
32,325‌
1,663‌
American
Tower
Corp
96,022‌
16,646‌
AvalonBay
Communities
Inc
28,633‌
5,315‌
BXP
Inc
30,567‌
2,143‌
Camden
Property
Trust
20,717‌
2,296‌
Crown
Castle
Inc
89,954‌
6,863‌
Digital
Realty
Trust
Inc
71,676‌
13,512‌
Equinix
Inc
20,328‌
20,720‌
Equity
Residential
70,272‌
4,670‌
Essex
Property
Trust
Inc
13,245‌
3,763‌
Extra
Space
Storage
Inc
43,541‌
6,446‌
Federal
Realty
Investment
Trust
16,203‌
2,011‌
Healthpeak
Properties
Inc
142,091‌
3,102‌
Host
Hotels
&
Resorts
Inc
131,275‌
3,299‌
Invitation
Homes
Inc
112,639‌
3,348‌
Iron
Mountain
Inc
61,320‌
7,501‌
Kimco
Realty
Corp
138,994‌
3,541‌
Mid-America
Apartment
Communities
Inc
23,987‌
3,174‌
Prologis
Inc
192,157‌
27,788‌
Public
Storage
34,565‌
11,205‌
Realty
Income
Corp
192,189‌
12,275‌
Regency
Centers
Corp
33,963‌
2,727‌
SBA
Communications
Corp
21,860‌
3,956‌
Simon
Property
Group
Inc
66,836‌
15,330‌
UDR
Inc
60,939‌
2,325‌
Ventas
Inc
100,201‌
9,370‌
VICI
Properties
Inc
225,238‌
5,935‌
Welltower
Inc
145,491‌
34,109‌
Weyerhaeuser
Co
148,609‌
3,720‌
$
238,753‌
Retail
-
3
.82
%
AutoZone
Inc
(c)
3,397‌
10,246‌
Best
Buy
Co
Inc
40,385‌
3,484‌
Carvana
Co
(c)
147,629‌
9,206‌
Casey's
General
Stores
Inc
7,619‌
6,636‌
Chipotle
Mexican
Grill
Inc
(c)
264,375‌
9,840‌
Costco
Wholesale
Corp
91,439‌
87,040‌
Darden
Restaurants
Inc
23,606‌
4,806‌
Dollar
General
Corp
45,389‌
5,767‌
Dollar
Tree
Inc
(c)
37,324‌
4,748‌
Domino's
Pizza
Inc
6,306‌
2,191‌
Genuine
Parts
Co
28,365‌
3,528‌
Home
Depot
Inc/The
205,285‌
68,146‌
Lowe's
Cos
Inc
115,431‌
23,988‌
Lululemon
Athletica
Inc
(c)
21,582‌
2,565‌
McDonald's
Corp
146,438‌
39,632‌
O'Reilly
Automotive
Inc
(c)
170,800‌
15,261‌
Ross
Stores
Inc
66,396‌
16,670‌
Starbucks
Corp
234,895‌
24,723‌
Target
Corp
93,607‌
13,525‌
TJX
Cos
Inc/The
227,911‌
35,860‌
Tractor
Supply
Co
108,090‌
3,326‌
Ulta
Beauty
Inc
(c)
8,978‌
4,604‌
Walmart
Inc
903,564‌
100,476‌
Williams-Sonoma
Inc
24,267‌
5,549‌
Yum!
Brands
Inc
56,806‌
8,707‌
$
510,524‌
Semiconductors
-
16
.77
%
Advanced
Micro
Devices
Inc
(c)
336,073‌
160,021‌
Analog
Devices
Inc
100,622‌
36,969‌
Applied
Materials
Inc
163,566‌
83,038‌
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
107
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
Broadcom
Inc
975,830‌
$
379,871‌
Intel
Corp
(c)
973,721‌
87,830‌
KLA
Corp
269,228‌
49,220‌
Lam
Research
Corp
257,746‌
75,525‌
Marvell
Technology
Inc
180,454‌
33,846‌
Microchip
Technology
Inc
111,529‌
8,285‌
Micron
Technology
Inc
232,430‌
191,297‌
Monolithic
Power
Systems
Inc
10,126‌
14,440‌
NVIDIA
Corp
4,991,921‌
1,002,128‌
NXP
Semiconductors
NV
52,035‌
11,924‌
ON
Semiconductor
Corp
(c)
80,773‌
6,592‌
QUALCOMM
Inc
217,232‌
32,066‌
Skyworks
Solutions
Inc
30,999‌
1,931‌
Teradyne
Inc
32,264‌
11,863‌
Texas
Instruments
Inc
187,573‌
51,721‌
$
2,238,567‌
Shipbuilding
-
0
.02
%
Huntington
Ingalls
Industries
Inc
8,120‌
2,651‌
Software
-
7
.94
%
Adobe
Inc
(c)
83,307‌
20,861‌
Akamai
Technologies
Inc
(c)
29,965‌
3,451‌
Autodesk
Inc
(c)
43,518‌
10,192‌
Broadridge
Financial
Solutions
Inc
23,838‌
3,670‌
Cadence
Design
Systems
Inc
(c)
56,847‌
19,329‌
Datadog
Inc
(c)
68,184‌
18,271‌
Electronic
Arts
Inc
46,420‌
9,742‌
Fair
Isaac
Corp
(c)
4,780‌
5,368‌
Fidelity
National
Information
Services
Inc
106,531‌
4,769‌
Fiserv
Inc
(c)
109,905‌
5,928‌
Intuit
Inc
56,998‌
18,015‌
Jack
Henry
&
Associates
Inc
14,644‌
2,256‌
Microsoft
Corp
1,531,023‌
711,497‌
MSCI
Inc
15,005‌
8,587‌
Oracle
Corp
349,729‌
45,419‌
Palantir
Technologies
Inc
(c)
473,226‌
58,235‌
Paychex
Inc
66,460‌
7,765‌
PTC
Inc
(c)
23,806‌
3,266‌
Roper
Technologies
Inc
20,800‌
8,153‌
Salesforce
Inc
168,604‌
31,027‌
ServiceNow
Inc
(c)
212,555‌
23,643‌
Synopsys
Inc
(c)
39,483‌
15,349‌
Take-Two
Interactive
Software
Inc
(c)
35,876‌
8,715‌
Tyler
Technologies
Inc
(c)
8,691‌
2,691‌
Veeva
Systems
Inc
(c)
30,944‌
6,306‌
Workday
Inc
(c)
41,986‌
6,732‌
$
1,059,237‌
Telecommunications
-
2
.03
%
Arista
Networks
Inc
(c)
212,811‌
38,381‌
AT&T
Inc
1,432,073‌
33,296‌
Ciena
Corp
(c)
29,144‌
10,989‌
Cisco
Systems
Inc
814,085‌
94,426‌
Corning
Inc
161,416‌
22,316‌
Motorola
Solutions
Inc
34,213‌
14,908‌
T-Mobile
US
Inc
95,909‌
16,564‌
Verizon
Communications
Inc
860,595‌
40,284‌
$
271,164‌
Toys,
Games
&
Hobbies
-
0
.02
%
Hasbro
Inc
27,703‌
2,602‌
Transportation
-
0
.93
%
CH
Robinson
Worldwide
Inc
24,294‌
3,589‌
CSX
Corp
382,968‌
19,301‌
Expeditors
International
of
Washington
Inc
26,956‌
4,526‌
FedEx
Corp
45,244‌
13,908‌
Fedex
Freight
Holding
Co
Inc
(c)
22,403‌
3,148‌
JB
Hunt
Transport
Services
Inc
15,354‌
4,172‌
Norfolk
Southern
Corp
46,289‌
15,529‌
Old
Dominion
Freight
Line
Inc
37,719‌
8,002‌
Union
Pacific
Corp
122,366‌
35,747‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
(continued)
United
Parcel
Service
Inc
153,873‌
$
16,037‌
$
123,959‌
Water
-
0
.04
%
American
Water
Works
Co
Inc
40,248‌
5,400‌
TOTAL
COMMON
STOCKS
$
13,267,917‌
Total
Investments
$
13,309,271‌
Other
Assets
and
Liabilities
-  0.30%
39,467‌
TOTAL
NET
ASSETS
-
100.00%
$
13,348,738‌
(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
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
108
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
273,435‌
$
1,431,087‌
$
1,698,508‌
$
6,014‌
$
273,435‌
$
1,431,087‌
$
1,698,508‌
$
6,014‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
4,103‌
$
—‌
$
—‌
$
—‌
$
4,103‌
$
—‌
$
—‌
$
—‌
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)
S&P
500
Emini;
September
2026
Long
124‌
$
46,619‌
$
299‌
Total
$
299‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2026
(unaudited)
See
accompanying
notes.
109
INVESTMENT
COMPANIES
-
2
.25
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.41
%
iShares
Russell
Top
200
Value
ETF
(a)
86,300‌
$
9,513‌
Money
Market
Funds
-
1
.84
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(b),(c)
559,156‌
559‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(b),(d)
41,927,726‌
41,928‌
$
42,487‌
TOTAL
INVESTMENT
COMPANIES
$
52,000‌
COMMON
STOCKS
-
97
.88
%
Shares
Held
Value
(000's)
Advertising
-
0
.62
%
Omnicom
Group
Inc
183,429‌
$
14,436‌
Aerospace
&
Defense
-
2
.27
%
Boeing
Co/The
(e)
4,203‌
908‌
General
Dynamics
Corp
29,993‌
11,500‌
General
Electric
Co
10,812‌
3,893‌
Honeywell
Aerospace
Inc
(e)
4,974‌
1,028‌
Lockheed
Martin
Corp
16,418‌
9,567‌
Northrop
Grumman
Corp
7,691‌
4,172‌
RTX
Corp
70,947‌
15,270‌
TransDigm
Group
Inc
4,904‌
6,152‌
$
52,490‌
Agriculture
-
0
.68
%
Altria
Group
Inc
116,560‌
7,965‌
Philip
Morris
International
Inc
40,905‌
7,805‌
$
15,770‌
Airlines
-
0
.62
%
Qantas
Airways
Ltd
ADR
187,348‌
6,525‌
Southwest
Airlines
Co
120,508‌
5,419‌
United
Airlines
Holdings
Inc
(e)
19,793‌
2,402‌
$
14,346‌
Apparel
-
0
.08
%
Capri
Holdings
Ltd
(e)
63,107‌
1,005‌
NIKE
Inc
18,502‌
772‌
$
1,777‌
Automobile
Manufacturers
-
0
.81
%
Cummins
Inc
5,781‌
3,666‌
General
Motors
Co
158,288‌
14,066‌
PACCAR
Inc
8,098‌
1,074‌
$
18,806‌
Automobile
Parts
&
Equipment
-
1
.30
%
Allison
Transmission
Holdings
Inc
87,149‌
9,982‌
Aptiv
PLC
(e)
356,887‌
20,153‌
$
30,135‌
Banks
-
8
.37
%
Bank
of
America
Corp
545,819‌
33,814‌
Bank
of
New
York
Mellon
Corp/The
109,852‌
17,173‌
Citigroup
Inc
47,735‌
6,323‌
Goldman
Sachs
Group
Inc/The
8,891‌
9,054‌
JPMorgan
Chase
&
Co
95,669‌
33,656‌
Morgan
Stanley
26,032‌
5,477‌
Northern
Trust
Corp
63,895‌
11,641‌
PNC
Financial
Services
Group
Inc/The
6,295‌
1,573‌
Popular
Inc
62,279‌
10,912‌
State
Street
Corp
162,596‌
29,944‌
Truist
Financial
Corp
19,542‌
1,013‌
US
Bancorp
24,400‌
1,537‌
Wells
Fargo
&
Co
262,419‌
22,686‌
Western
Alliance
Bancorp
108,933‌
8,768‌
$
193,571‌
Beverages
-
1
.63
%
Coca-Cola
Co/The
53,944‌
4,725‌
Constellation
Brands
Inc
9,419‌
1,227‌
Heineken
NV
ADR
70,266‌
3,210‌
Keurig
Dr
Pepper
Inc
499,849‌
15,555‌
Molson
Coors
Beverage
Co
31,842‌
1,323‌
Monster
Beverage
Corp
(e)
5,973‌
576‌
PepsiCo
Inc
79,946‌
11,157‌
$
37,773‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
-
2
.28
%
Amgen
Inc
28,034‌
$
10,798‌
Biogen
Inc
(e)
8,731‌
1,772‌
Gilead
Sciences
Inc
96,668‌
12,587‌
Illumina
Inc
(e)
41,694‌
8,551‌
Incyte
Corp
(e)
31,239‌
3,734‌
Moderna
Inc
(e)
40,272‌
2,208‌
Regeneron
Pharmaceuticals
Inc
14,703‌
11,213‌
Vertex
Pharmaceuticals
Inc
(e)
3,987‌
1,902‌
$
52,765‌
Building
Materials
-
1
.51
%
Carrier
Global
Corp
12,242‌
757‌
CRH
PLC
29,862‌
2,838‌
Johnson
Controls
International
plc
135,602‌
19,887‌
SPX
Technologies
Inc
(e)
29,956‌
6,579‌
Trane
Technologies
PLC
10,613‌
4,828‌
$
34,889‌
Chemicals
-
2
.49
%
Air
Products
and
Chemicals
Inc
47,535‌
14,017‌
Axalta
Coating
Systems
Ltd
(e)
275,304‌
9,859‌
Celanese
Corp
194,551‌
8,700‌
Ecolab
Inc
3,887‌
1,079‌
Linde
PLC
7,233‌
3,460‌
PPG
Industries
Inc
149,074‌
16,476‌
Qnity
Electronics
Inc
23,533‌
3,087‌
Sherwin-Williams
Co/The
2,672‌
911‌
$
57,589‌
Commercial
Services
-
0
.81
%
Automatic
Data
Processing
Inc
3,973‌
1,059‌
ManpowerGroup
Inc
61,559‌
3,227‌
Mobility
Global
Inc
4,935‌
100‌
Moody's
Corp
1,265‌
605‌
PayPal
Holdings
Inc
108,565‌
6,211‌
S&P
Global
Inc
4,636‌
1,910‌
U-Haul
Holding
Co
90,207‌
5,645‌
$
18,757‌
Computers
-
5
.82
%
Accenture
PLC
-
Class
A
9,622‌
1,597‌
Apple
Inc
279,178‌
86,241‌
CACI
International
Inc
(e)
11,522‌
5,735‌
Cognizant
Technology
Solutions
Corp
60,100‌
3,327‌
Dell
Technologies
Inc
4,162‌
1,687‌
EPAM
Systems
Inc
(e)
7,847‌
828‌
Fortinet
Inc
(e)
24,614‌
3,986‌
Hewlett
Packard
Enterprise
Co
508,348‌
24,350‌
International
Business
Machines
Corp
14,751‌
3,299‌
NetApp
Inc
19,837‌
3,541‌
$
134,591‌
Consumer
Products
-
0
.42
%
Henkel
AG
&
Co
KGaA
ADR
203,402‌
4,171‌
Kimberly-Clark
Corp
49,884‌
5,453‌
$
9,624‌
Cosmetics
&
Personal
Care
-
0
.46
%
Colgate-Palmolive
Co
7,097‌
648‌
Procter
&
Gamble
Co/The
36,563‌
5,283‌
Unilever
PLC
ADR
72,921‌
4,624‌
$
10,555‌
Distribution
&
Wholesale
-
0
.22
%
Copart
Inc
(e)
171,686‌
4,999‌
Diversified
Financial
Services
-
3
.28
%
American
Express
Co
36,596‌
12,306‌
Ameriprise
Financial
Inc
31,105‌
16,978‌
Apollo
Global
Management
Inc
6,581‌
827‌
Blackrock
Inc
2,394‌
2,610‌
Brookfield
Asset
Management
Ltd
418‌
20‌
Capital
One
Financial
Corp
33,417‌
6,985‌
Charles
Schwab
Corp/The
172,166‌
18,119‌
CME
Group
Inc
5,665‌
1,517‌
Interactive
Brokers
Group
Inc
-
A
Shares
69,900‌
6,151‌
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2026
(unaudited)
See
accompanying
notes.
110
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Intercontinental
Exchange
Inc
8,811‌
$
1,343‌
LPL
Financial
Holdings
Inc
22,328‌
7,897‌
Synchrony
Financial
15,930‌
1,207‌
$
75,960‌
Electric
-
4
.80
%
American
Electric
Power
Co
Inc
33,140‌
4,237‌
Consolidated
Edison
Inc
11,986‌
1,305‌
Constellation
Energy
Corp
4,692‌
1,233‌
Dominion
Energy
Inc
194,579‌
13,459‌
Duke
Energy
Corp
98,899‌
12,405‌
Edison
International
67,531‌
4,955‌
Entergy
Corp
140,260‌
15,095‌
Exelon
Corp
337,315‌
15,456‌
NextEra
Energy
Inc
32,732‌
2,845‌
PG&E
Corp
558,951‌
9,714‌
Pinnacle
West
Capital
Corp
113,004‌
11,412‌
Sempra
10,250‌
908‌
Southern
Co/The
28,202‌
2,666‌
Xcel
Energy
Inc
194,351‌
15,198‌
$
110,888‌
Electrical
Components
&
Equipment
-
0
.25
%
Eaton
Corp
PLC
5,152‌
2,139‌
Generac
Holdings
Inc
(e)
18,555‌
3,657‌
$
5,796‌
Electronics
-
1
.30
%
Emerson
Electric
Co
14,631‌
2,192‌
Fortive
Corp
163,116‌
9,658‌
Honeywell
International
Inc
4,974‌
1,209‌
TD
SYNNEX
Corp
28,588‌
7,310‌
TE
Connectivity
PLC
47,097‌
9,687‌
$
30,056‌
Engineering
&
Construction
-
0
.29
%
Fluor
Corp
(e)
131,650‌
6,605‌
Environmental
Control
-
0
.51
%
Republic
Services
Inc
3,117‌
656‌
Veralto
Corp
108,916‌
10,257‌
Waste
Management
Inc
4,263‌
966‌
$
11,879‌
Food
-
0
.56
%
Kraft
Heinz
Co/The
151,260‌
3,910‌
Kroger
Co/The
36,892‌
2,130‌
Mondelez
International
Inc
112,518‌
7,011‌
$
13,051‌
Hand
&
Machine
Tools
-
0
.43
%
Stanley
Black
&
Decker
Inc
106,172‌
10,042‌
Healthcare
-
Products
-
3
.27
%
Abbott
Laboratories
104,368‌
11,032‌
Align
Technology
Inc
(e)
31,855‌
5,389‌
Avantor
Inc
(e)
522,310‌
7,197‌
Boston
Scientific
Corp
(e)
61,577‌
2,877‌
Danaher
Corp
9,907‌
1,932‌
DENTSPLY
SIRONA
Inc
156,124‌
2,087‌
GE
HealthCare
Technologies
Inc
378,446‌
25,741‌
Medtronic
PLC
166,135‌
14,187‌
Stryker
Corp
5,422‌
1,766‌
Thermo
Fisher
Scientific
Inc
5,831‌
3,349‌
$
75,557‌
Healthcare
-
Services
-
2
.19
%
Charles
River
Laboratories
International
Inc
(e)
19,163‌
4,456‌
Cigna
Group/The
21,812‌
6,087‌
Elevance
Health
Inc
29,538‌
11,102‌
HCA
Healthcare
Inc
2,342‌
943‌
UnitedHealth
Group
Inc
60,620‌
25,120‌
Universal
Health
Services
Inc
17,521‌
2,951‌
$
50,659‌
Home
Builders
-
0
.16
%
Lennar
Corp
-
A
Shares
43,633‌
3,593‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
-
5
.11
%
Aflac
Inc
7,137‌
$
910‌
American
International
Group
Inc
112,395‌
8,832‌
Aon
PLC
3,263‌
1,177‌
Arch
Capital
Group
Ltd
(e)
38,110‌
3,831‌
Arthur
J
Gallagher
&
Co
3,995‌
996‌
Berkshire
Hathaway
Inc
-
Class
B
(e)
60,337‌
30,865‌
Chubb
Ltd
5,517‌
1,935‌
Everest
Group
Ltd
13,183‌
4,932‌
Fidelity
National
Financial
Inc
63,358‌
3,269‌
Hartford
Insurance
Group
Inc/The
61,116‌
8,673‌
Marsh
&
McLennan
Cos
Inc
7,561‌
1,434‌
MetLife
Inc
8,471‌
814‌
Progressive
Corp/The
46,799‌
9,894‌
Prudential
Financial
Inc
116,750‌
14,253‌
Travelers
Cos
Inc/The
70,301‌
26,318‌
$
118,133‌
Internet
-
7
.40
%
Alphabet
Inc
-
A
Shares
75,036‌
26,723‌
Amazon.com
Inc
(e)
397,920‌
108,068‌
CDW
Corp/DE
60,675‌
8,968‌
F5
Inc
(e)
11,056‌
4,451‌
GoDaddy
Inc
(e)
21,531‌
1,781‌
Maplebear
Inc
(e)
113,592‌
5,066‌
Meta
Platforms
Inc
7,740‌
4,309‌
Uber
Technologies
Inc
(e)
166,934‌
11,745‌
$
171,111‌
Leisure
Products
&
Services
-
0
.88
%
Carnival
Corp
Ltd
729,039‌
20,275‌
Lodging
-
0
.48
%
Marriott
International
Inc/MD
865‌
323‌
Wynn
Resorts
Ltd
107,987‌
10,724‌
$
11,047‌
Machinery
-
Construction
&
Mining
-
0
.51
%
Caterpillar
Inc
955‌
778‌
GE
Vernova
Inc
9,084‌
8,996‌
Vertiv
Holdings
Co
8,552‌
2,066‌
$
11,840‌
Machinery
-
Diversified
-
0
.23
%
CNH
Industrial
NV
288,925‌
2,961‌
Deere
&
Co
3,872‌
2,295‌
$
5,256‌
Media
-
0
.65
%
Charter
Communications
Inc
(e)
54,614‌
7,918‌
Comcast
Corp
-
Class
A
182,483‌
4,372‌
Space
Exploration
Technologies
Corp
(a),(e)
796‌
86‌
Walt
Disney
Co/The
27,817‌
2,676‌
$
15,052‌
Mining
-
1
.16
%
Alcoa
Corp
12,462‌
564‌
Freeport-McMoRan
Inc
208,560‌
13,062‌
Newmont
Corp
137,645‌
12,899‌
Southern
Copper
Corp
1,111‌
203‌
$
26,728‌
Miscellaneous
Manufacturers
-
0
.63
%
3M
Co
7,045‌
1,242‌
Illinois
Tool
Works
Inc
3,197‌
917‌
Parker-Hannifin
Corp
1,980‌
1,934‌
Siemens
AG
ADR
64,944‌
10,579‌
$
14,672‌
Oil
&
Gas
-
6
.68
%
APA
Corp
277,689‌
10,363‌
Chevron
Corp
110,222‌
21,696‌
ConocoPhillips
146,831‌
17,691‌
Devon
Energy
Corp
59,251‌
2,674‌
EOG
Resources
Inc
81,849‌
12,170‌
ExxonMobil
Holdings
Corp
264,203‌
41,067‌
Marathon
Petroleum
Corp
33,338‌
10,550‌
Ovintiv
Inc
228,728‌
14,286‌
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2026
(unaudited)
See
accompanying
notes.
111
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Permian
Resources
Corp
419,623‌
$
8,942‌
Phillips
66
21,483‌
4,547‌
Shell
PLC
ADR
100,237‌
9,220‌
Valero
Energy
Corp
4,080‌
1,277‌
$
154,483‌
Oil
&
Gas
Services
-
0
.36
%
Halliburton
Co
222,979‌
7,191‌
SLB
Ltd
23,442‌
1,163‌
$
8,354‌
Pharmaceuticals
-
4
.20
%
AbbVie
Inc
107,996‌
27,101‌
Bristol-Myers
Squibb
Co
32,019‌
2,091‌
Cardinal
Health
Inc
25,585‌
5,885‌
CVS
Health
Corp
20,121‌
2,101‌
Elanco
Animal
Health
Inc
(e)
108,718‌
2,867‌
Johnson
&
Johnson
121,372‌
31,113‌
McKesson
Corp
120‌
103‌
Merck
&
Co
Inc
182,100‌
23,710‌
Pfizer
Inc
89,280‌
2,233‌
$
97,204‌
Pipelines
-
0
.20
%
Cheniere
Energy
Inc
11,984‌
3,159‌
Williams
Cos
Inc/The
19,115‌
1,367‌
$
4,526‌
Private
Equity
-
0
.05
%
Blackstone
Inc
2,443‌
312‌
KKR
&
Co
Inc
8,396‌
852‌
$
1,164‌
Real
Estate
-
0
.45
%
CBRE
Group
Inc
(e)
23,374‌
3,431‌
CoStar
Group
Inc
(e)
75,697‌
2,177‌
Jones
Lang
LaSalle
Inc
(e)
13,562‌
4,815‌
$
10,423‌
REITs
-
2
.10
%
American
Tower
Corp
2,577‌
447‌
Equinix
Inc
1,544‌
1,574‌
Kilroy
Realty
Corp
171,250‌
6,648‌
Prologis
Inc
14,612‌
2,113‌
Public
Storage
32,731‌
10,610‌
SBA
Communications
Corp
26,433‌
4,784‌
SL
Green
Realty
Corp
94,183‌
4,985‌
VICI
Properties
Inc
325,040‌
8,565‌
Welltower
Inc
37,818‌
8,866‌
$
48,592‌
Retail
-
4
.22
%
Advance
Auto
Parts
Inc
203,205‌
11,286‌
AutoZone
Inc
(e)
223‌
673‌
Costco
Wholesale
Corp
17,068‌
16,247‌
Dollar
Tree
Inc
(e)
10,819‌
1,376‌
Five
Below
Inc
(e)
52,072‌
11,306‌
Home
Depot
Inc/The
4,062‌
1,348‌
Lowe's
Cos
Inc
8,789‌
1,827‌
Lululemon
Athletica
Inc
(e)
86,531‌
10,286‌
McDonald's
Corp
11,134‌
3,013‌
O'Reilly
Automotive
Inc
(e)
13,011‌
1,163‌
Ross
Stores
Inc
635‌
160‌
Starbucks
Corp
8,059‌
848‌
Target
Corp
7,116‌
1,028‌
TJX
Cos
Inc/The
52,479‌
8,257‌
Ulta
Beauty
Inc
(e)
4,163‌
2,135‌
Walmart
Inc
240,041‌
26,692‌
$
97,645‌
Semiconductors
-
3
.03
%
Analog
Devices
Inc
23,762‌
8,730‌
Applied
Materials
Inc
2,661‌
1,351‌
Entegris
Inc
90,630‌
10,790‌
Intel
Corp
(e)
146,559‌
13,219‌
Microchip
Technology
Inc
137,340‌
10,203‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
NXP
Semiconductors
NV
23,796‌
$
5,453‌
QUALCOMM
Inc
52,371‌
7,731‌
Skyworks
Solutions
Inc
24,846‌
1,547‌
Texas
Instruments
Inc
40,265‌
11,103‌
$
70,127‌
Software
-
9
.18
%
Adobe
Inc
(e)
35,543‌
8,900‌
Docusign
Inc
(e)
19,664‌
1,078‌
Fidelity
National
Information
Services
Inc
176,018‌
7,880‌
Fiserv
Inc
(e)
405,189‌
21,856‌
Intuit
Inc
41,001‌
12,959‌
Microsoft
Corp
170,868‌
79,406‌
Oracle
Corp
67,529‌
8,770‌
Salesforce
Inc
47,978‌
8,829‌
SAP
SE
ADR
54,605‌
10,027‌
Strategy
Inc
(e)
5,128‌
478‌
Synopsys
Inc
(e)
2,922‌
1,136‌
Tyler
Technologies
Inc
(e)
12,148‌
3,761‌
Veeva
Systems
Inc
(e)
32,618‌
6,647‌
Workday
Inc
(e)
253,486‌
40,644‌
$
212,371‌
Telecommunications
-
2
.11
%
AT&T
Inc
281,353‌
6,542‌
Cisco
Systems
Inc
159,263‌
18,472‌
Motorola
Solutions
Inc
1,615‌
704‌
Telefonaktiebolaget
LM
Ericsson
ADR
1,205,236‌
11,823‌
T-Mobile
US
Inc
19,218‌
3,319‌
Verizon
Communications
Inc
170,536‌
7,983‌
$
48,843‌
Transportation
-
0
.82
%
CSX
Corp
29,115‌
1,467‌
FedEx
Corp
3,431‌
1,055‌
JB
Hunt
Transport
Services
Inc
30,729‌
8,351‌
Norfolk
Southern
Corp
3,526‌
1,183‌
Union
Pacific
Corp
19,078‌
5,573‌
United
Parcel
Service
Inc
11,708‌
1,220‌
$
18,849‌
TOTAL
COMMON
STOCKS
$
2,263,654‌
Total
Investments
$
2,315,654‌
Other
Assets
and
Liabilities
-  (0.13)%
(
2,949‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,312,705‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$548
or
0.02%
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
$559
or
0.02%
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
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2026
(unaudited)
See
accompanying
notes.
112
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
46,181‌
$
1,089,796‌
$
1,094,049‌
$
41,928‌
$
46,181‌
$
1,089,796‌
$
1,094,049‌
$
41,928‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
1,551‌
$
—‌
$
—‌
$
—‌
$
1,551‌
$
—‌
$
—‌
$
—‌
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)
S&P
500
Emini;
September
2026
Long
13‌
$
4,888‌
$
94‌
Total
$
94‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
MidCap
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
113
INVESTMENT
COMPANIES
-
0
.02
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.02
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
255,474‌
$
255‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b),(c)
3,712,705‌
3,713‌
$
3,968‌
TOTAL
INVESTMENT
COMPANIES
$
3,968‌
COMMON
STOCKS
-
100
.21
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
10
.53
%
HEICO
Corp
-
Class
A
4,724,983‌
$
1,215,644‌
Loar
Holdings
Inc
(d)
418,215‌
28,627‌
TransDigm
Group
Inc
944,828‌
1,185,173‌
$
2,429,444‌
Building
Materials
-
8
.15
%
Eagle
Materials
Inc
226,219‌
46,361‌
Martin
Marietta
Materials
Inc
1,568,414‌
823,637‌
Vulcan
Materials
Co
3,757,680‌
1,009,200‌
$
1,879,198‌
Chemicals
-
1
.67
%
Air
Products
and
Chemicals
Inc
154,000‌
45,413‌
Perimeter
Solutions
Inc
(c),(d)
9,562,501‌
292,708‌
Sherwin-Williams
Co/The
134,565‌
45,867‌
$
383,988‌
Commercial
Services
-
5
.13
%
Moody's
Corp
689,454‌
329,821‌
Sunbelt
Rentals
Holdings
Inc
4,922,361‌
354,016‌
Toast
Inc
(d)
10,787,387‌
348,109‌
Verisk
Analytics
Inc
774,652‌
150,941‌
$
1,182,887‌
Distribution
&
Wholesale
-
0
.81
%
Fastenal
Co
3,595,982‌
171,564‌
Watsco
Inc
51,592‌
15,958‌
$
187,522‌
Diversified
Financial
Services
-
6
.32
%
Ares
Management
Corp
2,811,114‌
360,076‌
Brookfield
Asset
Management
Ltd
9,166,959‌
443,681‌
Brookfield
Wealth
Solutions
Ltd
(d),(e)
232,785‌
10,054‌
LPL
Financial
Holdings
Inc
1,820,682‌
643,975‌
$
1,457,786‌
Electric
-
3
.94
%
Brookfield
Infrastructure
Partners
LP
14,835,987‌
619,551‌
Brookfield
Renewable
Corp
54,157‌
1,806‌
Brookfield
Renewable
Partners
LP
8,733,900‌
286,996‌
$
908,353‌
Electrical
Components
&
Equipment
-
1
.01
%
AMETEK
Inc
967,854‌
233,940‌
Electronics
-
0
.68
%
Mettler-Toledo
International
Inc
(d)
110,776‌
156,892‌
Entertainment
-
8
.35
%
Liberty
Live
Holdings
Inc
-
A
Shares
(d)
339,385‌
32,147‌
Liberty
Live
Holdings
Inc
-
C
Shares
(d)
1,604,889‌
158,242‌
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(d)
962,914‌
86,479‌
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
5,232,972‌
513,512‌
Live
Nation
Entertainment
Inc
(d)
6,526,654‌
1,136,486‌
$
1,926,866‌
Environmental
Control
-
0
.29
%
Veralto
Corp
349,199‌
32,884‌
Waste
Connections
Inc
198,091‌
33,156‌
$
66,040‌
Gas
-
0
.01
%
Brookfield
Infrastructure
Corp
29,542‌
1,250‌
Healthcare
-
Products
-
1
.44
%
Medline
Inc
(d)
1,285,369‌
50,489‌
Waters
Corp
(d)
745,494‌
281,283‌
$
331,772‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Builders
-
2
.02
%
Lennar
Corp
-
A
Shares
2,192,284‌
$
180,535‌
Lennar
Corp
-
B
Shares
38,354‌
3,095‌
NVR
Inc
(d)
45,958‌
282,506‌
$
466,136‌
Insurance
-
7
.17
%
Arch
Capital
Group
Ltd
(d)
1,543,260‌
155,144‌
Arthur
J
Gallagher
&
Co
2,013,088‌
502,104‌
Brown
&
Brown
Inc
10,218,789‌
719,403‌
Markel
Group
Inc
(d)
119,304‌
224,571‌
W
R
Berkley
Corp
739,980‌
53,678‌
$
1,654,900‌
Internet
-
1
.18
%
DoorDash
Inc
-
Class
A
(d)
1,391,959‌
273,047‌
Lodging
-
5
.66
%
Hilton
Worldwide
Holdings
Inc
2,713,402‌
869,618‌
Hyatt
Hotels
Corp
2,506,726‌
436,321‌
$
1,305,939‌
Machinery
-
Diversified
-
0
.41
%
Graco
Inc
1,191,275‌
94,563‌
Miscellaneous
Manufacturers
-
0
.27
%
Axon
Enterprise
Inc
(d)
119,688‌
63,166‌
Private
Equity
-
9
.91
%
Brookfield
Corp
28,025,856‌
1,191,940‌
KKR
&
Co
Inc
10,791,976‌
1,094,630‌
$
2,286,570‌
Real
Estate
-
4
.55
%
CBRE
Group
Inc
(d)
7,151,676‌
1,049,937‌
Seaport
Entertainment
Group
Inc
(d)
16,686‌
438‌
$
1,050,375‌
REITs
-
0
.02
%
Millrose
Properties
Inc
174,018‌
4,869‌
Retail
-
5
.57
%
Ferguson
Enterprises
Inc
213,517‌
50,033‌
Floor
&
Decor
Holdings
Inc
(d)
4,725,652‌
272,056‌
O'Reilly
Automotive
Inc
(d)
8,567,222‌
765,481‌
Ross
Stores
Inc
784,188‌
196,886‌
$
1,284,456‌
Semiconductors
-
2
.03
%
Entegris
Inc
3,933,315‌
468,261‌
Software
-
12
.87
%
Appfolio
Inc
(d)
1,133,927‌
204,322‌
Cadence
Design
Systems
Inc
(d)
131,302‌
44,645‌
Constellation
Software
Inc/Canada
253,298‌
542,567‌
Fair
Isaac
Corp
(d)
299,664‌
336,514‌
Guidewire
Software
Inc
(d)
799,976‌
121,548‌
Jack
Henry
&
Associates
Inc
181,999‌
28,035‌
Lumine
Group
Inc
(d)
359,888‌
6,269‌
MSCI
Inc
733,901‌
419,968‌
Roper
Technologies
Inc
636,802‌
249,607‌
Topicus.com
Inc
(d)
38,153‌
2,770‌
Tyler
Technologies
Inc
(d)
1,392,975‌
431,265‌
Veeva
Systems
Inc
(d)
2,858,610‌
582,528‌
$
2,970,038‌
Transportation
-
0
.22
%
Old
Dominion
Freight
Line
Inc
242,204‌
51,381‌
TOTAL
COMMON
STOCKS
$
23,119,639‌
Total
Investments
$
23,123,607‌
Other
Assets
and
Liabilities
-  (0.23)%
(
52,070‌
)
TOTAL
NET
ASSETS
-
100.00%
$
23,071,537‌
Schedule
of
Investments
MidCap
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
114
(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
$3,965
or
0.02%
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
$3,924
or
0.02%
of
net
assets.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Perimeter
Solutions
Inc
$
191,086‌
$
57,914‌
$
11,944‌
$
292,708‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
122,581‌
3,774,696‌
3,893,564‌
3,713‌
$
313,667‌
$
3,832,610‌
$
3,905,508‌
$
296,421‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Perimeter
Solutions
Inc
$
—‌
$
4,045‌
$
—‌
$
51,607‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
215‌
—‌
—‌
—‌
$
215‌
$
4,045‌
$
—‌
$
51,607‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
115
INVESTMENT
COMPANIES
-
0
.87
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.35
%
iShares
Core
S&P
Mid-Cap
ETF
62,900‌
$
4,734‌
Money
Market
Funds
-
0
.52
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
1,374,942‌
1,375‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(c)
5,790,973‌
5,791‌
$
7,166‌
TOTAL
INVESTMENT
COMPANIES
$
11,900‌
COMMON
STOCKS
-
99
.23
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
2
.52
%
AeroVironment
Inc
(d)
12,328‌
$
1,841‌
ATI
Inc
(d)
52,175‌
9,780‌
Curtiss-Wright
Corp
14,123‌
10,225‌
Hexcel
Corp
28,838‌
2,969‌
Kratos
Defense
&
Security
Solutions
Inc
(d)
71,692‌
3,341‌
Moog
Inc
10,873‌
4,239‌
StandardAero
Inc
(d)
72,434‌
2,123‌
$
34,518‌
Agriculture
-
0
.27
%
Darling
Ingredients
Inc
(d)
60,761‌
3,685‌
Airlines
-
0
.43
%
Alaska
Air
Group
Inc
(d)
42,602‌
2,022‌
American
Airlines
Group
Inc
(d)
252,861‌
3,861‌
$
5,883‌
Apparel
-
0
.51
%
Capri
Holdings
Ltd
(d)
45,559‌
726‌
Columbia
Sportswear
Co
9,190‌
546‌
Crocs
Inc
(d)
18,998‌
2,432‌
PVH
Corp
17,615‌
1,526‌
VF
Corp
125,655‌
1,799‌
$
7,029‌
Automobile
Parts
&
Equipment
-
1
.26
%
Allison
Transmission
Holdings
Inc
31,627‌
3,623‌
Autoliv
Inc
26,332‌
3,243‌
BorgWarner
Inc
78,420‌
4,998‌
Gentex
Corp
81,417‌
1,902‌
Lear
Corp
19,153‌
2,502‌
Visteon
Corp
10,206‌
1,067‌
$
17,335‌
Banks
-
6
.14
%
Associated
Banc-Corp
62,458‌
1,929‌
Bank
OZK
39,233‌
2,013‌
Columbia
Banking
System
Inc
110,679‌
3,461‌
Commerce
Bancshares
Inc/MO
51,833‌
3,072‌
Cullen/Frost
Bankers
Inc
24,009‌
3,994‌
East
West
Bancorp
Inc
52,377‌
6,861‌
First
Financial
Bankshares
Inc
49,850‌
1,752‌
First
Horizon
Corp
181,457‌
4,653‌
Flagstar
Bank
NA
114,737‌
1,632‌
FNB
Corp/PA
136,093‌
2,572‌
Glacier
Bancorp
Inc
49,258‌
2,428‌
Hancock
Whitney
Corp
31,029‌
2,389‌
Home
BancShares
Inc/AR
71,614‌
2,225‌
International
Bancshares
Corp
20,683‌
1,583‌
Old
National
Bancorp/IN
131,470‌
3,502‌
Pinnacle
Financial
Partners
Inc
57,502‌
6,051‌
Prosperity
Bancshares
Inc
44,929‌
3,364‌
Southstate
Bank
Corp
37,341‌
3,924‌
Texas
Capital
Bancshares
Inc
16,697‌
1,650‌
UMB
Financial
Corp
27,306‌
3,979‌
United
Bankshares
Inc/WV
52,560‌
2,546‌
Valley
National
Bancorp
182,197‌
2,604‌
Webster
Financial
Corp
61,946‌
4,783‌
Western
Alliance
Bancorp
39,149‌
3,151‌
Wintrust
Financial
Corp
25,786‌
4,114‌
Zions
Bancorp
NA
56,237‌
3,920‌
$
84,152‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Beverages
-
0
.46
%
Boston
Beer
Co
Inc/The
(d)
2,859‌
$
524‌
Celsius
Holdings
Inc
(d)
60,597‌
1,770‌
Coca-Cola
Consolidated
Inc
21,608‌
4,060‌
$
6,354‌
Biotechnology
-
3
.91
%
Arrowhead
Pharmaceuticals
Inc
(d)
53,852‌
4,558‌
BioMarin
Pharmaceutical
Inc
(d)
73,896‌
4,435‌
Bio-Rad
Laboratories
Inc
(d)
6,887‌
2,242‌
Cytokinetics
Inc
(d)
51,908‌
4,004‌
Exelixis
Inc
(d)
96,099‌
5,096‌
Halozyme
Therapeutics
Inc
(d)
45,348‌
3,743‌
Illumina
Inc
(d)
57,846‌
11,864‌
Krystal
Biotech
Inc
(d)
10,025‌
3,420‌
Roivant
Sciences
Ltd
(d)
172,386‌
5,846‌
United
Therapeutics
Corp
(d)
16,229‌
8,402‌
$
53,610‌
Building
Materials
-
2
.26
%
AAON
Inc
25,992‌
2,315‌
Carlisle
Cos
Inc
15,436‌
5,556‌
Eagle
Materials
Inc
12,018‌
2,463‌
Fortune
Brands
Innovations
Inc
45,609‌
2,247‌
Knife
River
Corp
(d)
21,698‌
1,588‌
Louisiana-Pacific
Corp
24,306‌
1,760‌
Owens
Corning
30,788‌
4,276‌
Simpson
Manufacturing
Co
Inc
15,728‌
2,953‌
SPX
Technologies
Inc
(d)
19,140‌
4,204‌
Trex
Co
Inc
(d)
39,723‌
1,722‌
UFP
Industries
Inc
21,594‌
1,873‌
$
30,957‌
Chemicals
-
1
.39
%
Ashland
Inc
17,507‌
1,271‌
Axalta
Coating
Systems
Ltd
(d)
81,824‌
2,930‌
Cabot
Corp
19,736‌
1,737‌
NewMarket
Corp
2,919‌
2,482‌
Olin
Corp
43,545‌
806‌
RPM
International
Inc
48,795‌
5,225‌
Solstice
Advanced
Materials
Inc
60,715‌
3,653‌
Westlake
Corp
12,736‌
898‌
$
19,002‌
Commercial
Services
-
3
.92
%
API
Group
Corp
(d)
147,412‌
5,849‌
Aramark
100,534‌
5,727‌
Avis
Budget
Group
Inc
(d)
6,482‌
891‌
Booz
Allen
Hamilton
Holding
Corp
46,106‌
3,214‌
Brink's
Co/The
15,745‌
1,865‌
Euronet
Worldwide
Inc
(d)
13,538‌
966‌
FTI
Consulting
Inc
(d)
11,306‌
1,802‌
Graham
Holdings
Co
1,279‌
1,539‌
Grand
Canyon
Education
Inc
(d)
10,025‌
1,457‌
H&R
Block
Inc
48,464‌
2,134‌
Morningstar
Inc
8,433‌
1,624‌
Paylocity
Holding
Corp
(d)
16,582‌
2,287‌
Service
Corp
International/US
52,750‌
4,546‌
Shift4
Payments
Inc
(d),(e)
22,444‌
1,190‌
Toast
Inc
(d)
179,354‌
5,788‌
TransUnion
73,711‌
5,795‌
UL
Solutions
Inc
29,747‌
2,726‌
Valvoline
Inc
(d)
48,759‌
1,873‌
WEX
Inc
(d)
13,254‌
2,478‌
$
53,751‌
Computers
-
2
.67
%
CACI
International
Inc
(d)
8,446‌
4,204‌
Crane
NXT
Co
18,919‌
983‌
Everpure
Inc
(d)
120,639‌
9,310‌
ExlService
Holdings
Inc
(d)
58,413‌
1,982‌
Genpact
Ltd
60,270‌
2,120‌
KBR
Inc
48,475‌
1,774‌
Kyndryl
Holdings
Inc
(d)
86,194‌
1,168‌
Maximus
Inc
20,088‌
1,210‌
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
116
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
Okta
Inc
(d)
64,100‌
$
9,098‌
Parsons
Corp
(d)
20,450‌
904‌
Qualys
Inc
(d)
13,465‌
1,949‌
Science
Applications
International
Corp
16,479‌
1,930‌
$
36,632‌
Cosmetics
&
Personal
Care
-
0
.14
%
elf
Beauty
Inc
(d)
22,577‌
1,871‌
Distribution
&
Wholesale
-
1
.57
%
Core
&
Main
Inc
(d)
71,932‌
3,163‌
RB
Global
Inc
71,226‌
7,816‌
Watsco
Inc
13,382‌
4,139‌
WESCO
International
Inc
18,620‌
6,396‌
$
21,514‌
Diversified
Financial
Services
-
2
.62
%
Affiliated
Managers
Group
Inc
10,098‌
3,703‌
Ally
Financial
Inc
106,644‌
4,621‌
Evercore
Inc
-
Class
A
14,789‌
4,741‌
Federated
Hermes
Inc
27,689‌
1,660‌
Hamilton
Lane
Inc
15,623‌
1,389‌
Houlihan
Lokey
Inc
20,730‌
2,601‌
Jefferies
Financial
Group
Inc
62,528‌
3,414‌
SEI
Investments
Co
34,948‌
3,599‌
SLM
Corp
72,104‌
1,874‌
Stifel
Financial
Corp
58,648‌
4,863‌
Voya
Financial
Inc
34,664‌
3,447‌
$
35,912‌
Electric
-
1
.67
%
Black
Hills
Corp
29,105‌
2,073‌
IDACORP
Inc
21,183‌
3,027‌
Northwestern
Energy
Group
Inc
23,515‌
1,616‌
OGE
Energy
Corp
78,901‌
3,736‌
Ormat
Technologies
Inc
23,494‌
2,292‌
Portland
General
Electric
Co
44,246‌
2,183‌
Talen
Energy
Corp
(d)
17,356‌
5,799‌
TXNM
Energy
Inc
38,093‌
2,206‌
$
22,932‌
Electrical
Components
&
Equipment
-
1
.15
%
Acuity
Inc
11,514‌
3,781‌
Belden
Inc
14,890‌
1,847‌
EnerSys
14,089‌
2,621‌
Littelfuse
Inc
9,668‌
4,275‌
Novanta
Inc
(d)
13,616‌
1,941‌
Universal
Display
Corp
16,623‌
1,332‌
$
15,797‌
Electronics
-
3
.71
%
Advanced
Energy
Industries
Inc
14,540‌
4,210‌
Arrow
Electronics
Inc
(d)
19,549‌
4,234‌
Avnet
Inc
31,359‌
2,786‌
nVent
Electric
PLC
61,829‌
9,511‌
Sanmina
Corp
(d)
20,491‌
3,802‌
Sensata
Technologies
Holding
PLC
55,602‌
2,574‌
TD
SYNNEX
Corp
28,584‌
7,309‌
TTM
Technologies
Inc
(d)
39,704‌
4,583‌
Vicor
Corp
(d)
8,933‌
1,852‌
Vontier
Corp
53,831‌
1,730‌
Woodward
Inc
22,780‌
8,218‌
$
50,809‌
Energy
-
Alternate
Sources
-
0
.37
%
Nextpower
Inc
(d)
56,766‌
5,102‌
Engineering
&
Construction
-
2
.03
%
AECOM
49,138‌
3,557‌
Dycom
Industries
Inc
(d)
11,476‌
4,603‌
Exponent
Inc
18,548‌
1,240‌
Fluor
Corp
(d)
53,399‌
2,679‌
IES
Holdings
Inc
(d)
3,348‌
2,493‌
MasTec
Inc
(d)
23,556‌
6,197‌
Sterling
Infrastructure
Inc
(d)
11,732‌
7,001‌
$
27,770‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Entertainment
-
0
.41
%
Churchill
Downs
Inc
25,315‌
$
2,134‌
Vail
Resorts
Inc
13,624‌
2,035‌
Warner
Music
Group
Corp
55,909‌
1,452‌
$
5,621‌
Environmental
Control
-
0
.67
%
Clean
Harbors
Inc
(d)
18,992‌
5,942‌
Tetra
Tech
Inc
99,223‌
3,290‌
$
9,232‌
Food
-
1
.83
%
Albertsons
Cos
Inc
136,132‌
1,577‌
Ingredion
Inc
24,108‌
2,398‌
Marzetti
Company/The
7,759‌
829‌
Performance
Food
Group
Co
(d)
60,059‌
6,870‌
Pilgrim's
Pride
Corp
16,373‌
448‌
Post
Holdings
Inc
(d)
15,249‌
1,394‌
Sprouts
Farmers
Market
Inc
(d)
35,956‌
3,134‌
US
Foods
Holding
Corp
(d)
84,196‌
8,469‌
$
25,119‌
Gas
-
1
.03
%
National
Fuel
Gas
Co
36,334‌
2,991‌
New
Jersey
Resources
Corp
38,584‌
2,234‌
ONE
Gas
Inc
23,995‌
1,863‌
Southwest
Gas
Holdings
Inc
24,626‌
2,201‌
Spire
Inc
22,602‌
1,805‌
UGI
Corp
81,968‌
2,961‌
$
14,055‌
Hand
&
Machine
Tools
-
0
.59
%
Lincoln
Electric
Holdings
Inc
20,947‌
5,474‌
MSA
Safety
Inc
13,874‌
2,640‌
$
8,114‌
Healthcare
-
Products
-
1
.88
%
Avantor
Inc
(d)
261,032‌
3,597‌
Bruker
Corp
42,485‌
2,670‌
DENTSPLY
SIRONA
Inc
76,589‌
1,024‌
Envista
Holdings
Corp
(d)
62,215‌
1,699‌
Globus
Medical
Inc
(d)
43,322‌
3,413‌
Haemonetics
Corp
(d)
17,767‌
1,520‌
Lantheus
Holdings
Inc
(d)
24,892‌
2,480‌
LivaNova
PLC
(d)
21,002‌
1,683‌
Penumbra
Inc
(d)
15,037‌
4,830‌
Repligen
Corp
(d)
20,272‌
2,859‌
$
25,775‌
Healthcare
-
Services
-
2
.78
%
BrightSpring
Health
Services
Inc
(d)
60,445‌
3,609‌
Chemed
Corp
5,075‌
2,701‌
Encompass
Health
Corp
37,926‌
4,212‌
Ensign
Group
Inc/The
22,158‌
3,948‌
HealthEquity
Inc
(d)
32,298‌
3,249‌
Medpace
Holdings
Inc
(d)
8,626‌
4,978‌
Molina
Healthcare
Inc
(d)
19,870‌
3,887‌
Option
Care
Health
Inc
(d)
60,036‌
1,383‌
Sotera
Health
Co
(d)
101,393‌
1,811‌
Tenet
Healthcare
Corp
(d)
32,933‌
8,391‌
$
38,169‌
Home
Builders
-
0
.59
%
KB
Home
23,952‌
1,317‌
Thor
Industries
Inc
20,109‌
1,508‌
Toll
Brothers
Inc
36,209‌
5,282‌
$
8,107‌
Home
Furnishings
-
0
.87
%
Dolby
Laboratories
Inc
23,072‌
1,357‌
SharkNinja
Inc
(d)
27,053‌
4,376‌
Somnigroup
International
Inc
80,417‌
5,254‌
Whirlpool
Corp
24,783‌
929‌
$
11,916‌
Housewares
-
0
.08
%
Scotts
Miracle-Gro
Co/The
17,128‌
1,125‌
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
117
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
-
4
.64
%
American
Financial
Group
Inc/OH
26,366‌
$
3,737‌
Brighthouse
Financial
Inc
(d)
21,863‌
1,353‌
CNO
Financial
Group
Inc
35,690‌
1,966‌
Corebridge
Financial
Inc
92,549‌
2,887‌
Equitable
Holdings
Inc
107,631‌
5,129‌
Essent
Group
Ltd
35,233‌
2,324‌
Fidelity
National
Financial
Inc
96,731‌
4,990‌
First
American
Financial
Corp
38,959‌
2,921‌
Hanover
Insurance
Group
Inc/The
13,377‌
3,112‌
Kinsale
Capital
Group
Inc
8,377‌
2,986‌
MGIC
Investment
Corp
80,858‌
2,429‌
Old
Republic
International
Corp
85,667‌
3,702‌
Primerica
Inc
11,923‌
3,815‌
Reinsurance
Group
of
America
Inc
25,048‌
5,933‌
RenaissanceRe
Holdings
Ltd
16,300‌
5,216‌
RLI
Corp
35,149‌
2,152‌
Ryan
Specialty
Holdings
Inc
43,559‌
1,923‌
Selective
Insurance
Group
Inc
22,890‌
2,170‌
Unum
Group
56,199‌
4,839‌
$
63,584‌
Internet
-
1
.37
%
Chewy
Inc
(d)
91,833‌
2,076‌
Hims
&
Hers
Health
Inc
(d)
81,023‌
2,250‌
Maplebear
Inc
(d)
62,900‌
2,805‌
Pinterest
Inc
(d)
184,184‌
4,422‌
Roku
Inc
(d)
50,157‌
7,273‌
$
18,826‌
Iron
&
Steel
-
1
.69
%
Carpenter
Technology
Corp
18,997‌
9,872‌
Cleveland-Cliffs
Inc
(d)
218,083‌
2,512‌
Commercial
Metals
Co
42,395‌
2,914‌
Reliance
Inc
19,518‌
7,926‌
$
23,224‌
Leisure
Products
&
Services
-
0
.54
%
Brunswick
Corp/DE
24,841‌
1,962‌
Harley-Davidson
Inc
40,247‌
988‌
Planet
Fitness
Inc
(d)
30,252‌
1,691‌
Polaris
Inc
20,661‌
1,386‌
YETI
Holdings
Inc
(d)
28,964‌
1,418‌
$
7,445‌
Lodging
-
0
.76
%
Boyd
Gaming
Corp
21,030‌
1,789‌
Choice
Hotels
International
Inc
(e)
7,761‌
865‌
Hilton
Grand
Vacations
Inc
(d)
22,959‌
1,059‌
Hyatt
Hotels
Corp
15,687‌
2,731‌
Travel
+
Leisure
Co
23,866‌
1,814‌
Wyndham
Hotels
&
Resorts
Inc
28,621‌
2,143‌
$
10,401‌
Machinery
-
Construction
&
Mining
-
0
.88
%
BWX
Technologies
Inc
35,026‌
5,909‌
Oshkosh
Corp
23,839‌
3,395‌
Terex
Corp
43,661‌
2,743‌
$
12,047‌
Machinery
-
Diversified
-
3
.20
%
AGCO
Corp
22,978‌
2,347‌
Applied
Industrial
Technologies
Inc
14,131‌
4,878‌
CNH
Industrial
NV
336,583‌
3,450‌
Cognex
Corp
63,625‌
4,151‌
Crane
Co
18,765‌
4,006‌
Esab
Corp
21,879‌
1,893‌
Flowserve
Corp
48,863‌
3,713‌
Graco
Inc
63,453‌
5,037‌
Middleby
Corp/The
(d)
15,904‌
2,125‌
Regal
Rexnord
Corp
25,451‌
5,223‌
Toro
Co/The
37,060‌
3,405‌
Watts
Water
Technologies
Inc
10,504‌
3,632‌
$
43,860‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
-
0
.65
%
New
York
Times
Co/The
61,586‌
$
4,612‌
Nexstar
Media
Group
Inc
10,975‌
2,091‌
Sirius
XM
Holdings
Inc
72,070‌
2,135‌
$
8,838‌
Metal
Fabrication
&
Hardware
-
1
.67
%
Advanced
Drainage
Systems
Inc
27,399‌
3,794‌
Mueller
Industries
Inc
84,548‌
5,615‌
RBC
Bearings
Inc
(d)
12,060‌
6,649‌
Timken
Co/The
24,179‌
3,326‌
Valmont
Industries
Inc
7,423‌
3,575‌
$
22,959‌
Mining
-
1
.63
%
Alcoa
Corp
100,890‌
4,566‌
Coeur
Mining
Inc
395,516‌
5,897‌
Hecla
Mining
Co
256,427‌
3,621‌
MP
Materials
Corp
(d)
51,726‌
2,140‌
Royal
Gold
Inc
31,148‌
6,178‌
$
22,402‌
Miscellaneous
Manufacturers
-
1
.32
%
Avient
Corp
35,062‌
1,273‌
Donaldson
Co
Inc
44,278‌
4,173‌
Fabrinet
(d)
13,699‌
5,965‌
ITT
Inc
34,179‌
6,698‌
$
18,109‌
Oil
&
Gas
-
3
.30
%
Antero
Resources
Corp
(d)
112,534‌
4,067‌
Chord
Energy
Corp
21,525‌
3,022‌
CNX
Resources
Corp
(d)
54,091‌
1,936‌
HF
Sinclair
Corp
58,585‌
5,359‌
Matador
Resources
Co
44,628‌
2,227‌
Murphy
Oil
Corp
51,517‌
2,047‌
Ovintiv
Inc
105,291‌
6,577‌
PBF
Energy
Inc
32,114‌
2,321‌
Permian
Resources
Corp
300,906‌
6,412‌
Range
Resources
Corp
90,084‌
3,616‌
Valaris
Ltd
(d)
24,624‌
1,950‌
Viper
Energy
Inc
74,252‌
3,312‌
Weatherford
International
PLC
27,498‌
2,414‌
$
45,260‌
Oil
&
Gas
Services
-
0
.99
%
NOV
Inc
137,211‌
2,666‌
TechnipFMC
PLC
152,433‌
10,923‌
$
13,589‌
Packaging
&
Containers
-
1
.00
%
AptarGroup
Inc
24,400‌
3,269‌
Crown
Holdings
Inc
42,245‌
4,978‌
Graphic
Packaging
Holding
Co
113,124‌
1,214‌
Greif
Inc
-
Class
A
9,470‌
820‌
Silgan
Holdings
Inc
33,536‌
1,341‌
Sonoco
Products
Co
37,799‌
2,130‌
$
13,752‌
Pharmaceuticals
-
1
.28
%
Elanco
Animal
Health
Inc
(d)
190,950‌
5,035‌
Jazz
Pharmaceuticals
PLC
(d)
23,988‌
6,066‌
Neurocrine
Biosciences
Inc
(d)
38,442‌
6,412‌
$
17,513‌
Pipelines
-
0
.60
%
Antero
Midstream
Corp
127,116‌
2,793‌
DT
Midstream
Inc
39,002‌
5,382‌
$
8,175‌
Private
Equity
-
0
.33
%
Carlyle
Group
Inc/The
99,091‌
4,560‌
Real
Estate
-
0
.46
%
Jones
Lang
LaSalle
Inc
(d)
17,738‌
6,298‌
REITs
-
7
.06
%
Agree
Realty
Corp
45,844‌
3,567‌
American
Healthcare
REIT
Inc
73,681‌
4,097‌
American
Homes
4
Rent
121,107‌
4,047‌
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
118
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Annaly
Capital
Management
Inc
280,156‌
$
6,365‌
Brixmor
Property
Group
Inc
117,310‌
3,696‌
CareTrust
REIT
Inc
90,319‌
3,788‌
COPT
Defense
Properties
43,151‌
1,638‌
Cousins
Properties
Inc
62,908‌
1,985‌
CubeSmart
86,564‌
3,589‌
EastGroup
Properties
Inc
20,519‌
4,289‌
EPR
Properties
29,250‌
1,816‌
Equity
LifeStyle
Properties
Inc
74,147‌
4,825‌
First
Industrial
Realty
Trust
Inc
50,685‌
3,337‌
Gaming
and
Leisure
Properties
Inc
108,281‌
4,850‌
Healthcare
Realty
Trust
Inc
132,483‌
2,783‌
Independence
Realty
Trust
Inc
89,952‌
1,496‌
Kilroy
Realty
Corp
40,900‌
1,588‌
Kite
Realty
Group
Trust
77,637‌
2,222‌
Lamar
Advertising
Co
33,283‌
5,324‌
NNN
REIT
Inc
72,735‌
3,456‌
Omega
Healthcare
Investors
Inc
113,856‌
5,764‌
Park
Hotels
&
Resorts
Inc
76,985‌
1,159‌
Rayonier
Inc
105,784‌
2,304‌
Rexford
Industrial
Realty
Inc
85,623‌
3,234‌
Sabra
Health
Care
REIT
Inc
96,418‌
2,041‌
STAG
Industrial
Inc
73,101‌
2,797‌
Starwood
Property
Trust
Inc
133,240‌
2,129‌
Vornado
Realty
Trust
60,408‌
2,379‌
WP
Carey
Inc
85,157‌
6,268‌
$
96,833‌
Retail
-
4
.91
%
Abercrombie
&
Fitch
Co
(d)
17,105‌
1,703‌
AutoNation
Inc
(d)
9,595‌
2,038‌
Bath
&
Body
Works
Inc
76,994‌
1,549‌
BJ's
Wholesale
Club
Holdings
Inc
(d)
48,820‌
4,774‌
Burlington
Stores
Inc
(d)
24,021‌
8,851‌
Cava
Group
Inc
(d)
38,275‌
2,497‌
Dick's
Sporting
Goods
Inc
25,187‌
4,934‌
Dutch
Bros
Inc
(d)
48,780‌
3,211‌
FirstCash
Holdings
Inc
14,749‌
3,009‌
Five
Below
Inc
(d)
21,140‌
4,590‌
Floor
&
Decor
Holdings
Inc
(d)
41,326‌
2,379‌
GameStop
Corp
(d)
157,709‌
3,425‌
Gap
Inc/The
85,204‌
1,712‌
Lithia
Motors
Inc
8,720‌
3,361‌
Macy's
Inc
100,834‌
2,503‌
MSC
Industrial
Direct
Co
Inc
17,505‌
2,160‌
Murphy
USA
Inc
6,427‌
3,906‌
Ollie's
Bargain
Outlet
Holdings
Inc
(d)
23,193‌
1,704‌
Penske
Automotive
Group
Inc
7,039‌
1,530‌
RH
(d)
5,925‌
981‌
Texas
Roadhouse
Inc
25,131‌
5,163‌
Wingstop
Inc
10,412‌
1,348‌
$
67,328‌
Semiconductors
-
4
.13
%
Allegro
MicroSystems
Inc
(d)
47,464‌
1,970‌
Amkor
Technology
Inc
43,592‌
2,174‌
Cirrus
Logic
Inc
(d)
19,502‌
2,523‌
Entegris
Inc
58,304‌
6,941‌
IPG
Photonics
Corp
(d)
9,736‌
828‌
Lattice
Semiconductor
Corp
(d)
52,381‌
6,509‌
MACOM
Technology
Solutions
Holdings
Inc
(d)
25,085‌
6,307‌
MKS
Inc
25,823‌
7,681‌
Onto
Innovation
Inc
(d)
19,018‌
4,918‌
Rambus
Inc
(d)
41,343‌
3,764‌
Semtech
Corp
(d)
35,599‌
4,194‌
Silicon
Laboratories
Inc
(d)
12,609‌
2,743‌
SiTime
Corp
(d)
8,477‌
4,537‌
Synaptics
Inc
(d)
14,773‌
1,585‌
$
56,674‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
-
3
.98
%
Appfolio
Inc
(d)
9,187‌
$
1,655‌
Bentley
Systems
Inc
56,990‌
2,020‌
BILL
Holdings
Inc
(d)
33,889‌
1,529‌
Commvault
Systems
Inc
(d)
15,772‌
1,858‌
DigitalOcean
Holdings
Inc
(d)
31,122‌
3,657‌
Docusign
Inc
(d)
74,282‌
4,073‌
Doximity
Inc
(d)
51,160‌
1,070‌
Dropbox
Inc
-
A
Shares
(d)
57,261‌
1,864‌
Duolingo
Inc
(d)
15,383‌
2,074‌
Dynatrace
Inc
(d)
112,653‌
4,993‌
Guidewire
Software
Inc
(d)
32,367‌
4,918‌
Manhattan
Associates
Inc
(d)
22,621‌
4,329‌
Nutanix
Inc
(d)
101,397‌
5,983‌
Pegasystems
Inc
34,502‌
1,054‌
Twilio
Inc
(d)
58,026‌
11,451‌
UiPath
Inc
(d),(e)
163,284‌
2,084‌
$
54,612‌
Telecommunications
-
0
.46
%
InterDigital
Inc
9,881‌
3,012‌
Viavi
Solutions
Inc
(d)
89,428‌
3,304‌
$
6,316‌
Toys,
Games
&
Hobbies
-
0
.12
%
Mattel
Inc
(d)
111,103‌
1,677‌
Transportation
-
2
.03
%
GXO
Logistics
Inc
(d)
43,985‌
2,206‌
Kirby
Corp
(d)
20,455‌
2,683‌
Knight-Swift
Transportation
Holdings
Inc
62,125‌
4,320‌
Landstar
System
Inc
12,972‌
2,267‌
Ryder
System
Inc
14,793‌
3,793‌
Saia
Inc
(d)
10,196‌
3,544‌
XPO
Inc
(d)
44,888‌
9,021‌
$
27,834‌
Trucking
&
Leasing
-
0
.18
%
GATX
Corp
13,573‌
2,428‌
Water
-
0
.32
%
Essential
Utilities
Inc
108,439‌
4,321‌
TOTAL
COMMON
STOCKS
$
1,360,713‌
Total
Investments
$
1,372,613‌
Other
Assets
and
Liabilities
-  (0.10)%
(
1,409‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,371,204‌
(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
$1,375
or
0.10%
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
$1,350
or
0.10%
of
net
assets.
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
119
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
38,184‌
$
359,596‌
$
391,989‌
$
5,791‌
$
38,184‌
$
359,596‌
$
391,989‌
$
5,791‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
431‌
$
—‌
$
—‌
$
—‌
$
431‌
$
—‌
$
—‌
$
—‌
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)
S&P
Mid
400
Emini;
September
2026
Long
16‌
$
6,037‌
$
(
43‌
)
Total
$
(
43‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
120
INVESTMENT
COMPANIES
-
1
.96
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.17
%
iShares
Russell
Mid-Cap
Value
ETF
25,100‌
$
4,194‌
Money
Market
Funds
-
1
.79
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
611,698‌
611‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b),(c)
43,598,386‌
43,599‌
$
44,210‌
TOTAL
INVESTMENT
COMPANIES
$
48,404‌
COMMON
STOCKS
-
97
.96
%
Shares
Held
Value
(000's)
Advertising
-
0
.03
%
Omnicom
Group
Inc
6,364‌
$
501‌
Trade
Desk
Inc/The
(d)
6,642‌
120‌
$
621‌
Aerospace
&
Defense
-
1
.63
%
AeroVironment
Inc
(d)
903‌
135‌
Curtiss-Wright
Corp
5,632‌
4,077‌
Hexcel
Corp
1,372‌
141‌
Howmet
Aerospace
Inc
18,930‌
5,343‌
Kratos
Defense
&
Security
Solutions
Inc
(d)
3,864‌
180‌
L3Harris
Technologies
Inc
48,172‌
13,347‌
Leonardo
DRS
Inc
1,703‌
79‌
Loar
Holdings
Inc
(d)
991‌
68‌
StandardAero
Inc
(d)
578,620‌
16,959‌
$
40,329‌
Agriculture
-
1
.90
%
Archer-Daniels-Midland
Co
495,685‌
39,293‌
Bunge
Global
SA
71,100‌
7,553‌
Darling
Ingredients
Inc
(d)
3,506‌
213‌
$
47,059‌
Airlines
-
0
.10
%
Alaska
Air
Group
Inc
(d)
2,125‌
101‌
Delta
Air
Lines
Inc
13,841‌
1,210‌
Southwest
Airlines
Co
9,423‌
424‌
United
Airlines
Holdings
Inc
(d)
6,836‌
829‌
$
2,564‌
Apparel
-
0
.18
%
Birkenstock
Holding
Plc
(d),(e)
1,020‌
40‌
Columbia
Sportswear
Co
544‌
32‌
Crocs
Inc
(d)
1,069‌
137‌
Deckers
Outdoor
Corp
(d)
2,899‌
281‌
PVH
Corp
1,019‌
88‌
Ralph
Lauren
Corp
9,643‌
3,668‌
VF
Corp
7,896‌
113‌
$
4,359‌
Automobile
Manufacturers
-
0
.06
%
Ford
Motor
Co
87,963‌
1,291‌
Rivian
Automotive
Inc
(d)
17,222‌
262‌
$
1,553‌
Automobile
Parts
&
Equipment
-
1
.17
%
Allison
Transmission
Holdings
Inc
1,569‌
180‌
Aptiv
PLC
(d)
82,652‌
4,667‌
Aurora
Innovation
Inc
(d)
27,030‌
174‌
BorgWarner
Inc
280,495‌
17,879‌
Gentex
Corp
248,083‌
5,795‌
Lear
Corp
1,116‌
146‌
QuantumScape
Corp
(d)
11,276‌
59‌
$
28,900‌
Banks
-
2
.24
%
Bank
OZK
2,315‌
119‌
BOK
Financial
Corp
479‌
68‌
Central
BanCo
Inc
227‌
7‌
Citizens
Financial
Group
Inc
9,505‌
681‌
Columbia
Banking
System
Inc
6,474‌
202‌
Commerce
Bancshares
Inc/MO
3,029‌
180‌
Cullen/Frost
Bankers
Inc
61,707‌
10,264‌
East
West
Bancorp
Inc
3,043‌
399‌
Fifth
Third
Bancorp
20,374‌
1,151‌
First
Citizens
BancShares
Inc/NC
179‌
391‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
First
Hawaiian
Inc
2,725‌
$
76‌
First
Horizon
Corp
10,654‌
273‌
FNB
Corp/PA
7,892‌
149‌
Huntington
Bancshares
Inc/OH
45,408‌
774‌
KeyCorp
20,862‌
471‌
M&T
Bank
Corp
16,764‌
4,129‌
Northern
Trust
Corp
3,906‌
712‌
Pinnacle
Financial
Partners
Inc
3,141‌
331‌
Popular
Inc
92,640‌
16,231‌
Prosperity
Bancshares
Inc
2,576‌
193‌
Regions
Financial
Corp
19,232‌
595‌
Southstate
Bank
Corp
2,164‌
227‌
State
Street
Corp
6,009‌
1,107‌
Truist
Financial
Corp
303,900‌
15,754‌
Webster
Financial
Corp
3,611‌
279‌
Western
Alliance
Bancorp
1,926‌
155‌
Wintrust
Financial
Corp
1,471‌
235‌
Zions
Bancorp
NA
3,249‌
226‌
$
55,379‌
Beverages
-
0
.52
%
Brown-Forman
Corp
-
A
Shares
(e)
1,058‌
31‌
Brown-Forman
Corp
-
B
Shares
3,029‌
87‌
Coca-Cola
Consolidated
Inc
59,802‌
11,237‌
Constellation
Brands
Inc
3,087‌
402‌
Keurig
Dr
Pepper
Inc
29,202‌
909‌
Molson
Coors
Beverage
Co
3,489‌
145‌
Primo
Brands
Corp
5,737‌
130‌
$
12,941‌
Biotechnology
-
1
.37
%
Arrowhead
Pharmaceuticals
Inc
(d)
1,131‌
96‌
Biogen
Inc
(d)
3,298‌
669‌
BioMarin
Pharmaceutical
Inc
(d)
4,300‌
258‌
Bio-Rad
Laboratories
Inc
(d)
408‌
133‌
Bridgebio
Pharma
Inc
(d)
240‌
19‌
Corteva
Inc
15,136‌
1,191‌
Exelixis
Inc
(d)
241,970‌
12,832‌
Illumina
Inc
(d)
3,403‌
698‌
Incyte
Corp
(d)
3,714‌
444‌
Ionis
Pharmaceuticals
Inc
(d)
107‌
6‌
Moderna
Inc
(d)
8,183‌
449‌
Roivant
Sciences
Ltd
(d)
11,013‌
373‌
Royalty
Pharma
PLC
278,539‌
16,275‌
United
Therapeutics
Corp
(d)
927‌
480‌
Viking
Therapeutics
Inc
(d)
2,376‌
75‌
$
33,998‌
Building
Materials
-
1
.35
%
Amrize
Ltd
277,600‌
13,577‌
Armstrong
World
Industries
Inc
707‌
124‌
Builders
FirstSource
Inc
(d)
2,337‌
155‌
Carlisle
Cos
Inc
808‌
291‌
Carrier
Global
Corp
257,100‌
15,891‌
Eagle
Materials
Inc
681‌
140‌
Fortune
Brands
Innovations
Inc
2,601‌
128‌
Hayward
Holdings
Inc
(d)
4,685‌
71‌
James
Hardie
Industries
PLC
(d)
3,362‌
88‌
Lennox
International
Inc
498‌
207‌
Louisiana-Pacific
Corp
1,427‌
103‌
Martin
Marietta
Materials
Inc
1,329‌
698‌
Masco
Corp
4,529‌
324‌
Mohawk
Industries
Inc
(d)
1,180‌
145‌
Owens
Corning
1,776‌
247‌
Simpson
Manufacturing
Co
Inc
902‌
169‌
SPX
Technologies
Inc
(d)
1,072‌
236‌
Trex
Co
Inc
(d)
2,320‌
101‌
Vulcan
Materials
Co
2,897‌
778‌
$
33,473‌
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
121
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
-
3
.99
%
Albemarle
Corp
64,026‌
$
7,532‌
Axalta
Coating
Systems
Ltd
(d)
4,787‌
171‌
Celanese
Corp
2,628‌
118‌
CF
Industries
Holdings
Inc
89,828‌
11,245‌
Dow
Inc
76,102‌
2,305‌
DuPont
de
Nemours
Inc
146,758‌
20,106‌
Eastman
Chemical
Co
2,533‌
177‌
Element
Solutions
Inc
191,318‌
7,027‌
International
Flavors
&
Fragrances
Inc
5,744‌
455‌
LyondellBasell
Industries
NV
168,064‌
10,434‌
Mosaic
Co/The
7,138‌
158‌
NewMarket
Corp
16,464‌
13,997‌
Olin
Corp
2,881‌
53‌
PPG
Industries
Inc
5,007‌
553‌
Qnity
Electronics
Inc
4,708‌
618‌
RPM
International
Inc
222,621‌
23,836‌
Westlake
Corp
834‌
59‌
$
98,844‌
Commercial
Services
-
4
.04
%
ADT
Inc
12,650‌
97‌
API
Group
Corp
(d)
154,471‌
6,129‌
Aramark
340,883‌
19,420‌
Avis
Budget
Group
Inc
(d)
308‌
42‌
Block
Inc
(d)
11,719‌
952‌
Booz
Allen
Hamilton
Holding
Corp
2,068‌
144‌
Bright
Horizons
Family
Solutions
Inc
(d)
90,708‌
6,761‌
Chime
Financial
Inc
(d)
5,612‌
129‌
Corpay
Inc
(d)
902‌
345‌
Equifax
Inc
2,650‌
457‌
Euronet
Worldwide
Inc
(d)
795‌
57‌
FTI
Consulting
Inc
(d)
84,270‌
13,431‌
Global
Payments
Inc
5,164‌
434‌
Grand
Canyon
Education
Inc
(d)
440‌
64‌
H&R
Block
Inc
382,824‌
16,856‌
MarketAxess
Holdings
Inc
103,978‌
16,876‌
Morningstar
Inc
66,573‌
12,820‌
NIQ
Global
Intelligence
Plc
(d)
599‌
7‌
Paylocity
Holding
Corp
(d)
911‌
126‌
PayPal
Holdings
Inc
20,178‌
1,154‌
Robert
Half
Inc
2,221‌
84‌
Service
Corp
International/US
2,997‌
258‌
Shift4
Payments
Inc
(d),(e)
885‌
47‌
Sunbelt
Rentals
Holdings
Inc
9,229‌
664‌
TransUnion
4,318‌
339‌
U-Haul
Holding
Co
2,148‌
134‌
U-Haul
Holding
Co
(d),(e)
86‌
6‌
UL
Solutions
Inc
1,130‌
104‌
United
Rentals
Inc
1,080‌
1,166‌
Valvoline
Inc
(d)
183‌
7‌
Verisk
Analytics
Inc
2,927‌
570‌
WEX
Inc
(d)
717‌
134‌
WillScot
Holdings
Corp
3,977‌
97‌
$
99,911‌
Computers
-
2
.13
%
Amdocs
Ltd
2,511‌
140‌
Amentum
Holdings
Inc
(d)
3,435‌
76‌
CACI
International
Inc
(d)
26,981‌
13,429‌
Cognizant
Technology
Solutions
Corp
10,676‌
591‌
EPAM
Systems
Inc
(d)
1,148‌
121‌
Everpure
Inc
(d)
1,049‌
81‌
ExlService
Holdings
Inc
(d)
2,820‌
96‌
Genpact
Ltd
3,495‌
123‌
Hewlett
Packard
Enterprise
Co
29,791‌
1,427‌
HP
Inc
471,360‌
12,854‌
KBR
Inc
2,825‌
103‌
Kyndryl
Holdings
Inc
(d)
5,332‌
72‌
Leidos
Holdings
Inc
2,801‌
324‌
NetApp
Inc
40,770‌
7,277‌
Okta
Inc
(d)
108,378‌
15,382‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
Parsons
Corp
(d)
942‌
$
42‌
Rubrik
Inc
(d)
1,141‌
83‌
SailPoint
Inc
(d)
1,762‌
30‌
Science
Applications
International
Corp
964‌
113‌
Super
Micro
Computer
Inc
(d)
11,362‌
323‌
$
52,687‌
Consumer
Products
-
0
.07
%
Avery
Dennison
Corp
1,704‌
289‌
Church
&
Dwight
Co
Inc
5,318‌
525‌
Clorox
Co/The
2,692‌
257‌
Kimberly-Clark
Corp
5,032‌
550‌
Reynolds
Consumer
Products
Inc
1,425‌
36‌
$
1,657‌
Cosmetics
&
Personal
Care
-
0
.24
%
elf
Beauty
Inc
(d)
1,300‌
108‌
Estee
Lauder
Cos
Inc/The
58,359‌
4,896‌
Kenvue
Inc
42,736‌
822‌
$
5,826‌
Distribution
&
Wholesale
-
0
.10
%
Copart
Inc
(d)
19,867‌
578‌
Core
&
Main
Inc
(d)
4,200‌
185‌
Fastenal
Co
4,699‌
224‌
LKQ
Corp
5,700‌
128‌
Pool
Corp
702‌
130‌
RB
Global
Inc
4,173‌
458‌
SiteOne
Landscape
Supply
Inc
(d)
980‌
93‌
Watsco
Inc
785‌
243‌
WESCO
International
Inc
1,071‌
368‌
WW
Grainger
Inc
134‌
185‌
$
2,592‌
Diversified
Financial
Services
-
5
.05
%
Affiliated
Managers
Group
Inc
26,105‌
9,574‌
Ally
Financial
Inc
221,332‌
9,591‌
Ameriprise
Financial
Inc
1,868‌
1,020‌
Blue
Owl
Capital
Inc
14,759‌
152‌
Cboe
Global
Markets
Inc
77,664‌
24,094‌
Circle
Internet
Group
Inc
(d)
4,006‌
251‌
Coinbase
Global
Inc
(d)
4,930‌
721‌
Credit
Acceptance
Corp
(d)
82‌
47‌
Evercore
Inc
-
Class
A
10,761‌
3,450‌
Figure
Technology
Solutions
Inc
(d)
1,929‌
48‌
Franklin
Resources
Inc
6,017‌
204‌
Freedom
Holding
Corp/NV
(d),(e)
34‌
5‌
Galaxy
Digital
Inc
(d)
4,209‌
88‌
Hamilton
Lane
Inc
888‌
79‌
Houlihan
Lokey
Inc
1,207‌
152‌
Invesco
Ltd
8,090‌
240‌
Jefferies
Financial
Group
Inc
3,394‌
185‌
Lazard
Inc
1,747‌
74‌
LPL
Financial
Holdings
Inc
23,053‌
8,154‌
Nasdaq
Inc
10,058‌
947‌
OneMain
Holdings
Inc
2,576‌
161‌
Raymond
James
Financial
Inc
185,087‌
32,571‌
Rocket
Cos
Inc
(d)
21,810‌
281‌
SEI
Investments
Co
35,747‌
3,681‌
SLM
Corp
4,197‌
109‌
SoFi
Technologies
Inc
(d)
25,077‌
409‌
Stifel
Financial
Corp
3,339‌
277‌
Synchrony
Financial
149,107‌
11,300‌
T
Rowe
Price
Group
Inc
4,730‌
529‌
TPG
Inc
3,255‌
142‌
Tradeweb
Markets
Inc
2,402‌
241‌
UWM
Holdings
Corp
(e)
3,281‌
6‌
Virtu
Financial
Inc
202,273‌
11,879‌
Voya
Financial
Inc
2,056‌
204‌
Western
Union
Co/The
7,881‌
50‌
XP
Inc
235,538‌
4,019‌
$
124,935‌
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
122
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
-
3
.48
%
AES
Corp/The
15,989‌
$
235‌
Alliant
Energy
Corp
347,804‌
24,618‌
Ameren
Corp
6,209‌
681‌
Brookfield
Renewable
Corp
3,051‌
102‌
CenterPoint
Energy
Inc
14,728‌
619‌
Clearway
Energy
Inc
-
Class
C
2,712‌
86‌
CMS
Energy
Corp
302,408‌
21,770‌
Consolidated
Edison
Inc
102,218‌
11,126‌
DTE
Energy
Co
4,661‌
661‌
Edison
International
193,862‌
14,224‌
Entergy
Corp
10,297‌
1,108‌
Evergy
Inc
5,171‌
429‌
Eversource
Energy
50,007‌
3,580‌
Exelon
Corp
23,090‌
1,058‌
FirstEnergy
Corp
12,385‌
598‌
IDACORP
Inc
1,224‌
175‌
OGE
Energy
Corp
4,622‌
219‌
Oklo
Inc
(d)
3,150‌
122‌
PG&E
Corp
49,462‌
860‌
Pinnacle
West
Capital
Corp
2,709‌
274‌
PPL
Corp
16,949‌
597‌
Public
Service
Enterprise
Group
Inc
11,234‌
861‌
Talen
Energy
Corp
(d)
321‌
107‌
WEC
Energy
Group
Inc
7,330‌
802‌
Xcel
Energy
Inc
14,060‌
1,099‌
X-Energy
Inc
(d),(e)
485‌
8‌
$
86,019‌
Electrical
Components
&
Equipment
-
0
.08
%
Acuity
Inc
678‌
223‌
AMETEK
Inc
5,133‌
1,241‌
Generac
Holdings
Inc
(d)
1,281‌
252‌
Littelfuse
Inc
555‌
245‌
Universal
Display
Corp
983‌
79‌
$
2,040‌
Electronics
-
4
.94
%
Advanced
Energy
Industries
Inc
23‌
7‌
Allegion
plc
68,194‌
10,734‌
Arrow
Electronics
Inc
(d)
1,124‌
243‌
Avnet
Inc
168,817‌
14,997‌
Coherent
Corp
(d)
3,141‌
826‌
Flex
Ltd
(d)
51,547‌
5,864‌
Fortive
Corp
6,842‌
405‌
Garmin
Ltd
3,680‌
1,081‌
Hubbell
Inc
44,590‌
21,071‌
Ingram
Micro
Holding
Corp
1,117‌
32‌
Jabil
Inc
19,724‌
6,214‌
Keysight
Technologies
Inc
(d)
104,823‌
33,447‌
Mettler-Toledo
International
Inc
(d)
452‌
640‌
nVent
Electric
PLC
2,126‌
327‌
Ralliant
Corp
2,499‌
163‌
Sanmina
Corp
(d)
750‌
139‌
Sensata
Technologies
Holding
PLC
3,236‌
150‌
TD
SYNNEX
Corp
57,650‌
14,741‌
Trimble
Inc
(d)
195,990‌
11,090‌
TTM
Technologies
Inc
(d)
356‌
41‌
Vontier
Corp
3,156‌
101‌
$
122,313‌
Energy
-
Alternate
Sources
-
0
.40
%
Enphase
Energy
Inc
(d)
2,862‌
107‌
First
Solar
Inc
(d)
45,181‌
9,535‌
Nextpower
Inc
(d)
3,315‌
298‌
$
9,940‌
Engineering
&
Construction
-
0
.58
%
AECOM
2,882‌
208‌
Dycom
Industries
Inc
(d)
14,692‌
5,893‌
EMCOR
Group
Inc
9,754‌
7,778‌
Everus
Construction
Group
Inc
(d)
182‌
23‌
Jacobs
Solutions
Inc
2,612‌
352‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
(continued)
Primoris
Services
Corp
1,145‌
$
97‌
$
14,351‌
Entertainment
-
0
.06
%
Caesars
Entertainment
Inc
(d)
4,527‌
135‌
Churchill
Downs
Inc
1,252‌
105‌
Flutter
Entertainment
PLC
(d)
3,173‌
331‌
Liberty
Live
Holdings
Inc
-
A
Shares
(d)
497‌
47‌
Liberty
Live
Holdings
Inc
-
C
Shares
(d),(e)
1,088‌
107‌
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(d)
598‌
54‌
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
4,877‌
479‌
Madison
Square
Garden
Sports
Corp
(d)
167‌
66‌
TKO
Group
Holdings
Inc
836‌
152‌
Vail
Resorts
Inc
148‌
22‌
$
1,498‌
Environmental
Control
-
0
.95
%
Clean
Harbors
Inc
(d)
924‌
289‌
GFL
Environmental
Inc
5,839‌
241‌
Pentair
PLC
3,588‌
235‌
Republic
Services
Inc
78,100‌
16,444‌
Tetra
Tech
Inc
175,637‌
5,824‌
Veralto
Corp
5,512‌
519‌
$
23,552‌
Food
-
2
.81
%
Albertsons
Cos
Inc
7,896‌
91‌
Campbell's
Company/The
(e)
4,465‌
98‌
Conagra
Brands
Inc
10,700‌
155‌
General
Mills
Inc
12,001‌
429‌
Hershey
Co/The
40,577‌
7,103‌
Hormel
Foods
Corp
6,507‌
163‌
Ingredion
Inc
1,385‌
138‌
J
M
Smucker
Co/The
2,334‌
278‌
JBS
NV
7,345‌
103‌
Kraft
Heinz
Co/The
19,263‌
498‌
Kroger
Co/The
215,091‌
12,420‌
Lamb
Weston
Holdings
Inc
2,951‌
155‌
McCormick
&
Co
Inc/MD
5,718‌
291‌
Performance
Food
Group
Co
(d)
3,368‌
385‌
Pilgrim's
Pride
Corp
1,081‌
30‌
Post
Holdings
Inc
(d)
913‌
83‌
Seaboard
Corp
5‌
22‌
Smithfield
Foods
Inc
1,180‌
31‌
Sprouts
Farmers
Market
Inc
(d)
2,087‌
182‌
Sysco
Corp
41,851‌
3,568‌
Tyson
Foods
Inc
302,254‌
17,518‌
US
Foods
Holding
Corp
(d)
257,224‌
25,874‌
$
69,615‌
Forest
Products
&
Paper
-
0
.02
%
International
Paper
Co
11,807‌
482‌
Gas
-
0
.06
%
Atmos
Energy
Corp
3,695‌
638‌
MDU
Resources
Group
Inc
4,599‌
92‌
National
Fuel
Gas
Co
2,098‌
173‌
NiSource
Inc
10,766‌
478‌
UGI
Corp
4,822‌
174‌
$
1,555‌
Hand
&
Machine
Tools
-
0
.75
%
Lincoln
Electric
Holdings
Inc
67,495‌
17,637‌
MSA
Safety
Inc
797‌
152‌
Snap-on
Inc
1,140‌
468‌
Stanley
Black
&
Decker
Inc
3,480‌
329‌
$
18,586‌
Healthcare
-
Products
-
2
.23
%
Agilent
Technologies
Inc
114,000‌
15,774‌
Align
Technology
Inc
(d)
1,483‌
251‌
Avantor
Inc
(d)
14,779‌
204‌
Baxter
International
Inc
11,562‌
302‌
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
123
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Bio-Techne
Corp
3,499‌
$
252‌
Bruker
Corp
2,476‌
156‌
Caris
Life
Sciences
Inc
(d)
440,385‌
6,900‌
Cooper
Cos
Inc/The
(d)
4,359‌
315‌
Edwards
Lifesciences
Corp
(d)
12,833‌
1,104‌
Envista
Holdings
Corp
(d)
3,647‌
100‌
GE
HealthCare
Technologies
Inc
10,222‌
695‌
Globus
Medical
Inc
(d)
2,502‌
197‌
Guardant
Health
Inc
(d)
363‌
59‌
IDEXX
Laboratories
Inc
(d)
291‌
163‌
Medline
Inc
(d),(e)
10,094‌
396‌
QIAGEN
NV
4,610‌
191‌
Repligen
Corp
(d)
1,176‌
166‌
ResMed
Inc
3,253‌
686‌
Revvity
Inc
217,795‌
24,507‌
Solventum
Corp
(d)
3,308‌
283‌
STERIS
PLC
2,184‌
499‌
Teleflex
Inc
980‌
134‌
Waters
Corp
(d)
2,192‌
827‌
West
Pharmaceutical
Services
Inc
1,566‌
534‌
Zimmer
Biomet
Holdings
Inc
4,343‌
408‌
$
55,103‌
Healthcare
-
Services
-
6
.85
%
Centene
Corp
(d)
234,208‌
14,572‌
Charles
River
Laboratories
International
Inc
(d)
1,082‌
252‌
Chemed
Corp
12,697‌
6,757‌
DaVita
Inc
(d)
665‌
160‌
Elevance
Health
Inc
37,700‌
14,169‌
Encompass
Health
Corp
173,400‌
19,260‌
Ensign
Group
Inc/The
118,704‌
21,148‌
Humana
Inc
2,701‌
983‌
IQVIA
Holdings
Inc
(d)
3,730‌
877‌
Labcorp
Holdings
Inc
117,325‌
36,277‌
Molina
Healthcare
Inc
(d)
54,636‌
10,688‌
Quest
Diagnostics
Inc
98,995‌
23,067‌
Sotera
Health
Co
(d)
6,289‌
112‌
Tenet
Healthcare
Corp
(d)
28,577‌
7,280‌
Universal
Health
Services
Inc
83,610‌
14,084‌
$
169,686‌
Home
Builders
-
0
.09
%
DR
Horton
Inc
5,643‌
807‌
Lennar
Corp
-
A
Shares
4,588‌
378‌
Lennar
Corp
-
B
Shares
(e)
105‌
9‌
NVR
Inc
(d)
35‌
215‌
PulteGroup
Inc
4,241‌
536‌
Thor
Industries
Inc
1,134‌
85‌
Toll
Brothers
Inc
2,102‌
307‌
$
2,337‌
Home
Furnishings
-
0
.03
%
Dolby
Laboratories
Inc
1,340‌
79‌
SharkNinja
Inc
(d)
1,586‌
256‌
Somnigroup
International
Inc
3,809‌
249‌
Whirlpool
Corp
1,577‌
59‌
$
643‌
Housewares
-
0
.00
%
Scotts
Miracle-Gro
Co/The
999‌
66‌
Insurance
-
5
.06
%
Allstate
Corp/The
5,758‌
1,521‌
American
Financial
Group
Inc/OH
100,368‌
14,224‌
American
International
Group
Inc
316,743‌
24,889‌
Arch
Capital
Group
Ltd
(d)
7,815‌
786‌
Assurant
Inc
1,110‌
310‌
Assured
Guaranty
Ltd
941‌
78‌
Axis
Capital
Holdings
Ltd
1,629‌
172‌
Brighthouse
Financial
Inc
(d)
1,281‌
79‌
Brown
&
Brown
Inc
6,626‌
466‌
Cincinnati
Financial
Corp
3,409‌
606‌
CNA
Financial
Corp
495‌
26‌
Corebridge
Financial
Inc
5,526‌
172‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Equitable
Holdings
Inc
2,908‌
$
139‌
Everest
Group
Ltd
889‌
333‌
Fidelity
National
Financial
Inc
5,713‌
295‌
First
American
Financial
Corp
68,368‌
5,127‌
Globe
Life
Inc
1,739‌
317‌
Hanover
Insurance
Group
Inc/The
28,622‌
6,658‌
Hartford
Insurance
Group
Inc/The
196,568‌
27,895‌
Kinsale
Capital
Group
Inc
507‌
181‌
Lincoln
National
Corp
3,849‌
176‌
Loews
Corp
3,747‌
435‌
Markel
Group
Inc
(d)
277‌
521‌
MGIC
Investment
Corp
4,719‌
142‌
Old
Republic
International
Corp
337,956‌
14,603‌
Primerica
Inc
701‌
224‌
Prudential
Financial
Inc
7,826‌
955‌
Reinsurance
Group
of
America
Inc
1,452‌
344‌
RenaissanceRe
Holdings
Ltd
15,342‌
4,910‌
RLI
Corp
1,844‌
113‌
Ryan
Specialty
Holdings
Inc
2,131‌
94‌
Unum
Group
201,668‌
17,365‌
W
R
Berkley
Corp
5,091‌
369‌
White
Mountains
Insurance
Group
Ltd
55‌
115‌
Willis
Towers
Watson
PLC
2,103‌
706‌
$
125,346‌
Internet
-
1
.88
%
CDW
Corp/DE
72,455‌
10,710‌
eBay
Inc
7,815‌
891‌
Etsy
Inc
(d)
1,067‌
87‌
F5
Inc
(d)
38,773‌
15,609‌
Gen
Digital
Inc
262,847‌
7,215‌
Lyft
Inc
(d)
651,961‌
10,340‌
Maplebear
Inc
(d)
1,840‌
82‌
Match
Group
Inc
5,217‌
206‌
People
Inc
(d)
1,427‌
59‌
Pinterest
Inc
(d)
11,018‌
265‌
Robinhood
Markets
Inc
(d)
2,960‌
256‌
Roku
Inc
(d)
192‌
28‌
VeriSign
Inc
1,814‌
526‌
Wayfair
Inc
(d)
2,323‌
197‌
Zillow
Group
Inc
-
A
Shares
(d)
1,017‌
35‌
Zillow
Group
Inc
-
C
Shares
(d)
3,641‌
124‌
$
46,630‌
Investment
Companies
-
0
.02
%
BitMine
Immersion
Technologies
Inc
12,667‌
219‌
IREN
Ltd
(d),(e)
6,361‌
234‌
$
453‌
Iron
&
Steel
-
0
.69
%
Cleveland-Cliffs
Inc
(d)
13,436‌
155‌
Nucor
Corp
4,948‌
1,273‌
Reliance
Inc
1,140‌
463‌
Steel
Dynamics
Inc
60,564‌
15,217‌
$
17,108‌
Leisure
Products
&
Services
-
0
.36
%
Amer
Sports
Inc
(d)
97,603‌
3,466‌
Brunswick
Corp/DE
1,534‌
121‌
Carnival
Corp
Ltd
151,517‌
4,214‌
Norwegian
Cruise
Line
Holdings
Ltd
(d)
10,275‌
190‌
Royal
Caribbean
Cruises
Ltd
2,432‌
774‌
YETI
Holdings
Inc
(d)
1,696‌
83‌
$
8,848‌
Lodging
-
0
.73
%
Boyd
Gaming
Corp
1,150‌
98‌
Hilton
Worldwide
Holdings
Inc
55,100‌
17,659‌
Hyatt
Hotels
Corp
29‌
5‌
MGM
Resorts
International
(d)
4,175‌
186‌
Travel
+
Leisure
Co
944‌
72‌
Wyndham
Hotels
&
Resorts
Inc
97‌
7‌
Wynn
Resorts
Ltd
294‌
29‌
$
18,056‌
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
124
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Construction
&
Mining
-
0
.01
%
BWX
Technologies
Inc
125‌
$
21‌
Oshkosh
Corp
1,381‌
197‌
$
218‌
Machinery
-
Diversified
-
4
.84
%
AGCO
Corp
81,122‌
8,287‌
Applied
Industrial
Technologies
Inc
823‌
284‌
CNH
Industrial
NV
19,547‌
200‌
Cognex
Corp
268,279‌
17,503‌
Crane
Co
82,791‌
17,673‌
Dover
Corp
2,983‌
610‌
Esab
Corp
1,287‌
111‌
Flowserve
Corp
2,848‌
216‌
Gates
Industrial
Corp
Ltd
(d)
5,607‌
157‌
Graco
Inc
3,700‌
294‌
IDEX
Corp
84,048‌
19,369‌
Ingersoll
Rand
Inc
8,803‌
734‌
Middleby
Corp/The
(d)
964‌
129‌
Midera
Food
Processing
Inc
(d)
1,033‌
50‌
Nordson
Corp
1,166‌
347‌
Otis
Worldwide
Corp
8,642‌
622‌
Regal
Rexnord
Corp
68,069‌
13,969‌
Rockwell
Automation
Inc
12,556‌
6,028‌
Toro
Co/The
207,231‌
19,039‌
Watts
Water
Technologies
Inc
610‌
211‌
Westinghouse
Air
Brake
Technologies
Corp
3,782‌
1,100‌
Xylem
Inc/NY
109,027‌
12,753‌
$
119,686‌
Media
-
1
.62
%
Charter
Communications
Inc
(d)
1,741‌
252‌
EchoStar
Corp
(d)
476‌
40‌
FactSet
Research
Systems
Inc
794‌
209‌
Fox
Corp
-
A
Shares
(e)
213,322‌
12,422‌
Fox
Corp
-
B
Shares
205,741‌
10,686‌
Liberty
Broadband
Corp
-
A
Shares
(d)
196‌
7‌
Liberty
Broadband
Corp
-
C
Shares
(d)
2,614‌
89‌
Liberty
Global
Ltd
-
A
Shares
(d)
4,269‌
45‌
Liberty
Global
Ltd
-
C
Shares
(d)
956,242‌
9,907‌
New
York
Times
Co/The
3,450‌
258‌
News
Corp
-
A
Shares
8,329‌
230‌
News
Corp
-
B
Shares
(e)
2,744‌
86‌
Nexstar
Media
Group
Inc
642‌
122‌
Sirius
XM
Holdings
Inc
3,968‌
118‌
Versant
Media
Group
Inc
117,844‌
4,241‌
Warner
Bros
Discovery
Inc
(d)
53,991‌
1,420‌
$
40,132‌
Metal
Fabrication
&
Hardware
-
0
.49
%
Advanced
Drainage
Systems
Inc
1,616‌
224‌
Mueller
Industries
Inc
170,004‌
11,290‌
RBC
Bearings
Inc
(d)
575‌
317‌
Timken
Co/The
1,425‌
196‌
Valmont
Industries
Inc
424‌
204‌
$
12,231‌
Mining
-
0
.06
%
Alcoa
Corp
5,912‌
268‌
Almonty
Industries
Inc
(d)
125‌
1‌
Anglogold
Ashanti
Plc
1,089‌
86‌
Coeur
Mining
Inc
23,143‌
345‌
Hecla
Mining
Co
13,458‌
190‌
MP
Materials
Corp
(d),(e)
3,214‌
133‌
Royal
Gold
Inc
1,886‌
374‌
$
1,397‌
Miscellaneous
Manufacturers
-
0
.07
%
A
O
Smith
Corp
(e)
2,496‌
150‌
Donaldson
Co
Inc
2,575‌
242‌
ITT
Inc
1,985‌
389‌
Teledyne
Technologies
Inc
(d)
1,034‌
678‌
Textron
Inc
3,880‌
331‌
$
1,790‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Office
&
Business
Equipment
-
0
.56
%
Zebra
Technologies
Corp
(d)
47,260‌
$
13,886‌
Oil
&
Gas
-
4
.79
%
Antero
Resources
Corp
(d)
6,664‌
241‌
APA
Corp
7,925‌
296‌
Chord
Energy
Corp
93,943‌
13,188‌
Devon
Energy
Corp
419,799‌
18,945‌
Diamondback
Energy
Inc
4,295‌
872‌
EQT
Corp
13,586‌
724‌
Expand
Energy
Corp
169,507‌
15,939‌
HF
Sinclair
Corp
244,750‌
22,387‌
Marathon
Petroleum
Corp
45,822‌
14,501‌
Matador
Resources
Co
2,435‌
122‌
Occidental
Petroleum
Corp
16,331‌
932‌
Ovintiv
Inc
6,355‌
397‌
Permian
Resources
Corp
15,601‌
333‌
Phillips
66
92,004‌
19,475‌
Range
Resources
Corp
5,232‌
210‌
Valero
Energy
Corp
31,121‌
9,738‌
Viper
Energy
Inc
4,246‌
189‌
Weatherford
International
PLC
1,577‌
138‌
$
118,627‌
Oil
&
Gas
Services
-
3
.18
%
Baker
Hughes
Co
249,869‌
15,115‌
Halliburton
Co
975,915‌
31,473‌
NOV
Inc
159,261‌
3,095‌
SLB
Ltd
283,000‌
14,034‌
TechnipFMC
PLC
210,333‌
15,072‌
$
78,789‌
Packaging
&
Containers
-
1
.96
%
Amcor
PLC
10,389‌
466‌
AptarGroup
Inc
148,886‌
19,945‌
Ball
Corp
5,973‌
388‌
Crown
Holdings
Inc
2,489‌
293‌
Graphic
Packaging
Holding
Co
6,575‌
71‌
Packaging
Corp
of
America
108,432‌
26,657‌
Silgan
Holdings
Inc
1,992‌
80‌
Smurfit
Westrock
PLC
11,757‌
540‌
Sonoco
Products
Co
2,204‌
124‌
$
48,564‌
Pharmaceuticals
-
1
.04
%
Ascendis
Pharma
A/S
(d)
32‌
8‌
Becton
Dickinson
&
Co
6,388‌
1,058‌
Cardinal
Health
Inc
100,222‌
23,054‌
Elanco
Animal
Health
Inc
(d)
11,117‌
293‌
Henry
Schein
Inc
(d)
2,199‌
189‌
Jazz
Pharmaceuticals
PLC
(d)
1,318‌
333‌
Neurocrine
Biosciences
Inc
(d)
351‌
58‌
Organon
&
Co
5,894‌
80‌
Viatris
Inc
26,184‌
460‌
Zoetis
Inc
1,994‌
154‌
$
25,687‌
Pipelines
-
0
.59
%
Antero
Midstream
Corp
471,950‌
10,369‌
Cheniere
Energy
Inc
4,376‌
1,153‌
DT
Midstream
Inc
2,273‌
314‌
Kinder
Morgan
Inc
43,656‌
1,405‌
ONEOK
Inc
14,197‌
1,289‌
$
14,530‌
Private
Equity
-
0
.01
%
Carlyle
Group
Inc/The
5,958‌
274‌
Real
Estate
-
0
.06
%
CBRE
Group
Inc
(d)
5,938‌
872‌
CoStar
Group
Inc
(d)
8,112‌
233‌
Howard
Hughes
Holdings
Inc
(d)
788‌
51‌
Jones
Lang
LaSalle
Inc
(d)
978‌
347‌
$
1,503‌
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
125
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
-
6
.70
%
AGNC
Investment
Corp
25,761‌
$
275‌
Agree
Realty
Corp
2,641‌
205‌
Alexandria
Real
Estate
Equities
Inc
3,847‌
198‌
American
Healthcare
REIT
Inc
4,282‌
238‌
American
Homes
4
Rent
7,535‌
252‌
Americold
Realty
Trust
Inc
6,432‌
91‌
Annaly
Capital
Management
Inc
16,521‌
375‌
AvalonBay
Communities
Inc
3,104‌
576‌
Brixmor
Property
Group
Inc
6,849‌
216‌
BXP
Inc
3,545‌
249‌
Camden
Property
Trust
201,689‌
22,350‌
Cousins
Properties
Inc
3,675‌
116‌
Crown
Castle
Inc
9,816‌
749‌
CubeSmart
5,074‌
210‌
Digital
Realty
Trust
Inc
8,130‌
1,533‌
EastGroup
Properties
Inc
1,179‌
246‌
EPR
Properties
1,686‌
105‌
Equity
LifeStyle
Properties
Inc
296,728‌
19,308‌
Equity
Residential
8,390‌
557‌
Essex
Property
Trust
Inc
1,418‌
403‌
Extra
Space
Storage
Inc
4,705‌
696‌
Federal
Realty
Investment
Trust
1,909‌
237‌
Fermi
Inc
(d)
5,215‌
30‌
First
Industrial
Realty
Trust
Inc
2,952‌
194‌
Gaming
and
Leisure
Properties
Inc
171,976‌
7,703‌
Healthcare
Realty
Trust
Inc
846,790‌
17,791‌
Healthpeak
Properties
Inc
15,612‌
341‌
Host
Hotels
&
Resorts
Inc
15,284‌
384‌
Invitation
Homes
Inc
13,340‌
396‌
Iron
Mountain
Inc
6,644‌
813‌
Janus
Living
Inc
1,176‌
35‌
Kilroy
Realty
Corp
2,596‌
101‌
Kimco
Realty
Corp
14,885‌
379‌
Lamar
Advertising
Co
135,467‌
21,670‌
Lineage
Inc
1,712‌
72‌
Medical
Properties
Trust
Inc
12,007‌
56‌
Mid-America
Apartment
Communities
Inc
2,583‌
342‌
Millrose
Properties
Inc
3,445‌
96‌
NNN
REIT
Inc
340,641‌
16,187‌
Omega
Healthcare
Investors
Inc
122,592‌
6,207‌
Rayonier
Inc
6,732‌
147‌
Realty
Income
Corp
20,938‌
1,337‌
Regency
Centers
Corp
4,087‌
328‌
Rexford
Industrial
Realty
Inc
5,007‌
189‌
Rithm
Capital
Corp
12,522‌
124‌
SBA
Communications
Corp
2,351‌
425‌
STAG
Industrial
Inc
4,290‌
164‌
Starwood
Property
Trust
Inc
7,830‌
125‌
Sun
Communities
Inc
2,728‌
337‌
UDR
Inc
7,288‌
278‌
Ventas
Inc
234,825‌
21,959‌
VICI
Properties
Inc
466,189‌
12,284‌
Vornado
Realty
Trust
3,924‌
155‌
Weyerhaeuser
Co
16,219‌
406‌
WP
Carey
Inc
76,340‌
5,618‌
$
165,858‌
Retail
-
5
.08
%
AutoNation
Inc
(d)
557‌
118‌
AutoZone
Inc
(d)
3,275‌
9,878‌
Bath
&
Body
Works
Inc
4,527‌
91‌
Best
Buy
Co
Inc
4,412‌
381‌
BJ's
Wholesale
Club
Holdings
Inc
(d)
2,886‌
282‌
CarMax
Inc
(d)
3,170‌
181‌
Casey's
General
Stores
Inc
18,491‌
16,105‌
Dick's
Sporting
Goods
Inc
1,397‌
274‌
Dillard's
Inc
80‌
47‌
Dollar
General
Corp
100,072‌
12,714‌
Dollar
Tree
Inc
(d)
62,448‌
7,944‌
Domino's
Pizza
Inc
633‌
220‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Ferguson
Enterprises
Inc
4,072‌
$
954‌
Five
Below
Inc
(d)
725‌
157‌
Floor
&
Decor
Holdings
Inc
(d)
2,379‌
137‌
Freshpet
Inc
(d)
1,158‌
69‌
GameStop
Corp
(d)
9,209‌
200‌
Gap
Inc/The
5,007‌
101‌
Genuine
Parts
Co
3,076‌
383‌
Lithia
Motors
Inc
503‌
194‌
Lowe's
Cos
Inc
91,100‌
18,931‌
Lululemon
Athletica
Inc
(d)
2,226‌
265‌
Macy's
Inc
5,916‌
147‌
MSC
Industrial
Direct
Co
Inc
1,074‌
133‌
Ollie's
Bargain
Outlet
Holdings
Inc
(d)
1,366‌
100‌
Penske
Automotive
Group
Inc
77,897‌
16,928‌
QXO
Inc
(d)
21,572‌
287‌
Restaurant
Brands
International
Inc
3,284‌
243‌
Texas
Roadhouse
Inc
102,886‌
21,137‌
Tractor
Supply
Co
11,831‌
364‌
Ulta
Beauty
Inc
(d)
763‌
391‌
Williams-Sonoma
Inc
68,272‌
15,612‌
Yum!
Brands
Inc
4,347‌
666‌
$
125,634‌
Savings
&
Loans
-
0
.00
%
TFS
Financial
Corp
(e)
1,330‌
25‌
Semiconductors
-
1
.59
%
Amkor
Technology
Inc
63,315‌
3,158‌
Cirrus
Logic
Inc
(d)
76,453‌
9,889‌
Entegris
Inc
2,921‌
348‌
GLOBALFOUNDRIES
Inc
2,820‌
141‌
IPG
Photonics
Corp
(d)
83,576‌
7,109‌
Microchip
Technology
Inc
189,949‌
14,111‌
MKS
Inc
11,340‌
3,373‌
ON
Semiconductor
Corp
(d)
8,377‌
684‌
Onto
Innovation
Inc
(d)
893‌
231‌
Qorvo
Inc
(d)
1,877‌
170‌
Skyworks
Solutions
Inc
3,361‌
209‌
$
39,423‌
Shipbuilding
-
0
.01
%
Huntington
Ingalls
Industries
Inc
860‌
281‌
Software
-
2
.09
%
Akamai
Technologies
Inc
(d)
111,626‌
12,857‌
Bentley
Systems
Inc
2,932‌
104‌
BILL
Holdings
Inc
(d)
1,953‌
88‌
Broadridge
Financial
Solutions
Inc
42,067‌
6,476‌
Bullish
(d)
225‌
5‌
CCC
Intelligent
Solutions
Holdings
Inc
(d)
12,341‌
75‌
Docusign
Inc
(d)
4,068‌
223‌
Doximity
Inc
(d)
2,930‌
61‌
Dropbox
Inc
-
A
Shares
(d)
3,424‌
111‌
Duolingo
Inc
(d)
868‌
117‌
Dynatrace
Inc
(d)
5,468‌
242‌
Elastic
NV
(d)
1,000‌
66‌
Electronic
Arts
Inc
4,853‌
1,018‌
Fair
Isaac
Corp
(d)
91‌
102‌
Fidelity
National
Information
Services
Inc
224,162‌
10,036‌
Figma
Inc
(d)
4,800‌
117‌
Fiserv
Inc
(d)
11,937‌
644‌
Gitlab
Inc
(d)
3,212‌
111‌
Guidewire
Software
Inc
(d)
954‌
145‌
HubSpot
Inc
(d)
148‌
35‌
IonQ
Inc
(d)
8,627‌
314‌
Jack
Henry
&
Associates
Inc
1,602‌
247‌
Klaviyo
Inc
(d)
2,734‌
49‌
MongoDB
Inc
(d)
21,238‌
7,168‌
MSCI
Inc
8,850‌
5,065‌
Nutanix
Inc
(d)
5,821‌
343‌
Paychex
Inc
7,237‌
846‌
Paycom
Software
Inc
969‌
159‌
Pegasystems
Inc
1,584‌
48‌
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
126
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
PTC
Inc
(d)
2,660‌
$
365‌
RingCentral
Inc
1,476‌
82‌
Roper
Technologies
Inc
2,282‌
894‌
SentinelOne
Inc
(d)
2,550‌
49‌
SS&C
Technologies
Holdings
Inc
4,655‌
359‌
Twilio
Inc
(d)
2,819‌
556‌
Tyler
Technologies
Inc
(d)
942‌
292‌
UiPath
Inc
(d),(e)
8,985‌
115‌
Unity
Software
Inc
(d)
8,104‌
257‌
Veeva
Systems
Inc
(d)
3,341‌
681‌
Workday
Inc
(d)
4,263‌
683‌
Zoom
Communications
Inc
(d)
5,971‌
574‌
$
51,779‌
Telecommunications
-
0
.02
%
Applied
Digital
Corp
(d)
5,715‌
157‌
AST
SpaceMobile
Inc
(d),(e)
438‌
26‌
Iridium
Communications
Inc
1,445‌
68‌
Millicom
International
Cellular
SA
(e)
2,016‌
192‌
$
443‌
Toys,
Games
&
Hobbies
-
0
.01
%
Hasbro
Inc
2,360‌
222‌
Mattel
Inc
(d)
6,496‌
98‌
$
320‌
Transportation
-
4
.00
%
CH
Robinson
Worldwide
Inc
173,001‌
25,558‌
CSX
Corp
332,200‌
16,743‌
Expeditors
International
of
Washington
Inc
90,388‌
15,175‌
Fedex
Freight
Holding
Co
Inc
(d)
2,445‌
344‌
GXO
Logistics
Inc
(d)
2,634‌
132‌
JB
Hunt
Transport
Services
Inc
54,955‌
14,934‌
Kirby
Corp
(d)
1,178‌
154‌
Knight-Swift
Transportation
Holdings
Inc
238,340‌
16,572‌
Landstar
System
Inc
46,992‌
8,212‌
Old
Dominion
Freight
Line
Inc
3,317‌
704‌
Ryder
System
Inc
840‌
215‌
Saia
Inc
(d)
599‌
208‌
Schneider
National
Inc
1,275‌
46‌
$
98,997‌
Water
-
0
.94
%
American
Water
Works
Co
Inc
170,868‌
22,925‌
Essential
Utilities
Inc
6,361‌
254‌
$
23,179‌
TOTAL
COMMON
STOCKS
$
2,425,108‌
Total
Investments
$
2,473,512‌
Other
Assets
and
Liabilities
-  0.08%
2,009‌
TOTAL
NET
ASSETS
-
100.00%
$
2,475,521‌
(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
$10,411
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)
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
$10,101
or
0.41%
of
net
assets.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
77,539‌
$
855,694‌
$
889,634‌
$
43,599‌
$
77,539‌
$
855,694‌
$
889,634‌
$
43,599‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
1,638‌
$
—‌
$
—‌
$
—‌
$
1,638‌
$
—‌
$
—‌
$
—‌
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)
S&P
Mid
400
Emini;
September
2026
Long
15‌
$
5,659‌
$
(
42‌
)
Total
$
(
42‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Overseas
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
127
INVESTMENT
COMPANIES
-
2
.55
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.11
%
iShares
MSCI
EAFE
Value
ETF
(a)
25,600‌
$
2,071‌
Money
Market
Funds
-
2
.44
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(b),(c)
763,962‌
764‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(b),(c),(d)
45,445,122‌
45,445‌
$
46,209‌
TOTAL
INVESTMENT
COMPANIES
$
48,280‌
COMMON
STOCKS
-
97
.32
%
Shares
Held
Value
(000's)
Advertising
-
0
.01
%
Publicis
Groupe
SA
1,867‌
$
199‌
Aerospace
&
Defense
-
3
.26
%
Melrose
Industries
PLC
2,099,576‌
12,915‌
QinetiQ
Group
PLC
1,372,319‌
9,395‌
Rolls-Royce
Holdings
PLC
1,486,326‌
29,652‌
Thales
SA
34,389‌
9,790‌
$
61,752‌
Agriculture
-
0
.48
%
British
American
Tobacco
PLC
138,666‌
8,411‌
Imperial
Brands
PLC
6,034‌
229‌
Japan
Tobacco
Inc
9,000‌
401‌
Wilmar
International
Ltd
13,200‌
41‌
$
9,082‌
Airlines
-
0
.61
%
ANA
Holdings
Inc
(a)
900‌
18‌
Deutsche
Lufthansa
AG
1,092,125‌
11,460‌
International
Consolidated
Airlines
Group
SA
3,489‌
20‌
Singapore
Airlines
Ltd
12,000‌
72‌
$
11,570‌
Apparel
-
3
.85
%
Adidas
AG
26,561‌
4,914‌
Kering
SA
148,691‌
49,079‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
34,751‌
19,083‌
$
73,076‌
Automobile
Manufacturers
-
0
.60
%
Bayerische
Motoren
Werke
AG
2,639‌
181‌
Daimler
Truck
Holding
AG
154,498‌
8,739‌
Honda
Motor
Co
Ltd
29,700‌
299‌
Isuzu
Motors
Ltd
4,300‌
64‌
Mercedes-Benz
Group
AG
5,885‌
318‌
Renault
SA
1,603‌
51‌
Stellantis
NV
(e)
16,515‌
95‌
Subaru
Corp
4,300‌
73‌
Suzuki
Motor
Corp
12,900‌
168‌
Toyota
Motor
Corp
77,650‌
1,470‌
$
11,458‌
Automobile
Parts
&
Equipment
-
1
.47
%
Aisin
Corp
3,600‌
50‌
Aumovio
SE
(e)
323,570‌
14,940‌
Bridgestone
Corp
8,700‌
215‌
Cie
Generale
des
Etablissements
Michelin
SCA
5,064‌
205‌
Continental
AG
148,570‌
12,355‌
Denso
Corp
13,200‌
162‌
$
27,927‌
Banks
-
17
.77
%
ABN
AMRO
Bank
NV
348,156‌
15,750‌
AIB
Group
PLC
17,272‌
205‌
ANZ
Group
Holdings
Ltd
637,033‌
16,649‌
Banca
Mediolanum
SpA
1,777‌
48‌
Banca
Monte
dei
Paschi
di
Siena
SpA
436,338‌
5,844‌
Banco
Bilbao
Vizcaya
Argentaria
SA
46,077‌
1,292‌
Banco
BPM
SpA
9,257‌
169‌
Banco
Comercial
Portugues
SA
33,475‌
41‌
Banco
de
Sabadell
SA
38,820‌
149‌
Banco
Santander
SA
76,177‌
1,083‌
Bank
Hapoalim
BM
10,671‌
259‌
Bank
Leumi
Le-Israel
BM
12,039‌
284‌
Bank
Mandiri
Persero
Tbk
PT
72,226,700‌
16,805‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Bank
of
Ireland
Group
PLC
7,743‌
$
163‌
Bank
of
Nova
Scotia/The
163,600‌
14,351‌
Bankinter
SA
5,144‌
95‌
Banque
Cantonale
Vaudoise
247‌
39‌
Barclays
PLC
6,187,560‌
42,530‌
BAWAG
Group
AG
(f)
210‌
43‌
BNP
Paribas
SA
311,691‌
39,607‌
BOC
Hong
Kong
Holdings
Ltd
30,300‌
201‌
BPER
Banca
SPA
12,745‌
207‌
CaixaBank
SA
28,611‌
416‌
Chiba
Bank
Ltd/The
4,500‌
73‌
Credit
Agricole
SA
7,396‌
165‌
Danske
Bank
A/S
5,098‌
293‌
DBS
Group
Holdings
Ltd
5,900‌
340‌
Deutsche
Bank
AG
447,960‌
16,487‌
DNB
Bank
ASA
6,621‌
213‌
Erste
Group
Bank
AG
1,259‌
165‌
Eurobank
SA
1,197,249‌
6,187‌
FinecoBank
Banca
Fineco
SpA
2,495‌
68‌
Grupo
Financiero
Banorte
SAB
de
CV
1,338,900‌
15,433‌
HSBC
Holdings
PLC
140,641‌
2,995‌
ING
Groep
NV
426,045‌
14,972‌
Intesa
Sanpaolo
SpA
113,929‌
861‌
Israel
Discount
Bank
Ltd
9,968‌
104‌
Japan
Post
Bank
Co
Ltd
14,700‌
284‌
KBC
Group
NV
1,874‌
270‌
Lloyds
Banking
Group
PLC
311,289‌
481‌
Mitsubishi
UFJ
Financial
Group
Inc
87,400‌
1,952‌
Mizrahi
Tefahot
Bank
Ltd
1,275‌
95‌
Mizuho
Financial
Group
Inc
19,400‌
1,006‌
National
Australia
Bank
Ltd
25,088‌
726‌
National
Bank
of
Greece
SA
88,539‌
1,657‌
NatWest
Group
PLC
1,775,520‌
16,748‌
Nordea
Bank
Abp
734,725‌
14,829‌
Oversea-Chinese
Banking
Corp
Ltd
26,800‌
609‌
Raiffeisen
Bank
International
AG
1,076‌
74‌
Skandinaviska
Enskilda
Banken
AB
11,921‌
279‌
Societe
Generale
SA
241,464‌
22,696‌
Standard
Chartered
PLC
696,475‌
20,594‌
Sumitomo
Mitsui
Financial
Group
Inc
184,400‌
7,923‌
Sumitomo
Mitsui
Trust
Group
Inc
22,056‌
227‌
Svenska
Handelsbanken
AB
11,127‌
170‌
Swedbank
AB
6,686‌
267‌
UniCredit
SpA
233,446‌
22,017‌
United
Overseas
Bank
Ltd
256,200‌
8,665‌
Westpac
Banking
Corp
27,973‌
742‌
Yokohama
Financial
Group
Inc
7,900‌
90‌
$
336,987‌
Beverages
-
3
.74
%
Anheuser-Busch
InBev
SA/NV
72,604‌
6,306‌
Asahi
Group
Holdings
Ltd
11,300‌
118‌
Carlsberg
AS
172,700‌
25,431‌
Davide
Campari-Milano
NV
2,535‌
17‌
Diageo
PLC
954,662‌
20,972‌
Heineken
Holding
NV
993‌
84‌
Heineken
NV
196,785‌
17,817‌
Kirin
Holdings
Co
Ltd
4,200‌
78‌
Pernod
Ricard
SA
1,596‌
124‌
Suntory
Beverage
&
Food
Ltd
1,000‌
29‌
$
70,976‌
Biotechnology
-
0
.02
%
CSL
Ltd
3,956‌
342‌
Financiere
de
Tubize
SA
121‌
27‌
$
369‌
Building
Materials
-
2
.81
%
AGC
Inc
1,500‌
56‌
Buzzi
SpA
671‌
32‌
Cie
de
Saint-Gobain
SA
278,205‌
26,148‌
Daikin
Industries
Ltd
800‌
116‌
Schedule
of
Investments
Overseas
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
128
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
(continued)
Geberit
AG
94‌
$
62‌
ROCKWOOL
A/S
818‌
26‌
Sika
AG
52,267‌
11,759‌
Svenska
Cellulosa
AB
SCA
4,933‌
56‌
TOTO
Ltd
344,100‌
14,934‌
$
53,189‌
Chemicals
-
1
.44
%
Air
Liquide
SA
1,823‌
359‌
Akzo
Nobel
NV
209,959‌
14,706‌
Asahi
Kasei
Corp
9,900‌
106‌
BASF
SE
7,273‌
422‌
Brenntag
SE
941‌
66‌
DSM-Firmenich
AG
1,346‌
145‌
EMS-Chemie
Holding
AG
29‌
29‌
Evonik
Industries
AG
2,099‌
43‌
Givaudan
SA
26‌
104‌
ICL
Group
Ltd
6,152‌
31‌
Mitsubishi
Chemical
Group
Corp
9,600‌
71‌
Nippon
Paint
Holdings
Co
Ltd
8,000‌
60‌
Nitto
Denko
Corp
2,800‌
59‌
Shin-Etsu
Chemical
Co
Ltd
4,700‌
168‌
Syensqo
SA
(a)
121,288‌
10,790‌
Symrise
AG
380‌
39‌
Toray
Industries
Inc
10,300‌
74‌
Yara
International
ASA
1,276‌
60‌
$
27,332‌
Commercial
Services
-
0
.83
%
Ayvens
SA
(f)
2,888‌
39‌
Dai
Nippon
Printing
Co
Ltd
3,000‌
54‌
Intertek
Group
PLC
630‌
50‌
RELX
PLC
436,510‌
15,416‌
Secom
Co
Ltd
3,200‌
138‌
SGS
SA
678‌
80‌
TOPPAN
Holdings
Inc
1,800‌
51‌
$
15,828‌
Computers
-
0
.02
%
Capgemini
SE
1,249‌
148‌
Logitech
International
SA
592‌
61‌
Obic
Co
Ltd
1,000‌
29‌
Otsuka
Corp
2,000‌
41‌
$
279‌
Consumer
Products
-
1
.52
%
Henkel
AG
&
Co
KGaA
742‌
61‌
Reckitt
Benckiser
Group
PLC
406,495‌
28,689‌
$
28,750‌
Cosmetics
&
Personal
Care
-
0
.12
%
Beiersdorf
AG
396‌
37‌
Essity
AB
4,656‌
135‌
Haleon
PLC
72,538‌
355‌
Kao
Corp
7,500‌
154‌
L'Oreal
SA
688‌
307‌
Shiseido
Co
Ltd
1,600‌
32‌
Unicharm
Corp
8,700‌
55‌
Unilever
PLC
17,854‌
1,136‌
$
2,211‌
Distribution
&
Wholesale
-
0
.13
%
Bunzl
PLC
2,644‌
100‌
Marubeni
Corp
11,600‌
375‌
Mitsubishi
Corp
24,700‌
738‌
Mitsui
&
Co
Ltd
19,400‌
595‌
Rexel
SA
1,812‌
75‌
Sumitomo
Corp
33,000‌
343‌
Toyota
Tsusho
Corp
5,200‌
216‌
$
2,442‌
Diversified
Financial
Services
-
3
.50
%
AerCap
Holdings
NV
1,316‌
199‌
Amundi
SA
(f)
507‌
55‌
ASX
Ltd
226,054‌
8,720‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Azimut
Holding
SpA
347,246‌
$
14,749‌
Daiwa
Securities
Group
Inc
10,200‌
114‌
Euronext
NV
(f)
223‌
41‌
Japan
Exchange
Group
Inc
7,800‌
106‌
Julius
Baer
Group
Ltd
233,737‌
20,551‌
London
Stock
Exchange
Group
PLC
99,508‌
11,194‌
Mitsubishi
HC
Capital
Inc
6,900‌
64‌
Nomura
Holdings
Inc
23,900‌
231‌
ORIX
Corp
9,000‌
363‌
SBI
Holdings
Inc
4,300‌
81‌
Schroders
PLC
6,592‌
52‌
St
James's
Place
PLC
698,373‌
9,923‌
$
66,443‌
Electric
-
3
.07
%
BKW
AG
171‌
28‌
Chubu
Electric
Power
Co
Inc
5,300‌
92‌
CLP
Holdings
Ltd
13,500‌
134‌
Contact
Energy
Ltd
8,118‌
44‌
E.ON
SE
18,287‌
394‌
EDP
SA
23,930‌
123‌
Elia
Group
SA/NV
189‌
27‌
Endesa
SA
2,549‌
124‌
Enel
SpA
1,811,165‌
20,454‌
Engie
SA
14,498‌
452‌
Fortum
Oyj
567,510‌
12,902‌
Hikari
Tsushin
Inc
100‌
25‌
Iberdrola
SA
50,720‌
1,205‌
Kansai
Electric
Power
Co
Inc/The
7,800‌
118‌
Meridian
Energy
Ltd
11,474‌
39‌
National
Grid
PLC
814,721‌
13,040‌
Origin
Energy
Ltd
9,119‌
69‌
Orsted
AS
(e),(f)
1,407‌
31‌
Power
Assets
Holdings
Ltd
11,000‌
83‌
Redeia
Corp
SA
3,307‌
58‌
SSE
PLC
270,756‌
8,554‌
Terna
-
Rete
Elettrica
Nazionale
11,461‌
131‌
Verbund
AG
558‌
38‌
$
58,165‌
Electrical
Components
&
Equipment
-
0
.49
%
Signify
NV
(f)
540,799‌
9,244‌
Electronics
-
2
.57
%
Kyocera
Corp
9,600‌
219‌
MINEBEA
MITSUMI
Inc
692,900‌
15,780‌
Murata
Manufacturing
Co
Ltd
255,586‌
11,646‌
Sensata
Technologies
Holding
PLC
453,983‌
21,015‌
$
48,660‌
Energy
-
Alternate
Sources
-
0
.53
%
Vestas
Wind
Systems
A/S
370,956‌
9,985‌
Engineering
&
Construction
-
0
.52
%
Auckland
International
Airport
Ltd
13,836‌
71‌
Bouygues
SA
1,808‌
102‌
CK
Infrastructure
Holdings
Ltd
5,000‌
40‌
Eiffage
SA
561‌
80‌
Fraport
AG
Frankfurt
Airport
Services
Worldwide
119,473‌
9,333‌
Keppel
Ltd
7,300‌
65‌
Obayashi
Corp
5,200‌
102‌
Shimizu
Corp
4,000‌
59‌
Skanska
AB
2,691‌
76‌
$
9,928‌
Entertainment
-
0
.00
%
Evolution
AB
(e),(f)
1,004‌
77‌
Food
-
1
.29
%
Carrefour
SA
4,800‌
88‌
Chocoladefabriken
Lindt
&
Spruengli
AG
-
PC
3‌
35‌
Danone
SA
5,139‌
400‌
J
Sainsbury
PLC
13,872‌
67‌
Kerry
Group
PLC
1,304‌
124‌
Kesko
Oyj
2,241‌
56‌
Schedule
of
Investments
Overseas
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
129
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
(continued)
Kikkoman
Corp
3,000‌
$
31‌
Koninklijke
Ahold
Delhaize
NV
7,204‌
285‌
Magnum
Ice
Cream
Co
NV/The
(e)
3,991‌
74‌
Nestle
SA
21,073‌
2,106‌
Orkla
ASA
(e)
5,915‌
66‌
Seven
&
i
Holdings
Co
Ltd
1,234,500‌
16,370‌
Tesco
PLC
719,452‌
4,735‌
WH
Group
Ltd
(f)
61,500‌
66‌
$
24,503‌
Food
Service
-
0
.00
%
Sodexo
SA
635‌
42‌
Forest
Products
&
Paper
-
0
.01
%
UPM-Kymmene
Oyj
4,301‌
117‌
Gas
-
2
.08
%
Centrica
PLC
5,257,926‌
10,972‌
Enagas
SA
656,909‌
12,805‌
Hong
Kong
&
China
Gas
Co
Ltd
91,000‌
82‌
Italgas
SpA
4,968‌
51‌
Naturgy
Energy
Group
SA
3,359‌
112‌
Osaka
Gas
Co
Ltd
2,800‌
96‌
Sembcorp
Industries
Ltd
(a)
7,800‌
34‌
Snam
SpA
2,263,961‌
15,351‌
$
39,503‌
Hand
&
Machine
Tools
-
0
.01
%
Fuji
Electric
Co
Ltd
1,100‌
96‌
Makita
Corp
1,800‌
58‌
Schindler
Holding
AG
-
PC
166‌
52‌
Schindler
Holding
AG
-
REG
88‌
27‌
$
233‌
Healthcare
-
Products
-
3
.46
%
Alcon
AG
2,649‌
182‌
Elekta
AB
1,439,198‌
7,322‌
FUJIFILM
Holdings
Corp
9,200‌
217‌
Getinge
AB
429,767‌
10,712‌
Koninklijke
Philips
NV
(a)
753,080‌
19,842‌
Olympus
Corp
1,207,927‌
13,806‌
QIAGEN
NV
896‌
37‌
Siemens
Healthineers
AG
(f)
2,759‌
117‌
Smith
&
Nephew
PLC
848,325‌
13,270‌
Sonova
Holding
AG
141‌
38‌
$
65,543‌
Healthcare
-
Services
-
0
.15
%
BioMerieux
145‌
12‌
Eurofins
Scientific
SE
347‌
27‌
Fresenius
Medical
Care
AG
1,559‌
80‌
Fresenius
SE
&
Co
KGaA
52,333‌
2,690‌
Sonic
Healthcare
Ltd
3,787‌
58‌
$
2,867‌
Holding
Companies
-
Diversified
-
0
.01
%
Jardine
Matheson
Holdings
Ltd
1,318‌
88‌
Swire
Pacific
Ltd
3,000‌
38‌
$
126‌
Home
Builders
-
0
.33
%
Berkeley
Group
Holdings
PLC
(e)
128,669‌
6,078‌
Daiwa
House
Industry
Co
Ltd
4,600‌
135‌
$
6,213‌
Home
Furnishings
-
0
.03
%
Panasonic
Holdings
Corp
19,100‌
505‌
Insurance
-
5
.21
%
Admiral
Group
PLC
2,125‌
108‌
Aegon
Ltd
9,930‌
94‌
Ageas
SA/NV
1,220‌
101‌
AIA
Group
Ltd
1,342,200‌
13,531‌
Allianz
SE
3,111‌
1,550‌
ASR
Nederland
NV
1,281‌
105‌
Aviva
PLC
24,678‌
231‌
AXA
SA
12,824‌
665‌
Daiichi
Life
Group
Inc
28,200‌
340‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Generali
6,630‌
$
336‌
Hannover
Rueck
SE
496‌
143‌
Harel
Insurance
Investments
&
Financial
Services
Ltd
965‌
55‌
Helvetia
Baloise
Holding
AG
631‌
169‌
Insurance
Australia
Group
Ltd
6,773‌
40‌
Japan
Post
Holdings
Co
Ltd
13,700‌
203‌
Japan
Post
Insurance
Co
Ltd
4,300‌
47‌
Legal
&
General
Group
PLC
4,257,362‌
17,286‌
M&G
PLC
3,099,373‌
14,973‌
Mapfre
SA
8,007‌
41‌
MS&AD
Insurance
Group
Holdings
Inc
6,400‌
197‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
1,067‌
641‌
NN
Group
NV
2,146‌
202‌
Phoenix
Financial
Ltd
1,856‌
104‌
Prudential
PLC
848,067‌
12,745‌
QBE
Insurance
Group
Ltd
12,231‌
212‌
Sampo
Oyj
19,461‌
216‌
SCOR
SE
435,907‌
17,245‌
Sompo
Holdings
Inc
335,500‌
14,895‌
Standard
Life
PLC
5,742‌
72‌
Suncorp
Group
Ltd
8,821‌
119‌
Swiss
Life
Holding
AG
229‌
270‌
Swiss
Re
AG
2,436‌
405‌
T&D
Holdings
Inc
3,600‌
113‌
Talanx
AG
487‌
65‌
Tokio
Marine
Holdings
Inc
5,100‌
260‌
Tryg
A/S
2,497‌
59‌
Unipol
Assicurazioni
SpA
2,923‌
91‌
Zurich
Insurance
Group
AG
1,222‌
931‌
$
98,860‌
Internet
-
2
.01
%
LY
Corp
21,700‌
60‌
Sea
Ltd
ADR
(e)
123,755‌
13,210‌
Tencent
Holdings
Ltd
407,118‌
24,876‌
$
38,146‌
Investment
Companies
-
0
.02
%
Groupe
Bruxelles
Lambert
NV
601‌
54‌
Industrivarden
AB
-
A
Shares
433‌
25‌
Industrivarden
AB
-
C
Shares
1,310‌
75‌
L
E
Lundbergforetagen
AB
591‌
36‌
Sofina
SA
128‌
36‌
Washington
H
Soul
Pattinson
&
Co
Ltd
2,788‌
90‌
$
316‌
Iron
&
Steel
-
0
.03
%
ArcelorMittal
SA
3,476‌
246‌
Fortescue
Ltd
13,167‌
171‌
JFE
Holdings
Inc
(a)
4,800‌
54‌
Nippon
Steel
Corp
39,600‌
161‌
$
632‌
Leisure
Products
&
Services
-
1
.06
%
Carnival
Corp
Ltd
717,064‌
19,941‌
Shimano
Inc
600‌
76‌
Yamaha
Motor
Co
Ltd
7,300‌
61‌
$
20,078‌
Machinery
-
Construction
&
Mining
-
0
.63
%
Komatsu
Ltd
273,147‌
11,852‌
Machinery
-
Diversified
-
4
.87
%
CNH
Industrial
NV
1,106,151‌
11,338‌
FANUC
Corp
2,700‌
109‌
Hexagon
AB
1,615,692‌
15,948‌
KION
Group
AG
221,449‌
10,021‌
Kone
Oyj
1,342‌
77‌
Kubota
Corp
7,900‌
134‌
Nabtesco
Corp
506,358‌
14,554‌
Omron
Corp
492,479‌
16,468‌
SMC
Corp
54,900‌
23,721‌
Schedule
of
Investments
Overseas
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
130
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
(continued)
Spirax
Group
PLC
238‌
$
22‌
$
92,392‌
Metal
Fabrication
&
Hardware
-
1
.18
%
MISUMI
Group
Inc
940,869‌
22,384‌
SKF
AB
2,780‌
75‌
$
22,459‌
Mining
-
1
.90
%
Barrick
Mining
Corp
220,698‌
8,100‌
BHP
Group
Ltd
26,985‌
1,137‌
Boliden
AB
277,039‌
13,940‌
Northern
Star
Resources
Ltd
818,238‌
11,340‌
Rio
Tinto
Ltd
3,032‌
361‌
Rio
Tinto
PLC
8,724‌
848‌
South32
Ltd
36,502‌
116‌
Sumitomo
Metal
Mining
Co
Ltd
2,000‌
101‌
$
35,943‌
Miscellaneous
Manufacturers
-
3
.92
%
Alstom
SA
(e)
1,485,088‌
27,512‌
Chemring
Group
PLC
1,091,225‌
8,698‌
Siemens
AG
90,861‌
29,771‌
Smiths
Group
PLC
231,402‌
8,263‌
$
74,244‌
Office
&
Business
Equipment
-
0
.01
%
Canon
Inc
6,600‌
184‌
Oil
&
Gas
-
2
.79
%
Aker
BP
ASA
438,050‌
15,619‌
Bollore
SE
5,151‌
23‌
BP
PLC
128,407‌
965‌
ENEOS
Holdings
Inc
21,010‌
173‌
Eni
SpA
7,401‌
206‌
Equinor
ASA
412,124‌
16,918‌
Galp
Energia
SGPS
SA
1,236‌
28‌
Idemitsu
Kosan
Co
Ltd
4,100‌
34‌
Inpex
Corp
7,300‌
168‌
OMV
AG
1,205‌
88‌
Repsol
SA
9,004‌
275‌
Santos
Ltd
26,446‌
147‌
Shell
PLC
45,929‌
2,102‌
Suncor
Energy
Inc
214,532‌
14,407‌
TotalEnergies
SE
16,108‌
1,420‌
Var
Energi
ASA
4,340‌
22‌
Woodside
Energy
Group
Ltd
15,485‌
362‌
$
52,957‌
Oil
&
Gas
Services
-
0
.75
%
Saipem
SpA
2,941,410‌
14,270‌
Packaging
&
Containers
-
2
.08
%
Amcor
PLC
356,073‌
15,981‌
Smurfit
Westrock
PLC
253,698‌
11,663‌
Stora
Enso
Oyj
1,028,886‌
11,831‌
$
39,475‌
Pharmaceuticals
-
4
.46
%
Astellas
Pharma
Inc
9,000‌
124‌
AstraZeneca
PLC
170,345‌
28,977‌
Bayer
AG
8,005‌
444‌
Eisai
Co
Ltd
2,100‌
63‌
Ipsen
SA
276‌
53‌
Kyowa
Kirin
Co
Ltd
1,900‌
31‌
Merck
KGaA
1,056‌
175‌
Novartis
AG
9,738‌
1,523‌
Novo
Nordisk
A/S
352,309‌
16,665‌
Roche
Holding
AG
59,946‌
26,202‌
Roche
Holding
AG
125‌
55‌
Sanofi
SA
116,050‌
9,993‌
Shionogi
&
Co
Ltd
6,200‌
112‌
Takeda
Pharmaceutical
Co
Ltd
6,500‌
223‌
$
84,640‌
Pipelines
-
0
.00
%
APA
Group
10,779‌
77‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Private
Equity
-
0
.02
%
3i
Group
PLC
7,931‌
$
305‌
CapitaLand
Investment
Ltd/Singapore
20,200‌
42‌
$
347‌
Real
Estate
-
0
.07
%
Azrieli
Group
Ltd
247‌
33‌
CK
Asset
Holdings
Ltd
14,000‌
85‌
Daito
Trust
Construction
Co
Ltd
2,300‌
48‌
Fastighets
AB
Balder
(e)
5,983‌
33‌
Henderson
Land
Development
Co
Ltd
10,438‌
38‌
Hongkong
Land
Holdings
Ltd
7,901‌
64‌
Hulic
Co
Ltd
3,800‌
42‌
Mitsubishi
Estate
Co
Ltd
4,300‌
104‌
Mitsui
Fudosan
Co
Ltd
20,200‌
197‌
Sagax
AB
1,077‌
19‌
Sekisui
House
Ltd
(a)
4,900‌
107‌
Sino
Land
Co
Ltd
32,000‌
43‌
Sumitomo
Realty
&
Development
Co
Ltd
4,800‌
108‌
Sun
Hung
Kai
Properties
Ltd
10,883‌
171‌
Swiss
Prime
Site
AG
655‌
107‌
Vonovia
SE
5,863‌
142‌
Wharf
Real
Estate
Investment
Co
Ltd
13,000‌
44‌
$
1,385‌
REITs
-
0
.76
%
CapitaLand
Ascendas
REIT
32,800‌
66‌
CapitaLand
Integrated
Commercial
Trust
48,800‌
95‌
Covivio
SA/France
429‌
26‌
Gecina
SA
383‌
33‌
Klepierre
SA
1,755‌
80‌
Land
Securities
Group
PLC
6,056‌
58‌
Link
REIT
21,280‌
106‌
LondonMetric
Property
PLC
4,141,091‌
10,947‌
Nippon
Building
Fund
Inc
63‌
53‌
Scentre
Group
42,493‌
117‌
Segro
PLC
193,861‌
2,532‌
Stockland
20,143‌
60‌
Unibail-Rodamco-Westfield
(e)
884‌
108‌
Vicinity
Ltd
32,058‌
60‌
$
14,341‌
Retail
-
0
.75
%
Associated
British
Foods
PLC
2,302‌
65‌
CK
Hutchison
Holdings
Ltd
1,472,000‌
13,791‌
H
&
M
Hennes
&
Mauritz
AB
1,834‌
34‌
Kingfisher
PLC
13,951‌
58‌
Nitori
Holdings
Co
Ltd
3,100‌
50‌
Pandora
A/S
613‌
77‌
Swatch
Group
AG/The
-
BR
233‌
52‌
$
14,127‌
Semiconductors
-
3
.19
%
Infineon
Technologies
AG
297,881‌
21,377‌
Renesas
Electronics
Corp
1,136,500‌
22,780‌
Samsung
Electronics
Co
Ltd
49,406‌
8,599‌
SK
hynix
Inc
6,826‌
7,752‌
$
60,508‌
Shipbuilding
-
0
.00
%
Yangzijiang
Shipbuilding
Holdings
Ltd
7,900‌
24‌
Software
-
1
.64
%
Dassault
Systemes
SE
2,734‌
64‌
Nebius
Group
NV
(e)
1,072‌
204‌
Octave
Intelligence
PLC
(e)
89,408‌
1,602‌
SAP
SE
159,719‌
29,276‌
$
31,146‌
Telecommunications
-
2
.67
%
BT
Group
PLC
46,630‌
126‌
Deutsche
Telekom
AG
737,830‌
22,770‌
Elisa
Oyj
1,233‌
50‌
HKT
Trust
&
HKT
Ltd
29,000‌
49‌
KDDI
Corp
889,200‌
16,382‌
Koninklijke
KPN
NV
20,252‌
96‌
Schedule
of
Investments
Overseas
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
131
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
(continued)
Millicom
International
Cellular
SA
283‌
$
27‌
Nokia
OYJ
944,568‌
8,731‌
NTT
Inc
246,600‌
236‌
Orange
SA
15,169‌
290‌
Singapore
Telecommunications
Ltd
21,200‌
73‌
SoftBank
Corp
234,300‌
329‌
SoftBank
Group
Corp
19,800‌
617‌
Swisscom
AG
(e)
212‌
163‌
Tele2
AB
2,376‌
41‌
Telecom
Italia
SpA/Milano
(e)
6,958‌
59‌
Telefonaktiebolaget
LM
Ericsson
21,528‌
212‌
Telefonica
SA
30,000‌
124‌
Telenor
ASA
5,016‌
71‌
Vodafone
Group
PLC
150,207‌
238‌
$
50,684‌
Toys,
Games
&
Hobbies
-
0
.00
%
Bandai
Namco
Holdings
Inc
2,100‌
61‌
Transportation
-
0
.57
%
AP
Moller
-
Maersk
A/S
-
A
21‌
55‌
AP
Moller
-
Maersk
A/S
-
B
28‌
75‌
Canadian
Pacific
Kansas
City
Ltd
104,889‌
9,317‌
Central
Japan
Railway
Co
3,100‌
77‌
Deutsche
Post
AG
7,497‌
501‌
East
Japan
Railway
Co
2,800‌
64‌
Hankyu
Hanshin
Holdings
Inc
1,200‌
36‌
Kawasaki
Kisen
Kaisha
Ltd
2,900‌
52‌
Kuehne
+
Nagel
International
AG
398‌
101‌
Mitsui
OSK
Lines
Ltd
2,800‌
103‌
MTR
Corp
Ltd
(a)
13,000‌
55‌
Nippon
Yusen
KK
3,200‌
123‌
Poste
Italiane
SpA
3,725‌
113‌
SITC
International
Holdings
Co
Ltd
11,000‌
55‌
West
Japan
Railway
Co
3,400‌
64‌
$
10,791‌
Water
-
0
.00
%
United
Utilities
Group
PLC
2,254‌
42‌
TOTAL
COMMON
STOCKS
$
1,845,562‌
PREFERRED
STOCKS
-
0
.64
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0
.63
%
Dr
Ing
hc
F
Porsche
AG
1.01%
(a)
241,372‌
$
11,817‌
Porsche
Automobil
Holding
SE
1.51%
1,304‌
43‌
Volkswagen
AG
5.26%
1,683‌
146‌
$
12,006‌
Consumer
Products
-
0
.01
%
Henkel
AG
&
Co
KGaA
2.07%
1,228‌
107‌
TOTAL
PREFERRED
STOCKS
$
12,113‌
Total
Investments
$
1,905,955‌
Other
Assets
and
Liabilities
-  (0.51)%
(
9,665‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,896,290‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$11,622
or
0.61%
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
$12,544
or
0.66%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$9,713
or
0.51%
of
net
assets.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
177,143‌
$
899,540‌
$
1,031,238‌
$
45,445‌
$
177,143‌
$
899,540‌
$
1,031,238‌
$
45,445‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
752‌
$
—‌
$
—‌
$
—‌
$
752‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
eMini
MSCI
EAFE;
September
2026
Long
28‌
$
4,455‌
$
(
6‌
)
Total
$
(
6‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Principal
Capital
Appreciation
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
132
INVESTMENT
COMPANIES
-
2
.13
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.13
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
566,840‌
$
567‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b),(c)
82,950,493‌
82,950‌
$
83,517‌
TOTAL
INVESTMENT
COMPANIES
$
83,517‌
COMMON
STOCKS
-
98
.20
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1
.24
%
Boeing
Co/The
(d)
141,342‌
$
30,549‌
RTX
Corp
83,332‌
17,935‌
$
48,484‌
Apparel
-
0
.32
%
Birkenstock
Holding
Plc
(d),(e)
319,203‌
12,360‌
Automobile
Manufacturers
-
2
.89
%
Cummins
Inc
48,099‌
30,504‌
PACCAR
Inc
300,315‌
39,846‌
Tesla
Inc
(d)
137,749‌
42,869‌
$
113,219‌
Banks
-
6
.06
%
Bank
of
America
Corp
533,568‌
33,054‌
Citigroup
Inc
250,161‌
33,134‌
East
West
Bancorp
Inc
150,681‌
19,739‌
JPMorgan
Chase
&
Co
281,588‌
99,060‌
Morgan
Stanley
159,749‌
33,614‌
Wintrust
Financial
Corp
121,027‌
19,309‌
$
237,910‌
Beverages
-
1
.54
%
Celsius
Holdings
Inc
(d)
455,314‌
13,300‌
Coca-Cola
Co/The
540,285‌
47,323‌
$
60,623‌
Biotechnology
-
1
.82
%
Gilead
Sciences
Inc
185,760‌
24,188‌
Insmed
Inc
(d)
93,708‌
9,240‌
Structure
Therapeutics
Inc
ADR
(d)
211,327‌
10,152‌
Vertex
Pharmaceuticals
Inc
(d)
58,738‌
28,024‌
$
71,604‌
Building
Materials
-
0
.28
%
Trane
Technologies
PLC
24,052‌
10,942‌
Chemicals
-
1
.06
%
Albemarle
Corp
88,865‌
10,454‌
Linde
PLC
64,692‌
30,947‌
$
41,401‌
Computers
-
8
.15
%
Apple
Inc
830,250‌
256,473‌
Hewlett
Packard
Enterprise
Co
416,063‌
19,929‌
Lumentum
Holdings
Inc
(d)
20,931‌
14,944‌
Sandisk
Corp
(d)
5,308‌
6,448‌
Western
Digital
Corp
40,619‌
22,131‌
$
319,925‌
Cosmetics
&
Personal
Care
-
0
.50
%
Haleon
PLC
ADR
(e)
2,006,072‌
19,800‌
Diversified
Financial
Services
-
5
.19
%
American
Express
Co
124,414‌
41,834‌
Ameriprise
Financial
Inc
73,876‌
40,325‌
Nasdaq
Inc
213,276‌
20,088‌
Visa
Inc
277,103‌
101,456‌
$
203,703‌
Electric
-
0
.88
%
NRG
Energy
Inc
258,294‌
34,686‌
Electronics
-
0
.42
%
Amphenol
Corp
102,104‌
16,408‌
Environmental
Control
-
1
.01
%
Republic
Services
Inc
187,953‌
39,574‌
Food
-
0
.67
%
Sprouts
Farmers
Market
Inc
(d)
303,570‌
26,459‌
Gas
-
0
.59
%
Atmos
Energy
Corp
134,714‌
23,276‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
-
1
.54
%
Medtronic
PLC
83,486‌
$
7,129‌
Stryker
Corp
71,244‌
23,204‌
Thermo
Fisher
Scientific
Inc
52,430‌
30,111‌
$
60,444‌
Healthcare
-
Services
-
1
.27
%
HCA
Healthcare
Inc
51,563‌
20,759‌
UnitedHealth
Group
Inc
70,280‌
29,124‌
$
49,883‌
Home
Builders
-
0
.47
%
DR
Horton
Inc
127,751‌
18,276‌
Insurance
-
1
.99
%
Berkshire
Hathaway
Inc
-
Class
B
(d)
67,956‌
34,762‌
Chubb
Ltd
124,008‌
43,487‌
$
78,249‌
Internet
-
14
.42
%
Alphabet
Inc
-
A
Shares
602,042‌
214,405‌
Amazon.com
Inc
(d)
583,080‌
158,353‌
AppLovin
Corp
(d)
23,170‌
9,173‌
Meta
Platforms
Inc
133,056‌
74,074‌
Netflix
Inc
(d)
162,042‌
11,620‌
Palo
Alto
Networks
Inc
(d)
114,393‌
37,959‌
Reddit
Inc
(d)
107,184‌
15,077‌
Spotify
Technology
SA
(d)
51,764‌
25,879‌
Uber
Technologies
Inc
(d)
273,391‌
19,236‌
$
565,776‌
Investment
Companies
-
0
.14
%
Riot
Platforms
Inc
(d)
274,714‌
5,541‌
Lodging
-
0
.50
%
Hilton
Worldwide
Holdings
Inc
61,216‌
19,619‌
Machinery
-
Construction
&
Mining
-
1
.14
%
Bloom
Energy
Corp
(d)
37,734‌
7,766‌
GE
Vernova
Inc
37,343‌
36,980‌
$
44,746‌
Machinery
-
Diversified
-
0
.46
%
Deere
&
Co
30,746‌
18,222‌
Media
-
0
.78
%
Nexstar
Media
Group
Inc
159,886‌
30,463‌
Mining
-
0
.40
%
Freeport-McMoRan
Inc
191,857‌
12,016‌
MP
Materials
Corp
(d),(e)
88,234‌
3,650‌
$
15,666‌
Miscellaneous
Manufacturers
-
1
.02
%
Parker-Hannifin
Corp
40,816‌
39,858‌
Oil
&
Gas
-
3
.37
%
ExxonMobil
Holdings
Corp
419,746‌
65,245‌
Marathon
Petroleum
Corp
212,233‌
67,166‌
$
132,411‌
Pharmaceuticals
-
5
.09
%
AbbVie
Inc
117,967‌
29,603‌
Eli
Lilly
&
Co
65,132‌
74,826‌
McKesson
Corp
64,921‌
55,585‌
Novartis
AG
ADR
253,321‌
39,556‌
$
199,570‌
Pipelines
-
0
.30
%
Williams
Cos
Inc/The
165,863‌
11,866‌
REITs
-
2
.27
%
Regency
Centers
Corp
420,022‌
33,724‌
Terreno
Realty
Corp
391,839‌
28,075‌
Ventas
Inc
290,879‌
27,200‌
$
88,999‌
Retail
-
4
.57
%
Casey's
General
Stores
Inc
34,724‌
30,245‌
Costco
Wholesale
Corp
57,644‌
54,871‌
Dick's
Sporting
Goods
Inc
96,016‌
18,810‌
O'Reilly
Automotive
Inc
(d)
136,177‌
12,167‌
TJX
Cos
Inc/The
402,902‌
63,393‌
$
179,486‌
Schedule
of
Investments
Principal
Capital
Appreciation
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
133
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
-
14
.94
%
Advanced
Micro
Devices
Inc
(d)
73,131‌
$
34,821‌
Amkor
Technology
Inc
274,934‌
13,711‌
Broadcom
Inc
280,731‌
109,283‌
KLA
Corp
167,596‌
30,640‌
Lam
Research
Corp
123,959‌
36,323‌
Marvell
Technology
Inc
37,946‌
7,117‌
Micron
Technology
Inc
38,396‌
31,601‌
NVIDIA
Corp
1,364,256‌
273,874‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
121,644‌
49,175‌
$
586,545‌
Software
-
8
.13
%
Cloudflare
Inc
(d)
71,061‌
19,825‌
Datadog
Inc
(d)
60,745‌
16,278‌
Microsoft
Corp
416,527‌
193,568‌
Oracle
Corp
83,529‌
10,848‌
Palantir
Technologies
Inc
(d)
134,800‌
16,589‌
ServiceNow
Inc
(d)
255,814‌
28,454‌
Twilio
Inc
(d)
170,560‌
33,660‌
$
319,222‌
Telecommunications
-
1
.79
%
Arista
Networks
Inc
(d)
69,988‌
12,622‌
Motorola
Solutions
Inc
68,446‌
29,826‌
T-Mobile
US
Inc
160,136‌
27,657‌
$
70,105‌
Transportation
-
0
.99
%
CH
Robinson
Worldwide
Inc
101,341‌
14,971‌
Union
Pacific
Corp
81,625‌
23,845‌
$
38,816‌
TOTAL
COMMON
STOCKS
$
3,854,137‌
Total
Investments
$
3,937,654‌
Other
Assets
and
Liabilities
-  (0.33)%
(
12,833‌
)
TOTAL
NET
ASSETS
-
100.00%
$
3,924,821‌
(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
$9,627
or
0.25%
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
$6,660
or
0.17%
of
net
assets.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
93,888‌
$
1,849,347‌
$
1,860,285‌
$
82,950‌
$
93,888‌
$
1,849,347‌
$
1,860,285‌
$
82,950‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
1,849‌
$
—‌
$
—‌
$
—‌
$
1,849‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Principal
LifeTime
2020
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
134
INVESTMENT
COMPANIES
-
99
.79
%
Shares
Held
Value
(000's)
Principal
Exchange-Traded
Funds
-
0
.25
%
Principal
U.S.
Mega-Cap
ETF
(a)
43,256‌
$
3,206‌
Principal
U.S.
Small-Cap
ETF
(a)
15,819‌
1,077‌
$
4,283‌
Principal
Funds,
Inc.
Class
R-6
-
63
.08
%
Blue
Chip
Fund
(a),(b)
918,048‌
38,631‌
Core
Fixed
Income
Fund
(a)
64,154,131‌
543,386‌
Diversified
Real
Asset
Fund
(a)
861,671‌
11,796‌
Global
Emerging
Markets
Fund
(a)
1,194,726‌
47,777‌
High
Yield
Fund
(a)
15,409,309‌
100,777‌
International
Equity
Fund
(a)
9,645,251‌
172,843‌
International
Small
Company
Fund
(a)
461,343‌
5,956‌
LargeCap
Growth
Fund
I
(a)
2,650,797‌
42,492‌
MidCap
Fund
(a),(b)
317,722‌
13,033‌
Real
Estate
Securities
Fund
(a)
997,524‌
31,851‌
SmallCap
Fund
(a)
854,794‌
30,354‌
SmallCap
S&P
600
Index
Fund
(a)
90,120‌
2,689‌
Small-MidCap
Dividend
Income
Fund
(a)
806,864‌
18,437‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
365,205‌
3,349‌
$
1,063,371‌
Principal
Funds,
Inc.
Institutional
Class
-
36
.46
%
Equity
Income
Fund
(a)
1,109,683‌
50,757‌
Inflation
Protection
Fund
(a)
11,423,390‌
88,074‌
LargeCap
S&P
500
Index
Fund
(a)
5,022,704‌
178,959‌
LargeCap
Value
Fund
III
(a)
2,493,717‌
49,849‌
Principal
Capital
Appreciation
Fund
(a)
74,272‌
6,948‌
Short-Term
Income
Fund
(a)
19,944,571‌
239,933‌
$
614,520‌
TOTAL
INVESTMENT
COMPANIES
$
1,682,174‌
Total
Investments
$
1,682,174‌
Other
Assets
and
Liabilities
-  0.21%
3,468‌
TOTAL
NET
ASSETS
-
100.00%
$
1,685,642‌
(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)
Non-income
producing
security
Schedule
of
Investments
Principal
LifeTime
2020
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
135
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
81,802‌
$
9,875‌
$
41,149‌
$
38,631‌
Core
Fixed
Income
Fund
664,038‌
36,514‌
139,203‌
543,386‌
Diversified
Real
Asset
Fund
7,379‌
5,708‌
2,363‌
11,796‌
Equity
Income
Fund
85,263‌
6,741‌
45,160‌
50,757‌
Global
Emerging
Markets
Fund
44,139‌
12,035‌
14,882‌
47,777‌
High
Yield
Fund
118,579‌
10,235‌
25,128‌
100,777‌
Inflation
Protection
Fund
105,451‌
9,299‌
22,273‌
88,074‌
International
Equity
Fund
209,395‌
12,828‌
67,655‌
172,843‌
International
Small
Company
Fund
10,504‌
832‌
5,760‌
5,956‌
LargeCap
Growth
Fund
I
87,682‌
8,240‌
42,676‌
42,492‌
LargeCap
S&P
500
Index
Fund
138,106‌
107,359‌
81,061‌
178,959‌
LargeCap
Value
Fund
III
76,127‌
11,330‌
36,005‌
49,849‌
MidCap
Fund
18,250‌
1,745‌
5,158‌
13,033‌
Principal
Capital
Appreciation
Fund
—‌
7,019‌
—‌
6,948‌
Principal
U.S.
Mega-Cap
ETF
—‌
3,200‌
—‌
3,206‌
Principal
U.S.
Small-Cap
ETF
—‌
1,107‌
—‌
1,077‌
Real
Estate
Securities
Fund
31,851‌
3,274‌
7,413‌
31,851‌
Short-Term
Income
Fund
279,084‌
22,610‌
59,313‌
239,933‌
SmallCap
Fund
35,332‌
2,651‌
11,081‌
30,354‌
SmallCap
S&P
600
Index
Fund
3,873‌
491‌
2,152‌
2,689‌
Small-MidCap
Dividend
Income
Fund
20,343‌
1,525‌
6,581‌
18,437‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—‌
3,380‌
—‌
3,349‌
$
2,017,198‌
$
277,998‌
$
615,013‌
$
1,682,174‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
20,889‌
$
8,898‌
$
(
32,786‌
)
Core
Fixed
Income
Fund
17,215‌
(
13,334‌
)
—‌
(
4,629‌
)
Diversified
Real
Asset
Fund
205‌
(
43‌
)
—‌
1,115‌
Equity
Income
Fund
816‌
21,838‌
4,550‌
(
17,925‌
)
Global
Emerging
Markets
Fund
754‌
450‌
367‌
6,035‌
High
Yield
Fund
5,711‌
(
667‌
)
—‌
(
2,242‌
)
Inflation
Protection
Fund
4,584‌
(
1,999‌
)
—‌
(
2,404‌
)
International
Equity
Fund
8,009‌
10,978‌
—‌
7,297‌
International
Small
Company
Fund
300‌
983‌
—‌
(
603‌
)
LargeCap
Growth
Fund
I
1,037‌
21,157‌
6,148‌
(
31,911‌
)
LargeCap
S&P
500
Index
Fund
2,245‌
1,861‌
4,452‌
12,694‌
LargeCap
Value
Fund
III
1,571‌
8,944‌
8,403‌
(
10,547‌
)
MidCap
Fund
—‌
1,815‌
977‌
(
3,619‌
)
Principal
Capital
Appreciation
Fund
—‌
—‌
—‌
(
71‌
)
Principal
U.S.
Mega-Cap
ETF
6‌
—‌
—‌
6‌
Principal
U.S.
Small-Cap
ETF
1‌
—‌
—‌
(
30‌
)
Real
Estate
Securities
Fund
520‌
(
112‌
)
—‌
4,251‌
Short-Term
Income
Fund
7,683‌
(
387‌
)
—‌
(
2,061‌
)
SmallCap
Fund
106‌
801‌
1,653‌
2,651‌
SmallCap
S&P
600
Index
Fund
125‌
(
26‌
)
268‌
503‌
Small-MidCap
Dividend
Income
Fund
265‌
564‌
290‌
2,586‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
15‌
—‌
—‌
(
31‌
)
$
51,168‌
$
73,712‌
$
36,006‌
$
(
71,721‌
)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2025
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
136
INVESTMENT
COMPANIES
-
99
.81
%
Shares
Held
Value
(000's)
Principal
Exchange-Traded
Funds
-
0
.31
%
Principal
U.S.
Mega-Cap
ETF
(a)
32,228‌
$
2,388‌
Principal
U.S.
Small-Cap
ETF
(a)
11,788‌
803‌
$
3,191‌
Principal
Funds,
Inc.
Class
R-6
-
64
.77
%
Blue
Chip
Fund
(a),(b)
657,871‌
27,683‌
Core
Fixed
Income
Fund
(a)
37,827,361‌
320,398‌
Diversified
Real
Asset
Fund
(a)
527,577‌
7,222‌
Global
Emerging
Markets
Fund
(a)
862,432‌
34,489‌
High
Yield
Fund
(a)
8,363,603‌
54,698‌
International
Equity
Fund
(a)
6,973,050‌
124,957‌
International
Small
Company
Fund
(a)
337,621‌
4,359‌
LargeCap
Growth
Fund
I
(a)
1,892,615‌
30,339‌
MidCap
Fund
(a),(b)
229,963‌
9,433‌
Real
Estate
Securities
Fund
(a)
611,447‌
19,523‌
SmallCap
Fund
(a)
626,159‌
22,235‌
SmallCap
S&P
600
Index
Fund
(a)
63,632‌
1,899‌
Small-MidCap
Dividend
Income
Fund
(a)
582,271‌
13,305‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
249,932‌
2,292‌
$
672,832‌
Principal
Funds,
Inc.
Institutional
Class
-
34
.73
%
Equity
Income
Fund
(a)
796,222‌
36,419‌
Inflation
Protection
Fund
(a)
6,202,449‌
47,821‌
LargeCap
S&P
500
Index
Fund
(a)
3,662,549‌
130,496‌
LargeCap
Value
Fund
III
(a)
1,780,694‌
35,596‌
Principal
Capital
Appreciation
Fund
(a)
55,332‌
5,176‌
Short-Term
Income
Fund
(a)
8,752,784‌
105,296‌
$
360,804‌
TOTAL
INVESTMENT
COMPANIES
$
1,036,827‌
Total
Investments
$
1,036,827‌
Other
Assets
and
Liabilities
-  0.19%
1,964‌
TOTAL
NET
ASSETS
-
100.00%
$
1,038,791‌
(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)
Non-income
producing
security
Schedule
of
Investments
Principal
LifeTime
2025
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
137
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
65,444‌
$
8,323‌
$
36,188‌
$
27,683‌
Core
Fixed
Income
Fund
437,141‌
27,034‌
132,676‌
320,398‌
Diversified
Real
Asset
Fund
5,248‌
3,749‌
2,523‌
7,222‌
Equity
Income
Fund
68,178‌
5,704‌
40,305‌
36,419‌
Global
Emerging
Markets
Fund
35,266‌
10,117‌
15,883‌
34,489‌
High
Yield
Fund
71,439‌
6,920‌
21,962‌
54,698‌
Inflation
Protection
Fund
63,521‌
6,371‌
19,409‌
47,821‌
International
Equity
Fund
167,417‌
11,946‌
68,240‌
124,957‌
International
Small
Company
Fund
8,435‌
696‌
5,067‌
4,359‌
LargeCap
Growth
Fund
I
70,131‌
6,995‌
37,928‌
30,339‌
LargeCap
S&P
500
Index
Fund
110,357‌
86,978‌
77,311‌
130,496‌
LargeCap
Value
Fund
III
60,921‌
9,384‌
32,962‌
35,596‌
MidCap
Fund
14,620‌
1,480‌
5,166‌
9,433‌
Principal
Capital
Appreciation
Fund
—‌
5,229‌
—‌
5,176‌
Principal
U.S.
Mega-Cap
ETF
—‌
2,384‌
—‌
2,388‌
Principal
U.S.
Small-Cap
ETF
—‌
825‌
—‌
803‌
Real
Estate
Securities
Fund
21,455‌
2,763‌
7,375‌
19,523‌
Short-Term
Income
Fund
133,970‌
14,009‌
41,557‌
105,296‌
SmallCap
Fund
28,296‌
2,319‌
10,983‌
22,235‌
SmallCap
S&P
600
Index
Fund
3,089‌
403‌
1,941‌
1,899‌
Small-MidCap
Dividend
Income
Fund
16,292‌
1,307‌
6,732‌
13,305‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—‌
2,313‌
—‌
2,292‌
$
1,381,220‌
$
217,249‌
$
564,208‌
$
1,036,827‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
18,292‌
$
7,206‌
$
(
28,188‌
)
Core
Fixed
Income
Fund
10,981‌
(
13,777‌
)
—‌
2,676‌
Diversified
Real
Asset
Fund
141‌
(
34‌
)
—‌
782‌
Equity
Income
Fund
641‌
13,479‌
3,681‌
(
10,637‌
)
Global
Emerging
Markets
Fund
607‌
703‌
295‌
4,286‌
High
Yield
Fund
3,339‌
(
638‌
)
—‌
(
1,061‌
)
Inflation
Protection
Fund
2,787‌
(
1,855‌
)
—‌
(
807‌
)
International
Equity
Fund
6,448‌
11,093‌
—‌
2,741‌
International
Small
Company
Fund
244‌
766‌
—‌
(
471‌
)
LargeCap
Growth
Fund
I
837‌
17,998‌
4,961‌
(
26,857‌
)
LargeCap
S&P
500
Index
Fund
1,803‌
1,539‌
3,573‌
8,933‌
LargeCap
Value
Fund
III
1,268‌
7,902‌
6,782‌
(
9,649‌
)
MidCap
Fund
—‌
2,296‌
791‌
(
3,797‌
)
Principal
Capital
Appreciation
Fund
—‌
—‌
—‌
(
53‌
)
Principal
U.S.
Mega-Cap
ETF
5‌
—‌
—‌
4‌
Principal
U.S.
Small-Cap
ETF
1‌
—‌
—‌
(
22‌
)
Real
Estate
Securities
Fund
345‌
(
49‌
)
—‌
2,729‌
Short-Term
Income
Fund
3,596‌
(
219‌
)
—‌
(
907‌
)
SmallCap
Fund
85‌
904‌
1,334‌
1,699‌
SmallCap
S&P
600
Index
Fund
99‌
(
42‌
)
214‌
390‌
Small-MidCap
Dividend
Income
Fund
209‌
581‌
235‌
1,857‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
10‌
—‌
—‌
(
21‌
)
$
33,446‌
$
58,939‌
$
29,072‌
$
(
56,373‌
)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2030
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
138
INVESTMENT
COMPANIES
-
99
.84
%
Shares
Held
Value
(000's)
Principal
Exchange-Traded
Funds
-
0
.35
%
Principal
U.S.
Mega-Cap
ETF
(a)
159,054‌
$
11,787‌
Principal
U.S.
Small-Cap
ETF
(a)
58,142‌
3,959‌
$
15,746‌
Principal
Funds,
Inc.
Class
R-6
-
66
.12
%
Blue
Chip
Fund
(a),(b)
3,378,150‌
142,153‌
Core
Fixed
Income
Fund
(a)
148,365,948‌
1,256,660‌
Diversified
Real
Asset
Fund
(a)
2,252,665‌
30,839‌
Global
Emerging
Markets
Fund
(a)
4,416,012‌
176,596‌
High
Yield
Fund
(a)
31,920,148‌
208,758‌
International
Equity
Fund
(a)
35,773,291‌
641,057‌
International
Small
Company
Fund
(a)
1,758,221‌
22,699‌
LargeCap
Growth
Fund
I
(a)
9,673,142‌
155,060‌
MidCap
Fund
(a),(b)
1,187,810‌
48,724‌
Real
Estate
Securities
Fund
(a)
2,618,052‌
83,594‌
SmallCap
Fund
(a)
3,194,689‌
113,443‌
SmallCap
S&P
600
Index
Fund
(a)
326,727‌
9,750‌
Small-MidCap
Dividend
Income
Fund
(a)
2,952,428‌
67,463‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
1,151,776‌
10,562‌
$
2,967,358‌
Principal
Funds,
Inc.
Institutional
Class
-
33
.37
%
Equity
Income
Fund
(a)
4,090,365‌
187,093‌
Inflation
Protection
Fund
(a)
22,557,004‌
173,915‌
LargeCap
S&P
500
Index
Fund
(a)
18,860,991‌
672,017‌
LargeCap
Value
Fund
III
(a)
9,101,269‌
181,934‌
Principal
Capital
Appreciation
Fund
(a)
273,160‌
25,552‌
Short-Term
Income
Fund
(a)
21,361,998‌
256,985‌
$
1,497,496‌
TOTAL
INVESTMENT
COMPANIES
$
4,480,600‌
Total
Investments
$
4,480,600‌
Other
Assets
and
Liabilities
-  0.16%
6,998‌
TOTAL
NET
ASSETS
-
100.00%
$
4,487,598‌
(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)
Non-income
producing
security
Schedule
of
Investments
Principal
LifeTime
2030
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
139
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
293,049‌
$
36,242‌
$
144,178‌
$
142,153‌
Core
Fixed
Income
Fund
1,490,600‌
106,371‌
298,845‌
1,256,660‌
Diversified
Real
Asset
Fund
24,346‌
9,650‌
6,516‌
30,839‌
Equity
Income
Fund
305,335‌
24,895‌
157,329‌
187,093‌
Global
Emerging
Markets
Fund
157,660‌
44,725‌
49,247‌
176,596‌
High
Yield
Fund
239,435‌
23,810‌
48,469‌
208,758‌
Inflation
Protection
Fund
200,090‌
22,783‌
40,487‌
173,915‌
International
Equity
Fund
748,866‌
49,243‌
223,597‌
641,057‌
International
Small
Company
Fund
37,949‌
2,571‌
19,209‌
22,699‌
LargeCap
Growth
Fund
I
313,946‌
30,332‌
150,439‌
155,060‌
LargeCap
S&P
500
Index
Fund
492,991‌
389,404‌
264,104‌
672,017‌
LargeCap
Value
Fund
III
272,874‌
41,378‌
126,717‌
181,934‌
MidCap
Fund
65,566‌
6,209‌
16,491‌
48,724‌
Principal
Capital
Appreciation
Fund
—‌
25,811‌
—‌
25,552‌
Principal
U.S.
Mega-Cap
ETF
—‌
11,765‌
—‌
11,787‌
Principal
U.S.
Small-Cap
ETF
—‌
4,069‌
—‌
3,959‌
Real
Estate
Securities
Fund
83,197‌
7,990‌
18,450‌
83,594‌
Short-Term
Income
Fund
273,573‌
42,912‌
56,918‌
256,985‌
SmallCap
Fund
126,717‌
9,831‌
35,759‌
113,443‌
SmallCap
S&P
600
Index
Fund
13,782‌
1,743‌
7,503‌
9,750‌
Small-MidCap
Dividend
Income
Fund
73,001‌
5,374‌
22,313‌
67,463‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—‌
10,659‌
—‌
10,562‌
$
5,212,977‌
$
907,767‌
$
1,686,571‌
$
4,480,600‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
71,201‌
$
32,177‌
$
(
114,161‌
)
Core
Fixed
Income
Fund
39,352‌
(
24,309‌
)
—‌
(
17,157‌
)
Diversified
Real
Asset
Fund
629‌
185‌
—‌
3,174‌
Equity
Income
Fund
2,973‌
27,776‌
16,447‌
(
13,584‌
)
Global
Emerging
Markets
Fund
2,714‌
1,185‌
1,319‌
22,273‌
High
Yield
Fund
11,717‌
(
1,493‌
)
—‌
(
4,525‌
)
Inflation
Protection
Fund
8,781‌
(
229‌
)
—‌
(
8,242‌
)
International
Equity
Fund
28,866‌
35,091‌
—‌
31,454‌
International
Small
Company
Fund
1,098‌
3,251‌
—‌
(
1,863‌
)
LargeCap
Growth
Fund
I
3,745‌
68,714‌
22,195‌
(
107,493‌
)
LargeCap
S&P
500
Index
Fund
8,096‌
5,983‌
16,045‌
47,743‌
LargeCap
Value
Fund
III
5,672‌
30,076‌
30,338‌
(
35,677‌
)
MidCap
Fund
—‌
2,137‌
3,550‌
(
8,697‌
)
Principal
Capital
Appreciation
Fund
—‌
—‌
—‌
(
259‌
)
Principal
U.S.
Mega-Cap
ETF
22‌
—‌
—‌
22‌
Principal
U.S.
Small-Cap
ETF
5‌
—‌
—‌
(
110‌
)
Real
Estate
Securities
Fund
1,378‌
(
1,317‌
)
—‌
12,174‌
Short-Term
Income
Fund
7,842‌
(
64‌
)
—‌
(
2,518‌
)
SmallCap
Fund
383‌
2,478‌
5,982‌
10,176‌
SmallCap
S&P
600
Index
Fund
444‌
6‌
956‌
1,722‌
Small-MidCap
Dividend
Income
Fund
965‌
1,811‌
1,053‌
9,590‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
48‌
—‌
—‌
(
97‌
)
$
124,730‌
$
222,482‌
$
130,062‌
$
(
176,055‌
)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2035
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
140
INVESTMENT
COMPANIES
-
99
.86
%
Shares
Held
Value
(000's)
Principal
Exchange-Traded
Funds
-
0
.40
%
Principal
U.S.
Mega-Cap
ETF
(a)
72,058‌
$
5,340‌
Principal
U.S.
Small-Cap
ETF
(a)
26,347‌
1,794‌
$
7,134‌
Principal
Funds,
Inc.
Class
R-6
-
72
.02
%
Blue
Chip
Fund
(a),(b)
1,562,088‌
65,733‌
Core
Fixed
Income
Fund
(a)
61,339,303‌
519,544‌
Global
Emerging
Markets
Fund
(a)
2,022,697‌
80,888‌
High
Yield
Fund
(a)
11,731,875‌
76,726‌
International
Equity
Fund
(a)
16,414,958‌
294,156‌
International
Small
Company
Fund
(a)
818,174‌
10,563‌
LargeCap
Growth
Fund
I
(a)
4,449,753‌
71,330‌
MidCap
Fund
(a),(b)
545,159‌
22,362‌
Real
Estate
Securities
Fund
(a)
1,435,661‌
45,841‌
SmallCap
Fund
(a)
1,478,204‌
52,491‌
SmallCap
S&P
600
Index
Fund
(a)
146,298‌
4,365‌
Small-MidCap
Dividend
Income
Fund
(a)
1,372,448‌
31,360‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
555,373‌
5,093‌
$
1,280,452‌
Principal
Funds,
Inc.
Institutional
Class
-
27
.44
%
Equity
Income
Fund
(a)
1,886,635‌
86,295‌
LargeCap
S&P
500
Index
Fund
(a)
8,599,562‌
306,402‌
LargeCap
Value
Fund
III
(a)
4,182,659‌
83,611‌
Principal
Capital
Appreciation
Fund
(a)
123,742‌
11,575‌
$
487,883‌
TOTAL
INVESTMENT
COMPANIES
$
1,775,469‌
Total
Investments
$
1,775,469‌
Other
Assets
and
Liabilities
-  0.14%
2,506‌
TOTAL
NET
ASSETS
-
100.00%
$
1,777,975‌
(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)
Non-income
producing
security
Schedule
of
Investments
Principal
LifeTime
2035
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
141
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
132,083‌
$
18,224‌
$
65,009‌
$
65,733‌
Core
Fixed
Income
Fund
596,983‌
67,509‌
127,989‌
519,544‌
Equity
Income
Fund
136,792‌
13,249‌
70,144‌
86,295‌
Global
Emerging
Markets
Fund
70,964‌
22,080‌
22,686‌
80,888‌
High
Yield
Fund
87,088‌
10,529‌
18,684‌
76,726‌
International
Equity
Fund
337,257‌
29,424‌
102,551‌
294,156‌
International
Small
Company
Fund
17,159‌
1,431‌
8,653‌
10,563‌
LargeCap
Growth
Fund
I
141,453‌
15,637‌
68,078‌
71,330‌
LargeCap
S&P
500
Index
Fund
222,626‌
181,657‌
121,768‌
306,402‌
LargeCap
Value
Fund
III
123,011‌
20,606‌
57,451‌
83,611‌
MidCap
Fund
29,618‌
3,307‌
7,564‌
22,362‌
Principal
Capital
Appreciation
Fund
—‌
11,693‌
—‌
11,575‌
Principal
U.S.
Mega-Cap
ETF
—‌
5,330‌
—‌
5,340‌
Principal
U.S.
Small-Cap
ETF
—‌
1,844‌
—‌
1,794‌
Real
Estate
Securities
Fund
40,859‌
9,464‌
10,273‌
45,841‌
SmallCap
Fund
57,136‌
5,569‌
15,943‌
52,491‌
SmallCap
S&P
600
Index
Fund
6,188‌
872‌
3,466‌
4,365‌
Small-MidCap
Dividend
Income
Fund
32,894‌
3,030‌
9,752‌
31,360‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—‌
5,140‌
—‌
5,093‌
$
2,032,111‌
$
426,595‌
$
710,011‌
$
1,775,469‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
13,776‌
$
14,615‌
$
(
33,341‌
)
Core
Fixed
Income
Fund
15,980‌
(
1,258‌
)
—‌
(
15,701‌
)
Equity
Income
Fund
1,357‌
8,881‌
7,467‌
(
2,483‌
)
Global
Emerging
Markets
Fund
1,231‌
488‌
597‌
10,042‌
High
Yield
Fund
4,285‌
(
502‌
)
—‌
(
1,705‌
)
International
Equity
Fund
13,111‌
14,570‌
—‌
15,456‌
International
Small
Company
Fund
505‌
333‌
—‌
293‌
LargeCap
Growth
Fund
I
1,702‌
12,412‌
10,087‌
(
30,094‌
)
LargeCap
S&P
500
Index
Fund
3,670‌
2,247‌
7,271‌
21,640‌
LargeCap
Value
Fund
III
2,579‌
9,136‌
13,789‌
(
11,691‌
)
MidCap
Fund
—‌
1,027‌
1,619‌
(
4,026‌
)
Principal
Capital
Appreciation
Fund
—‌
—‌
—‌
(
118‌
)
Principal
U.S.
Mega-Cap
ETF
10‌
—‌
—‌
10‌
Principal
U.S.
Small-Cap
ETF
2‌
—‌
—‌
(
50‌
)
Real
Estate
Securities
Fund
712‌
(
26‌
)
—‌
5,817‌
SmallCap
Fund
175‌
856‌
2,721‌
4,873‌
SmallCap
S&P
600
Index
Fund
200‌
—‌
429‌
771‌
Small-MidCap
Dividend
Income
Fund
441‌
646‌
479‌
4,542‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
23‌
—‌
—‌
(
47‌
)
$
45,983‌
$
62,586‌
$
59,074‌
$
(
35,812‌
)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2040
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
142
INVESTMENT
COMPANIES
-
99
.90
%
Shares
Held
Value
(000's)
Principal
Exchange-Traded
Funds
-
0
.46
%
Principal
U.S.
Mega-Cap
ETF
(a)
203,438‌
$
15,077‌
Principal
U.S.
Small-Cap
ETF
(a)
74,364‌
5,063‌
$
20,140‌
Principal
Funds,
Inc.
Class
R-6
-
67
.25
%
Blue
Chip
Fund
(a),(b)
4,441,234‌
186,887‌
Core
Fixed
Income
Fund
(a)
99,655,579‌
844,083‌
Global
Emerging
Markets
Fund
(a)
5,752,540‌
230,044‌
High
Yield
Fund
(a)
22,283,751‌
145,736‌
International
Equity
Fund
(a)
46,776,106‌
838,228‌
International
Small
Company
Fund
(a)
2,369,541‌
30,591‌
LargeCap
Growth
Fund
I
(a)
12,581,615‌
201,683‌
MidCap
Fund
(a),(b)
1,537,698‌
63,076‌
Real
Estate
Securities
Fund
(a)
3,462,906‌
110,571‌
SmallCap
Fund
(a)
4,207,612‌
149,412‌
SmallCap
S&P
600
Index
Fund
(a)
420,569‌
12,550‌
Small-MidCap
Dividend
Income
Fund
(a)
3,894,930‌
88,999‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
1,051,395‌
9,641‌
$
2,911,501‌
Principal
Funds,
Inc.
Institutional
Class
-
32
.19
%
Equity
Income
Fund
(a)
5,375,107‌
245,857‌
LargeCap
S&P
500
Index
Fund
(a)
24,652,978‌
878,386‌
LargeCap
Value
Fund
III
(a)
11,834,943‌
236,581‌
Principal
Capital
Appreciation
Fund
(a)
349,391‌
32,682‌
$
1,393,506‌
TOTAL
INVESTMENT
COMPANIES
$
4,325,147‌
Total
Investments
$
4,325,147‌
Other
Assets
and
Liabilities
-  0.10%
4,346‌
TOTAL
NET
ASSETS
-
100.00%
$
4,329,493‌
(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)
Non-income
producing
security
Schedule
of
Investments
Principal
LifeTime
2040
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
143
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
363,957‌
$
46,593‌
$
170,239‌
$
186,887‌
Core
Fixed
Income
Fund
908,084‌
122,919‌
159,950‌
844,083‌
Equity
Income
Fund
377,218‌
32,120‌
181,547‌
245,857‌
Global
Emerging
Markets
Fund
195,662‌
56,748‌
51,806‌
230,044‌
High
Yield
Fund
154,516‌
22,506‌
27,254‌
145,736‌
International
Equity
Fund
929,677‌
64,868‌
240,851‌
838,228‌
International
Small
Company
Fund
47,233‌
2,942‌
21,343‌
30,591‌
LargeCap
Growth
Fund
I
389,820‌
39,078‌
179,048‌
201,683‌
LargeCap
S&P
500
Index
Fund
613,633‌
487,277‌
291,123‌
878,386‌
LargeCap
Value
Fund
III
338,933‌
52,207‌
148,379‌
236,581‌
MidCap
Fund
81,480‌
7,844‌
18,101‌
63,076‌
Principal
Capital
Appreciation
Fund
—‌
33,014‌
—‌
32,682‌
Principal
U.S.
Mega-Cap
ETF
—‌
15,048‌
—‌
15,077‌
Principal
U.S.
Small-Cap
ETF
—‌
5,205‌
—‌
5,063‌
Real
Estate
Securities
Fund
92,749‌
23,168‌
19,074‌
110,571‌
SmallCap
Fund
157,433‌
12,852‌
37,005‌
149,412‌
SmallCap
S&P
600
Index
Fund
17,076‌
2,221‌
8,931‌
12,550‌
Small-MidCap
Dividend
Income
Fund
90,727‌
6,855‌
22,994‌
88,999‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—‌
9,730‌
—‌
9,641‌
$
4,758,198‌
$
1,043,195‌
$
1,577,645‌
$
4,325,147‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
38,256‌
$
40,355‌
$
(
91,680‌
)
Core
Fixed
Income
Fund
24,823‌
(
2,829‌
)
—‌
(
24,141‌
)
Equity
Income
Fund
3,751‌
25,288‌
20,613‌
(
7,222‌
)
Global
Emerging
Markets
Fund
3,374‌
1,129‌
1,639‌
28,311‌
High
Yield
Fund
7,766‌
(
847‌
)
—‌
(
3,185‌
)
International
Equity
Fund
35,921‌
35,550‌
—‌
48,984‌
International
Small
Company
Fund
1,382‌
1,484‌
—‌
275‌
LargeCap
Growth
Fund
I
4,675‌
54,767‌
27,701‌
(
102,934‌
)
LargeCap
S&P
500
Index
Fund
10,054‌
5,942‌
19,923‌
62,657‌
LargeCap
Value
Fund
III
7,082‌
34,215‌
37,876‌
(
40,395‌
)
MidCap
Fund
—‌
2,508‌
4,458‌
(
10,655‌
)
Principal
Capital
Appreciation
Fund
—‌
—‌
—‌
(
332‌
)
Principal
U.S.
Mega-Cap
ETF
28‌
—‌
—‌
29‌
Principal
U.S.
Small-Cap
ETF
6‌
—‌
—‌
(
142‌
)
Real
Estate
Securities
Fund
1,642‌
275‌
—‌
13,453‌
SmallCap
Fund
478‌
1,792‌
7,466‌
14,340‌
SmallCap
S&P
600
Index
Fund
548‌
23‌
1,179‌
2,161‌
Small-MidCap
Dividend
Income
Fund
1,217‌
1,551‌
1,322‌
12,860‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
44‌
—‌
—‌
(
89‌
)
$
102,791‌
$
199,104‌
$
162,532‌
$
(
97,705‌
)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2045
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
144
INVESTMENT
COMPANIES
-
99
.93
%
Shares
Held
Value
(000's)
Principal
Exchange-Traded
Funds
-
0
.53
%
Principal
U.S.
Mega-Cap
ETF
(a)
84,028‌
$
6,227‌
Principal
U.S.
Small-Cap
ETF
(a)
30,720‌
2,092‌
$
8,319‌
Principal
Funds,
Inc.
Class
R-6
-
62
.93
%
Blue
Chip
Fund
(a),(b)
1,851,211‌
77,899‌
Core
Fixed
Income
Fund
(a)
19,846,807‌
168,103‌
Global
Emerging
Markets
Fund
(a)
2,377,694‌
95,084‌
High
Yield
Fund
(a)
5,581,481‌
36,503‌
International
Equity
Fund
(a)
19,363,082‌
346,986‌
International
Small
Company
Fund
(a)
992,659‌
12,815‌
LargeCap
Growth
Fund
I
(a)
5,219,734‌
83,672‌
MidCap
Fund
(a),(b)
644,563‌
26,440‌
Real
Estate
Securities
Fund
(a)
1,251,310‌
39,954‌
SmallCap
Fund
(a)
1,732,665‌
61,527‌
SmallCap
S&P
600
Index
Fund
(a)
172,166‌
5,138‌
Small-MidCap
Dividend
Income
Fund
(a)
1,621,908‌
37,061‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
297,083‌
2,724‌
$
993,906‌
Principal
Funds,
Inc.
Institutional
Class
-
36
.47
%
Equity
Income
Fund
(a)
2,234,036‌
102,185‌
LargeCap
S&P
500
Index
Fund
(a)
10,168,123‌
362,290‌
LargeCap
Value
Fund
III
(a)
4,904,983‌
98,050‌
Principal
Capital
Appreciation
Fund
(a)
144,299‌
13,498‌
$
576,023‌
TOTAL
INVESTMENT
COMPANIES
$
1,578,248‌
Total
Investments
$
1,578,248‌
Other
Assets
and
Liabilities
-  0.07%
1,057‌
TOTAL
NET
ASSETS
-
100.00%
$
1,579,305‌
(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)
Non-income
producing
security
Schedule
of
Investments
Principal
LifeTime
2045
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
145
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
153,906‌
$
21,328‌
$
74,588‌
$
77,899‌
Core
Fixed
Income
Fund
192,444‌
30,395‌
49,242‌
168,103‌
Equity
Income
Fund
158,680‌
15,673‌
79,509‌
102,185‌
Global
Emerging
Markets
Fund
82,641‌
25,049‌
24,608‌
95,084‌
High
Yield
Fund
41,358‌
6,737‌
10,546‌
36,503‌
International
Equity
Fund
392,865‌
32,342‌
113,016‌
346,986‌
International
Small
Company
Fund
20,035‌
1,460‌
9,401‌
12,815‌
LargeCap
Growth
Fund
I
164,797‌
18,271‌
78,873‌
83,672‌
LargeCap
S&P
500
Index
Fund
259,925‌
212,906‌
137,883‌
362,290‌
LargeCap
Value
Fund
III
143,348‌
24,037‌
66,445‌
98,050‌
MidCap
Fund
34,514‌
3,867‌
8,505‌
26,440‌
Principal
Capital
Appreciation
Fund
—‌
13,635‌
—‌
13,498‌
Principal
U.S.
Mega-Cap
ETF
—‌
6,215‌
—‌
6,227‌
Principal
U.S.
Small-Cap
ETF
—‌
2,151‌
—‌
2,092‌
Real
Estate
Securities
Fund
34,786‌
9,277‌
9,097‌
39,954‌
SmallCap
Fund
66,586‌
6,668‌
18,305‌
61,527‌
SmallCap
S&P
600
Index
Fund
7,204‌
1,071‌
4,027‌
5,138‌
Small-MidCap
Dividend
Income
Fund
38,365‌
3,632‌
10,923‌
37,061‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—‌
2,749‌
—‌
2,724‌
$
1,791,454‌
$
437,463‌
$
694,968‌
$
1,578,248‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
14,440‌
$
17,022‌
$
(
37,187‌
)
Core
Fixed
Income
Fund
5,119‌
(
373‌
)
—‌
(
5,121‌
)
Equity
Income
Fund
1,572‌
7,048‌
8,697‌
293‌
Global
Emerging
Markets
Fund
1,422‌
458‌
690‌
11,544‌
High
Yield
Fund
2,017‌
(
206‌
)
—‌
(
840‌
)
International
Equity
Fund
15,143‌
15,791‌
—‌
19,004‌
International
Small
Company
Fund
584‌
78‌
—‌
643‌
LargeCap
Growth
Fund
I
1,968‌
4,171‌
11,665‌
(
24,694‌
)
LargeCap
S&P
500
Index
Fund
4,241‌
1,917‌
8,402‌
25,425‌
LargeCap
Value
Fund
III
2,982‌
4,328‌
15,946‌
(
7,218‌
)
MidCap
Fund
—‌
776‌
1,885‌
(
4,212‌
)
Principal
Capital
Appreciation
Fund
—‌
—‌
—‌
(
137‌
)
Principal
U.S.
Mega-Cap
ETF
12‌
—‌
—‌
12‌
Principal
U.S.
Small-Cap
ETF
3‌
—‌
—‌
(
59‌
)
Real
Estate
Securities
Fund
607‌
(
31‌
)
—‌
5,019‌
SmallCap
Fund
202‌
846‌
3,147‌
5,732‌
SmallCap
S&P
600
Index
Fund
231‌
11‌
497‌
879‌
Small-MidCap
Dividend
Income
Fund
511‌
617‌
558‌
5,370‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
12‌
—‌
—‌
(
25‌
)
$
36,626‌
$
49,871‌
$
68,509‌
$
(
5,572‌
)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2050
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
146
INVESTMENT
COMPANIES
-
99
.96
%
Shares
Held
Value
(000's)
Principal
Exchange-Traded
Funds
-
0
.57
%
Principal
U.S.
Mega-Cap
ETF
(a)
181,045‌
$
13,417‌
Principal
U.S.
Small-Cap
ETF
(a)
66,180‌
4,506‌
$
17,923‌
Principal
Funds,
Inc.
Class
R-6
-
59
.74
%
Blue
Chip
Fund
(a),(b)
4,009,938‌
168,738‌
Core
Fixed
Income
Fund
(a)
16,834,199‌
142,586‌
Global
Emerging
Markets
Fund
(a)
5,146,945‌
205,826‌
High
Yield
Fund
(a)
6,239,485‌
40,806‌
International
Equity
Fund
(a)
41,967,433‌
752,057‌
International
Small
Company
Fund
(a)
2,171,833‌
28,038‌
LargeCap
Growth
Fund
I
(a)
11,263,930‌
180,561‌
MidCap
Fund
(a),(b)
1,394,535‌
57,204‌
Real
Estate
Securities
Fund
(a)
2,479,814‌
79,181‌
SmallCap
Fund
(a)
3,751,115‌
133,202‌
SmallCap
S&P
600
Index
Fund
(a)
371,222‌
11,077‌
Small-MidCap
Dividend
Income
Fund
(a)
3,511,598‌
80,240‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
355,610‌
3,261‌
$
1,882,777‌
Principal
Funds,
Inc.
Institutional
Class
-
39
.65
%
Equity
Income
Fund
(a)
4,838,542‌
221,315‌
LargeCap
S&P
500
Index
Fund
(a)
22,113,259‌
787,895‌
LargeCap
Value
Fund
III
(a)
10,583,870‌
211,572‌
Principal
Capital
Appreciation
Fund
(a)
310,930‌
29,084‌
$
1,249,866‌
TOTAL
INVESTMENT
COMPANIES
$
3,150,566‌
Total
Investments
$
3,150,566‌
Other
Assets
and
Liabilities
-  0.04%
1,197‌
TOTAL
NET
ASSETS
-
100.00%
$
3,151,763‌
(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)
Non-income
producing
security
Schedule
of
Investments
Principal
LifeTime
2050
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
147
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
320,715‌
$
42,487‌
$
147,445‌
$
168,738‌
Core
Fixed
Income
Fund
141,608‌
33,023‌
27,600‌
142,586‌
Equity
Income
Fund
330,497‌
30,040‌
155,116‌
221,315‌
Global
Emerging
Markets
Fund
172,303‌
50,890‌
43,131‌
205,826‌
High
Yield
Fund
40,313‌
9,393‌
7,815‌
40,806‌
International
Equity
Fund
818,999‌
61,547‌
203,259‌
752,057‌
International
Small
Company
Fund
41,703‌
2,715‌
17,931‌
28,038‌
LargeCap
Growth
Fund
I
343,436‌
35,880‌
156,380‌
180,561‌
LargeCap
S&P
500
Index
Fund
542,143‌
433,353‌
248,046‌
787,895‌
LargeCap
Value
Fund
III
298,684‌
47,451‌
129,359‌
211,572‌
MidCap
Fund
71,852‌
7,313‌
14,840‌
57,204‌
Principal
Capital
Appreciation
Fund
—‌
29,379‌
—‌
29,084‌
Principal
U.S.
Mega-Cap
ETF
—‌
13,392‌
—‌
13,417‌
Principal
U.S.
Small-Cap
ETF
—‌
4,632‌
—‌
4,506‌
Real
Estate
Securities
Fund
64,979‌
18,685‌
14,234‌
79,181‌
SmallCap
Fund
138,725‌
12,276‌
31,966‌
133,202‌
SmallCap
S&P
600
Index
Fund
15,023‌
2,046‌
7,907‌
11,077‌
Small-MidCap
Dividend
Income
Fund
79,985‌
6,556‌
19,009‌
80,240‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—‌
3,291‌
—‌
3,261‌
$
3,420,965‌
$
844,349‌
$
1,224,038‌
$
3,150,566‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
29,320‌
$
35,618‌
$
(
76,339‌
)
Core
Fixed
Income
Fund
3,956‌
(
380‌
)
—‌
(
4,065‌
)
Equity
Income
Fund
3,313‌
15,907‌
18,191‌
(
13‌
)
Global
Emerging
Markets
Fund
2,967‌
878‌
1,441‌
24,886‌
High
Yield
Fund
2,056‌
(
197‌
)
—‌
(
888‌
)
International
Equity
Fund
31,608‌
28,438‌
—‌
46,332‌
International
Small
Company
Fund
1,220‌
530‌
—‌
1,021‌
LargeCap
Growth
Fund
I
4,114‌
15,977‌
24,382‌
(
58,352‌
)
LargeCap
S&P
500
Index
Fund
8,844‌
4,399‌
17,522‌
56,046‌
LargeCap
Value
Fund
III
6,234‌
15,592‌
33,337‌
(
20,796‌
)
MidCap
Fund
—‌
1,682‌
3,938‌
(
8,803‌
)
Principal
Capital
Appreciation
Fund
—‌
—‌
—‌
(
295‌
)
Principal
U.S.
Mega-Cap
ETF
25‌
—‌
—‌
25‌
Principal
U.S.
Small-Cap
ETF
6‌
—‌
—‌
(
126‌
)
Real
Estate
Securities
Fund
1,160‌
145‌
—‌
9,606‌
SmallCap
Fund
421‌
1,081‌
6,571‌
13,086‌
SmallCap
S&P
600
Index
Fund
481‌
14‌
1,036‌
1,901‌
Small-MidCap
Dividend
Income
Fund
1,076‌
1,070‌
1,167‌
11,638‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
15‌
—‌
—‌
(
30‌
)
$
67,496‌
$
114,456‌
$
143,203‌
$
(
5,166‌
)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2055
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
148
INVESTMENT
COMPANIES
-
99
.97
%
Shares
Held
Value
(000's)
Principal
Exchange-Traded
Funds
-
0
.59
%
Principal
U.S.
Mega-Cap
ETF
(a)
66,906‌
$
4,958‌
Principal
U.S.
Small-Cap
ETF
(a)
24,464‌
1,666‌
$
6,624‌
Principal
Funds,
Inc.
Class
R-6
-
58
.54
%
Blue
Chip
Fund
(a),(b)
1,495,757‌
62,941‌
Core
Fixed
Income
Fund
(a)
2,824,332‌
23,922‌
Global
Emerging
Markets
Fund
(a)
1,900,736‌
76,010‌
High
Yield
Fund
(a)
1,263,933‌
8,266‌
International
Equity
Fund
(a)
15,506,055‌
277,869‌
International
Small
Company
Fund
(a)
804,852‌
10,391‌
LargeCap
Growth
Fund
I
(a)
4,192,165‌
67,200‌
MidCap
Fund
(a),(b)
518,708‌
21,277‌
Real
Estate
Securities
Fund
(a)
884,490‌
28,242‌
SmallCap
Fund
(a)
1,391,571‌
49,415‌
SmallCap
S&P
600
Index
Fund
(a)
133,920‌
3,996‌
Small-MidCap
Dividend
Income
Fund
(a)
1,297,053‌
29,638‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
102,074‌
936‌
$
660,103‌
Principal
Funds,
Inc.
Institutional
Class
-
40
.84
%
Equity
Income
Fund
(a)
1,797,761‌
82,230‌
LargeCap
S&P
500
Index
Fund
(a)
8,108,268‌
288,898‌
LargeCap
Value
Fund
III
(a)
3,934,177‌
78,644‌
Principal
Capital
Appreciation
Fund
(a)
114,895‌
10,747‌
$
460,519‌
TOTAL
INVESTMENT
COMPANIES
$
1,127,246‌
Total
Investments
$
1,127,246‌
Other
Assets
and
Liabilities
-  0.03%
322‌
TOTAL
NET
ASSETS
-
100.00%
$
1,127,568‌
(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)
Non-income
producing
security
Schedule
of
Investments
Principal
LifeTime
2055
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
149
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
116,857‌
$
17,134‌
$
53,783‌
$
62,941‌
Core
Fixed
Income
Fund
27,704‌
3,819‌
6,830‌
23,922‌
Equity
Income
Fund
119,801‌
12,920‌
56,308‌
82,230‌
Global
Emerging
Markets
Fund
62,667‌
20,325‌
16,339‌
76,010‌
High
Yield
Fund
8,992‌
1,744‌
2,241‌
8,266‌
International
Equity
Fund
298,095‌
28,978‌
76,419‌
277,869‌
International
Small
Company
Fund
15,268‌
1,233‌
6,669‌
10,391‌
LargeCap
Growth
Fund
I
125,087‌
14,890‌
57,143‌
67,200‌
LargeCap
S&P
500
Index
Fund
197,699‌
164,190‌
94,783‌
288,898‌
LargeCap
Value
Fund
III
108,859‌
19,218‌
47,531‌
78,644‌
MidCap
Fund
26,258‌
3,156‌
5,504‌
21,277‌
Principal
Capital
Appreciation
Fund
—‌
10,856‌
—‌
10,747‌
Principal
U.S.
Mega-Cap
ETF
—‌
4,949‌
—‌
4,958‌
Principal
U.S.
Small-Cap
ETF
—‌
1,712‌
—‌
1,666‌
Real
Estate
Securities
Fund
23,408‌
6,933‌
5,577‌
28,242‌
SmallCap
Fund
50,573‌
5,581‌
11,919‌
49,415‌
SmallCap
S&P
600
Index
Fund
5,450‌
843‌
2,989‌
3,996‌
Small-MidCap
Dividend
Income
Fund
29,135‌
2,990‌
7,141‌
29,638‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—‌
945‌
—‌
936‌
$
1,215,853‌
$
322,416‌
$
451,176‌
$
1,127,246‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
10,093‌
$
13,005‌
$
(
27,360‌
)
Core
Fixed
Income
Fund
730‌
(
7‌
)
—‌
(
764‌
)
Equity
Income
Fund
1,224‌
3,951‌
6,642‌
1,866‌
Global
Emerging
Markets
Fund
1,091‌
305‌
529‌
9,052‌
High
Yield
Fund
440‌
(
60‌
)
—‌
(
169‌
)
International
Equity
Fund
11,627‌
9,358‌
—‌
17,857‌
International
Small
Company
Fund
453‌
170‌
—‌
389‌
LargeCap
Growth
Fund
I
1,512‌
2,646‌
8,960‌
(
18,280‌
)
LargeCap
S&P
500
Index
Fund
3,249‌
1,450‌
6,436‌
20,342‌
LargeCap
Value
Fund
III
2,291‌
2,466‌
12,251‌
(
4,368‌
)
MidCap
Fund
—‌
(
22‌
)
1,444‌
(
2,611‌
)
Principal
Capital
Appreciation
Fund
—‌
—‌
—‌
(
109‌
)
Principal
U.S.
Mega-Cap
ETF
9‌
—‌
—‌
9‌
Principal
U.S.
Small-Cap
ETF
2‌
—‌
—‌
(
46‌
)
Real
Estate
Securities
Fund
420‌
(
21‌
)
—‌
3,499‌
SmallCap
Fund
155‌
295‌
2,418‌
4,885‌
SmallCap
S&P
600
Index
Fund
176‌
6‌
378‌
686‌
Small-MidCap
Dividend
Income
Fund
396‌
337‌
427‌
4,317‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
4‌
—‌
—‌
(
9‌
)
$
23,779‌
$
30,967‌
$
52,490‌
$
9,186‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2060
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
150
INVESTMENT
COMPANIES
-
99
.97
%
Shares
Held
Value
(000's)
Principal
Exchange-Traded
Funds
-
0
.58
%
Principal
U.S.
Mega-Cap
ETF
(a)
67,072‌
$
4,970‌
Principal
U.S.
Small-Cap
ETF
(a)
24,523‌
1,670‌
$
6,640‌
Principal
Funds,
Inc.
Class
R-6
-
58
.54
%
Blue
Chip
Fund
(a),(b)
1,510,807‌
63,575‌
Core
Fixed
Income
Fund
(a)
2,850,707‌
24,146‌
Global
Emerging
Markets
Fund
(a)
1,919,508‌
76,761‌
High
Yield
Fund
(a)
1,276,227‌
8,347‌
International
Equity
Fund
(a)
15,655,707‌
280,550‌
International
Small
Company
Fund
(a)
811,403‌
10,475‌
LargeCap
Growth
Fund
I
(a)
4,234,402‌
67,877‌
MidCap
Fund
(a),(b)
524,212‌
21,503‌
Real
Estate
Securities
Fund
(a)
893,184‌
28,519‌
SmallCap
Fund
(a)
1,406,681‌
49,951‌
SmallCap
S&P
600
Index
Fund
(a)
133,666‌
3,989‌
Small-MidCap
Dividend
Income
Fund
(a)
1,309,072‌
29,912‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
103,138‌
946‌
$
666,551‌
Principal
Funds,
Inc.
Institutional
Class
-
40
.85
%
Equity
Income
Fund
(a)
1,815,768‌
83,053‌
LargeCap
S&P
500
Index
Fund
(a)
8,190,064‌
291,812‌
LargeCap
Value
Fund
III
(a)
3,973,520‌
79,431‌
Principal
Capital
Appreciation
Fund
(a)
115,177‌
10,774‌
$
465,070‌
TOTAL
INVESTMENT
COMPANIES
$
1,138,261‌
Total
Investments
$
1,138,261‌
Other
Assets
and
Liabilities
-  0.03%
335‌
TOTAL
NET
ASSETS
-
100.00%
$
1,138,596‌
(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)
Non-income
producing
security
Schedule
of
Investments
Principal
LifeTime
2060
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
151
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
114,828‌
$
17,964‌
$
52,311‌
$
63,575‌
Core
Fixed
Income
Fund
27,244‌
4,169‌
6,490‌
24,146‌
Equity
Income
Fund
117,712‌
13,938‌
54,476‌
83,053‌
Global
Emerging
Markets
Fund
61,543‌
20,953‌
15,147‌
76,761‌
High
Yield
Fund
8,842‌
1,862‌
2,128‌
8,347‌
International
Equity
Fund
292,813‌
31,923‌
71,527‌
280,550‌
International
Small
Company
Fund
15,026‌
1,320‌
6,444‌
10,475‌
LargeCap
Growth
Fund
I
122,900‌
15,779‌
55,528‌
67,877‌
LargeCap
S&P
500
Index
Fund
194,130‌
164,880‌
89,613‌
291,812‌
LargeCap
Value
Fund
III
106,979‌
20,110‌
45,976‌
79,431‌
MidCap
Fund
25,818‌
3,381‌
5,102‌
21,503‌
Principal
Capital
Appreciation
Fund
—‌
10,883‌
—‌
10,774‌
Principal
U.S.
Mega-Cap
ETF
—‌
4,960‌
—‌
4,970‌
Principal
U.S.
Small-Cap
ETF
—‌
1,717‌
—‌
1,670‌
Real
Estate
Securities
Fund
23,169‌
6,996‌
5,141‌
28,519‌
SmallCap
Fund
49,706‌
6,134‌
11,107‌
49,951‌
SmallCap
S&P
600
Index
Fund
5,348‌
860‌
2,911‌
3,989‌
Small-MidCap
Dividend
Income
Fund
28,632‌
3,260‌
6,619‌
29,912‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—‌
955‌
—‌
946‌
$
1,194,690‌
$
332,044‌
$
430,520‌
$
1,138,261‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
9,617‌
$
12,878‌
$
(
26,523‌
)
Core
Fixed
Income
Fund
729‌
(
18‌
)
—‌
(
759‌
)
Equity
Income
Fund
1,215‌
3,457‌
6,574‌
2,422‌
Global
Emerging
Markets
Fund
1,074‌
289‌
521‌
9,123‌
High
Yield
Fund
439‌
(
53‌
)
—‌
(
176‌
)
International
Equity
Fund
11,459‌
8,024‌
—‌
19,317‌
International
Small
Company
Fund
450‌
166‌
—‌
407‌
LargeCap
Growth
Fund
I
1,495‌
2,329‌
8,860‌
(
17,603‌
)
LargeCap
S&P
500
Index
Fund
3,202‌
1,593‌
6,342‌
20,822‌
LargeCap
Value
Fund
III
2,266‌
2,107‌
12,117‌
(
3,789‌
)
MidCap
Fund
—‌
6‌
1,432‌
(
2,600‌
)
Principal
Capital
Appreciation
Fund
—‌
—‌
—‌
(
109‌
)
Principal
U.S.
Mega-Cap
ETF
9‌
—‌
—‌
10‌
Principal
U.S.
Small-Cap
ETF
2‌
—‌
—‌
(
47‌
)
Real
Estate
Securities
Fund
419‌
(
20‌
)
—‌
3,515‌
SmallCap
Fund
153‌
258‌
2,392‌
4,960‌
SmallCap
S&P
600
Index
Fund
172‌
7‌
371‌
685‌
Small-MidCap
Dividend
Income
Fund
393‌
282‌
422‌
4,357‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
4‌
—‌
—‌
(
9‌
)
$
23,481‌
$
28,044‌
$
51,909‌
$
14,003‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2065
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
152
INVESTMENT
COMPANIES
-
99
.97
%
Shares
Held
Value
(000's)
Principal
Exchange-Traded
Funds
-
0
.57
%
Principal
U.S.
Mega-Cap
ETF
(a)
16,839‌
$
1,248‌
Principal
U.S.
Small-Cap
ETF
(a)
6,163‌
420‌
$
1,668‌
Principal
Funds,
Inc.
Class
R-6
-
58
.56
%
Blue
Chip
Fund
(a),(b)
386,983‌
16,284‌
Core
Fixed
Income
Fund
(a)
730,024‌
6,183‌
Global
Emerging
Markets
Fund
(a)
491,737‌
19,665‌
High
Yield
Fund
(a)
326,671‌
2,137‌
International
Equity
Fund
(a)
4,012,800‌
71,909‌
International
Small
Company
Fund
(a)
208,698‌
2,694‌
LargeCap
Growth
Fund
I
(a)
1,084,655‌
17,387‌
MidCap
Fund
(a),(b)
134,232‌
5,506‌
Real
Estate
Securities
Fund
(a)
228,617‌
7,300‌
SmallCap
Fund
(a)
360,285‌
12,794‌
SmallCap
S&P
600
Index
Fund
(a)
34,217‌
1,021‌
Small-MidCap
Dividend
Income
Fund
(a)
335,308‌
7,662‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
25,964‌
238‌
$
170,780‌
Principal
Funds,
Inc.
Institutional
Class
-
40
.84
%
Equity
Income
Fund
(a)
464,990‌
21,269‌
LargeCap
S&P
500
Index
Fund
(a)
2,099,224‌
74,795‌
LargeCap
Value
Fund
III
(a)
1,017,542‌
20,341‌
Principal
Capital
Appreciation
Fund
(a)
28,903‌
2,703‌
$
119,108‌
TOTAL
INVESTMENT
COMPANIES
$
291,556‌
Total
Investments
$
291,556‌
Other
Assets
and
Liabilities
-  0.03%
77‌
TOTAL
NET
ASSETS
-
100.00%
$
291,633‌
(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)
Non-income
producing
security
Schedule
of
Investments
Principal
LifeTime
2065
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
153
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
27,296‌
$
5,894‌
$
12,814‌
$
16,284‌
Core
Fixed
Income
Fund
6,502‌
1,604‌
1,727‌
6,183‌
Equity
Income
Fund
27,979‌
5,235‌
13,408‌
21,269‌
Global
Emerging
Markets
Fund
14,576‌
6,729‌
3,913‌
19,665‌
High
Yield
Fund
2,110‌
649‌
565‌
2,137‌
International
Equity
Fund
69,442‌
14,112‌
18,343‌
71,909‌
International
Small
Company
Fund
3,606‌
652‌
1,701‌
2,694‌
LargeCap
Growth
Fund
I
29,196‌
5,491‌
13,559‌
17,387‌
LargeCap
S&P
500
Index
Fund
45,934‌
45,669‌
22,280‌
74,795‌
LargeCap
Value
Fund
III
25,447‌
6,622‌
11,381‌
20,341‌
MidCap
Fund
6,163‌
1,286‌
1,307‌
5,506‌
Principal
Capital
Appreciation
Fund
—‌
2,731‌
—‌
2,703‌
Principal
U.S.
Mega-Cap
ETF
—‌
1,245‌
—‌
1,248‌
Principal
U.S.
Small-Cap
ETF
—‌
432‌
—‌
420‌
Real
Estate
Securities
Fund
5,605‌
2,285‌
1,451‌
7,300‌
SmallCap
Fund
11,833‌
2,574‌
2,898‌
12,794‌
SmallCap
S&P
600
Index
Fund
1,259‌
321‌
732‌
1,021‌
Small-MidCap
Dividend
Income
Fund
6,812‌
1,407‌
1,700‌
7,662‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—‌
240‌
—‌
238‌
$
283,760‌
$
105,178‌
$
107,779‌
$
291,556‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
1,081‌
$
3,102‌
$
(
5,173‌
)
Core
Fixed
Income
Fund
181‌
(
9‌
)
—‌
(
187‌
)
Equity
Income
Fund
301‌
473‌
1,582‌
990‌
Global
Emerging
Markets
Fund
259‌
37‌
125‌
2,236‌
High
Yield
Fund
109‌
(
6‌
)
—‌
(
51‌
)
International
Equity
Fund
2,768‌
794‌
—‌
5,904‌
International
Small
Company
Fund
112‌
6‌
—‌
131‌
LargeCap
Growth
Fund
I
362‌
(
165‌
)
2,148‌
(
3,576‌
)
LargeCap
S&P
500
Index
Fund
770‌
241‌
1,525‌
5,231‌
LargeCap
Value
Fund
III
550‌
227‌
2,939‌
(
574‌
)
MidCap
Fund
—‌
(
11‌
)
347‌
(
625‌
)
Principal
Capital
Appreciation
Fund
—‌
—‌
—‌
(
28‌
)
Principal
U.S.
Mega-Cap
ETF
2‌
—‌
—‌
3‌
Principal
U.S.
Small-Cap
ETF
1‌
—‌
—‌
(
12‌
)
Real
Estate
Securities
Fund
105‌
(
5‌
)
—‌
866‌
SmallCap
Fund
37‌
21‌
581‌
1,264‌
SmallCap
S&P
600
Index
Fund
41‌
2‌
88‌
171‌
Small-MidCap
Dividend
Income
Fund
97‌
31‌
102‌
1,112‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
1‌
—‌
—‌
(
2‌
)
$
5,696‌
$
2,717‌
$
12,539‌
$
7,680‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2070
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
154
INVESTMENT
COMPANIES
-
99
.97
%
Shares
Held
Value
(000's)
Principal
Exchange-Traded
Funds
-
0
.56
%
Principal
U.S.
Mega-Cap
ETF
(a)
6,258‌
$
464‌
Principal
U.S.
Small-Cap
ETF
(a)
2,296‌
156‌
$
620‌
Principal
Funds,
Inc.
Class
R-6
-
58
.55
%
Blue
Chip
Fund
(a),(b)
146,923‌
6,183‌
Core
Fixed
Income
Fund
(a)
276,541‌
2,342‌
Global
Emerging
Markets
Fund
(a)
186,548‌
7,460‌
High
Yield
Fund
(a)
123,734‌
809‌
International
Equity
Fund
(a)
1,520,982‌
27,256‌
International
Small
Company
Fund
(a)
78,627‌
1,015‌
LargeCap
Growth
Fund
I
(a)
411,782‌
6,601‌
MidCap
Fund
(a),(b)
50,925‌
2,089‌
Real
Estate
Securities
Fund
(a)
86,640‌
2,766‌
SmallCap
Fund
(a)
136,752‌
4,856‌
SmallCap
S&P
600
Index
Fund
(a)
12,955‌
387‌
Small-MidCap
Dividend
Income
Fund
(a)
127,308‌
2,909‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
9,812‌
90‌
$
64,763‌
Principal
Funds,
Inc.
Institutional
Class
-
40
.86
%
Equity
Income
Fund
(a)
176,451‌
8,071‌
LargeCap
S&P
500
Index
Fund
(a)
796,969‌
28,396‌
LargeCap
Value
Fund
III
(a)
386,113‌
7,718‌
Principal
Capital
Appreciation
Fund
(a)
10,727‌
1,004‌
$
45,189‌
TOTAL
INVESTMENT
COMPANIES
$
110,572‌
Total
Investments
$
110,572‌
Other
Assets
and
Liabilities
-  0.03%
29‌
TOTAL
NET
ASSETS
-
100.00%
$
110,601‌
(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)
Non-income
producing
security
Schedule
of
Investments
Principal
LifeTime
2070
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
155
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
8,908‌
$
3,109‌
$
4,527‌
$
6,183‌
Core
Fixed
Income
Fund
2,151‌
977‌
712‌
2,342‌
Equity
Income
Fund
9,122‌
3,122‌
4,724‌
8,071‌
Global
Emerging
Markets
Fund
4,693‌
3,443‌
1,494‌
7,460‌
High
Yield
Fund
697‌
366‌
234‌
809‌
International
Equity
Fund
22,469‌
9,270‌
6,868‌
27,256‌
International
Small
Company
Fund
1,218‌
478‌
732‌
1,015‌
LargeCap
Growth
Fund
I
9,505‌
3,040‌
4,759‌
6,601‌
LargeCap
S&P
500
Index
Fund
14,745‌
19,398‌
7,938‌
28,396‌
LargeCap
Value
Fund
III
8,324‌
3,488‌
4,080‌
7,718‌
MidCap
Fund
2,040‌
815‌
552‌
2,089‌
Principal
Capital
Appreciation
Fund
—‌
1,014‌
—‌
1,004‌
Principal
U.S.
Mega-Cap
ETF
—‌
463‌
—‌
464‌
Principal
U.S.
Small-Cap
ETF
—‌
160‌
—‌
156‌
Real
Estate
Securities
Fund
1,890‌
1,202‌
641‌
2,766‌
SmallCap
Fund
3,882‌
1,657‌
1,165‌
4,856‌
SmallCap
S&P
600
Index
Fund
396‌
195‌
270‌
387‌
Small-MidCap
Dividend
Income
Fund
2,233‌
939‌
668‌
2,909‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—‌
91‌
—‌
90‌
$
92,273‌
$
53,227‌
$
39,364‌
$
110,572‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
70‌
$
1,039‌
$
(
1,377‌
)
Core
Fixed
Income
Fund
65‌
(
1‌
)
—‌
(
73‌
)
Equity
Income
Fund
106‌
109‌
528‌
442‌
Global
Emerging
Markets
Fund
84‌
9‌
41‌
809‌
High
Yield
Fund
39‌
—‌
—‌
(
20‌
)
International
Equity
Fund
908‌
(
18‌
)
—‌
2,403‌
International
Small
Company
Fund
39‌
25‌
—‌
26‌
LargeCap
Growth
Fund
I
121‌
(
41‌
)
715‌
(
1,144‌
)
LargeCap
S&P
500
Index
Fund
251‌
122‌
496‌
2,069‌
LargeCap
Value
Fund
III
183‌
57‌
980‌
(
71‌
)
MidCap
Fund
—‌
(
3‌
)
118‌
(
211‌
)
Principal
Capital
Appreciation
Fund
—‌
—‌
—‌
(
10‌
)
Principal
U.S.
Mega-Cap
ETF
1‌
—‌
—‌
1‌
Principal
U.S.
Small-Cap
ETF
—‌
—‌
—‌
(
4‌
)
Real
Estate
Securities
Fund
38‌
1‌
—‌
314‌
SmallCap
Fund
12‌
7‌
194‌
475‌
SmallCap
S&P
600
Index
Fund
13‌
3‌
28‌
63‌
Small-MidCap
Dividend
Income
Fund
34‌
2‌
34‌
403‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—‌
—‌
—‌
(
1‌
)
$
1,894‌
$
342‌
$
4,173‌
$
4,094‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2020
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
156
INVESTMENT
COMPANIES
-
99
.92
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
26
.00
%
Diversified
Real
Asset
Fund
(a)
373,751‌
$
5,117‌
Global
Emerging
Markets
Fund
(a)
516,276‌
20,646‌
High
Yield
Fund
(a)
6,761,539‌
44,220‌
International
Equity
Fund
(a)
4,224,994‌
75,712‌
International
Small
Company
Fund
(a)
223,500‌
2,885‌
MidCap
S&P
400
Index
Fund
(a)
582,644‌
14,403‌
Real
Estate
Securities
Fund
(a)
435,866‌
13,917‌
SmallCap
S&P
600
Index
Fund
(a)
515,269‌
15,376‌
$
192,276‌
Principal
Funds,
Inc.
Institutional
Class
-
73
.92
%
Bond
Market
Index
Fund
(a)
28,424,459‌
241,039‌
Inflation
Protection
Fund
(a)
5,031,422‌
38,792‌
LargeCap
S&P
500
Index
Fund
(a)
4,536,513‌
161,636‌
Short-Term
Income
Fund
(a)
8,754,181‌
105,313‌
$
546,780‌
TOTAL
INVESTMENT
COMPANIES
$
739,056‌
Total
Investments
$
739,056‌
Other
Assets
and
Liabilities
-  0.08%
605‌
TOTAL
NET
ASSETS
-
100.00%
$
739,661‌
(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.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
199,302‌
$
58,206‌
$
7,762‌
$
241,039‌
Diversified
Real
Asset
Fund
2,491‌
2,370‌
123‌
5,117‌
Global
Emerging
Markets
Fund
13,164‌
7,556‌
2,219‌
20,646‌
High
Yield
Fund
35,552‌
11,130‌
1,396‌
44,220‌
Inflation
Protection
Fund
31,668‌
9,793‌
1,261‌
38,792‌
International
Equity
Fund
62,561‌
17,732‌
11,170‌
75,712‌
International
Small
Company
Fund
3,184‌
817‌
1,236‌
2,885‌
LargeCap
S&P
500
Index
Fund
141,671‌
33,181‌
23,764‌
161,636‌
MidCap
S&P
400
Index
Fund
11,725‌
3,630‌
1,955‌
14,403‌
Real
Estate
Securities
Fund
9,669‌
3,157‌
413‌
13,917‌
Short-Term
Income
Fund
83,680‌
25,869‌
3,298‌
105,313‌
SmallCap
S&P
600
Index
Fund
11,549‌
4,071‌
1,981‌
15,376‌
$
606,216‌
$
177,512‌
$
56,578‌
$
739,056‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
7,670‌
$
(
391‌
)
$
—‌
$
(
8,316‌
)
Diversified
Real
Asset
Fund
75‌
—‌
—‌
379‌
Global
Emerging
Markets
Fund
229‌
(
39‌
)
111‌
2,184‌
High
Yield
Fund
2,001‌
(
39‌
)
—‌
(
1,027‌
)
Inflation
Protection
Fund
1,412‌
(
45‌
)
—‌
(
1,363‌
)
International
Equity
Fund
2,440‌
50‌
—‌
6,539‌
International
Small
Company
Fund
94‌
(
7‌
)
—‌
127‌
LargeCap
S&P
500
Index
Fund
1,367‌
884‌
2,709‌
9,664‌
MidCap
S&P
400
Index
Fund
248‌
30‌
752‌
973‌
Real
Estate
Securities
Fund
181‌
—‌
—‌
1,504‌
Short-Term
Income
Fund
2,699‌
(
17‌
)
—‌
(
921‌
)
SmallCap
S&P
600
Index
Fund
373‌
2‌
802‌
1,735‌
$
18,789‌
$
428‌
$
4,374‌
$
11,478‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2025
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
157
INVESTMENT
COMPANIES
-
99
.94
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
28
.31
%
Diversified
Real
Asset
Fund
(a)
646,235‌
$
8,847‌
Global
Emerging
Markets
Fund
(a)
1,052,113‌
42,074‌
High
Yield
Fund
(a)
10,345,956‌
67,663‌
International
Equity
Fund
(a)
8,603,082‌
154,167‌
International
Small
Company
Fund
(a)
452,786‌
5,845‌
MidCap
S&P
400
Index
Fund
(a)
1,187,107‌
29,345‌
Real
Estate
Securities
Fund
(a)
752,388‌
24,024‌
SmallCap
S&P
600
Index
Fund
(a)
1,060,359‌
31,641‌
$
363,606‌
Principal
Funds,
Inc.
Institutional
Class
-
71
.63
%
Bond
Market
Index
Fund
(a)
47,289,808‌
401,018‌
Inflation
Protection
Fund
(a)
7,709,735‌
59,442‌
LargeCap
S&P
500
Index
Fund
(a)
9,243,202‌
329,335‌
Short-Term
Income
Fund
(a)
10,827,532‌
130,255‌
$
920,050‌
TOTAL
INVESTMENT
COMPANIES
$
1,283,656‌
Total
Investments
$
1,283,656‌
Other
Assets
and
Liabilities
-  0.06%
772‌
TOTAL
NET
ASSETS
-
100.00%
$
1,284,428‌
(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.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
356,835‌
$
74,775‌
$
15,178‌
$
401,018‌
Diversified
Real
Asset
Fund
4,698‌
3,708‌
278‌
8,847‌
Global
Emerging
Markets
Fund
28,495‌
13,174‌
4,319‌
42,074‌
High
Yield
Fund
58,251‌
13,643‌
2,511‌
67,663‌
Inflation
Protection
Fund
51,961‌
12,048‌
2,281‌
59,442‌
International
Equity
Fund
135,720‌
26,810‌
22,294‌
154,167‌
International
Small
Company
Fund
7,048‌
1,133‌
2,600‌
5,845‌
LargeCap
S&P
500
Index
Fund
307,790‌
47,207‌
48,038‌
329,335‌
MidCap
S&P
400
Index
Fund
25,649‌
5,701‌
4,131‌
29,345‌
Real
Estate
Securities
Fund
18,079‌
4,050‌
869‌
24,024‌
Short-Term
Income
Fund
109,215‌
27,022‌
4,766‌
130,255‌
SmallCap
S&P
600
Index
Fund
25,148‌
6,506‌
3,690‌
31,641‌
$
1,128,889‌
$
235,777‌
$
110,955‌
$
1,283,656‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
13,804‌
$
(
805‌
)
$
—‌
$
(
14,609‌
)
Diversified
Real
Asset
Fund
140‌
(
1‌
)
—‌
720‌
Global
Emerging
Markets
Fund
498‌
(
6‌
)
242‌
4,730‌
High
Yield
Fund
3,237‌
(
73‌
)
—‌
(
1,647‌
)
Inflation
Protection
Fund
2,328‌
(
84‌
)
—‌
(
2,202‌
)
International
Equity
Fund
5,319‌
132‌
—‌
13,799‌
International
Small
Company
Fund
210‌
12‌
—‌
252‌
LargeCap
S&P
500
Index
Fund
2,985‌
1,158‌
5,912‌
21,218‌
MidCap
S&P
400
Index
Fund
545‌
14‌
1,653‌
2,112‌
Real
Estate
Securities
Fund
335‌
1‌
—‌
2,763‌
Short-Term
Income
Fund
3,496‌
(
27‌
)
—‌
(
1,189‌
)
SmallCap
S&P
600
Index
Fund
816‌
(
58‌
)
1,755‌
3,735‌
$
33,713‌
$
263‌
$
9,562‌
$
29,682‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2030
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
158
INVESTMENT
COMPANIES
-
99
.96
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
31
.50
%
Diversified
Real
Asset
Fund
(a)
903,516‌
$
12,369‌
Global
Emerging
Markets
Fund
(a)
1,761,834‌
70,456‌
High
Yield
Fund
(a)
12,899,708‌
84,364‌
International
Equity
Fund
(a)
14,419,773‌
258,402‌
International
Small
Company
Fund
(a)
763,123‌
9,852‌
MidCap
S&P
400
Index
Fund
(a)
1,981,126‌
48,974‌
Real
Estate
Securities
Fund
(a)
1,051,994‌
33,590‌
SmallCap
S&P
600
Index
Fund
(a)
1,766,686‌
52,718‌
$
570,725‌
Principal
Funds,
Inc.
Institutional
Class
-
68
.46
%
Bond
Market
Index
Fund
(a)
60,654,548‌
514,350‌
Inflation
Protection
Fund
(a)
9,177,175‌
70,756‌
LargeCap
S&P
500
Index
Fund
(a)
15,485,006‌
551,731‌
Short-Term
Income
Fund
(a)
8,620,120‌
103,700‌
$
1,240,537‌
TOTAL
INVESTMENT
COMPANIES
$
1,811,262‌
Total
Investments
$
1,811,262‌
Other
Assets
and
Liabilities
-  0.04%
723‌
TOTAL
NET
ASSETS
-
100.00%
$
1,811,985‌
(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.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
397,206‌
$
139,391‌
$
4,110‌
$
514,350‌
Diversified
Real
Asset
Fund
6,475‌
4,979‌
88‌
12,369‌
Global
Emerging
Markets
Fund
41,613‌
26,112‌
4,458‌
70,456‌
High
Yield
Fund
63,741‌
23,335‌
669‌
84,364‌
Inflation
Protection
Fund
53,425‌
20,365‌
564‌
70,756‌
International
Equity
Fund
198,358‌
63,872‌
25,801‌
258,402‌
International
Small
Company
Fund
10,361‌
2,842‌
3,758‌
9,852‌
LargeCap
S&P
500
Index
Fund
450,007‌
120,639‌
54,992‌
551,731‌
MidCap
S&P
400
Index
Fund
37,573‌
13,163‌
5,148‌
48,974‌
Real
Estate
Securities
Fund
23,025‌
7,134‌
262‌
33,590‌
Short-Term
Income
Fund
72,744‌
32,673‌
794‌
103,700‌
SmallCap
S&P
600
Index
Fund
36,818‌
14,187‌
4,183‌
52,718‌
$
1,391,346‌
$
468,692‌
$
104,827‌
$
1,811,262‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
15,788‌
$
(
702‌
)
$
—‌
$
(
17,435‌
)
Diversified
Real
Asset
Fund
196‌
(
1‌
)
—‌
1,004‌
Global
Emerging
Markets
Fund
746‌
(
104‌
)
360‌
7,293‌
High
Yield
Fund
3,788‌
(
61‌
)
—‌
(
1,982‌
)
Inflation
Protection
Fund
2,477‌
(
12‌
)
—‌
(
2,458‌
)
International
Equity
Fund
7,975‌
(
23‌
)
—‌
21,996‌
International
Small
Company
Fund
324‌
17‌
—‌
390‌
LargeCap
S&P
500
Index
Fund
4,475‌
73‌
8,858‌
36,004‌
MidCap
S&P
400
Index
Fund
825‌
(
42‌
)
2,502‌
3,428‌
Real
Estate
Securities
Fund
451‌
(
9‌
)
—‌
3,702‌
Short-Term
Income
Fund
2,546‌
(
5‌
)
—‌
(
918‌
)
SmallCap
S&P
600
Index
Fund
1,228‌
(
106‌
)
2,641‌
6,002‌
$
40,819‌
$
(
975‌
)
$
14,361‌
$
57,026‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2035
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
159
INVESTMENT
COMPANIES
-
99
.98
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
35
.06
%
Global
Emerging
Markets
Fund
(a)
1,397,918‌
$
55,903‌
High
Yield
Fund
(a)
8,203,695‌
53,652‌
International
Equity
Fund
(a)
11,433,280‌
204,884‌
International
Small
Company
Fund
(a)
602,697‌
7,781‌
MidCap
S&P
400
Index
Fund
(a)
1,584,004‌
39,157‌
Real
Estate
Securities
Fund
(a)
996,462‌
31,817‌
SmallCap
S&P
600
Index
Fund
(a)
1,410,363‌
42,085‌
$
435,279‌
Principal
Funds,
Inc.
Institutional
Class
-
64
.92
%
Bond
Market
Index
Fund
(a)
43,451,989‌
368,473‌
LargeCap
S&P
500
Index
Fund
(a)
12,275,535‌
437,377‌
$
805,850‌
TOTAL
INVESTMENT
COMPANIES
$
1,241,129‌
Total
Investments
$
1,241,129‌
Other
Assets
and
Liabilities
-  0.02%
216‌
TOTAL
NET
ASSETS
-
100.00%
$
1,241,345‌
(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.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
280,906‌
$
105,863‌
$
5,293‌
$
368,473‌
Global
Emerging
Markets
Fund
33,116‌
20,166‌
3,268‌
55,903‌
High
Yield
Fund
40,940‌
14,794‌
770‌
53,652‌
International
Equity
Fund
157,856‌
49,333‌
19,901‌
204,884‌
International
Small
Company
Fund
8,257‌
2,313‌
3,125‌
7,781‌
LargeCap
S&P
500
Index
Fund
358,105‌
92,419‌
42,607‌
437,377‌
MidCap
S&P
400
Index
Fund
29,901‌
10,324‌
3,818‌
39,157‌
Real
Estate
Securities
Fund
19,517‌
9,221‌
428‌
31,817‌
SmallCap
S&P
600
Index
Fund
29,290‌
11,002‌
2,958‌
42,085‌
$
957,888‌
$
315,435‌
$
82,168‌
$
1,241,129‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
11,285‌
$
(
235‌
)
$
—‌
$
(
12,768‌
)
Global
Emerging
Markets
Fund
597‌
(
55‌
)
289‌
5,944‌
High
Yield
Fund
2,444‌
(
21‌
)
—‌
(
1,291‌
)
International
Equity
Fund
6,394‌
(
7‌
)
—‌
17,603‌
International
Small
Company
Fund
262‌
(
5‌
)
—‌
341‌
LargeCap
S&P
500
Index
Fund
3,596‌
23‌
7,123‌
29,437‌
MidCap
S&P
400
Index
Fund
664‌
(
42‌
)
2,017‌
2,792‌
Real
Estate
Securities
Fund
405‌
(
4‌
)
—‌
3,511‌
SmallCap
S&P
600
Index
Fund
988‌
(
98‌
)
2,125‌
4,849‌
$
26,635‌
$
(
444‌
)
$
11,554‌
$
50,418‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2040
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
160
INVESTMENT
COMPANIES
-
99
.99
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
38
.89
%
Global
Emerging
Markets
Fund
(a)
2,115,353‌
$
84,593‌
High
Yield
Fund
(a)
8,269,935‌
54,085‌
International
Equity
Fund
(a)
17,309,871‌
310,193‌
International
Small
Company
Fund
(a)
916,117‌
11,827‌
MidCap
S&P
400
Index
Fund
(a)
2,380,059‌
58,835‌
Real
Estate
Securities
Fund
(a)
1,274,316‌
40,689‌
SmallCap
S&P
600
Index
Fund
(a)
2,130,886‌
63,586‌
$
623,808‌
Principal
Funds,
Inc.
Institutional
Class
-
61
.10
%
Bond
Market
Index
Fund
(a)
37,533,030‌
318,280‌
LargeCap
S&P
500
Index
Fund
(a)
18,572,855‌
661,751‌
$
980,031‌
TOTAL
INVESTMENT
COMPANIES
$
1,603,839‌
Total
Investments
$
1,603,839‌
Other
Assets
and
Liabilities
-  0.01%
181‌
TOTAL
NET
ASSETS
-
100.00%
$
1,604,020‌
(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.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
226,858‌
$
104,340‌
$
2,236‌
$
318,280‌
Global
Emerging
Markets
Fund
48,476‌
31,369‌
3,685‌
84,593‌
High
Yield
Fund
38,563‌
17,182‌
381‌
54,085‌
International
Equity
Fund
231,051‌
77,845‌
24,729‌
310,193‌
International
Small
Company
Fund
12,046‌
3,647‌
4,352‌
11,827‌
LargeCap
S&P
500
Index
Fund
523,988‌
149,252‌
53,765‌
661,751‌
MidCap
S&P
400
Index
Fund
43,712‌
16,343‌
5,211‌
58,835‌
Real
Estate
Securities
Fund
23,929‌
12,667‌
265‌
40,689‌
SmallCap
S&P
600
Index
Fund
42,833‌
17,361‌
3,587‌
63,586‌
$
1,191,456‌
$
430,006‌
$
98,211‌
$
1,603,839‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
9,121‌
$
(
80‌
)
$
—‌
$
(
10,602‌
)
Global
Emerging
Markets
Fund
875‌
(
82‌
)
423‌
8,515‌
High
Yield
Fund
2,350‌
(
9‌
)
—‌
(
1,270‌
)
International
Equity
Fund
9,372‌
(
38‌
)
—‌
26,064‌
International
Small
Company
Fund
386‌
5‌
—‌
481‌
LargeCap
S&P
500
Index
Fund
5,261‌
(
23‌
)
10,425‌
42,299‌
MidCap
S&P
400
Index
Fund
974‌
(
60‌
)
2,957‌
4,051‌
Real
Estate
Securities
Fund
504‌
(
2‌
)
—‌
4,360‌
SmallCap
S&P
600
Index
Fund
1,446‌
(
121‌
)
3,110‌
7,100‌
$
30,289‌
$
(
410‌
)
$
16,915‌
$
80,998‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2045
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
161
INVESTMENT
COMPANIES
-
99
.99
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
42
.26
%
Global
Emerging
Markets
Fund
(a)
1,211,794‌
$
48,460‌
High
Yield
Fund
(a)
2,866,617‌
18,748‌
International
Equity
Fund
(a)
9,907,103‌
177,535‌
International
Small
Company
Fund
(a)
522,279‌
6,743‌
MidCap
S&P
400
Index
Fund
(a)
1,374,847‌
33,986‌
Real
Estate
Securities
Fund
(a)
637,671‌
20,361‌
SmallCap
S&P
600
Index
Fund
(a)
1,214,793‌
36,249‌
$
342,082‌
Principal
Funds,
Inc.
Institutional
Class
-
57
.73
%
Bond
Market
Index
Fund
(a)
10,391,750‌
88,122‌
LargeCap
S&P
500
Index
Fund
(a)
10,642,410‌
379,189‌
$
467,311‌
TOTAL
INVESTMENT
COMPANIES
$
809,393‌
Total
Investments
$
809,393‌
Other
Assets
and
Liabilities
-  0.01%
48‌
TOTAL
NET
ASSETS
-
100.00%
$
809,441‌
(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.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
68,763‌
$
26,982‌
$
4,484‌
$
88,122‌
Global
Emerging
Markets
Fund
29,403‌
15,926‌
1,861‌
48,460‌
High
Yield
Fund
14,762‌
5,401‌
952‌
18,748‌
International
Equity
Fund
139,977‌
35,155‌
12,780‌
177,535‌
International
Small
Company
Fund
7,214‌
1,536‌
2,287‌
6,743‌
LargeCap
S&P
500
Index
Fund
317,091‌
68,612‌
30,869‌
379,189‌
MidCap
S&P
400
Index
Fund
26,361‌
7,808‌
2,499‌
33,986‌
Real
Estate
Securities
Fund
12,504‌
5,962‌
345‌
20,361‌
SmallCap
S&P
600
Index
Fund
25,894‌
8,553‌
2,193‌
36,249‌
$
641,969‌
$
175,935‌
$
58,270‌
$
809,393‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
2,721‌
$
(
107‌
)
$
—‌
$
(
3,032‌
)
Global
Emerging
Markets
Fund
525‌
(
38‌
)
254‌
5,030‌
High
Yield
Fund
857‌
(
14‌
)
—‌
(
449‌
)
International
Equity
Fund
5,612‌
(
14‌
)
—‌
15,197‌
International
Small
Company
Fund
225‌
(
11‌
)
—‌
291‌
LargeCap
S&P
500
Index
Fund
3,138‌
(
67‌
)
6,215‌
24,422‌
MidCap
S&P
400
Index
Fund
575‌
(
22‌
)
1,746‌
2,338‌
Real
Estate
Securities
Fund
257‌
(
6‌
)
—‌
2,246‌
SmallCap
S&P
600
Index
Fund
859‌
(
73‌
)
1,848‌
4,068‌
$
14,769‌
$
(
352‌
)
$
10,063‌
$
50,111‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2050
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
162
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
44
.47
%
Global
Emerging
Markets
Fund
(a)
1,311,807‌
$
52,459‌
High
Yield
Fund
(a)
1,600,751‌
10,469‌
International
Equity
Fund
(a)
10,736,504‌
192,398‌
International
Small
Company
Fund
(a)
570,263‌
7,362‌
MidCap
S&P
400
Index
Fund
(a)
1,485,162‌
36,713‌
Real
Estate
Securities
Fund
(a)
630,170‌
20,122‌
SmallCap
S&P
600
Index
Fund
(a)
1,312,175‌
39,155‌
$
358,678‌
Principal
Funds,
Inc.
Institutional
Class
-
55
.53
%
Bond
Market
Index
Fund
(a)
4,430,572‌
37,571‌
LargeCap
S&P
500
Index
Fund
(a)
11,518,142‌
410,392‌
$
447,963‌
TOTAL
INVESTMENT
COMPANIES
$
806,641‌
Total
Investments
$
806,641‌
Other
Assets
and
Liabilities
-  0.00%
—‌
TOTAL
NET
ASSETS
-
100.00%
$
806,641‌
(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.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
25,080‌
$
14,160‌
$
482‌
$
37,571‌
Global
Emerging
Markets
Fund
30,358‌
18,423‌
1,324‌
52,459‌
High
Yield
Fund
7,131‌
3,711‌
136‌
10,469‌
International
Equity
Fund
144,487‌
43,454‌
11,516‌
192,398‌
International
Small
Company
Fund
7,428‌
1,878‌
2,228‌
7,362‌
LargeCap
S&P
500
Index
Fund
327,212‌
84,302‌
26,120‌
410,392‌
MidCap
S&P
400
Index
Fund
27,176‌
9,183‌
2,052‌
36,713‌
Real
Estate
Securities
Fund
11,711‌
6,523‌
251‌
20,122‌
SmallCap
S&P
600
Index
Fund
26,711‌
10,038‌
1,791‌
39,155‌
$
607,294‌
$
191,672‌
$
45,900‌
$
806,641‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
991‌
$
(
48‌
)
$
—‌
$
(
1,139‌
)
Global
Emerging
Markets
Fund
539‌
(
32‌
)
261‌
5,034‌
High
Yield
Fund
429‌
(
8‌
)
—‌
(
229‌
)
International
Equity
Fund
5,759‌
(
15‌
)
—‌
15,988‌
International
Small
Company
Fund
229‌
(
12‌
)
—‌
296‌
LargeCap
S&P
500
Index
Fund
3,229‌
(
35‌
)
6,398‌
25,033‌
MidCap
S&P
400
Index
Fund
591‌
(
20‌
)
1,794‌
2,426‌
Real
Estate
Securities
Fund
242‌
(
5‌
)
—‌
2,144‌
SmallCap
S&P
600
Index
Fund
884‌
(
57‌
)
1,902‌
4,254‌
$
12,893‌
$
(
232‌
)
$
10,355‌
$
53,807‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2055
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
163
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
45
.22
%
Global
Emerging
Markets
Fund
(a)
838,297‌
$
33,523‌
High
Yield
Fund
(a)
565,834‌
3,701‌
International
Equity
Fund
(a)
6,855,457‌
122,850‌
International
Small
Company
Fund
(a)
361,729‌
4,670‌
MidCap
S&P
400
Index
Fund
(a)
951,885‌
23,531‌
Real
Estate
Securities
Fund
(a)
388,927‌
12,418‌
SmallCap
S&P
600
Index
Fund
(a)
840,687‌
25,086‌
$
225,779‌
Principal
Funds,
Inc.
Institutional
Class
-
54
.79
%
Bond
Market
Index
Fund
(a)
1,317,983‌
11,177‌
LargeCap
S&P
500
Index
Fund
(a)
7,364,422‌
262,394‌
$
273,571‌
TOTAL
INVESTMENT
COMPANIES
$
499,350‌
Total
Investments
$
499,350‌
Other
Assets
and
Liabilities
-  (0.01)%
(
42‌
)
TOTAL
NET
ASSETS
-
100.00%
$
499,308‌
(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.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
8,882‌
$
3,421‌
$
725‌
$
11,177‌
Global
Emerging
Markets
Fund
19,939‌
11,067‌
865‌
33,523‌
High
Yield
Fund
2,879‌
1,149‌
238‌
3,701‌
International
Equity
Fund
94,971‌
24,464‌
7,010‌
122,850‌
International
Small
Company
Fund
4,914‌
1,082‌
1,520‌
4,670‌
LargeCap
S&P
500
Index
Fund
215,145‌
46,725‌
16,314‌
262,394‌
MidCap
S&P
400
Index
Fund
17,909‌
5,333‌
1,300‌
23,531‌
Real
Estate
Securities
Fund
7,552‌
3,710‌
213‌
12,418‌
SmallCap
S&P
600
Index
Fund
17,582‌
5,811‌
1,052‌
25,086‌
$
389,773‌
$
102,762‌
$
29,237‌
$
499,350‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
354‌
$
(
14‌
)
$
—‌
$
(
387‌
)
Global
Emerging
Markets
Fund
355‌
(
20‌
)
172‌
3,402‌
High
Yield
Fund
164‌
(
3‌
)
—‌
(
86‌
)
International
Equity
Fund
3,803‌
(
10‌
)
—‌
10,435‌
International
Small
Company
Fund
153‌
8‌
—‌
186‌
LargeCap
S&P
500
Index
Fund
2,133‌
(
34‌
)
4,226‌
16,872‌
MidCap
S&P
400
Index
Fund
392‌
(
13‌
)
1,189‌
1,602‌
Real
Estate
Securities
Fund
155‌
(
3‌
)
—‌
1,372‌
SmallCap
S&P
600
Index
Fund
585‌
(
32‌
)
1,258‌
2,777‌
$
8,094‌
$
(
121‌
)
$
6,845‌
$
36,173‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2060
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
164
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
45
.27
%
Global
Emerging
Markets
Fund
(a)
527,084‌
$
21,078‌
High
Yield
Fund
(a)
352,160‌
2,303‌
International
Equity
Fund
(a)
4,318,530‌
77,388‌
International
Small
Company
Fund
(a)
230,669‌
2,978‌
MidCap
S&P
400
Index
Fund
(a)
598,207‌
14,788‌
Real
Estate
Securities
Fund
(a)
244,493‌
7,807‌
SmallCap
S&P
600
Index
Fund
(a)
528,342‌
15,766‌
$
142,108‌
Principal
Funds,
Inc.
Institutional
Class
-
54
.74
%
Bond
Market
Index
Fund
(a)
821,020‌
6,962‌
LargeCap
S&P
500
Index
Fund
(a)
4,627,420‌
164,875‌
$
171,837‌
TOTAL
INVESTMENT
COMPANIES
$
313,945‌
Total
Investments
$
313,945‌
Other
Assets
and
Liabilities
-  (0.01)%
(
28‌
)
TOTAL
NET
ASSETS
-
100.00%
$
313,917‌
(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.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
5,043‌
$
2,556‌
$
403‌
$
6,962‌
Global
Emerging
Markets
Fund
11,268‌
8,261‌
337‌
21,078‌
High
Yield
Fund
1,634‌
854‌
132‌
2,303‌
International
Equity
Fund
53,717‌
20,855‌
3,389‌
77,388‌
International
Small
Company
Fund
2,797‌
958‌
887‌
2,978‌
LargeCap
S&P
500
Index
Fund
121,743‌
41,345‌
8,001‌
164,875‌
MidCap
S&P
400
Index
Fund
10,157‌
4,379‌
687‌
14,788‌
Real
Estate
Securities
Fund
4,351‌
2,715‌
68‌
7,807‌
SmallCap
S&P
600
Index
Fund
9,959‌
4,637‌
478‌
15,766‌
$
220,669‌
$
86,560‌
$
14,382‌
$
313,945‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
204‌
$
(
6‌
)
$
—‌
$
(
228‌
)
Global
Emerging
Markets
Fund
202‌
(
10‌
)
98‌
1,896‌
High
Yield
Fund
96‌
(
1‌
)
—‌
(
52‌
)
International
Equity
Fund
2,166‌
(
4‌
)
—‌
6,209‌
International
Small
Company
Fund
89‌
2‌
—‌
108‌
LargeCap
S&P
500
Index
Fund
1,217‌
(
13‌
)
2,409‌
9,801‌
MidCap
S&P
400
Index
Fund
225‌
(
7‌
)
682‌
946‌
Real
Estate
Securities
Fund
92‌
(
1‌
)
—‌
810‌
SmallCap
S&P
600
Index
Fund
335‌
(
14‌
)
719‌
1,662‌
$
4,626‌
$
(
54‌
)
$
3,908‌
$
21,152‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2065
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
165
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
45
.23
%
Global
Emerging
Markets
Fund
(a)
197,220‌
$
7,887‌
High
Yield
Fund
(a)
131,707‌
861‌
International
Equity
Fund
(a)
1,613,357‌
28,912‌
International
Small
Company
Fund
(a)
85,341‌
1,102‌
MidCap
S&P
400
Index
Fund
(a)
223,921‌
5,535‌
Real
Estate
Securities
Fund
(a)
91,293‌
2,915‌
SmallCap
S&P
600
Index
Fund
(a)
197,750‌
5,901‌
$
53,113‌
Principal
Funds,
Inc.
Institutional
Class
-
54
.78
%
Bond
Market
Index
Fund
(a)
306,926‌
2,603‌
LargeCap
S&P
500
Index
Fund
(a)
1,732,120‌
61,715‌
$
64,318‌
TOTAL
INVESTMENT
COMPANIES
$
117,431‌
Total
Investments
$
117,431‌
Other
Assets
and
Liabilities
-  (0.01)%
(
10‌
)
TOTAL
NET
ASSETS
-
100.00%
$
117,421‌
(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.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
1,882‌
$
1,043‌
$
234‌
$
2,603‌
Global
Emerging
Markets
Fund
4,166‌
3,254‌
259‌
7,887‌
High
Yield
Fund
610‌
348‌
77‌
861‌
International
Equity
Fund
19,893‌
8,579‌
1,877‌
28,912‌
International
Small
Company
Fund
1,053‌
411‌
404‌
1,102‌
LargeCap
S&P
500
Index
Fund
45,144‌
17,001‌
4,287‌
61,715‌
MidCap
S&P
400
Index
Fund
3,786‌
1,804‌
414‌
5,535‌
Real
Estate
Securities
Fund
1,627‌
1,080‌
99‌
2,915‌
SmallCap
S&P
600
Index
Fund
3,701‌
1,879‌
304‌
5,901‌
$
81,862‌
$
35,399‌
$
7,955‌
$
117,431‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
76‌
$
(
10‌
)
$
—‌
$
(
78‌
)
Global
Emerging
Markets
Fund
75‌
(
9‌
)
36‌
735‌
High
Yield
Fund
36‌
(
2‌
)
—‌
(
18‌
)
International
Equity
Fund
805‌
(
2‌
)
—‌
2,319‌
International
Small
Company
Fund
34‌
1‌
—‌
41‌
LargeCap
S&P
500
Index
Fund
452‌
(
9‌
)
894‌
3,866‌
MidCap
S&P
400
Index
Fund
84‌
(
6‌
)
255‌
365‌
Real
Estate
Securities
Fund
35‌
(
2‌
)
—‌
309‌
SmallCap
S&P
600
Index
Fund
124‌
(
10‌
)
267‌
635‌
$
1,721‌
$
(
49‌
)
$
1,452‌
$
8,174‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2070
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
166
INVESTMENT
COMPANIES
-
99
.98
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
45
.31
%
Global
Emerging
Markets
Fund
(a)
41,659‌
$
1,666‌
High
Yield
Fund
(a)
27,799‌
182‌
International
Equity
Fund
(a)
342,094‌
6,130‌
International
Small
Company
Fund
(a)
18,547‌
239‌
MidCap
S&P
400
Index
Fund
(a)
47,276‌
1,169‌
Real
Estate
Securities
Fund
(a)
19,316‌
617‌
SmallCap
S&P
600
Index
Fund
(a)
41,722‌
1,245‌
$
11,248‌
Principal
Funds,
Inc.
Institutional
Class
-
54
.67
%
Bond
Market
Index
Fund
(a)
64,817‌
550‌
LargeCap
S&P
500
Index
Fund
(a)
365,422‌
13,020‌
$
13,570‌
TOTAL
INVESTMENT
COMPANIES
$
24,818‌
Total
Investments
$
24,818‌
Other
Assets
and
Liabilities
-  0.02%
4‌
TOTAL
NET
ASSETS
-
100.00%
$
24,822‌
(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.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
290‌
$
332‌
$
58‌
$
550‌
Global
Emerging
Markets
Fund
618‌
1,010‌
78‌
1,666‌
High
Yield
Fund
94‌
111‌
19‌
182‌
International
Equity
Fund
2,972‌
3,182‌
449‌
6,130‌
International
Small
Company
Fund
168‌
152‌
87‌
239‌
LargeCap
S&P
500
Index
Fund
6,786‌
6,508‌
968‌
13,020‌
MidCap
S&P
400
Index
Fund
582‌
625‌
105‌
1,169‌
Real
Estate
Securities
Fund
253‌
346‌
37‌
617‌
SmallCap
S&P
600
Index
Fund
562‌
639‌
77‌
1,245‌
$
12,325‌
$
12,905‌
$
1,878‌
$
24,818‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
12‌
$
—‌
$
—‌
$
(
14‌
)
Global
Emerging
Markets
Fund
11‌
—‌
5‌
116‌
High
Yield
Fund
6‌
—‌
—‌
(
4‌
)
International
Equity
Fund
122‌
—‌
—‌
425‌
International
Small
Company
Fund
6‌
—‌
—‌
6‌
LargeCap
S&P
500
Index
Fund
68‌
1‌
134‌
693‌
MidCap
S&P
400
Index
Fund
13‌
(
1‌
)
39‌
68‌
Real
Estate
Securities
Fund
6‌
—‌
—‌
55‌
SmallCap
S&P
600
Index
Fund
19‌
—‌
41‌
121‌
$
263‌
$
—‌
$
219‌
$
1,466‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
167
*Includes
($45,580)
from
merger
of
Principal
LifeTime
Hybrid
2015
Fund.
INVESTMENT
COMPANIES
-
99.91%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
24.25%
Diversified
Real
Asset
Fund
(a)
376,186‌
$
5,150‌
Global
Emerging
Markets
Fund
(a)
447,363‌
17,890‌
High
Yield
Fund
(a)
7,284,615‌
47,641‌
International
Equity
Fund
(a)
3,659,031‌
65,570‌
International
Small
Company
Fund
(a)
192,618‌
2,487‌
MidCap
S&P
400
Index
Fund
(a)
507,881‌
12,555‌
Real
Estate
Securities
Fund
(a)
436,169‌
13,927‌
SmallCap
S&P
600
Index
Fund
(a)
448,671‌
13,388‌
$
178,608‌
Principal
Funds,
Inc.
Institutional
Class
-
75.66%
Bond
Market
Index
Fund
(a)
29,672,552‌
251,623‌
Inflation
Protection
Fund
(a)
5,440,491‌
41,946‌
LargeCap
S&P
500
Index
Fund
(a)
3,932,169‌
140,103‌
Short-Term
Income
Fund
(a)
10,274,207‌
123,599‌
$
557,271‌
TOTAL
INVESTMENT
COMPANIES
$
735,879‌
Total
Investments
$
735,879‌
Other
Assets
and
Liabilities
-  0.09%
657‌
TOTAL
NET
ASSETS
-
100.00%
$
736,536‌
(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.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
65,183‌
$
209,538‌
$
8,262‌
$
251,623‌
Diversified
Real
Asset
Fund
828‌
4,142‌
148‌
5,150‌
Global
Emerging
Markets
Fund
3,478‌
12,533‌
1,420‌
17,890‌
High
Yield
Fund
12,071‌
39,001‌
1,548‌
47,641‌
Inflation
Protection
Fund
10,765‌
34,813‌
1,379‌
41,946‌
International
Equity
Fund
16,555‌
42,554‌
5,933‌
65,570‌
International
Small
Company
Fund
857‌
1,564‌
452‌
2,487‌
LargeCap
S&P
500
Index
Fund
37,537‌
72,062‌
12,756‌
140,103‌
MidCap
S&P
400
Index
Fund
3,123‌
8,323‌
1,110‌
12,555‌
Real
Estate
Securities
Fund
3,064‌
10,131‌
440‌
13,927‌
Short-Term
Income
Fund
31,389‌
96,225‌
4,013‌
123,599‌
SmallCap
S&P
600
Index
Fund
3,062‌
9,323‌
1,121‌
13,388‌
$
187,912‌
$
540,209‌
$
38,582‌
$
735,879‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
*
Bond
Market
Index
Fund
$
2,555‌
$
(1,123‌)
$
—‌
$
(13,713‌)
Diversified
Real
Asset
Fund
45‌
(2‌)
—‌
330‌
Global
Emerging
Markets
Fund
62‌
9‌
30‌
3,290‌
High
Yield
Fund
995‌
(114‌)
—‌
(1,769‌)
Inflation
Protection
Fund
491‌
(134‌)
—‌
(2,119‌)
International
Equity
Fund
659‌
138‌
—‌
12,256‌
International
Small
Company
Fund
26‌
(5‌)
—‌
523‌
LargeCap
S&P
500
Index
Fund
369‌
449‌
731‌
42,811‌
MidCap
S&P
400
Index
Fund
67‌
(17‌)
204‌
2,236‌
Real
Estate
Securities
Fund
103‌
4‌
—‌
1,168‌
Short-Term
Income
Fund
1,480‌
(57‌)
—‌
55‌
SmallCap
S&P
600
Index
Fund
101‌
(69‌)
217‌
2,193‌
$
6,953‌
$
(921‌)
$
1,182‌
$
47,261‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Strategic
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
168
INVESTMENT
COMPANIES
-
99.78%
Shares
Held
Value
(000's)
Principal
Exchange-Traded
Funds
-
0.22%
Principal
U.S.
Mega-Cap
ETF
(a)
17,803‌
$
1,319‌
Principal
U.S.
Small-Cap
ETF
(a)
6,517‌
444‌
$
1,763‌
Principal
Funds,
Inc.
Class
R-6
-
62.40%
Blue
Chip
Fund
(a),(b)
376,843‌
15,858‌
Core
Fixed
Income
Fund
(a)
31,384,350‌
265,825‌
Diversified
Real
Asset
Fund
(a)
403,399‌
5,523‌
Global
Emerging
Markets
Fund
(a)
485,659‌
19,421‌
High
Yield
Fund
(a)
7,768,310‌
50,805‌
International
Equity
Fund
(a)
3,916,424‌
70,182‌
International
Small
Company
Fund
(a)
185,285‌
2,392‌
LargeCap
Growth
Fund
I
(a)
1,090,053‌
17,474‌
MidCap
Fund
(a),(b)
130,614‌
5,358‌
Real
Estate
Securities
Fund
(a)
466,803‌
14,905‌
SmallCap
Fund
(a)
350,056‌
12,430‌
SmallCap
S&P
600
Index
Fund
(a)
34,951‌
1,043‌
Small-MidCap
Dividend
Income
Fund
(a)
327,908‌
7,493‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
161,100‌
1,477‌
$
490,186‌
Principal
Funds,
Inc.
Institutional
Class
-
37.16%
Equity
Income
Fund
(a)
452,317‌
20,689‌
Inflation
Protection
Fund
(a)
5,751,367‌
44,343‌
LargeCap
S&P
500
Index
Fund
(a)
2,016,234‌
71,839‌
LargeCap
Value
Fund
III
(a)
1,023,258‌
20,455‌
Principal
Capital
Appreciation
Fund
(a)
30,557‌
2,858‌
Short-Term
Income
Fund
(a)
10,949,986‌
131,728‌
$
291,912‌
TOTAL
INVESTMENT
COMPANIES
$
783,861‌
Total
Investments
$
783,861‌
Other
Assets
and
Liabilities
-  0.22%
1,761‌
TOTAL
NET
ASSETS
-
100.00%
$
785,622‌
(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)
Non-income
producing
security
Schedule
of
Investments
Principal
LifeTime
Strategic
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
169
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
25,158‌
$
4,648‌
$
12,465‌
$
15,858‌
Core
Fixed
Income
Fund
251,672‌
84,112‌
52,197‌
265,825‌
Diversified
Real
Asset
Fund
2,897‌
3,104‌
920‌
5,523‌
Equity
Income
Fund
26,102‌
4,276‌
13,675‌
20,689‌
Global
Emerging
Markets
Fund
13,528‌
7,274‌
4,559‌
19,421‌
High
Yield
Fund
46,653‌
15,865‌
9,782‌
50,805‌
Inflation
Protection
Fund
41,519‌
14,634‌
8,657‌
44,343‌
International
Equity
Fund
64,278‌
17,142‌
20,638‌
70,182‌
International
Small
Company
Fund
3,262‌
712‌
1,859‌
2,392‌
LargeCap
Growth
Fund
I
26,948‌
3,947‌
12,741‌
17,474‌
LargeCap
S&P
500
Index
Fund
42,404‌
42,054‌
26,458‌
71,839‌
LargeCap
Value
Fund
III
23,428‌
6,653‌
10,746‌
20,455‌
MidCap
Fund
5,637‌
1,020‌
1,508‌
5,358‌
Principal
Capital
Appreciation
Fund
—‌
2,887‌
—‌
2,858‌
Principal
U.S.
Mega-Cap
ETF
—‌
1,317‌
—‌
1,319‌
Principal
U.S.
Small-Cap
ETF
—‌
456‌
—‌
444‌
Real
Estate
Securities
Fund
11,740‌
4,182‌
2,728‌
14,905‌
Short-Term
Income
Fund
121,298‌
37,417‌
25,355‌
131,728‌
SmallCap
Fund
10,888‌
3,144‌
3,312‌
12,430‌
SmallCap
S&P
600
Index
Fund
1,181‌
495‌
785‌
1,043‌
Small-MidCap
Dividend
Income
Fund
6,264‌
1,919‌
1,996‌
7,493‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—‌
1,491‌
—‌
1,477‌
$
724,857‌
$
258,749‌
$
210,381‌
$
783,861‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
*
Blue
Chip
Fund
$
—‌
$
6,088‌
$
2,762‌
$
(7,571‌)
Core
Fixed
Income
Fund
7,004‌
(5,085‌)
—‌
(12,677‌)
Diversified
Real
Asset
Fund
87‌
(9‌)
—‌
451‌
Equity
Income
Fund
278‌
6,456‌
1,412‌
(2,470‌)
Global
Emerging
Markets
Fund
234‌
126‌
114‌
3,052‌
High
Yield
Fund
2,406‌
(378‌)
—‌
(1,553‌)
Inflation
Protection
Fund
1,828‌
(433‌)
—‌
(2,720‌)
International
Equity
Fund
2,485‌
3,158‌
—‌
6,242‌
International
Small
Company
Fund
94‌
(35‌)
—‌
312‌
LargeCap
Growth
Fund
I
322‌
(1,887‌)
1,908‌
1,207‌
LargeCap
S&P
500
Index
Fund
696‌
811‌
1,378‌
13,028‌
LargeCap
Value
Fund
III
488‌
1,067‌
2,608‌
53‌
MidCap
Fund
—‌
220‌
305‌
(11‌)
Principal
Capital
Appreciation
Fund
—‌
—‌
—‌
(29‌)
Principal
U.S.
Mega-Cap
ETF
2‌
—‌
—‌
2‌
Principal
U.S.
Small-Cap
ETF
1‌
—‌
—‌
(12‌)
Real
Estate
Securities
Fund
211‌
8‌
—‌
1,703‌
Short-Term
Income
Fund
3,561‌
(130‌)
—‌
(1,502‌)
SmallCap
Fund
33‌
262‌
515‌
1,448‌
SmallCap
S&P
600
Index
Fund
38‌
(1‌)
82‌
153‌
Small-MidCap
Dividend
Income
Fund
89‌
174‌
90‌
1,132‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
7‌
—‌
—‌
(14‌)
$
19,864‌
$
10,412‌
$
11,174‌
$
224‌
Amounts
in
thousands.
*Includes
($12,039)
from
merger
of
Principal
LifeTime
2015
Fund.
Schedule
of
Investments
Real
Estate
Securities
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
170
INVESTMENT
COMPANIES
-
0
.29
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.29
%
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b)
20,666,983‌
$
20,667‌
TOTAL
INVESTMENT
COMPANIES
$
20,667‌
COMMON
STOCKS
-
99
.62
%
Shares
Held
Value
(000's)
Lodging
-
2
.73
%
Hilton
Worldwide
Holdings
Inc
427,069‌
$
136,871‌
Hyatt
Hotels
Corp
314,186‌
54,687‌
$
191,558‌
Real
Estate
-
0
.67
%
Jones
Lang
LaSalle
Inc
(c)
131,696‌
46,756‌
REITs
-
95
.36
%
Acadia
Realty
Trust
2,280,165‌
51,235‌
Agree
Realty
Corp
1,315,966‌
102,382‌
American
Healthcare
REIT
Inc
2,573,010‌
143,059‌
American
Homes
4
Rent
6,869,636‌
229,583‌
American
Tower
Corp
3,018,072‌
523,213‌
Americold
Realty
Trust
Inc
2,389,210‌
33,664‌
AvalonBay
Communities
Inc
1,271,519‌
236,007‌
Blackstone
Digital
Infrastructure
Trust
Inc
(c)
3,199,191‌
66,575‌
Brixmor
Property
Group
Inc
2,347,411‌
73,967‌
Cousins
Properties
Inc
3,843,589‌
121,265‌
Digital
Realty
Trust
Inc
1,456,907‌
274,656‌
EastGroup
Properties
Inc
727,364‌
152,026‌
Equinix
Inc
645,406‌
657,849‌
Equity
LifeStyle
Properties
Inc
1,776,077‌
115,569‌
Essex
Property
Trust
Inc
743,491‌
211,256‌
Extra
Space
Storage
Inc
2,062,255‌
305,296‌
Gaming
and
Leisure
Properties
Inc
1,944,866‌
87,111‌
Healthpeak
Properties
Inc
5,220,598‌
113,966‌
Hudson
Pacific
Properties
Inc
(c)
1,060,602‌
14,605‌
InvenTrust
Properties
Corp
2,546,592‌
90,175‌
Iron
Mountain
Inc
1,364,528‌
166,909‌
Kilroy
Realty
Corp
1,618,181‌
62,818‌
Macerich
Co/The
2,674,702‌
69,114‌
National
Health
Investors
Inc
840,085‌
64,393‌
National
Healthcare
Properties
Inc
2,591,503‌
39,624‌
NETSTREIT
Corp
(a)
4,329,750‌
92,873‌
Prologis
Inc
2,737,204‌
395,827‌
Regency
Centers
Corp
2,341,792‌
188,022‌
Rexford
Industrial
Realty
Inc
3,640,363‌
137,497‌
Sabra
Health
Care
REIT
Inc
8,264,998‌
174,970‌
Saul
Centers
Inc
97,383‌
3,318‌
SBA
Communications
Corp
1,171,241‌
211,971‌
Simon
Property
Group
Inc
517,373‌
118,670‌
Smartstop
Self
Storage
REIT
Inc
1,376,765‌
46,177‌
Terreno
Realty
Corp
982,684‌
70,409‌
Ventas
Inc
4,601,391‌
430,276‌
Vornado
Realty
Trust
2,128,399‌
83,838‌
Welltower
Inc
2,950,095‌
691,620‌
Weyerhaeuser
Co
1,788,014‌
44,754‌
$
6,696,539‌
Telecommunications
-
0
.86
%
Csquare
Inc
(c)
3,033,350‌
60,546‌
TOTAL
COMMON
STOCKS
$
6,995,399‌
Total
Investments
$
7,016,066‌
Other
Assets
and
Liabilities
-  0.09%
6,593‌
TOTAL
NET
ASSETS
-
100.00%
$
7,022,659‌
(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
Schedule
of
Investments
Real
Estate
Securities
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
171
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
NETSTREIT
Corp
$
82,892‌
$
1,717‌
$
4,172‌
$
92,873‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
77,998‌
1,088,148‌
1,145,479‌
20,667‌
$
160,890‌
$
1,089,865‌
$
1,149,651‌
$
113,540‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
NETSTREIT
Corp
$
2,892‌
$
26‌
$
—‌
$
12,410‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
1,118‌
—‌
—‌
—‌
$
4,010‌
$
26‌
$
—‌
$
12,410‌
Amounts
in
thousands.
Schedule
of
Investments
SAM
Balanced
Portfolio
July
31,
2026
(unaudited)
See
accompanying
notes.
172
INVESTMENT
COMPANIES
-
99
.97
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.73
%
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b)
35,556,136‌
$
35,556‌
Principal
Exchange-Traded
Funds
-
31
.83
%
Principal
Capital
Appreciation
Select
ETF
(a)
12,298,000‌
407,064‌
Principal
International
Equity
ETF
(a)
6,916,387‌
250,926‌
Principal
Spectrum
Preferred
Securities
Active
ETF
(a)
4,943,000‌
93,324‌
Principal
U.S.
Mega-Cap
ETF
(a)
7,893,257‌
584,969‌
Principal
U.S.
Small-Cap
ETF
(a)
2,846,700‌
193,832‌
Principal
Value
ETF
(a)
452,000‌
25,484‌
$
1,555,599‌
Principal
Funds,
Inc.
Class
R-6
-
32
.86
%
Blue
Chip
Fund
(a),(c)
1,690,839‌
71,150‌
Core
Fixed
Income
Fund
(a)
50,356,060‌
426,516‌
Diversified
Real
Asset
Fund
(a)
8,430,946‌
115,420‌
Global
Emerging
Markets
Fund
(a)
6,514,975‌
260,534‌
Global
Macro
Fund
(a)
4,825,999‌
53,906‌
High
Yield
Fund
(a)
25,556,819‌
167,142‌
International
Bond
Fund
(a),(c)
6,359,000‌
63,526‌
International
Equity
Index
Fund
(a)
10,322,212‌
160,614‌
International
Small
Company
Fund
(a)
1,489,563‌
19,230‌
LargeCap
Growth
Fund
I
(a)
4,385,947‌
70,307‌
Real
Estate
Securities
Fund
(a)
4,756,830‌
151,886‌
Small-MidCap
Dividend
Income
Fund
(a)
1,987,769‌
45,420‌
$
1,605,651‌
Principal
Funds,
Inc.
Institutional
Class
-
34
.55
%
Bond
Market
Index
Fund
(a)
30,213,470‌
256,210‌
Equity
Income
Fund
(a)
7,767,569‌
355,289‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
13,705,568‌
131,162‌
Global
Listed
Infrastructure
Fund
(a)
1,599,896‌
20,559‌
Government
&
High
Quality
Bond
Fund
(a)
5,960,187‌
53,046‌
Inflation
Protection
Fund
(a)
4,625,352‌
35,661‌
LargeCap
S&P
500
Index
Fund
(a)
5,876,238‌
209,370‌
LargeCap
Value
Fund
III
(a)
8,704,147‌
173,996‌
Overseas
Fund
(a)
20,185,569‌
275,129‌
Short-Term
Income
Fund
(a)
14,821,915‌
178,308‌
$
1,688,730‌
TOTAL
INVESTMENT
COMPANIES
$
4,885,536‌
Total
Investments
$
4,885,536‌
Other
Assets
and
Liabilities
-  0.03%
1,511‌
TOTAL
NET
ASSETS
-
100.00%
$
4,887,047‌
(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
Schedule
of
Investments
SAM
Balanced
Portfolio
July
31,
2026
(unaudited)
See
accompanying
notes.
173
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
84,782‌
$
14,695‌
$
12,009‌
$
71,150‌
Bond
Market
Index
Fund
284,130‌
65,770‌
84,467‌
256,210‌
Core
Fixed
Income
Fund
590,426‌
22,686‌
170,548‌
426,516‌
Diversified
Real
Asset
Fund
114,038‌
49,115‌
56,456‌
115,420‌
Equity
Income
Fund
344,036‌
87,482‌
101,031‌
355,289‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
110,374‌
41,404‌
19,520‌
131,162‌
Global
Emerging
Markets
Fund
209,935‌
55,125‌
40,629‌
260,534‌
Global
Listed
Infrastructure
Fund
22,961‌
573‌
4,789‌
20,559‌
Global
Macro
Fund
—‌
48,259‌
—‌
53,906‌
Government
&
High
Quality
Bond
Fund
53,457‌
8,263‌
6,943‌
53,046‌
High
Yield
Fund
206,171‌
10,940‌
45,285‌
167,142‌
Inflation
Protection
Fund
118,976‌
10,150‌
89,003‌
35,661‌
International
Bond
Fund
—‌
63,590‌
—‌
63,526‌
International
Equity
Index
Fund
160,030‌
163,534‌
186,836‌
160,614‌
International
Small
Company
Fund
41,127‌
1,905‌
25,759‌
19,230‌
LargeCap
Growth
Fund
I
73,251‌
39,471‌
28,752‌
70,307‌
LargeCap
S&P
500
Index
Fund
102,106‌
118,189‌
29,233‌
209,370‌
LargeCap
Value
Fund
III
166,021‌
32,500‌
22,294‌
173,996‌
MidCap
Fund
21,044‌
1,176‌
20,268‌
—‌
Overseas
Fund
238,446‌
40,383‌
34,369‌
275,129‌
Principal
Capital
Appreciation
Fund
472,255‌
34,317‌
499,739‌
—‌
Principal
Capital
Appreciation
Select
ETF
—‌
397,947‌
—‌
407,064‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
31,088‌
126,939‌
122,471‌
35,556‌
Principal
International
Equity
ETF
271,147‌
—‌
54,907‌
250,926‌
Principal
Spectrum
Preferred
Securities
Active
ETF
—‌
94,115‌
—‌
93,324‌
Principal
U.S.
Mega-Cap
ETF
587,434‌
23,727‌
60,309‌
584,969‌
Principal
U.S.
Small-Cap
ETF
167,422‌
9,657‌
19,311‌
193,832‌
Principal
Value
ETF
—‌
23,664‌
—‌
25,484‌
Real
Estate
Securities
Fund
29,346‌
116,232‌
3,721‌
151,886‌
Short-Term
Income
Fund
128,727‌
64,633‌
13,634‌
178,308‌
Small-MidCap
Dividend
Income
Fund
72,082‌
2,350‌
38,774‌
45,420‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
95,367‌
3,294‌
97,386‌
—‌
$
4,796,179‌
$
1,772,085‌
$
1,888,443‌
$
4,885,536‌
Schedule
of
Investments
SAM
Balanced
Portfolio
July
31,
2026
(unaudited)
See
accompanying
notes.
174
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
(
331‌
)
$
13,593‌
$
(
15,987‌
)
Bond
Market
Index
Fund
8,097‌
1,128‌
—‌
(
10,351‌
)
Core
Fixed
Income
Fund
15,190‌
(
5,697‌
)
—‌
(
10,351‌
)
Diversified
Real
Asset
Fund
1,882‌
4,937‌
—‌
3,786‌
Equity
Income
Fund
4,566‌
29,548‌
21,184‌
(
4,746‌
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
6,494‌
(
1,632‌
)
—‌
536‌
Global
Emerging
Markets
Fund
3,642‌
3,576‌
1,771‌
32,527‌
Global
Listed
Infrastructure
Fund
449‌
503‌
124‌
1,311‌
Global
Macro
Fund
120‌
—‌
—‌
5,647‌
Government
&
High
Quality
Bond
Fund
1,601‌
(
247‌
)
—‌
(
1,484‌
)
High
Yield
Fund
9,501‌
(
324‌
)
—‌
(
4,360‌
)
Inflation
Protection
Fund
5,246‌
(
4,910‌
)
—‌
448‌
International
Bond
Fund
—‌
—‌
—‌
(
64‌
)
International
Equity
Index
Fund
7,471‌
8,331‌
2,339‌
15,555‌
International
Small
Company
Fund
1,210‌
6,233‌
—‌
(
4,276‌
)
LargeCap
Growth
Fund
I
1,276‌
858‌
7,560‌
(
14,521‌
)
LargeCap
S&P
500
Index
Fund
938‌
3,084‌
1,862‌
15,224‌
LargeCap
Value
Fund
III
4,767‌
(
164‌
)
25,532‌
(
2,067‌
)
MidCap
Fund
—‌
4,377‌
1,139‌
(
6,329‌
)
Overseas
Fund
9,634‌
447‌
12,959‌
30,222‌
Principal
Capital
Appreciation
Fund
2,242‌
158,966‌
30,341‌
(
165,799‌
)
Principal
Capital
Appreciation
Select
ETF
—‌
—‌
—‌
9,117‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
2,574‌
—‌
—‌
—‌
Principal
International
Equity
ETF
3,580‌
5,545‌
—‌
29,141‌
Principal
Spectrum
Preferred
Securities
Active
ETF
794‌
—‌
—‌
(
791‌
)
Principal
U.S.
Mega-Cap
ETF
3,397‌
20,968‌
—‌
13,149‌
Principal
U.S.
Small-Cap
ETF
850‌
3,024‌
—‌
33,040‌
Principal
Value
ETF
216‌
—‌
—‌
1,820‌
Real
Estate
Securities
Fund
1,406‌
77‌
—‌
9,952‌
Short-Term
Income
Fund
4,173‌
35‌
—‌
(
1,453‌
)
Small-MidCap
Dividend
Income
Fund
777‌
5,173‌
1,040‌
4,589‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
3,174‌
6,275‌
—‌
(
7,550‌
)
$
105,267‌
$
249,780‌
$
119,444‌
$
(
44,065‌
)
Amounts
in
thousands.
Schedule
of
Investments
SAM
Conservative
Balanced
Portfolio
July
31,
2026
(unaudited)
See
accompanying
notes.
175
INVESTMENT
COMPANIES
-
99
.92
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.04
%
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b)
19,301,148‌
$
19,301‌
Principal
Exchange-Traded
Funds
-
20
.90
%
Principal
Capital
Appreciation
Select
ETF
(a)
2,656,000‌
87,913‌
Principal
International
Equity
ETF
(a)
1,320,178‌
47,896‌
Principal
Spectrum
Preferred
Securities
Active
ETF
(a)
2,527,000‌
47,710‌
Principal
U.S.
Mega-Cap
ETF
(a)
2,128,648‌
157,754‌
Principal
U.S.
Small-Cap
ETF
(a)
680,700‌
46,349‌
$
387,622‌
Principal
Funds,
Inc.
Class
R-6
-
41
.20
%
Blue
Chip
Fund
(a),(c)
523,232‌
22,018‌
Core
Fixed
Income
Fund
(a)
37,309,617‌
316,013‌
Diversified
Real
Asset
Fund
(a)
3,485,702‌
47,719‌
Global
Emerging
Markets
Fund
(a)
1,634,042‌
65,345‌
Global
Macro
Fund
(a)
1,881,678‌
21,018‌
High
Yield
Fund
(a)
12,962,993‌
84,778‌
International
Bond
Fund
(a),(c)
8,014,000‌
80,060‌
International
Equity
Index
Fund
(a)
3,242,817‌
50,458‌
LargeCap
Growth
Fund
I
(a)
717,197‌
11,497‌
Real
Estate
Securities
Fund
(a)
1,481,176‌
47,294‌
Small-MidCap
Dividend
Income
Fund
(a)
788,708‌
18,022‌
$
764,222‌
Principal
Funds,
Inc.
Institutional
Class
-
36
.78
%
Bond
Market
Index
Fund
(a)
14,148,114‌
119,976‌
Equity
Income
Fund
(a)
2,163,012‌
98,936‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
12,404,170‌
118,708‌
Global
Listed
Infrastructure
Fund
(a)
666,640‌
8,567‌
Government
&
High
Quality
Bond
Fund
(a)
4,513,406‌
40,169‌
Inflation
Protection
Fund
(a)
8,900,906‌
68,626‌
LargeCap
S&P
500
Index
Fund
(a)
1,699,108‌
60,539‌
LargeCap
Value
Fund
III
(a)
925,888‌
18,509‌
Overseas
Fund
(a)
4,942,056‌
67,360‌
Short-Term
Income
Fund
(a)
6,724,678‌
80,898‌
$
682,288‌
TOTAL
INVESTMENT
COMPANIES
$
1,853,433‌
Total
Investments
$
1,853,433‌
Other
Assets
and
Liabilities
-  0.08%
1,525‌
TOTAL
NET
ASSETS
-
100.00%
$
1,854,958‌
(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
Schedule
of
Investments
SAM
Conservative
Balanced
Portfolio
July
31,
2026
(unaudited)
See
accompanying
notes.
176
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
25,708‌
$
4,469‌
$
3,198‌
$
22,018‌
Bond
Market
Index
Fund
193,078‌
16,941‌
85,064‌
119,976‌
Core
Fixed
Income
Fund
426,339‌
14,289‌
113,672‌
316,013‌
Diversified
Real
Asset
Fund
35,088‌
27,119‌
17,030‌
47,719‌
Equity
Income
Fund
106,795‌
13,776‌
28,419‌
98,936‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
104,037‌
30,982‌
15,502‌
118,708‌
Global
Emerging
Markets
Fund
54,062‌
19,226‌
17,043‌
65,345‌
Global
Listed
Infrastructure
Fund
8,820‌
221‌
1,168‌
8,567‌
Global
Macro
Fund
—‌
18,816‌
—‌
21,018‌
Government
&
High
Quality
Bond
Fund
41,826‌
5,432‌
5,799‌
40,169‌
High
Yield
Fund
99,804‌
5,411‌
18,074‌
84,778‌
Inflation
Protection
Fund
77,390‌
14,274‌
19,940‌
68,626‌
International
Bond
Fund
—‌
80,140‌
—‌
80,060‌
International
Equity
Index
Fund
40,957‌
34,417‌
31,418‌
50,458‌
International
Small
Company
Fund
10,851‌
311‌
11,752‌
—‌
LargeCap
Growth
Fund
I
14,337‌
1,980‌
2,499‌
11,497‌
LargeCap
S&P
500
Index
Fund
28,140‌
36,278‌
9,210‌
60,539‌
LargeCap
Value
Fund
III
18,642‌
3,608‌
3,403‌
18,509‌
MidCap
Fund
8,162‌
489‌
7,907‌
—‌
Overseas
Fund
58,987‌
11,600‌
10,687‌
67,360‌
Principal
Capital
Appreciation
Fund
108,020‌
8,126‌
114,592‌
—‌
Principal
Capital
Appreciation
Select
ETF
—‌
85,944‌
—‌
87,913‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
12,321‌
116,140‌
109,160‌
19,301‌
Principal
International
Equity
ETF
66,148‌
—‌
26,407‌
47,896‌
Principal
Spectrum
Preferred
Securities
Active
ETF
—‌
48,113‌
—‌
47,710‌
Principal
U.S.
Mega-Cap
ETF
159,121‌
—‌
11,111‌
157,754‌
Principal
U.S.
Small-Cap
ETF
37,675‌
6,476‌
6,686‌
46,349‌
Real
Estate
Securities
Fund
11,422‌
35,079‌
2,027‌
47,294‌
Short-Term
Income
Fund
68,063‌
20,490‌
6,958‌
80,898‌
Small-MidCap
Dividend
Income
Fund
20,306‌
733‌
6,130‌
18,022‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
46,957‌
1,946‌
48,279‌
—‌
$
1,883,056‌
$
662,826‌
$
733,135‌
$
1,853,433‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
(
155‌
)
$
4,131‌
$
(
4,806‌
)
Bond
Market
Index
Fund
4,520‌
819‌
—‌
(
5,798‌
)
Core
Fixed
Income
Fund
10,872‌
(
6,654‌
)
—‌
(
4,289‌
)
Diversified
Real
Asset
Fund
653‌
1,730‌
—‌
812‌
Equity
Income
Fund
1,369‌
8,636‌
7,062‌
(
1,852‌
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
5,763‌
(
1,300‌
)
—‌
491‌
Global
Emerging
Markets
Fund
940‌
895‌
456‌
8,205‌
Global
Listed
Infrastructure
Fund
172‌
120‌
48‌
574‌
Global
Macro
Fund
47‌
—‌
—‌
2,202‌
Government
&
High
Quality
Bond
Fund
1,208‌
(
178‌
)
—‌
(
1,112‌
)
High
Yield
Fund
4,736‌
29‌
—‌
(
2,392‌
)
Inflation
Protection
Fund
3,214‌
(
2,111‌
)
—‌
(
987‌
)
International
Bond
Fund
—‌
—‌
—‌
(
80‌
)
International
Equity
Index
Fund
1,841‌
1,184‌
570‌
5,318‌
International
Small
Company
Fund
284‌
3,096‌
—‌
(
2,506‌
)
LargeCap
Growth
Fund
I
250‌
2‌
1,482‌
(
2,323‌
)
LargeCap
S&P
500
Index
Fund
256‌
1,054‌
508‌
4,277‌
LargeCap
Value
Fund
III
536‌
151‌
2,869‌
(
489‌
)
MidCap
Fund
—‌
(
872‌
)
438‌
128‌
Overseas
Fund
2,390‌
159‌
3,211‌
7,301‌
Principal
Capital
Appreciation
Fund
488‌
34,726‌
6,586‌
(
36,280‌
)
Principal
Capital
Appreciation
Select
ETF
—‌
—‌
—‌
1,969‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
2,252‌
—‌
—‌
—‌
Principal
International
Equity
ETF
873‌
3,861‌
—‌
4,294‌
Principal
Spectrum
Preferred
Securities
Active
ETF
404‌
—‌
—‌
(
403‌
)
Principal
U.S.
Mega-Cap
ETF
930‌
2,654‌
—‌
7,090‌
Principal
U.S.
Small-Cap
ETF
206‌
1,020‌
—‌
7,864‌
Real
Estate
Securities
Fund
402‌
68‌
—‌
2,752‌
Short-Term
Income
Fund
2,092‌
21‌
—‌
(
718‌
)
Small-MidCap
Dividend
Income
Fund
254‌
1,377‌
292‌
1,736‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
1,563‌
2,566‌
—‌
(
3,190‌
)
$
48,515‌
$
52,898‌
$
27,653‌
$
(
12,212‌
)
Amounts
in
thousands.
Schedule
of
Investments
SAM
Conservative
Growth
Portfolio
July
31,
2026
(unaudited)
See
accompanying
notes.
177
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.15
%
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b)
40,642,580‌
$
40,643‌
Principal
Exchange-Traded
Funds
-
39
.48
%
Principal
Capital
Appreciation
Select
ETF
(a)
12,189,000‌
403,456‌
Principal
International
Equity
ETF
(a)
5,964,025‌
216,375‌
Principal
Spectrum
Preferred
Securities
Active
ETF
(a)
1,348,000‌
25,450‌
Principal
U.S.
Mega-Cap
ETF
(a)
7,465,445‌
553,264‌
Principal
U.S.
Small-Cap
ETF
(a)
2,626,800‌
178,859‌
Principal
Value
ETF
(a)
323,000‌
18,210‌
$
1,395,614‌
Principal
Funds,
Inc.
Class
R-6
-
28
.93
%
Blue
Chip
Fund
(a),(c)
1,614,452‌
67,936‌
Core
Fixed
Income
Fund
(a)
16,758,369‌
141,943‌
Diversified
Real
Asset
Fund
(a)
5,013,847‌
68,640‌
Global
Emerging
Markets
Fund
(a)
6,115,076‌
244,542‌
Global
Macro
Fund
(a)
2,565,378‌
28,655‌
High
Yield
Fund
(a)
8,998,725‌
58,852‌
International
Equity
Index
Fund
(a)
10,590,044‌
164,781‌
International
Small
Company
Fund
(a)
1,284,557‌
16,584‌
LargeCap
Growth
Fund
I
(a)
4,528,292‌
72,589‌
Real
Estate
Securities
Fund
(a)
3,972,890‌
126,854‌
Small-MidCap
Dividend
Income
Fund
(a)
1,378,484‌
31,498‌
$
1,022,874‌
Principal
Funds,
Inc.
Institutional
Class
-
30
.45
%
Bond
Market
Index
Fund
(a)
7,007,274‌
59,422‌
Equity
Income
Fund
(a)
5,677,351‌
259,682‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
5,879,292‌
56,265‌
Global
Listed
Infrastructure
Fund
(a)
2,560,657‌
32,904‌
Government
&
High
Quality
Bond
Fund
(a)
1,728,754‌
15,386‌
Inflation
Protection
Fund
(a)
2,027,410‌
15,631‌
LargeCap
S&P
500
Index
Fund
(a)
4,948,255‌
176,306‌
LargeCap
Value
Fund
III
(a)
9,701,783‌
193,939‌
Overseas
Fund
(a)
19,572,680‌
266,776‌
$
1,076,311‌
TOTAL
INVESTMENT
COMPANIES
$
3,535,442‌
Total
Investments
$
3,535,442‌
Other
Assets
and
Liabilities
-  (0.01)%
(
529‌
)
TOTAL
NET
ASSETS
-
100.00%
$
3,534,913‌
(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
Schedule
of
Investments
SAM
Conservative
Growth
Portfolio
July
31,
2026
(unaudited)
See
accompanying
notes.
178
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
77,208‌
$
12,926‌
$
7,511‌
$
67,936‌
Bond
Market
Index
Fund
117,103‌
4,791‌
58,534‌
59,422‌
Core
Fixed
Income
Fund
197,777‌
4,937‌
55,624‌
141,943‌
Diversified
Real
Asset
Fund
76,189‌
10,804‌
25,919‌
68,640‌
Equity
Income
Fund
282,784‌
50,323‌
92,039‌
259,682‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
33,222‌
31,748‌
8,157‌
56,265‌
Global
Emerging
Markets
Fund
193,069‌
66,471‌
49,125‌
244,542‌
Global
Listed
Infrastructure
Fund
32,723‌
817‌
3,202‌
32,904‌
Global
Macro
Fund
—‌
25,653‌
—‌
28,655‌
Government
&
High
Quality
Bond
Fund
14,442‌
4,915‌
3,426‌
15,386‌
High
Yield
Fund
61,765‌
6,241‌
7,499‌
58,852‌
Inflation
Protection
Fund
46,690‌
2,200‌
31,485‌
15,631‌
International
Equity
Index
Fund
133,925‌
143,643‌
133,055‌
164,781‌
International
Small
Company
Fund
44,390‌
1,426‌
31,387‌
16,584‌
LargeCap
Growth
Fund
I
103,294‌
60,315‌
70,880‌
72,589‌
LargeCap
S&P
500
Index
Fund
77,879‌
104,327‌
21,097‌
176,306‌
LargeCap
Value
Fund
III
183,039‌
33,910‌
20,834‌
193,939‌
MidCap
Fund
16,455‌
885‌
15,942‌
—‌
Overseas
Fund
234,443‌
35,396‌
33,127‌
266,776‌
Principal
Capital
Appreciation
Fund
455,915‌
33,754‌
483,398‌
—‌
Principal
Capital
Appreciation
Select
ETF
—‌
394,420‌
—‌
403,456‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
5‌
502,846‌
462,208‌
40,643‌
Principal
International
Equity
ETF
237,151‌
—‌
51,024‌
216,375‌
Principal
Spectrum
Preferred
Securities
Active
ETF
—‌
25,659‌
—‌
25,450‌
Principal
U.S.
Mega-Cap
ETF
492,584‌
26,592‌
—‌
553,264‌
Principal
U.S.
Small-Cap
ETF
155,391‌
9,657‌
19,789‌
178,859‌
Principal
Value
ETF
—‌
16,902‌
—‌
18,210‌
Real
Estate
Securities
Fund
35,444‌
87,008‌
4,051‌
126,854‌
Small-MidCap
Dividend
Income
Fund
50,865‌
1,434‌
27,673‌
31,498‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
26,655‌
947‌
27,261‌
—‌
$
3,380,407‌
$
1,700,947‌
$
1,744,247‌
$
3,535,442‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
(
143‌
)
$
12,390‌
$
(
14,544‌
)
Bond
Market
Index
Fund
4,477‌
(
259‌
)
—‌
(
3,679‌
)
Core
Fixed
Income
Fund
4,927‌
(
1,103‌
)
—‌
(
4,044‌
)
Diversified
Real
Asset
Fund
1,431‌
2,446‌
—‌
5,120‌
Equity
Income
Fund
3,453‌
46,759‌
16,820‌
(
28,145‌
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
2,423‌
(
519‌
)
—‌
(
29‌
)
Global
Emerging
Markets
Fund
3,320‌
3,959‌
1,619‌
30,168‌
Global
Listed
Infrastructure
Fund
640‌
332‌
177‌
2,234‌
Global
Macro
Fund
64‌
—‌
—‌
3,002‌
Government
&
High
Quality
Bond
Fund
443‌
(
109‌
)
—‌
(
436‌
)
High
Yield
Fund
3,161‌
(
112‌
)
—‌
(
1,543‌
)
Inflation
Protection
Fund
2,074‌
(
655‌
)
—‌
(
1,119‌
)
International
Equity
Index
Fund
6,002‌
5,277‌
1,895‌
14,991‌
International
Small
Company
Fund
1,260‌
7,696‌
—‌
(
5,541‌
)
LargeCap
Growth
Fund
I
1,801‌
291‌
10,674‌
(
20,431‌
)
LargeCap
S&P
500
Index
Fund
697‌
2,916‌
1,386‌
12,281‌
LargeCap
Value
Fund
III
5,239‌
(
344‌
)
28,091‌
(
1,832‌
)
MidCap
Fund
—‌
3,445‌
824‌
(
4,843‌
)
Overseas
Fund
9,426‌
308‌
12,699‌
29,756‌
Principal
Capital
Appreciation
Fund
2,144‌
148,220‌
28,970‌
(
154,491‌
)
Principal
Capital
Appreciation
Select
ETF
—‌
—‌
—‌
9,036‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
840‌
—‌
—‌
—‌
Principal
International
Equity
ETF
3,131‌
5,134‌
—‌
25,114‌
Principal
Spectrum
Preferred
Securities
Active
ETF
209‌
—‌
—‌
(
209‌
)
Principal
U.S.
Mega-Cap
ETF
3,076‌
—‌
—‌
34,088‌
Principal
U.S.
Small-Cap
ETF
791‌
3,101‌
—‌
30,499‌
Principal
Value
ETF
155‌
—‌
—‌
1,308‌
Real
Estate
Securities
Fund
1,183‌
88‌
—‌
8,365‌
Small-MidCap
Dividend
Income
Fund
549‌
3,466‌
732‌
3,406‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
842‌
1,310‌
—‌
(
1,651‌
)
$
63,758‌
$
231,504‌
$
116,277‌
$
(
33,169‌
)
Amounts
in
thousands.
Schedule
of
Investments
SAM
Flexible
Income
Portfolio
July
31,
2026
(unaudited)
See
accompanying
notes.
179
INVESTMENT
COMPANIES
-
99
.88
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.79
%
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b)
16,812,913‌
$
16,813‌
Principal
Exchange-Traded
Funds
-
16
.38
%
Principal
Active
High
Yield
ETF
(a)
2,073,084‌
39,281‌
Principal
Capital
Appreciation
Select
ETF
(a)
1,597,000‌
52,861‌
Principal
International
Equity
ETF
(a)
1,076,147‌
39,043‌
Principal
Spectrum
Preferred
Securities
Active
ETF
(a)
3,150,000‌
59,472‌
Principal
U.S.
Mega-Cap
ETF
(a)
1,703,095‌
126,216‌
Principal
U.S.
Small-Cap
ETF
(a)
472,000‌
32,138‌
$
349,011‌
Principal
Funds,
Inc.
Class
R-6
-
46
.65
%
Core
Fixed
Income
Fund
(a)
67,474,789‌
571,511‌
Diversified
Real
Asset
Fund
(a)
2,677,859‌
36,660‌
Global
Emerging
Markets
Fund
(a)
1,122,641‌
44,894‌
Global
Macro
Fund
(a)
2,518,261‌
28,129‌
High
Yield
Fund
(a)
9,647,364‌
63,094‌
International
Bond
Fund
(a),(c)
16,156,000‌
161,398‌
International
Equity
Index
Fund
(a)
2,482,874‌
38,634‌
LargeCap
Growth
Fund
I
(a)
419,529‌
6,725‌
Real
Estate
Securities
Fund
(a)
1,035,762‌
33,072‌
Small-MidCap
Dividend
Income
Fund
(a)
438,628‌
10,023‌
$
994,140‌
Principal
Funds,
Inc.
Institutional
Class
-
36
.06
%
Bond
Market
Index
Fund
(a)
14,779,944‌
125,334‌
Equity
Income
Fund
(a)
1,636,438‌
74,851‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
20,616,721‌
197,302‌
Government
&
High
Quality
Bond
Fund
(a)
6,116,297‌
54,435‌
Inflation
Protection
Fund
(a)
13,535,463‌
104,358‌
LargeCap
S&P
500
Index
Fund
(a)
619,716‌
22,080‌
LargeCap
Value
Fund
III
(a)
1,897,962‌
37,940‌
Overseas
Fund
(a)
2,359,625‌
32,162‌
Short-Term
Income
Fund
(a)
9,973,475‌
119,981‌
$
768,443‌
TOTAL
INVESTMENT
COMPANIES
$
2,128,407‌
Total
Investments
$
2,128,407‌
Other
Assets
and
Liabilities
-  0.12%
2,503‌
TOTAL
NET
ASSETS
-
100.00%
$
2,130,910‌
(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
Schedule
of
Investments
SAM
Flexible
Income
Portfolio
July
31,
2026
(unaudited)
See
accompanying
notes.
180
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
277,815‌
$
6,018‌
$
152,554‌
$
125,334‌
Core
Fixed
Income
Fund
664,890‌
31,259‌
105,111‌
571,511‌
Diversified
Real
Asset
Fund
23,610‌
22,077‌
10,909‌
36,660‌
Equity
Income
Fund
78,885‌
7,401‌
16,404‌
74,851‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
166,788‌
51,983‌
20,197‌
197,302‌
Global
Emerging
Markets
Fund
16,899‌
30,691‌
6,736‌
44,894‌
Global
Macro
Fund
—‌
25,182‌
—‌
28,129‌
Government
&
High
Quality
Bond
Fund
98,056‌
2,929‌
44,681‌
54,435‌
High
Yield
Fund
91,815‌
4,183‌
30,984‌
63,094‌
Inflation
Protection
Fund
134,589‌
24,242‌
49,600‌
104,358‌
International
Bond
Fund
—‌
161,559‌
—‌
161,398‌
International
Equity
Index
Fund
28,095‌
24,203‌
18,395‌
38,634‌
LargeCap
Growth
Fund
I
8,381‌
1,225‌
1,641‌
6,725‌
LargeCap
S&P
500
Index
Fund
13,000‌
10,845‌
3,669‌
22,080‌
LargeCap
Value
Fund
III
39,882‌
7,310‌
8,511‌
37,940‌
MidCap
Fund
11,127‌
699‌
10,849‌
—‌
Overseas
Fund
20,663‌
13,128‌
4,447‌
32,162‌
Principal
Active
High
Yield
ETF
39,876‌
—‌
—‌
39,281‌
Principal
Capital
Appreciation
Fund
74,467‌
4,582‌
78,083‌
—‌
Principal
Capital
Appreciation
Select
ETF
—‌
51,677‌
—‌
52,861‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
11,601‌
176,988‌
171,776‌
16,813‌
Principal
International
Equity
ETF
73,225‌
—‌
42,879‌
39,043‌
Principal
Spectrum
Preferred
Securities
Active
ETF
—‌
59,968‌
—‌
59,472‌
Principal
U.S.
Mega-Cap
ETF
129,889‌
—‌
11,380‌
126,216‌
Principal
U.S.
Small-Cap
ETF
29,159‌
1,908‌
5,255‌
32,138‌
Real
Estate
Securities
Fund
10,688‌
22,374‌
1,949‌
33,072‌
Short-Term
Income
Fund
101,952‌
29,761‌
10,687‌
119,981‌
Small-MidCap
Dividend
Income
Fund
28,131‌
818‌
22,263‌
10,023‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
59,325‌
2,203‌
60,739‌
—‌
$
2,232,808‌
$
775,213‌
$
889,699‌
$
2,128,407‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
5,498‌
$
1,849‌
$
—‌
$
(
7,794‌
)
Core
Fixed
Income
Fund
18,033‌
(
4,948‌
)
—‌
(
14,579‌
)
Diversified
Real
Asset
Fund
503‌
1,506‌
—‌
376‌
Equity
Income
Fund
1,097‌
1,646‌
6,029‌
3,323‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
9,253‌
(
1,035‌
)
—‌
(
237‌
)
Global
Emerging
Markets
Fund
292‌
310‌
142‌
3,730‌
Global
Macro
Fund
62‌
—‌
—‌
2,947‌
Government
&
High
Quality
Bond
Fund
2,504‌
(
1,411‌
)
—‌
(
458‌
)
High
Yield
Fund
4,057‌
(
94‌
)
—‌
(
1,826‌
)
Inflation
Protection
Fund
5,028‌
(
5,089‌
)
—‌
216‌
International
Bond
Fund
—‌
—‌
—‌
(
161‌
)
International
Equity
Index
Fund
1,301‌
660‌
403‌
4,071‌
LargeCap
Growth
Fund
I
134‌
142‌
796‌
(
1,382‌
)
LargeCap
S&P
500
Index
Fund
119‌
489‌
236‌
1,415‌
LargeCap
Value
Fund
III
1,112‌
(
202‌
)
5,949‌
(
539‌
)
MidCap
Fund
—‌
(
1,179‌
)
585‌
202‌
Overseas
Fund
828‌
294‌
1,114‌
2,524‌
Principal
Active
High
Yield
ETF
2,193‌
—‌
—‌
(
595‌
)
Principal
Capital
Appreciation
Fund
291‌
25,736‌
3,935‌
(
26,702‌
)
Principal
Capital
Appreciation
Select
ETF
—‌
—‌
—‌
1,184‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
3,726‌
—‌
—‌
—‌
Principal
International
Equity
ETF
967‌
8,330‌
—‌
367‌
Principal
Spectrum
Preferred
Securities
Active
ETF
496‌
—‌
—‌
(
496‌
)
Principal
U.S.
Mega-Cap
ETF
750‌
5,067‌
—‌
2,640‌
Principal
U.S.
Small-Cap
ETF
149‌
831‌
—‌
5,495‌
Real
Estate
Securities
Fund
280‌
93‌
—‌
1,866‌
Short-Term
Income
Fund
3,169‌
28‌
—‌
(
1,073‌
)
Small-MidCap
Dividend
Income
Fund
252‌
4,932‌
402‌
(
1,595‌
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
1,974‌
4,988‌
—‌
(
5,777‌
)
$
64,068‌
$
42,943‌
$
19,591‌
$
(
32,858‌
)
Amounts
in
thousands.
Schedule
of
Investments
SAM
Strategic
Growth
Portfolio
July
31,
2026
(unaudited)
See
accompanying
notes.
181
INVESTMENT
COMPANIES
-
100
.04
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.40
%
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b)
36,773,380‌
$
36,773‌
Principal
Exchange-Traded
Funds
-
42
.48
%
Principal
Capital
Appreciation
Select
ETF
(a)
10,385,000‌
343,744‌
Principal
International
Equity
ETF
(a)
4,449,130‌
161,414‌
Principal
U.S.
Mega-Cap
ETF
(a)
5,703,800‌
422,709‌
Principal
U.S.
Small-Cap
ETF
(a)
2,325,500‌
158,343‌
Principal
Value
ETF
(a)
477,000‌
26,893‌
$
1,113,103‌
Principal
Funds,
Inc.
Class
R-6
-
23
.50
%
Blue
Chip
Fund
(a),(c)
1,441,582‌
60,662‌
Diversified
Real
Asset
Fund
(a)
3,047,193‌
41,716‌
Global
Emerging
Markets
Fund
(a)
6,591,861‌
263,609‌
Global
Macro
Fund
(a)
1,860,626‌
20,783‌
International
Equity
Index
Fund
(a)
6,474,177‌
100,738‌
International
Small
Company
Fund
(a)
2,194,896‌
28,336‌
LargeCap
Growth
Fund
I
(a)
3,819,391‌
61,225‌
Real
Estate
Securities
Fund
(a)
463,955‌
14,814‌
Small-MidCap
Dividend
Income
Fund
(a)
1,046,815‌
23,920‌
$
615,803‌
Principal
Funds,
Inc.
Institutional
Class
-
32
.66
%
Equity
Income
Fund
(a)
6,713,051‌
307,055‌
Global
Listed
Infrastructure
Fund
(a)
1,725,526‌
22,173‌
Inflation
Protection
Fund
(a)
2,021,938‌
15,589‌
LargeCap
S&P
500
Index
Fund
(a)
3,831,754‌
136,525‌
LargeCap
Value
Fund
III
(a)
7,302,524‌
145,978‌
Overseas
Fund
(a)
16,746,428‌
228,254‌
$
855,574‌
TOTAL
INVESTMENT
COMPANIES
$
2,621,253‌
Total
Investments
$
2,621,253‌
Other
Assets
and
Liabilities
-  (0.04)%
(
1,122‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,620,131‌
(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
Schedule
of
Investments
SAM
Strategic
Growth
Portfolio
July
31,
2026
(unaudited)
See
accompanying
notes.
182
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
67,895‌
$
12,733‌
$
7,157‌
$
60,662‌
Diversified
Real
Asset
Fund
57,727‌
1,131‌
23,151‌
41,716‌
Equity
Income
Fund
221,990‌
120,622‌
55,953‌
307,055‌
Global
Emerging
Markets
Fund
170,520‌
94,101‌
34,553‌
263,609‌
Global
Listed
Infrastructure
Fund
23,398‌
585‌
3,666‌
22,173‌
Global
Macro
Fund
—‌
18,606‌
—‌
20,783‌
Inflation
Protection
Fund
34,105‌
1,270‌
18,762‌
15,589‌
International
Equity
Index
Fund
118,984‌
93,791‌
127,108‌
100,738‌
International
Small
Company
Fund
51,957‌
2,473‌
28,430‌
28,336‌
LargeCap
Growth
Fund
I
111,534‌
45,297‌
75,078‌
61,225‌
LargeCap
S&P
500
Index
Fund
70,166‌
78,367‌
23,720‌
136,525‌
LargeCap
Value
Fund
III
150,918‌
29,220‌
31,193‌
145,978‌
MidCap
Fund
12,971‌
780‌
12,557‌
—‌
Overseas
Fund
201,201‌
31,134‌
30,110‌
228,254‌
Principal
Capital
Appreciation
Fund
369,118‌
32,222‌
396,189‌
—‌
Principal
Capital
Appreciation
Select
ETF
—‌
336,045‌
—‌
343,744‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
14,720‌
36,165‌
14,112‌
36,773‌
Principal
International
Equity
ETF
183,344‌
—‌
45,171‌
161,414‌
Principal
U.S.
Mega-Cap
ETF
376,596‌
20,022‌
—‌
422,709‌
Principal
U.S.
Small-Cap
ETF
134,013‌
8,385‌
13,033‌
158,343‌
Principal
Value
ETF
12,019‌
12,769‌
—‌
26,893‌
Real
Estate
Securities
Fund
18,133‌
937‌
6,306‌
14,814‌
Small-MidCap
Dividend
Income
Fund
56,330‌
1,827‌
41,086‌
23,920‌
$
2,457,639‌
$
978,482‌
$
987,335‌
$
2,621,253‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
11‌
$
10,833‌
$
(
12,820‌
)
Diversified
Real
Asset
Fund
1,064‌
1,126‌
—‌
4,883‌
Equity
Income
Fund
3,614‌
19,691‌
14,327‌
705‌
Global
Emerging
Markets
Fund
2,962‌
2,304‌
1,440‌
31,237‌
Global
Listed
Infrastructure
Fund
458‌
396‌
127‌
1,460‌
Global
Macro
Fund
46‌
—‌
—‌
2,177‌
Inflation
Protection
Fund
1,098‌
25‌
—‌
(
1,049‌
)
International
Equity
Index
Fund
4,843‌
5,722‌
1,511‌
9,349‌
International
Small
Company
Fund
1,488‌
6,440‌
—‌
(
4,104‌
)
LargeCap
Growth
Fund
I
1,939‌
152‌
11,493‌
(
20,680‌
)
LargeCap
S&P
500
Index
Fund
633‌
3,127‌
1,275‌
8,585‌
LargeCap
Value
Fund
III
4,307‌
847‌
23,073‌
(
3,814‌
)
MidCap
Fund
—‌
3,251‌
708‌
(
4,445‌
)
Overseas
Fund
8,153‌
423‌
10,969‌
25,606‌
Principal
Capital
Appreciation
Fund
1,817‌
122,444‌
24,528‌
(
127,595‌
)
Principal
Capital
Appreciation
Select
ETF
—‌
—‌
—‌
7,699‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
562‌
—‌
—‌
—‌
Principal
International
Equity
ETF
2,421‌
7,203‌
—‌
16,038‌
Principal
U.S.
Mega-Cap
ETF
2,352‌
—‌
—‌
26,091‌
Principal
U.S.
Small-Cap
ETF
682‌
2,019‌
—‌
26,959‌
Principal
Value
ETF
294‌
—‌
—‌
2,105‌
Real
Estate
Securities
Fund
262‌
443‌
—‌
1,607‌
Small-MidCap
Dividend
Income
Fund
531‌
4,709‌
820‌
2,140‌
$
39,526‌
$
180,333‌
$
101,104‌
$
(
7,866‌
)
Amounts
in
thousands.
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
183
INVESTMENT
COMPANIES
-
1
.69
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.69
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
788,992‌
$
789‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b),(c)
58,021,178‌
58,021‌
$
58,810‌
TOTAL
INVESTMENT
COMPANIES
$
58,810‌
BONDS
-
88
.33
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
1
.26
%
BAE
Systems
PLC
5.13%,
03/26/2029
(d)
$
8,600‌
$
8,683‌
General
Electric
Co
4.30%,
07/29/2030
6,000‌
5,898‌
Lockheed
Martin
Corp
4.50%,
02/15/2029
11,350‌
11,313‌
Northrop
Grumman
Corp
4.60%,
02/01/2029
10,000‌
9,987‌
RTX
Corp
5.75%,
11/08/2026
8,075‌
8,098‌
$
43,979‌
Agriculture
-
0
.41
%
Bunge
Ltd
Finance
Corp
4.10%,
01/07/2028
5,500‌
5,463‌
4.20%,
09/17/2029
9,000‌
8,842‌
$
14,305‌
Airlines
-
0
.51
%
Alaska
Airlines
2020-1
Class
A
Pass
Through
Trust
4.80%,
02/15/2029
(d)
7,395‌
7,397‌
AS
Mileage
Plan
IP
Ltd
5.02%,
10/20/2029
(d)
10,600‌
10,445‌
$
17,842‌
Automobile
Asset
Backed
Securities
-
5
.03
%
AmeriCredit
Automobile
Receivables
Trust
2025-1
4.22%,
03/19/2029
(d)
4,732‌
4,731‌
AmeriCredit
Automobile
Receivables
Trust
2026-1
4.03%,
04/18/2029
(d)
9,000‌
8,987‌
ARI
Fleet
Lease
Trust
2026-B
4.34%,
02/15/2035
(d)
4,000‌
3,990‌
BofA
Auto
Trust
2025-1
4.52%,
11/22/2027
(d)
185‌
185‌
Chase
Auto
Owner
Trust
2025-1
4.40%,
07/25/2028
(d)
3,924‌
3,927‌
Chase
Auto
Owner
Trust
2026-1
4.25%,
07/25/2029
(d)
7,900‌
7,893‌
4.53%,
06/25/2031
(d)
9,200‌
9,182‌
Chesapeake
IV
Funding
2026-1
DAC
4.47%,
02/15/2030
(d)
7,100‌
7,087‌
Consumer
Portfolio
Services
Auto
Trust
2025-A
4.77%,
10/16/2028
(d)
429‌
429‌
Consumer
Portfolio
Services
Auto
Trust
2025-B
4.74%,
02/15/2029
(d)
1,646‌
1,647‌
CPS
Auto
Receivables
Trust
2025-C
4.71%,
03/15/2029
(d)
2,126‌
2,128‌
CPS
Auto
Receivables
Trust
2026-C
4.52%,
04/15/2030
(d)
7,000‌
6,998‌
Enterprise
Fleet
Financing
2026-2
LLC
4.33%,
02/20/2029
(d)
7,500‌
7,483‌
GM
Financial
Automobile
Leasing
Trust
2026-2
4.30%,
03/20/2029
8,000‌
7,977‌
GM
Financial
Consumer
Automobile
Receivables
Trust
2025-3
4.32%,
06/16/2028
3,828‌
3,831‌
GM
Financial
Consumer
Automobile
Receivables
Trust
2025-4
3.88%,
12/18/2028
6,579‌
6,570‌
GM
Financial
Consumer
Automobile
Receivables
Trust
2026-2
4.05%,
05/16/2029
9,300‌
9,278‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
LAD
Auto
Receivables
Trust
2025-3
4.06%,
03/15/2029
(d)
$
7,896‌
$
7,891‌
Nissan
Auto
Receivables
2025-B
Owner
Trust
4.00%,
07/17/2028
16,546‌
16,533‌
Toyota
Auto
Loan
Extended
Note
Trust
2023-1
4.93%,
06/25/2036
(d)
7,600‌
7,651‌
Westlake
Automobile
Receivables
Trust
2025-1
4.66%,
01/18/2028
(d)
510‌
510‌
Westlake
Automobile
Receivables
Trust
2025-2
4.66%,
09/15/2028
(d)
2,598‌
2,601‌
Westlake
Automobile
Receivables
Trust
2025-3
4.31%,
04/17/2028
(d)
4,862‌
4,862‌
Westlake
Automobile
Receivables
Trust
2025-P1
4.65%,
02/15/2028
(d)
2,134‌
2,136‌
Westlake
Automobile
Receivables
Trust
2026-P2
4.59%,
07/15/2030
(d)
7,650‌
7,644‌
World
Omni
Auto
Receivables
Trust
2025-A
4.49%,
04/17/2028
603‌
603‌
World
Omni
Auto
Receivables
Trust
2025-C
4.19%,
10/16/2028
6,516‌
6,518‌
World
Omni
Auto
Receivables
Trust
2025-D
3.91%,
02/15/2029
8,955‌
8,950‌
World
Omni
Auto
Receivables
Trust
2026-A
3.71%,
04/16/2029
9,900‌
9,868‌
World
Omni
Select
Auto
Trust
2025-A
4.14%,
05/15/2030
7,363‌
7,353‌
$
175,443‌
Banks
-
16
.72
%
AIB
Group
PLC
5.32%,
05/15/2031
(d),(e)
2,500‌
2,510‌
Secured
Overnight
Financing
Rate
+
1.65%
Bank
of
America
Corp
4.70%,
04/23/2032
(e)
7,400‌
7,261‌
Secured
Overnight
Financing
Rate
+
1.04%
4.98%,
01/24/2029
(e)
9,400‌
9,436‌
Secured
Overnight
Financing
Rate
+
0.83%
5.16%,
01/24/2031
(e)
9,400‌
9,447‌
Secured
Overnight
Financing
Rate
+
1.00%
Bank
of
Ireland
Group
PLC
5.60%,
03/20/2030
(d),(e)
12,100‌
12,284‌
Secured
Overnight
Financing
Rate
+
1.62%
Bank
of
Montreal
4.34%,
03/19/2030
(e)
5,250‌
5,189‌
Secured
Overnight
Financing
Rate
+
0.89%
4.88%,
06/02/2032
(e),(f)
9,000‌
8,898‌
Secured
Overnight
Financing
Rate
+
0.96%
5.00%,
01/27/2029
(e)
2,000‌
2,010‌
Secured
Overnight
Financing
Rate
+
0.67%
Bank
of
New
York
Mellon
Corp/The
4.44%,
06/09/2028
(e)
9,200‌
9,199‌
Secured
Overnight
Financing
Rate
+
0.68%
Bank
of
New
York
Mellon/The
4.73%,
04/20/2029
(e)
5,750‌
5,762‌
Secured
Overnight
Financing
Rate
+
1.14%
Bank
of
Nova
Scotia/The
1.30%,
09/15/2026
5,300‌
5,283‌
4.25%,
02/02/2030
(e),(f)
8,000‌
7,877‌
Secured
Overnight
Financing
Rate
+
0.73%
4.40%,
09/08/2028
(e)
9,400‌
9,375‌
Secured
Overnight
Financing
Rate
+
1.00%
Barclays
PLC
2.28%,
11/24/2027
(e)
7,308‌
7,258‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%
4.22%,
05/24/2030
(e)
11,000‌
10,755‌
Secured
Overnight
Financing
Rate
+
0.93%
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
184
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
BNP
Paribas
SA
4.79%,
05/09/2029
(d),(e)
$
8,000‌
$
7,987‌
Secured
Overnight
Financing
Rate
+
1.45%
5.09%,
05/09/2031
(d),(e)
8,600‌
8,586‌
Secured
Overnight
Financing
Rate
+
1.68%
CaixaBank
SA
4.82%,
04/22/2032
(d),(e)
2,700‌
2,651‌
Secured
Overnight
Financing
Rate
+
1.21%
Canadian
Imperial
Bank
of
Commerce
5.93%,
10/02/2026
6,900‌
6,921‌
5.99%,
10/03/2028
3,440‌
3,529‌
Citibank
NA
4.88%,
11/19/2027
(e)
8,000‌
8,013‌
Secured
Overnight
Financing
Rate
+
0.71%
Citigroup
Inc
4.54%,
09/19/2030
(e)
9,500‌
9,387‌
Secured
Overnight
Financing
Rate
+
1.34%
5.17%,
02/13/2030
(e)
8,000‌
8,046‌
Secured
Overnight
Financing
Rate
+
1.36%
Danske
Bank
A/S
5.00%,
03/27/2032
(d),(e)
12,000‌
11,881‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.98%
Deutsche
Bank
AG/New
York
NY
4.47%,
12/10/2031
(e)
5,000‌
4,874‌
Secured
Overnight
Financing
Rate
+
1.10%
5.41%,
05/10/2029
6,100‌
6,202‌
6.82%,
11/20/2029
(e)
7,100‌
7,386‌
Secured
Overnight
Financing
Rate
+
2.51%
Fifth
Third
Bancorp
4.89%,
09/06/2030
(e)
3,400‌
3,390‌
Secured
Overnight
Financing
Rate
+
1.49%
Fifth
Third
Bank
NA
4.97%,
01/28/2028
(e)
2,800‌
2,805‌
Secured
Overnight
Financing
Rate
+
0.81%
Goldman
Sachs
Group
Inc/The
2.64%,
02/24/2028
(e)
8,600‌
8,504‌
Secured
Overnight
Financing
Rate
+
1.11%
4.48%,
08/23/2028
(e)
9,500‌
9,477‌
Secured
Overnight
Financing
Rate
+
1.73%
4.52%,
01/21/2032
(e)
5,000‌
4,853‌
Secured
Overnight
Financing
Rate
+
0.96%
5.21%,
01/28/2031
(e)
11,000‌
11,025‌
Secured
Overnight
Financing
Rate
+
1.08%
5.22%,
04/23/2031
(e)
11,000‌
11,018‌
Secured
Overnight
Financing
Rate
+
1.58%
5.24%,
07/21/2032
(e)
6,200‌
6,188‌
Secured
Overnight
Financing
Rate
+
1.17%
5.73%,
04/25/2030
(e)
8,235‌
8,383‌
Secured
Overnight
Financing
Rate
+
1.27%
Huntington
Bancshares
Inc/OH
4.62%,
01/28/2032
(e)
11,000‌
10,702‌
Secured
Overnight
Financing
Rate
+
0.99%
JPMorgan
Chase
&
Co
4.45%,
12/05/2029
(e)
6,650‌
6,599‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.59%
4.51%,
10/22/2028
(e)
8,400‌
8,382‌
Secured
Overnight
Financing
Rate
+
0.86%
4.92%,
01/24/2029
(e)
6,000‌
6,022‌
Secured
Overnight
Financing
Rate
+
0.80%
5.04%,
07/23/2032
(e)
4,550‌
4,530‌
Secured
Overnight
Financing
Rate
+
1.02%
5.57%,
04/22/2028
(e)
6,200‌
6,243‌
Secured
Overnight
Financing
Rate
+
0.93%
5.58%,
04/22/2030
(e)
6,200‌
6,303‌
Secured
Overnight
Financing
Rate
+
1.16%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Keybank
National
Association
5.85%,
11/15/2027
$
13,900‌
$
14,092‌
Lloyds
Banking
Group
PLC
4.24%,
02/10/2030
(e)
6,600‌
6,489‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.60%
Mizuho
Bank
Ltd
4.70%,
04/16/2031
(d)
2,300‌
2,285‌
Mizuho
Financial
Group
Inc
4.71%,
07/08/2031
(e)
9,300‌
9,169‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.92%
Morgan
Stanley
2.48%,
01/21/2028
(e)
6,000‌
5,943‌
Secured
Overnight
Financing
Rate
+
1.00%
4.65%,
10/18/2030
(e)
10,000‌
9,890‌
Secured
Overnight
Financing
Rate
+
1.10%
5.17%,
01/16/2030
(e)
9,350‌
9,395‌
Secured
Overnight
Financing
Rate
+
1.45%
5.17%,
07/14/2032
(e)
5,000‌
4,981‌
Secured
Overnight
Financing
Rate
+
1.16%
5.23%,
01/15/2031
(e)
7,500‌
7,538‌
Secured
Overnight
Financing
Rate
+
1.11%
5.65%,
04/13/2028
(e)
2,575‌
2,595‌
Secured
Overnight
Financing
Rate
+
1.01%
5.66%,
04/18/2030
(e)
6,200‌
6,304‌
Secured
Overnight
Financing
Rate
+
1.26%
Morgan
Stanley
Bank
NA
5.02%,
01/12/2029
(e)
10,500‌
10,549‌
Secured
Overnight
Financing
Rate
+
0.91%
NatWest
Group
PLC
4.95%,
11/15/2028
9,500‌
9,570‌
Secured
Overnight
Financing
Rate
+
1.30%
4.96%,
08/15/2030
(e)
9,500‌
9,494‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.22%
PNC
Financial
Services
Group
Inc/The
4.90%,
05/13/2031
(e)
8,750‌
8,717‌
Secured
Overnight
Financing
Rate
+
1.33%
5.22%,
01/29/2031
(e)
6,400‌
6,447‌
Secured
Overnight
Financing
Rate
+
1.07%
Royal
Bank
of
Canada
4.40%,
04/17/2030
(e)
5,800‌
5,724‌
Secured
Overnight
Financing
Rate
+
0.84%
4.70%,
08/06/2031
(e)
9,300‌
9,181‌
Secured
Overnight
Financing
Rate
+
1.06%
Societe
Generale
SA
5.50%,
04/13/2029
(d),(e)
10,500‌
10,586‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%
5.51%,
05/22/2031
(d),(e)
9,300‌
9,357‌
Secured
Overnight
Financing
Rate
+
1.65%
Swedbank
AB
5.00%,
11/20/2029
(d)
8,500‌
8,583‌
Texas
Capital
Bancshares
Inc
5.30%,
02/27/2032
(e)
9,500‌
9,303‌
Secured
Overnight
Financing
Rate
+
1.94%
Toronto-Dominion
Bank/The
4.36%,
04/23/2029
6,200‌
6,133‌
Truist
Financial
Corp
4.60%,
01/27/2032
(e)
4,600‌
4,491‌
Secured
Overnight
Financing
Rate
+
0.97%
4.68%,
04/23/2032
(e)
7,800‌
7,620‌
Secured
Overnight
Financing
Rate
+
1.09%
7.16%,
10/30/2029
(e)
8,000‌
8,377‌
Secured
Overnight
Financing
Rate
+
2.45%
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
185
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
UBS
Group
AG
3.87%,
01/12/2029
(d),(e)
$
13,000‌
$
12,858‌
3
Month
USD
LIBOR
+
1.41%
US
Bancorp
4.48%,
01/26/2032
(e)
9,250‌
9,016‌
Secured
Overnight
Financing
Rate
+
0.87%
5.10%,
07/23/2030
(e)
4,800‌
4,834‌
Secured
Overnight
Financing
Rate
+
1.25%
5.38%,
01/23/2030
(e)
3,675‌
3,721‌
Secured
Overnight
Financing
Rate
+
1.56%
US
Bank
NA/Cincinnati
OH
4.73%,
05/15/2028
(e)
8,750‌
8,760‌
Secured
Overnight
Financing
Rate
+
0.91%
Wells
Fargo
&
Co
4.84%,
05/20/2032
(e)
9,100‌
8,976‌
Secured
Overnight
Financing
Rate
+
0.97%
5.15%,
04/23/2031
(e)
9,500‌
9,539‌
Secured
Overnight
Financing
Rate
+
1.50%
5.24%,
01/24/2031
(e)
4,250‌
4,278‌
Secured
Overnight
Financing
Rate
+
1.11%
5.71%,
04/22/2028
(e)
6,200‌
6,247‌
Secured
Overnight
Financing
Rate
+
1.07%
$
583,473‌
Biotechnology
-
0
.61
%
Amgen
Inc
5.15%,
03/02/2028
9,100‌
9,170‌
Gilead
Sciences
Inc
4.60%,
05/20/2031
6,700‌
6,619‌
4.80%,
11/15/2029
5,500‌
5,520‌
$
21,309‌
Building
Materials
-
0
.26
%
Vulcan
Materials
Co
4.95%,
12/01/2029
9,000‌
9,037‌
Chemicals
-
0
.41
%
Sherwin-Williams
Co/The
4.30%,
08/15/2028
8,000‌
7,939‌
4.50%,
08/15/2030
6,500‌
6,396‌
$
14,335‌
Commercial
Mortgage
Backed
Securities
-
11
.73
%
1301
Trust
2025-AOA
5.06%,
08/11/2042
(d),(g)
8,400‌
8,330‌
ALA
Trust
2025-OANA
5.42%,
06/15/2040
(d)
9,300‌
9,335‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.74%
Arbor
Multifamily
Mortgage
Securities
Trust
2022-MF4
3.27%,
02/15/2055
(d),(g)
5,227‌
5,210‌
ARES
Trust
2025-IND3
5.18%,
04/15/2042
(d)
9,200‌
9,206‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.50%
BFLD
Commercial
Mortgage
Trust
2024-UNIV
5.17%,
11/15/2041
(d)
8,900‌
8,917‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.49%
BFLD
Commercial
Mortgage
Trust
2025-5MW
4.67%,
10/10/2042
(d),(g)
8,200‌
8,042‌
BFLD
Commercial
Mortgage
Trust
2025-660F
5.18%,
11/15/2042
(d)
8,750‌
8,761‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.50%
BODI
Commercial
Mortgage
Trust
2026-DC1
5.36%,
03/13/2052
(d),(g)
9,300‌
9,213‌
Bridge
Commercial
Mortgage
Trust
2026-MF
4.93%,
06/15/2039
(d)
9,300‌
9,312‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.25%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
BX
2024-PALM
5.22%,
06/15/2037
(d)
$
9,607‌
$
9,600‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.54%
BX
Commercial
Mortgage
Trust
2021-ACNT
4.64%,
11/15/2038
(d)
8,041‌
8,041‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.96%
BX
Commercial
Mortgage
Trust
2024-AIRC
5.37%,
08/15/2041
(d)
14,463‌
14,524‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.69%
BX
Commercial
Mortgage
Trust
2024-GPA3
4.97%,
12/15/2039
(d)
1,442‌
1,444‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.29%
BX
Commercial
Mortgage
Trust
2026-VLT9
5.38%,
03/15/2045
(d)
12,400‌
12,369‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.70%
BX
Trust
2021-BXMF
4.43%,
10/15/2026
(d)
2,326‌
2,325‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.75%
BX
Trust
2025-DIME
4.83%,
02/15/2035
(d)
9,400‌
9,375‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.15%
BX
Trust
2025-TAIL
5.08%,
06/15/2035
(d)
12,200‌
12,223‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.40%
BX
Trust
2025-VOLT
5.38%,
12/15/2044
(d)
12,000‌
11,970‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.70%
BX
Trust
2026-CIP
4.88%,
05/15/2038
(d)
7,613‌
7,618‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.20%
BX
Trust
2026-CLS
5.08%,
05/15/2043
(d)
5,300‌
5,310‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.40%
BX
Trust
2026-OPTM
4.88%,
03/15/2039
(d)
9,500‌
9,470‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.20%
BX
Trust
2026-PNDA
4.98%,
05/15/2043
(d)
5,300‌
5,310‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.30%
CHI
Commercial
Mortgage
Trust
2025-110W
5.10%,
12/13/2040
(d),(g)
9,700‌
9,543‌
CONE
Commercial
Mortgage
Trust
2026-ACD6
6.06%,
07/15/2043
(d),(g)
9,300‌
9,223‌
CONE
Commercial
Mortgage
Trust
2026-DFW3
5.57%,
05/15/2043
(d),(g)
4,800‌
4,745‌
CRSNT
Trust
2026-MOON
5.08%,
02/15/2043
(d)
10,000‌
10,003‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.40%
DBC
2025-DBC
Mortgage
Trust
5.03%,
11/15/2042
(d)
10,000‌
10,012‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.35%
ELP
Commercial
Mortgage
Trust
2025-ELP
4.60%,
11/13/2042
(d),(g)
10,000‌
9,787‌
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
186
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
GGP
Commercial
Mortgage
Trust
2026-SSP
5.29%,
07/05/2043
(d),(g)
$
9,200‌
$
9,128‌
GSAT
Trust
2025-BMF
5.18%,
07/15/2040
(d)
8,800‌
8,796‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.50%
GSJP
Trust
2025-BEDS
5.18%,
12/15/2042
(d)
9,500‌
9,445‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.50%
KRE
Commercial
Mortgage
Trust
2025-AIP4
4.98%,
03/15/2042
(d)
11,773‌
11,747‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.30%
KRE
Commercial
Mortgage
Trust
2026-ICNA
5.53%,
05/15/2043
(d)
9,300‌
9,311‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.85%
LBA
Trust
2024-7IND
5.12%,
10/15/2041
(d)
6,534‌
6,540‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.44%
LEX
Trust
2026-450
5.03%,
03/15/2043
(d)
3,750‌
3,755‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.35%
Life
2022-BMR
Mortgage
Trust
4.97%,
05/15/2039
(d)
18,400‌
17,250‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.30%
MED
Commercial
Mortgage
Trust
2024-MOB
5.27%,
05/15/2041
(d)
15,000‌
14,798‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.59%
MTN
Commercial
Mortgage
Trust
2026-LPFX
4.99%,
05/15/2043
(d),(g)
7,000‌
6,932‌
NYC
Commercial
Mortgage
Trust
2025-28L
4.82%,
11/05/2038
(d),(g)
9,000‌
8,905‌
NYC
Commercial
Mortgage
Trust
2026-1PARK
4.96%,
02/15/2043
(d)
8,000‌
8,000‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.25%
PENN
Commercial
Mortgage
Trust
2025-P11
5.34%,
08/10/2042
(d),(g)
7,000‌
7,015‌
PRM5
Trust
2025-PRM5
4.47%,
03/10/2033
(d),(g)
5,000‌
4,950‌
PSA
Trust
2026-STOR
0.00%,
08/15/2031
(d),(g),(h),(i)
4,150‌
4,196‌
SLG
Office
Trust
2026-OMA
4.97%,
04/15/2041
(d),(g)
9,500‌
9,394‌
SPGN
Trust
2026-TFLM
4.98%,
02/15/2041
(d)
12,500‌
12,473‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.30%
TEXAS
Commercial
Mortgage
Trust
2025-TWR
4.97%,
04/15/2042
(d)
7,500‌
7,491‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.29%
WB
Commercial
Mortgage
Trust
2024-HQ
5.94%,
03/15/2040
(d),(g)
10,000‌
10,015‌
$
409,359‌
Computers
-
1
.63
%
Accenture
Capital
Inc
4.75%,
07/10/2029
6,150‌
6,148‌
5.00%,
07/10/2031
6,150‌
6,123‌
Apple
Inc
4.00%,
05/12/2028
9,500‌
9,444‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
Dell
International
LLC
/
EMC
Corp
4.75%,
04/01/2028
$
4,000‌
$
4,004‌
5.00%,
04/01/2030
9,250‌
9,248‌
Hewlett
Packard
Enterprise
Co
4.40%,
09/25/2027
12,500‌
12,461‌
4.55%,
10/15/2029
9,500‌
9,397‌
$
56,825‌
Credit
Card
Asset
Backed
Securities
-
0
.14
%
Robinhood
Credit
Card
Trust
4.80%,
07/21/2031
(d)
5,000‌
4,980‌
Diversified
Financial
Services
-
0
.99
%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
4.38%,
11/15/2030
7,500‌
7,293‌
6.45%,
04/15/2027
9,127‌
9,236‌
Charles
Schwab
Corp/The
4.74%,
05/21/2030
(e)
7,800‌
7,782‌
Secured
Overnight
Financing
Rate
+
0.78%
Citadel
Finance
LLC
5.15%,
02/14/2031
(d)
7,500‌
7,287‌
Citadel
Securities
Global
Holdings
LLC
5.13%,
01/27/2032
(d)
3,000‌
2,935‌
$
34,533‌
Electric
-
6
.25
%
AES
Corp/The
5.20%,
07/15/2029
1,250‌
1,251‌
Alliant
Energy
Finance
LLC
5.95%,
03/30/2029
(d)
8,800‌
9,010‌
Black
Hills
Corp
4.55%,
01/31/2031
5,750‌
5,604‌
Consumers
Energy
Co
4.90%,
02/15/2029
8,200‌
8,247‌
Dominion
Energy
Inc
4.60%,
05/15/2028
9,000‌
8,984‌
DTE
Energy
Co
3.40%,
06/15/2029
2,000‌
1,924‌
5.10%,
03/01/2029
5,000‌
5,038‌
Evergy
Inc
4.25%,
03/15/2029
4,000‌
3,943‌
Evergy
Kansas
Central
Inc
4.70%,
03/13/2028
4,100‌
4,099‌
Evergy
Missouri
West
Inc
4.70%,
05/21/2029
(d)
6,200‌
6,175‌
Exelon
Corp
5.15%,
03/15/2029
6,330‌
6,383‌
Fortis
Inc/Canada
3.06%,
10/04/2026
14,594‌
14,557‌
ITC
Holdings
Corp
4.88%,
04/15/2031
(d)
5,200‌
5,137‌
NextEra
Energy
Capital
Holdings
Inc
4.69%,
09/01/2027
5,000‌
5,008‌
4.90%,
02/28/2028
3,458‌
3,473‌
4.90%,
03/15/2029
10,000‌
10,043‌
NRG
Energy
Inc
4.73%,
10/15/2030
(d)
7,100‌
6,931‌
OGE
Energy
Corp
5.45%,
05/15/2029
10,000‌
10,155‌
PacifiCorp
4.25%,
03/15/2029
6,250‌
6,149‌
5.10%,
02/15/2029
9,050‌
9,102‌
Public
Service
Enterprise
Group
Inc
4.90%,
03/15/2030
4,100‌
4,088‌
5.20%,
04/01/2029
10,000‌
10,090‌
5.88%,
10/15/2028
8,000‌
8,175‌
Southern
Co/The
5.50%,
03/15/2029
8,300‌
8,444‌
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
187
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Southern
Power
Co
4.25%,
10/01/2030
$
6,250‌
$
6,089‌
4.80%,
06/15/2031
6,200‌
6,130‌
Tampa
Electric
Co
4.90%,
03/01/2029
2,340‌
2,346‌
Vistra
Operations
Co
LLC
3.70%,
01/30/2027
(d)
19,500‌
19,364‌
5.00%,
04/30/2031
(d)
4,975‌
4,899‌
WEC
Energy
Group
Inc
4.75%,
01/15/2028
5,000‌
5,011‌
Wisconsin
Public
Service
Corp
4.55%,
12/01/2029
5,500‌
5,471‌
Xcel
Energy
Inc
1.75%,
03/15/2027
7,000‌
6,891‌
$
218,211‌
Electronics
-
0
.18
%
Tyco
Electronics
Group
SA
4.50%,
02/09/2031
6,400‌
6,304‌
Environmental
Control
-
0
.26
%
Republic
Services
Inc
4.75%,
07/15/2030
9,000‌
8,978‌
Food
-
0
.45
%
Mars
Inc
4.60%,
03/01/2028
(d)
6,300‌
6,302‌
4.80%,
03/01/2030
(d)
9,400‌
9,368‌
$
15,670‌
Forest
Products
&
Paper
-
0
.28
%
Georgia-Pacific
LLC
4.40%,
05/15/2029
(d)
4,900‌
4,853‌
4.60%,
05/15/2031
(d)
4,900‌
4,813‌
$
9,666‌
Gas
-
0
.40
%
NiSource
Inc
4.75%,
05/18/2031
11,500‌
11,367‌
5.25%,
03/30/2028
2,700‌
2,724‌
$
14,091‌
Healthcare
-
Products
-
1
.01
%
Abbott
Laboratories
3.70%,
03/09/2029
9,000‌
8,794‌
4.00%,
03/15/2031
11,000‌
10,631‌
Augusta
SpinCo
Corp
4.40%,
03/23/2029
6,000‌
5,937‌
4.66%,
03/23/2031
6,000‌
5,902‌
Solventum
Corp
5.40%,
03/01/2029
3,877‌
3,925‌
$
35,189‌
Healthcare
-
Services
-
0
.40
%
Centene
Corp
4.25%,
12/15/2027
8,956‌
8,922‌
HCA
Inc
4.30%,
11/15/2030
2,000‌
1,939‌
5.88%,
02/01/2029
3,000‌
3,058‌
$
13,919‌
Home
Equity
Asset
Backed
Securities
-
2
.66
%
JP
Morgan
Mortgage
Trust
2023-HE1
5.37%,
11/25/2053
(d)
797‌
797‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.75%
JP
Morgan
Mortgage
Trust
2023-HE2
5.32%,
03/20/2054
(d)
3,682‌
3,688‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.70%
JP
Morgan
Mortgage
Trust
2023-HE3
5.22%,
05/20/2054
(d)
3,065‌
3,073‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.60%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Home
Equity
Asset
Backed
Securities
(continued)
JP
Morgan
Mortgage
Trust
2025-HE3
4.97%,
03/20/2056
(d)
$
9,005‌
$
9,053‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.35%
JP
Morgan
Mortgage
Trust
2026-ACES1
4.89%,
04/25/2066
(d),(g)
8,867‌
8,728‌
JP
Morgan
Mortgage
Trust
2026-CES1
4.91%,
06/25/2056
(d),(g)
11,064‌
10,937‌
JP
Morgan
Mortgage
Trust
Series
2024-CES1
5.92%,
06/25/2054
(d),(g)
5,203‌
5,210‌
JP
Morgan
Mortgage
Trust
Series
2024-HE3
4.82%,
02/25/2055
(d)
6,962‌
6,974‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.20%
JP
Morgan
Mortgage
Trust
Series
2025-CES1
5.67%,
05/25/2055
(d),(g)
5,411‌
5,418‌
JP
Morgan
Mortgage
Trust
Series
2025-CES2
5.59%,
06/25/2055
(d),(g)
8,648‌
8,655‌
JP
Morgan
Mortgage
Trust
Series
2025-CES7
5.06%,
04/25/2056
(d),(g)
8,069‌
8,000‌
JP
Morgan
Mortgage
Trust
Series
2025-HE1
4.77%,
07/20/2055
(d)
15,324‌
15,333‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.15%
JP
Morgan
Mortgage
Trust
Series
2026-HE1
4.87%,
09/20/2056
(d)
6,801‌
6,825‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.25%
$
92,691‌
Insurance
-
2
.11
%
Aon
North
America
Inc
5.15%,
03/01/2029
12,000‌
12,095‌
Arthur
J
Gallagher
&
Co
4.85%,
12/15/2029
4,200‌
4,200‌
Brown
&
Brown
Inc
4.90%,
06/23/2030
3,700‌
3,666‌
Guardian
Life
Global
Funding
4.40%,
12/11/2030
(d)
9,400‌
9,196‌
Markel
Group
Inc
3.50%,
11/01/2027
4,719‌
4,652‌
New
York
Life
Global
Funding
4.60%,
12/05/2029
(d)
4,800‌
4,777‌
4.60%,
06/03/2030
(d)
9,350‌
9,260‌
Northwestern
Mutual
Global
Funding
4.96%,
01/13/2030
(d)
12,200‌
12,217‌
5.07%,
03/25/2027
(d)
9,500‌
9,550‌
Travelers
Cos
Inc/The
4.95%,
07/24/2031
4,100‌
4,096‌
$
73,709‌
Internet
-
1
.28
%
Alphabet
Inc
3.70%,
02/15/2029
(f)
7,800‌
7,640‌
3.88%,
11/15/2028
4,500‌
4,439‌
4.10%,
11/15/2030
7,250‌
7,047‌
Amazon.com
Inc
4.25%,
03/13/2031
9,000‌
8,730‌
4.60%,
07/09/2029
9,400‌
9,368‌
eBay
Inc
4.25%,
03/06/2029
7,500‌
7,402‌
$
44,626‌
Machinery
-
Diversified
-
0
.28
%
Ingersoll
Rand
Inc
5.20%,
06/15/2027
6,000‌
6,035‌
Westinghouse
Air
Brake
Technologies
Corp
4.90%,
05/29/2030
3,850‌
3,838‌
$
9,873‌
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
188
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
-
0
.55
%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
6.10%,
06/01/2029
$
13,000‌
$
13,194‌
Space
Exploration
Technologies
Corp
5.35%,
07/15/2031
(d)
6,000‌
5,840‌
$
19,034‌
Mining
-
0
.42
%
Anglo
American
Capital
PLC
4.63%,
03/19/2031
(d)
9,000‌
8,802‌
Glencore
Funding
LLC
5.19%,
04/01/2030
(d)
6,000‌
6,018‌
$
14,820‌
Miscellaneous
Manufacturers
-
0
.32
%
Eaton
Corp
3.95%,
03/06/2029
8,000‌
7,857‌
4.20%,
03/06/2031
3,300‌
3,201‌
$
11,058‌
Mortgage
Backed
Securities
-
2
.82
%
Chase
Home
Lending
Mortgage
Trust
2025-3
5.50%,
02/25/2056
(d),(g)
5,581‌
5,515‌
Chase
Home
Lending
Mortgage
Trust
Series
2024-2
6.50%,
02/25/2055
(d),(g)
3,031‌
3,035‌
CHL
Mortgage
Pass-Through
Trust
2003-46
5.74%,
01/19/2034
(g)
73‌
72‌
Credit
Suisse
First
Boston
Mortgage
Securities
Corp
5.00%,
01/25/2038
3‌
2‌
GS
Mortgage-Backed
Securities
Corp
Trust
2021-PJ3
2.50%,
08/25/2051
(d),(g)
2,680‌
2,375‌
JP
Morgan
Mortgage
Trust
2004-A3
5.92%,
07/25/2034
(g)
64‌
62‌
JP
Morgan
Mortgage
Trust
2004-S1
5.00%,
09/25/2034
71‌
66‌
JP
Morgan
Mortgage
Trust
2021-1
2.50%,
06/25/2051
(d),(g)
8,270‌
7,535‌
JP
Morgan
Mortgage
Trust
2023-10
6.00%,
05/25/2054
(d),(g)
181‌
181‌
JP
Morgan
Mortgage
Trust
2023-8
6.00%,
02/25/2054
(d),(g)
3,806‌
3,799‌
JP
Morgan
Mortgage
Trust
2025-1
6.00%,
06/25/2055
(d),(g)
1,123‌
1,123‌
Metlife
Securitization
Trust
2019-1
3.75%,
04/25/2058
(d),(g)
493‌
488‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2020-1
2.50%,
12/25/2050
(d),(g)
3,243‌
2,928‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2025-1
5.50%,
03/25/2055
(d),(g)
3,639‌
3,628‌
Oceanview
Mortgage
Trust
2021-3
2.50%,
06/25/2051
(d),(g)
8,673‌
7,661‌
PHH
Mortgage
Trust
Series
2008-CIM1
6.01%,
06/25/2038
388‌
358‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.36%
PSMC
2021-3
Trust
2.50%,
08/25/2051
(d),(g)
7,729‌
6,870‌
Sequoia
Mortgage
Trust
2020-4
2.50%,
11/25/2050
(d),(g)
5,350‌
4,900‌
Sequoia
Mortgage
Trust
2021-3
2.50%,
05/25/2051
(d),(g)
14,446‌
12,769‌
Sequoia
Mortgage
Trust
2021-4
2.50%,
06/25/2051
(d),(g)
13,993‌
12,388‌
Sequoia
Mortgage
Trust
2024-2
5.90%,
03/25/2054
(d),(g)
552‌
551‌
Sequoia
Mortgage
Trust
2024-4
6.00%,
05/25/2054
(d),(g)
3,421‌
3,426‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Sequoia
Mortgage
Trust
2025-1
6.00%,
01/25/2055
(d),(g)
$
1,150‌
$
1,151‌
Sequoia
Mortgage
Trust
2025-S2
4.00%,
11/25/2055
(d),(g)
1,820‌
1,718‌
Sequoia
Mortgage
Trust
2026-HYB1
4.67%,
04/25/2056
(d),(g)
8,369‌
8,167‌
Wells
Fargo
Mortgage
Backed
Securities
2020-3
Trust
3.00%,
06/25/2050
(d),(g)
16‌
15‌
Wells
Fargo
Mortgage
Backed
Securities
2020-4
Trust
3.00%,
07/25/2050
(d),(g)
3,953‌
3,373‌
Wells
Fargo
Mortgage
Backed
Securities
2020-5
Trust
2.50%,
09/25/2050
(d),(g)
3,322‌
3,027‌
Wells
Fargo
Mortgage
Backed
Securities
2021-1
Trust
2.50%,
12/25/2050
(d),(g)
1,367‌
1,225‌
$
98,408‌
Office
&
Business
Equipment
-
0
.31
%
CDW
LLC
/
CDW
Finance
Corp
2.67%,
12/01/2026
11,000‌
10,933‌
Oil
&
Gas
-
0
.94
%
Canadian
Natural
Resources
Ltd
5.00%,
12/15/2029
4,800‌
4,827‌
Diamondback
Energy
Inc
5.15%,
01/30/2030
7,500‌
7,556‌
5.20%,
04/18/2027
8,150‌
8,188‌
EOG
Resources
Inc
4.40%,
07/15/2028
4,600‌
4,589‌
Shell
Finance
US
Inc
4.13%,
11/06/2030
7,800‌
7,612‌
$
32,772‌
Oil
&
Gas
Services
-
0
.37
%
Schlumberger
Holdings
Corp
5.00%,
05/29/2027
(d)
6,400‌
6,427‌
5.00%,
11/15/2029
(d)
6,400‌
6,444‌
$
12,871‌
Other
Asset
Backed
Securities
-
10
.55
%
1988
CLO
2
Ltd
4.95%,
04/15/2038
(d)
12,500‌
12,522‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.20%
1988
CLO
3
Ltd
5.00%,
10/15/2038
(d)
9,500‌
9,511‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.25%
720
East
CLO
V
Ltd
4.98%,
07/20/2038
(d)
5,500‌
5,500‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.25%
AB
BSL
CLO
4
Ltd
5.03%,
04/20/2038
(d)
9,500‌
9,511‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.30%
Ares
LIV
CLO
Ltd
5.06%,
07/15/2038
(d)
4,500‌
4,508‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.31%
Bardot
CLO
Ltd
4.71%,
10/22/2032
(d)
5,931‌
5,932‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.98%
CCG
Receivables
Trust
2024-1
4.99%,
03/15/2032
(d)
1,874‌
1,882‌
CCG
Receivables
Trust
2025-2
4.14%,
08/15/2034
(d)
5,750‌
5,733‌
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
189
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
CCG
Receivables
Trust
2026-1
4.45%,
01/17/2034
(d)
$
9,300‌
$
9,279‌
Cerberus
Loan
Funding
XXIV
LP
5.10%,
07/15/2030
(d)
4,598‌
4,594‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.35%
CF
Hippolyta
Issuer
LLC
1.53%,
03/15/2061
(d)
17,892‌
13,984‌
1.69%,
07/15/2060
(d)
12,953‌
10,670‌
Dell
Equipment
Finance
Trust
2025-2
4.10%,
02/22/2028
(d)
5,974‌
5,972‌
Dell
Equipment
Finance
Trust
2026-1
4.24%,
07/24/2028
(d)
8,400‌
8,394‌
DLLAA
2025-1
LLC
4.70%,
10/20/2027
(d)
2,648‌
2,651‌
DLLAD
2024-1
LLC
5.50%,
08/20/2027
(d)
116‌
116‌
DLLAD
2025-1
LLC
4.46%,
11/20/2028
(d)
9,896‌
9,900‌
Empower
CLO
2025-1
Ltd
5.04%,
07/20/2038
(d)
12,600‌
12,622‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.31%
GreatAmerica
Leasing
Receivables
Funding
LLC
Series
2026-1
4.47%,
01/16/2029
(d)
5,500‌
5,501‌
Kubota
Credit
Owner
Trust
2026-1
3.84%,
01/16/2029
(d)
9,500‌
9,446‌
Lake
Shore
MM
CLO
II
Ltd
5.15%,
10/17/2031
(d)
809‌
808‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.40%
Madison
Park
Funding
XL-R
Ltd
5.08%,
10/16/2038
(d)
12,750‌
12,753‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.29%
Magnetite
XLVII
Ltd
5.14%,
01/25/2038
(d)
6,250‌
6,264‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.33%
Maranon
Loan
Funding
2021-3
Ltd
5.50%,
10/15/2036
(d)
6,300‌
6,306‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.75%
MVW
2021-1W
LLC
1.14%,
01/22/2041
(d)
936‌
914‌
MVW
2023-2
LLC
6.18%,
11/20/2040
(d)
3,686‌
3,759‌
MVW
2024-2
LLC
4.43%,
03/20/2042
(d)
8,901‌
8,825‌
MVW
2026-1
LLC
4.67%,
03/20/2043
(d)
6,752‌
6,674‌
Navesink
CLO
2
Ltd
4.94%,
01/15/2036
(d)
6,250‌
6,253‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.19%
New
Mountain
CLO
6
Ltd
5.13%,
10/15/2037
(d)
6,300‌
6,307‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.40%
New
Mountain
CLO
7
Ltd
4.93%,
03/31/2038
(d)
9,500‌
9,519‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.20%
Oaktree
CLO
2019-4
Ltd
4.96%,
07/20/2037
(d)
12,000‌
12,000‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.23%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Oaktree
CLO
2024-25
Ltd
4.94%,
04/20/2039
(d)
$
6,300‌
$
6,300‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.21%
PFS
Financing
Corp
4.18%,
03/15/2031
(d)
8,000‌
7,892‌
4.49%,
05/15/2031
(d)
4,200‌
4,174‌
4.85%,
02/15/2030
(d)
12,550‌
12,607‌
4.95%,
02/15/2029
(d)
13,350‌
13,389‌
5.52%,
10/15/2028
(d)
4,500‌
4,512‌
Sierra
Timeshare
2026-2
Receivables
Funding
LLC
4.98%,
05/20/2043
(d)
10,200‌
10,192‌
Signal
Peak
CLO
11
Ltd
5.18%,
07/18/2037
(d)
6,250‌
6,264‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.45%
T-Mobile
US
Trust
2025-2
4.34%,
04/22/2030
(d)
13,000‌
12,992‌
Trafigura
Securitisation
Finance
PLC
5.12%,
12/15/2029
(d)
7,400‌
7,382‌
5.98%,
11/15/2027
(d)
15,000‌
15,088‌
Verizon
Master
Trust
4.17%,
08/20/2030
5,500‌
5,489‌
4.35%,
08/20/2032
(d)
5,500‌
5,445‌
4.62%,
11/20/2030
9,700‌
9,723‌
Verizon
Master
Trust
Series
2026-1
3.94%,
02/20/2031
9,000‌
8,931‌
Verizon
Master
Trust
Series
2026-2
4.51%,
06/21/2032
9,250‌
9,215‌
$
368,205‌
Packaging
&
Containers
-
0
.23
%
Smurfit
Kappa
Treasury
ULC
5.20%,
01/15/2030
8,000‌
8,052‌
Pharmaceuticals
-
2
.52
%
AbbVie
Inc
4.13%,
03/15/2031
6,900‌
6,689‌
4.80%,
03/15/2029
10,000‌
10,031‌
Astrazeneca
Finance
LLC
4.00%,
03/02/2031
9,250‌
8,937‌
4.85%,
02/26/2029
9,400‌
9,460‌
Eli
Lilly
&
Co
4.50%,
02/09/2029
10,000‌
10,017‌
4.55%,
02/12/2028
6,250‌
6,264‌
4.75%,
02/12/2030
4,300‌
4,312‌
Novartis
Capital
Corp
3.90%,
11/05/2028
7,250‌
7,163‌
4.10%,
11/05/2030
7,500‌
7,303‌
Pfizer
Inc
3.88%,
11/15/2027
9,000‌
8,948‌
4.20%,
11/15/2030
9,000‌
8,800‌
$
87,924‌
Pipelines
-
2
.53
%
Columbia
Pipelines
Holding
Co
LLC
6.04%,
08/15/2028
(d)
11,350‌
11,606‌
Enbridge
Inc
5.30%,
04/05/2029
3,850‌
3,901‌
5.90%,
11/15/2026
11,275‌
11,310‌
Energy
Transfer
LP
4.40%,
03/15/2027
5,250‌
5,249‌
5.55%,
02/15/2028
8,000‌
8,098‌
Kinder
Morgan
Inc
5.00%,
02/01/2029
8,000‌
8,045‌
5.10%,
08/01/2029
6,000‌
6,057‌
ONEOK
Inc
4.25%,
09/24/2027
11,700‌
11,657‌
4.40%,
10/15/2029
7,900‌
7,788‌
5.55%,
11/01/2026
6,000‌
6,013‌
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
190
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Williams
Cos
Inc/The
4.63%,
06/30/2030
$
8,750‌
$
8,630‌
$
88,354‌
REITs
-
2
.60
%
American
Homes
4
Rent
LP
4.95%,
06/15/2030
5,998‌
5,959‌
American
Tower
Trust
#1
3.65%,
03/15/2048
(d)
6,300‌
6,183‌
5.49%,
03/15/2053
(d)
11,585‌
11,657‌
Omega
Healthcare
Investors
Inc
5.20%,
07/01/2030
6,000‌
5,967‌
Public
Storage
Operating
Co
4.35%,
04/16/2027
9,550‌
9,572‌
Secured
Overnight
Financing
Rate
+
0.70%
4.38%,
07/01/2030
9,250‌
9,109‌
SBA
Tower
Trust
1.63%,
05/15/2051
(d)
19,400‌
19,228‌
2.33%,
07/15/2052
(d)
2,800‌
2,700‌
Store
Capital
LLC
4.95%,
02/11/2031
8,800‌
8,614‌
Welltower
OP
LLC
4.50%,
07/01/2030
12,000‌
11,831‌
$
90,820‌
Semiconductors
-
1
.22
%
Advanced
Micro
Devices
Inc
4.21%,
09/24/2026
6,300‌
6,297‌
4.32%,
03/24/2028
6,300‌
6,284‌
Broadcom
Inc
4.60%,
07/15/2030
9,500‌
9,331‌
Intel
Corp
4.65%,
06/01/2031
3,300‌
3,227‌
Marvell
Technology
Inc
4.75%,
07/15/2030
9,500‌
9,375‌
Texas
Instruments
Inc
4.60%,
02/08/2029
8,000‌
8,013‌
$
42,527‌
Software
-
1
.91
%
Fidelity
National
Information
Services
Inc
4.55%,
03/10/2029
9,000‌
8,919‌
4.80%,
03/10/2031
7,000‌
6,876‌
Oracle
Corp
4.20%,
09/27/2029
9,300‌
8,910‌
4.80%,
08/03/2028
9,400‌
9,315‌
4.95%,
02/04/2031
9,500‌
9,074‌
Roper
Technologies
Inc
4.50%,
10/15/2029
(f)
7,400‌
7,318‌
Take-Two
Interactive
Software
Inc
4.95%,
03/28/2028
8,700‌
8,740‌
5.40%,
06/12/2029
7,400‌
7,491‌
$
66,643‌
Student
Loan
Asset
Backed
Securities
-
4
.00
%
Commonbond
Student
Loan
Trust
2018-BGS
3.56%,
09/25/2045
(d)
1,267‌
1,208‌
Commonbond
Student
Loan
Trust
2018-C-GS
3.87%,
02/25/2046
(d)
1,564‌
1,514‌
Commonbond
Student
Loan
Trust
2019-A-GS
2.54%,
01/25/2047
(d)
3,402‌
3,109‌
Commonbond
Student
Loan
Trust
2020-A-GS
1.98%,
08/25/2050
(d)
1,404‌
1,253‌
Commonbond
Student
Loan
Trust
2021-A-GS
1.20%,
03/25/2052
(d)
6,554‌
5,622‌
Commonbond
Student
Loan
Trust
2021-B-GS
1.17%,
09/25/2051
(d)
2,021‌
1,752‌
EDvestinU
Private
Education
Loan
Issue
No
3
LLC
1.80%,
11/25/2045
(d)
4,045‌
3,786‌
ELFI
Graduate
Loan
Program
2024-A
LLC
5.56%,
08/25/2049
(d)
3,062‌
3,073‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Student
Loan
Asset
Backed
Securities
(continued)
Navient
Education
Loan
Trust
2025-A
5.02%,
07/15/2055
(d)
$
3,768‌
$
3,753‌
Navient
Education
Loan
Trust
2026-A
4.86%,
09/15/2056
(d)
6,423‌
6,335‌
Navient
Private
Education
Refi
Loan
Trust
2019-A
3.42%,
01/15/2043
(d)
4‌
4‌
Navient
Private
Education
Refi
Loan
Trust
2019-G
2.40%,
10/15/2068
(d)
1,310‌
1,276‌
Navient
Private
Education
Refi
Loan
Trust
2020-D
1.69%,
05/15/2069
(d)
2,004‌
1,909‌
Navient
Private
Education
Refi
Loan
Trust
2020-F
1.22%,
07/15/2069
(d)
1,313‌
1,238‌
Navient
Private
Education
Refi
Loan
Trust
2020-G
1.17%,
09/16/2069
(d)
1,488‌
1,394‌
Navient
Private
Education
Refi
Loan
Trust
2020-H
1.31%,
01/15/2069
(d)
1,849‌
1,757‌
Navient
Private
Education
Refi
Loan
Trust
2021-A
0.84%,
05/15/2069
(d)
2,109‌
1,934‌
Navient
Private
Education
Refi
Loan
Trust
2021-B
0.94%,
07/15/2069
(d)
4,863‌
4,433‌
Navient
Private
Education
Refi
Loan
Trust
2021-C
1.06%,
10/15/2069
(d)
4,668‌
4,222‌
Navient
Private
Education
Refi
Loan
Trust
2021-E
0.97%,
12/16/2069
(d)
7,077‌
6,283‌
Navient
Private
Education
Refi
Loan
Trust
2021-F
1.11%,
02/18/2070
(d)
3,115‌
2,745‌
Navient
Private
Education
Refi
Loan
Trust
2022-A
2.23%,
07/15/2070
(d)
2,942‌
2,671‌
Navient
Private
Education
Refi
Loan
Trust
2023-A
5.51%,
10/15/2071
(d)
1,688‌
1,704‌
Navient
Private
Education
Refi
Loan
Trust
2024-A
5.66%,
10/15/2072
(d)
6,161‌
6,240‌
Navient
Refinance
Loan
Trust
2025-B
4.72%,
09/15/2055
(d)
9,743‌
9,618‌
Navient
Refinance
Loan
Trust
2026-A
4.50%,
01/18/2056
(d)
6,973‌
6,830‌
Navient
Refinance
Loan
Trust
2026-B
5.07%,
06/15/2056
(d)
8,300‌
8,255‌
Nelnet
Student
Loan
Trust
2021-A
1.36%,
04/20/2062
(d)
8,920‌
8,485‌
Nelnet
Student
Loan
Trust
2021-C
1.32%,
04/20/2062
(d)
3,171‌
3,000‌
Nelnet
Student
Loan
Trust
2021-D
1.63%,
04/20/2062
(d)
4,294‌
4,098‌
SLM
Private
Credit
Student
Loan
Trust
2004-A
4.33%,
06/15/2033
53‌
53‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.66%
SLM
Private
Credit
Student
Loan
Trust
2006-A
4.22%,
06/15/2039
6,983‌
6,806‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.55%
SLM
Private
Credit
Student
Loan
Trust
2006-B
4.13%,
12/15/2039
3,905‌
3,814‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.46%
SMB
Private
Education
Loan
Trust
2021-A
1.07%,
01/15/2053
(d)
4,139‌
3,817‌
SMB
Private
Education
Loan
Trust
2021-B
1.31%,
07/17/2051
(d)
5,421‌
5,123‌
SMB
Private
Education
Loan
Trust
2021-E
1.68%,
02/15/2051
(d)
5,427‌
5,138‌
SMB
Private
Education
Loan
Trust
2022-C
4.48%,
05/16/2050
(d)
5,383‌
5,294‌
$
139,546‌
Telecommunications
-
1
.16
%
AT&T
Inc
4.70%,
08/15/2030
9,000‌
8,886‌
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
191
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Cisco
Systems
Inc
4.75%,
02/24/2030
$
9,400‌
$
9,403‌
4.85%,
02/26/2029
8,000‌
8,052‌
Crown
Castle
Towers
LLC
4.24%,
07/15/2048
(d)
1,650‌
1,631‌
NTT
Finance
Corp
4.62%,
07/16/2028
(d)
9,300‌
9,261‌
Sprint
Spectrum
Co
LLC
/
Sprint
Spectrum
Co
II
LLC
/
Sprint
Spectrum
Co
III
LLC
5.15%,
03/20/2028
(d)
3,325‌
3,329‌
$
40,562‌
Transportation
-
0
.62
%
Ryder
System
Inc
1.75%,
09/01/2026
11,000‌
10,977‌
5.00%,
09/15/2031
(h)
10,750‌
10,684‌
$
21,661‌
TOTAL
BONDS
$
3,082,537‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
10
.01
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0
.00
%
6.04%,
09/01/2035
$
8‌
$
8‌
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.25%
Federal
National
Mortgage
Association
(FNMA)
-
0
.00
%
5.69%,
02/01/2037
12‌
12‌
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.97%
5.92%,
11/01/2032
3‌
3‌
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.29%
6.00%,
01/01/2035
2‌
3‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.75%
6.01%,
07/01/2034
1‌
1‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.64%
6.02%,
12/01/2032
4‌
5‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.64%
6.14%,
07/01/2034
9‌
9‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.56%
6.14%,
02/01/2035
1‌
1‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
6-Month
+
2.01%
6.30%,
08/01/2034
6‌
6‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.63%
6.42%,
10/01/2035
29‌
29‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.68%
$
69‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
0
.00
%
7.50%,
10/01/2029
1‌
1‌
U.S.
Treasury
-
10
.01
%
3.25%,
06/30/2029
83,700‌
81,235‌
3.88%,
07/31/2027
85,000‌
84,746‌
3.88%,
03/31/2028
114,000‌
113,301‌
4.00%,
01/15/2027
(f)
70,100‌
70,122‌
$
349,404‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
349,482‌
Total
Investments
$
3,490,829‌
Other
Assets
and
Liabilities
-  (0.03)%
(
1,052‌
)
TOTAL
NET
ASSETS
-
100.00%
$
3,489,777‌
(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
$12,379
or
0.35%
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
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
$1,513,853
or
43.38%
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
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$11,955
or
0.34%
of
net
assets.
(g)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(h)
Security
purchased
on
a
when-issued
basis.
(i)
Non-income
producing
security
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
192
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
179,090‌
$
1,426,226‌
$
1,547,295‌
$
58,021‌
$
179,090‌
$
1,426,226‌
$
1,547,295‌
$
58,021‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
2,464‌
$
—‌
$
—‌
$
—‌
$
2,464‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
2
Year
Treasury
Note;
September
2026
Long
589‌
$
121,104‌
$
(
434‌
)
US
5
Year
Treasury  Note;
September
2026
Short
802‌
84,993‌
866‌
Total
$
432‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
SmallCap
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
193
INVESTMENT
COMPANIES
-
1
.74
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.74
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
1,469,489‌
$
1,469‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(c)
34,816,830‌
34,817‌
$
36,286‌
TOTAL
INVESTMENT
COMPANIES
$
36,286‌
COMMON
STOCKS
-
98
.49
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
2
.07
%
AAR
Corp
(d)
177,500‌
$
24,857‌
Aevex
Corp
(d)
619,535‌
10,303‌
Kratos
Defense
&
Security
Solutions
Inc
(d)
172,000‌
8,015‌
$
43,175‌
Agriculture
-
0
.95
%
Darling
Ingredients
Inc
(d)
324,900‌
19,702‌
Apparel
-
1
.11
%
Crocs
Inc
(d)
181,000‌
23,170‌
Banks
-
10
.87
%
Ameris
Bancorp
264,700‌
23,084‌
First
Horizon
Corp
1,110,300‌
28,468‌
FNB
Corp/PA
1,406,696‌
26,587‌
Forbright
Inc
(d)
566,200‌
11,199‌
Independent
Bank
Corp/MI
124,100‌
4,741‌
Old
National
Bancorp/IN
1,429,100‌
38,071‌
Renasant
Corp
708,100‌
30,852‌
UMB
Financial
Corp
240,200‌
35,004‌
Wintrust
Financial
Corp
176,500‌
28,159‌
$
226,165‌
Beverages
-
0
.39
%
Suja
Life
Inc
(d)
770,300‌
8,157‌
Biotechnology
-
9
.02
%
Alumis
Inc
(d)
404,300‌
11,422‌
Axsome
Therapeutics
Inc
(d)
132,800‌
28,949‌
Bridgebio
Pharma
Inc
(d)
338,500‌
27,110‌
Cytokinetics
Inc
(d)
411,555‌
31,743‌
Denali
Therapeutics
Inc
(d)
561,500‌
12,926‌
Immunocore
Holdings
PLC
ADR
(d)
217,900‌
7,367‌
Immunome
Inc
(d)
528,100‌
12,020‌
Insmed
Inc
(d)
294,600‌
29,048‌
Kardigan
Inc
(d)
136,760‌
2,847‌
Seaport
Therapeutics
Inc
(d)
181,500‌
3,714‌
Structure
Therapeutics
Inc
ADR
(d)
287,100‌
13,792‌
Viking
Therapeutics
Inc
(d)
212,800‌
6,754‌
$
187,692‌
Building
Materials
-
2
.17
%
Louisiana-Pacific
Corp
305,800‌
22,149‌
Modine
Manufacturing
Co
(d)
114,000‌
22,921‌
$
45,070‌
Chemicals
-
1
.82
%
Ingevity
Corp
(d)
242,600‌
17,737‌
Perimeter
Solutions
Inc
(d)
658,000‌
20,141‌
$
37,878‌
Commercial
Services
-
4
.37
%
BOYD
GROUP
SERVICES
INC
112,900‌
11,694‌
Huron
Consulting
Group
Inc
(d)
270,000‌
40,978‌
John
Wiley
&
Sons
Inc
263,100‌
13,734‌
Stride
Inc
(d)
306,849‌
24,637‌
$
91,043‌
Computers
-
2
.30
%
Netskope
Inc
(d)
1,488,600‌
18,741‌
Quantinuum
Inc
(d)
148,600‌
7,640‌
Varonis
Systems
Inc
(d)
539,800‌
21,565‌
$
47,946‌
Distribution
&
Wholesale
-
1
.17
%
WESCO
International
Inc
71,100‌
24,422‌
Diversified
Financial
Services
-
4
.60
%
Hamilton
Lane
Inc
169,500‌
15,070‌
Jefferson
Capital
Inc
749,200‌
15,066‌
Lazard
Inc
240,000‌
10,171‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
OneMain
Holdings
Inc
359,800‌
$
22,516‌
Stifel
Financial
Corp
271,700‌
22,527‌
Virtu
Financial
Inc
176,700‌
10,378‌
$
95,728‌
Electric
-
1
.11
%
Algonquin
Power
&
Utilities
Corp
2,797,500‌
16,338‌
Fervo
Energy
Co
(d),(e)
302,500‌
6,818‌
$
23,156‌
Electrical
Components
&
Equipment
-
1
.38
%
EnerSys
154,707‌
28,783‌
Electronics
-
2
.86
%
Advanced
Energy
Industries
Inc
102,900‌
29,792‌
TD
SYNNEX
Corp
115,977‌
29,655‌
$
59,447‌
Engineering
&
Construction
-
3
.16
%
Cardinal
Infrastructure
Group
Inc
(d)
217,000‌
13,430‌
Dycom
Industries
Inc
(d)
54,500‌
21,858‌
Tutor
Perini
Corp
363,200‌
30,418‌
$
65,706‌
Entertainment
-
0
.76
%
TKO
Group
Holdings
Inc
86,600‌
15,745‌
Environmental
Control
-
0
.52
%
Onterris
Inc
(d)
512,100‌
10,749‌
Food
-
1
.44
%
Lamb
Weston
Holdings
Inc
241,300‌
12,680‌
Performance
Food
Group
Co
(d)
151,618‌
17,344‌
$
30,024‌
Gas
-
1
.53
%
Southwest
Gas
Holdings
Inc
357,200‌
31,934‌
Healthcare
-
Products
-
3
.48
%
Adaptive
Biotechnologies
Corp
(d)
1,031,060‌
23,271‌
Castle
Biosciences
Inc
(d)
725,138‌
20,304‌
Natera
Inc
(d)
107,600‌
28,811‌
$
72,386‌
Healthcare
-
Services
-
3
.46
%
Addus
HomeCare
Corp
(d)
131,600‌
15,197‌
BrightSpring
Health
Services
Inc
(d)
107,100‌
6,395‌
LifeStance
Health
Group
Inc
(d)
1,088,200‌
11,404‌
Privia
Health
Group
Inc
(d)
808,139‌
19,129‌
RadNet
Inc
(d)
311,300‌
19,855‌
$
71,980‌
Insurance
-
3
.18
%
CNO
Financial
Group
Inc
479,566‌
26,420‌
Essent
Group
Ltd
216,300‌
14,267‌
Lincoln
National
Corp
560,800‌
25,578‌
$
66,265‌
Internet
-
0
.66
%
Lyft
Inc
(d)
863,600‌
13,697‌
Investment
Companies
-
0
.99
%
Riot
Platforms
Inc
(d)
1,017,500‌
20,523‌
Iron
&
Steel
-
0
.91
%
Commercial
Metals
Co
276,400‌
18,994‌
Leisure
Products
&
Services
-
3
.08
%
Callaway
Golf
Co
(d)
1,201,100‌
22,172‌
Life
Time
Group
Holdings
Inc
(d)
595,000‌
26,835‌
Lindblad
Expeditions
Holdings
Inc
(d)
507,300‌
15,006‌
$
64,013‌
Machinery
-
Construction
&
Mining
-
0
.80
%
Forgent
Power
Solutions
Inc
(d)
502,800‌
16,728‌
Machinery
-
Diversified
-
0
.95
%
Mueller
Water
Products
Inc
-
Class
A
779,400‌
19,672‌
Mining
-
0
.44
%
Novagold
Resources
Inc
(d)
1,568,548‌
9,145‌
Miscellaneous
Manufacturers
-
0
.90
%
Fabrinet
(d)
42,851‌
18,658‌
Schedule
of
Investments
SmallCap
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
194
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
-
3
.42
%
Chord
Energy
Corp
135,400‌
$
19,007‌
Gulfport
Energy
Corp
(d)
146,200‌
23,592‌
Patterson-UTI
Energy
Inc
2,721,430‌
28,521‌
$
71,120‌
Oil
&
Gas
Services
-
1
.93
%
Helix
Energy
Solutions
Group
Inc
(d)
1,524,500‌
14,498‌
Solaris
Energy
Infrastructure
Inc
501,200‌
25,767‌
$
40,265‌
Pharmaceuticals
-
2
.69
%
Abivax
SA
ADR
(d)
111,567‌
13,937‌
AdaptHealth
Corp
(d)
973,000‌
10,508‌
Collegium
Pharmaceutical
Inc
(d)
641,300‌
22,696‌
Vaxcyte
Inc
(d)
163,600‌
8,847‌
$
55,988‌
Pipelines
-
0
.90
%
Kinetik
Holdings
Inc
372,000‌
18,812‌
REITs
-
5
.71
%
American
Healthcare
REIT
Inc
317,200‌
17,636‌
American
Homes
4
Rent
537,000‌
17,946‌
Cousins
Properties
Inc
736,600‌
23,240‌
InvenTrust
Properties
Corp
551,700‌
19,536‌
Rexford
Industrial
Realty
Inc
508,200‌
19,195‌
Sabra
Health
Care
REIT
Inc
1,009,700‌
21,375‌
$
118,928‌
Retail
-
3
.32
%
Boot
Barn
Holdings
Inc
(d)
123,700‌
18,430‌
Cava
Group
Inc
(d)
420,100‌
27,403‌
Yesway
Inc
(d)
1,109,500‌
23,211‌
$
69,044‌
Semiconductors
-
2
.23
%
Allegro
MicroSystems
Inc
(d)
575,600‌
23,887‌
SiTime
Corp
(d)
42,200‌
22,586‌
$
46,473‌
Software
-
4
.50
%
Agilysys
Inc
(d)
136,800‌
14,386‌
DigitalOcean
Holdings
Inc
(d)
148,400‌
17,437‌
JFrog
Ltd
(d)
356,100‌
28,413‌
ServiceTitan
Inc
(d)
213,200‌
17,708‌
Sophia
Genetics
SA
(d)
1,075,736‌
6,100‌
Via
Transportation
Inc
(d)
470,352‌
9,567‌
$
93,611‌
Transportation
-
1
.34
%
ArcBest
Corp
192,900‌
27,845‌
TOTAL
COMMON
STOCKS
$
2,049,839‌
Total
Investments
$
2,086,125‌
Other
Assets
and
Liabilities
-  (0.23)%
(
4,751‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,081,374‌
(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
$1,469
or
0.07%
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
$1,456
or
0.07%
of
net
assets.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
52,827‌
$
1,038,135‌
$
1,056,145‌
$
34,817‌
$
52,827‌
$
1,038,135‌
$
1,056,145‌
$
34,817‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
560‌
$
—‌
$
—‌
$
—‌
$
560‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
195
INVESTMENT
COMPANIES
-
3
.59
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.10
%
iShares
Russell
2000
Growth
ETF
(a)
7,200‌
$
2,669‌
Money
Market
Funds
-
3
.49
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(b),(c)
1,878,602‌
1,879‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(b),(c),(d)
85,079,302‌
85,079‌
$
86,958‌
TOTAL
INVESTMENT
COMPANIES
$
89,627‌
COMMON
STOCKS
-
97
.05
%
Shares
Held
Value
(000's)
Advertising
-
0
.00
%
Boston
Omaha
Corp
(e)
83‌
$
1‌
MNTN
Inc
(e)
4,046‌
37‌
Stagwell
Inc
(e)
445‌
4‌
$
42‌
Aerospace
&
Defense
-
5
.09
%
AAR
Corp
(e)
134,719‌
18,866‌
AeroVironment
Inc
(e)
43,536‌
6,503‌
Aevex
Corp
(a),(e)
317,139‌
5,274‌
Amprius
Technologies
Inc
(e)
11,908‌
114‌
Applied
Aerospace
&
Defense
Inc
(e)
350,472‌
6,554‌
Archer
Aviation
Inc
(e)
12,792‌
59‌
Astronics
Corp
(e)
131,129‌
9,113‌
Astronics
Corp
-
Class
B
(e)
25,671‌
1,772‌
Beta
Technologies
Inc
(e)
760‌
14‌
Curtiss-Wright
Corp
9,246‌
6,694‌
Ducommun
Inc
(e)
1,127‌
202‌
Eve
Holding
Inc
(e)
8,586‌
20‌
Firefly
Aerospace
Inc
(e)
6,927‌
141‌
Hawkeye
360
Inc
(a),(e)
79,864‌
1,693‌
Innovative
Solutions
and
Support
Inc
(e)
1,278‌
23‌
Intuitive
Machines
Inc
(a),(e)
11,093‌
137‌
Joby
Aviation
Inc
(a),(e)
58,626‌
419‌
Karman
Holdings
Inc
(e)
131,374‌
6,326‌
Kratos
Defense
&
Security
Solutions
Inc
(e)
331,238‌
15,435‌
Mercury
Systems
Inc
(e)
163,028‌
15,831‌
Moog
Inc
41,066‌
16,009‌
National
Presto
Industries
Inc
140‌
17‌
Ondas
Inc
(a),(e)
42,226‌
316‌
Red
Cat
Holdings
Inc
(a),(e)
9,644‌
73‌
Redwire
Corp
(e)
9,959‌
86‌
StandardAero
Inc
(e)
396,234‌
11,614‌
Starfighters
Space
Inc
(a),(e)
2,349‌
8‌
TAT
Technologies
Ltd
(e)
1,033‌
40‌
Unusual
Machines
Inc
/US
(a),(e)
3,976‌
84‌
Voyager
Technologies
Inc
(e)
133,998‌
3,287‌
York
Space
Systems
Inc
(a),(e)
1,649‌
24‌
$
126,748‌
Agriculture
-
0
.01
%
Alico
Inc
146‌
5‌
Andersons
Inc/The
616‌
44‌
Turning
Point
Brands
Inc
1,503‌
112‌
$
161‌
Airlines
-
0
.48
%
Allegiant
Travel
Co
(e)
122,458‌
12,011‌
Frontier
Group
Holdings
Inc
(e)
5,135‌
34‌
$
12,045‌
Apparel
-
0
.31
%
Capri
Holdings
Ltd
(e)
10,407‌
166‌
Ermenegildo
Zegna
NV
3,994‌
59‌
Fossil
Group
Inc
(e)
248‌
1‌
Kontoor
Brands
Inc
4,795‌
402‌
Oxford
Industries
Inc
197‌
7‌
Playboy
Inc
(e)
3,933‌
4‌
Reformation
Inc
(e)
419,066‌
6,798‌
Steven
Madden
Ltd
6,368‌
293‌
Wolverine
World
Wide
Inc
5,762‌
113‌
$
7,843‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Manufacturers
-
0
.01
%
Blue
Bird
Corp
(e)
2,754‌
$
205‌
Lucid
Group
Inc
(a),(e)
11,064‌
82‌
$
287‌
Automobile
Parts
&
Equipment
-
0
.16
%
Aeva
Technologies
Inc
(e)
2,415‌
42‌
Dana
Inc
9,607‌
259‌
Dorman
Products
Inc
(e)
583‌
78‌
Douglas
Dynamics
Inc
1,845‌
82‌
indie
Semiconductor
Inc
(a),(e)
18,568‌
60‌
Microvast
Holdings
Inc
(e)
11,204‌
9‌
Phinia
Inc
1,794‌
132‌
Solid
Power
Inc
(e)
10,815‌
22‌
Visteon
Corp
29,519‌
3,086‌
XPEL
Inc
(a),(e)
2,240‌
99‌
$
3,869‌
Banks
-
2
.78
%
Amalgamated
Financial
Corp
159‌
8‌
BancFirst
Corp
120‌
14‌
Bancorp
Inc/The
(e)
119,857‌
8,039‌
Bank
First
Corp
148‌
23‌
Bank
of
Hawaii
Corp
2,814‌
225‌
Bank
of
NT
Butterfield
&
Son
Ltd/The
882‌
54‌
Bank7
Corp
24‌
1‌
BankUnited
Inc
310‌
14‌
Bankwell
Financial
Group
Inc
64‌
4‌
BCB
Bancorp
Inc
64‌
1‌
Bridgewater
Bancshares
Inc
(e)
861‌
18‌
Carter
Bankshares
Inc
345‌
12‌
Chemung
Financial
Corp
28‌
2‌
Citizens
Financial
Services
Inc
23‌
2‌
City
Holding
Co
842‌
122‌
Coastal
Financial
Corp/WA
(e)
1,144‌
47‌
Columbia
Financial
Inc
1,582‌
17‌
Community
Bancorp/VT
65‌
3‌
Community
Financial
System
Inc
1,124‌
73‌
Community
West
Bancshares
351‌
9‌
ConnectOne
Bancorp
Inc
1,106‌
36‌
Customers
Bancorp
Inc
(e)
84,451‌
6,645‌
Dime
Commercial
Bancshares
Inc
657‌
27‌
Equity
Bancshares
Inc
229‌
12‌
Esquire
Financial
Holdings
Inc
614‌
79‌
Finwise
Bancorp
(e)
420‌
6‌
First
BanCorp/Puerto
Rico
1,145‌
33‌
First
Business
Financial
Services
Inc
33‌
2‌
First
Financial
Bankshares
Inc
5,442‌
191‌
Five
Star
Bancorp
951‌
45‌
GBank
Financial
Holdings
Inc
(e)
44,132‌
919‌
Glacier
Bancorp
Inc
2,463‌
121‌
International
Bancshares
Corp
462‌
35‌
Lakeland
Financial
Corp
1,329‌
83‌
Live
Oak
Bancshares
Inc
1,540‌
66‌
Merchants
Bancorp/IN
753‌
42‌
Metrocity
Bankshares
Inc
1,319‌
47‌
Metropolitan
Bank
Holding
Corp
238‌
22‌
Nicolet
Bankshares
Inc
535‌
91‌
Northeast
Bank
421‌
52‌
Northrim
BanCorp
Inc
120‌
3‌
Old
National
Bancorp/IN
3,464‌
92‌
Old
Second
Bancorp
Inc
271‌
7‌
OP
Bancorp
74‌
1‌
Orange
County
Bancorp
Inc
303‌
12‌
Origin
Bancorp
Inc
135‌
7‌
Pathward
Financial
Inc
1,337‌
118‌
PCB
Bancorp
102‌
3‌
Peapack-Gladstone
Financial
Corp
636‌
29‌
Peoples
Financial
Services
Corp
49‌
3‌
Primis
Financial
Corp
672‌
11‌
Princeton
Bancorp
Inc
44‌
2‌
Prosperity
Bancshares
Inc
249,529‌
18,682‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
196
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Richmond
Mutual
BanCorp
Inc
54‌
$
1‌
Seacoast
Banking
Corp
of
Florida
165,806‌
5,760‌
ServisFirst
Bancshares
Inc
4,273‌
382‌
SmartFinancial
Inc
188‌
10‌
Southside
Bancshares
Inc
330‌
11‌
Stock
Yards
Bancorp
Inc
419‌
36‌
Texas
Capital
Bancshares
Inc
503‌
50‌
Triumph
Financial
Inc
(e)
999‌
76‌
UMB
Financial
Corp
90,575‌
13,199‌
Unity
Bancorp
Inc
297‌
17‌
Valley
National
Bancorp
11,058‌
158‌
WesBanco
Inc
120,647‌
4,992‌
West
BanCorp
Inc
136‌
4‌
Western
Alliance
Bancorp
103,851‌
8,359‌
$
69,267‌
Beverages
-
0
.02
%
Boston
Beer
Co
Inc/The
(e)
450‌
82‌
BRC
Inc
(a),(e)
838‌
1‌
National
Beverage
Corp
1,854‌
59‌
Vita
Coco
Co
Inc/The
(e)
4,240‌
279‌
Westrock
Coffee
Co
(a),(e)
3,047‌
25‌
$
446‌
Biotechnology
-
9
.62
%
Absci
Corp
(a),(e)
10,013‌
78‌
ACADIA
Pharmaceuticals
Inc
(e)
11,169‌
289‌
Achieve
Life
Sciences
Inc
(a),(e)
6,715‌
43‌
ADC
Therapeutics
SA
(e)
1,756‌
2‌
ADMA
Biologics
Inc
(e)
19,967‌
169‌
Agenus
Inc
(a),(e)
451‌
3‌
Aktis
Oncology
Inc
(e)
1,260‌
28‌
Alector
Inc
(e)
6,690‌
10‌
Alpha
Teknova
Inc
(e)
533‌
3‌
Alto
Neuroscience
Inc
(e)
2,290‌
62‌
Alumis
Inc
(e)
6,852‌
194‌
ALX
Oncology
Holdings
Inc
(e)
8,256‌
16‌
AN2
Therapeutics
Inc
(a),(e)
230‌
1‌
AnaptysBio
Inc
(e)
1,735‌
93‌
Anavex
Life
Sciences
Corp
(e)
1,221‌
3‌
ANI
Pharmaceuticals
Inc
(e)
1,773‌
140‌
Annexon
Inc
(e)
13,451‌
69‌
Apogee
Therapeutics
Inc
(e)
3,892‌
522‌
Arbutus
Biopharma
Corp
(e)
13,929‌
60‌
Arcus
Biosciences
Inc
(e)
6,099‌
172‌
Arcutis
Biotherapeutics
Inc
(e)
9,917‌
266‌
Ardelyx
Inc
(e)
21,154‌
105‌
ArriVent
Biopharma
Inc
(e)
3,305‌
99‌
ARS
Pharmaceuticals
Inc
(a),(e)
5,313‌
27‌
Artiva
Biotherapeutics
Inc
(e)
97‌
1‌
Arvinas
Inc
(e)
339‌
3‌
AtaiBeckley
Inc
(e)
24,520‌
176‌
Aura
Biosciences
Inc
(e)
3,623‌
25‌
Aurinia
Pharmaceuticals
Inc
(e)
10,338‌
154‌
Avalo
Therapeutics
Inc
(e)
177,648‌
3,242‌
Avalyn
Pharma
Inc
(e)
1,018‌
29‌
Axsome
Therapeutics
Inc
(e)
26,206‌
5,713‌
Beam
Therapeutics
Inc
(e)
7,709‌
197‌
Benitec
Biopharma
Inc
(e)
95‌
1‌
Bicara
Therapeutics
Inc
(e)
3,363‌
91‌
BioAge
Labs
Inc
(e)
264‌
2‌
BioCryst
Pharmaceuticals
Inc
(e)
20,151‌
181‌
Biohaven
Ltd
(e)
11,568‌
156‌
Blueprint
Medicines
Corp
-
Contingent
Value
Rights
(e),(f)
65,056‌
—‌
Bridgebio
Pharma
Inc
(e)
63,588‌
5,093‌
Bright
Minds
Biosciences
Inc
(e)
639‌
47‌
Cabaletta
Bio
Inc
(e)
4,368‌
12‌
CAMP4
Therapeutics
Corp
(a),(e)
2,419‌
8‌
Capricor
Therapeutics
Inc
(e)
4,676‌
18‌
Cartesian
Therapeutics
Inc
(a),(e)
84‌
1‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Celcuity
Inc
(e)
43,712‌
$
3,776‌
Celldex
Therapeutics
Inc
(e)
5,497‌
209‌
CG
oncology
Inc
(e)
107,416‌
7,647‌
Climb
Bio
Inc
(e)
1,184‌
14‌
Codexis
Inc
(e)
6,396‌
9‌
Cogent
Biosciences
Inc
(e)
611,084‌
23,789‌
Connect
Biopharma
Holdings
Ltd
(e)
698‌
1‌
Context
Therapeutics
Inc
(e)
7,142‌
4‌
Crescent
Biopharma
Inc
(a),(e)
1,862‌
27‌
Crinetics
Pharmaceuticals
Inc
(e)
8,948‌
747‌
CRISPR
Therapeutics
AG
(e)
1,090‌
52‌
Cytokinetics
Inc
(e)
200,942‌
15,498‌
CytomX
Therapeutics
Inc
(e)
8,388‌
26‌
Damora
Therapeutics
Inc
(e)
3,204‌
93‌
Definium
Therapeutics
Inc
(e)
257,424‌
11,204‌
Denali
Therapeutics
Inc
(e)
209,518‌
4,823‌
Design
Therapeutics
Inc
(e)
2,654‌
32‌
DiaMedica
Therapeutics
Inc
(e)
3,161‌
20‌
Dianthus
Therapeutics
Inc
(e)
130,561‌
13,960‌
Disc
Medicine
Inc
(e)
2,441‌
188‌
Dyne
Therapeutics
Inc
(e)
4,545‌
114‌
Edgewise
Therapeutics
Inc
(e)
169,798‌
6,526‌
Editas
Medicine
Inc
(e)
7,754‌
20‌
Eikon
Therapeutics
Inc
(a),(e)
140,013‌
1,290‌
Eledon
Pharmaceuticals
Inc
(a),(e)
6,645‌
22‌
Elicio
Therapeutics
Inc
(e)
991‌
3‌
Erasca
Inc
(e)
327,556‌
5,945‌
Evolus
Inc
(e)
5,123‌
30‌
Evommune
Inc
(e)
970‌
11‌
EyePoint
Inc
(e)
5,614‌
69‌
First
Tracks
Biotherapeutics
Inc
(e)
1,408‌
62‌
Forafric
Global
PLC
(e)
300‌
3‌
Forte
Biosciences
Inc
(e)
1,701‌
130‌
Generate
Biomedicines
Inc
(a),(e)
1,286‌
18‌
Geron
Corp
(e)
48,477‌
63‌
Greenwich
Lifesciences
Inc
(a),(e)
581‌
8‌
Halozyme
Therapeutics
Inc
(e)
48,941‌
4,040‌
Ideaya
Biosciences
Inc
(e)
111,160‌
3,946‌
Immix
Biopharma
Inc
(e)
3,543‌
29‌
ImmunityBio
Inc
(a),(e)
33,440‌
240‌
Immunome
Inc
(e)
9,136‌
208‌
Immunovant
Inc
(e)
7,401‌
286‌
Inhibrx
Biosciences
Inc
(e)
656‌
54‌
Jade
Biosciences
Inc
(e)
2,839‌
56‌
Kailera
Therapeutics
Inc
(e)
2,773‌
47‌
Kardigan
Inc
(a),(e)
225,647‌
4,698‌
Karyopharm
Therapeutics
Inc
(e)
226‌
—‌
Kiniksa
Pharmaceuticals
International
Plc
(e)
3,689‌
274‌
Kodiak
Sciences
Inc
(e)
3,429‌
143‌
Korro
Bio
Inc
(a),(e)
154‌
2‌
Krystal
Biotech
Inc
(e)
2,255‌
769‌
Kura
Oncology
Inc
(e)
7,388‌
67‌
Kymera
Therapeutics
Inc
(e)
77,794‌
8,044‌
Kyverna
Therapeutics
Inc
(e)
278‌
2‌
Larimar
Therapeutics
Inc
(e)
5,742‌
22‌
LB
Pharmaceuticals
Inc
(a),(e)
916‌
37‌
Lexicon
Pharmaceuticals
Inc
(e)
21,475‌
50‌
Ligand
Pharmaceuticals
Inc
(e)
1,734‌
499‌
Lineage
Cell
Therapeutics
Inc
(e)
14,103‌
15‌
Liquidia
Corp
(e)
6,090‌
512‌
MacroGenics
Inc
(e)
4,178‌
15‌
MapLight
Therapeutics
Inc
(a),(e)
793‌
10‌
Maze
Therapeutics
Inc
(e)
2,566‌
69‌
MBX
Biosciences
Inc
(e)
2,706‌
178‌
MeiraGTx
Holdings
plc
(e)
4,139‌
49‌
Mineralys
Therapeutics
Inc
(e)
136,044‌
3,472‌
Monopar
Therapeutics
Inc
(a),(e)
88‌
10‌
Monte
Rosa
Therapeutics
Inc
(e)
6,426‌
106‌
Nektar
Therapeutics
(e)
92,975‌
6,570‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
197
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
NeoGenomics
Inc
(e)
1,027‌
$
16‌
Neumora
Therapeutics
Inc
(e)
7,855‌
13‌
Newamsterdam
Pharma
Co
NV
(e)
111,035‌
3,086‌
Niagen
Bioscience
Inc
(a),(e)
4,426‌
15‌
Nurix
Therapeutics
Inc
(e)
6,409‌
149‌
Nuvation
Bio
Inc
(e)
21,814‌
138‌
Olema
Pharmaceuticals
Inc
(e)
1,012‌
12‌
Omeros
Corp
(a),(e)
2,323‌
27‌
OmniAb
Inc
-
Rights
(e)
95‌
—‌
OmniAb
Inc
-
Rights
(e)
95‌
—‌
Opus
Genetics
Inc
(a),(e)
4,095‌
15‌
Oruka
Therapeutics
Inc
(e)
4,346‌
419‌
Ovid
therapeutics
Inc
(e)
1,377‌
3‌
Palisade
Bio
Inc
(e)
2,009‌
4‌
Palvella
Therapeutics
Inc
(a),(e)
92,731‌
12,893‌
Phathom
Pharmaceuticals
Inc
(e)
1,082‌
9‌
Praxis
Precision
Medicines
Inc
(e)
20,671‌
6,363‌
Precigen
Inc
(e)
16,717‌
105‌
Prelude
Therapeutics
Inc
(e)
2,123‌
10‌
Prime
Medicine
Inc
(a),(e)
6,251‌
18‌
ProKidney
Corp
(a),(e)
3,988‌
6‌
Protalix
BioTherapeutics
Inc
(e)
6,389‌
15‌
Prothena
Corp
PLC
(e)
2,050‌
17‌
PTC
Therapeutics
Inc
(e)
6,108‌
415‌
Puma
Biotechnology
Inc
(e)
546‌
4‌
Rapport
Therapeutics
Inc
(e)
88,994‌
3,646‌
Recursion
Pharmaceuticals
Inc
(a),(e)
3,592‌
11‌
REGENXBIO
Inc
(e)
3,473‌
34‌
Relay
Therapeutics
Inc
(e)
318,751‌
6,002‌
Relmada
Therapeutics
Inc
(e)
7,734‌
41‌
Rezolute
Inc
(e)
800‌
4‌
Sana
Biotechnology
Inc
(e)
15,920‌
50‌
Sarepta
Therapeutics
Inc
(e)
552‌
8‌
Savara
Inc
(e)
932,020‌
5,088‌
Scholar
Rock
Holding
Corp
(e)
9,087‌
430‌
Septerna
Inc
(e)
1,275‌
44‌
Shattuck
Labs
Inc
(e)
4,609‌
33‌
Sionna
Therapeutics
Inc
(e)
1,619‌
76‌
Solid
Biosciences
Inc
(e)
3,300‌
27‌
Spruce
Biosciences
Inc
(e)
53‌
2‌
Stoke
Therapeutics
Inc
(e)
4,787‌
138‌
Structure
Therapeutics
Inc
ADR
(e)
46,188‌
2,219‌
Surrozen
Inc
(a),(e)
561‌
12‌
Sutro
Biopharma
Inc
(a),(e)
189‌
5‌
Syndax
Pharmaceuticals
Inc
(e)
7,723‌
147‌
Tango
Therapeutics
Inc
(e)
12,199‌
332‌
Tarsus
Pharmaceuticals
Inc
(e)
3,645‌
215‌
Taysha
Gene
Therapies
Inc
(e)
20,753‌
122‌
Tectonic
Therapeutic
Inc
(e)
93‌
3‌
Tenax
Therapeutics
Inc
(e)
57,630‌
789‌
TG
Therapeutics
Inc
(e)
12,600‌
656‌
Theravance
Biopharma
Inc
(e)
2,947‌
50‌
Travere
Therapeutics
Inc
(e)
405,199‌
22,646‌
TriSalus
Life
Sciences
Inc
(e)
3,665‌
17‌
Tyra
Biosciences
Inc
(a),(e)
3,207‌
102‌
Ultragenyx
Pharmaceutical
Inc
(e)
3,792‌
94‌
Unicycive
Therapeutics
Inc
(e)
1,643‌
8‌
UroGen
Pharma
Ltd
(e)
3,206‌
123‌
Vera
Therapeutics
Inc
(e)
127,856‌
4,104‌
Veracyte
Inc
(e)
5,442‌
252‌
Verastem
Inc
(e)
6,891‌
40‌
Vericel
Corp
(e)
4,481‌
206‌
Viridian
Therapeutics
Inc
(e)
283,494‌
5,364‌
Vor
BioPharma
Inc
(e)
2,423‌
51‌
WaVe
Life
Sciences
Ltd
(e)
305,452‌
1,683‌
Xenon
Pharmaceuticals
Inc
(e)
127,597‌
7,997‌
Zenas
Biopharma
Inc
(a),(e)
139,928‌
4,399‌
Zevra
Therapeutics
Inc
(e)
1,426‌
14‌
Zura
Bio
Ltd
(a),(e)
5,086‌
28‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Zymeworks
Inc
(e)
4,092‌
$
90‌
$
239,710‌
Building
Materials
-
2
.10
%
AAON
Inc
66,741‌
5,944‌
Eagle
Materials
Inc
38,596‌
7,910‌
Griffon
Corp
2,496‌
215‌
James
Hardie
Industries
PLC
(e)
141,399‌
3,717‌
Knife
River
Corp
(e)
34,874‌
2,552‌
LSI
Industries
Inc
2,380‌
56‌
Modine
Manufacturing
Co
(e)
39,971‌
8,037‌
NWPX
Infrastructure
Inc
(e)
717‌
88‌
Simpson
Manufacturing
Co
Inc
47,721‌
8,959‌
Smith-Midland
Corp
(a),(e)
205‌
6‌
SPX
Technologies
Inc
(e)
67,412‌
14,804‌
Tecnoglass
Holdings
Inc
1,987‌
86‌
Titan
America
SA
(e)
1,924‌
30‌
Worthington
Enterprises
Inc
970‌
55‌
$
52,459‌
Chemicals
-
0
.79
%
Balchem
Corp
5,347‌
897‌
Calumet
Inc
(e)
4,489‌
198‌
Chemours
Co/The
13,313‌
221‌
Ecovyst
Inc
(e)
7,383‌
89‌
Hawkins
Inc
1,700‌
218‌
HB
Fuller
Co
50,942‌
2,817‌
Ingevity
Corp
(e)
3,079‌
225‌
Lightwave
Logic
Inc
(a),(e)
13,925‌
90‌
Oil-Dri
Corp
of
America
699‌
69‌
Perimeter
Solutions
Inc
(e)
13,175‌
403‌
Sensient
Technologies
Corp
116,124‌
14,361‌
SES
AI
Corp
(e)
1,846‌
1‌
$
19,589‌
Coal
-
0
.02
%
Alpha
Metallurgical
Resources
Inc
(e)
298‌
41‌
Core
Natural
Resources
Inc
1,662‌
133‌
Hallador
Energy
Co
(e)
3,076‌
44‌
Ramaco
Resources
Inc
-
A
Shares
(e)
3,783‌
35‌
Ramaco
Resources
Inc
-
B
Shares
(e)
540‌
3‌
Warrior
Met
Coal
Inc
3,982‌
316‌
$
572‌
Commercial
Services
-
3
.89
%
AirSculpt
Technologies
Inc
(e)
644‌
3‌
Alarm.com
Holdings
Inc
(e)
360‌
20‌
Alta
Equipment
Group
Inc
(e)
250‌
2‌
American
Public
Education
Inc
(e)
1,577‌
76‌
Arlo
Technologies
Inc
(e)
487,382‌
7,175‌
Barrett
Business
Services
Inc
1,924‌
75‌
Bright
Horizons
Family
Solutions
Inc
(e)
55,144‌
4,110‌
Brink's
Co/The
3,609‌
427‌
Cadiz
Inc
(e)
4,378‌
13‌
Carriage
Services
Inc
932‌
38‌
Cass
Information
Systems
Inc
917‌
51‌
Chaince
Digital
Holdings
Inc
(a),(e)
5,101‌
14‌
Chime
Financial
Inc
(e)
219,140‌
5,038‌
Cimpress
PLC
(e)
1,368‌
135‌
Coursera
Inc
(e)
1,866‌
10‌
Covista
Inc
(e)
2,972‌
371‌
CPI
Card
Group
Inc
(a),(e)
688‌
14‌
CRA
International
Inc
533‌
95‌
Custom
Truck
One
Source
Inc
(e)
4,463‌
45‌
Dlocal
Ltd/Uruguay
7,898‌
119‌
Driven
Brands
Holdings
Inc
(e)
5,291‌
76‌
EVERTEC
Inc
5,426‌
165‌
First
Advantage
Corp
(e)
560,056‌
11,112‌
Flywire
Corp
(e)
9,683‌
155‌
Franklin
Covey
Co
(e)
720‌
15‌
FTAI
Infrastructure
Inc
9,505‌
35‌
FTI
Consulting
Inc
(e)
106,155‌
16,919‌
GPGI
Inc
15,680‌
207‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
198
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Hackett
Group
Inc/The
1,829‌
$
20‌
Healthcare
Services
Group
Inc
(e)
3,034‌
71‌
Herc
Holdings
Inc
68,348‌
10,262‌
Hertz
Global
Holdings
Inc
(e)
649‌
1‌
HireQuest
Inc
397‌
5‌
Huron
Consulting
Group
Inc
(e)
1,431‌
217‌
Insperity
Inc
3,219‌
163‌
John
Wiley
&
Sons
Inc
1,532‌
80‌
Kforce
Inc
1,489‌
85‌
Laureate
Education
Inc
(e)
10,603‌
406‌
Legalzoom.com
Inc
(e)
10,434‌
82‌
Legence
Corp
(e)
316,329‌
20,223‌
Lifecore
Biomedical
Inc
(e)
126‌
1‌
Lincoln
Educational
Services
Corp
(e)
247,021‌
10,330‌
Marqeta
Inc
(e)
7,601‌
132‌
NPK
International
Inc
(e)
505,951‌
6,320‌
NRC
Health
905‌
18‌
Paymentus
Holdings
Inc
(e)
5,173‌
176‌
Payoneer
Global
Inc
(e)
22,896‌
164‌
Priority
Technology
Holdings
Inc
(e)
2,369‌
15‌
PROG
Holdings
Inc
1,548‌
68‌
Progyny
Inc
(e)
5,906‌
184‌
Public
Policy
Holding
Co
Inc
170‌
2‌
Quad/Graphics
Inc
1,732‌
18‌
RCM
Technologies
Inc
(e)
397‌
11‌
Remitly
Global
Inc
(e)
16,452‌
375‌
Sezzle
Inc
(e)
1,416‌
219‌
Spire
Global
Inc
(a),(e)
2,622‌
30‌
StoneCo
Ltd
2,353‌
27‌
Stride
Inc
(e)
2,459‌
197‌
Target
Hospitality
Corp
(e)
2,604‌
40‌
Transcat
Inc
(e)
451‌
39‌
TriNet
Group
Inc
2,447‌
161‌
Universal
Technical
Institute
Inc
(e)
4,172‌
164‌
USCB
Financial
Holdings
Inc
304‌
7‌
Verra
Mobility
Corp
(e)
13,321‌
70‌
Willdan
Group
Inc
(e)
956‌
66‌
$
96,964‌
Computers
-
1
.26
%
Diebold
Nixdorf
Inc
(e)
1,964‌
145‌
D-Wave
Quantum
Inc
(e)
321,211‌
5,807‌
Everspin
Technologies
Inc
(e)
1,679‌
24‌
Infleqtion
Inc
(a),(e)
5,359‌
53‌
Maximus
Inc
636‌
38‌
Mitek
Systems
Inc
(e)
3,672‌
61‌
NCR
Atleos
Corp
(e)
6,426‌
302‌
NextNav
Inc
(e)
8,800‌
115‌
One
Stop
Systems
Inc
(e)
1,938‌
24‌
Parsons
Corp
(e)
98,584‌
4,358‌
Qualys
Inc
(e)
3,141‌
455‌
Quantinuum
Inc
(e)
14,616‌
752‌
Rapid7
Inc
(e)
428‌
4‌
Rigetti
Computing
Inc
(e)
27,352‌
409‌
Rimini
Street
Inc
(e)
413‌
2‌
Rubrik
Inc
(e)
120,932‌
8,751‌
Serve
Robotics
Inc
(a),(e)
1,516‌
7‌
Telos
Corp
(e)
4,280‌
19‌
Tenable
Holdings
Inc
(e)
9,967‌
325‌
V2X
Inc
(e)
187‌
17‌
Varonis
Systems
Inc
(e)
243,168‌
9,715‌
Velo3D
Inc
(a),(e)
1,264‌
13‌
Vuzix
Corp
(e)
5,996‌
14‌
$
31,410‌
Consumer
Products
-
0
.01
%
WD-40
Co
1,184‌
269‌
Cosmetics
&
Personal
Care
-
0
.01
%
Interparfums
Inc
1,602‌
199‌
Oddity
Tech
Ltd
(e)
463‌
7‌
$
206‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Distribution
&
Wholesale
-
1
.37
%
Distribution
Solutions
Group
Inc
(e)
764‌
$
26‌
Global
Industrial
Co
1,291‌
46‌
Gold.com
Inc
334‌
14‌
OPENLANE
Inc
(e)
285,003‌
11,332‌
Resideo
Technologies
Inc
(e)
2,101‌
72‌
Rush
Enterprises
Inc
-
Class
A
5,322‌
425‌
Rush
Enterprises
Inc
-
Class
B
837‌
65‌
SiteOne
Landscape
Supply
Inc
(e)
65,051‌
6,143‌
ThredUp
Inc
(e)
9,121‌
53‌
VSE
Corp
81,702‌
15,882‌
$
34,058‌
Diversified
Financial
Services
-
4
.29
%
Acadian
Asset
Management
Inc
2,444‌
211‌
AlTi
Global
Inc
(e)
1,336‌
5‌
Andersen
Group
Inc
(a),(e)
342,926‌
16,231‌
Artisan
Partners
Asset
Management
Inc
3,394‌
133‌
Atlanticus
Holdings
Corp
(e)
439‌
46‌
Bakkt
Inc
(a),(e)
275‌
2‌
Better
Home
&
Finance
Holding
Co
(a),(e)
610‌
14‌
BGC
Group
Inc
32,653‌
376‌
Burford
Capital
Ltd
12,228‌
50‌
Cohen
&
Steers
Inc
2,298‌
189‌
Dave
Inc
(e)
33,549‌
12,504‌
DigitalBridge
Group
Inc
172,392‌
2,736‌
Enova
International
Inc
(e)
2,103‌
534‌
Federal
Agricultural
Mortgage
Corp
83‌
19‌
Figure
Technology
Solutions
Inc
(e)
184,079‌
4,585‌
GCM
Grosvenor
Inc
4,744‌
59‌
Happen
Inc
(e)
371,818‌
7,116‌
Houlihan
Lokey
Inc
17,867‌
2,242‌
International
Money
Express
Inc
(e)
2,417‌
29‌
Jefferson
Capital
Inc
1,282‌
26‌
LendingTree
Inc
(e)
81,679‌
2,602‌
Lincoln
International
Inc
452,250‌
9,406‌
Marex
Group
Ltd
182,873‌
11,872‌
Miami
International
Holdings
Inc
(e)
6,644‌
313‌
Moelis
&
Co
122,913‌
8,245‌
NerdWallet
Inc
(e)
2,856‌
26‌
OppFi
Inc
(a),(e)
1,984‌
19‌
Paysign
Inc
(e)
3,838‌
34‌
Perella
Weinberg
Partners
6,098‌
108‌
Piper
Sandler
Cos
221,576‌
16,796‌
PJT
Partners
Inc
1,176‌
198‌
Regional
Management
Corp
81‌
3‌
Resolute
Holdings
Management
Inc
(a),(e)
347‌
43‌
StepStone
Group
Inc
329‌
14‌
Stifel
Financial
Corp
103,699‌
8,598‌
StoneX
Group
Inc
(e)
9,429‌
722‌
Upstart
Holdings
Inc
(e)
7,423‌
204‌
Victory
Capital
Holdings
Inc
1,142‌
113‌
Wealthfront
Corp
(e)
2,062‌
20‌
Webull
Corp
(e)
26,995‌
191‌
WisdomTree
Inc
11,813‌
229‌
$
106,863‌
Electric
-
0
.40
%
ERock
Inc
(e)
412,259‌
4,230‌
Ormat
Technologies
Inc
445‌
43‌
Talen
Energy
Corp
(e)
16,722‌
5,587‌
$
9,860‌
Electrical
Components
&
Equipment
-
2
.54
%
American
Superconductor
Corp
(e)
209,261‌
6,146‌
AZZ
Inc
2,601‌
376‌
Belden
Inc
3,400‌
422‌
ChargePoint
Holdings
Inc
(a),(e)
1,847‌
10‌
Energizer
Holdings
Inc
4,488‌
94‌
Energous
Corp
(e)
410‌
6‌
EnerSys
3,001‌
558‌
Espey
Mfg.
&
Electronics
Corp
(a)
178‌
11‌
Generac
Holdings
Inc
(e)
46,924‌
9,249‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
199
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electrical
Components
&
Equipment
(continued)
Graham
Corp
(e)
925‌
$
89‌
Littelfuse
Inc
15,335‌
6,780‌
nLight
Inc
(e)
306,731‌
21,103‌
Novanta
Inc
(e)
66,296‌
9,451‌
Universal
Display
Corp
111,606‌
8,946‌
$
63,241‌
Electronics
-
3
.48
%
Advanced
Energy
Industries
Inc
26,946‌
7,801‌
Allient
Inc
1,287‌
113‌
Applied
Optoelectronics
Inc
(e)
38,415‌
3,623‌
Atmus
Filtration
Technologies
Inc
6,737‌
348‌
Badger
Meter
Inc
2,571‌
345‌
Bel
Fuse
Inc
-
A
Shares
147‌
33‌
Bel
Fuse
Inc
-
B
Shares
1,056‌
287‌
Benchmark
Electronics
Inc
1,449‌
116‌
CTS
Corp
1,848‌
118‌
Enovix
Corp
(a),(e)
17,186‌
70‌
ESCO
Technologies
Inc
90,029‌
28,385‌
Evolv
Technologies
Holdings
Inc
(e)
1,062,186‌
5,874‌
GoPro
Inc
(e)
9,557‌
7‌
Knowles
Corp
(e)
6,989‌
256‌
Kopin
Corp
(e)
8,567‌
30‌
Mesa
Laboratories
Inc
462‌
47‌
Mirion
Technologies
Inc
(e)
288,988‌
4,329‌
M-Tron
Industries
Inc
(e)
361‌
30‌
Napco
Security
Technologies
Inc
3,041‌
113‌
NVE
Corp
424‌
49‌
OSI
Systems
Inc
(e)
1,385‌
307‌
Plexus
Corp
(e)
95,672‌
24,047‌
Standex
International
Corp
1,052‌
312‌
TTM
Technologies
Inc
(e)
87,122‌
10,057‌
$
86,697‌
Energy
-
Alternate
Sources
-
0
.39
%
Aemetis
Inc
(a),(e)
821‌
1‌
Array
Technologies
Inc
(a),(e)
2,684‌
14‌
ASP
Isotopes
Inc
(a),(e)
8,447‌
34‌
Energy
Vault
Holdings
Inc
(a),(e)
11,959‌
34‌
Eos
Energy
Enterprises
Inc
(a),(e)
29,823‌
101‌
Fluence
Energy
Inc
(e)
7,593‌
106‌
Gevo
Inc
(e)
3,738‌
5‌
Montauk
Renewables
Inc
(e)
1,021‌
2‌
Nextpower
Inc
(e)
97,510‌
8,763‌
Plug
Power
Inc
(e)
118,394‌
244‌
REX
American
Resources
Corp
(e)
2,274‌
98‌
Shoals
Technologies
Group
Inc
(e)
13,842‌
121‌
T1
Energy
Inc
(e)
15,523‌
65‌
Tigo
Energy
Inc
(a),(e)
2,967‌
5‌
Toyo
Co
Ltd
(e)
206‌
1‌
$
9,594‌
Engineering
&
Construction
-
1
.89
%
Argan
Inc
39,419‌
22,485‌
Bowman
Consulting
Group
Ltd
(e)
14,439‌
388‌
Cardinal
Infrastructure
Group
Inc
(e)
208,228‌
12,888‌
Centuri
Holdings
Inc
(e)
7,681‌
214‌
Construction
Partners
Inc
(e)
4,176‌
432‌
Energy
Services
of
America
Corp
(a)
1,072‌
15‌
Everus
Construction
Group
Inc
(e)
67,172‌
8,425‌
Exponent
Inc
4,255‌
284‌
Fluor
Corp
(e)
3,814‌
191‌
Frontdoor
Inc
(e)
6,183‌
449‌
Granite
Construction
Inc
3,451‌
418‌
INNOVATE
Corp
(a),(e)
382‌
3‌
Limbach
Holdings
Inc
(e)
964‌
69‌
Mistras
Group
Inc
(e)
351‌
5‌
MYR
Group
Inc
(e)
1,352‌
451‌
Orion
Group
Holdings
Inc
(e)
3,384‌
33‌
Palladyne
AI
Corp
(a),(e)
850‌
4‌
Perma-Pipe
International
Holdings
Inc
(e)
569‌
14‌
Shimmick
Corp
(e)
368‌
1‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
(continued)
TSS
Inc/MD
(e)
1,871‌
$
19‌
Tutor
Perini
Corp
3,958‌
332‌
$
47,120‌
Entertainment
-
1
.39
%
Accel
Entertainment
Inc
(e)
4,521‌
54‌
Atlanta
Braves
Holdings
Inc
-
A
shares
(a),(e)
585‌
32‌
Atlanta
Braves
Holdings
Inc
-
C
shares
(e)
4,329‌
220‌
Bally's
Corp
(a),(e)
78‌
1‌
Brightstar
Lottery
PLC
2,298‌
23‌
Cinemark
Holdings
Inc
9,239‌
338‌
Falcon's
Beyond
Global
Inc
(a),(e)
2,415‌
24‌
IMAX
Corp
(e)
211,511‌
10,119‌
Inspired
Entertainment
Inc
(e)
2,032‌
14‌
Lionsgate
Studios
Corp
(e)
17,222‌
229‌
Madison
Square
Garden
Entertainment
Corp
(e)
3,443‌
266‌
Monarch
Casino
&
Resort
Inc
1,058‌
130‌
Pursuit
Attractions
and
Hospitality
Inc
(e)
68‌
3‌
Red
Rock
Resorts
Inc
4,152‌
268‌
Reservoir
Media
Inc
(e)
178‌
2‌
Rush
Street
Interactive
Inc
(e)
839,043‌
22,579‌
Six
Flags
Entertainment
Corp
(e)
8,409‌
146‌
Starz
Entertainment
Corp
(e)
58‌
1‌
Super
Group
SGHC
Ltd
14,215‌
199‌
United
Parks
&
Resorts
Inc
(e)
1,736‌
77‌
$
34,725‌
Environmental
Control
-
1
.54
%
Casella
Waste
Systems
Inc
(e)
117,008‌
10,497‌
CECO
Environmental
Corp
(e)
189,379‌
12,478‌
Energy
Recovery
Inc
(e)
3,954‌
34‌
LanzaTech
Global
Inc
(e)
120‌
1‌
Perma-Fix
Environmental
Services
Inc
(e)
1,321‌
22‌
PureCycle
Technologies
Inc
(a),(e)
12,641‌
80‌
Waste
Connections
Inc
90,703‌
15,182‌
$
38,294‌
Food
-
0
.81
%
Chefs'
Warehouse
Inc/The
(e)
144,332‌
16,649‌
John
B
Sanfilippo
&
Son
Inc
68‌
6‌
Lifeway
Foods
Inc
(e)
436‌
13‌
Mama's
Creations
Inc
(e)
3,279‌
60‌
Marzetti
Company/The
1,569‌
168‌
Nathan's
Famous
Inc
101‌
10‌
Natural
Grocers
by
Vitamin
Cottage
Inc
368‌
12‌
Once
Upon
a
Farm
PBC
(a),(e)
218,406‌
3,313‌
United
Natural
Foods
Inc
(e)
620‌
31‌
$
20,262‌
Hand
&
Machine
Tools
-
0
.59
%
Cadre
Holdings
Inc
2,752‌
85‌
Enerpac
Tool
Group
Corp
98,839‌
3,532‌
Franklin
Electric
Co
Inc
3,306‌
346‌
Kennametal
Inc
3,342‌
114‌
MSA
Safety
Inc
55,491‌
10,558‌
$
14,635‌
Healthcare
-
Products
-
8
.32
%
10X
Genomics
Inc
(e)
10,287‌
486‌
Adaptive
Biotechnologies
Corp
(e)
13,346‌
301‌
Alamar
Biosciences
Inc
(a),(e)
321,124‌
8,144‌
Alphatec
Holdings
Inc
(e)
557,045‌
5,303‌
AngioDynamics
Inc
(e)
746‌
11‌
Artivion
Inc
(e)
3,979‌
107‌
AtriCure
Inc
(e)
238,731‌
9,015‌
Axogen
Inc
(e)
4,575‌
193‌
Billiontoone
Inc
(e)
130,577‌
18,098‌
BioLife
Solutions
Inc
(e)
630‌
20‌
Bio-Techne
Corp
218,475‌
15,750‌
Bioventus
Inc
(a),(e)
10,309‌
136‌
Bruker
Corp
171,245‌
10,761‌
Butterfly
Network
Inc
(e)
18,225‌
130‌
CapsoVision
Inc
(a),(e)
2,668‌
18‌
CareDx
Inc
(e)
4,460‌
195‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
200
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Ceribell
Inc
(e)
2,376‌
$
42‌
Cerus
Corp
(e)
17,247‌
37‌
ClearPoint
Neuro
Inc
(a),(e)
2,431‌
36‌
CVRx
Inc
(a),(e)
963‌
5‌
Delcath
Systems
Inc
(e)
324‌
4‌
Electromed
Inc
(e)
576‌
23‌
Establishment
Labs
Holdings
Inc
(e)
217,619‌
20,138‌
Glaukos
Corp
(e)
87,794‌
14,637‌
Guardant
Health
Inc
(e)
196,612‌
31,849‌
Haemonetics
Corp
(e)
3,841‌
329‌
Hyperfine
Inc
(e)
5,992‌
6‌
InfuSystem
Holdings
Inc
(e)
1,475‌
14‌
Inspire
Medical
Systems
Inc
(e)
2,198‌
110‌
iRadimed
Corp
708‌
64‌
IRhythm
Holdings
Inc
(e)
2,858‌
335‌
Kestra
Medical
Technologies
Ltd
(a),(e)
451,377‌
10,304‌
KORU
Medical
Systems
Inc
(e)
3,448‌
14‌
Lantheus
Holdings
Inc
(e)
80,575‌
8,029‌
LeMaitre
Vascular
Inc
1,887‌
191‌
LivaNova
PLC
(e)
198,650‌
15,920‌
Lucid
Diagnostics
Inc
(e)
11,385‌
10‌
Merit
Medical
Systems
Inc
(e)
487‌
41‌
Nautilus
Biotechnology
Inc
(e)
370‌
—‌
NeuroPace
Inc
(e)
2,286‌
29‌
Novocure
Ltd
(e)
8,623‌
128‌
Orchestra
BioMed
Holdings
Inc
(a),(e)
3,048‌
12‌
OrthoPediatrics
Corp
(e)
260,877‌
5,267‌
Pacific
Biosciences
of
California
Inc
(e)
22,736‌
32‌
Procept
Biorobotics
Corp
(e)
4,883‌
91‌
Pulse
Biosciences
Inc
(e)
1,600‌
56‌
Repligen
Corp
(e)
56,210‌
7,926‌
Sanara
Medtech
Inc
(e)
291‌
10‌
Shoulder
Innovations
Inc
(e)
43‌
1‌
SI-BONE
Inc
(a),(e)
315,427‌
5,602‌
STAAR
Surgical
Co
(a),(e)
2,648‌
65‌
Stereotaxis
Inc
(e)
4,266‌
5‌
Tactile
Systems
Technology
Inc
(e)
1,650‌
46‌
Tandem
Diabetes
Care
Inc
(e)
6,064‌
118‌
TransMedics
Group
Inc
(e)
121,141‌
9,269‌
Twist
Bioscience
Corp
(e)
5,359‌
491‌
UFP
Technologies
Inc
(e)
659‌
168‌
West
Pharmaceutical
Services
Inc
20,932‌
7,137‌
$
207,259‌
Healthcare
-
Services
-
3
.05
%
agilon
health
Inc
(e)
1,076‌
99‌
Alignment
Healthcare
Inc
(e)
17,680‌
263‌
Astrana
Health
Inc
(e)
3,970‌
141‌
Aveanna
Healthcare
Holdings
Inc
(e)
422,018‌
3,962‌
BrightSpring
Health
Services
Inc
(e)
430,857‌
25,726‌
Clover
Health
Investments
Corp
(e)
36,387‌
152‌
Concentra
Group
Holdings
Parent
Inc
10,220‌
323‌
CorVel
Corp
(e)
2,579‌
155‌
Encompass
Health
Corp
110,778‌
12,304‌
GeneDx
Holdings
Corp
(e)
1,754‌
114‌
HealthEquity
Inc
(e)
208,666‌
20,994‌
Innovage
Holding
Corp
(e)
1,680‌
19‌
LifeMD
Inc
(a),(e)
2,613‌
9‌
LifeStance
Health
Group
Inc
(e)
16,580‌
174‌
Lumexa
Imaging
Holdings
Inc
(e)
333,389‌
3,471‌
National
HealthCare
Corp
328‌
74‌
Oncology
Institute
Inc/The
(e)
5,059‌
25‌
Option
Care
Health
Inc
(e)
11,267‌
259‌
Oscar
Health
Inc
(e)
20,862‌
651‌
PACS
Group
Inc
(e)
4,049‌
186‌
Pennant
Group
Inc/The
(e)
2,974‌
120‌
Privia
Health
Group
Inc
(e)
10,475‌
248‌
RadNet
Inc
(e)
100,069‌
6,383‌
US
Physical
Therapy
Inc
893‌
71‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
(continued)
Viemed
Healthcare
Inc
(e)
2,938‌
$
34‌
$
75,957‌
Home
Builders
-
0
.04
%
Cavco
Industries
Inc
(e)
679‌
371‌
Champion
Homes
Inc
(e)
2,080‌
166‌
Comstock
Holding
Cos
Inc
(e)
70‌
1‌
Installed
Building
Products
Inc
2,061‌
459‌
LCI
Industries
213‌
22‌
$
1,019‌
Home
Furnishings
-
0
.69
%
Alliance
Laundry
Holdings
Inc
(e)
3,826‌
101‌
Arhaus
Inc
620,460‌
4,597‌
Daktronics
Inc
(e)
3,467‌
69‌
Lovesac
Co/The
(a),(e)
743‌
12‌
SharkNinja
Inc
(e)
76,119‌
12,314‌
Sonos
Inc
(e)
9,912‌
145‌
XMAX
Inc
(a),(e)
4,780‌
41‌
$
17,279‌
Insurance
-
1
.00
%
Abacus
Global
Management
Inc
1,581‌
16‌
Accelerant
Holdings
(e)
4,902‌
58‌
Baldwin
Insurance
Group
Inc/The
(a),(e)
8,504‌
236‌
Crawford
&
Co
979‌
11‌
Employers
Holdings
Inc
132‌
7‌
Exzeo
Group
Inc
(e)
630‌
10‌
F&G
Annuities
&
Life
Inc
139‌
4‌
Goosehead
Insurance
Inc
(e)
171‌
10‌
Kingsway
Corp
(e)
1,657‌
15‌
Lemonade
Inc
(e)
6,211‌
300‌
Mercury
General
Corp
216‌
23‌
Neptune
Insurance
Holdings
Inc
(e)
219,245‌
6,952‌
Palomar
Holdings
Inc
63,469‌
8,491‌
Pelagos
Insurance
Capital
Ltd
2,183‌
55‌
Root
Inc/OH
(e)
1,140‌
62‌
Skyward
Specialty
Insurance
Group
Inc
(e)
96,410‌
5,780‌
Slide
Insurance
Holdings
Inc
142,020‌
2,836‌
Trupanion
Inc
(e)
2,928‌
72‌
$
24,938‌
Internet
-
0
.99
%
Backblaze
Inc
(e)
5,096‌
70‌
Cargurus
Inc
(e)
6,539‌
237‌
Cogent
Communications
Holdings
Inc
4,289‌
58‌
Crexendo
Inc
(e)
1,594‌
11‌
Entravision
Communications
Corp
5,560‌
62‌
EverQuote
Inc
(e)
154,834‌
3,905‌
Figs
Inc
(e)
8,250‌
88‌
fuboTV
Inc
(a),(e)
261‌
2‌
Grindr
Inc
(e)
2,137‌
37‌
Hims
&
Hers
Health
Inc
(e)
173,995‌
4,832‌
Liquidity
Services
Inc
(e)
2,089‌
82‌
Magnite
Inc
(e)
7,315‌
141‌
MediaAlpha
Inc
(e)
2,662‌
33‌
Newsmax
Inc
(e)
4,148‌
32‌
Opendoor
Technologies
Inc
(e)
67,560‌
255‌
Pattern
Group
Inc
(e)
2,822‌
65‌
Phoenix
Education
Partners
Inc
386‌
11‌
Q2
Holdings
Inc
(e)
230,801‌
14,049‌
QuinStreet
Inc
(e)
4,803‌
75‌
RealReal
Inc/The
(e)
2,653‌
32‌
Revolve
Group
Inc
(e)
3,670‌
92‌
RUM
Group
Inc
(a),(e)
9,797‌
57‌
Sprinklr
Inc
(e)
1,151‌
7‌
Stitch
Fix
Inc
(e)
536‌
2‌
Stubhub
Holdings
Inc
(e)
19,330‌
163‌
TripAdvisor
Inc
(e)
5,280‌
75‌
Tucows
Inc
(a),(e)
73‌
1‌
Upwork
Inc
(e)
2,857‌
26‌
WeShop
Holdings
Ltd
(e)
107‌
1‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
201
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
(continued)
Yelp
Inc
(e)
1,815‌
$
48‌
$
24,549‌
Investment
Companies
-
1
.04
%
Bitdeer
Technologies
Group
(e)
3,065‌
32‌
Brookfield
Business
Corp
2,355‌
70‌
Cipher
Digital
Inc
(e)
29,368‌
656‌
Compass
Diversified
Holdings
(e)
2,654‌
27‌
Core
Scientific
Inc
(e)
428,887‌
8,886‌
Hut
8
Corp
(e)
117,982‌
12,698‌
Riot
Platforms
Inc
(e)
20,473‌
413‌
Trinity
Capital
Inc
(a)
179,519‌
3,151‌
Z
Squared
Inc
(e)
3,358‌
16‌
$
25,949‌
Iron
&
Steel
-
0
.00
%
Commercial
Metals
Co
1,633‌
112‌
Leisure
Products
&
Services
-
1
.18
%
Acushnet
Holdings
Corp
2,416‌
245‌
Global
Business
Travel
Group
I
(e)
602‌
6‌
Life
Time
Group
Holdings
Inc
(e)
247,033‌
11,141‌
Lindblad
Expeditions
Holdings
Inc
(e)
4,350‌
129‌
Livewire
Group
Inc
(a),(e)
886‌
2‌
MasterCraft
Boat
Holdings
Inc
(e)
71‌
2‌
OneSpaWorld
Holdings
Ltd
221,055‌
5,694‌
Patrick
Industries
Inc
1,179‌
97‌
Peloton
Interactive
Inc
(e)
13,658‌
87‌
Polaris
Inc
4,725‌
317‌
Sabre
Corp
(e)
8,259‌
15‌
Xponential
Fitness
Inc
(e)
2,730‌
18‌
YETI
Holdings
Inc
(e)
239,417‌
11,717‌
$
29,470‌
Lodging
-
0
.01
%
Hilton
Grand
Vacations
Inc
(e)
4,928‌
227‌
Marcus
Corp/The
1,153‌
34‌
$
261‌
Machinery
-
Construction
&
Mining
-
0
.66
%
Astec
Industries
Inc
184‌
9‌
Babcock
&
Wilcox
Enterprises
Inc
(e)
551‌
5‌
BWX
Technologies
Inc
5,448‌
919‌
Forgent
Power
Solutions
Inc
(e)
175,066‌
5,825‌
Lightbridge
Corp
(e)
612‌
5‌
NuScale
Power
Corp
(e)
28,178‌
237‌
Terex
Corp
151,000‌
9,489‌
$
16,489‌
Machinery
-
Diversified
-
1
.61
%
Aebi
Schmidt
Holding
AG
159‌
2‌
Albany
International
Corp
795‌
59‌
Applied
Industrial
Technologies
Inc
28,517‌
9,844‌
Cactus
Inc
6,126‌
398‌
CSW
Industrials
Inc
1,403‌
448‌
DXP
Enterprises
Inc/TX
(e)
1,126‌
177‌
Gorman-Rupp
Co/The
1,846‌
150‌
Ichor
Holdings
Ltd
(e)
3,028‌
228‌
IDEX
Corp
18,236‌
4,203‌
Kadant
Inc
23,621‌
7,263‌
Mueller
Water
Products
Inc
-
Class
A
13,622‌
344‌
Power
Solutions
International
Inc
(e)
703‌
19‌
Pro-Dex
Inc
(e)
179‌
11‌
Taylor
Devices
Inc
(e)
247‌
13‌
Zurn
Elkay
Water
Solutions
Corp
335,552‌
16,948‌
$
40,107‌
Media
-
0
.01
%
CuriosityStream
Inc
3,409‌
8‌
iHeartMedia
Inc
(e)
543‌
2‌
Lee
Enterprises
Inc
(e)
94‌
1‌
Liberty
Latin
America
Ltd
-
Class
A
(e)
1,712‌
14‌
Liberty
Latin
America
Ltd
-
Class
C
(e)
8,213‌
66‌
Optimum
Communications
Inc
(e)
2,361‌
2‌
Scholastic
Corp
72‌
3‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
USA
TODAY
Co
Inc
(e)
11,890‌
$
104‌
Value
Line
Inc
37‌
1‌
$
201‌
Metal
Fabrication
&
Hardware
-
0
.43
%
Ampco-Pittsburgh
Corp
(e)
1,241‌
10‌
DPC
Holdings
PLC
(e)
85,315‌
3,890‌
Helios
Technologies
Inc
308‌
24‌
Omega
Flex
Inc
268‌
8‌
Valmont
Industries
Inc
13,578‌
6,541‌
Xometry
Inc
(e)
3,994‌
342‌
$
10,815‌
Mining
-
0
.62
%
American
Battery
Technology
Co
(e)
11,170‌
23‌
Arcosa
Inc
1,291‌
188‌
Centrus
Energy
Corp
(a),(e)
1,322‌
234‌
Century
Aluminum
Co
(e)
6,091‌
273‌
Compass
Minerals
International
Inc
(e)
2,801‌
82‌
Constellium
SE
(e)
299,868‌
8,330‌
Contango
Silver
&
Gold
Inc
(e)
2,269‌
35‌
Critical
Metals
Corp
(a),(e)
5,857‌
32‌
Dakota
Gold
Corp
(e)
10,076‌
46‌
Energy
Fuels
Inc/Canada
(a),(e)
21,785‌
249‌
Hycroft
Mining
Holding
Corp
(e)
4,743‌
93‌
Idaho
Strategic
Resources
Inc
(a),(e)
1,324‌
37‌
Ivanhoe
Electric
Inc
/
US
(e)
9,360‌
86‌
Kaiser
Aluminum
Corp
1,428‌
228‌
Lifezone
Metals
Ltd
(a),(e)
2,981‌
10‌
McEwen
Inc
(e)
2,276‌
39‌
NioCorp
Developments
Ltd
(e)
7,140‌
30‌
Novagold
Resources
Inc
(e)
30,167‌
176‌
Perpetua
Resources
Corp
(a),(e)
7,460‌
137‌
REalloys
Inc
(a),(e)
4,946‌
44‌
Silver
Bow
Mining
Corp
(e)
408‌
3‌
SSR
Mining
Inc
1,457‌
37‌
United
States
Antimony
Corp
(a),(e)
11,599‌
59‌
United
States
Lime
&
Minerals
Inc
954‌
105‌
Uranium
Energy
Corp
(e)
42,804‌
411‌
Ur-Energy
Inc
(e)
32,866‌
40‌
US
Gold
Corp
(e)
1,098‌
14‌
US
Goldmining
Inc
(e)
115‌
1‌
USA
Rare
Earth
Inc
(a),(e)
291,709‌
4,362‌
Vista
Gold
Corp
(e)
11,058‌
19‌
Vox
Royalty
Corp
(a)
5,381‌
23‌
$
15,446‌
Miscellaneous
Manufacturers
-
1
.56
%
Elmet
Group
Co/The
(a),(e)
762‌
10‌
Enpro
Inc
73,790‌
23,164‌
Federal
Signal
Corp
5,271‌
659‌
FreightCar
America
Inc
(e)
1,066‌
8‌
GrafTech
International
Ltd
(a),(e)
881‌
6‌
ITT
Inc
41,426‌
8,119‌
Materion
Corp
31,227‌
6,584‌
Myers
Industries
Inc
462‌
16‌
Park
Aerospace
Corp
1,627‌
55‌
Sight
Sciences
Inc
(e)
3,395‌
18‌
Syntec
Optics
Holdings
Inc
(a),(e)
540‌
3‌
Trinity
Industries
Inc
3,643‌
114‌
$
38,756‌
Office
Furnishings
-
0
.00
%
Interface
Inc
514‌
18‌
Oil
&
Gas
-
0
.93
%
ARKO
Petroleum
Corp
945‌
19‌
BKV
Corp
(e)
2,132‌
52‌
Borr
Drilling
Ltd
(e)
15,865‌
64‌
Comstock
Resources
Inc
(e)
493‌
7‌
CVR
Energy
Inc
2,620‌
93‌
Delek
US
Holdings
Inc
5,272‌
358‌
Epsilon
Energy
Ltd
115‌
1‌
Evolution
Petroleum
Corp
2,529‌
9‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
202
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Granite
Ridge
Resources
Inc
(a)
2,804‌
$
13‌
Gulfport
Energy
Corp
(e)
1,076‌
174‌
Helmerich
&
Payne
Inc
2,733‌
94‌
Infinity
Natural
Resources
Inc
(a),(e)
1,287‌
17‌
Kolibri
Global
Energy
Inc
(e)
330‌
2‌
Kosmos
Energy
Ltd
(e)
2,483‌
7‌
Magnolia
Oil
&
Gas
Corp
20,055‌
516‌
Matador
Resources
Co
150,710‌
7,519‌
Noble
Corp
PLC
10,403‌
441‌
Par
Pacific
Holdings
Inc
(e)
1,312‌
113‌
Permian
Resources
Corp
509,685‌
10,861‌
PrimeEnergy
Resources
Corp
(e)
6‌
1‌
Riley
Exploration
Permian
Inc
203‌
7‌
Sable
Offshore
Corp
(a),(e)
11,598‌
61‌
SM
Energy
Co
1,123‌
37‌
VAALCO
Energy
Inc
915‌
5‌
Valaris
Ltd
(e)
875‌
69‌
WhiteHawk
Minerals
Corp
102,624‌
2,713‌
$
23,253‌
Oil
&
Gas
Services
-
1
.79
%
Archrock
Inc
15,138‌
541‌
Flotek
Industries
Inc
(e)
1,179‌
28‌
Flowco
Holdings
Inc
93,896‌
1,920‌
Forum
Energy
Technologies
Inc
(e)
344‌
22‌
Helix
Energy
Solutions
Group
Inc
(e)
3,043‌
29‌
Innovex
International
Inc
(e)
579‌
16‌
Kodiak
Gas
Services
Inc
8,724‌
512‌
Liberty
Energy
Inc
12,683‌
237‌
Matrix
Service
Co
(e)
468‌
5‌
National
Energy
Services
Reunited
Corp
(e)
5,346‌
144‌
Natural
Gas
Services
Group
Inc
852‌
31‌
Oceaneering
International
Inc
(e)
546,684‌
26,668‌
ProPetro
Holding
Corp
(e)
8,682‌
96‌
Select
Water
Solutions
Inc
9,875‌
183‌
Smart
Sand
Inc
165‌
1‌
Solaris
Energy
Infrastructure
Inc
160,380‌
8,245‌
TETRA
Technologies
Inc
(e)
723,183‌
5,569‌
Tidewater
Inc
(e)
4,326‌
325‌
$
44,572‌
Packaging
&
Containers
-
0
.00
%
Ardagh
Metal
Packaging
SA
2,954‌
14‌
Karat
Packaging
Inc
746‌
30‌
$
44‌
Pharmaceuticals
-
4
.50
%
Aclaris
Therapeutics
Inc
(e)
8,826‌
46‌
Agios
Pharmaceuticals
Inc
(e)
259‌
8‌
Akebia
Therapeutics
Inc
(e)
19,950‌
26‌
Alkermes
PLC
(e)
11,549‌
566‌
Amneal
Pharmaceuticals
Inc
(e)
3,758‌
69‌
Amylyx
Pharmaceuticals
Inc
(e)
7,975‌
162‌
Apnimed
Inc
(e)
137,437‌
3,436‌
Aquestive
Therapeutics
Inc
(e)
3,049‌
11‌
Armata
Pharmaceuticals
Inc
(a),(e)
907‌
4‌
Ascendis
Pharma
A/S
(e)
19,844‌
4,840‌
Atrium
Therapeutics
Inc
(e)
672‌
8‌
Candel
Therapeutics
Inc
(e)
5,145‌
51‌
Coherus
Oncology
Inc
(e)
3,989‌
6‌
Collegium
Pharmaceutical
Inc
(e)
2,872‌
102‌
Corcept
Therapeutics
Inc
(e)
177,777‌
20,354‌
Corvus
Pharmaceuticals
Inc
(e)
176,520‌
2,341‌
Enanta
Pharmaceuticals
Inc
(e)
1,055‌
13‌
Enliven
Therapeutics
Inc
(e)
115,728‌
6,343‌
Eton
Pharmaceuticals
Inc
(e)
2,335‌
108‌
Fennec
Pharmaceuticals
Inc
(e)
2,504‌
24‌
Foghorn
Therapeutics
Inc
(e)
2,790‌
13‌
Galectin
Therapeutics
Inc
(a),(e)
2,524‌
7‌
Guardian
Pharmacy
Services
Inc
(e)
1,590‌
63‌
Gyre
Therapeutics
Inc
(a),(e)
887‌
5‌
Harmony
Biosciences
Holdings
Inc
(e)
3,931‌
138‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Harrow
Inc
(e)
2,824‌
$
109‌
Herbalife
Ltd
(e)
395‌
5‌
Heron
Therapeutics
Inc
(e)
11,114‌
5‌
Indivior
Pharmaceuticals
Inc
(e)
9,221‌
369‌
Ironwood
Pharmaceuticals
Inc
(e)
13,387‌
57‌
Madrigal
Pharmaceuticals
Inc
(e)
10,290‌
4,809‌
MannKind
Corp
(e)
26,651‌
104‌
MediWound
Ltd
(a),(e)
837‌
12‌
Minerva
Neurosciences
Inc
(a),(e)
1,793‌
7‌
Mirum
Pharmaceuticals
Inc
(e)
123,051‌
13,037‌
Nature's
Sunshine
Products
Inc
(e)
256‌
5‌
Novo
Nordisk
A/S
(e),(f)
4,758‌
2‌
Nuvectis
Pharma
Inc
(a),(e)
1,475‌
32‌
Ocugen
Inc
(a),(e)
20,318‌
25‌
Ocular
Therapeutix
Inc
(e)
14,694‌
120‌
ORIC
Pharmaceuticals
Inc
(e)
1,747‌
19‌
Pacira
BioSciences
Inc
(e)
213‌
6‌
Parabilis
Medicines
Inc
(a),(e)
100,169‌
3,404‌
Pfizer
Inc
-
Contingent
Value
Rights
(a),(e)
2,300‌
11‌
Phibro
Animal
Health
Corp
1,837‌
67‌
Protagonist
Therapeutics
Inc
(e)
5,311‌
726‌
Rhythm
Pharmaceuticals
Inc
(e)
71,662‌
7,113‌
Sagimet
Biosciences
Inc
(a),(e)
3,964‌
28‌
SELLAS
Life
Sciences
Group
Inc
(a),(e)
16,339‌
164‌
Senseonics
Holdings
Inc
(a),(e)
3,017‌
15‌
SpyGlass
Pharma
Inc
(e)
584‌
13‌
Spyre
Therapeutics
Inc
(e)
161,595‌
15,890‌
Supernus
Pharmaceuticals
Inc
(e)
383‌
17‌
Trevi
Therapeutics
Inc
(e)
776,604‌
14,172‌
Vaxcyte
Inc
(e)
73,322‌
3,966‌
VeraDermics
Inc
(a),(e)
85,910‌
9,021‌
Xeris
Biopharma
Holdings
Inc
(e)
14,847‌
120‌
$
112,194‌
Pipelines
-
0
.56
%
Antero
Midstream
Corp
450,840‌
9,905‌
Excelerate
Energy
Inc
104,556‌
4,106‌
Kinetik
Holdings
Inc
336‌
17‌
NextDecade
Corp
(e)
2,343‌
16‌
$
14,044‌
Private
Equity
-
0
.00
%
Patria
Investments
Ltd
5,674‌
61‌
Ridgepost
Capital
Inc
(a)
5,211‌
45‌
$
106‌
Real
Estate
-
0
.80
%
AGNT
Inc
8,169‌
33‌
Compass
Inc
(e)
894,712‌
10,191‌
FirstService
Corp
67,303‌
9,482‌
Maui
Land
&
Pineapple
Co
Inc
(a),(e)
554‌
10‌
McGrath
RentCorp
241‌
28‌
Newmark
Group
Inc
710‌
11‌
Real
Brokerage
Inc/The
(a),(e)
13,461‌
21‌
Sky
Harbour
Group
Corp
(a),(e)
1,796‌
19‌
St
Joe
Co/The
3,388‌
211‌
$
20,006‌
REITs
-
0
.39
%
Alexander's
Inc
194‌
49‌
Angel
Oak
Mortgage
REIT
Inc
677‌
6‌
CBL
&
Associates
Properties
Inc
1,645‌
97‌
DiamondRock
Hospitality
Co
11,345‌
150‌
EastGroup
Properties
Inc
36,260‌
7,579‌
Gladstone
Commercial
Corp
650‌
8‌
MFA
Financial
Inc
1,858‌
17‌
NETSTREIT
Corp
2,235‌
48‌
Outfront
Media
Inc
13,978‌
445‌
PennyMac
Mortgage
Investment
Trust
827‌
8‌
Ryman
Hospitality
Properties
Inc
5,421‌
725‌
Saul
Centers
Inc
1,083‌
37‌
Strawberry
Fields
REIT
Inc
521‌
7‌
Sunstone
Hotel
Investors
Inc
9,898‌
117‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
203
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Tanger
Inc
9,258‌
$
376‌
UMH
Properties
Inc
527‌
8‌
Universal
Health
Realty
Income
Trust
1,015‌
44‌
Xenia
Hotels
&
Resorts
Inc
1,216‌
25‌
$
9,746‌
Retail
-
5
.05
%
Abercrombie
&
Fitch
Co
(e)
3,855‌
384‌
Arko
Corp
6,443‌
52‌
BJ's
Restaurants
Inc
(e)
125,220‌
8,466‌
Black
Rock
Coffee
Bar
Inc
(e)
185,381‌
1,494‌
Bob's
Discount
Furniture
Inc
(a),(e)
460,595‌
7,678‌
Boot
Barn
Holdings
Inc
(e)
79,386‌
11,828‌
Brinker
International
Inc
(e)
3,754‌
802‌
Buckle
Inc/The
2,839‌
124‌
Build-A-Bear
Workshop
Inc
1,047‌
36‌
Camping
World
Holdings
Inc
2,390‌
15‌
Casey's
General
Stores
Inc
6,743‌
5,873‌
Cava
Group
Inc
(e)
126,610‌
8,259‌
Cheesecake
Factory
Inc/The
4,085‌
414‌
Citi
Trends
Inc
(e)
402‌
27‌
Dave
&
Buster's
Entertainment
Inc
(e)
2,350‌
25‌
Dine
Brands
Global
Inc
130‌
5‌
Envela
Corp
(e)
531‌
12‌
EVgo
Inc
(a),(e)
10,446‌
17‌
First
Watch
Restaurant
Group
Inc
(e)
398,244‌
5,117‌
FirstCash
Holdings
Inc
66,036‌
13,472‌
Freshpet
Inc
(e)
329,486‌
19,617‌
Jack
in
the
Box
Inc
(a),(e)
94‌
2‌
Kura
Sushi
USA
Inc
(e)
597‌
28‌
Murphy
USA
Inc
17,780‌
10,806‌
National
Vision
Holdings
Inc
(e)
505,701‌
11,145‌
Ollie's
Bargain
Outlet
Holdings
Inc
(e)
113,207‌
8,317‌
OPAL
Fuels
Inc
(e)
967‌
2‌
Papa
John's
International
Inc
(a)
211‌
6‌
PriceSmart
Inc
2,275‌
441‌
QXO
Inc
(e)
108,089‌
1,438‌
Rent
the
Runway
Inc
(a),(e)
70‌
—‌
RH
(e)
1,358‌
225‌
Savers
Value
Village
Inc
(e)
3,247‌
33‌
Shake
Shack
Inc
(e)
3,445‌
216‌
Sonic
Automotive
Inc
412‌
38‌
Sweetgreen
Inc
(e)
5,556‌
36‌
Texas
Roadhouse
Inc
41,316‌
8,488‌
Urban
Outfitters
Inc
(e)
1,917‌
142‌
Victoria's
Secret
&
Co
(e)
6,092‌
540‌
Warby
Parker
Inc
(e)
8,984‌
240‌
Wendy's
Co/The
(a)
13,314‌
98‌
Yesway
Inc
(a),(e)
91‌
2‌
$
125,960‌
Savings
&
Loans
-
0
.56
%
Axos
Financial
Inc
(e)
135,570‌
13,748‌
Banc
of
California
Inc
690‌
13‌
Beacon
Financial
Corp
1,490‌
47‌
Greene
County
Bancorp
Inc
58‌
2‌
Hingham
Institution
For
Savings
The
(a)
25‌
7‌
OceanFirst
Financial
Corp
1,420‌
28‌
Southern
Missouri
Bancorp
Inc
57‌
4‌
$
13,849‌
Semiconductors
-
7
.62
%
ACM
Research
Inc
(e)
4,655‌
365‌
Aehr
Test
Systems
(e)
30,952‌
2,475‌
Aeluma
Inc
(a),(e)
990‌
16‌
Allegro
MicroSystems
Inc
(e)
145,584‌
6,042‌
Ambarella
Inc
(e)
3,681‌
317‌
Ambiq
Micro
Inc
(e)
151,830‌
9,654‌
Amtech
Systems
Inc
(e)
896‌
14‌
Arteris
Inc
(e)
2,817‌
84‌
Atomera
Inc
(a),(e)
2,931‌
15‌
Axcelis
Technologies
Inc
(e)
86,884‌
11,328‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
AXT
Inc
(e)
5,425‌
$
328‌
Blaize
Holdings
Inc
(e)
6,587‌
5‌
CEVA
Inc
(e)
2,209‌
72‌
Cohu
Inc
(e)
212,975‌
10,221‌
Diodes
Inc
(e)
89,467‌
7,365‌
Entegris
Inc
62,052‌
7,387‌
GSI
Technology
Inc
(a),(e)
2,165‌
12‌
Impinj
Inc
(e)
46,048‌
6,970‌
Intellicheck
Inc
(e)
1,412‌
5‌
inTEST
Corp
(e)
818‌
10‌
IPG
Photonics
Corp
(e)
94,190‌
8,012‌
Kulicke
&
Soffa
Industries
Inc
142,213‌
12,685‌
Lattice
Semiconductor
Corp
(e)
57,545‌
7,151‌
MaxLinear
Inc
(e)
193,824‌
12,952‌
Navitas
Semiconductor
Corp
(e)
440,696‌
4,786‌
Onto
Innovation
Inc
(e)
18,928‌
4,894‌
Ouster
Inc
(e)
5,444‌
212‌
Penguin
Solutions
Inc
(e)
4,375‌
230‌
Photronics
Inc
(e)
1,815‌
55‌
Power
Integrations
Inc
131,366‌
7,976‌
QuickLogic
Corp
(e)
819‌
11‌
Rambus
Inc
(e)
54,453‌
4,957‌
Semtech
Corp
(e)
176,349‌
20,777‌
Silicon
Laboratories
Inc
(e)
2,863‌
623‌
Silicon
Motion
Technology
Corp
ADR
26,718‌
6,776‌
SiTime
Corp
(e)
31,739‌
16,987‌
SkyWater
Technology
Inc
(e)
3,256‌
106‌
Synaptics
Inc
(e)
75,063‌
8,056‌
Ultra
Clean
Holdings
Inc
(e)
117,602‌
9,797‌
Veeco
Instruments
Inc
(e)
5,228‌
261‌
Vishay
Precision
Group
Inc
(e)
564‌
52‌
$
190,041‌
Software
-
6
.10
%
ACI
Worldwide
Inc
(e)
8,878‌
509‌
ACV
Auctions
Inc
(e)
1,192,444‌
8,932‌
Adeia
Inc
8,777‌
234‌
Agilysys
Inc
(e)
110,372‌
11,607‌
Alkami
Technology
Inc
(e)
5,903‌
107‌
Amplitude
Inc
(e)
8,358‌
74‌
Appian
Corp
(e)
3,478‌
94‌
Asana
Inc
(e)
8,452‌
70‌
AvePoint
Inc
(e)
14,690‌
191‌
Bandwidth
Inc
(e)
2,561‌
100‌
BigBear.ai
Holdings
Inc
(a),(e)
10,435‌
29‌
Blackbaud
Inc
(e)
3,157‌
135‌
BlackLine
Inc
(e)
4,332‌
136‌
Blend
Labs
Inc
(e)
13,557‌
24‌
Box
Inc
(e)
9,794‌
309‌
Brand
Engagement
Network
Inc
(e)
343‌
4‌
Braze
Inc
(e)
8,301‌
207‌
Carlsmed
Inc
(e)
473‌
6‌
CCC
Intelligent
Solutions
Holdings
Inc
(e)
2,808,320‌
17,103‌
Cerence
Inc
(e)
1,302‌
11‌
Claritev
Corp
(e)
185‌
4‌
Clear
Secure
Inc
8,234‌
455‌
Climb
Global
Solutions
Inc
(a)
1,439‌
39‌
Commerce.com
Inc
(e)
5,812‌
18‌
Commvault
Systems
Inc
(e)
51,054‌
6,014‌
Consensus
Cloud
Solutions
Inc
(e)
1,042‌
38‌
CS
Disco
Inc
(e)
1,286‌
5‌
Daily
Journal
Corp
(e)
30‌
18‌
Digi
International
Inc
(e)
2,853‌
199‌
Digimarc
Corp
(e)
937‌
6‌
Digital
Turbine
Inc
(e)
1,044‌
8‌
DigitalOcean
Holdings
Inc
(e)
65,167‌
7,657‌
Domo
Inc
(a),(e)
1,771‌
6‌
Donnelley
Financial
Solutions
Inc
(e)
1,685‌
80‌
DoubleVerify
Holdings
Inc
(e)
10,148‌
114‌
Duos
Technologies
Group
Inc
(a),(e)
1,898‌
16‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
204
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Dynatrace
Inc
(e)
206,805‌
$
9,166‌
eGain
Corp
(e)
1,066‌
7‌
EverCommerce
Inc
(a),(e)
1,120‌
14‌
Evolent
Health
Inc
(e)
3,106‌
10‌
Fastly
Inc
(e)
13,270‌
301‌
Freshworks
Inc
(e)
6,511‌
74‌
Genius
Sports
Ltd
(e)
4,558‌
32‌
GigaCloud
Technology
Inc
(e)
2,234‌
98‌
Guidewire
Software
Inc
(e)
51,222‌
7,783‌
HeartFlow
Inc
(e)
277,478‌
7,001‌
Hinge
Health
Inc
(e)
72,886‌
5,445‌
IBEX
Holdings
Ltd
(e)
508‌
18‌
Ibotta
Inc
(e)
519‌
12‌
Innodata
Inc
(e)
2,776‌
174‌
Intapp
Inc
(e)
4,879‌
159‌
JFrog
Ltd
(e)
157,604‌
12,575‌
Kaltura
Inc
(e)
7,900‌
11‌
Life360
Inc
(e)
1,638‌
88‌
Liftoff
Mobile
Inc
(e)
175,890‌
3,905‌
LiveRamp
Holdings
Inc
(e)
5,433‌
206‌
McGraw
Hill
Inc
(e)
1,908‌
21‌
Navan
Inc
(e)
434,502‌
11,567‌
nCino
Inc
(e)
8,737‌
161‌
Nutex
Health
Inc
(a),(e)
424‌
62‌
Omada
Health
Inc
(e)
3,104‌
62‌
PagerDuty
Inc
(e)
3,364‌
36‌
PDF
Solutions
Inc
(e)
225,088‌
10,374‌
Phreesia
Inc
(e)
3,539‌
38‌
Planet
Labs
PBC
(e)
205,436‌
4,207‌
Playtika
Holding
Corp
689‌
3‌
Porch
Group
Inc
(e)
771‌
11‌
Progress
Software
Corp
(e)
1,397‌
57‌
Quantum
Computing
Inc
(a),(e)
2,344‌
19‌
Rackspace
Technology
Inc
(a),(e)
2,148‌
9‌
Red
Violet
Inc
(e)
1,014‌
70‌
ReposiTrak
Inc
(a)
845‌
7‌
Schrodinger
Inc/United
States
(a),(e)
5,029‌
76‌
ServiceTitan
Inc
(e)
174,461‌
14,491‌
SharonAI
Holdings
Inc
(a),(e)
370‌
18‌
Silvaco
Group
Inc
(e)
927‌
7‌
Simulations
Plus
Inc
(a),(e)
1,041‌
19‌
SoundHound
AI
Inc
(a),(e)
34,622‌
212‌
Sprout
Social
Inc
(e)
3,354‌
29‌
SPS
Commerce
Inc
(e)
1,948‌
143‌
Swarmer
Inc
(a),(e)
243‌
9‌
Talkspace
Inc
(e)
12,453‌
65‌
Teradata
Corp
(e)
5,860‌
182‌
Veritone
Inc
(a),(e)
3,136‌
3‌
Vertex
Inc
(e)
602,880‌
7,784‌
Via
Transportation
Inc
(a),(e)
930‌
19‌
Viant
Technology
Inc
(e)
1,310‌
15‌
Weave
Communications
Inc
(e)
5,646‌
37‌
Workiva
Inc
(e)
4,523‌
270‌
Yext
Inc
(e)
1,575‌
9‌
ZenaTech
Inc
(e)
2,447‌
3‌
Zeta
Global
Holdings
Corp
(e)
19,666‌
425‌
$
152,158‌
Supranational
Bank
-
0
.00
%
Bladex
Inc
223‌
13‌
Telecommunications
-
1
.43
%
A10
Networks
Inc
6,295‌
186‌
ADTRAN
Holdings
Inc
(e)
6,674‌
57‌
Anterix
Inc
(e)
992‌
92‌
BK
Technologies
Corp
(e)
233‌
19‌
BlackSky
Technology
Inc
(e)
2,922‌
67‌
Calix
Inc
(e)
5,149‌
185‌
Extreme
Networks
Inc
(e)
11,259‌
339‌
Frequency
Electronics
Inc
(a),(e)
71,865‌
4,166‌
Gogo
Inc
(e)
6,541‌
27‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
(continued)
Harmonic
Inc
(e)
9,623‌
$
111‌
IDT
Corp
-
Class
B
1,200‌
79‌
Inseego
Corp
(e)
700‌
5‌
InterDigital
Inc
58,995‌
17,984‌
Keel
Infrastructure
Corp
(e)
13,193‌
52‌
Lantronix
Inc
(e)
2,717‌
15‌
LightPath
Technologies
Inc
(e)
300,329‌
3,115‌
Ooma
Inc
(e)
2,218‌
48‌
Preformed
Line
Products
Co
215‌
77‌
RF
Industries
Ltd
(e)
643‌
8‌
Satellogic
Inc
(a),(e)
8,227‌
29‌
Sidus
Space
Inc
(a),(e)
6,305‌
11‌
Uniti
Group
Inc
(e)
10,334‌
100‌
Viavi
Solutions
Inc
(e)
237,456‌
8,774‌
$
35,546‌
Transportation
-
0
.85
%
ArcBest
Corp
1,208‌
174‌
Covenant
Logistics
Group
Inc
1,181‌
42‌
DHT
Holdings
Inc
9,955‌
185‌
Dorian
LPG
Ltd
1,256‌
60‌
FLEX
LNG
Ltd
415‌
13‌
Forward
Air
Corp
(e)
1,993‌
28‌
Himalaya
Shipping
Ltd
(a),(e)
2,554‌
40‌
RXO
Inc
(e)
331,315‌
6,709‌
Saia
Inc
(e)
25,236‌
8,773‌
SFL
Corp
Ltd
9,592‌
118‌
TFI
International
Inc
37,490‌
5,062‌
Werner
Enterprises
Inc
827‌
31‌
World
Kinect
Corp
535‌
21‌
$
21,256‌
Trucking
&
Leasing
-
0
.00
%
GATX
Corp
223‌
40‌
Willis
Lease
Finance
Corp
576‌
41‌
$
81‌
Water
-
0
.01
%
American
States
Water
Co
2,437‌
209‌
Consolidated
Water
Co
Ltd
1,139‌
33‌
Global
Water
Resources
Inc
(a)
252‌
2‌
$
244‌
TOTAL
COMMON
STOCKS
$
2,418,974‌
Total
Investments
$
2,508,601‌
Other
Assets
and
Liabilities
-  (0.64)%
(
16,038‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,492,563‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$29,856
or
1.20%
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
$30,729
or
1.23%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2026
(unaudited)
See
accompanying
notes.
205
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
105,600‌
$
1,385,354‌
$
1,405,875‌
$
85,079‌
$
105,600‌
$
1,385,354‌
$
1,405,875‌
$
85,079‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
1,529‌
$
—‌
$
—‌
$
—‌
$
1,529‌
$
—‌
$
—‌
$
—‌
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)
Russell
2000
Emini;
September
2026
Long
40‌
$
5,876‌
$
(
50‌
)
Total
$
(
50‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
206
INVESTMENT
COMPANIES
-
1
.59
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.51
%
iShares
Core
S&P
Small-Cap
ETF
46,944‌
$
6,828‌
Money
Market
Funds
-
1
.08
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
390,591‌
391‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b),(c)
14,063,153‌
14,063‌
$
14,454‌
TOTAL
INVESTMENT
COMPANIES
$
21,282‌
COMMON
STOCKS
-
98
.90
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
0
.86
%
AAR
Corp
(d)
28,903‌
$
4,048‌
Karman
Holdings
Inc
(d)
67,615‌
3,256‌
Mercury
Systems
Inc
(d)
38,931‌
3,780‌
National
Presto
Industries
Inc
3,906‌
474‌
$
11,558‌
Agriculture
-
0
.26
%
Andersons
Inc/The
24,856‌
1,759‌
Del
Monte
Corp
24,187‌
719‌
Universal
Corp/VA
18,362‌
967‌
$
3,445‌
Airlines
-
0
.45
%
Allegiant
Travel
Co
(d)
16,527‌
1,621‌
JetBlue
Airways
Corp
(d)
219,275‌
1,322‌
SkyWest
Inc
(d)
29,221‌
3,126‌
$
6,069‌
Apparel
-
0
.70
%
Carter's
Inc
27,149‌
1,047‌
Kontoor
Brands
Inc
37,465‌
3,137‌
Steven
Madden
Ltd
53,847‌
2,481‌
Under
Armour
Inc
-
Class
A
(d)
139,128‌
925‌
Under
Armour
Inc
-
Class
C
(d)
88,072‌
572‌
Wolverine
World
Wide
Inc
60,408‌
1,189‌
$
9,351‌
Automobile
Parts
&
Equipment
-
1
.16
%
Adient
PLC
(d)
57,773‌
1,216‌
Dana
Inc
80,183‌
2,159‌
Dauch
Corp
(d)
174,886‌
988‌
Dorman
Products
Inc
(d)
20,037‌
2,668‌
Fox
Factory
Holding
Corp
(d)
30,896‌
556‌
Gentherm
Inc
(d)
22,594‌
917‌
Goodyear
Tire
&
Rubber
Co/The
(d)
211,777‌
1,472‌
Phinia
Inc
27,277‌
2,007‌
Standard
Motor
Products
Inc
15,582‌
596‌
Versigent
PLC
52,233‌
2,160‌
XPEL
Inc
(d)
18,478‌
820‌
$
15,559‌
Banks
-
7
.80
%
Ameris
Bancorp
46,448‌
4,051‌
Atlantic
Union
Bankshares
Corp
105,444‌
4,474‌
BancFirst
Corp
15,343‌
1,731‌
Bancorp
Inc/The
(d)
30,675‌
2,057‌
Bank
of
Hawaii
Corp
29,192‌
2,332‌
BankUnited
Inc
53,550‌
2,498‌
Banner
Corp
25,026‌
1,762‌
Cathay
General
Bancorp
49,390‌
3,121‌
Central
Pacific
Financial
Corp
19,230‌
758‌
City
Holding
Co
10,398‌
1,509‌
Community
Financial
System
Inc
38,721‌
2,510‌
Customers
Bancorp
Inc
(d)
23,177‌
1,824‌
CVB
Financial
Corp
123,507‌
2,763‌
Dime
Commercial
Bancshares
Inc
30,225‌
1,232‌
Eagle
Bancorp
Inc
20,446‌
567‌
Eastern
Bankshares
Inc
156,677‌
3,597‌
FB
Financial
Corp
29,610‌
1,788‌
First
BanCorp/Puerto
Rico
113,183‌
3,274‌
First
Bancorp/Southern
Pines
NC
30,484‌
1,917‌
First
Commonwealth
Financial
Corp
74,629‌
1,607‌
First
Financial
Bancorp
76,536‌
2,589‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
First
Hawaiian
Inc
89,627‌
$
2,491‌
First
Interstate
BancSystem
Inc
62,268‌
2,367‌
Fulton
Financial
Corp
139,415‌
3,392‌
Hanmi
Financial
Corp
21,762‌
694‌
Heritage
Financial
Corp/WA
30,369‌
903‌
Hilltop
Holdings
Inc
30,187‌
1,191‌
Hope
Bancorp
Inc
94,188‌
1,320‌
Independent
Bank
Corp
35,606‌
2,985‌
Lakeland
Financial
Corp
18,356‌
1,150‌
Merchants
Bancorp/IN
21,659‌
1,195‌
National
Bank
Holdings
Corp
33,000‌
1,425‌
NBT
Bancorp
Inc
38,319‌
2,017‌
Nicolet
Bankshares
Inc
14,406‌
2,462‌
OFG
Bancorp
31,135‌
1,646‌
Park
National
Corp
11,867‌
2,470‌
Pathward
Financial
Inc
15,553‌
1,372‌
Preferred
Bank/Los
Angeles
CA
8,115‌
848‌
Renasant
Corp
67,984‌
2,962‌
S&T
Bancorp
Inc
26,507‌
1,382‌
Seacoast
Banking
Corp
of
Florida
70,893‌
2,463‌
ServisFirst
Bancshares
Inc
37,052‌
3,316‌
Simmons
First
National
Corp
106,879‌
2,521‌
Southside
Bancshares
Inc
20,604‌
670‌
Tompkins
Financial
Corp
9,325‌
931‌
Triumph
Financial
Inc
(d)
16,662‌
1,265‌
TrustCo
Bank
Corp
NY
12,875‌
734‌
Trustmark
Corp
43,179‌
2,049‌
United
Community
Banks
Inc/GA
88,183‌
3,125‌
Walker
&
Dunlop
Inc
25,294‌
1,257‌
WesBanco
Inc
70,863‌
2,932‌
Westamerica
BanCorp
17,305‌
1,041‌
$
104,537‌
Beverages
-
0
.20
%
National
Beverage
Corp
17,246‌
546‌
Vita
Coco
Co
Inc/The
(d)
32,400‌
2,136‌
$
2,682‌
Biotechnology
-
2
.63
%
ACADIA
Pharmaceuticals
Inc
(d)
93,360‌
2,415‌
ADMA
Biologics
Inc
(d)
170,764‌
1,445‌
ANI
Pharmaceuticals
Inc
(d)
13,435‌
1,065‌
Arcus
Biosciences
Inc
(d)
63,940‌
1,802‌
Certara
Inc
(d)
85,962‌
696‌
Innoviva
Inc
(d)
51,661‌
1,083‌
Ligand
Pharmaceuticals
Inc
(d)
14,767‌
4,246‌
Liquidia
Corp
(d)
51,761‌
4,354‌
NeoGenomics
Inc
(d)
95,937‌
1,467‌
OmniAb
Inc
-
Rights
(d)
7,689‌
—‌
OmniAb
Inc
-
Rights
(d)
7,689‌
—‌
PTC
Therapeutics
Inc
(d)
61,115‌
4,156‌
Sarepta
Therapeutics
Inc
(d)
77,786‌
1,156‌
TG
Therapeutics
Inc
(d)
97,109‌
5,053‌
Veracyte
Inc
(d)
58,789‌
2,723‌
Vericel
Corp
(d)
37,625‌
1,729‌
Vir
Biotechnology
Inc
(d)
89,466‌
775‌
Xencor
Inc
(d)
54,626‌
1,104‌
$
35,269‌
Building
Materials
-
1
.56
%
Apogee
Enterprises
Inc
15,635‌
619‌
Armstrong
World
Industries
Inc
31,446‌
5,493‌
Boise
Cascade
Co
25,927‌
1,980‌
Gibraltar
Industries
Inc
(d)
21,853‌
924‌
Griffon
Corp
28,386‌
2,446‌
Hayward
Holdings
Inc
(d)
147,065‌
2,225‌
Masterbrand
Inc
(d)
149,581‌
1,234‌
Mohawk
Industries
Inc
(d)
37,725‌
4,644‌
Worthington
Enterprises
Inc
22,862‌
1,285‌
$
20,850‌
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
207
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
-
3
.03
%
Balchem
Corp
23,674‌
$
3,967‌
Celanese
Corp
80,797‌
3,613‌
Chemours
Co/The
110,795‌
1,840‌
Eastman
Chemical
Co
84,250‌
5,893‌
Element
Solutions
Inc
168,715‌
6,197‌
FMC
Corp
92,130‌
987‌
Hawkins
Inc
15,376‌
1,969‌
HB
Fuller
Co
40,144‌
2,220‌
Ingevity
Corp
(d)
25,619‌
1,873‌
Innospec
Inc
18,147‌
1,560‌
Koppers
Holdings
Inc
14,169‌
695‌
Minerals
Technologies
Inc
22,847‌
1,742‌
Quaker
Chemical
Corp
10,108‌
1,622‌
Rogers
Corp
(d)
12,231‌
1,510‌
Sensient
Technologies
Corp
31,365‌
3,879‌
Stepan
Co
15,897‌
1,020‌
$
40,587‌
Coal
-
0
.68
%
Alpha
Metallurgical
Resources
Inc
(d)
7,871‌
1,080‌
Core
Natural
Resources
Inc
37,139‌
2,965‌
Peabody
Energy
Corp
89,739‌
1,913‌
Warrior
Met
Coal
Inc
38,903‌
3,089‌
$
9,047‌
Commercial
Services
-
5
.32
%
ABM
Industries
Inc
43,125‌
2,066‌
ADT
Inc
416,017‌
3,178‌
Alarm.com
Holdings
Inc
(d)
36,442‌
1,995‌
AMN
Healthcare
Services
Inc
(d)
28,576‌
961‌
Arlo
Technologies
Inc
(d)
80,021‌
1,178‌
Bright
Horizons
Family
Solutions
Inc
(d)
38,759‌
2,889‌
CoreCivic
Inc
(d)
72,858‌
2,179‌
Covista
Inc
(d)
25,074‌
3,131‌
Deluxe
Corp
33,732‌
873‌
EVERTEC
Inc
45,401‌
1,382‌
First
Advantage
Corp
(d)
58,136‌
1,153‌
GEO
Group
Inc/The
(d)
96,633‌
2,985‌
Healthcare
Services
Group
Inc
(d)
50,576‌
1,178‌
Hertz
Global
Holdings
Inc
(d)
93,059‌
148‌
Insperity
Inc
26,715‌
1,352‌
John
Wiley
&
Sons
Inc
28,850‌
1,506‌
Korn
Ferry
38,229‌
3,145‌
Laureate
Education
Inc
(d)
93,850‌
3,595‌
Legalzoom.com
Inc
(d)
82,203‌
647‌
ManpowerGroup
Inc
34,265‌
1,796‌
MarketAxess
Holdings
Inc
26,186‌
4,250‌
Matthews
International
Corp
22,988‌
638‌
Mobility
Global
Inc
224,741‌
4,580‌
Payoneer
Global
Inc
(d)
199,792‌
1,433‌
Perdoceo
Education
Corp
43,426‌
1,381‌
PROG
Holdings
Inc
29,519‌
1,299‌
Progyny
Inc
(d)
53,673‌
1,671‌
Remitly
Global
Inc
(d)
127,212‌
2,897‌
Robert
Half
Inc
74,073‌
2,800‌
Sezzle
Inc
(d)
12,389‌
1,917‌
Strategic
Education
Inc
16,480‌
1,351‌
Stride
Inc
(d)
30,870‌
2,479‌
Universal
Technical
Institute
Inc
(d)
37,321‌
1,467‌
Upbound
Group
Inc
38,654‌
750‌
Verra
Mobility
Corp
(d)
111,922‌
592‌
Vestis
Corp
(d)
82,732‌
1,196‌
WillScot
Holdings
Corp
133,353‌
3,238‌
$
71,276‌
Computers
-
1
.66
%
Amentum
Holdings
Inc
(d)
113,404‌
2,518‌
Corsair
Gaming
Inc
(d)
34,649‌
368‌
Diebold
Nixdorf
Inc
(d)
25,513‌
1,877‌
DXC
Technology
Co
(d)
120,448‌
1,354‌
EPAM
Systems
Inc
(d)
38,492‌
4,063‌
Everforth
Inc
(d)
30,207‌
859‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
Insight
Enterprises
Inc
(d)
22,254‌
$
2,869‌
NCR
Atleos
Corp
(d)
54,359‌
2,557‌
NCR
Voyix
Corp
(d)
101,533‌
840‌
NetScout
Systems
Inc
(d)
50,041‌
2,035‌
Pitney
Bowes
Inc
91,806‌
1,609‌
V2X
Inc
(d)
14,996‌
1,353‌
$
22,302‌
Consumer
Products
-
0
.29
%
Quanex
Building
Products
Corp
33,512‌
598‌
Reynolds
Consumer
Products
Inc
40,374‌
1,007‌
WD-40
Co
9,915‌
2,252‌
$
3,857‌
Cosmetics
&
Personal
Care
-
0
.46
%
Coty
Inc
(d)
272,456‌
749‌
Edgewell
Personal
Care
Co
33,952‌
923‌
Interparfums
Inc
13,451‌
1,675‌
Perrigo
Co
PLC
101,946‌
1,031‌
Prestige
Consumer
Healthcare
Inc
(d)
34,902‌
1,753‌
$
6,131‌
Distribution
&
Wholesale
-
1
.84
%
G-III
Apparel
Group
Ltd
27,353‌
996‌
LKQ
Corp
187,724‌
4,214‌
OPENLANE
Inc
(d)
78,059‌
3,104‌
Pool
Corp
23,629‌
4,388‌
Resideo
Technologies
Inc
(d)
102,642‌
3,520‌
Rush
Enterprises
Inc
-
Class
A
44,941‌
3,586‌
ScanSource
Inc
(d)
13,777‌
780‌
VSE
Corp
20,673‌
4,019‌
$
24,607‌
Diversified
Financial
Services
-
4
.74
%
Acadian
Asset
Management
Inc
19,425‌
1,680‌
Artisan
Partners
Asset
Management
Inc
52,305‌
2,052‌
BGC
Group
Inc
272,314‌
3,137‌
Bread
Financial
Holdings
Inc
29,770‌
3,217‌
Cohen
&
Steers
Inc
20,451‌
1,682‌
Credit
Acceptance
Corp
(d)
4,316‌
2,455‌
Dave
Inc
(d)
7,645‌
2,849‌
Enact
Holdings
Inc
20,571‌
973‌
Encore
Capital
Group
Inc
(d)
15,796‌
1,486‌
Enova
International
Inc
(d)
18,335‌
4,660‌
EZCORP
Inc
(d)
43,150‌
1,285‌
Lazard
Inc
82,288‌
3,487‌
Moelis
&
Co
54,796‌
3,676‌
Navient
Corp
47,781‌
401‌
Piper
Sandler
Cos
49,789‌
3,774‌
PJT
Partners
Inc
19,028‌
3,203‌
Radian
Group
Inc
97,973‌
3,820‌
StepStone
Group
Inc
54,324‌
2,383‌
StoneX
Group
Inc
(d)
77,953‌
5,969‌
Victory
Capital
Holdings
Inc
34,092‌
3,376‌
Virtu
Financial
Inc
60,270‌
3,540‌
Virtus
Investment
Partners
Inc
4,629‌
738‌
Western
Union
Co/The
(e)
230,194‌
1,464‌
WisdomTree
Inc
92,708‌
1,796‌
World
Acceptance
Corp
(d)
1,990‌
358‌
$
63,461‌
Electric
-
0
.94
%
Avista
Corp
60,886‌
2,463‌
Clearway
Energy
Inc
-
Class
C
89,274‌
2,833‌
Hawaiian
Electric
Industries
Inc
(d)
127,194‌
1,643‌
MGE
Energy
Inc
27,811‌
2,212‌
Otter
Tail
Corp
30,932‌
2,735‌
Unitil
Corp
13,255‌
715‌
$
12,601‌
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
208
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electrical
Components
&
Equipment
-
0
.63
%
AZZ
Inc
22,015‌
$
3,186‌
Energizer
Holdings
Inc
44,899‌
942‌
Powell
Industries
Inc
20,937‌
4,369‌
$
8,497‌
Electronics
-
3
.49
%
Atmus
Filtration
Technologies
Inc
60,174‌
3,107‌
Badger
Meter
Inc
21,504‌
2,889‌
Benchmark
Electronics
Inc
26,433‌
2,108‌
Brady
Corp
32,189‌
3,034‌
CTS
Corp
21,066‌
1,351‌
ESCO
Technologies
Inc
19,089‌
6,018‌
Itron
Inc
(d)
32,668‌
3,256‌
Knowles
Corp
(d)
63,039‌
2,307‌
Mirion
Technologies
Inc
(d)
180,256‌
2,700‌
Napco
Security
Technologies
Inc
26,321‌
976‌
OSI
Systems
Inc
(d)
11,417‌
2,528‌
Plexus
Corp
(d)
19,714‌
4,955‌
Ralliant
Corp
82,470‌
5,391‌
Standex
International
Corp
8,927‌
2,647‌
Vishay
Intertechnology
Inc
102,418‌
3,505‌
$
46,772‌
Energy
-
Alternate
Sources
-
0
.61
%
Enphase
Energy
Inc
(d)
97,105‌
3,646‌
REX
American
Resources
Corp
(d)
20,869‌
898‌
SolarEdge
Technologies
Inc
(d)
44,809‌
1,846‌
Sunrun
Inc
(d)
175,757‌
1,724‌
$
8,114‌
Engineering
&
Construction
-
2
.38
%
Argan
Inc
10,286‌
5,867‌
Construction
Partners
Inc
(d)
35,491‌
3,668‌
Everus
Construction
Group
Inc
(d)
37,608‌
4,717‌
Frontdoor
Inc
(d)
51,748‌
3,759‌
Granite
Construction
Inc
32,233‌
3,899‌
MYR
Group
Inc
(d)
11,473‌
3,823‌
Primoris
Services
Corp
39,974‌
3,374‌
Tutor
Perini
Corp
32,652‌
2,735‌
$
31,842‌
Entertainment
-
1
.84
%
Caesars
Entertainment
Inc
(d)
150,064‌
4,464‌
Cinemark
Holdings
Inc
75,788‌
2,773‌
Madison
Square
Garden
Sports
Corp
(d)
13,250‌
5,216‌
Marriott
Vacations
Worldwide
Corp
20,243‌
1,974‌
Monarch
Casino
&
Resort
Inc
8,894‌
1,092‌
Penn
Entertainment
Inc
(d)
93,591‌
1,922‌
Pursuit
Attractions
and
Hospitality
Inc
(d)
15,297‌
773‌
Red
Rock
Resorts
Inc
34,948‌
2,252‌
Rush
Street
Interactive
Inc
(d)
76,703‌
2,064‌
Six
Flags
Entertainment
Corp
(d)
75,301‌
1,305‌
United
Parks
&
Resorts
Inc
(d)
17,364‌
775‌
$
24,610‌
Environmental
Control
-
0
.31
%
Casella
Waste
Systems
Inc
(d)
46,139‌
4,139‌
Food
-
1
.96
%
Cal-Maine
Foods
Inc
32,812‌
2,880‌
Campbell's
Company/The
(e)
144,980‌
3,187‌
Chefs'
Warehouse
Inc/The
(d)
26,740‌
3,084‌
Conagra
Brands
Inc
352,499‌
5,115‌
Flowers
Foods
Inc
(e)
156,090‌
1,096‌
Grocery
Outlet
Holding
Corp
(d)
72,884‌
670‌
J
&
J
Snack
Foods
Corp
11,053‌
846‌
John
B
Sanfilippo
&
Son
Inc
6,697‌
554‌
Lamb
Weston
Holdings
Inc
101,728‌
5,346‌
Simply
Good
Foods
Co/The
(d)
61,337‌
624‌
Tootsie
Roll
Industries
Inc
14,915‌
582‌
United
Natural
Foods
Inc
(d)
44,760‌
2,275‌
$
26,259‌
Forest
Products
&
Paper
-
0
.07
%
Sylvamo
Corp
24,591‌
920‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Gas
-
0
.52
%
Chesapeake
Utilities
Corp
17,687‌
$
2,348‌
MDU
Resources
Group
Inc
153,991‌
3,072‌
Northwest
Natural
Holding
Co
31,002‌
1,517‌
$
6,937‌
Hand
&
Machine
Tools
-
0
.46
%
Enerpac
Tool
Group
Corp
37,975‌
1,357‌
Franklin
Electric
Co
Inc
27,996‌
2,932‌
Kennametal
Inc
56,150‌
1,907‌
$
6,196‌
Healthcare
-
Products
-
2
.91
%
Artivion
Inc
(d)
31,474‌
845‌
Azenta
Inc
(d)
30,223‌
850‌
BioLife
Solutions
Inc
(d)
29,156‌
912‌
CONMED
Corp
22,184‌
1,027‌
Enovis
Corp
(d)
42,410‌
1,236‌
Glaukos
Corp
(d)
43,274‌
7,215‌
ICU
Medical
Inc
(d)
18,416‌
3,103‌
Inspire
Medical
Systems
Inc
(d)
19,317‌
970‌
Integer
Holdings
Corp
(d)
25,018‌
3,032‌
Integra
LifeSciences
Holdings
Corp
(d)
49,293‌
821‌
LeMaitre
Vascular
Inc
15,489‌
1,569‌
Merit
Medical
Systems
Inc
(d)
43,952‌
3,736‌
Neogen
Corp
(d)
160,376‌
1,931‌
Omnicell
Inc
(d)
33,507‌
1,185‌
QuidelOrtho
Corp
(d)
50,242‌
843‌
STAAR
Surgical
Co
(d)
36,682‌
894‌
Tandem
Diabetes
Care
Inc
(d)
50,490‌
985‌
Teleflex
Inc
32,618‌
4,459‌
TransMedics
Group
Inc
(d)
25,463‌
1,948‌
UFP
Technologies
Inc
(d)
5,702‌
1,453‌
$
39,014‌
Healthcare
-
Services
-
1
.77
%
Acadia
Healthcare
Co
Inc
(d)
67,759‌
2,007‌
Addus
HomeCare
Corp
(d)
13,473‌
1,556‌
Alignment
Healthcare
Inc
(d)
121,854‌
1,810‌
Astrana
Health
Inc
(d)
31,275‌
1,112‌
Concentra
Group
Holdings
Parent
Inc
87,679‌
2,775‌
CorVel
Corp
(d)
22,988‌
1,381‌
Fortrea
Holdings
Inc
(d)
69,699‌
1,336‌
LifeStance
Health
Group
Inc
(d)
168,795‌
1,769‌
National
HealthCare
Corp
9,208‌
2,081‌
Pediatrix
Medical
Group
Inc
(d)
59,081‌
1,566‌
Privia
Health
Group
Inc
(d)
87,272‌
2,066‌
RadNet
Inc
(d)
52,142‌
3,326‌
US
Physical
Therapy
Inc
11,212‌
886‌
$
23,671‌
Home
Builders
-
1
.69
%
Cavco
Industries
Inc
(d)
5,718‌
3,128‌
Century
Communities
Inc
18,441‌
1,238‌
Champion
Homes
Inc
(d)
40,745‌
3,244‌
Dream
Finders
Homes
Inc
(d)
20,426‌
261‌
Green
Brick
Partners
Inc
(d)
22,252‌
1,574‌
Installed
Building
Products
Inc
16,573‌
3,695‌
LCI
Industries
17,893‌
1,831‌
LGI
Homes
Inc
(d)
15,062‌
822‌
M/I
Homes
Inc
(d)
18,855‌
2,755‌
Meritage
Homes
Corp
49,145‌
3,450‌
Winnebago
Industries
Inc
20,824‌
631‌
$
22,629‌
Home
Furnishings
-
0
.25
%
Leggett
&
Platt
Inc
100,519‌
985‌
MillerKnoll
Inc
50,377‌
1,134‌
Sonos
Inc
(d)
87,772‌
1,287‌
$
3,406‌
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
209
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Housewares
-
0
.26
%
Central
Garden
&
Pet
Co
(d)
5,971‌
$
257‌
Central
Garden
&
Pet
Co
-
A
Shares
(d)
37,809‌
1,434‌
Newell
Brands
Inc
313,056‌
1,753‌
$
3,444‌
Insurance
-
2
.80
%
AMERISAFE
Inc
13,771‌
400‌
Assured
Guaranty
Ltd
30,652‌
2,536‌
Employers
Holdings
Inc
13,441‌
679‌
F&G
Annuities
&
Life
Inc
27,331‌
781‌
Genworth
Financial
Inc
(d)
282,192‌
2,774‌
Goosehead
Insurance
Inc
(d)
17,440‌
1,081‌
HCI
Group
Inc
7,777‌
1,361‌
Horace
Mann
Educators
Corp
29,752‌
1,550‌
Jackson
Financial
Inc
51,386‌
6,283‌
Kemper
Corp
43,376‌
1,231‌
Lincoln
National
Corp
125,384‌
5,719‌
Mercury
General
Corp
19,590‌
2,099‌
NMI
Holdings
Inc
(d)
55,974‌
2,480‌
Palomar
Holdings
Inc
19,528‌
2,613‌
Safety
Insurance
Group
Inc
10,818‌
1,118‌
SiriusPoint
Ltd
(d)
77,076‌
1,823‌
Stewart
Information
Services
Corp
22,417‌
1,515‌
Trupanion
Inc
(d)
25,067‌
614‌
United
Fire
Group
Inc
16,256‌
835‌
$
37,492‌
Internet
-
2
.45
%
Cargurus
Inc
(d)
55,973‌
2,028‌
Cogent
Communications
Holdings
Inc
35,195‌
475‌
ePlus
Inc
19,264‌
1,780‌
Etsy
Inc
(d)
69,917‌
5,711‌
HealthStream
Inc
17,220‌
483‌
Liquidity
Services
Inc
(d)
17,459‌
681‌
Lyft
Inc
(d)
279,741‌
4,437‌
Match
Group
Inc
171,865‌
6,773‌
People
Inc
(d)
45,988‌
1,912‌
Q2
Holdings
Inc
(d)
46,122‌
2,807‌
QuinStreet
Inc
(d)
42,324‌
656‌
Sprinklr
Inc
(d)
83,186‌
529‌
TripAdvisor
Inc
(d)
85,732‌
1,214‌
Upwork
Inc
(d)
91,005‌
834‌
Yelp
Inc
(d)
38,491‌
1,017‌
Ziff
Davis
Inc
(d)
27,139‌
1,441‌
$
32,778‌
Investment
Companies
-
0
.70
%
Cleanspark
Inc
(d)
189,063‌
2,601‌
HA
Sustainable
Infrastructure
Capital
Inc
94,160‌
3,566‌
MARA
Holdings
Inc
(d)
280,911‌
3,180‌
$
9,347‌
Leisure
Products
&
Services
-
1
.15
%
Acushnet
Holdings
Corp
20,277‌
2,053‌
Callaway
Golf
Co
(d)
100,655‌
1,858‌
Life
Time
Group
Holdings
Inc
(d)
113,166‌
5,104‌
OneSpaWorld
Holdings
Ltd
74,794‌
1,927‌
Patrick
Industries
Inc
24,235‌
2,000‌
Peloton
Interactive
Inc
(d)
307,350‌
1,964‌
Sabre
Corp
(d)
291,257‌
539‌
$
15,445‌
Machinery
-
Construction
&
Mining
-
0
.06
%
Astec
Industries
Inc
16,939‌
858‌
Machinery
-
Diversified
-
2
.47
%
Alamo
Group
Inc
7,980‌
1,269‌
Albany
International
Corp
20,924‌
1,559‌
Cactus
Inc
51,145‌
3,325‌
CSW
Industrials
Inc
12,135‌
3,870‌
DXP
Enterprises
Inc/TX
(d)
9,254‌
1,453‌
Gates
Industrial
Corp
Ltd
(d)
187,049‌
5,234‌
Ichor
Holdings
Ltd
(d)
25,603‌
1,927‌
Kadant
Inc
8,701‌
2,675‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
(continued)
Lindsay
Corp
7,660‌
$
849‌
Midera
Food
Processing
Inc
(d)
30,633‌
1,469‌
Mueller
Water
Products
Inc
-
Class
A
115,284‌
2,910‌
Tennant
Co
12,554‌
1,055‌
Zurn
Elkay
Water
Solutions
Corp
109,423‌
5,527‌
$
33,122‌
Media
-
0
.53
%
Scholastic
Corp
12,064‌
491‌
Sphere
Entertainment
Co
(d)
19,821‌
2,839‌
Versant
Media
Group
Inc
103,973‌
3,742‌
$
7,072‌
Metal
Fabrication
&
Hardware
-
0
.20
%
Metallus
Inc
(d)
26,376‌
531‌
Proto
Labs
Inc
(d)
17,530‌
1,315‌
Worthington
Steel
Inc
23,956‌
863‌
$
2,709‌
Mining
-
0
.92
%
Arcosa
Inc
36,174‌
5,252‌
Centrus
Energy
Corp
(d)
13,965‌
2,471‌
Century
Aluminum
Co
(d)
41,565‌
1,861‌
Kaiser
Aluminum
Corp
11,929‌
1,905‌
United
States
Lime
&
Minerals
Inc
7,801‌
860‌
$
12,349‌
Miscellaneous
Manufacturers
-
1
.56
%
Enpro
Inc
15,567‌
4,887‌
Federal
Signal
Corp
44,946‌
5,616‌
JBT
Marel
Corp
38,364‌
5,312‌
Materion
Corp
15,326‌
3,231‌
Trinity
Industries
Inc
58,578‌
1,830‌
$
20,876‌
Office
Furnishings
-
0
.28
%
HNI
Corp
51,450‌
2,316‌
Interface
Inc
42,774‌
1,465‌
$
3,781‌
Oil
&
Gas
-
2
.50
%
California
Resources
Corp
57,572‌
3,029‌
Comstock
Resources
Inc
(d)
58,425‌
775‌
Crescent
Energy
Co
180,058‌
2,065‌
CVR
Energy
Inc
22,220‌
792‌
Gulfport
Energy
Corp
(d)
10,724‌
1,731‌
Helmerich
&
Payne
Inc
73,627‌
2,545‌
Magnolia
Oil
&
Gas
Corp
169,374‌
4,355‌
Noble
Corp
PLC
92,864‌
3,937‌
Northern
Oil
&
Gas
Inc
77,031‌
1,629‌
Par
Pacific
Holdings
Inc
(d)
36,945‌
3,178‌
Patterson-UTI
Energy
Inc
254,520‌
2,667‌
SM
Energy
Co
167,808‌
5,457‌
Talos
Energy
Inc
(d)
91,011‌
1,382‌
$
33,542‌
Oil
&
Gas
Services
-
1
.85
%
Archrock
Inc
129,128‌
4,618‌
Atlas
Energy
Solutions
Inc
57,057‌
616‌
Bristow
Group
Inc
18,977‌
860‌
DNOW
Inc
(d)
134,495‌
1,899‌
Helix
Energy
Solutions
Group
Inc
(d)
100,928‌
960‌
Innovex
International
Inc
(d)
28,369‌
797‌
Kodiak
Gas
Services
Inc
72,124‌
4,234‌
Liberty
Energy
Inc
120,235‌
2,249‌
Oceaneering
International
Inc
(d)
73,490‌
3,585‌
RPC
Inc
65,810‌
369‌
Solaris
Energy
Infrastructure
Inc
40,449‌
2,079‌
Tidewater
Inc
(d)
34,075‌
2,558‌
$
24,824‌
Packaging
&
Containers
-
0
.06
%
O-I
Glass
Inc
(d)
112,947‌
808‌
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
210
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
-
2
.63
%
AdaptHealth
Corp
(d)
79,444‌
$
858‌
Alkermes
PLC
(d)
122,803‌
6,016‌
Amneal
Pharmaceuticals
Inc
(d)
126,926‌
2,325‌
Amphastar
Pharmaceuticals
Inc
(d)
25,015‌
499‌
Collegium
Pharmaceutical
Inc
(d)
23,896‌
846‌
Corcept
Therapeutics
Inc
(d)
70,394‌
8,059‌
Harmony
Biosciences
Holdings
Inc
(d)
29,431‌
1,037‌
Indivior
Pharmaceuticals
Inc
(d)
89,829‌
3,594‌
Organon
&
Co
193,477‌
2,622‌
Pacira
BioSciences
Inc
(d)
28,991‌
766‌
Phibro
Animal
Health
Corp
15,523‌
564‌
Protagonist
Therapeutics
Inc
(d)
44,541‌
6,086‌
Supernus
Pharmaceuticals
Inc
(d)
42,762‌
1,908‌
$
35,180‌
Pipelines
-
0
.15
%
Kinetik
Holdings
Inc
38,501‌
1,947‌
Real
Estate
-
0
.37
%
AGNT
Inc
69,010‌
279‌
Cushman
&
Wakefield
Ltd
(d)
172,627‌
2,317‌
Marcus
&
Millichap
Inc
17,270‌
531‌
St
Joe
Co/The
29,186‌
1,817‌
$
4,944‌
REITs
-
7
.10
%
Acadia
Realty
Trust
98,372‌
2,210‌
Adamas
Trust
Inc
61,573‌
559‌
American
Assets
Trust
Inc
34,882‌
823‌
Apple
Hospitality
REIT
Inc
161,754‌
2,671‌
Arbor
Realty
Trust
Inc
141,726‌
710‌
ARMOUR
Residential
REIT
Inc
91,394‌
1,505‌
Blackstone
Mortgage
Trust
Inc
115,135‌
1,674‌
Broadstone
Net
Lease
Inc
141,289‌
3,025‌
Centerspace
12,379‌
679‌
Curbline
Properties
Corp
71,538‌
2,192‌
DiamondRock
Hospitality
Co
150,663‌
1,995‌
Douglas
Emmett
Inc
123,398‌
1,459‌
Easterly
Government
Properties
Inc
32,460‌
791‌
Ellington
Financial
Inc
92,387‌
1,227‌
Essential
Properties
Realty
Trust
Inc
159,324‌
4,985‌
Four
Corners
Property
Trust
Inc
80,861‌
2,070‌
Franklin
BSP
Realty
Trust
Inc
56,705‌
430‌
Getty
Realty
Corp
40,986‌
1,399‌
Global
Net
Lease
Inc
140,419‌
1,224‌
Highwoods
Properties
Inc
81,246‌
2,692‌
Innovative
Industrial
Properties
Inc
21,200‌
1,247‌
InvenTrust
Properties
Corp
57,421‌
2,033‌
JBG
SMITH
Properties
42,922‌
603‌
LTC
Properties
Inc
37,709‌
1,517‌
LXP
Industrial
Trust
43,435‌
2,629‌
Macerich
Co/The
208,847‌
5,397‌
Medical
Properties
Trust
Inc
361,345‌
1,673‌
Millrose
Properties
Inc
113,631‌
3,179‌
National
Health
Investors
Inc
35,711‌
2,737‌
NETSTREIT
Corp
71,658‌
1,537‌
NexPoint
Residential
Trust
Inc
16,468‌
430‌
Outfront
Media
Inc
112,856‌
3,597‌
Pebblebrook
Hotel
Trust
83,527‌
1,595‌
PennyMac
Mortgage
Investment
Trust
64,248‌
606‌
Phillips
Edison
&
Co
Inc
92,834‌
3,945‌
Rithm
Capital
Corp
411,346‌
4,064‌
Ryman
Hospitality
Properties
Inc
46,498‌
6,214‌
Safehold
Inc
33,766‌
546‌
Saul
Centers
Inc
9,219‌
314‌
SL
Green
Realty
Corp
52,403‌
2,774‌
Sunstone
Hotel
Investors
Inc
137,255‌
1,616‌
Tanger
Inc
84,638‌
3,441‌
Terreno
Realty
Corp
78,324‌
5,612‌
Urban
Edge
Properties
92,849‌
2,104‌
Xenia
Hotels
&
Resorts
Inc
67,964‌
1,399‌
$
95,129‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
-
4
.83
%
Academy
Sports
&
Outdoors
Inc
47,528‌
$
2,255‌
Advance
Auto
Parts
Inc
44,449‌
2,469‌
American
Eagle
Outfitters
Inc
114,789‌
1,972‌
Asbury
Automotive
Group
Inc
(d)
13,719‌
3,179‌
BJ's
Restaurants
Inc
(d)
15,485‌
1,047‌
Boot
Barn
Holdings
Inc
(d)
22,360‌
3,331‌
Brinker
International
Inc
(d)
31,599‌
6,753‌
Buckle
Inc/The
22,473‌
984‌
CarMax
Inc
(d)
104,555‌
5,987‌
Cheesecake
Factory
Inc/The
33,678‌
3,416‌
Cracker
Barrel
Old
Country
Store
Inc
(e)
16,467‌
929‌
Freshpet
Inc
(d)
36,207‌
2,156‌
Group
1
Automotive
Inc
8,673‌
2,487‌
Kohl's
Corp
82,706‌
1,583‌
La-Z-Boy
Inc
30,152‌
1,187‌
MarineMax
Inc
(d)
14,281‌
492‌
National
Vision
Holdings
Inc
(d)
59,028‌
1,301‌
Papa
John's
International
Inc
(e)
24,241‌
725‌
PC
Connection
Inc
8,363‌
700‌
PriceSmart
Inc
18,652‌
3,617‌
Sally
Beauty
Holdings
Inc
(d)
70,295‌
1,052‌
Shake
Shack
Inc
(d)
29,729‌
1,865‌
Signet
Jewelers
Ltd
29,521‌
2,742‌
Sonic
Automotive
Inc
9,662‌
885‌
Urban
Outfitters
Inc
(d)
37,842‌
2,807‌
Victoria's
Secret
&
Co
(d)
58,519‌
5,189‌
Warby
Parker
Inc
(d)
74,170‌
1,980‌
Wendy's
Co/The
116,483‌
857‌
Winmark
Corp
2,188‌
730‌
$
64,677‌
Savings
&
Loans
-
1
.35
%
Axos
Financial
Inc
(d)
41,912‌
4,250‌
Banc
of
California
Inc
100,802‌
1,930‌
Beacon
Financial
Corp
61,754‌
1,946‌
Capitol
Federal
Financial
Inc
85,929‌
760‌
Northwest
Bancshares
Inc
107,801‌
1,697‌
Provident
Financial
Services
Inc
96,012‌
2,369‌
WaFd
Inc
54,439‌
2,002‌
WSFS
Financial
Corp
38,345‌
3,075‌
$
18,029‌
Semiconductors
-
3
.28
%
ACM
Research
Inc
(d)
42,044‌
3,299‌
Alpha
&
Omega
Semiconductor
Ltd
(d)
18,302‌
581‌
Axcelis
Technologies
Inc
(d)
22,645‌
2,952‌
Cohu
Inc
(d)
34,756‌
1,668‌
Diodes
Inc
(d)
33,852‌
2,787‌
FormFactor
Inc
(d)
57,436‌
6,100‌
Impinj
Inc
(d)
19,973‌
3,023‌
Kulicke
&
Soffa
Industries
Inc
38,559‌
3,439‌
MaxLinear
Inc
(d)
62,016‌
4,144‌
Penguin
Solutions
Inc
(d)
34,025‌
1,791‌
Photronics
Inc
(d)
43,445‌
1,316‌
Power
Integrations
Inc
41,053‌
2,492‌
Qorvo
Inc
(d)
59,010‌
5,345‌
Ultra
Clean
Holdings
Inc
(d)
33,029‌
2,752‌
Veeco
Instruments
Inc
(d)
44,967‌
2,248‌
$
43,937‌
Software
-
3
.50
%
ACI
Worldwide
Inc
(d)
74,902‌
4,294‌
Adeia
Inc
81,262‌
2,166‌
Agilysys
Inc
(d)
18,795‌
1,976‌
Blackbaud
Inc
(d)
26,010‌
1,113‌
BlackLine
Inc
(d)
36,305‌
1,140‌
Box
Inc
(d)
102,007‌
3,218‌
Clear
Secure
Inc
67,457‌
3,726‌
Concentrix
Corp
(e)
31,912‌
785‌
Digi
International
Inc
(d)
27,777‌
1,937‌
Donnelley
Financial
Solutions
Inc
(d)
18,406‌
871‌
DoubleVerify
Holdings
Inc
(d)
93,846‌
1,056‌
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
211
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Five9
Inc
(d)
56,387‌
$
1,551‌
Life360
Inc
(d)
59,702‌
3,227‌
LiveRamp
Holdings
Inc
(d)
46,508‌
1,761‌
N-able
Inc/US
(d)
55,517‌
260‌
Paycom
Software
Inc
30,576‌
5,013‌
PDF
Solutions
Inc
(d)
27,761‌
1,280‌
Progress
Software
Corp
(d)
30,999‌
1,258‌
RingCentral
Inc
54,579‌
3,036‌
Schrodinger
Inc/United
States
(d)
42,022‌
636‌
SPS
Commerce
Inc
(d)
27,050‌
1,985‌
Teradata
Corp
(d)
69,331‌
2,149‌
Waystar
Holding
Corp
(d)
84,794‌
1,790‌
ZoomInfo
Technologies
Inc
(d)
191,084‌
631‌
$
46,859‌
Telecommunications
-
2
.01
%
A10
Networks
Inc
53,047‌
1,569‌
Calix
Inc
(d)
42,764‌
1,535‌
Extreme
Networks
Inc
(d)
96,354‌
2,904‌
Harmonic
Inc
(d)
79,937‌
923‌
Iridium
Communications
Inc
77,898‌
3,688‌
Lumen
Technologies
Inc
(d)
698,379‌
4,456‌
Shenandoah
Telecommunications
Co
33,831‌
406‌
Telephone
and
Data
Systems
Inc
71,271‌
2,393‌
Uniti
Group
Inc
(d)
134,175‌
1,304‌
Viasat
Inc
(d)
100,077‌
7,699‌
$
26,877‌
Textiles
-
0
.23
%
UniFirst
Corp/MA
10,708‌
3,137‌
Transportation
-
1
.57
%
ArcBest
Corp
16,404‌
2,368‌
Dorian
LPG
Ltd
27,082‌
1,284‌
Heartland
Express
Inc
33,684‌
412‌
Hub
Group
Inc
44,633‌
2,077‌
International
Seaways
Inc
29,908‌
2,877‌
Marten
Transport
Ltd
42,680‌
631‌
Matson
Inc
22,298‌
4,517‌
RXO
Inc
(d)
121,509‌
2,461‌
Schneider
National
Inc
36,641‌
1,309‌
Werner
Enterprises
Inc
44,170‌
1,653‌
World
Kinect
Corp
37,837‌
1,508‌
$
21,097‌
Trucking
&
Leasing
-
0
.08
%
Greenbrier
Cos
Inc/The
22,794‌
1,123‌
Water
-
0
.54
%
American
States
Water
Co
28,876‌
2,473‌
California
Water
Service
Group
44,099‌
2,210‌
H2O
America
28,977‌
1,777‌
Middlesex
Water
Co
13,721‌
786‌
$
7,246‌
TOTAL
COMMON
STOCKS
$
1,324,824‌
Total
Investments
$
1,346,106‌
Other
Assets
and
Liabilities
-  (0.49)%
(
6,536‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,339,570‌
(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
$6,501
or
0.49%
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
$5,966
or
0.45%
of
net
assets.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
40,747‌
$
346,089‌
$
372,773‌
$
14,063‌
$
40,747‌
$
346,089‌
$
372,773‌
$
14,063‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
407‌
$
—‌
$
—‌
$
—‌
$
407‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
212
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Russell
2000
Emini;
September
2026
Long
53‌
$
7,786‌
$
(
88‌
)
Total
$
(
88‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2026
(unaudited)
See
accompanying
notes.
213
INVESTMENT
COMPANIES
-
3.56%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.22%
iShares
Russell
2000
Value
ETF
12,309‌
$
2,723‌
Money
Market
Funds
-
3.34%
BlackRock
Liquidity
FedFund
-
Institutional
Class
3.57%
(a),(b)
594,691‌
595‌
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
(a),(b),(c)
41,508,247‌
41,508‌
$
42,103‌
TOTAL
INVESTMENT
COMPANIES
$
44,826‌
COMMON
STOCKS
-
97.19%
Shares
Held
Value
(000's)
Advertising
-
0.49%
Advantage
Solutions
Inc
(d)
360‌
$
14‌
Boston
Omaha
Corp
(d)
1,547‌
22‌
Clear
Channel
Outdoor
Holdings
Inc
(d)
25,929‌
63‌
National
CineMedia
Inc
360,059‌
1,444‌
Nexxen
International
Ltd
(d)
2,021‌
21‌
Stagwell
Inc
(d)
262,341‌
2,217‌
Taboola.com
Ltd
(d)
8,440‌
42‌
TechTarget
Inc
(d)
2,524‌
11‌
WPP
PLC
ADR
(e)
115,800‌
2,340‌
$
6,174‌
Aerospace
&
Defense
-
1.37%
AerSale
Corp
(d)
3,024‌
19‌
Aevex
Corp
(d),(e)
43‌
1‌
AIRO
Group
Holdings
Inc
(d),(e)
1,818‌
12‌
Archer
Aviation
Inc
(d)
34,917‌
162‌
Beta
Technologies
Inc
(d)
1,570‌
30‌
Ducommun
Inc
(d)
73‌
13‌
Hexcel
Corp
82,950‌
8,540‌
Moog
Inc
21,680‌
8,452‌
National
Presto
Industries
Inc
225‌
27‌
Redwire
Corp
(d)
5,348‌
46‌
Virgin
Galactic
Holdings
Inc
(d)
7,239‌
18‌
$
17,320‌
Agriculture
-
0.04%
Alico
Inc
327‌
12‌
Andersons
Inc/The
1,732‌
123‌
Del
Monte
Corp
2,193‌
65‌
Dole
PLC
5,219‌
74‌
Limoneira
Co
1,376‌
18‌
Tejon
Ranch
Co
(d)
1,353‌
23‌
Turning
Point
Brands
Inc
137‌
10‌
Universal
Corp/VA
1,652‌
87‌
Vital
Farms
Inc
(d)
2,392‌
30‌
$
442‌
Airlines
-
0.05%
Allegiant
Travel
Co
(d)
1,313‌
129‌
flyExclusive
Inc
(d)
271‌
—‌
JetBlue
Airways
Corp
(d),(e)
22,730‌
137‌
Republic
Airways
Holdings
Inc
(d)
1,061‌
22‌
SkyWest
Inc
(d)
2,652‌
283‌
Wheels
Up
Experience
Inc
(d),(e)
123‌
1‌
$
572‌
Apparel
-
0.74%
Carter's
Inc
15,068‌
581‌
Columbia
Sportswear
Co
19,200‌
1,140‌
Crocs
Inc
(d)
20,700‌
2,650‌
Fossil
Group
Inc
(d)
4,169‌
21‌
Kontoor
Brands
Inc
23,200‌
1,943‌
Oxford
Industries
Inc
27,266‌
1,034‌
Playboy
Inc
(d)
152‌
—‌
PVH
Corp
6,300‌
546‌
Rocky
Brands
Inc
519‌
25‌
Steven
Madden
Ltd
26,242‌
1,209‌
Superior
Group
of
Cos
Inc
894‌
11‌
Torrid
Holdings
Inc
(d)
2,591‌
7‌
Under
Armour
Inc
-
Class
A
(d)
12,778‌
85‌
Under
Armour
Inc
-
Class
C
(d)
12,403‌
80‌
Weyco
Group
Inc
409‌
16‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Apparel
(continued)
Wolverine
World
Wide
Inc
1,247‌
$
24‌
$
9,372‌
Automobile
Manufacturers
-
0.14%
Blue
Bird
Corp
(d)
22,800‌
1,696‌
Hyliion
Holdings
Corp
(d)
8,495‌
31‌
Wabash
National
Corp
2,565‌
32‌
$
1,759‌
Automobile
Parts
&
Equipment
-
2.10%
Adient
PLC
(d)
103,744‌
2,183‌
Commercial
Vehicle
Group
Inc
(d)
2,532‌
12‌
Cooper-Standard
Holdings
Inc
(d)
1,124‌
33‌
Dauch
Corp
(d)
15,802‌
89‌
Dorman
Products
Inc
(d)
1,320‌
176‌
Douglas
Dynamics
Inc
24,553‌
1,084‌
Fox
Factory
Holding
Corp
(d)
67,623‌
1,217‌
Garrett
Motion
Inc
321,354‌
10,010‌
Gentex
Corp
92,100‌
2,151‌
Gentherm
Inc
(d)
2,032‌
83‌
Goodyear
Tire
&
Rubber
Co/The
(d)
18,806‌
131‌
Holley
Inc
(d)
6,395‌
17‌
Lear
Corp
15,900‌
2,077‌
Methode
Electronics
Inc
100,077‌
1,400‌
Microvast
Holdings
Inc
(d)
4,911‌
4‌
Miller
Industries
Inc/TN
21,778‌
1,096‌
Motorcar
Parts
of
America
Inc
(d)
1,090‌
15‌
Phinia
Inc
1,073‌
79‌
Solid
Power
Inc
(d)
6,352‌
13‌
Standard
Motor
Products
Inc
1,422‌
54‌
Strattec
Security
Corp
(d)
270‌
24‌
Titan
International
Inc
(d)
3,517‌
25‌
Versigent
PLC
54,568‌
2,256‌
Visteon
Corp
21,636‌
2,261‌
$
26,490‌
Banks
-
16.00%
1st
Source
Corp
23,790‌
2,135‌
ACNB
Corp
663‌
43‌
Alerus
Financial
Corp
1,574‌
52‌
Amalgamated
Financial
Corp
1,069‌
53‌
Amerant
Bancorp
Inc
74,589‌
2,208‌
Ameris
Bancorp
77,787‌
6,784‌
Ames
National
Corp
674‌
21‌
Arrow
Financial
Corp
30,608‌
1,220‌
Associated
Banc-Corp
83,025‌
2,564‌
Atlantic
Union
Bankshares
Corp
9,620‌
408‌
Avidbank
Holdings
Inc
(d)
696‌
23‌
Avidia
Bancorp
Inc
1,189‌
26‌
BancFirst
Corp
1,325‌
149‌
Bank
First
Corp
555‌
85‌
Bank
of
Hawaii
Corp
473‌
38‌
Bank
of
Marin
Bancorp
44,912‌
1,310‌
Bank
of
NT
Butterfield
&
Son
Ltd/The
2,019‌
124‌
Bank7
Corp
11,852‌
596‌
BankUnited
Inc
50,212‌
2,343‌
Bankwell
Financial
Group
Inc
370‌
25‌
Banner
Corp
2,243‌
158‌
Bar
Harbor
Bankshares
1,082‌
43‌
BayCom
Corp
16,675‌
503‌
BCB
Bancorp
Inc
1,258‌
13‌
Blue
Ridge
Bankshares
Inc
4,996‌
18‌
Bridgewater
Bancshares
Inc
(d)
23,574‌
483‌
Burke
&
Herbert
Financial
Services
Corp
16,554‌
1,213‌
Business
First
Bancshares
Inc
2,092‌
67‌
Byline
Bancorp
Inc
2,043‌
80‌
C&F
Financial
Corp
224‌
18‌
California
BanCorp
1,719‌
37‌
Camden
National
Corp
33,493‌
1,939‌
Capital
Bancorp
Inc
16,787‌
627‌
Capital
City
Bank
Group
Inc
918‌
48‌
Carter
Bankshares
Inc
29,867‌
1,033‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2026
(unaudited)
See
accompanying
notes.
214
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Cathay
General
Bancorp
42,790‌
$
2,704‌
CB
Financial
Services
Inc
388‌
14‌
Central
Pacific
Financial
Corp
29,233‌
1,152‌
Chain
Bridge
Bancorp
Inc
(d)
220‌
10‌
Chemung
Financial
Corp
263‌
21‌
ChoiceOne
Financial
Services
Inc
35,531‌
1,209‌
Citizens
&
Northern
Corp
1,105‌
28‌
Citizens
Financial
Services
Inc
313‌
24‌
City
Holding
Co
272‌
39‌
Civista
Bancshares
Inc
44,237‌
1,286‌
CNB
Financial
Corp/PA
53,880‌
1,891‌
CoastalSouth
Bancshares
Inc
674‌
18‌
Colony
Bankcorp
Inc
1,369‌
30‌
Columbia
Financial
Inc
229,650‌
2,482‌
Commercial
Bancgroup
Inc
646‌
22‌
Community
Bancorp/VT
352‌
14‌
Community
Financial
System
Inc
2,706‌
175‌
Community
Trust
Bancorp
Inc
18,113‌
1,421‌
Community
West
Bancshares
43,506‌
1,089‌
ConnectOne
Bancorp
Inc
73,392‌
2,418‌
Cullen/Frost
Bankers
Inc
52,720‌
8,769‌
Customers
Bancorp
Inc
(d)
1,909‌
150‌
CVB
Financial
Corp
115,879‌
2,592‌
Dime
Commercial
Bancshares
Inc
60,042‌
2,447‌
Eagle
Bancorp
Inc
91,813‌
2,547‌
Eagle
Financial
Services
Inc
(e)
395‌
16‌
Eastern
Bankshares
Inc
14,670‌
337‌
ECB
Bancorp
Inc/MD
(d)
614‌
13‌
Enterprise
Financial
Services
Corp
36,252‌
2,404‌
Equity
Bancshares
Inc
949‌
48‌
Farmers
&
Merchants
Bancorp
Inc/Archbold
OH
877‌
29‌
Farmers
National
Banc
Corp
80,831‌
1,282‌
FB
Bancorp
Inc
(d),(e)
1,067‌
16‌
FB
Financial
Corp
2,942‌
178‌
Fidelity
D&D
Bancorp
Inc
(e)
360‌
19‌
Financial
Institutions
Inc
32,440‌
1,345‌
Finwise
Bancorp
(d)
84‌
1‌
First
Bancorp
Inc/The
(e)
679‌
24‌
First
BanCorp/Puerto
Rico
9,522‌
275‌
First
Bancorp/Southern
Pines
NC
2,710‌
170‌
First
Bank/Hamilton
NJ
(e)
1,391‌
26‌
First
Busey
Corp
87,257‌
2,693‌
First
Business
Financial
Services
Inc
493‌
35‌
First
Commonwealth
Financial
Corp
6,841‌
147‌
First
Community
Bankshares
Inc
1,079‌
51‌
First
Community
Corp/SC
664‌
23‌
First
Financial
Bancorp
191,465‌
6,478‌
First
Financial
Bankshares
Inc
4,716‌
166‌
First
Financial
Corp
17,679‌
1,424‌
First
Guaranty
Bancshares
Inc
(e)
455‌
4‌
First
Hawaiian
Inc
75,707‌
2,104‌
First
Internet
Bancorp
25,646‌
756‌
First
Interstate
BancSystem
Inc
6,100‌
232‌
First
Merchants
Corp
57,148‌
2,465‌
First
Mid
Bancshares
Inc
26,524‌
1,381‌
First
National
Corp/VA
532‌
17‌
First
Northern
Community
Bancorp
(d)
1,119‌
21‌
First
United
Corp
459‌
20‌
Firstsun
Capital
Bancorp
(d)
60,502‌
2,340‌
Five
Star
Bancorp
25,780‌
1,216‌
Flagstar
Bank
NA
171,800‌
2,443‌
Franklin
Financial
Services
Corp
324‌
20‌
Fulton
Financial
Corp
13,044‌
317‌
FVCBankcorp
Inc
(e)
1,019‌
19‌
German
American
Bancorp
Inc
2,469‌
126‌
Glacier
Bancorp
Inc
135,402‌
6,674‌
Great
Southern
Bancorp
Inc
24,589‌
1,974‌
Hancock
Whitney
Corp
5,511‌
424‌
Hanmi
Financial
Corp
77,749‌
2,479‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Hanover
Bancorp
Inc
353‌
$
9‌
Hawthorn
Bancshares
Inc
481‌
19‌
HBT
Financial
Inc
1,058‌
38‌
Heritage
Financial
Corp/WA
45,587‌
1,356‌
Hilltop
Holdings
Inc
58,146‌
2,293‌
Home
BancShares
Inc/AR
12,579‌
391‌
Hope
Bancorp
Inc
176,625‌
2,474‌
Horizon
Bancorp
Inc/IN
3,396‌
69‌
Independent
Bank
Corp
9,478‌
795‌
Independent
Bank
Corp/MI
32,813‌
1,253‌
International
Bancshares
Corp
3,306‌
253‌
Investar
Holding
Corp
815‌
25‌
Isabella
Bank
Corp
(e)
520‌
21‌
John
Marshall
Bancorp
Inc
(e)
944‌
22‌
Kearny
Financial
Corp/MD
197,192‌
1,891‌
Lakeland
Financial
Corp
629‌
39‌
Landmark
Bancorp
Inc/Manhattan
KS
435‌
14‌
LCNB
Corp
922‌
18‌
Live
Oak
Bancshares
Inc
44,164‌
1,890‌
MainStreet
Bancshares
Inc
482‌
11‌
Mechanics
Bancorp
(e)
2,648‌
44‌
Mercantile
Bank
Corp
31,640‌
1,901‌
Merchants
Bancorp/IN
47,827‌
2,639‌
Meridian
Corp
797‌
16‌
Metrocity
Bankshares
Inc
(e)
612‌
22‌
Metropolitan
Bank
Holding
Corp
542‌
50‌
Mid
Penn
Bancorp
Inc
17,844‌
684‌
Midland
States
Bancorp
Inc
82,640‌
2,783‌
MVB
Financial
Corp
9,867‌
302‌
National
Bank
Holdings
Corp
2,890‌
125‌
National
Bankshares
Inc
508‌
21‌
NB
Bancorp
Inc
82,837‌
1,906‌
NBT
Bancorp
Inc
3,438‌
181‌
NewtekOne
Inc
1,590‌
24‌
Nicolet
Bankshares
Inc
900‌
154‌
Northeast
Bank
13,074‌
1,623‌
Northeast
Community
Bancorp
Inc
11,345‌
303‌
Northpointe
Bancshares
Inc
122,425‌
2,142‌
Northrim
BanCorp
Inc
1,346‌
36‌
Norwood
Financial
Corp
(e)
770‌
26‌
Oak
Valley
Bancorp
483‌
16‌
OFG
Bancorp
2,850‌
151‌
Ohio
Valley
Banc
Corp
284‌
12‌
Old
National
Bancorp/IN
271,213‌
7,225‌
Old
Second
Bancorp
Inc
3,126‌
79‌
OP
Bancorp
915‌
14‌
Orange
County
Bancorp
Inc
603‌
23‌
Origin
Bancorp
Inc
13,629‌
746‌
Orrstown
Financial
Services
Inc
1,255‌
54‌
Park
National
Corp
1,120‌
233‌
Parke
Bancorp
Inc
708‌
24‌
Pathward
Financial
Inc
384‌
34‌
PCB
Bancorp
706‌
20‌
Peapack-Gladstone
Financial
Corp
(e)
25,385‌
1,167‌
Peoples
Bancorp
Inc/OH
48,250‌
2,010‌
Peoples
Bancorp
of
North
Carolina
Inc
376‌
16‌
Peoples
Financial
Services
Corp
5,149‌
363‌
Pioneer
Bancorp
Inc/NY
(d)
812‌
14‌
Plumas
Bancorp
406‌
25‌
Ponce
Financial
Group
Inc
(d)
1,265‌
25‌
Preferred
Bank/Los
Angeles
CA
23,236‌
2,426‌
Primis
Financial
Corp
1,093‌
17‌
Princeton
Bancorp
Inc
341‌
14‌
QCR
Holdings
Inc
1,092‌
112‌
RBB
Bancorp
28,487‌
751‌
Red
River
Bancshares
Inc
321‌
32‌
Renasant
Corp
6,295‌
274‌
Republic
Bancorp
Inc/KY
549‌
55‌
Rhinebeck
Bancorp
Inc
(d)
494‌
6‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2026
(unaudited)
See
accompanying
notes.
215
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Richmond
Mutual
BanCorp
Inc
558‌
$
9‌
S&T
Bancorp
Inc
25,950‌
1,353‌
Seacoast
Banking
Corp
of
Florida
6,554‌
228‌
ServisFirst
Bancshares
Inc
223‌
20‌
Shore
Bancshares
Inc
55,951‌
1,371‌
Sierra
Bancorp
16,773‌
684‌
Simmons
First
National
Corp
82,680‌
1,951‌
SmartFinancial
Inc
835‌
44‌
South
Plains
Financial
Inc
1,025‌
46‌
Southern
First
Bancshares
Inc
(d)
18,194‌
1,135‌
Southside
Bancshares
Inc
32,930‌
1,071‌
Southstate
Bank
Corp
84,240‌
8,853‌
SR
Bancorp
Inc
631‌
12‌
Stock
Yards
Bancorp
Inc
1,436‌
122‌
Texas
Capital
Bancshares
Inc
2,503‌
247‌
Third
Coast
Bancshares
Inc
(d)
1,016‌
45‌
Tompkins
Financial
Corp
900‌
90‌
Towne
Bank/Portsmouth
VA
20,037‌
760‌
TriCo
Bancshares
12,498‌
719‌
Triumph
Financial
Inc
(d)
761‌
58‌
TrustCo
Bank
Corp
NY
46,161‌
2,630‌
Trustmark
Corp
3,734‌
177‌
UMB
Financial
Corp
48,776‌
7,109‌
United
Bankshares
Inc/WV
142,401‌
6,899‌
United
Community
Banks
Inc/GA
194,441‌
6,891‌
Unity
Bancorp
Inc
284‌
17‌
Univest
Financial
Corp
42,663‌
1,887‌
Valley
National
Bancorp
158,479‌
2,264‌
Virginia
National
Bankshares
Corp
398‌
18‌
Walker
&
Dunlop
Inc
23,537‌
1,169‌
Washington
Trust
Bancorp
Inc
51,918‌
2,024‌
WesBanco
Inc
6,411‌
265‌
West
BanCorp
Inc
875‌
25‌
Westamerica
BanCorp
1,575‌
95‌
Western
New
England
Bancorp
Inc
1,217‌
16‌
Wintrust
Financial
Corp
39,675‌
6,330‌
$
201,706‌
Beverages
-
0.98%
Boston
Beer
Co
Inc/The
(d)
159‌
29‌
BRC
Inc
(d),(e)
5,101‌
5‌
Coca-Cola
Consolidated
Inc
65,280‌
12,266‌
MGP
Ingredients
Inc
(e)
991‌
18‌
National
Beverage
Corp
292‌
9‌
Westrock
Coffee
Co
(d)
50‌
1‌
$
12,328‌
Biotechnology
-
0.86%
4D
Molecular
Therapeutics
Inc
(d)
3,027‌
31‌
Abeona
Therapeutics
Inc
(d)
2,915‌
19‌
Absci
Corp
(d)
1,847‌
14‌
Acumen
Pharmaceuticals
Inc
(d)
3,848‌
8‌
ADC
Therapeutics
SA
(d)
6,990‌
7‌
Agenus
Inc
(d),(e)
2,763‌
21‌
Aktis
Oncology
Inc
(d)
567‌
13‌
Alector
Inc
(d)
247‌
—‌
Allogene
Therapeutics
Inc
(d)
17,632‌
33‌
Alpha
Teknova
Inc
(d)
744‌
4‌
Altimmune
Inc
(d)
13,155‌
37‌
AN2
Therapeutics
Inc
(d),(e)
1,911‌
10‌
Anavex
Life
Sciences
Corp
(d)
6,263‌
17‌
ANI
Pharmaceuticals
Inc
(d)
13,100‌
1,038‌
Arcturus
Therapeutics
Holdings
Inc
(d)
2,193‌
13‌
Arcus
Biosciences
Inc
(d)
1,256‌
35‌
Artiva
Biotherapeutics
Inc
(d)
77‌
1‌
Arvinas
Inc
(d)
3,552‌
29‌
Assembly
Biosciences
Inc
(d),(e)
735‌
18‌
AtaiBeckley
Inc
(d)
2,470‌
18‌
Atea
Pharmaceuticals
Inc
(d)
4,870‌
23‌
Aura
Biosciences
Inc
(d)
67‌
—‌
Avalo
Therapeutics
Inc
(d)
1,341‌
24‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Avalyn
Pharma
Inc
(d)
439‌
$
13‌
Beam
Therapeutics
Inc
(d)
708‌
18‌
Benitec
Biopharma
Inc
(d)
1,636‌
19‌
Bicara
Therapeutics
Inc
(d)
468‌
13‌
BioAge
Labs
Inc
(d)
2,086‌
19‌
Black
Diamond
Therapeutics
Inc
(d)
3,843‌
6‌
C4
Therapeutics
Inc
(d)
6,699‌
23‌
Cabaletta
Bio
Inc
(d)
4,511‌
12‌
Canton
Strategic
Holdings
Inc
(d)
3,608‌
7‌
Caribou
Biosciences
Inc
(d)
7,474‌
11‌
Cartesian
Therapeutics
Inc
(d),(e)
898‌
7‌
Celldex
Therapeutics
Inc
(d)
971‌
37‌
Century
Therapeutics
Inc
(d)
9,238‌
19‌
Certara
Inc
(d)
7,687‌
62‌
Climb
Bio
Inc
(d)
1,317‌
16‌
Codexis
Inc
(d)
284‌
—‌
Compass
Therapeutics
Inc
(d)
8,751‌
17‌
Connect
Biopharma
Holdings
Ltd
(d)
134‌
—‌
Contineum
Therapeutics
Inc
(d)
1,754‌
27‌
CRISPR
Therapeutics
AG
(d)
5,379‌
258‌
Cullinan
Therapeutics
Inc
(d)
4,006‌
66‌
Cytek
Biosciences
Inc
(d)
8,084‌
34‌
Cytokinetics
Inc
(d)
57,169‌
4,409‌
CytomX
Therapeutics
Inc
(d)
6,060‌
19‌
Damora
Therapeutics
Inc
(d)
1,076‌
31‌
Denali
Therapeutics
Inc
(d)
9,271‌
213‌
Dyne
Therapeutics
Inc
(d)
6,589‌
166‌
Editas
Medicine
Inc
(d)
235‌
1‌
Eikon
Therapeutics
Inc
(d)
510‌
5‌
Emergent
BioSolutions
Inc
(d)
3,447‌
25‌
Entrada
Therapeutics
Inc
(d)
2,407‌
16‌
EyePoint
Inc
(d)
1,051‌
13‌
First
Tracks
Biotherapeutics
Inc
(d)
469‌
21‌
Forafric
Global
PLC
(d)
51‌
1‌
Generate
Biomedicines
Inc
(d),(e)
620‌
9‌
Ideaya
Biosciences
Inc
(d)
5,021‌
178‌
Inhibrx
Biosciences
Inc
(d)
146‌
12‌
Innoviva
Inc
(d)
5,015‌
105‌
Intellia
Therapeutics
Inc
(d)
8,986‌
96‌
Invivyd
Inc
(d)
17,158‌
9‌
Iovance
Biotherapeutics
Inc
(d)
26,511‌
108‌
Janux
Therapeutics
Inc
(d)
2,857‌
43‌
Kailera
Therapeutics
Inc
(d)
1,069‌
18‌
Karyopharm
Therapeutics
Inc
(d),(e)
1,383‌
3‌
Keros
Therapeutics
Inc
(d)
1,519‌
15‌
Korro
Bio
Inc
(d),(e)
648‌
7‌
Kymera
Therapeutics
Inc
(d)
704‌
73‌
Kyverna
Therapeutics
Inc
(d)
2,686‌
20‌
LB
Pharmaceuticals
Inc
(d),(e)
762‌
31‌
LENZ
Therapeutics
Inc
(d)
1,668‌
9‌
Lexeo
Therapeutics
Inc
(d)
5,014‌
21‌
MacroGenics
Inc
(d)
186‌
1‌
MapLight
Therapeutics
Inc
(d)
29‌
—‌
Maravai
LifeSciences
Holdings
Inc
(d)
7,498‌
49‌
Maze
Therapeutics
Inc
(d)
492‌
13‌
MeiraGTx
Holdings
plc
(d)
1,027‌
12‌
Monopar
Therapeutics
Inc
(d),(e)
229‌
25‌
Myriad
Genetics
Inc
(d)
6,021‌
17‌
Nektar
Therapeutics
(d)
266‌
19‌
NeoGenomics
Inc
(d)
7,955‌
122‌
Nkarta
Inc
(d)
3,661‌
8‌
Novavax
Inc
(d)
10,141‌
74‌
Nurix
Therapeutics
Inc
(d)
1,448‌
34‌
Olema
Pharmaceuticals
Inc
(d)
4,237‌
49‌
Omeros
Corp
(d),(e)
2,986‌
35‌
OmniAb
Inc
(d)
8,991‌
18‌
OmniAb
Inc
-
Rights
(d)
476‌
—‌
OmniAb
Inc
-
Rights
(d)
476‌
—‌
Organogenesis
Holdings
Inc
(d)
5,627‌
13‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2026
(unaudited)
See
accompanying
notes.
216
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Ovid
therapeutics
Inc
(d)
9,500‌
$
21‌
Palisade
Bio
Inc
(d)
9,875‌
19‌
Perspective
Therapeutics
Inc
(d)
7,299‌
21‌
Phathom
Pharmaceuticals
Inc
(d)
2,310‌
20‌
Precision
BioSciences
Inc
(d),(e)
1,954‌
14‌
Prime
Medicine
Inc
(d),(e)
285‌
1‌
ProKidney
Corp
(d),(e)
537‌
1‌
Protara
Therapeutics
Inc
(d)
4,279‌
17‌
Prothena
Corp
PLC
(d)
1,454‌
12‌
PTC
Therapeutics
Inc
(d)
789‌
54‌
Puma
Biotechnology
Inc
(d)
2,624‌
21‌
Rapport
Therapeutics
Inc
(d)
151‌
6‌
Recursion
Pharmaceuticals
Inc
(d),(e)
30,814‌
92‌
REGENXBIO
Inc
(d)
662‌
6‌
Relay
Therapeutics
Inc
(d)
2,272‌
43‌
Replimune
Group
Inc
(d)
5,253‌
59‌
Rezolute
Inc
(d)
4,787‌
23‌
Rigel
Pharmaceuticals
Inc
(d)
1,195‌
44‌
Rocket
Pharmaceuticals
Inc
(d)
6,390‌
20‌
SAB
Biotherapeutics
Inc
(d)
3,533‌
13‌
Sarepta
Therapeutics
Inc
(d)
93,203‌
1,385‌
Scholar
Rock
Holding
Corp
(d)
451‌
21‌
Septerna
Inc
(d)
552‌
19‌
Shattuck
Labs
Inc
(d)
180‌
1‌
Solid
Biosciences
Inc
(d)
2,676‌
22‌
Spruce
Biosciences
Inc
(d)
170‌
7‌
Sutro
Biopharma
Inc
(d),(e)
933‌
23‌
Tectonic
Therapeutic
Inc
(d),(e)
641‌
18‌
Tenax
Therapeutics
Inc
(d)
1,643‌
23‌
Theravance
Biopharma
Inc
(d)
556‌
9‌
Third
Harmonic
Bio
Inc
(d),(f)
1,482‌
—‌
Ultragenyx
Pharmaceutical
Inc
(d)
3,499‌
87‌
Unicycive
Therapeutics
Inc
(d)
67‌
—‌
Upstream
Bio
Inc
(d)
2,349‌
15‌
UroGen
Pharma
Ltd
(d)
455‌
17‌
Veracyte
Inc
(d)
1,171‌
54‌
Vir
Biotechnology
Inc
(d)
8,173‌
71‌
Viridian
Therapeutics
Inc
(d)
5,361‌
101‌
Vor
BioPharma
Inc
(d)
1,036‌
22‌
WaVe
Life
Sciences
Ltd
(d)
8,551‌
47‌
Whitehawk
Therapeutics
Inc
(d)
2,642‌
10‌
X4
Pharmaceuticals
Inc
(d)
6,060‌
24‌
Xencor
Inc
(d)
4,615‌
93‌
Zentalis
Pharmaceuticals
Inc
(d)
3,338‌
16‌
Zevra
Therapeutics
Inc
(d)
2,648‌
25‌
$
10,880‌
Building
Materials
-
1.64%
AirJoule
Technologies
Corp
(d),(e)
2,532‌
11‌
Apogee
Enterprises
Inc
29,671‌
1,175‌
Aspen
Aerogels
Inc
(d)
4,622‌
21‌
Boise
Cascade
Co
2,403‌
184‌
Carlisle
Cos
Inc
31,745‌
11,426‌
Fortune
Brands
Innovations
Inc
60,600‌
2,985‌
Gibraltar
Industries
Inc
(d)
1,990‌
84‌
Griffon
Corp
639‌
55‌
LSI
Industries
Inc
535‌
13‌
Masterbrand
Inc
(d)
242,117‌
1,998‌
NWPX
Infrastructure
Inc
(d)
85‌
10‌
SmartRent
Inc
(d)
13,941‌
14‌
Tecnoglass
Holdings
Inc
241‌
10‌
Titan
America
SA
(d)
67‌
1‌
UFP
Industries
Inc
30,274‌
2,626‌
Worthington
Enterprises
Inc
1,334‌
75‌
$
20,688‌
Chemicals
-
1.99%
AdvanSix
Inc
1,763‌
35‌
Ashland
Inc
3,064‌
222‌
Axalta
Coating
Systems
Ltd
(d)
73,800‌
2,643‌
Balchem
Corp
131‌
22‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
(continued)
Cabot
Corp
9,803‌
$
863‌
Calumet
Inc
(d)
1,149‌
51‌
Ecovyst
Inc
(d)
178,125‌
2,149‌
FMC
Corp
8,412‌
90‌
HB
Fuller
Co
39,639‌
2,192‌
Huntsman
Corp
173,629‌
1,695‌
Innospec
Inc
21,905‌
1,883‌
Intrepid
Potash
Inc
(d)
720‌
24‌
Koppers
Holdings
Inc
1,197‌
59‌
Kronos
Worldwide
Inc
1,601‌
10‌
Mativ
Holdings
Inc
3,647‌
32‌
Minerals
Technologies
Inc
2,081‌
159‌
Oil-Dri
Corp
of
America
134‌
13‌
Olin
Corp
86,700‌
1,605‌
Orion
SA
3,863‌
26‌
Quaker
Chemical
Corp
911‌
146‌
Rayonier
Advanced
Materials
Inc
(d)
4,130‌
37‌
Rogers
Corp
(d)
1,186‌
146‌
Sensient
Technologies
Corp
87,665‌
10,841‌
SES
AI
Corp
(d)
18,568‌
10‌
Stepan
Co
1,445‌
93‌
Tronox
Holdings
PLC
(e)
7,892‌
46‌
Valhi
Inc
62‌
1‌
$
25,093‌
Coal
-
0.47%
Alpha
Metallurgical
Resources
Inc
(d)
463‌
63‌
American
Resources
Corp
(d),(e)
7,219‌
13‌
Core
Natural
Resources
Inc
2,086‌
167‌
NACCO
Industries
Inc
326‌
15‌
Peabody
Energy
Corp
8,245‌
176‌
SunCoke
Energy
Inc
5,728‌
49‌
Warrior
Met
Coal
Inc
67,875‌
5,390‌
$
5,873‌
Commercial
Services
-
3.64%
ABM
Industries
Inc
44,102‌
2,113‌
Acacia
Research
Corp
(d)
2,863‌
13‌
AirSculpt
Technologies
Inc
(d)
83‌
—‌
Alarm.com
Holdings
Inc
(d)
2,842‌
156‌
Alta
Equipment
Group
Inc
(d)
1,194‌
8‌
AMN
Healthcare
Services
Inc
(d)
2,599‌
87‌
Barrett
Business
Services
Inc
149‌
6‌
BrightView
Holdings
Inc
(d)
4,713‌
62‌
Brink's
Co/The
19,900‌
2,357‌
Carriage
Services
Inc
263‌
11‌
Cass
Information
Systems
Inc
11,156‌
624‌
CBIZ
Inc
(d)
58,638‌
3,229‌
Cimpress
PLC
(d)
110‌
11‌
Clarivate
PLC
(d)
23,179‌
46‌
CoreCivic
Inc
(d)
6,529‌
195‌
Coursera
Inc
(d)
12,967‌
69‌
Custom
Truck
One
Source
Inc
(d)
70,391‌
714‌
Deluxe
Corp
2,967‌
77‌
Ennis
Inc
25,993‌
567‌
Euronet
Worldwide
Inc
(d)
31,300‌
2,233‌
First
Advantage
Corp
(d)
1,415‌
28‌
Flywire
Corp
(d)
727‌
12‌
Forrester
Research
Inc
(d)
67,649‌
778‌
GEO
Group
Inc/The
(d)
8,517‌
263‌
Graham
Holdings
Co
212‌
255‌
Green
Dot
Corp
(d)
3,636‌
48‌
H&R
Block
Inc
40,000‌
1,761‌
Hackett
Group
Inc/The
37‌
—‌
Healthcare
Services
Group
Inc
(d)
51,677‌
1,204‌
Herc
Holdings
Inc
7,627‌
1,145‌
Hertz
Global
Holdings
Inc
(d)
9,887‌
16‌
HireQuest
Inc
32‌
—‌
ICF
International
Inc
1,200‌
97‌
Information
Services
Group
Inc
2,878‌
12‌
Insperity
Inc
41,500‌
2,100‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2026
(unaudited)
See
accompanying
notes.
217
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
John
Wiley
&
Sons
Inc
1,452‌
$
76‌
Kelly
Services
Inc
1,985‌
29‌
Kforce
Inc
39,164‌
2,223‌
KinderCare
Learning
Cos
Inc
(d),(e)
2,514‌
13‌
Korn
Ferry
20,399‌
1,678‌
Laureate
Education
Inc
(d)
14,836‌
568‌
Lifecore
Biomedical
Inc
(d)
2,186‌
10‌
ManpowerGroup
Inc
38,983‌
2,044‌
MarketWise
Inc
53‌
1‌
Matthews
International
Corp
1,991‌
55‌
Monro
Inc
1,643‌
20‌
NRC
Health
(e)
27,500‌
537‌
Paysafe
Ltd
(d)
2,000‌
16‌
Perdoceo
Education
Corp
4,221‌
134‌
Priority
Technology
Holdings
Inc
(d)
76‌
1‌
PROG
Holdings
Inc
1,447‌
64‌
Quad/Graphics
Inc
557‌
6‌
Repay
Holdings
Corp
(d)
4,921‌
20‌
Resources
Connection
Inc
128,844‌
563‌
Robert
Half
Inc
83,400‌
3,153‌
StoneCo
Ltd
13,576‌
154‌
Strategic
Education
Inc
1,455‌
119‌
Stride
Inc
(d)
893‌
72‌
Target
Hospitality
Corp
(d)
865‌
13‌
TIC
Solutions
Inc
(d)
12,064‌
88‌
Transcat
Inc
(d)
283‌
24‌
TrueBlue
Inc
(d)
208,526‌
1,476‌
Upbound
Group
Inc
124,759‌
2,419‌
USCB
Financial
Holdings
Inc
623‌
14‌
Valvoline
Inc
(d)
186,005‌
7,144‌
Vestis
Corp
(d)
6,175‌
89‌
WEX
Inc
(d)
14,500‌
2,711‌
Willdan
Group
Inc
(d)
287‌
20‌
$
45,851‌
Computers
-
1.94%
3D
Systems
Corp
(d)
9,639‌
25‌
Amdocs
Ltd
33,900‌
1,889‌
Amentum
Holdings
Inc
(d)
62,500‌
1,388‌
Conduent
Inc
(d)
11,772‌
19‌
Corsair
Gaming
Inc
(d)
3,034‌
32‌
Crane
NXT
Co
57,716‌
2,998‌
Cricut
Inc
4,090‌
19‌
DXC
Technology
Co
(d)
11,400‌
128‌
Everforth
Inc
(d)
115,202‌
3,276‌
Forward
Industries
Inc
(d)
4,141‌
17‌
Genpact
Ltd
66,000‌
2,321‌
Globant
SA
(d)
2,836‌
104‌
Grid
Dynamics
Holdings
Inc
(d)
4,398‌
30‌
Infleqtion
Inc
(d),(e)
3,688‌
36‌
Insight
Enterprises
Inc
(d)
58,374‌
7,526‌
Maximus
Inc
28,342‌
1,707‌
Mitek
Systems
Inc
(d)
226‌
4‌
NCR
Voyix
Corp
(d)
9,384‌
78‌
NetScout
Systems
Inc
(d)
4,740‌
193‌
OneSpan
Inc
2,461‌
38‌
PAR
Technology
Corp
(d)
2,769‌
47‌
Pitney
Bowes
Inc
9,711‌
170‌
Rapid7
Inc
(d)
4,047‌
39‌
Rigetti
Computing
Inc
(d)
1,439‌
22‌
Rimini
Street
Inc
(d)
3,358‌
16‌
Science
Applications
International
Corp
18,200‌
2,132‌
Serve
Robotics
Inc
(d),(e)
3,912‌
19‌
Unisys
Corp
(d)
5,356‌
15‌
V2X
Inc
(d)
1,793‌
162‌
$
24,450‌
Consumer
Products
-
0.31%
ACCO
Brands
Corp
6,116‌
26‌
Acme
United
Corp
274‌
16‌
Helen
of
Troy
Ltd
(d)
45,810‌
1,265‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Consumer
Products
(continued)
Quanex
Building
Products
Corp
3,076‌
$
55‌
Reynolds
Consumer
Products
Inc
97,600‌
2,434‌
Spectrum
Brands
Holdings
Inc
1,499‌
133‌
$
3,929‌
Cosmetics
&
Personal
Care
-
0.54%
Coty
Inc
(d)
23,964‌
66‌
Edgewell
Personal
Care
Co
65,758‌
1,788‌
Honest
Co
Inc/The
(d)
6,382‌
23‌
Interparfums
Inc
23,500‌
2,927‌
Oddity
Tech
Ltd
(d)
2,250‌
32‌
Perrigo
Co
PLC
9,321‌
94‌
Prestige
Consumer
Healthcare
Inc
(d)
36,875‌
1,852‌
$
6,782‌
Distribution
&
Wholesale
-
1.30%
Distribution
Solutions
Group
Inc
(d)
16‌
1‌
EVI
Industries
Inc
506‌
7‌
G-III
Apparel
Group
Ltd
56,138‌
2,043‌
Global
Industrial
Co
33,161‌
1,185‌
Gold.com
Inc
1,006‌
42‌
Hudson
Technologies
Inc
(d)
2,817‌
17‌
OPENLANE
Inc
(d)
4,295‌
171‌
Resideo
Technologies
Inc
(d)
44,254‌
1,518‌
Rush
Enterprises
Inc
-
Class
A
93,522‌
7,462‌
ScanSource
Inc
(d)
43,852‌
2,483‌
Titan
Machinery
Inc
(d)
68,875‌
1,170‌
VSE
Corp
1,765‌
343‌
$
16,442‌
Diversified
Financial
Services
-
3.50%
AlTi
Global
Inc
(d)
2,685‌
10‌
Artisan
Partners
Asset
Management
Inc
292,279‌
11,469‌
Bakkt
Inc
(d),(e)
1,879‌
13‌
BRC
Group
Holdings
Inc
(d),(e)
1,886‌
14‌
Bread
Financial
Holdings
Inc
26,938‌
2,911‌
Burford
Capital
Ltd
4,232‌
17‌
Cohen
&
Steers
Inc
160‌
13‌
Consumer
Portfolio
Services
Inc
(d)
777‌
7‌
DigitalBridge
Group
Inc
11,912‌
189‌
Enact
Holdings
Inc
54,823‌
2,594‌
Encore
Capital
Group
Inc
(d)
1,394‌
131‌
Federal
Agricultural
Mortgage
Corp
544‌
124‌
Federated
Hermes
Inc
38,900‌
2,332‌
Finance
Of
America
Cos
Inc
(d)
328‌
7‌
First
Western
Financial
Inc
(d)
20,667‌
644‌
GCM
Grosvenor
Inc
134‌
2‌
Happen
Inc
(d)
5,832‌
112‌
Houlihan
Lokey
Inc
67,740‌
8,501‌
Hyperliquid
Strategies
Inc
(d)
8,315‌
52‌
International
Money
Express
Inc
(d)
70,600‌
837‌
Jefferson
Capital
Inc
646‌
13‌
LendingTree
Inc
(d)
541‌
17‌
loanDepot
Inc
(d)
8,624‌
8‌
Marex
Group
Ltd
1,064‌
69‌
Medallion
Financial
Corp
1,383‌
14‌
Navient
Corp
259,473‌
2,177‌
Nelnet
Inc
974‌
132‌
Onity
Group
Inc
(d)
555‌
20‌
Oportun
Financial
Corp
(d)
2,785‌
15‌
Pagseguro
Digital
Ltd
11,105‌
107‌
PennyMac
Financial
Services
Inc
1,982‌
149‌
PJT
Partners
Inc
716‌
121‌
PRA
Group
Inc
(d)
2,534‌
44‌
Radian
Group
Inc
72,310‌
2,820‌
Regional
Management
Corp
532‌
17‌
Security
National
Financial
Corp
(d)
1,253‌
12‌
Silvercrest
Asset
Management
Group
Inc
(e)
467‌
5‌
SLM
Corp
96,300‌
2,503‌
StepStone
Group
Inc
4,851‌
213‌
Strive
Inc
(d),(e)
4,212‌
47‌
Velocity
Financial
Inc
(d)
1,015‌
18‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2026
(unaudited)
See
accompanying
notes.
218
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Victory
Capital
Holdings
Inc
1,960‌
$
194‌
Virtu
Financial
Inc
19,700‌
1,157‌
Virtus
Investment
Partners
Inc
(e)
15,389‌
2,452‌
Voya
Financial
Inc
18,400‌
1,830‌
Wealthfront
Corp
(d)
801‌
8‌
Webull
Corp
(d)
1,989‌
14‌
Westwood
Holdings
Group
Inc
552‌
11‌
World
Acceptance
Corp
(d)
162‌
29‌
$
44,195‌
Electric
-
0.99%
Ameresco
Inc
(d)
2,161‌
46‌
Avista
Corp
55,129‌
2,230‌
Black
Hills
Corp
37,832‌
2,694‌
Genie
Energy
Ltd
1,586‌
22‌
Hawaiian
Electric
Industries
Inc
(d)
11,052‌
143‌
MGE
Energy
Inc
2,493‌
198‌
Net
Power
Inc
(d)
3,185‌
5‌
Northwestern
Energy
Group
Inc
19,059‌
1,310‌
Ormat
Technologies
Inc
3,830‌
374‌
Otter
Tail
Corp
14,899‌
1,317‌
Portland
General
Electric
Co
52,398‌
2,585‌
TXNM
Energy
Inc
6,932‌
401‌
Unitil
Corp
22,383‌
1,207‌
$
12,532‌
Electrical
Components
&
Equipment
-
0.11%
Energizer
Holdings
Inc
63,157‌
1,324‌
EnerSys
149‌
28‌
Insteel
Industries
Inc
1,241‌
38‌
$
1,390‌
Electronics
-
2.51%
Advanced
Energy
Industries
Inc
12,790‌
3,703‌
Arrow
Electronics
Inc
(d)
7,400‌
1,603‌
Atkore
Inc
22,891‌
1,670‌
Atmus
Filtration
Technologies
Inc
32,951‌
1,701‌
Avnet
Inc
25,000‌
2,221‌
Benchmark
Electronics
Inc
1,268‌
101‌
CTS
Corp
486‌
31‌
GoPro
Inc
(d)
224‌
—‌
Ingram
Micro
Holding
Corp
72,500‌
2,045‌
Itron
Inc
(d)
22,555‌
2,248‌
Kimball
Electronics
Inc
(d)
46,015‌
1,138‌
Knowles
Corp
(d)
456‌
17‌
Kopin
Corp
(d)
5,702‌
20‌
Mirion
Technologies
Inc
(d)
2,109‌
32‌
Sanmina
Corp
(d)
49,516‌
9,189‌
Sensata
Technologies
Holding
PLC
44,400‌
2,055‌
Stoneridge
Inc
(d)
2,282‌
16‌
Turtle
Beach
Corp
(d)
1,225‌
15‌
Vishay
Intertechnology
Inc
48,790‌
1,669‌
Vontier
Corp
68,600‌
2,204‌
$
31,678‌
Energy
-
Alternate
Sources
-
0.19%
Aemetis
Inc
(d),(e)
4,404‌
7‌
Alto
Ingredients
Inc
(d)
4,870‌
23‌
Array
Technologies
Inc
(d),(e)
7,936‌
41‌
ASP
Isotopes
Inc
(d),(e)
1,512‌
6‌
Canadian
Solar
Inc
(d),(e)
3,221‌
49‌
Comstock
Inc
(d),(e)
5,531‌
15‌
FuelCell
Energy
Inc
(d)
3,574‌
77‌
FutureFuel
Corp
1,843‌
9‌
Gevo
Inc
(d)
13,368‌
20‌
Green
Plains
Inc
(d)
4,603‌
77‌
Montauk
Renewables
Inc
(d)
4,011‌
7‌
REX
American
Resources
Corp
(d)
43,752‌
1,883‌
Shoals
Technologies
Group
Inc
(d)
890‌
8‌
Sunrun
Inc
(d)
15,563‌
153‌
Toyo
Co
Ltd
(d)
122‌
1‌
$
2,376‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
-
0.23%
908
Devices
Inc
(d)
2,382‌
$
19‌
Concrete
Pumping
Holdings
Inc
(d)
1,711‌
17‌
Fluor
Corp
(d)
55,468‌
2,783‌
Granite
Construction
Inc
293‌
36‌
INNOVATE
Corp
(d),(e)
13‌
—‌
Latham
Group
Inc
(d)
3,901‌
21‌
Mistras
Group
Inc
(d)
1,075‌
16‌
Palladyne
AI
Corp
(d),(e)
1,943‌
10‌
Shimmick
Corp
(d)
7‌
—‌
$
2,902‌
Entertainment
-
1.51%
Accel
Entertainment
Inc
(d)
135,900‌
1,633‌
AMC
Entertainment
Holdings
Inc
(d)
41,460‌
117‌
Bally's
Corp
(d),(e)
766‌
11‌
Brightstar
Lottery
PLC
179,307‌
1,800‌
Churchill
Downs
Inc
17,600‌
1,484‌
Inspired
Entertainment
Inc
(d)
40‌
—‌
Marriott
Vacations
Worldwide
Corp
30,603‌
2,984‌
Monarch
Casino
&
Resort
Inc
5,700‌
700‌
Penn
Entertainment
Inc
(d)
8,554‌
176‌
Pursuit
Attractions
and
Hospitality
Inc
(d)
1,300‌
66‌
RCI
Hospitality
Holdings
Inc
556‌
14‌
Red
Rock
Resorts
Inc
91,990‌
5,928‌
Reservoir
Media
Inc
(d)
1,521‌
15‌
Starz
Entertainment
Corp
(d)
845‌
22‌
United
Parks
&
Resorts
Inc
(d)
34,934‌
1,559‌
Vail
Resorts
Inc
16,800‌
2,509‌
Venu
Holding
Corp
(d)
3,912‌
8‌
Webtoon
Entertainment
Inc
(d),(e)
1,742‌
16‌
$
19,042‌
Environmental
Control
-
0.94%
Clean
Harbors
Inc
(d)
37,595‌
11,763‌
Energy
Recovery
Inc
(d)
481‌
4‌
Enviri
Corp
(d)
1,728‌
38‌
GD
Culture
Group
Ltd
(d)
5‌
—‌
Onterris
Inc
(d)
2,260‌
48‌
Perma-Fix
Environmental
Services
Inc
(d)
54‌
1‌
Pure
Cycle
Corp
(d)
1,543‌
16‌
$
11,870‌
Food
-
1.08%
B&G
Foods
Inc
(e)
228,331‌
806‌
Cal-Maine
Foods
Inc
2,899‌
254‌
Flowers
Foods
Inc
232,259‌
1,631‌
Grocery
Outlet
Holding
Corp
(d),(e)
201,990‌
1,856‌
Ingles
Markets
Inc
976‌
88‌
J
&
J
Snack
Foods
Corp
992‌
76‌
John
B
Sanfilippo
&
Son
Inc
24,414‌
2,021‌
Lamb
Weston
Holdings
Inc
50,600‌
2,659‌
Marzetti
Company/The
159‌
17‌
Mission
Produce
Inc
(d)
62,241‌
785‌
Nathan's
Famous
Inc
10,441‌
1,024‌
Natural
Grocers
by
Vitamin
Cottage
Inc
623‌
20‌
Once
Upon
a
Farm
PBC
(d),(e)
1,061‌
16‌
Seneca
Foods
Corp
-
Class
A
(d)
282‌
47‌
Simply
Good
Foods
Co/The
(d)
195,286‌
1,988‌
United
Natural
Foods
Inc
(d)
3,573‌
182‌
Utz
Brands
Inc
4,905‌
69‌
Village
Super
Market
Inc
603‌
26‌
Weis
Markets
Inc
814‌
63‌
$
13,628‌
Forest
Products
&
Paper
-
0.09%
Magnera
Corp
(d)
2,228‌
29‌
Sylvamo
Corp
30,620‌
1,146‌
$
1,175‌
Gas
-
2.32%
Brookfield
Infrastructure
Corp
(e)
8,399‌
355‌
Chesapeake
Utilities
Corp
1,599‌
212‌
New
Jersey
Resources
Corp
47,024‌
2,722‌
Northwest
Natural
Holding
Co
236,968‌
11,593‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2026
(unaudited)
See
accompanying
notes.
219
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Gas
(continued)
ONE
Gas
Inc
22,326‌
$
1,734‌
RGC
Resources
Inc
702‌
15‌
Southwest
Gas
Holdings
Inc
4,909‌
439‌
Spire
Inc
151,897‌
12,130‌
$
29,200‌
Hand
&
Machine
Tools
-
0.01%
Kennametal
Inc
2,604‌
89‌
Luxfer
Holdings
PLC
1,773‌
30‌
$
119‌
Healthcare
-
Products
-
4.31%
Alamar
Biosciences
Inc
(d)
343‌
9‌
AngioDynamics
Inc
(d),(e)
1,889‌
28‌
Anteris
Technologies
Global
Corp
(d)
5,396‌
42‌
Avantor
Inc
(d)
1,234,330‌
17,009‌
Azenta
Inc
(d)
2,776‌
78‌
Beta
Bionics
Inc
(d)
2,687‌
34‌
BioLife
Solutions
Inc
(d)
2,261‌
71‌
Castle
Biosciences
Inc
(d)
1,968‌
55‌
CONMED
Corp
59,329‌
2,747‌
Delcath
Systems
Inc
(d)
1,718‌
21‌
DENTSPLY
SIRONA
Inc
13,561‌
181‌
Embecta
Corp
4,893‌
18‌
Enovis
Corp
(d)
3,854‌
112‌
Glaukos
Corp
(d)
54,815‌
9,139‌
GRAIL
Inc
(d)
2,732‌
187‌
Haemonetics
Corp
(d)
224‌
19‌
ICU
Medical
Inc
(d)
1,631‌
275‌
Inmode
Ltd
(d)
119,000‌
1,802‌
Inogen
Inc
(d)
2,029‌
13‌
Inspire
Medical
Systems
Inc
(d)
320‌
16‌
Integer
Holdings
Corp
(d)
2,259‌
274‌
Integra
LifeSciences
Holdings
Corp
(d)
4,539‌
76‌
Lantheus
Holdings
Inc
(d)
22,100‌
2,202‌
LivaNova
PLC
(d)
31,685‌
2,540‌
Merit
Medical
Systems
Inc
(d)
3,594‌
305‌
MiMedx
Group
Inc
(d)
8,012‌
33‌
MiniMed
Group
Inc
(d)
1,884‌
34‌
Nautilus
Biotechnology
Inc
(d)
3,382‌
3‌
Neogen
Corp
(d)
14,755‌
178‌
Novocure
Ltd
(d)
612‌
9‌
Omnicell
Inc
(d)
3,023‌
107‌
OraSure
Technologies
Inc
(d)
5,292‌
21‌
Orthofix
Medical
Inc
(d)
2,669‌
31‌
OrthoPediatrics
Corp
(d)
878‌
18‌
Pacific
Biosciences
of
California
Inc
(d)
434‌
1‌
Quanterix
Corp
(d)
3,490‌
12‌
QuidelOrtho
Corp
(d)
4,571‌
77‌
Revvity
Inc
136,560‌
15,366‌
RxSight
Inc
(d)
3,241‌
19‌
Shoulder
Innovations
Inc
(d)
815‌
19‌
STAAR
Surgical
Co
(d)
306‌
7‌
Tactile
Systems
Technology
Inc
(d)
317‌
9‌
Utah
Medical
Products
Inc
16,403‌
1,157‌
Varex
Imaging
Corp
(d)
2,717‌
30‌
$
54,384‌
Healthcare
-
Services
-
1.33%
Acadia
Healthcare
Co
Inc
(d)
300,967‌
8,914‌
Addus
HomeCare
Corp
(d)
1,221‌
141‌
Ardent
Health
Inc
(d)
73,467‌
784‌
Astrana
Health
Inc
(d)
41,000‌
1,458‌
Aveanna
Healthcare
Holdings
Inc
(d)
1,248‌
12‌
Brookdale
Senior
Living
Inc
(d)
15,970‌
233‌
Community
Health
Systems
Inc
(d)
8,631‌
24‌
Concentra
Group
Holdings
Parent
Inc
64,337‌
2,036‌
Fortrea
Holdings
Inc
(d)
6,412‌
123‌
Fulgent
Genetics
Inc
(d)
1,265‌
21‌
Ginkgo
Bioworks
Holdings
Inc
(d)
3,148‌
26‌
LifeMD
Inc
(d),(e)
268‌
1‌
Lumexa
Imaging
Holdings
Inc
(d)
1,504‌
16‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
(continued)
Molina
Healthcare
Inc
(d)
11,600‌
$
2,269‌
National
HealthCare
Corp
594‌
134‌
Oncology
Institute
Inc/The
(d)
1,462‌
7‌
OPKO
Health
Inc
(d),(e)
26,741‌
35‌
Option
Care
Health
Inc
(d)
1,937‌
45‌
Pediatrix
Medical
Group
Inc
(d)
5,529‌
147‌
Personalis
Inc
(d)
4,496‌
57‌
SBC
Medical
Group
Holdings
Inc
(d)
1,452‌
4‌
Sonida
Senior
Living
Inc
(d)
1,898‌
77‌
Strata
Critical
Medical
Inc
(d)
4,527‌
23‌
Surgery
Partners
Inc
(d)
5,304‌
82‌
Teladoc
Health
Inc
(d)
12,121‌
81‌
US
Physical
Therapy
Inc
(e)
319‌
25‌
$
16,775‌
Home
Builders
-
0.70%
Beazer
Homes
USA
Inc
(d)
1,659‌
53‌
Century
Communities
Inc
9,766‌
656‌
Champion
Homes
Inc
(d)
2,083‌
166‌
Comstock
Holding
Cos
Inc
(d)
61‌
1‌
Dream
Finders
Homes
Inc
(d)
1,864‌
24‌
Forestar
Group
Inc
(d)
1,294‌
36‌
Green
Brick
Partners
Inc
(d)
9,027‌
638‌
Hovnanian
Enterprises
Inc
(d)
290‌
36‌
KB
Home
15,318‌
842‌
LCI
Industries
1,423‌
146‌
Legacy
Housing
Corp
(d)
24,056‌
632‌
LGI
Homes
Inc
(d)
1,375‌
75‌
M/I
Homes
Inc
(d)
5,696‌
832‌
Meritage
Homes
Corp
4,433‌
311‌
Thor
Industries
Inc
28,400‌
2,129‌
Winnebago
Industries
Inc
74,519‌
2,257‌
$
8,834‌
Home
Furnishings
-
0.46%
Arhaus
Inc
185,219‌
1,373‌
Dolby
Laboratories
Inc
29,400‌
1,729‌
Ethan
Allen
Interiors
Inc
1,558‌
35‌
Flexsteel
Industries
Inc
263‌
20‌
Hamilton
Beach
Brands
Holding
Co
535‌
12‌
Leggett
&
Platt
Inc
112,600‌
1,103‌
Lovesac
Co/The
(d),(e)
435‌
7‌
MillerKnoll
Inc
66,375‌
1,495‌
Sonos
Inc
(d)
598‌
9‌
XMAX
Inc
(d),(e)
134‌
1‌
Xperi
Inc
(d)
3,147‌
24‌
$
5,808‌
Housewares
-
0.61%
Central
Garden
&
Pet
Co
(d),(e)
21,326‌
918‌
Central
Garden
&
Pet
Co
-
A
Shares
(d)
3,339‌
127‌
Lifetime
Brands
Inc
1,002‌
8‌
Newell
Brands
Inc
28,530‌
160‌
Scotts
Miracle-Gro
Co/The
99,450‌
6,532‌
$
7,745‌
Insurance
-
4.28%
Abacus
Global
Management
Inc
616‌
6‌
Accelerant
Holdings
(d)
357‌
4‌
American
Coastal
Insurance
Corp
1,897‌
20‌
American
Integrity
Insurance
Group
Inc
994‌
20‌
AMERISAFE
Inc
1,236‌
36‌
Assured
Guaranty
Ltd
12,700‌
1,051‌
Ategrity
Specialty
Holdings
LLC
(d)
767‌
18‌
Bowhead
Specialty
Holdings
Inc
(d)
1,189‌
36‌
Citizens
Inc/TX
(d),(e)
3,458‌
16‌
CNO
Financial
Group
Inc
55,874‌
3,078‌
Crawford
&
Co
67‌
1‌
Donegal
Group
Inc
1,237‌
24‌
Employers
Holdings
Inc
25,418‌
1,285‌
Essent
Group
Ltd
40,295‌
2,658‌
F&G
Annuities
&
Life
Inc
56,544‌
1,615‌
First
American
Financial
Corp
109,710‌
8,227‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2026
(unaudited)
See
accompanying
notes.
220
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Genworth
Financial
Inc
(d)
25,719‌
$
253‌
Goosehead
Insurance
Inc
(d)
1,391‌
86‌
Greenlight
Capital
Re
Ltd
(d)
1,691‌
28‌
Hamilton
Insurance
Group
Ltd
3,078‌
111‌
Hanover
Insurance
Group
Inc/The
47,180‌
10,975‌
HCI
Group
Inc
733‌
128‌
Heritage
Insurance
Holdings
Inc
(d)
1,629‌
48‌
Hippo
Holdings
Inc
(d)
1,251‌
39‌
Horace
Mann
Educators
Corp
38,707‌
2,017‌
Investors
Title
Co
93‌
27‌
Jackson
Financial
Inc
4,391‌
537‌
James
River
Group
Holdings
Inc
(e)
2,699‌
12‌
Kemper
Corp
96,436‌
2,737‌
Kingstone
Cos
Inc
777‌
16‌
Lincoln
National
Corp
47,800‌
2,180‌
MBIA
Inc
(d)
3,387‌
17‌
Mercury
General
Corp
1,634‌
175‌
MGIC
Investment
Corp
19,300‌
580‌
Neptune
Insurance
Holdings
Inc
(d)
1,729‌
55‌
NI
Holdings
Inc
(d),(e)
506‌
8‌
NMI
Holdings
Inc
(d)
60,597‌
2,684‌
Octave
Specialty
Group
Inc
(d)
2,758‌
15‌
Pelagos
Insurance
Capital
Ltd
1,250‌
32‌
Roadzen
Inc
(d)
3,473‌
4‌
Safety
Insurance
Group
Inc
(e)
963‌
100‌
Selective
Insurance
Group
Inc
88,918‌
8,429‌
SiriusPoint
Ltd
(d)
7,056‌
167‌
Skyward
Specialty
Insurance
Group
Inc
(d)
947‌
57‌
Slide
Insurance
Holdings
Inc
4,391‌
88‌
Stewart
Information
Services
Corp
25,370‌
1,715‌
Tiptree
Inc
1,551‌
28‌
United
Fire
Group
Inc
1,423‌
73‌
Universal
Insurance
Holdings
Inc
1,671‌
73‌
White
Mountains
Insurance
Group
Ltd
1,140‌
2,391‌
$
53,980‌
Internet
-
0.79%
1-800-Flowers.com
Inc
(d),(e)
1,907‌
7‌
1stdibs.com
Inc
(d),(e)
1,947‌
8‌
Angi
Inc
(d)
2,250‌
13‌
Bed
Bath
&
Beyond
Inc
(d)
4,955‌
25‌
Bumble
Inc
(d)
7,639‌
22‌
Cars.com
Inc
(d)
3,011‌
36‌
Chewy
Inc
(d)
287,950‌
6,508‌
ePlus
Inc
26,893‌
2,485‌
EverQuote
Inc
(d)
1,851‌
47‌
fuboTV
Inc
(d),(e)
2,068‌
18‌
Groupon
Inc
(d),(e)
1,551‌
43‌
HealthStream
Inc
1,568‌
44‌
Lands'
End
Inc
(d),(e)
752‌
9‌
Magnite
Inc
(d)
3,961‌
76‌
Nextdoor
Holdings
Inc
(d)
15,593‌
35‌
Opendoor
Technologies
Inc
(d)
10,646‌
40‌
Phoenix
Education
Partners
Inc
13‌
—‌
RealReal
Inc/The
(d)
5,436‌
66‌
Shutterstock
Inc
1,954‌
11‌
Sprinklr
Inc
(d)
6,340‌
40‌
Stitch
Fix
Inc
(d)
7,310‌
29‌
TripAdvisor
Inc
(d)
3,542‌
50‌
Trump
Media
&
Technology
Group
Corp
(d)
10,807‌
107‌
Tucows
Inc
(d),(e)
526‌
8‌
Upwork
Inc
(d)
5,768‌
53‌
Yelp
Inc
(d)
2,134‌
56‌
Ziff
Davis
Inc
(d)
2,309‌
123‌
ZipRecruiter
Inc
(d)
4,384‌
17‌
$
9,976‌
Investment
Companies
-
0.35%
Bit
Digital
Inc
(d)
21,841‌
29‌
Bitdeer
Technologies
Group
(d)
6,232‌
66‌
Brookfield
Business
Corp
2,844‌
84‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Investment
Companies
(continued)
Cannae
Holdings
Inc
2,637‌
$
38‌
Cleanspark
Inc
(d)
16,859‌
232‌
Compass
Diversified
Holdings
(d)
2,470‌
25‌
Core
Scientific
Inc
(d)
2,691‌
56‌
HA
Sustainable
Infrastructure
Capital
Inc
8,582‌
325‌
Hut
8
Corp
(d)
28,648‌
3,083‌
Innventure
Inc
(d),(e)
4,568‌
15‌
MARA
Holdings
Inc
(d)
25,840‌
292‌
Riot
Platforms
Inc
(d)
8,022‌
162‌
$
4,407‌
Iron
&
Steel
-
0.33%
Commercial
Metals
Co
60,968‌
4,190‌
Friedman
Industries
Inc
457‌
15‌
$
4,205‌
Leisure
Products
&
Services
-
1.93%
Brunswick
Corp/DE
27,400‌
2,165‌
Callaway
Golf
Co
(d)
9,390‌
173‌
Escalade
Inc
659‌
13‌
Global
Business
Travel
Group
I
(d)
7,886‌
75‌
Harley-Davidson
Inc
74,568‌
1,830‌
Johnson
Outdoors
Inc
492‌
23‌
Life
Time
Group
Holdings
Inc
(d)
192,619‌
8,687‌
Malibu
Boats
Inc
(d)
1,310‌
36‌
MasterCraft
Boat
Holdings
Inc
(d)
1,072‌
26‌
Norwegian
Cruise
Line
Holdings
Ltd
(d)
445,710‌
8,259‌
Patrick
Industries
Inc
1,228‌
101‌
Peloton
Interactive
Inc
(d)
16,736‌
107‌
Polaris
Inc
15,705‌
1,054‌
Sabre
Corp
(d)
16,291‌
30‌
YETI
Holdings
Inc
(d)
35,600‌
1,742‌
$
24,321‌
Lodging
-
1.30%
Boyd
Gaming
Corp
12,600‌
1,072‌
Hilton
Grand
Vacations
Inc
(d)
41,500‌
1,915‌
Marcus
Corp/The
770‌
22‌
MGM
Resorts
International
(d)
245,285‌
10,932‌
Travel
+
Leisure
Co
32,700‌
2,486‌
$
16,427‌
Machinery
-
Construction
&
Mining
-
0.06%
Astec
Industries
Inc
1,375‌
70‌
Babcock
&
Wilcox
Enterprises
Inc
(d)
8,400‌
78‌
Hyster-Yale
Inc
730‌
24‌
Lightbridge
Corp
(d)
2,143‌
18‌
Manitowoc
Co
Inc/The
(d)
2,339‌
32‌
NANO
Nuclear
Energy
Inc
(d)
2,872‌
46‌
Terex
Corp
7,653‌
481‌
$
749‌
Machinery
-
Diversified
-
0.79%
Aebi
Schmidt
Holding
AG
2,246‌
29‌
Alamo
Group
Inc
687‌
109‌
Albany
International
Corp
27,352‌
2,038‌
Cactus
Inc
26,000‌
1,690‌
Columbus
McKinnon
Corp/NY
135,021‌
2,588‌
Eastman
Kodak
Co
(d)
4,280‌
36‌
Gencor
Industries
Inc
(d)
766‌
11‌
Lindsay
Corp
15,372‌
1,704‌
Power
Solutions
International
Inc
(d)
12‌
—‌
Richtech
Robotics
Inc
(d),(e)
13,130‌
19‌
Tennant
Co
20,362‌
1,711‌
Twin
Disc
Inc
(e)
861‌
20‌
$
9,955‌
Media
-
0.04%
AMC
Global
Media
Inc
(d)
2,141‌
24‌
Cable
One
Inc
(d)
395‌
16‌
CuriosityStream
Inc
222‌
1‌
EW
Scripps
Co/The
(d)
4,668‌
13‌
Gray
Media
Inc
5,894‌
24‌
iHeartMedia
Inc
(d)
7,721‌
28‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2026
(unaudited)
See
accompanying
notes.
221
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
Lee
Enterprises
Inc
(d)
121‌
$
1‌
Liberty
Latin
America
Ltd
-
Class
A
(d)
631‌
5‌
Liberty
Latin
America
Ltd
-
Class
C
(d)
2,362‌
19‌
Optimum
Communications
Inc
(d)
17,005‌
13‌
Scholastic
Corp
934‌
38‌
Sinclair
Inc
2,792‌
38‌
Sphere
Entertainment
Co
(d)
1,830‌
262‌
Thryv
Holdings
Inc
(d)
2,760‌
11‌
$
493‌
Metal
Fabrication
&
Hardware
-
2.03%
Helios
Technologies
Inc
1,973‌
154‌
Hillman
Solutions
Corp
(d)
13,283‌
105‌
Janus
International
Group
Inc
(d)
251,627‌
1,291‌
L
B
Foster
Co
(d)
14,505‌
597‌
Mayville
Engineering
Co
Inc
(d)
950‌
24‌
Metallus
Inc
(d)
2,423‌
49‌
Mueller
Industries
Inc
137,840‌
9,154‌
Park-Ohio
Holdings
Corp
653‌
26‌
Proto
Labs
Inc
(d)
1,591‌
119‌
Ryerson
Holding
Corp
2,995‌
83‌
Timken
Co/The
19,600‌
2,696‌
Tredegar
Corp
(d)
2,164‌
16‌
Valmont
Industries
Inc
23,190‌
11,171‌
Worthington
Steel
Inc
2,199‌
79‌
$
25,564‌
Mining
-
0.74%
Arcosa
Inc
2,287‌
332‌
Caledonia
Mining
Corp
PLC
(e)
1,226‌
23‌
Centrus
Energy
Corp
(d),(e)
203‌
36‌
Elemental
Royalty
Corp
2,347‌
37‌
Encore
Energy
Corp
(d)
15,951‌
17‌
Ferroglobe
PLC
8,032‌
26‌
Hudbay
Minerals
Inc
285,425‌
6,493‌
Ivanhoe
Electric
Inc
/
US
(d)
1,141‌
10‌
Kaiser
Aluminum
Corp
12,530‌
2,001‌
McEwen
Inc
(d)
1,694‌
29‌
NioCorp
Developments
Ltd
(d)
4,536‌
19‌
SSR
Mining
Inc
13,573‌
348‌
$
9,371‌
Miscellaneous
Manufacturers
-
1.83%
Avient
Corp
6,203‌
225‌
Core
Molding
Technologies
Inc
(d)
689‌
16‌
Enpro
Inc
85‌
27‌
Federal
Signal
Corp
63,195‌
7,896‌
FreightCar
America
Inc
(d)
21‌
—‌
GrafTech
International
Ltd
(d),(e)
123‌
1‌
JBT
Marel
Corp
85,734‌
11,872‌
LSB
Industries
Inc
(d)
3,974‌
43‌
Myers
Industries
Inc
81,196‌
2,773‌
NLI
Holdings
Inc
259‌
2‌
Outdoor
Holding
Co
(d)
8,799‌
19‌
Smith
&
Wesson
Brands
Inc
2,958‌
43‌
Sturm
Ruger
&
Co
Inc
902‌
34‌
Trinity
Industries
Inc
2,575‌
80‌
$
23,031‌
Office
&
Business
Equipment
-
0.00%
Xerox
Holdings
Corp
(e)
8,752‌
26‌
Office
Furnishings
-
0.03%
CompX
International
Inc
35‌
1‌
HNI
Corp
4,799‌
216‌
Interface
Inc
3,429‌
117‌
$
334‌
Oil
&
Gas
-
5.38%
Amplify
Energy
Corp
(d)
2,906‌
11‌
Antero
Resources
Corp
(d)
238,345‌
8,614‌
Baytex
Energy
Corp
451,071‌
2,057‌
BKV
Corp
(d)
674‌
16‌
Borr
Drilling
Ltd
(d)
4,554‌
18‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
California
Resources
Corp
32,298‌
$
1,700‌
CNX
Resources
Corp
(d)
9,192‌
329‌
Comstock
Resources
Inc
(d)
4,287‌
57‌
Crescent
Energy
Co
267,733‌
3,071‌
CVR
Energy
Inc
53,400‌
1,902‌
Delek
US
Holdings
Inc
47,600‌
3,231‌
Diversified
Energy
Co
(e)
4,709‌
63‌
Epsilon
Energy
Ltd
1,697‌
9‌
Evolution
Petroleum
Corp
102‌
—‌
Expro
Ltd
(d)
141,693‌
2,260‌
Granite
Ridge
Resources
Inc
(e)
1,626‌
8‌
Gulfport
Energy
Corp
(d)
210‌
34‌
Helmerich
&
Payne
Inc
4,454‌
154‌
HighPeak
Energy
Inc
(e)
1,875‌
13‌
Kolibri
Global
Energy
Inc
(d)
2,022‌
10‌
Kosmos
Energy
Ltd
(d)
1,074,235‌
2,890‌
Matador
Resources
Co
83,575‌
4,170‌
Murphy
Oil
Corp
79,046‌
3,142‌
Nabors
Industries
Ltd
(d)
937‌
80‌
Noble
Corp
PLC
145,265‌
6,159‌
Northern
Oil
&
Gas
Inc
73,136‌
1,547‌
Par
Pacific
Holdings
Inc
(d)
34,712‌
2,986‌
Patterson-UTI
Energy
Inc
23,445‌
246‌
PBF
Energy
Inc
86,687‌
6,266‌
PEDEVCO
Corp
(d)
35‌
—‌
Permian
Resources
Corp
264,860‌
5,644‌
PrimeEnergy
Resources
Corp
(d)
27‌
5‌
Riley
Exploration
Permian
Inc
805‌
28‌
Ring
Energy
Inc
(d)
12,778‌
16‌
SandRidge
Energy
Inc
2,124‌
30‌
Seadrill
Ltd
(d)
4,220‌
189‌
SM
Energy
Co
97,623‌
3,175‌
Talos
Energy
Inc
(d)
139,452‌
2,117‌
Transocean
Ltd
(d)
65,882‌
350‌
VAALCO
Energy
Inc
367,519‌
1,959‌
Valaris
Ltd
(d)
19,845‌
1,572‌
Vitesse
Energy
Inc
(e)
2,127‌
33‌
W&T
Offshore
Inc
6,528‌
23‌
Weatherford
International
PLC
19,000‌
1,668‌
$
67,852‌
Oil
&
Gas
Services
-
1.94%
Archrock
Inc
118,205‌
4,227‌
Atlas
Energy
Solutions
Inc
5,498‌
59‌
Bristow
Group
Inc
1,740‌
79‌
Civeo
Corp
(d)
722‌
23‌
Core
Laboratories
Inc
41,696‌
444‌
DNOW
Inc
(d)
92,806‌
1,311‌
Flotek
Industries
Inc
(d)
21‌
1‌
Forum
Energy
Technologies
Inc
(d)
435‌
27‌
Helix
Energy
Solutions
Group
Inc
(d)
172,788‌
1,643‌
HMH
Holding
Inc
(d)
841‌
17‌
Innovex
International
Inc
(d)
79,144‌
2,222‌
Liberty
Energy
Inc
984‌
18‌
Matrix
Service
Co
(d)
1,544‌
18‌
National
Energy
Services
Reunited
Corp
(d)
21,360‌
576‌
Natural
Gas
Services
Group
Inc
148‌
5‌
NOV
Inc
108,500‌
2,108‌
Oceaneering
International
Inc
(d)
561‌
27‌
Oil
States
International
Inc
(d)
170,510‌
1,383‌
ProFrac
Holding
Corp
(d)
170,628‌
689‌
ProPetro
Holding
Corp
(d)
156,945‌
1,742‌
Ranger
Energy
Services
Inc
1,404‌
23‌
RPC
Inc
232,458‌
1,304‌
SEACOR
Marine
Holdings
Inc
(d)
1,824‌
17‌
Select
Water
Solutions
Inc
78,971‌
1,463‌
Smart
Sand
Inc
2,282‌
10‌
TETRA
Technologies
Inc
(d)
553,915‌
4,265‌
Tidewater
Inc
(d)
9,870‌
741‌
$
24,442‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2026
(unaudited)
See
accompanying
notes.
222
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Packaging
&
Containers
-
0.31%
Ardagh
Metal
Packaging
SA
6,797‌
$
32‌
Clearwater
Paper
Corp
(d)
1,057‌
22‌
Graphic
Packaging
Holding
Co
54,700‌
587‌
Greif
Inc
-
Class
A
1,615‌
140‌
Greif
Inc
-
Class
B
300‌
33‌
O-I
Glass
Inc
(d)
10,360‌
74‌
Ranpak
Holdings
Corp
(d)
3,453‌
18‌
Sonoco
Products
Co
33,100‌
1,865‌
TriMas
Corp
30,093‌
1,201‌
$
3,972‌
Pharmaceuticals
-
0.56%
Accendra
Health
Inc
(d)
5,592‌
17‌
Aclaris
Therapeutics
Inc
(d)
1,333‌
7‌
AdaptHealth
Corp
(d)
6,841‌
74‌
Agios
Pharmaceuticals
Inc
(d)
3,693‌
111‌
Akebia
Therapeutics
Inc
(d)
628‌
1‌
Alkermes
PLC
(d)
2,236‌
110‌
Amneal
Pharmaceuticals
Inc
(d)
8,485‌
155‌
Amphastar
Pharmaceuticals
Inc
(d)
2,126‌
42‌
Anika
Therapeutics
Inc
(d)
920‌
18‌
Aquestive
Therapeutics
Inc
(d)
4,541‌
17‌
AstraZeneca
PLC
-
Contingent
Value
Rights
(d),(f)
3,047‌
1‌
Atrium
Therapeutics
Inc
(d)
338‌
4‌
BellRing
Brands
Inc
(d)
244,351‌
3,027‌
Candel
Therapeutics
Inc
(d)
129‌
1‌
Coherus
Oncology
Inc
(d)
6,777‌
10‌
Corbus
Pharmaceuticals
Holdings
Inc
(d),(e)
1,340‌
12‌
CorMedix
Inc
(d)
4,924‌
37‌
Enanta
Pharmaceuticals
Inc
(d)
1,201‌
15‌
Fulcrum
Therapeutics
Inc
(d)
4,461‌
16‌
Galectin
Therapeutics
Inc
(d),(e)
1,127‌
3‌
Gyre
Therapeutics
Inc
(d),(e)
131‌
1‌
Herbalife
Ltd
(d)
48,675‌
604‌
Heron
Therapeutics
Inc
(d)
960‌
—‌
Immuneering
Corp
(d),(e)
4,361‌
18‌
Indivior
Pharmaceuticals
Inc
(d)
888‌
36‌
Inhibikase
Therapeutics
Inc
(d)
8,105‌
18‌
Ironwood
Pharmaceuticals
Inc
(d)
216‌
1‌
Lyell
Immunopharma
Inc
(d)
770‌
10‌
MediWound
Ltd
(d),(e)
33‌
—‌
Minerva
Neurosciences
Inc
(d),(e)
800‌
3‌
Nature's
Sunshine
Products
Inc
(d)
826‌
17‌
Neurogene
Inc
(d)
716‌
24‌
Ocugen
Inc
(d),(e)
8,663‌
11‌
Ocular
Therapeutix
Inc
(d)
2,505‌
20‌
OnKure
Therapeutics
Inc
(d),(e)
2,136‌
8‌
Oramed
Pharmaceuticals
Inc
2,771‌
11‌
Organon
&
Co
118,200‌
1,602‌
ORIC
Pharmaceuticals
Inc
(d)
3,435‌
38‌
Pacira
BioSciences
Inc
(d)
2,404‌
64‌
Pfizer
Inc
-
Contingent
Value
Rights
(d),(e)
1,179‌
6‌
Sagimet
Biosciences
Inc
(d),(e)
1,048‌
7‌
SIGA
Technologies
Inc
(e)
126,441‌
413‌
SpyGlass
Pharma
Inc
(d)
260‌
6‌
Supernus
Pharmaceuticals
Inc
(d)
3,428‌
153‌
Tonix
Pharmaceuticals
Holding
Corp
(d),(e)
1,193‌
12‌
USANA
Health
Sciences
Inc
(d)
746‌
17‌
Vanda
Pharmaceuticals
Inc
(d)
3,831‌
20‌
Vaxcyte
Inc
(d)
2,831‌
153‌
VeraDermics
Inc
(d),(e)
432‌
45‌
Voyager
Therapeutics
Inc
(d)
4,301‌
13‌
$
7,009‌
Pipelines
-
0.55%
Excelerate
Energy
Inc
46,152‌
1,812‌
Golar
LNG
Ltd
6,534‌
321‌
Kinetik
Holdings
Inc
45,434‌
2,298‌
NextDecade
Corp
(d),(e)
361,332‌
2,428‌
Summit
Midstream
Corp
(d),(e)
673‌
21‌
$
6,880‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Real
Estate
-
0.91%
American
Realty
Investors
Inc
(d)
54‌
$
1‌
Compass
Inc
(d)
7,050‌
80‌
Cushman
&
Wakefield
Ltd
(d)
773,975‌
10,387‌
Douglas
Elliman
Inc
(d)
5,357‌
9‌
FRP
Holdings
Inc
(d)
855‌
19‌
Marcus
&
Millichap
Inc
1,514‌
47‌
McGrath
RentCorp
6,265‌
721‌
New
Era
Energy
&
Digital
Inc
(d),(e)
5,304‌
25‌
Newmark
Group
Inc
9,922‌
149‌
RE/MAX
Holdings
Inc
(d)
1,486‌
14‌
RMR
Group
Inc/The
1,157‌
22‌
Seaport
Entertainment
Group
Inc
(d)
623‌
16‌
Sky
Harbour
Group
Corp
(d)
40‌
—‌
Transcontinental
Realty
Investors
Inc
(d)
28‌
1‌
$
11,491‌
REITs
-
5.00%
Acadia
Realty
Trust
9,078‌
204‌
ACRES
Commercial
Realty
Corp
(d)
521‌
9‌
Adamas
Trust
Inc
5,668‌
51‌
AGNC
Investment
Corp
849,525‌
9,056‌
AH
Realty
Trust
Inc
5,101‌
36‌
Alpine
Income
Property
Trust
Inc
1,088‌
22‌
American
Assets
Trust
Inc
86,082‌
2,031‌
Angel
Oak
Mortgage
REIT
Inc
678‌
6‌
Apollo
Commercial
Real
Estate
Finance
Inc
93,162‌
617‌
Apple
Hospitality
REIT
Inc
14,644‌
242‌
Arbor
Realty
Trust
Inc
12,778‌
64‌
Ares
Commercial
Real
Estate
Corp
205,541‌
875‌
ARMOUR
Residential
REIT
Inc
8,460‌
139‌
Blackstone
Mortgage
Trust
Inc
10,751‌
156‌
Braemar
Hotels
&
Resorts
Inc
4,454‌
10‌
Brandywine
Realty
Trust
11,306‌
34‌
BrightSpire
Capital
Inc
191,185‌
958‌
Broadstone
Net
Lease
Inc
12,967‌
278‌
BRT
Apartments
Corp
802‌
12‌
CareTrust
REIT
Inc
15,136‌
635‌
Centerspace
1,121‌
61‌
Chatham
Lodging
Trust
2,986‌
40‌
Chicago
Atlantic
Real
Estate
Finance
Inc
1,472‌
14‌
Chimera
Investment
Corp
5,596‌
70‌
Chiron
Real
Estate
Inc
29,190‌
1,036‌
Claros
Mortgage
Trust
Inc
(d)
290,352‌
514‌
Community
Healthcare
Trust
Inc
1,817‌
33‌
COPT
Defense
Properties
7,725‌
293‌
CTO
Realty
Growth
Inc
2,197‌
48‌
Curbline
Properties
Corp
6,579‌
202‌
DiamondRock
Hospitality
Co
130,946‌
1,734‌
Diversified
Healthcare
Trust
14,865‌
132‌
Douglas
Emmett
Inc
166,645‌
1,969‌
Dynex
Capital
Inc
14,610‌
186‌
Easterly
Government
Properties
Inc
2,948‌
72‌
Ellington
Financial
Inc
8,289‌
110‌
Empire
State
Realty
Trust
Inc
199,646‌
1,010‌
Essential
Properties
Realty
Trust
Inc
228,977‌
7,165‌
Farmland
Partners
Inc
2,722‌
25‌
Four
Corners
Property
Trust
Inc
7,398‌
189‌
Franklin
BSP
Realty
Trust
Inc
5,159‌
39‌
FrontView
REIT
Inc
1,410‌
29‌
Getty
Realty
Corp
3,861‌
132‌
Gladstone
Commercial
Corp
2,615‌
33‌
Gladstone
Land
Corp
2,681‌
22‌
Global
Net
Lease
Inc
12,882‌
112‌
Granite
Point
Mortgage
Trust
Inc
289,415‌
417‌
Highwoods
Properties
Inc
7,392‌
245‌
Hudson
Pacific
Properties
Inc
(d)
3,549‌
49‌
Independence
Realty
Trust
Inc
15,989‌
266‌
Industrial
Logistics
Properties
Trust
3,763‌
32‌
Innovative
Industrial
Properties
Inc
1,899‌
112‌
InvenTrust
Properties
Corp
5,266‌
186‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2026
(unaudited)
See
accompanying
notes.
223
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Invesco
Mortgage
Capital
Inc
6,058‌
$
45‌
JBG
SMITH
Properties
3,996‌
56‌
Kite
Realty
Group
Trust
13,778‌
394‌
KKR
Real
Estate
Finance
Trust
Inc
3,593‌
25‌
Ladder
Capital
Corp
7,618‌
73‌
LTC
Properties
Inc
144,083‌
5,798‌
LXP
Industrial
Trust
3,900‌
236‌
Macerich
Co/The
19,046‌
492‌
MFA
Financial
Inc
5,180‌
47‌
Modiv
Industrial
Inc
797‌
14‌
National
Health
Investors
Inc
3,221‌
247‌
National
Healthcare
Properties
Inc
2,992‌
46‌
NET
Lease
Office
Properties
1,098‌
13‌
NETSTREIT
Corp
4,860‌
104‌
NexPoint
Diversified
Real
Estate
Trust
3,050‌
14‌
Nexpoint
Real
Estate
Finance
Inc
495‌
8‌
NexPoint
Residential
Trust
Inc
1,513‌
40‌
NNN
REIT
Inc
128,080‌
6,086‌
One
Liberty
Properties
Inc
1,177‌
29‌
Orchid
Island
Capital
Inc
13,702‌
89‌
Orion
Properties
Inc
4,372‌
12‌
Park
Hotels
&
Resorts
Inc
198,706‌
2,992‌
Pebblebrook
Hotel
Trust
130,219‌
2,487‌
PennyMac
Mortgage
Investment
Trust
5,172‌
49‌
Phillips
Edison
&
Co
Inc
8,560‌
364‌
Piedmont
Realty
Trust
Inc
(d)
8,438‌
82‌
Postal
Realty
Trust
Inc
1,757‌
40‌
Ready
Capital
Corp
11,874‌
17‌
Redwood
Trust
Inc
8,393‌
38‌
RLJ
Lodging
Trust
8,324‌
102‌
Sabra
Health
Care
REIT
Inc
17,013‌
360‌
Safehold
Inc
3,766‌
61‌
Saul
Centers
Inc
18‌
1‌
Service
Properties
Trust
7,953‌
64‌
Seven
Hills
Realty
Trust
30,632‌
231‌
SITE
Centers
Corp
4,172‌
18‌
SL
Green
Realty
Corp
4,835‌
256‌
Smartstop
Self
Storage
REIT
Inc
181,903‌
6,101‌
Strawberry
Fields
REIT
Inc
32‌
—‌
Summit
Hotel
Properties
Inc
6,942‌
48‌
Sunstone
Hotel
Investors
Inc
4,545‌
54‌
Tanger
Inc
559‌
23‌
Terreno
Realty
Corp
7,120‌
510‌
TPG
Mortgage
Investment
Trust
Inc
2,450‌
17‌
TPG
RE
Finance
Trust
Inc
4,716‌
38‌
UMH
Properties
Inc
4,984‌
75‌
Universal
Health
Realty
Income
Trust
99‌
4‌
Urban
Edge
Properties
8,606‌
195‌
Vornado
Realty
Trust
71,300‌
2,809‌
Xenia
Hotels
&
Resorts
Inc
5,288‌
109‌
$
63,025‌
Retail
-
4.00%
Abercrombie
&
Fitch
Co
(d)
14,200‌
1,413‌
Academy
Sports
&
Outdoors
Inc
13,645‌
647‌
Advance
Auto
Parts
Inc
4,078‌
226‌
American
Eagle
Outfitters
Inc
(e)
10,578‌
182‌
Asbury
Automotive
Group
Inc
(d)
6,847‌
1,586‌
AutoNation
Inc
(d)
11,500‌
2,443‌
Barnes
&
Noble
Education
Inc
1,365‌
17‌
Bath
&
Body
Works
Inc
338,635‌
6,814‌
Biglari
Holdings
Inc
-
Class
B
(d),(e)
41‌
16‌
Biglari
Holdings
Inc
-
Class
A
(d)
3‌
6‌
BJ's
Restaurants
Inc
(d)
375‌
25‌
Bloomin'
Brands
Inc
5,725‌
50‌
BlueLinx
Holdings
Inc
(d)
483‌
26‌
Bob's
Discount
Furniture
Inc
(d),(e)
574‌
10‌
Caleres
Inc
2,123‌
27‌
Camping
World
Holdings
Inc
2,471‌
15‌
Citi
Trends
Inc
(d)
9‌
1‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Clean
Energy
Fuels
Corp
(d)
11,627‌
$
23‌
Cracker
Barrel
Old
Country
Store
Inc
(e)
1,491‌
84‌
Designer
Brands
Inc
2,845‌
17‌
Dine
Brands
Global
Inc
656‌
24‌
El
Pollo
Loco
Holdings
Inc
(d)
58,139‌
957‌
First
Watch
Restaurant
Group
Inc
(d)
4,095‌
53‌
FirstCash
Holdings
Inc
49,865‌
10,173‌
Genesco
Inc
(d)
641‌
24‌
Group
1
Automotive
Inc
5,864‌
1,682‌
Haverty
Furniture
Cos
Inc
56,980‌
1,404‌
J
Jill
Inc
(e)
666‌
12‌
Jack
in
the
Box
Inc
(d),(e)
1,248‌
20‌
Kohl's
Corp
7,340‌
140‌
Krispy
Kreme
Inc
(d)
6,060‌
19‌
La-Z-Boy
Inc
2,691‌
106‌
Macy's
Inc
53,000‌
1,315‌
MarineMax
Inc
(d)
1,309‌
45‌
Movado
Group
Inc
993‌
38‌
MSC
Industrial
Direct
Co
Inc
21,300‌
2,628‌
National
Vision
Holdings
Inc
(d)
4,527‌
100‌
Nu
Skin
Enterprises
Inc
3,256‌
17‌
OneWater
Marine
Inc
(d)
67,210‌
823‌
Papa
John's
International
Inc
(e)
2,007‌
60‌
PC
Connection
Inc
8,173‌
684‌
Petco
Health
&
Wellness
Co
Inc
(d)
6,172‌
17‌
Portillo's
Inc
(d),(e)
123,350‌
564‌
Rent
the
Runway
Inc
(d),(e)
169‌
1‌
RideNow
Group
Inc
(d)
1,280‌
8‌
Sally
Beauty
Holdings
Inc
(d)
6,456‌
97‌
Shoe
Station
Group
Inc
1,457‌
22‌
Signet
Jewelers
Ltd
2,628‌
244‌
Sonic
Automotive
Inc
29,213‌
2,676‌
Sweetgreen
Inc
(d)
2,923‌
19‌
Urban
Outfitters
Inc
(d)
2,376‌
176‌
Warby
Parker
Inc
(d)
375,640‌
10,026‌
Wendy's
Co/The
(e)
338,966‌
2,495‌
Winmark
Corp
196‌
65‌
Yesway
Inc
(d),(e)
1,090‌
23‌
Zumiez
Inc
(d)
901‌
18‌
$
50,403‌
Savings
&
Loans
-
2.30%
Axos
Financial
Inc
(d)
3,210‌
325‌
Banc
of
California
Inc
61,131‌
1,171‌
Beacon
Financial
Corp
77,464‌
2,441‌
BV
Financial
Inc
(d)
510‌
10‌
Capitol
Federal
Financial
Inc
281,977‌
2,493‌
CF
Bankshares
Inc
386‌
14‌
Citizens
Community
Bancorp
Inc/WI
756‌
17‌
Eagle
Bancorp
Montana
Inc
621‌
14‌
Finward
Bancorp
6,900‌
307‌
First
Capital
Inc
274‌
17‌
FS
Bancorp
Inc
467‌
20‌
Greene
County
Bancorp
Inc
525‌
17‌
Hingham
Institution
For
Savings
The
(e)
7,733‌
2,206‌
Home
Bancorp
Inc
18,517‌
1,321‌
HomeTrust
Bancshares
Inc
1,014‌
52‌
Northwest
Bancshares
Inc
9,904‌
156‌
OceanFirst
Financial
Corp
221,679‌
4,280‌
Provident
Financial
Services
Inc
111,381‌
2,749‌
Southern
Missouri
Bancorp
Inc
24,548‌
1,901‌
Timberland
Bancorp
Inc/WA
551‌
25‌
WaFd
Inc
67,531‌
2,483‌
Waterstone
Financial
Inc
1,122‌
23‌
WSFS
Financial
Corp
86,241‌
6,916‌
$
28,958‌
Semiconductors
-
1.02%
Alpha
&
Omega
Semiconductor
Ltd
(d)
1,627‌
52‌
Arteris
Inc
(d)
231‌
7‌
CEVA
Inc
(d)
210‌
7‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2026
(unaudited)
See
accompanying
notes.
224
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
Cohu
Inc
(d)
1,097‌
$
53‌
Diodes
Inc
(d)
555‌
46‌
GSI
Technology
Inc
(d),(e)
76‌
—‌
inTEST
Corp
(d)
22‌
—‌
Photronics
Inc
(d)
199,379‌
6,039‌
QuickLogic
Corp
(d)
477‌
6‌
Rambus
Inc
(d)
68,555‌
6,241‌
Richardson
Electronics
Ltd/United
States
983‌
18‌
Synaptics
Inc
(d)
2,360‌
253‌
Vishay
Precision
Group
Inc
(d)
350‌
32‌
Wolfspeed
Inc
(d),(e)
1,892‌
45‌
$
12,799‌
Software
-
1.72%
8x8
Inc
(d)
9,308‌
18‌
ACI
Worldwide
Inc
(d)
38,200‌
2,190‌
ACV
Auctions
Inc
(d)
3,984‌
30‌
Adeia
Inc
778‌
21‌
Asure
Software
Inc
(d)
1,911‌
15‌
BigBear.ai
Holdings
Inc
(d),(e)
24,519‌
68‌
Blend
Labs
Inc
(d)
619‌
1‌
Box
Inc
(d)
1,606‌
51‌
C3.ai
Inc
(d)
9,101‌
84‌
Carlsmed
Inc
(d)
342‌
4‌
Cerence
Inc
(d)
2,250‌
19‌
Claritev
Corp
(d)
550‌
12‌
Concentrix
Corp
2,811‌
69‌
Consensus
Cloud
Solutions
Inc
(d)
400‌
15‌
CS
Disco
Inc
(d)
157‌
1‌
Daily
Journal
Corp
(d)
64‌
38‌
Digi
International
Inc
(d)
345‌
24‌
Digital
Turbine
Inc
(d)
6,595‌
53‌
Domo
Inc
(d),(e)
1,592‌
6‌
Donnelley
Financial
Solutions
Inc
(d)
378‌
18‌
DoubleVerify
Holdings
Inc
(d)
1,606‌
18‌
Duos
Technologies
Group
Inc
(d),(e)
37‌
—‌
eGain
Corp
(d)
122‌
1‌
EverCommerce
Inc
(d)
30‌
—‌
Evolent
Health
Inc
(d)
4,921‌
15‌
Five9
Inc
(d)
5,053‌
139‌
Freshworks
Inc
(d)
9,245‌
105‌
Gemini
Space
Station
Inc
(d),(e)
3,333‌
13‌
Genius
Sports
Ltd
(d)
12,283‌
85‌
I3
Verticals
Inc
(d)
1,446‌
30‌
IBEX
Holdings
Ltd
(d)
275‌
10‌
Ibotta
Inc
(d)
24,561‌
589‌
Immersion
Corp
2,285‌
17‌
N-able
Inc/US
(d)
296,482‌
1,388‌
nCino
Inc
(d)
549‌
10‌
PagerDuty
Inc
(d)
2,816‌
30‌
Paycom
Software
Inc
16,900‌
2,771‌
Phreesia
Inc
(d)
712‌
8‌
Playtika
Holding
Corp
3,490‌
14‌
Porch
Group
Inc
(d)
5,809‌
84‌
Progress
Software
Corp
(d)
1,728‌
70‌
PubMatic
Inc
(d)
2,581‌
33‌
Quantum
Computing
Inc
(d),(e)
11,635‌
94‌
Rackspace
Technology
Inc
(d),(e)
4,740‌
20‌
SHARPLINK
INC
(d),(e)
12,457‌
76‌
Simulations
Plus
Inc
(d),(e)
417‌
8‌
Sprout
Social
Inc
(d)
1,275‌
11‌
SPS
Commerce
Inc
(d)
982‌
72‌
Swarmer
Inc
(d),(e)
8‌
—‌
Teradata
Corp
(d)
1,846‌
57‌
Unity
Software
Inc
(d)
323,120‌
10,246‌
Veritone
Inc
(d),(e)
3,269‌
4‌
Via
Transportation
Inc
(d),(e)
2,685‌
55‌
Waystar
Holding
Corp
(d)
7,442‌
157‌
Whitefiber
Inc
(d),(e)
792‌
19‌
Workiva
Inc
(d)
43,700‌
2,613‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Yext
Inc
(d)
4,642‌
$
25‌
ZenaTech
Inc
(d)
259‌
—‌
ZoomInfo
Technologies
Inc
(d)
16,307‌
54‌
$
21,678‌
Supranational
Bank
-
0.01%
Bladex
Inc
1,763‌
103‌
Telecommunications
-
0.86%
ATN
International
Inc
764‌
18‌
Aviat
Networks
Inc
(d)
34,000‌
696‌
Clearfield
Inc
(d)
744‌
23‌
IDT
Corp
-
Class
B
200‌
13‌
Inseego
Corp
(d)
66‌
1‌
Keel
Infrastructure
Corp
(d),(e)
29,049‌
115‌
KVH
Industries
Inc
(d)
1,019‌
10‌
Liberty
Capital
Corp
(d)
256‌
6‌
Liberty
Capital
Corp
(d)
2,199‌
51‌
Lumen
Technologies
Inc
(d)
666,463‌
4,252‌
NETGEAR
Inc
(d)
1,745‌
42‌
Powerfleet
Inc
NJ
(d)
8,519‌
33‌
Ribbon
Communications
Inc
(d)
7,664‌
16‌
Shenandoah
Telecommunications
Co
3,333‌
40‌
Soluna
Holdings
Inc
(d),(e)
8,544‌
11‌
Spok
Holdings
Inc
1,653‌
18‌
Telephone
and
Data
Systems
Inc
6,663‌
224‌
Uniti
Group
Inc
(d)
3,432‌
33‌
Viasat
Inc
(d)
65,656‌
5,051‌
Vistance
Networks
Inc
14,821‌
174‌
$
10,827‌
Textiles
-
0.11%
UniFirst
Corp/MA
4,946‌
1,449‌
Toys,
Games
&
Hobbies
-
0.21%
Funko
Inc
(d)
2,833‌
17‌
JAKKS
Pacific
Inc
58,933‌
1,552‌
Mattel
Inc
(d)
71,200‌
1,074‌
Tron
Inc
(d)
3,894‌
5‌
$
2,648‌
Transportation
-
0.80%
ArcBest
Corp
543‌
78‌
Ardmore
Shipping
Corp
2,363‌
41‌
Costamare
Bulkers
Holdings
Ltd
(d)
709‌
14‌
Costamare
Inc
2,980‌
46‌
Covenant
Logistics
Group
Inc
185‌
7‌
CryoPort
Inc
(d)
3,280‌
49‌
DHT
Holdings
Inc
2,158‌
40‌
Dorian
LPG
Ltd
1,542‌
73‌
FLEX
LNG
Ltd
1,770‌
55‌
Genco
Shipping
&
Trading
Ltd
2,149‌
55‌
Heartland
Express
Inc
2,594‌
32‌
Hub
Group
Inc
4,005‌
186‌
International
Seaways
Inc
2,792‌
269‌
Landstar
System
Inc
11,200‌
1,957‌
Marten
Transport
Ltd
3,930‌
58‌
Matson
Inc
11,628‌
2,356‌
Navigator
Holdings
Ltd
2,451‌
55‌
Nordic
American
Tankers
Ltd
13,718‌
90‌
PAMT
CORP
(d)
370‌
6‌
Pangaea
Logistics
Solutions
Ltd
2,391‌
18‌
Proficient
Auto
Logistics
Inc
(d)
2,022‌
14‌
Radiant
Logistics
Inc
(d)
2,512‌
21‌
RXO
Inc
(d)
10,567‌
214‌
Safe
Bulkers
Inc
3,662‌
29‌
Schneider
National
Inc
38,800‌
1,387‌
Scorpio
Tankers
Inc
3,085‌
240‌
SFL
Corp
Ltd
1,122‌
14‌
Teekay
Corp
Ltd
3,725‌
43‌
Teekay
Tankers
Ltd
1,619‌
128‌
Universal
Logistics
Holdings
Inc
(e)
587‌
8‌
Werner
Enterprises
Inc
3,389‌
127‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2026
(unaudited)
See
accompanying
notes.
225
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
(continued)
World
Kinect
Corp
61,158‌
$
2,438‌
$
10,148‌
Trucking
&
Leasing
-
1.30%
GATX
Corp
79,079‌
14,145‌
Greenbrier
Cos
Inc/The
46,187‌
2,274‌
Willis
Lease
Finance
Corp
261‌
19‌
$
16,438‌
Water
-
0.22%
American
States
Water
Co
761‌
65‌
Artesian
Resources
Corp
15,200‌
522‌
California
Water
Service
Group
4,036‌
202‌
Consolidated
Water
Co
Ltd
173‌
5‌
Global
Water
Resources
Inc
(e)
812‌
6‌
H2O
America
30,805‌
1,890‌
Middlesex
Water
Co
1,222‌
70‌
York
Water
Co/The
1,069‌
33‌
$
2,793‌
TOTAL
COMMON
STOCKS
$
1,225,558‌
Total
Investments
$
1,270,384‌
Other
Assets
and
Liabilities
-  (0.75)%
(9,439‌)
TOTAL
NET
ASSETS
-
100.00%
$
1,260,945‌
(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
$9,805
or
0.78%
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
$9,451
or
0.75%
of
net
assets.
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Affiliated
Securities
October
31,
2025
Purchases
Sales
July
31,
2026
Value
Cost
Proceeds
Value
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
52,211‌
$
898,185‌
$
908,888‌
$
41,508‌
$
52,211‌
$
898,185‌
$
908,888‌
$
41,508‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Funds,
Inc
-
Government
Money
Market
Fund
-
Class
R-6
3.58%
$
1,073‌
$
—‌
$
—‌
$
—‌
$
1,073‌
$
—‌
$
—‌
$
—‌
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)
Russell
2000
Emini;
September
2026
Long
25‌
$
3,673‌
$
(56‌)
Total
$
(56‌)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Tax-Exempt
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
226
INVESTMENT
COMPANIES
-
0
.65
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.65
%
iShares
National
Muni
Bond
ETF
14,828‌
$
1,566‌
iShares
Short-Term
National
Muni
Bond
ETF
374‌
40‌
JPMorgan
Ultra-Short
Municipal
Income
ETF
99‌
5‌
State
Street
SPDR
Nuveen
ICE
High
Yield
Municipal
Bond
ETF
30,004‌
747‌
VanEck
High
Yield
Muni
ETF
18,363‌
922‌
$
3,280‌
TOTAL
INVESTMENT
COMPANIES
$
3,280‌
COMMON
STOCKS
-
0
.00
%
Shares
Held
Value
(000's)
Transportation
-
0
.00
%
BL
Train
Holdings
West
LLC
-
Warrants
(a),(b)
45,054‌
$
22‌
TOTAL
COMMON
STOCKS
$
22‌
MUNICIPAL
BONDS
-
104
.55
%
Principal
Amount
(000's)
Value
(000's)
Alabama
-
6
.84
%
Baldwin
County
Industrial
Development
Authority
4.30%,
03/01/2056
(c),(d)
$
2,500‌
$
2,478‌
Black
Belt
Energy
Gas
District
5.00%,
06/01/2036
5,000‌
5,103‌
5.00%,
11/01/2036
10,200‌
10,525‌
Energy
Southeast
A
Cooperative
District
5.25%,
07/01/2054
(c)
3,220‌
3,414‌
Industrial
Development
Board
of
the
City
of
Mobile
Alabama
3.05%,
06/01/2034
(c)
1,400‌
1,400‌
Lower
Alabama
Gas
District/The
5.00%,
09/01/2034
5,000‌
5,155‌
5.00%,
09/01/2046
3,445‌
3,493‌
Tuscaloosa
County
Industrial
Development
Authority
5.25%,
05/01/2044
(d)
2,755‌
2,791‌
$
34,359‌
Arizona
-
1
.05
%
Arizona
Industrial
Development
Authority
5.13%,
01/01/2059
575‌
520‌
Maricopa
County
Industrial
Development
Authority
4.00%,
01/01/2041
2,900‌
2,773‌
Navajo
Nation
5.50%,
12/01/2030
(d)
1,990‌
1,992‌
$
5,285‌
Arkansas
-
0
.20
%
Arkansas
Development
Finance
Authority
5.45%,
09/01/2052
1,000‌
1,014‌
California
-
10
.52
%
California
Community
Choice
Financing
Authority
5.00%,
07/01/2053
(c)
5,000‌
5,182‌
California
Educational
Facilities
Authority
5.00%,
04/01/2051
3,000‌
3,329‌
California
Housing
Finance
Agency
(credit
support
from
Federal
Home
Loan
Mortgage
Corporation
Collateral
)
3.75%,
03/25/2035
(e)
6,722‌
6,666‌
California
Infrastructure
&
Economic
Development
Bank
12.00%,
01/01/2065
(c),(d)
1,835‌
1,174‌
California
Municipal
Finance
Authority
4.00%,
07/15/2029
2,050‌
2,061‌
California
Municipal
Finance
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
-
Transfer
Custodial
Receipt
)
5.00%,
05/15/2031
(e)
2,240‌
2,328‌
California
Public
Finance
Authority
6.50%,
06/01/2054
(d)
8,000‌
7,693‌
California
Statewide
Communities
Development
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
05/15/2031
(e)
2,000‌
2,157‌
Chino
Valley
Unified
School
District
5.00%,
08/01/2055
(f)
2,430‌
2,479‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
City
of
Long
Beach
CA
Airport
System
Revenue
(credit
support
from
Assured
Guaranty
)
5.25%,
06/01/2047
(e)
$
1,300‌
$
1,343‌
City
of
Los
Angeles
Department
of
Airports
5.00%,
05/15/2029
1,250‌
1,315‌
5.00%,
05/15/2037
(f)
3,824‌
4,024‌
Los
Angeles
Department
of
Water
&
Power
Water
System
Revenue
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
07/01/2046
(e)
6,500‌
6,775‌
San
Diego
Unified
School
District/CA
0.00%,
07/01/2032
(a)
5,000‌
4,140‌
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
5.00%,
05/01/2040
1,500‌
1,536‌
Tender
Option
Bond
Trust
Receipts/Certificates
2.95%,
11/01/2043
(c),(d)
600‌
600‌
$
52,802‌
Colorado
-
0
.63
%
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
5.00%,
04/01/2035
(d)
3,000‌
3,177‌
Connecticut
-
1
.85
%
Aquarion
Water
Authority
5.25%,
08/01/2046
3,000‌
3,232‌
Connecticut
State
Health
&
Educational
Facilities
Authority
5.00%,
07/01/2064
(c)
2,000‌
2,249‌
Mohegan
Tribal
Finance
Authority
7.00%,
02/01/2045
(d)
3,800‌
3,829‌
$
9,310‌
District
of
Columbia
-
0
.43
%
District
of
Columbia
5.00%,
04/01/2060
(c)
2,000‌
2,153‌
Florida
-
7
.37
%
City
of
Lakeland
FL
Department
of
Electric
Utilities
5.25%,
10/01/2036
5,010‌
5,603‌
Collier
County
Industrial
Development
Authority
(credit
support
from
Assured
Guaranty
)
5.00%,
10/01/2049
(e)
1,500‌
1,519‌
County
of
Miami-Dade
FL
Aviation
Revenue
5.00%,
10/01/2049
(f)
7,000‌
6,940‌
County
of
Miami-Dade
FL
Water
&
Sewer
System
Revenue
5.00%,
10/01/2055
2,400‌
2,456‌
Florida
Development
Finance
Corp
4.50%,
07/01/2032
(d)
4,000‌
3,969‌
4.55%,
06/01/2046
(c),(d)
5,000‌
4,998‌
Florida
Development
Finance
Corp
(credit
support
from
Assured
Guaranty
)
5.25%,
07/01/2047
(e)
1,505‌
1,493‌
Greater
Orlando
Aviation
Authority
5.25%,
10/01/2049
(f)
3,000‌
3,075‌
Miami-Dade
County
Educational
Facilities
Authority
5.00%,
04/01/2053
2,000‌
2,000‌
Palm
Beach
County
Health
Facilities
Authority
7.50%,
05/15/2053
1,000‌
1,102‌
Sarasota
County
Public
Hospital
District
5.00%,
07/01/2037
3,500‌
3,864‌
$
37,019‌
Georgia
-
5
.95
%
Atlanta
Development
Authority/The
5.00%,
04/01/2034
(d)
5,650‌
5,731‌
5.50%,
04/01/2039
(d)
2,500‌
2,536‌
City
of
Atlanta
GA
Airport
Passenger
Facility
Charge
5.00%,
07/01/2032
9,235‌
10,003‌
Schedule
of
Investments
Tax-Exempt
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
227
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Georgia
(continued)
Development
Authority
of
Burke
County/The
3.05%,
11/01/2052
(c)
$
400‌
$
400‌
George
L
Smith
II
Congress
Center
Authority
5.00%,
01/01/2036
(d)
1,752‌
1,760‌
Georgia
Ports
Authority
5.00%,
07/01/2047
1,000‌
1,033‌
5.25%,
07/01/2043
3,585‌
3,827‌
Main
Street
Natural
Gas
Inc
5.00%,
12/01/2055
(c)
4,300‌
4,467‌
Private
Colleges
&
Universities
Authority
2.52%,
09/01/2052
(c)
100‌
100‌
$
29,857‌
Illinois
-
7
.76
%
City
of
Chicago
IL
6.00%,
01/01/2050
4,500‌
4,664‌
6.00%,
01/01/2050
1,000‌
1,032‌
6.00%,
01/01/2055
1,500‌
1,540‌
County
of
Cook
IL
Sales
Tax
Revenue
5.25%,
11/15/2035
1,500‌
1,534‌
Illinois
State
Toll
Highway
Authority
4.00%,
01/01/2046
410‌
384‌
5.00%,
12/01/2031
5,200‌
5,207‌
5.00%,
01/01/2047
(f)
1,400‌
1,461‌
5.25%,
01/01/2043
(f)
2,340‌
2,504‌
Metropolitan
Pier
&
Exposition
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
-
Transfer
Custodial
Receipt
)
4.00%,
12/15/2042
(e)
5,000‌
4,724‌
Metropolitan
Pier
&
Exposition
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
5.50%,
06/15/2029
(e)
1,295‌
1,342‌
Sales
Tax
Securitization
Corp
5.00%,
01/01/2036
2,700‌
2,815‌
5.00%,
01/01/2040
3,000‌
3,032‌
State
of
Illinois
5.50%,
10/01/2044
6,855‌
7,234‌
5.50%,
04/01/2051
1,000‌
1,046‌
United
City
of
Yorkville
IL
5.75%,
03/01/2028
300‌
301‌
Village
of
Gilberts
IL
Special
Service
Area
No
24
5.38%,
03/01/2034
124‌
119‌
$
38,939‌
Indiana
-
0
.14
%
City
of
Whiting
IN
3.00%,
11/01/2051
1,000‌
699‌
Iowa
-
0
.11
%
Iowa
Finance
Authority
7.50%,
05/15/2053
500‌
551‌
Kentucky
-
2
.43
%
Kentucky
Public
Energy
Authority
5.00%,
12/01/2033
5,000‌
5,075‌
Kentucky
Turnpike
Authority
5.00%,
07/01/2031
6,550‌
7,128‌
$
12,203‌
Louisiana
-
1
.17
%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
4.40%,
11/01/2044
(d)
1,500‌
1,427‌
5.50%,
11/01/2039
(d)
1,325‌
1,342‌
Parish
of
St
James
LA
6.10%,
12/01/2040
(c),(d)
1,000‌
1,086‌
Parish
of
St
John
the
Baptist
LA
3.30%,
06/01/2037
(c)
2,000‌
2,038‌
$
5,893‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Maryland
-
0
.97
%
Maryland
Economic
Development
Corp
5.00%,
07/01/2048
(c),(d)
$
3,000‌
$
3,188‌
Tender
Option
Bond
Trust
Receipts/Certificates
3.20%,
08/15/2033
(c),(d)
1,345‌
1,345‌
3.22%,
07/01/2032
(c),(d)
360‌
360‌
$
4,893‌
Massachusetts
-
3
.75
%
Massachusetts
Development
Finance
Agency
5.00%,
07/15/2040
10,770‌
12,157‌
5.00%,
07/01/2050
1,000‌
1,082‌
5.00%,
05/15/2055
(c)
5,000‌
5,583‌
$
18,822‌
Michigan
-
1
.24
%
City
of
Detroit
MI
5.00%,
04/01/2050
1,000‌
1,003‌
5.50%,
04/01/2050
1,000‌
1,017‌
Kentwood
Economic
Development
Corp
5.00%,
11/15/2041
1,000‌
996‌
Michigan
Finance
Authority
4.00%,
02/15/2044
3,500‌
3,198‌
$
6,214‌
Minnesota
-
0
.99
%
State
of
Minnesota
4.00%,
08/01/2041
5,000‌
4,953‌
Mississippi
-
0
.30
%
Mississippi
Business
Finance
Corp
3.05%,
11/01/2035
(c)
800‌
800‌
3.15%,
12/01/2030
(c)
700‌
700‌
$
1,500‌
Montana
-
0
.54
%
Montana
Board
of
Housing
(credit
support
from
Federal
Housing
Administration,
Guaranteed
by
the
Department
of
Veterans
Affairs
and
HUD
)
4.00%,
06/01/2045
(e)
805‌
760‌
Montana
Facility
Finance
Authority
4.13%,
07/01/2038
2,000‌
1,949‌
$
2,709‌
Nevada
-
2
.93
%
Las
Vegas
Convention
&
Visitors
Authority
5.00%,
07/01/2043
(f)
8,950‌
9,121‌
5.25%,
07/01/2049
(f)
5,400‌
5,572‌
$
14,693‌
New
Hampshire
-
0
.23
%
New
Hampshire
Business
Finance
Authority
3.75%,
07/01/2045
(c),(d)
1,000‌
808‌
4.13%,
01/20/2034
369‌
369‌
$
1,177‌
New
Jersey
-
4
.41
%
Casino
Reinvestment
Development
Authority
Inc
(credit
support
from
Assured
Guaranty
)
5.00%,
11/01/2042
(e)
1,000‌
1,049‌
New
Jersey
Economic
Development
Authority
5.75%,
04/01/2031
1,005‌
1,005‌
New
Jersey
Turnpike
Authority
5.25%,
01/01/2049
1,000‌
1,056‌
State
of
New
Jersey
4.00%,
06/01/2031
5,000‌
5,208‌
Tobacco
Settlement
Financing
Corp
4.00%,
06/01/2037
5,195‌
5,112‌
5.25%,
06/01/2046
8,680‌
8,698‌
$
22,128‌
New
York
-
11
.36
%
Hempstead
Town
Local
Development
Corp
5.00%,
10/01/2056
3,000‌
2,837‌
Schedule
of
Investments
Tax-Exempt
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
228
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
New
York
(continued)
Metropolitan
Transportation
Authority
4.00%,
11/15/2044
$
735‌
$
668‌
5.00%,
11/15/2032
1,000‌
1,074‌
5.00%,
11/15/2045
3,025‌
3,079‌
New
York
City
Municipal
Water
Finance
Authority
5.25%,
06/15/2046
2,000‌
2,120‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
5.25%,
11/01/2038
2,835‌
3,052‌
5.50%,
05/01/2042
3,050‌
3,332‌
New
York
Energy
Finance
Development
Corp
5.00%,
07/01/2056
(c)
2,050‌
2,084‌
New
York
State
Dormitory
Authority
4.00%,
09/01/2045
1,500‌
1,319‌
5.00%,
10/01/2038
1,000‌
1,025‌
5.00%,
10/01/2048
(f)
2,000‌
2,181‌
5.00%,
10/01/2050
(f)
5,500‌
5,947‌
5.25%,
03/15/2049
1,000‌
1,047‌
New
York
State
Dormitory
Authority
(credit
support
from
Assured
Guaranty
)
5.25%,
10/01/2043
(e)
1,000‌
1,068‌
5.50%,
10/01/2054
(e)
3,000‌
3,129‌
New
York
State
Housing
Finance
Agency
3.05%,
11/01/2044
(c)
1,500‌
1,500‌
New
York
Transportation
Development
Corp
4.00%,
10/31/2041
1,000‌
936‌
5.00%,
01/01/2032
5,000‌
5,100‌
5.00%,
01/01/2034
3,200‌
3,254‌
5.63%,
04/01/2040
1,000‌
1,060‌
6.00%,
06/30/2059
1,500‌
1,570‌
New
York
Transportation
Development
Corp
(credit
support
from
Assured
Guaranty
)
6.00%,
06/30/2050
(e)
4,000‌
4,297‌
Niagara
Area
Development
Corp
4.75%,
11/01/2042
(d)
1,135‌
1,009‌
Oneida
Indian
Nation
of
New
York
6.00%,
09/01/2043
(d)
1,900‌
2,030‌
Tender
Option
Bond
Trust
Receipts/Certificates
3.15%,
12/01/2032
(c),(d)
105‌
105‌
Tompkins
County
Development
Corp
0.00%,
07/01/2027
(a)
115‌
23‌
Westchester
County
Local
Development
Corp
(credit
support
from
Assured
Guaranty
)
5.75%,
11/01/2048
(e)
2,075‌
2,211‌
$
57,057‌
North
Carolina
-
0
.24
%
City
of
Charlotte
NC
Airport
Revenue
5.00%,
07/01/2039
1,100‌
1,205‌
Ohio
-
4
.15
%
Buckeye
Tobacco
Settlement
Financing
Authority
4.00%,
06/01/2037
1,125‌
1,128‌
4.00%,
06/01/2039
1,850‌
1,799‌
5.00%,
06/01/2055
1,580‌
1,195‌
County
of
Cuyahoga
OH
5.00%,
12/01/2049
2,655‌
2,719‌
County
of
Hamilton
OH
5.00%,
01/01/2036
1,435‌
1,435‌
Ohio
Air
Quality
Development
Authority
4.50%,
01/15/2048
(d)
850‌
797‌
Ohio
State
University/The
5.00%,
12/01/2033
5,000‌
5,536‌
Ohio
Water
Development
Authority
5.00%,
12/01/2039
2,000‌
2,191‌
State
of
Ohio
2.45%,
01/15/2045
(c)
250‌
250‌
2.45%,
01/15/2051
(c)
2,800‌
2,800‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Ohio
(continued)
Tender
Option
Bond
Trust
Receipts/Certificates
3.10%,
06/01/2031
(c),(d)
$
1,000‌
$
1,000‌
$
20,850‌
Oklahoma
-
0
.56
%
Tulsa
Municipal
Airport
Trust
Trustees/OK
6.25%,
12/01/2035
2,500‌
2,795‌
Oregon
-
1
.06
%
State
of
Oregon
Department
of
Transportation
5.00%,
11/15/2034
4,750‌
5,329‌
Other
Territory
-
0
.23
%
JPMorgan
Chase
Putters/Drivers
Trust
2.56%,
10/01/2026
(c),(d)
1,000‌
1,000‌
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
2.61%,
03/01/2029
(c)
150‌
150‌
$
1,150‌
Pennsylvania
-
4
.23
%
Allegheny
County
Industrial
Development
Authority
5.13%,
05/01/2030
1,630‌
1,702‌
City
of
Philadelphia
PA
5.00%,
02/01/2037
2,000‌
2,080‌
General
Authority
of
Southcentral
Pennsylvania
(credit
support
from
Assured
Guaranty
)
4.00%,
06/01/2049
(e)
3,400‌
3,021‌
Lancaster
Industrial
Development
Authority
4.00%,
07/01/2051
1,000‌
818‌
Pennsylvania
Economic
Development
Financing
Authority
5.45%,
03/01/2056
(c),(d)
2,500‌
2,566‌
5.50%,
06/30/2043
4,100‌
4,306‌
Pennsylvania
Higher
Educational
Facilities
Authority
5.00%,
08/15/2041
(g)
1,375‌
1,450‌
5.00%,
08/15/2042
(g)
1,100‌
1,155‌
Pennsylvania
Turnpike
Commission
5.00%,
12/01/2029
2,000‌
2,132‌
Philadelphia
Authority
for
Industrial
Development
4.00%,
07/01/2049
1,050‌
947‌
Philadelphia
Gas
Works
Co
(credit
support
from
Assured
Guaranty
)
5.25%,
08/01/2054
(e)
1,000‌
1,037‌
$
21,214‌
Puerto
Rico
-
0
.75
%
Commonwealth
of
Puerto
Rico
0.00%,
07/01/2033
(a)
428‌
311‌
0.00%,
11/01/2043
(a),(c)
1,278‌
910‌
4.00%,
07/01/2033
183‌
183‌
4.00%,
07/01/2037
257‌
251‌
4.00%,
07/01/2046
363‌
328‌
5.75%,
07/01/2031
1‌
1‌
Puerto
Rico
Sales
Tax
Financing
Corp
Sales
Tax
Revenue
5.00%,
07/01/2058
1,850‌
1,777‌
$
3,761‌
Rhode
Island
-
0
.32
%
Tender
Option
Bond
Trust
Receipts/
Certificates
(credit
support
from
Ginnie
Mae
Collateral
)
2.65%,
04/01/2031
(c),(d),(e)
1,600‌
1,600‌
South
Carolina
-
1
.81
%
City
of
North
Charleston
SC
2.33%,
09/01/2037
(c)
100‌
100‌
South
Carolina
Jobs-Economic
Development
Authority
0.00%,
06/01/2031
(a),(d)
1,000‌
110‌
0.00%,
06/01/2051
(a),(d)
4,500‌
495‌
5.25%,
11/15/2047
1,830‌
1,828‌
Schedule
of
Investments
Tax-Exempt
Bond
Fund
July
31,
2026
(unaudited)
See
accompanying
notes.
229
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
South
Carolina
(continued)
South
Carolina
Jobs-Economic
Development
Authority  
(continued)
5.25%,
11/15/2052
$
1,500‌
$
1,448‌
South
Carolina
Public
Service
Authority
5.25%,
12/01/2050
2,930‌
3,048‌
South
Carolina
Public
Service
Authority
(credit
support
from
Assured
Guaranty
)
5.00%,
12/01/2055
(e)
2,000‌
2,032‌
$
9,061‌
Tennessee
-
0
.03
%
Public
Building
Authority
of
Blount
County
Tennessee/The
3.05%,
06/01/2034
(c)
140‌
140‌
Texas
-
12
.37
%
Central
Texas
Regional
Mobility
Authority
5.00%,
01/01/2048
2,740‌
2,754‌
City
of
Houston
TX
Airport
System
Revenue
5.50%,
07/15/2036
4,550‌
4,871‌
5.50%,
07/15/2038
1,000‌
1,058‌
City
of
Houston
TX
Hotel
Occupancy
Tax
&
Special
Revenue
(credit
support
from
Assured
Guaranty
)
5.25%,
09/01/2051
(e)
2,000‌
2,062‌
5.50%,
09/01/2058
(e)
1,250‌
1,309‌
Lower
Colorado
River
Authority
(credit
support
from
Assured
Guaranty
)
5.00%,
05/15/2044
(e)
4,055‌
4,257‌
Mission
Economic
Development
Corp
5.00%,
12/01/2064
(c)
2,500‌
2,580‌
New
Hope
Higher
Education
Finance
Corp
5.00%,
03/15/2055
2,000‌
2,030‌
Permanent
University
Fund
-
University
of
Texas
System
5.00%,
07/01/2036
6,305‌
7,085‌
5.25%,
07/01/2040
8,500‌
9,733‌
Port
of
Beaumont
Navigation
District
3.63%,
01/01/2035
(d)
4,335‌
3,921‌
Port
of
Port
Arthur
Navigation
District
3.05%,
04/01/2040
(c)
1,100‌
1,100‌
3.05%,
04/01/2040
(c)
700‌
700‌
Tarrant
County
Cultural
Education
Facilities
Finance
Corp
4.13%,
12/01/2054
1,000‌
888‌
5.00%,
11/15/2037
2,060‌
2,062‌
5.00%,
12/01/2044
2,000‌
2,096‌
Tender
Option
Bond
Trust
Receipts/Certificates
3.10%,
03/01/2033
(c),(d)
2,100‌
2,100‌
3.10%,
03/01/2033
(c),(d)
3,300‌
3,300‌
Texas
Municipal
Gas
Acquisition
&
Supply
Corp
V
5.00%,
04/01/2036
3,725‌
3,845‌
5.00%,
01/01/2055
(c)
4,225‌
4,379‌
$
62,130‌
Utah
-
3
.25
%
City
of
Salt
Lake
City
UT
Airport
Revenue
5.00%,
07/01/2040
(f)
2,040‌
2,147‌
5.25%,
07/01/2042
(f)
2,040‌
2,169‌
5.50%,
07/01/2050
(f)
1,360‌
1,430‌
5.50%,
07/01/2055
(f)
1,360‌
1,419‌
Mida
Mountain
Village
Public
Infrastructure
District
6.00%,
06/15/2054
(d)
2,000‌
2,054‌
Utah
Infrastructure
Agency
5.00%,
10/15/2032
4,385‌
4,393‌
5.00%,
10/15/2037
1,500‌
1,482‌
5.38%,
10/15/2040
1,200‌
1,203‌
$
16,297‌
Virginia
-
2
.04
%
County
of
Fairfax
VA
(credit
support
from
State
Aid
Withholding
)
4.00%,
10/01/2039
(e)
5,000‌
4,973‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Virginia
(continued)
Virginia
Housing
Development
Authority
4.60%,
07/01/2046
$
2,590‌
$
2,546‌
Virginia
Small
Business
Financing
Authority
3.00%,
01/01/2041
3,480‌
2,742‌
$
10,261‌
Wisconsin
-
0
.34
%
Public
Finance
Authority
5.75%,
06/30/2060
600‌
621‌
6.50%,
06/30/2060
1,000‌
1,094‌
$
1,715‌
TOTAL
MUNICIPAL
BONDS
$
524,915‌
Total
Investments
$
528,217‌
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(5.59)%
Notes
with
interest
rates
of
2.17%
-
2.28%
at
July
31,
2026
and
contractual
maturities
of
collateral
from
2028-2049.
(h)
$
(
28,065‌
)
(
28,065‌
)
Total
Net
Investments
$
500,152‌
Other
Assets
and
Liabilities
-  0.39%
1,942‌
TOTAL
NET
ASSETS
-
100.00%
$
502,094‌
(a)
Non-income
producing
security
(b)
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.
(c)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(d)
Security
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
$74,371
or
14.81%
of
net
assets.
(e)
Credit
support
indicates
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution,
or
government
agency.
(f)
Security
or
portion
of
underlying
security
related
to
Inverse
Floaters
entered
into
by
the
fund.
(g)
Security
purchased
on
a
when-issued
basis.
(h)
Floating
rate
securities.
The
interest
rate(s)
shown
reflect
the
rates
in
effect
at
July
31,
2026.
Glossary
to
the
Schedule
of
Investments
July
31,
2026
(unaudited)
See
accompanying
notes.
230
Currency
Abbreviations
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNH
Chinese
Renminbi
COP
Colombian
Peso
CZK
Czech
Koruna
EGP
Egyptian
Pound
EUR
Euro
GBP
British
Pound
Sterling
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
ILS
Israeli
New
Shekel
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PEN
Peruvian
Nuevo
Sol
PLN
Polish
Zloty
RON
Romanian
New
Leu
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TRY
Turkish
Lira
USD/$
United
States
Dollar
ZAR
South
African
Rand
July
31,
2026
(unaudited)
231
Security
Valuation.
Principal
LifeTime
2020
Fund,
Principal
LifeTime
2025
Fund,
Principal
LifeTime
2030
Fund,
Principal
LifeTime
2035
Fund,
Principal
LifeTime
2040
Fund,
Principal
LifeTime
2045
Fund,
Principal
LifeTime
2050
Fund,
Principal
LifeTime
2055
Fund,
Principal
LifeTime
2060
Fund,
Principal
LifeTime
2065
Fund,
Principal
LifeTime
2070
Fund,
and
Principal
LifeTime
Strategic
Income
Fund
(collectively,
the
“Principal
LifeTime
Funds”),
Principal
LifeTime
Hybrid
2020
Fund,
Principal
LifeTime
Hybrid
2025
Fund,
Principal
LifeTime
Hybrid
2030
Fund,
Principal
LifeTime
Hybrid
2035
Fund,
Principal
LifeTime
Hybrid
2040
Fund,
Principal
LifeTime
Hybrid
2045
Fund,
Principal
LifeTime
Hybrid
2050
Fund,
Principal
LifeTime
Hybrid
2055
Fund,
Principal
LifeTime
Hybrid
2060
Fund,
Principal
LifeTime
Hybrid
2065
Fund,
Principal
LifeTime
Hybrid
2070
Fund,
and
Principal
LifeTime
Hybrid
Income
Fund
(collectively,
the
“Principal
LifeTime
Hybrid
Funds”),
along
with
the
SAM
Balanced,
SAM
Conservative
Balanced
Portfolio,
SAM
Conservative
Growth
Portfolio,
SAM
Flexible
Income
Portfolio,
and
SAM
Strategic
Growth
Portfolio
(collectively,
the
“SAM
Portfolios”)
invest
in
R-6
and
Institutional
shares
of
other
series
of
Principal
Funds,
Inc.
which
are
valued
at
the
closing
net
asset
value
per
share
of
each
respective
fund
on
the
day
of
valuation.
In
addition,
the
SAM
Portfolios
invest
in
Principal
Exchange-Traded
Funds,
which
are
valued
at
fair
value.
The
SAM
Portfolios
also
invest
in
other
publicly
traded
investment
funds.
Other
publicly
traded
investment
funds
are
valued
at
the
respective
fund’s
net
asset
value.
The
shares
of
the
other
series
of
Principal
Funds,
Inc.,
Principal
Exchange-Traded
Funds
and
other
publicly
traded
investment
funds
are
referred
to
as
the
“Underlying
Funds”.
California
Municipal
Fund,
Core
Fixed
Income
Fund,
Core
Plus
Bond
Fund,
Diversified
Income
Fund,
Diversified
International
Fund,
Equity
Income
Fund,
Finisterre
Emerging
Markets
Total
Return
Bond
Fund,
Global
Emerging
Markets
Fund,
Global
Real
Estate
Securities
Fund,
Government
&
High
Quality
Bond
Fund,High
Yield
Fund,
Inflation
Protection
Fund,
International
Bond
Fund,
International
Equity
Fund,
LargeCap
Growth
Fund
I,
LargeCap
S&P
500
Index
Fund,
LargeCap
Value
Fund
III,
MidCap
Fund,
MidCap
S&P
400
Index
Fund,
MidCap
Value
Fund
I,
Overseas
Fund,
Principal
Capital
Appreciation
Fund,
Real
Estate
Securities
Fund,
Short-Term
Income
Fund,
SmallCap
Fund,
SmallCap
Growth
Fund
I,
SmallCap
S&P
600
Index
Fund,
SmallCap
Value
Fund
II
and
Tax-Exempt
Bond
Fund
(known
as
the
"Funds")
(with
the
exception
of
Principal
LifeTime
Funds,
Principal
LifeTime
Hybrid
Funds,
and
the
SAM
Portfolios)
value
securities
for
which
market
quotations
are
readily
available
at
fair
value,
which
is
determined
using
the
last
reported
sale
price.
If
no
sales
are
reported,
as
is
regularly
the
case
for
some
securities
traded
over-the-counter,
securities
are
valued
using
the
last
reported
bid
price
or
an
evaluated
bid
price
provided
by
a
pricing
service.
Pricing
services
use
modeling
techniques
that
incorporate
security
characteristics
such
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
other
yield
and
risk
factors,
and
other
market
conditions
to
determine
an
evaluated
bid
price
or,
in
the
case
of
certain
credit
default
swaps,
a
mean
price
provided
by
a
pricing
service.
When
reliable
market
quotations
are
not
considered
to
be
readily
available,
which
may
be
the
case,
for
example,
with
respect
to
restricted
securities,
certain
debt
securities,
preferred
stocks,
and
foreign
securities,
the
investments
are
valued
at
their
fair
value
as
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Directors.
The
value
of
foreign
securities
used
in
computing
the
net
asset
value
per
share
is
generally
determined
as
of
the
close
of
the
foreign
exchange
where
the
security
is
principally
traded.
Events
that
occur
after
the
close
of
the
applicable
foreign
market
or
exchange
but
prior
to
the
calculation
of
the
Funds’
net
asset
values
are
reflected
in
the
Funds’
net
asset
values
and
these
securities
are
valued
at
fair
value.
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
ADRs,
futures
contracts,
industry
indices,
general
indices,
and
foreign
currencies.
To
the
extent
the
Funds
invest
in
foreign
securities
listed
on
foreign
exchanges
which
trade
on
days
on
which
the
Funds
do
not
determine
net
asset
values,
for
example
weekends
and
other
customary
national
U.S.
holidays,
the
Funds’
net
asset
values
could
be
significantly
affected
on
days
when
shareholders
cannot
purchase
or
redeem
shares.
Certain
securities
issued
by
companies
in
emerging
market
countries
may
have
more
than
one
quoted
valuation
at
any
given
point
in
time,
sometimes
referred
to
as
a
“local”
price
and
a
“premium”
price.
The
premium
price
is
often
a
negotiated
price,
which
may
not
consistently
represent
a
price
at
which
a
specific
transaction
can
be
effected.
It
is
the
policy
of
the
Funds
to
value
such
securities
at
prices
at
which
it
is
expected
those
shares
may
be
sold,
and
the
Manager
or
any
sub-advisor
is
authorized
to
make
such
determinations
subject
to
such
oversight
by
the
Fund’s
Board
of
Directors
as
may
occasionally
be
necessary.
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.
July
31,
2026
(unaudited)
232
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,
municipal
bonds,
OTC
derivatives,
exchange
cleared
derivatives,
senior
floating
rate
interests,
repurchase
agreements,
and
US
Government
and
Government
Agency
Obligations.
Level
3
–
Significant
unobservable
inputs
(including
the
Funds’
assumptions
in
determining
the
fair
value
of
investments).
Investments
which
may
be
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
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
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,
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
July
31,
2026
in
valuing
the
Funds'
securities
carried
at
value
(amounts
shown
in
thousands):
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
California
Municipal
Fund
Common
Stocks
Industrial
$
—
$
—
$
36
$
36
Investment
Companies*
52
—
—
52
Municipal
Bonds*
—
695,624
—
695,624
Total
investments
in
securities
$
52
$
695,624
$
36
$
695,712
July
31,
2026
(unaudited)
233
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Core
Fixed
Income
Fund
Bonds*
$
—
$
5,942,488
$
—
$
5,942,488
Common
Stocks
Industrial
—
—
4,722
4,722
Investment
Companies*
143,350
—
—
143,350
U.S.
Government
&
Government
Agency
Obligations*
—
3,784,247
—
3,784,247
Total
investments
in
securities
$
143,350
$
9,726,735
$
4,722
$
9,874,807
Derivative
Assets
Interest
Rate
Contracts
Futures**
1,624
—
—
1,624
Derivative
Liabilities
Interest
Rate
Contracts
Futures**
(5,491)
—
—
(5,491)
Core
Plus
Bond
Fund
Bonds*
—
288,713
—
288,713
Common
Stocks
Consumer,
Cyclical
—
—
—
—
Consumer,
Non-cyclical
—
32
—
32
Energy
—
—
16
16
Investment
Companies*
39,908
—
—
39,908
Preferred
Stocks
Industrial
—
15
—
15
Senior
Floating
Rate
Interests*
—
10,720
—
10,720
U.S.
Government
&
Government
Agency
Obligations*
—
132,092
—
132,092
Total
investments
in
securities
$
39,908
$
431,572
$
16
$
471,496
Derivative
Assets
Interest
Rate
Contracts
Futures**
320
—
—
320
Derivative
Liabilities
Interest
Rate
Contracts
Futures**
(1,129)
—
—
(1,129)
Diversified
Income
Fund
Bonds*
—
1,460,725
18,196
1,478,921
Common
Stocks
Basic
Materials
—
—
20,779
20,779
Consumer,
Non-cyclical
—
—
548
548
Technology
—
—
6
6
Investment
Companies*
189,918
—
—
189,918
Preferred
Stocks*
33,865
—
—
33,865
Senior
Floating
Rate
Interests*
—
48,447
159
48,606
U.S.
Government
&
Government
Agency
Obligations*
—
193,936
—
193,936
Total
investments
in
securities
$
223,783
$
1,703,108
$
39,688
$
1,966,579
Derivative
Assets
Credit
Contracts
Credit
Default
Swaps
—
1,851
—
1,851
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
96
—
96
Interest
Rate
Contracts
Futures**
256
—
—
256
Total
Return
Swaps
—
294
—
294
Derivative
Liabilities
Credit
Contracts
Credit
Default
Swaps
—
(167)
—
(167)
Exchange
Cleared
Credit
Default
Swaps**
—
(109)
—
(109)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(375)
—
(375)
Interest
Rate
Contracts
Futures**
(153)
—
—
(153)
Total
Return
Swaps
—
(29)
—
(29)
Diversified
International
Fund
Common
Stocks
Basic
Materials
48,825
8,082
—
56,907
Communications
17,750
59,132
—
76,882
Consumer,
Cyclical
5,712
118,153
—
123,865
July
31,
2026
(unaudited)
234
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Diversified
International
Fund
(continued)
Common
Stocks
(continued)
Consumer,
Non-cyclical
$
30,123
$
111,718
$
—
$
141,841
Energy
32,395
15,291
—
47,686
Financial
31,524
202,221
—
233,745
Industrial
5,046
122,999
—
128,045
Technology
7,255
188,342
—
195,597
Investment
Companies*
6,392
—
—
6,392
Preferred
Stocks*
214
—
—
214
Total
investments
in
securities
$
185,236
$
825,938
$
—
$
1,011,174
Equity
Income
Fund
Common
Stocks*
7,857,591
—
—
7,857,591
Investment
Companies*
80,752
—
—
80,752
Total
investments
in
securities
$
7,938,343
$
—
$
—
$
7,938,343
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
Bonds*
—
858,921
1,935
860,856
Investment
Companies*
58,287
—
—
58,287
Total
investments
in
securities
$
58,287
$
858,921
$
1,935
$
919,143
Derivative
Assets
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
258
—
258
Interest
Rate
Contracts
Total
Return
Swaps
—
1,088
—
1,088
Derivative
Liabilities
Credit
Contracts
Credit
Default
Swaps
—
(2,240)
—
(2,240)
Exchange
Cleared
Credit
Default
Swaps**
—
(1,459)
—
(1,459)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(1,653)
—
(1,653)
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
(256)
—
(256)
Futures**
(2,508)
—
—
(2,508)
Total
Return
Swaps
—
(92)
—
(92)
Global
Emerging
Markets
Fund
Common
Stocks
Basic
Materials
255,402
—
—
255,402
Communications
169,526
726,417
—
895,943
Consumer,
Cyclical
79,043
538,278
—
617,321
Consumer,
Non-cyclical
148,454
343,293
—
491,747
Energy
85,282
180,497
—
265,779
Financial
342,049
1,368,119
—
1,710,168
Industrial
33,625
635,731
15,158
684,514
Technology
87,246
2,489,058
—
2,576,304
Utilities
—
13,904
—
13,904
Investment
Companies*
125,204
—
—
125,204
Total
investments
in
securities
$
1,325,831
$
6,295,297
$
15,158
$
7,636,286
Global
Real
Estate
Securities
Fund
Common
Stocks
Communications
—
11,889
—
11,889
Consumer,
Cyclical
31,908
—
—
31,908
Consumer,
Non-cyclical
8,567
—
—
8,567
Financial
1,125,664
525,556
—
1,651,220
Industrial
—
15,436
—
15,436
Investment
Companies*
13,675
—
—
13,675
Total
investments
in
securities
$
1,179,814
$
552,881
$
—
$
1,732,695
Government
&
High
Quality
Bond
Fund
Bonds*
—
84,019
—
84,019
Investment
Companies*
7,357
—
—
7,357
U.S.
Government
&
Government
Agency
Obligations*
—
437,881
—
437,881
Total
investments
in
securities
$
7,357
$
521,900
$
—
$
529,257
July
31,
2026
(unaudited)
235
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Government
&
High
Quality
Bond
Fund
(continued)
Derivative
Assets
Interest
Rate
Contracts
Futures**
$
783
$
—
$
—
$
783
Derivative
Liabilities
Interest
Rate
Contracts
Futures**
(299)
—
—
(299)
High
Yield
Fund
Bonds*
—
3,533,876
2,409
3,536,285
Common
Stocks
Basic
Materials
—
—
102
102
Consumer,
Cyclical
—
—
121
121
Consumer,
Non-cyclical
—
1,170
282
1,452
Energy
—
—
616
616
Utilities
—
—
—
—
Convertible
Bonds*
—
—
—
—
Investment
Companies*
100,963
—
—
100,963
Preferred
Stocks
Industrial
—
561
—
561
Senior
Floating
Rate
Interests*
—
196,986
77
197,063
Total
investments
in
securities
$
100,963
$
3,732,593
$
3,607
$
3,837,163
Derivative
Liabilities
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(41)
—
(41)
Inflation
Protection
Fund
Bonds*
—
8
—
8
Investment
Companies*
8,097
—
—
8,097
U.S.
Government
&
Government
Agency
Obligations*
—
2,138,590
—
2,138,590
Total
investments
in
securities
$
8,097
$
2,138,598
$
—
$
2,146,695
International
Bond
Fund
Bonds*
—
315,862
—
315,862
Investment
Companies*
2,321
—
—
2,321
U.S.
Government
&
Government
Agency
Obligations*
—
7,854
—
7,854
Total
investments
in
securities
$
2,321
$
323,716
$
—
$
326,037
Derivative
Assets
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
58
—
58
Derivative
Liabilities
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(2,607)
—
(2,607)
International
Equity
Fund
Common
Stocks
Basic
Materials
350,538
—
—
350,538
Communications
181,818
335,301
—
517,119
Consumer,
Cyclical
—
901,531
—
901,531
Consumer,
Non-cyclical
222,506
659,535
—
882,041
Energy
227,432
111,483
—
338,915
Financial
—
1,715,506
—
1,715,506
Industrial
—
477,218
—
477,218
Technology
345,588
876,730
—
1,222,318
Investment
Companies*
69,799
—
—
69,799
Total
investments
in
securities
$
1,397,681
$
5,077,304
$
—
$
6,474,985
LargeCap
Growth
Fund
I
Common
Stocks
Basic
Materials
5,674
—
—
5,674
Communications
1,111,308
—
—
1,111,308
Consumer,
Cyclical
227,761
—
—
227,761
Consumer,
Non-cyclical
525,120
—
—
525,120
Energy
49,314
—
—
49,314
Financial
214,651
—
—
214,651
July
31,
2026
(unaudited)
236
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
LargeCap
Growth
Fund
I
(continued)
Common
Stocks
(continued)
Industrial
$
742,722
$
—
$
—
$
742,722
Technology
2,615,938
—
4,004
2,619,942
Utilities
23,733
—
—
23,733
Convertible
Preferred
Stocks
Basic
Materials
—
—
1,953
1,953
Consumer,
Cyclical
—
—
9,562
9,562
Technology
—
—
6,841
6,841
Investment
Companies*
163,267
—
—
163,267
Total
investments
in
securities
$
5,679,488
$
—
$
22,360
$
5,701,848
Derivative
Assets
Equity
Contracts
Futures**
256
—
—
256
LargeCap
S&P
500
Index
Fund
Common
Stocks*
13,267,917
—
—
13,267,917
Investment
Companies*
41,354
—
—
41,354
Total
investments
in
securities
$
13,309,271
$
—
$
—
$
13,309,271
Derivative
Assets
Equity
Contracts
Futures**
299
—
—
299
LargeCap
Value
Fund
III
Common
Stocks*
2,263,654
—
—
2,263,654
Investment
Companies*
52,000
—
—
52,000
Total
investments
in
securities
$
2,315,654
$
—
$
—
$
2,315,654
Derivative
Assets
Equity
Contracts
Futures**
94
—
—
94
MidCap
Fund
Common
Stocks*
23,119,639
—
—
23,119,639
Investment
Companies*
3,968
—
—
3,968
Total
investments
in
securities
$
23,123,607
$
—
$
—
$
23,123,607
MidCap
S&P
400
Index
Fund
Common
Stocks*
1,360,713
—
—
1,360,713
Investment
Companies*
11,900
—
—
11,900
Total
investments
in
securities
$
1,372,613
$
—
$
—
$
1,372,613
Derivative
Liabilities
Equity
Contracts
Futures**
(43)
—
—
(43)
MidCap
Value
Fund
I
Common
Stocks*
2,425,108
—
—
2,425,108
Investment
Companies*
48,404
—
—
48,404
Total
investments
in
securities
$
2,473,512
$
—
$
—
$
2,473,512
Derivative
Liabilities
Equity
Contracts
Futures**
(42)
—
—
(42)
Overseas
Fund
Common
Stocks
Basic
Materials
8,100
55,924
—
64,024
Communications
13,237
75,792
—
89,029
Consumer,
Cyclical
19,941
147,635
—
167,576
Consumer,
Non-cyclical
—
304,769
—
304,769
Diversified
—
88
—
88
Energy
14,407
62,882
—
77,289
Financial
29,983
488,734
—
518,717
Industrial
69,314
364,929
—
434,243
Technology
204
91,913
—
92,117
July
31,
2026
(unaudited)
237
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Overseas
Fund
(continued)
Common
Stocks
(continued)
Utilities
$
—
$
97,710
$
—
$
97,710
Investment
Companies*
48,280
—
—
48,280
Preferred
Stocks
Consumer,
Cyclical
—
12,006
—
12,006
Consumer,
Non-cyclical
—
107
—
107
Total
investments
in
securities
$
203,466
$
1,702,489
$
—
$
1,905,955
Derivative
Liabilities
Equity
Contracts
Futures**
(6)
—
—
(6)
Principal
Capital
Appreciation
Fund
Common
Stocks*
3,854,137
—
—
3,854,137
Investment
Companies*
83,517
—
—
83,517
Total
investments
in
securities
$
3,937,654
$
—
$
—
$
3,937,654
Principal
LifeTime
2020
Fund
Investment
Companies*
1,682,174
—
—
1,682,174
Total
investments
in
securities
$
1,682,174
$
—
$
—
$
1,682,174
Principal
LifeTime
2025
Fund
Investment
Companies*
1,036,827
—
—
1,036,827
Total
investments
in
securities
$
1,036,827
$
—
$
—
$
1,036,827
Principal
LifeTime
2030
Fund
Investment
Companies*
4,480,600
—
—
4,480,600
Total
investments
in
securities
$
4,480,600
$
—
$
—
$
4,480,600
Principal
LifeTime
2035
Fund
Investment
Companies*
1,775,469
—
—
1,775,469
Total
investments
in
securities
$
1,775,469
$
—
$
—
$
1,775,469
Principal
LifeTime
2040
Fund
Investment
Companies*
4,325,147
—
—
4,325,147
Total
investments
in
securities
$
4,325,147
$
—
$
—
$
4,325,147
Principal
LifeTime
2045
Fund
Investment
Companies*
1,578,248
—
—
1,578,248
Total
investments
in
securities
$
1,578,248
$
—
$
—
$
1,578,248
Principal
LifeTime
2050
Fund
Investment
Companies*
3,150,566
—
—
3,150,566
Total
investments
in
securities
$
3,150,566
$
—
$
—
$
3,150,566
Principal
LifeTime
2055
Fund
Investment
Companies*
1,127,246
—
—
1,127,246
Total
investments
in
securities
$
1,127,246
$
—
$
—
$
1,127,246
Principal
LifeTime
2060
Fund
Investment
Companies*
1,138,261
—
—
1,138,261
Total
investments
in
securities
$
1,138,261
$
—
$
—
$
1,138,261
Principal
LifeTime
2065
Fund
Investment
Companies*
291,556
—
—
291,556
Total
investments
in
securities
$
291,556
$
—
$
—
$
291,556
Principal
LifeTime
2070
Fund
Investment
Companies*
110,572
—
—
110,572
Total
investments
in
securities
$
110,572
$
—
$
—
$
110,572
July
31,
2026
(unaudited)
238
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Principal
LifeTime
Hybrid
2020
Fund
Investment
Companies*
$
739,056
$
—
$
—
$
739,056
Total
investments
in
securities
$
739,056
$
—
$
—
$
739,056
Principal
LifeTime
Hybrid
2025
Fund
Investment
Companies*
1,283,656
—
—
1,283,656
Total
investments
in
securities
$
1,283,656
$
—
$
—
$
1,283,656
Principal
LifeTime
Hybrid
2030
Fund
Investment
Companies*
1,811,262
—
—
1,811,262
Total
investments
in
securities
$
1,811,262
$
—
$
—
$
1,811,262
Principal
LifeTime
Hybrid
2035
Fund
Investment
Companies*
1,241,129
—
—
1,241,129
Total
investments
in
securities
$
1,241,129
$
—
$
—
$
1,241,129
Principal
LifeTime
Hybrid
2040
Fund
Investment
Companies*
1,603,839
—
—
1,603,839
Total
investments
in
securities
$
1,603,839
$
—
$
—
$
1,603,839
Principal
LifeTime
Hybrid
2045
Fund
Investment
Companies*
809,393
—
—
809,393
Total
investments
in
securities
$
809,393
$
—
$
—
$
809,393
Principal
LifeTime
Hybrid
2050
Fund
Investment
Companies*
806,641
—
—
806,641
Total
investments
in
securities
$
806,641
$
—
$
—
$
806,641
Principal
LifeTime
Hybrid
2055
Fund
Investment
Companies*
499,350
—
—
499,350
Total
investments
in
securities
$
499,350
$
—
$
—
$
499,350
Principal
LifeTime
Hybrid
2060
Fund
Investment
Companies*
313,945
—
—
313,945
Total
investments
in
securities
$
313,945
$
—
$
—
$
313,945
Principal
LifeTime
Hybrid
2065
Fund
Investment
Companies*
117,431
—
—
117,431
Total
investments
in
securities
$
117,431
$
—
$
—
$
117,431
Principal
LifeTime
Hybrid
2070
Fund
Investment
Companies*
24,818
—
—
24,818
Total
investments
in
securities
$
24,818
$
—
$
—
$
24,818
Principal
LifeTime
Hybrid
Income
Fund
Investment
Companies*
735,879
—
—
735,879
Total
investments
in
securities
$
735,879
$
—
$
—
$
735,879
Principal
LifeTime
Strategic
Income
Fund
Investment
Companies*
783,861
—
—
783,861
Total
investments
in
securities
$
783,861
$
—
$
—
$
783,861
Real
Estate
Securities
Fund
Common
Stocks*
6,995,399
—
—
6,995,399
Investment
Companies*
20,667
—
—
20,667
Total
investments
in
securities
$
7,016,066
$
—
$
—
$
7,016,066
July
31,
2026
(unaudited)
239
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
SAM
Balanced
Portfolio
Investment
Companies*
$
4,885,536
$
—
$
—
$
4,885,536
Total
investments
in
securities
$
4,885,536
$
—
$
—
$
4,885,536
SAM
Conservative
Balanced
Portfolio
Investment
Companies*
1,853,433
—
—
1,853,433
Total
investments
in
securities
$
1,853,433
$
—
$
—
$
1,853,433
SAM
Conservative
Growth
Portfolio
Investment
Companies*
3,535,442
—
—
3,535,442
Total
investments
in
securities
$
3,535,442
$
—
$
—
$
3,535,442
SAM
Flexible
Income
Portfolio
Investment
Companies*
2,128,407
—
—
2,128,407
Total
investments
in
securities
$
2,128,407
$
—
$
—
$
2,128,407
SAM
Strategic
Growth
Portfolio
Investment
Companies*
2,621,253
—
—
2,621,253
Total
investments
in
securities
$
2,621,253
$
—
$
—
$
2,621,253
Short-Term
Income
Fund
Bonds*
—
3,082,537
—
3,082,537
Investment
Companies*
58,810
—
—
58,810
U.S.
Government
&
Government
Agency
Obligations*
—
349,482
—
349,482
Total
investments
in
securities
$
58,810
$
3,432,019
$
—
$
3,490,829
Derivative
Assets
Interest
Rate
Contracts
Futures**
866
—
—
866
Derivative
Liabilities
Interest
Rate
Contracts
Futures**
(434)
—
—
(434)
SmallCap
Fund
Common
Stocks*
2,049,839
—
—
2,049,839
Investment
Companies*
36,286
—
—
36,286
Total
investments
in
securities
$
2,086,125
$
—
$
—
$
2,086,125
SmallCap
Growth
Fund
I
Common
Stocks
Basic
Materials
35,147
—
—
35,147
Communications
60,338
—
—
60,338
Consumer,
Cyclical
266,834
—
—
266,834
Consumer,
Non-cyclical
753,415
11
2
753,428
Energy
92,035
—
—
92,035
Financial
270,724
—
—
270,724
Government
13
—
—
13
Industrial
556,742
—
—
556,742
Technology
373,503
106
—
373,609
Utilities
10,104
—
—
10,104
Investment
Companies*
89,627
—
—
89,627
Total
investments
in
securities
$
2,508,482
$
117
$
2
$
2,508,601
Derivative
Liabilities
Equity
Contracts
Futures**
(50)
—
—
(50)
SmallCap
S&P
600
Index
Fund
Common
Stocks
Basic
Materials
53,856
—
—
53,856
Communications
66,727
—
—
66,727
Consumer,
Cyclical
196,715
—
—
196,715
Consumer,
Non-cyclical
246,784
—
—
246,784
Energy
77,474
—
—
77,474
July
31,
2026
(unaudited)
240
Certain
detailed
information
is
provided
for
those
Funds
with
significant
investments
in
Level
3
securities.
Significant
unobservable
inputs
for
bonds
include
the
Quantitative
information
about
the
significant
unobservable
inputs
used
in
the
fair
value
measurements
categorized
within
Level
3
of
the
fair
value
hierarchy
is
as
follows
(amounts
in
thousands):
*Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
(a)
During
the
period,
the
valuation
methodology
changed.
Previously,
the
security
was
valued
using
a
Comparable
Company
Methodology,
driven
by
EBITDA
Multiples.
Current
valuation
is
based
on
a
broker
quote.
(b)
During
the
period,
the
subadvisor
updated
the
valuation
methodology
for
the
security
from
a
yield-to-maturity
approach
under
a
Yield
Premium/Liquidation
Methodology
to
a
cash
payout
methodology
based
on
expected
litigation
settlement
proceeds.
The
changes
in
investments
measured
at
fair
value
for
which
Level
3
inputs
have
been
used
to
determine
fair
value
are
as
follows
(amounts
in
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
SmallCap
S&P
600
Index
Fund
(continued)
Common
Stocks
(continued)
Financial
$
332,939
$
—
$
—
$
332,939
Industrial
210,447
—
—
210,447
Technology
113,098
—
—
113,098
Utilities
26,784
—
—
26,784
Investment
Companies*
21,282
—
—
21,282
Total
investments
in
securities
$
1,346,106
$
—
$
—
$
1,346,106
Derivative
Liabilities
Equity
Contracts
Futures**
(88)
—
—
(88)
SmallCap
Value
Fund
II
Common
Stocks
Basic
Materials
39,844
—
—
39,844
Communications
27,470
—
—
27,470
Consumer,
Cyclical
191,646
—
—
191,646
Consumer,
Non-cyclical
172,001
6
1
172,008
Energy
107,423
—
—
107,423
Financial
407,762
—
—
407,762
Government
103
—
—
103
Industrial
175,824
—
—
175,824
Technology
58,953
—
—
58,953
Utilities
44,525
—
—
44,525
Investment
Companies*
44,826
—
—
44,826
Total
investments
in
securities
$
1,270,377
$
6
$
1
$
1,270,384
Derivative
Liabilities
Equity
Contracts
Futures**
(56)
—
—
(56)
Tax-Exempt
Bond
Fund
Common
Stocks
Industrial
—
—
22
22
Investment
Companies*
3,280
—
—
3,280
Municipal
Bonds*
—
524,915
—
524,915
Total
investments
in
securities
$
3,280
$
524,915
$
22
$
528,217
Fund
Asset
Type
Fair
Value
as
of
July
31,
2026
Valuation
Technique
Unobservable
Input
Input
Valuations
(weighted
average)*
Impact
to
valuation
if
input
had
increased
Diversified
Income
Fund
Bonds
$
18,196
Discounted
Cash
Flows
Yield
to
Maturity
11.1
–
36.1%
(23.6%)
Increase
—
Litigation
Settlement
Proceeds
Expected
Recovery
$0.00
Decrease
Common
Stocks
20,566
Comparable
Company
Model
EBITDA
Multiples
4.4
–
8.0x
(5.3x)
Increase
212
Cash
Payout
Methodology
Discount
Rate
0.0-100.0%
(50.0%)
Decrease
555
Market
Quotations
Broker
Quote(a)
$0.71-$0.25
($0.07)
Increase
Senior
Floating
Rate
Interests
159
Yield
Premium
Methodology
/
Liquidation
Methodology
Yield
to
Maturity
46.1%
Increase
—
Cash
Payout
Methodology
Expected
Litigation
Proceeds
(b)
$0.00
Decrease
—
Comparable
Company
Methodology
/
Recovery
Methodology
EBITDA
Multiples
5.9x
Increase
—
Litigation
Settlement
Proceeds
Expected
Recovery
$0.00
Decrease
Total
$
39,688
July
31,
2026
(unaudited)
241
thousands):
*Securities
are
transferred
into
Level
3
for
a
variety
of
reasons
including,
but
not
limited
to:
1.
Securities
where
trading
has
been
halted
2.
Securities
that
have
certain
restrictions
on
trading
3.
Instances
in
which
a
security
is
not
priced
by
a
pricing
service
**Securities
are
transferred
out
of
Level
3
for
a
variety
of
reasons
including,
but
not
limited
to:
1.
Securities
where
trading
resumes
2.
Securities
where
trading
restrictions
have
expired
3.
Instances
in
which
a
price
becomes
available
from
a
pricing
service
At
the
end
of
the
period,
there
were
no
other
Funds
which
had
a
significant
Level
3
balance.
During
the
year,
there
were
no
significant
purchases,
sales,
or
transfers
into
or
out
of
Level
3,
except
as
noted
above.
Fund
Value
as
of
October
31,
2025
Realized
Gain/
(Loss)
Accrued
Discounts/
Premiums
and
Change
in
Unrealized
Gain/
(Loss)
Purchases
Proceeds
from
Sales
Transfers
into
Level
3*
Transfers
Out
of
Level
3**
Value
as
of
July
31,
2026
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
on
Investments
held
at
July
31,
2026
Diversified
Income
Fund
Bonds
$
28,040
$
—
$
(9,844)
$
—
$
—
$
—
$
—
$
18,196
$
(29,848)
Common
Stock
52,221
995
(28,716)
—
(3,176)
9
—
21,333
(29,465)
Senior
Floating
Rate
Interests
13,754
(14,560)
(1,958)
4,129
(1,206)
—
—
159
(2,218)
Total
$
94,015
$
(13,565)
$
(40,518)
$
4,129
$
(4,382)
$9
$
—
$
39,688
$
(61,531)