UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 Investment Company Act file number  811-07572

Principal Funds, Inc.

(Exact name of registrant as specified in charter)

801 Grand Avenue, Des Moines, IA 50309

(Address of principal executive offices)                                                         (Zip code)

Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309

(Name and address of agent for service)

Registrant’s telephone number, including area code: 515-235-1719

Date of fiscal year end: August 31, 2023

Date of reporting period: August 31, 2023

ITEM 1 – REPORT TO STOCKHOLDERS

Principal

Funds

Annual

Report

August

31,

2023

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Table

of

Contents

Not

FDIC

or

NCUA

insured

May

lose

value

•

Not

a

deposit

•

No

bank

or

credit

union

guarantee

Not

insured

by

any

Federal

government

agency

Economic

&

Financial

Market

Review

1

Important

Fund

Information

3

Blue

Chip

Fund

(unaudited)

4

Bond

Market

Index

Fund

(unaudited)

5

Diversified

Real

Asset

Fund

(unaudited)

6

Edge

MidCap

Fund

(unaudited)

7

Global

Multi-Strategy

Fund

(unaudited)

8

Global

Sustainable

Listed

Infrastructure

Fund

(unaudited)

9

International

Equity

Index

Fund

(unaudited)

10

International

Small

Company

Fund

(unaudited)

11

Opportunistic

Municipal

Fund

(unaudited)

12

Origin

Emerging

Markets

Fund

(unaudited)

13

Small-MidCap

Dividend

Income

Fund

(unaudited)

14

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(unaudited)

15

Financial

Statements

17

Notes

to

Financial

Statements

40

Schedules

of

Investments

67

Financial

Highlights

(includes

performance

information)

187

Report

of

Independent

Registered

Public

Accounting

Firm

215

Shareholder

Expense

Example

217

Supplemental

Information

220

1

Economic

&

Financial

Market

Review

Global

economic

growth

continued

to

slow

gradually,

but

showed

signs

of

resiliency

as

consumption

activity

remained

strong

in

many

developed

markets.

Higher

levels

of

inflation

from

a

year

ago

are

driving

year-over-year

inflation

lower

(known

as

base

effects).

Global

inflation

fell

from

6.8%

in

August

2022

to

3.7%

in

July

2023,

still

well

above

the

central

banks’

targets

of

2%—and

further

decline

will

likely

be

slower.

The

aggressive

tightening

by

global

central

banks

continued

to

weigh

heavily

on

global

financial

conditions,

with

global

policy

rates

rising

by

214

basis

points

(bps)

in

the

twelve

months

ending

August

2023.

The

United

States

Federal

Reserve

(Fed)

hiked

interest

rates

seven

times

for

a

300

bps

total

increase

since

August

2022.

The

Fed

is

taking

a

data-dependent

approach

and

may

hike

rates

further

if

inflation

pressures

remain

high.

Although

manufacturing

activity

remained

weak,

services

activity

continued

to

expand,

albeit

at

a

lower

level.

As

such,

U.S.

real

gross

domestic

product

(GDP)

grew

an

average

quarter-over-quarter

annualized

rate

of

2.5%

in

the

four

quarters

ending

June

2023.

However,

economic

activity

continues

to

slow—the

global

manufacturing

Purchasing

Manager’

Index

(PMI)

was

below

50

for

the

eleventh

consecutive

month.

1

Similarly,

developed

market

PMIs

were

below

50

again,

as

they

have

been

since

October

2022.

Emerging

market

(EM)

PMIs,

on

the

other

hand,

continued

a

streak

of

eight

consecutive

months

above

50,

albeit

only

barely.

Global

earnings

growth

continued

to

show

signs

of

resiliency,

with

the

MSCI

All

Country

World

Index

(ACWI)

trailing

12

months

earnings

per

share

(TTM

EPS)

increasing

by

2%.

The

MSCI

World

Index

TTM

EPS

increased

by

5%,

much

higher

than

the

MSCI

Emerging

Markets

Index’s

-15%.

Within

developed

markets,

the

MSCI

Europe

Index

earnings

(14%)

grew

at

a

faster

pace

than

the

U.S.

(0%).

Within

the

U.S.,

large-cap

growth

stocks,

represented

by

the

Russell

1000

Growth

Index,

delivered

the

highest

earnings

growth

(1%).

Small-cap

and

mid-cap,

represented

by

the

S&P

Small-Cap

600

Index

and

the

S&P

Mid-Cap

400

Index,

both

saw

negative

year-over-year

earnings

growth.

Large-cap

tech,

represented

by

the

NASDAQ

100

Index,

delivered

-7%

earnings

growth.

Global

equities

outperformed

global

bonds

in

the

last

twelve

months,

with

the

MSCI

ACWI

Index

recording

a

14%

gain

year-over-year,

while

the

Bloomberg

Global

Aggregate

Index

gained

3%.

Within

equities,

developed

markets

(MSCI

World

Index)

outperformed

emerging

markets

(MSCI

Emerging

Markets

Index)

by

14%,

and

the

U.S.

(MSCI

U.S.

Index)

underperformed

developed

market

ex-U.S.

(MSCI

World

ex-U.S.

Index)

marginally

by

1%.

Among

major

markets,

the

MSCI

China

Index

was

the

worst

performer

with

an

8%

loss.

The

NASDAQ

100

Index

was

the

top

outperformer

on

the

other

hand,

with

a

27%

gain.

The

Bloomberg

U.S.

Treasury

Index

delivered

a

2%

loss

as

the

U.S.

10-year

Treasury

yield

rose

from

3.19%

to

4.11%.

Global

high

yield

bonds

outperformed

investment

grade

corporate

bonds

and

global

treasury

bonds

by

6%

and

11%

respectively.

The

DXY

Index,

a

proxy

for

USD

strength,

dropped

by

5%.

Commodity

prices,

represented

by

the

S&P

GSCI

Total

Return

Index,

fell

by

2%,

and

Nymex

crude

oil

dropped

from

89.6

to

83.6

USD/barrel

as

the

demand-supply

dynamic

improved.

Unless

otherwise

stated,

data

sources

are

Bloomberg,

FactSet,

and

Principal

Asset

Allocation.

Data

as

of

August

31,

2023.

1

In

global

PMI

readings,

a

number

above

50

means

that

manufacturing

activity

is

expanding,

and

a

number

below

50

indicates

contraction..

Index

descriptions:

MSCI

All

Country

World

Index

(ACWI)

includes

large

and

mid-cap

stocks

across

developed

and

emerging

market

countries.

MSCI

China

Index

captures

large

and

mid

cap

representation

across

China

A

shares,

H

shares,

B

shares,

Red

chips,

P

chips

and

foreign

listings.

MSCI

World

Index

captures

large

and

mid-cap

representation

across

23

Developed

Markets

(DM)

countries.

MSCI

World

ex-U.S.

Index

captures

large

and

mid-cap

representation

across

22

of

23

Developed

Markets

(DM)

countries--

excluding

the

United

States.

MSCI

Europe

Index

captures

large

and

mid-cap

representation

across

15

Developed

Markets

(DM)

countries

in

Europe.

MSCI

Emerging

Markets

Index

consists

of

large

and

mid-cap

companies

across

24

countries

and

represents

10%

of

the

world

market

capitalization.

The

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

of

the

24

countries.

MSCI

U.S.

Index

is

designed

to

measure

the

performance

of

the

large

and

mid-cap

segments

of

the

U.S.

market.

NASDAQ

100

Index

is

a

basket

of

the

100

largest,

most

actively

traded

U.S.

companies

listed

on

the

NASDAQ

stock

exchange.

The

index

includes

companies

from

various

industries

except

for

the

financial

industry,

like

commercial

and

investment

banks.

Russell

1000

Growth

Index

measures

the

performance

of

the

large-cap

growth

segment

of

the

U.S.

equity

universe.

Bloomberg

Global

Aggregate

Index

is

a

flagship

measure

of

global

investment

grade

debt

from

24

local

currency

markets.

This

multi-currency

benchmark

includes

treasury,

government-related,

corporate,

and

securitized

fixed-rate

bonds

from

both

developed

and

emerging

markets

issuers.

2

Economic

&

Financial

Market

Review

Bloomberg

U.S.

Treasury

Index

measures

U.S.

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

U.S.

Treasury.

U.S.

Dollar

Index

(USDX,

DXY,

DX)

is

an

index

(or

measure)

of

the

value

of

the

United

States

dollar

relative

to

a

basket

of

foreign

currencies,

often

referred

to

as

a

basket

of

U.S.

trade

partners'

currencies.

S&P

Mid-Cap

400

Index,

more

commonly

known

as

the

S&P

400,

is

a

stock

market

index

from

S&P

Dow

Jones

Indices.

The

index

serves

as

a

gauge

for

the

U.S.

mid-cap

equities

sector

and

is

the

most

widely

followed

mid-cap

index.

S&P

Small-Cap

600

Index

is

a

stock

market

index

established

by

Standard

&

Poor's.

It

covers

roughly

the

small-cap

range

of

American

stocks,

using

a

capitalization-weighted

index.

S&P

GSCI

Total

Return

Index

is

an

index

of

24

exchange-traded

futures

contracts

that

represent

a

large

portion

of

the

global

commodities

market.

3

Important

Fund

Information

The

following

information

applies

to

all

funds

shown

in

the

annual

report:

Securities

described

in

the

fund

commentary

may

no

longer

be

held

in

the

fund.

Investment

results

shown

represent

historical

performance

and

do

not

guarantee

future

results.

Your

investment’s

returns

and

principal

values

will

fluctuate

with

changes

in

interest

rates

and

other

market

conditions

so

the

value,

when

redeemed,

may

be

worth

more

or

less

than

original

costs.

Current

performance

may

be

lower

or

higher

than

the

performance

shown.

For

more

information,

including

the

most

recent

month-end

performance,

visit

PrincipalAm.com,

call

your

financial

professional,

or

call

800-222-5852.

A

sales

charge

may

apply

as

follows:

Class

A

shares:

maximum

up-front

sales

charges

on

sales

based

on

declining

rates

which

begin

at

3.75%

for

Diversified

Real

Asset

Fund,

Global

Multi-Strategy

Fund,

Opportunistic

Municipal

Fund,

and

Spectrum

Preferred

and

Capital

Securities

Income

Fund

and

5.50%

for

Blue

Chip

Fund,

Edge

MidCap

Fund,

Origin

Emerging

Markets

Fund,

and

Small-MidCap

Dividend

Income

Fund;

Class

C

shares:

contingent

deferred

sales

charge

of

1%

on

redemptions

made

during

the

first

12

months;

Class

J

shares:

contingent

deferred

sales

charge

of

1%

on

redemptions

made

during

the

first

18

months.

Institutional

and

Class

R

shares

do

not

have

a

sales

charge.

See

the

prospectus

for

details.

Performance

listed

with

sales

charge

reflects

the

maximum

sales

charge.

*

Performance

assumes

reinvestment

of

all

dividends

and

capital

gains.

Extended

performance

is

calculated

based

on

the

historical

performance

of

the

fund’s

oldest

share

class,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

Performance

does

not

reflect

the

impact

of

federal,

state,

or

municipal

taxes.

If

it

did,

performance

would

be

lower.

**

Net

asset

value

is

not

adjusted

for

sales

charge.

***

Performance

shown

for

the

benchmark

assumes

reinvestment

of

all

dividends

and

distributions.

Indices

are

unmanaged,

and

individuals

cannot

invest

directly

in

an

index.

4

Blue

Chip

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2023

What

contributed

to

or

detracted

from

fund

performance

during

the

fiscal

year?

The

investment

seeks

long-term

growth

of

capital.

The

fund

normally

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

equity

securities

of

companies

with

large

market

capitalizations

at

the

time

of

purchase

that,

in

the

fund's

investment

advisor's

opinion,

display

characteristics

of

a

"blue

chip"

company.

The

advisor

tends

to

focus

on

securities

of

companies

that

show

potential

for

growth

of

capital

as

well

as

an

expectation

for

above

average

earnings.

The

fund

invests

in

securities

of

foreign

companies.

Over

its

fiscal

year,

Blue

Chip

Fund’s

performance

was

helped

by

company

selection,

specifically

within

the

Industrials

sector.

The

fund’s

largest

contributor

was

Microsoft.

Its

two

largest

businesses,

Office

and

cloud

platform

Azure,

continue

to

gain

share

as

they

make

businesses

more

efficient.

Shares

increased

the

past

few

months

around

excitement

on

incorporating

generative

artificial

intelligence

into

its

products,

including

launching

Microsoft

365

Copilot

last

March.

The

next

largest

contributor

was

TransDigm,

a

supplier

of

airplane

components

led

by

a

highly

respected

management

team.

TransDigm

saw

success

in

both

its

OEM

and

aftermarket

businesses,

with

a

pick-up

in

volumes

and

pricing.

The

third

largest

contributor

was

Netflix,

a

leading

entertainment

streaming

service

with

over

200

million

paid

members

in

190

countries.

The

company

introduced

new

pricing

tiers

to

better

monetize

its

services,

including

an

ad-supported

subscription,

and

efforts

to

stop

password

sharing

with

household

sub-accounts.

Sector

allocation

detracted

from

relative

performance,

both

a

heavier

weight

in

the

Financials

sector

and

a

lighter

weight

in

Technology.

The

largest

detractor

from

Blue

Chip

Fund’s

performance

was

American

Tower,

a

communications

real

estate

company

with

over

two

hundred

thousand

cell

towers

and

communication

sites.

Shares

declined

over

the

last

twelve

months

due

to

concerns

on

spending

from

its

telecom

carrier

customers.

The

next

largest

detractor

was

Brookfield

Corporation,

a

global

investor

and

asset

manager

focused

on

real

estate,

infrastructure,

renewable

power

and

energy

transition.

The

company

continues

to

have

investment

and

fund-raising

success.

The

third

largest

detractor

was

Charles

Schwab.

Shares

came

under

pressure

in

March,

around

the

regional

bank

weakness,

despite

having

different

fundamentals

that

drive

the

company’s

deposit

growth

and

withdrawals.

Value

of

a

$10,000

Investment*

August

31,

2013

-

August

31,

2023

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

^

Class

A

Shares

Excluding

Sales

Charge

18.15%

12.09%

14.22%

9/30/13

6/14/12

Including

Sales

Charge

11.65%

10.82%

13.58%

Class

C

Shares

Excluding

Sales

Charge

17.24%

11.26%

13.53%

9/30/13

6/14/12

Including

Sales

Charge

16.24%

11.26%

13.53%

Class

J

Shares

Excluding

Sales

Charge

18.34%

12.22%

14.40%

9/11/17

6/14/12

Including

Sales

Charge

17.34%

12.22%

14.40%

Institutional

Shares

18.45%

12.40%

14.68%

6/14/12

–

R-3

Shares

17.92%

11.87%

14.10%

3/29/16

6/14/12

R-4

Shares

18.12%

12.08%

14.32%

3/29/16

6/14/12

R-5

Shares

18.29%

12.22%

14.46%

3/29/16

6/14/12

R-6

Shares

18.61%

12.51%

14.73%

1/3/17

6/14/12

^

Extended

performance

is

calculated

based

on

the

historical

performance

of

the

fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

5

Bond

Market

Index

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2023

What

contributed

to

or

detracted

from

fund

performance

during

the

fiscal

year?

The

investment

seeks

to

provide

current

income.

Under

normal

circumstances,

the

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

investments

designed

to

track

the

Bloomberg

U.S.

Aggregate

Bond

Index

(the

"index")

at

the

time

of

purchase.

The

index

is

composed

of

investment

grade,

fixed-rate

debt

issues

with

maturities

of

one

year

or

more,

including

government

securities,

corporate

securities,

and

asset-backed

and

mortgage-backed

securities

(securitized

products).

During

the

most

recently

completed

fiscal

year

ending

August

31,

2023,

the

portfolio

performed

in

line

with

the

index

during

the

past

twelve

months.

The

top

contributors

to

performance

included

security

specific

impacts

within

U.S.

Treasury

securities,

slightly

higher

allocation

compared

to

index

weight

to

investment

grade

corporate

bonds,

and

lower

allocation

compared

to

index

weight

to

commercial

mortgage-backed

securities.

The

top

detractors

from

performance

for

the

fiscal

year

included

security

specific

impacts

within

mortgage-backed

securities,

slightly

higher

allocation

compared

to

index

weight

to

U.S.

Treasury

securities,

and

security

specific

impacts

within

government

related

credit.

Value

of

a

$10,000

Investment*

August

31,

2013

-

August

31,

2023

1-Year

5-Year

10-Year

Inception

Date

Class

J

Shares

Excluding

Sales

Charge

-1.79%

-0.08%

0.77%

3/16/10

Including

Sales

Charge

-2.76%

-0.08%

0.77%

Institutional

Shares

-1.38%

0.34%

1.34%

12/30/09

R-1

Shares

-2.28%

-0.55%

0.35%

12/30/09

R-3

Shares

-2.02%

-0.23%

0.66%

12/30/09

R-4

Shares

-1.68%

0.02%

0.88%

12/30/09

R-5

Shares

-1.56%

0.09%

0.98%

12/30/09

6

Diversified

Real

Asset

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Sub-Advisors:

BlackRock

Financial

Management,

Inc.;

ClearBridge

Investments

(North

America)

Pty

Limited;

CoreCommodity

Management

LLC;

Delaware

Investments

Fund

Advisers;

Impax

Asset

Management

Limited;

Newton

Investment

Management

North

America

LLC;

Nuveen

Asset

Management

LLC;

Pictet

Asset

Management

SA;

Principal

Real

Estate

Investors,

LLC;

Wellington

Management

Company

LLP

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2023

What

contributed

to

or

detracted

from

fund

performance

during

the

fiscal

year?

The

investment

seeks

a

long-term

total

return

in

excess

of

inflation.

Under

normal

circumstances,

the

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

investments

related

to

real

assets

and

real

asset

companies.

It

allocates

its

assets

among

general

investment

categories

related

to

real

assets,

which

include

tangible

assets

and

investments

that

are

expected

to

perform

well

in

periods

of

rising

or

high

inflation,

such

as

the

following:

infrastructure,

natural

resources,

commodities,

real

estate,

inflation-indexed

bonds,

and

floating

rate

debt.

During

the

one-year

period,

asset

allocation

contributed

positively

to

performance.

Specifically,

an

allocation

to

floating

rate

debt

within

the

real

return

component

of

the

portfolio

benefited

results

as

floating

rate

debt

outperformed

Treasury

Inflation-protected

securities

(TIPS).

An

underweight

to

REITs,

which

were

the

weakest

segment

of

the

real

asset

universe,

also

aided

results.

Manager

selection

was

neutral

overall,

but

there

were

some

standout

contributions

from

Delaware

in

global

infrastructure

and

Wellington

within

commodities.

Delaware

displayed

very

strong

selection

within

transportation

infrastructure,

especially

airports,

where

favorable

merger

and

acquisition

activity

buoyed

results.

High

conviction

out-of-index

exposures

in

toll

roads

and

electric

utilities

were

also

rewarded.

Meanwhile,

Wellington

outpaced

the

broad

commodity

index

through

its

structural

underweight

to

energy,

especially

natural

gas,

which

was

under

pressure

through

much

of

the

period.

An

underweight

to

natural

resources

hindered

results

as

this

was

the

best

performing

real

asset.

Within

commodities,

favorable

manager

selection

generated

by

Wellington

during

the

period

was

offset

by

weakness

from

CoreCommodity.

Unlike

Wellington,

CoreCommodity

was

overweight

energy,

particularly

natural

gas,

which

hindered

results.

Energy

experienced

significant

weakness

early

in

the

calendar

year

of

2023,

in

the

face

of

Europe's

milder

than

expected

winter

and

a

weaker

than

anticipated

reopening

in

China.

Similarly,

within

infrastructure,

favorable

manager

selection

generated

by

Delaware

was

offset

by

weakness

in

Clearbridge.

Clearbridge's

more

defensive

style,

anchored

by

its

dividend

requirement

and

bias

towards

utility

stocks,

was

not

rewarded.

Underweights

to

the

high-flying

transportation

sector

and

exposure

to

wireless

towers

were

further

detractors

during

the

period.

Derivatives

used

within

the

Fund

performed

as

expected

and

were

not

among

the

most

positive

or

negative

contributors

to

performance.

Value

of

a

$10,000

Investment*

August

31,

2013

-

August

31,

2023

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

+-

Class

A

Shares

Excluding

Sales

Charge

-3.63%

3.40%

2.46%

3/16/10

–

Including

Sales

Charge

-7.28%

2.61%

2.07%

Institutional

Shares

-3.32%

3.77%

2.85%

3/16/10

–

R-3

Shares

-3.83%

3.24%

2.31%

3/29/16

3/16/10

R-6

Shares

-3.26%

3.82%

2.88%

12/31/14

3/16/10

+-Extended

performance

is

calculated

based

on

the

historical

performance

of

the

fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

***The

fund

uses

a

blended

benchmark,

Diversified

Real

Asset

Index

(Linked),

which

shows

how

the

Fund’s

performance

compares

to

a

blend

of

indices

with

similar

investment

objectives.

Diversified

Real

Asset

Index

(Linked)

is

composed

of

30%

S&P

Global

Infrastructure

Index

NTR,

25%

FTSE

EPRA/NAREIT

Developed

Index

NTR,

15%

Bloomberg

US

Treasury

TIPS

Index,

15%

Bloomberg

Commodity

Index,

and

15%

S&P

Global

Natural

Resources

Index

NTR.

Performance

for

the

benchmark

assumes

reinvestment

of

all

dividends

and

distributions.

Indices

are

unmanaged,

and

individuals

cannot

invest

directly

in

an

index.

7

Edge

MidCap

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2023

What

contributed

to

or

detracted

from

fund

performance

during

the

fiscal

year?

The

investment

seeks

long-term

growth

of

capital.

Under

normal

circumstances,

the

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

equity

securities

of

companies

with

medium

market

capitalizations

at

the

time

of

purchase.

It

invests

in

real

estate

investment

trust

securities.

The

fund

invests

in

equity

securities

with

value

and/or

growth

characteristics

and

constructs

an

investment

portfolio

that

has

a

"blend"

of

equity

securities

with

these

characteristics.

Fair

Isaac

Corporation

(FICO)

engages

in

the

provision

of

decision

management

solutions,

operating

through

its

Software

and

Scores

segments.

FICO

contributed

to

relative

performance

due

to

stronger

than

expected

guidance

for

revenue

growth

and

earnings.

Lennox

International

Inc.

(LII)

provides

climate

control

solutions

by

designing,

manufacturing,

and

marketing

heating,

ventilation,

air

conditioning,

and

refrigeration

equipment.

LII

contributed

to

relative

performance

as

the

company

has

a

strong

backlog

in

its

commercial

segment

and

has

shown

improvement

in

the

industry-wide

supply

chain

issues.

Lincoln

Electric

Holdings,

Inc.

(LECO)

designs

and

manufactures

welding

and

cutting

products.

LECO

contributed

to

performance

as

revenues,

margins

and

earnings

grew.

The

company

continued

to

pass

on

higher

prices

due

to

rising

costs

while

growing

volume.

Essential

Utilities

(WTRG)

operates

as

a

fully

regulated

water,

wastewater,

and

natural

gas

distribution

utility,

serving

residential,

commercial,

and

industrial

customers

in

Pennsylvania

and

various

other

states.

The

company

lagged

as

historically

warm

winter

weather

in

the

Northeast

impacted

natural

gas

sales

in

Q1,

resulting

in

a

5%

year-over-year

earnings

per

share

(EPS)

decline

in

Q1

and

presenting

a

headwind

to

its

2023

earnings

per

share

(EPS)

guidance

of

5-7%

growth.

Alexandria

Real

Estate

Equities,

Inc.

(ARE)

acquires,

manages,

expands,

and

develops

office

and

laboratory

space

properties.

ARE

detracted

from

relative

performance

as

investors

grew

concerned

over

the

company’s

small

biotech

exposure

and

higher

potential

development

costs.

FMC

Corp

(FMC)

detracted

from

performance

during

the

quarter

because

management

narrowed

the

company’s

2023

guidance

despite

seeing

strong

pricing

power

across

segments.

Investors

are

worried

that

destocking

is

happening

with

input

costs

coming

down

and

demand

weakening

after

very

strong

2021

and

2022

years.

Value

of

a

$10,000

Investment*

September

28,

2015

-

August

31,

2023

1-Year

5-Year

Since

Inception

Inception

Date

Extended

Performance

Inception

Date

^

Class

A

Shares

Excluding

Sales

Charge

12.20%

6.80%

10.40%

12/31/18

9/28/15

Including

Sales

Charge

5.99%

5.61%

9.61%

Institutional

Shares

12.51%

7.14%

10.77%

9/28/15

–

R-6

Shares

12.66%

7.26%

10.94%

1/3/17

9/28/15

^Extended

performance

is

calculated

based

on

the

historical

performance

of

the

fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

8

Global

Multi-Strategy

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Sub-Advisors:

Gotham

Asset

Management,

LLC;

Graham

Capital

Management,

L.P.;

Loomis,

Sayles

&

Company,

L.P.;

Los

Angeles

Capital

Management

LLC;

Sound

Point

Capital

Management,

LP;

Wellington

Management

Company

LLP;

Westchester

Capital

Management

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2023

What

contributed

to

or

detracted

from

fund

performance

during

the

fiscal

year?

The

investment

seeks

to

achieve

long-term

capital

appreciation

with

an

emphasis

on

positive

total

returns

and

managing

volatility.

The

fund

invests

in

a

broad

range

of

instruments

including,

but

not

limited

to,

equities,

bonds,

currencies,

commodities,

convertible

securities,

and

bank

loans.

Under

normal

market

conditions,

it

invests

in

securities

of

issuers

located

throughout

the

world,

including

the

U.S.,

invests

at

least

30%

of

its

net

assets

in

foreign

and

emerging

market

securities,

and

holds

investments

tied

economically

to

at

least

twenty

countries.

The

largest

contributor

to

the

fund’s

performance

was

the

fund’s

allocation

to

the

equity

long/short

sleeve

managed

by

Gotham

Asset

Management.

While

Gotham

often

invests

in

value

stocks,

the

firm’s

investment

process

really

focuses

on

quality

value

stocks

with

excellent

cash

flow

characteristics.

As

a

result,

Gotham’s

performance

benefited

from

security

selection

across

the

communications

and

technology

sectors,

as

well

as

more

traditional

value

sectors

like

healthcare,

energy,

and

utilities.

The

emerging

market

debt

long/short

sleeve

was

also

a

significant

contributor.

Emerging

market

debt

experienced

a

nice

rebound;

after

a

challenging

first

three

quarters

of

2022,

the

fourth

quarter

of

2022

and

first

half

of

2023

have

proven

to

be

a

friendlier

investing

environment.

For

the

year

ending

August

31,

2023,

Finisterre

drove

its

largest

gains

from

their

investments

in

Brazil,

Mexico,

and

El

Salvador.

Losses

in

the

sleeve

came

from

duration

hedges,

as

well

as

investments

in

Tunisia.

The

allocation

to

the

equity

long/short

sleeve

managed

by

Los

Angeles

Capital

was

also

a

contributor.

Over

the

past

year,

Los

Angeles

Capital’s

dynamic

allocation

process

has

favored

investments

in

the

Information

Technology,

and

Energy

sectors,

which,

along

with

good

security

selection,

has

helped

to

drive

better

returns

than

the

average

Equity

Hedge

manager

over

the

reporting

period.

The

fund’s

only

detracting

sleeve

was

the

small

remaining

allocation

to

the

credit

long/short

sleeve

managed

by

Sound

Point

Capital

Management.

This

sleeve

has

been

mostly

liquidated,

but

the

largest

remaining

investment

is

in

a

reorganized

(post-bankruptcy)

company

which

focuses

on

metal

recycling,

primarily

in

Europe

and

North

America.

That

company’s

costs

are

very

sensitive

to

natural

gas

prices,

which

have

been

volatile

in

the

last

year,

pressuring

performance

of

Sound

Point’s

sleeve.

Derivatives

are

used

by

Global

Multi-Strategy

Fund’s

subadvisors

on

both

the

long

and

short

side

of

their

portfolios

to

either

gain

exposure

to

asset

classes

or

markets

or

to

express

a

bearish

view

on

markets

or

specific

assets.

In

addition,

derivatives

are

used

by

GMS’s

subadvisors

for

hedging

purposes.

Value

of

a

$10,000

Investment*

August

31,

2013

-

August

31,

2023

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

^

Class

A

Shares

Excluding

Sales

Charge

4.79%

3.08%

2.96%

10/24/11

–

Including

Sales

Charge

0.87%

2.30%

2.57%

Institutional

Shares

5.35%

3.55%

3.37%

10/24/11

–

R-6

Shares

5.35%

3.60%

3.41%

6/12/17

10/24/11

^Extended

performance

is

calculated

based

on

the

historical

performance

of

the

fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

9

Global

Sustainable

Listed

Infrastructure

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Sub-Advisors:

Principal

Real

Estate

Investors,

LLC

Value

of

$10,000

Investment*

September

22,

2022

-

August

31,

2023

Average

Annual

Total

Returns*

as

of

August

31,

2023

No

performance

information

is

shown

below

because

the

Fund

has

not

yet

had

a

calendar

year

of

performance.

What

contributed

to

or

detracted

from

fund

performance

during

the

fiscal

year?

The

investment

seeks

total

return.

The

fund

seeks

to

achieve

its

objective

by

investing,

under

normal

circumstances,

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

securities

issued

by

listed

infrastructure

companies

that

are

subject

to

the

sub-advisor’s

sustainable

investing

strategy.

It

invests

primarily

in

equity

securities

regardless

of

market

capitalization

(small,

medium,

or

large)

and

invests

in

both

value

and

growth

securities.

The

fund

also

invests

in

REITs

but

only

those

REITs

that

are

engaged

in

the

development,

operation,

or

management

of

infrastructure

assets.

It

is

non-diversified.

Our

fund

outperformed

its

benchmark

over

the

fiscal

period

(note

that

the

fund's

inception

was

in

September

2022,

so

the

period

is

less

than

12

months).

Security

selection

in

North

America,

Europe

and

Latin

America

contributed

positively.

Within

North

America,

the

largest

component

of

positive

contribution

came

from

the

Energy

sector.

The

portfolio

benefited

from

an

overweight

to

Archaea

Energy

specifically.

This

leading

renewable

natural

gas

producer

performed

strongly

due

to

its

agreeing

to

be

acquired

at

a

meaningful

premium

by

a

major

energy

company.

Archaea

produces

renewable

natural

gas

(RNG)

from

landfills,

which

is

treated

and

then

blended

with

conventional

natural

gas

for

distribution

by

utilities

to

customers.

An

overweight

to

Chilean

utilities

was

the

main

driver

of

Latin

American

outperformance.

The

stocks

continued

to

benefit

from

receding

political

risk,

normalization

of

business

activity

post-the

pandemic

and

most

recently,

market

anticipation

of

rate

cuts

in

Chile.

Our

portfolio

also

benefited

materially

from

an

overweight

to

Europe.

European

transportation

operators

Vinci

and

Aena

and

utility

companies

Enel,

National

Grid

and

Severn

Trent

were

notable

positive

contributors

as

the

market

rewarded

compelling

valuations.

Foreign

exchange

provided

a

positive

tailwind

during

the

period.

Security

selection

in

Asia

was

a

modest

detractor

from

performance.

An

underweight

to

Mexican

airports

also

detracted.

The

stocks

outperformed

on

continued

strong

passenger

traffic

recovery

driving

aeronautical

and

non-aeronautical

revenue

growth.

An

overweight

to

tower

operator

China

Tower

detracted,

reflecting

general

weakness

in

Chinese

equities

in

the

final

months

of

the

period.

10

International

Equity

Index

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2023

What

contributed

to

or

detracted

from

fund

performance

during

the

fiscal

year?

The

investment

seeks

long-term

growth

of

capital.

The

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

securities

that

compose

the

MSCI

EAFE

Index

at

the

time

of

purchase.

The

index

is

a

market-weighted

equity

index

designed

to

measure

the

equity

performance

of

developed

markets,

excluding

the

United

States

and

Canada.

The

advisor

employs

a

passive

investment

approach

designed

to

attempt

to

track

the

performance

of

the

index.

During

the

twelve-months

ending

in

August

2023,

the

International

Equity

Index

Fund

was

in

line

with

the

MSCI

EAFE

Index

NTR.

The

fund

uses

an

indexing

strategy

and

does

not

attempt

to

manage

market

volatility,

use

defensive

strategies

or

reduce

the

effect

of

any

long-term

periods

of

negative

stock

market

performance.

Ten

of

the

eleven

economic

sectors

in

the

index

posted

positive

returns

as

industrials

and

information

technology

posted

the

best

returns

for

the

year.

UniCredit,

Novo

Nordisk,

and

UBS

Group

contributed

to

fund

performance

for

the

twelve-month

period

ending

in

August.

The

real

estate

and

communication

services

sectors

were

the

weakest

performers.

Credit

Suisse

Group,

Adyen,

and

Sea

Limited

detracted

from

fund

performance

for

the

twelve-month

period

ending

in

August.

Value

of

a

$10,000

Investment*

August

31,

2013

-

August

31,

2023

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

^

Institutional

Shares

18.18%

3.96%

4.67%

12/30/09

–

R-1

Shares

17.20%

3.05%

3.76%

12/30/09

–

R-3

Shares

17.50%

3.38%

4.08%

12/30/09

–

R-4

Shares

17.68%

3.56%

4.28%

12/30/09

–

R-5

Shares

17.87%

3.69%

4.41%

12/30/09

–

R-6

Shares

18.16%

3.98%

4.66%

1/3/17

12/30/09

^Extended

performance

is

calculated

based

on

the

historical

performance

of

the

fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

11

International

Small

Company

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2023

What

contributed

to

or

detracted

from

fund

performance

during

the

fiscal

year?

The

investment

seeks

long-term

growth

of

capital.

Under

normal

circumstances,

the

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

equity

securities

of

companies

with

small

market

capitalizations

at

the

time

of

purchase.

It

invests

primarily

in

foreign

equity

securities.

The

fund

typically

invests

in

foreign

securities

of

more

than

10

countries

but

has

no

limitation

on

the

percentage

of

assets

that

is

invested

in

each

country

or

denominated

in

any

currency.

The

portfolio

outperformed

its

index

for

the

twelve-month

period

ending

August

31,

2023,

on

the

back

of

strong

stock

selection.

Stock

selection

in

Europe

and

Asia

Pacific

stood

out

as

key

contributors

to

relative

performance

during

the

year.

European

aerospace

and

defense

holdings

performed

exceptionally

well

amid

elevated

levels

of

defense

spending

amid

the

neighboring

Russian

invasion

of

Ukraine.

Israeli

cyber

security

as

well

as

semiconductor

holdings

have

performed

well

amid

strong

demand

for

their

end

products.

In

Asia

Pacific,

it

was

stock

selection

among

Australian

metals

and

mining

companies

that

contributed

the

most

to

relative

outperformance

while

a

Singapore

utility

holding

performed

well

amid

their

divestment

of

coal-based

power

production

in

favor

of

profitable

renewable

energy

projects.

Stock

selection

within

the

United

Kingdom

stood

out

as

a

key

detractor

from

relative

performance

during

the

period.

British

based

software

and

services

holdings

weighed

on

relative

returns.

A

software

holding

pulled

back

following

a

potential

acquisition

bid

from

private

equity

that

did

not

come

to

fruition.

In

IT

services

it

was

a

holding

that

specializes

in

services

primarily

targeted

at

the

video

gaming

industry

which

underperformed

amid

concerns

that

artificial

intelligence

will

negatively

impact

their

business

model.

Value

of

a

$10,000

Investment*

June

11,

2014

-

August

31,

2023

1-Year

5-Year

Since

Inception

Inception

Date

Extended

Performance

Inception

Date

^

Institutional

Shares

10.91%

-0.06%

3.04%

12/31/14

6/11/14

R-6

Shares

11.06%

0.03%

3.04%

1/3/17

6/11/14

^Extended

performance

is

calculated

based

on

the

historical

performance

of

the

fund’s

Class

A

Shares,

which

discontinued

operations

on

February

23,

2021,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

12

Opportunistic

Municipal

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2023

What

contributed

to

or

detracted

from

fund

performance

during

the

fiscal

year?

The

investment

seeks

to

provide

a

high

level

of

income

that

is

exempt

from

federal

income

tax

while

protecting

investors'

capital.

The

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

municipal

obligations,

which

are

securities

issued

by

or

on

behalf

of

state

or

local

governments

and

other

public

authorities.

It

invests

in

other

debt

obligations,

including

(but

not

limited

to)

taxable

municipal

obligations;

U.S.

Treasury

securities;

obligations

of

the

U.S.

government,

its

agencies,

and

instrumentalities;

and

exchange-traded

funds

(ETFs)

to

gain

exposure

to

the

municipal

market.

For

the

twelve-month

period,

yields

on

the

Bloomberg

Municipal

Bond

Index

decreased

resulting

in

gains

in

the

broad

municipal

bond

index.

Opportunistic

Municipal

Bond

Fund

underperformed

its

benchmark.

Duration

was

a

negative

detractor,

sector

allocation

and

security

selection

were

positive

contributors.

During

the

fiscal

year

ending

August

31,

2023,

the

top

sectors

contributors

were

tobacco,

State,

recreation

and

tourism

while

the

top

individual

security

contributors

were

Port

of

Seattle,

New

York

State

Bridge

Authority,

Regional

Transportation

District

–

Colorado.

The

top

sector

detractors

for

the

fiscal

year

included

healthcare,

hospital,

waste

and

pollution

while

the

top

individual

security

detractors

were

Tulsa

County

Oklahoma

Industrial

Authority,

New

York

Transportation

Development

Corporation,

Metropolitan

Pier

and

Exposition.

Value

of

a

$10,000

Investment*

August

31,

2013

-

August

31,

2023

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

^

Class

A

Shares

Excluding

Sales

Charge

0.33%

1.27%

4.15%

6/14/12

–

Including

Sales

Charge

-3.41%

0.51%

3.75%

Institutional

Shares

0.72%

1.55%

4.40%

3/10/15

6/14/12

^Extended

performance

is

calculated

based

on

the

historical

performance

of

the

fund’s

Class

A

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

13

Origin

Emerging

Markets

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Sub-Advisor:

Origin

Asset

Management

LLP

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2023

What

contributed

to

or

detracted

from

fund

performance

during

the

fiscal

year?

The

investment

seeks

long-term

growth

of

capital.

Under

normal

circumstances,

the

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

equity

securities

of

emerging

market

companies

at

the

time

of

purchase.

The

advisor

considers

a

security

to

be

tied

economically

to

an

emerging

market

if

the

issuer

of

the

security

has

its

principal

place

of

business

or

principal

office

in

an

emerging

market,

has

its

principal

securities

trading

market

in

an

emerging

market,

or

derives

a

majority

of

its

revenue

from

emerging

markets.

The

Origin

portfolios

benefited

from

the

broad

market

background,

as

the

stocks

held

have

the

best

earnings

revisions

across

several

different

sectors

-

financials,

industrials

and

even

some

energy

names

as

well

as

technology

–

have

so

far

been

rewarded

with

far

more

stable

positive

share

price

trends

than

those

stocks

enjoyed

in

2022.

Stock

selection

within

Financials

was

the

leading

contributor

to

performance,

with

Grupo

Financiero

Banorte

the

leading

holdings

in

terms

of

positive

effect

within

the

sector.

Stock

selection

in

the

Communication

Services

sector

provided

the

second

biggest

beneficial

effect

on

relative

performance.

At

a

country

level,

Taiwan

was

the

outright

leader

in

terms

of

additive

performance,

led

by

Global

Unichip

Corp,

followed

by

stock

selection

in

Korea.

The

main

drag

at

sector

level

proved

to

be

stock

selection

within

Materials,

followed

by

Consumer

Discretionary,

while

at

a

geographic

level,

holdings

in

China

proved

the

most

significant

detractor

from

overall

performance.

Value

of

a

$10,000

Investment*

January

23,

2015

-

August

31,

2023

1-Year

5-Year

Since

Inception

Inception

Date

Class

A

Shares

Excluding

Sales

Charge

0.08%

-1.59%

0.67%

1/23/15

Including

Sales

Charge

-5.41%

-2.71%

0.01%

Institutional

Shares

0.44%

-1.21%

0.89%

1/23/15

R-6

Shares

0.61%

-1.07%

0.97%

1/23/15

14

Small-MidCap

Dividend

Income

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2023

What

contributed

to

or

detracted

from

fund

performance

during

the

fiscal

year?

The

investment

seeks

to

provide

current

income

and

long-term

growth

of

income

and

capital.

The

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

dividend-paying

equity

securities

of

companies

with

small-to-medium

market

capitalizations

at

the

time

of

purchase.

Its

investments

include

the

securities

of

foreign

issuers

and

real

estate

investment

trusts.

M.D.C.

Holdings,

Inc.

(MDC),

which

builds

and

sells

homes

through

its

subsidiaries

under

the

name

Richmond

American

homes

in

Colorado,

Virginia,

Maryland,

California,

Arizona

and

Nevada,

added

to

results

as

sentiment

for

housing

improved

as

interest

rates

dropped.

The

company

has

shown

solid

margin

and

balance

sheet

management

in

the

face

of

softer

year-over-year

housing

demand.

NVent

Electric

plc

(NVT)

is

an

electrical

equipment

company

that

sells

enclosures

for

electrical

and

tech

equipment,

fasteners/connectors

and

thermal

management

equipment.

The

company

contributed

to

results

after

beating

results

and

raising

guidance,

benefitting

from

strong

demand

and

improving

supply

chain

costs.

Federal

Agricultural

Mortgage

Corp

(AGM)

is

a

Government

Sponsored

Entity,

providing

a

secondary

market

for

a

variety

of

loans

made

to

borrowers

in

rural

America.

AGM

outperformed

due

to

stronger

than

expected

results

due

to

continued

strong

export

demand,

higher

commodity

prices

and

increasing

rural

infrastructure

financing.

ServisFirst

Bancshares,

Inc.

(SFBS)

is

a

Southeast

bank

focused

on

commercial,

cash

management,

private

banking,

and

the

professional

consumer

market

as

well

as

personal

financial

services.

SFBS

lagged

as

investors

worried

about

regional

banks

following

the

takeover

of

Silicon

Valley

Bank

and

Signature

Bank

early

in

2023.

East

West

Bancorp,

Inc.

(EWBC)

is

a

bank

focused

on

Asian-Americans.

EWBC

is

primarily

based

in

California

and

specializes

in

commercial,

construction,

and

real

estate

lending

as

well

as

financing

international

trade.

EWBC

detracted

as

investors

worried

about

regional

banks,

especially

banks

in

California

with

commercial

real

estate

exposure.

Cullen/Frost

Bankers,

Inc.

(CFR)

detracted

despite

higher

net

interest

income

and

net

interest

margins

during

the

quarter

as

the

takeover

of

Silicon

Valley

Bank

and

Signature

bank

dominated

headlines

and

investors

became

anxious

about

regional

banks.

Value

of

a

$10,000

Investment*

August

31,

2013

-

August

31,

2023

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

^

Class

A

Shares

Excluding

Sales

Charge

10.11%

3.95%

8.03%

6/6/11

–

Including

Sales

Charge

4.04%

2.78%

7.42%

Class

C

Shares

Excluding

Sales

Charge

9.34%

3.17%

7.38%

6/14/12

–

Including

Sales

Charge

8.34%

3.17%

7.38%

Institutional

Shares

10.42%

4.24%

8.36%

6/6/11

–

R-6

Shares

10.49%

4.30%

8.40%

1/3/17

6/6/11

^Extended

performance

is

calculated

based

on

the

historical

performance

of

the

fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

15

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Sub-Advisor:

Spectrum

Asset

Management,

Inc.

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2023

What

contributed

to

or

detracted

from

fund

performance

during

the

fiscal

year?

The

investment

seeks

to

provide

current

income.

The

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowing

for

investment

purposes,

in

preferred

securities

and

capital

securities

at

the

time

of

purchase.

Preferred

securities

typically

include

preferred

stock

and

various

types

of

junior

subordinated

debt

and

trust

preferred

securities.

It

concentrates

its

investments

(invests

more

than

25%

of

its

net

assets)

in

securities

in

one

or

more

industries

(i.e.,

banking,

insurance

and

commercial

finance)

within

the

financial

services

sector.

The

bond

market

has

gone

through

a

fickle

mood

of

being

convinced

that

the

Fed

is

done

raising

rates

(and

will

cut

soon)

to

thinking

that

rate

cuts

are

still

on

the

table.

This

has

made

the

U.S.

Treasury

market

somewhat

of

a

roller

coaster

rise

with

5

year

yields

rising

from

a

low

in

August

2022

of

3.28%

to

a

peak

of

4.47%

in

October

2022

and

up

and

down

throughout

the

period

to

finish

right

back

at

the

highs

during

August

2023.

The

bond

market

continues

to

anticipate

the

Fed

keeping

rates

elevated

for

longer

as

the

back

end

of

the

curve

is

cheapening

and

real

rates

are

rising,

but

the

idea

that

the

Fed

may

tolerate

an

inflation

target

higher

than

2%

was

taken

off

the

table

at

Jackson

Hole.

The

implication

of

this

is

that

more

economic

friction

will

be

required

to

slow

spending

and

labor

growth

and

that

will

likely

price

equity

lower

over

the

near-term

causing

credit

spreads

to

widen.

A

conflict

that

the

Fed

must

deal

with

is

that

the

ongoing

fiscal

backdrop

of

continued

government

excess

spending

is

not

aligned

with

the

Fed’s

disinflationary

goal.

However,

the

effect

of

fiscal

excess

may

lead

to

a

“fiscal

fit”

causing

even

higher

real

rates

on

the

term

structure

of

treasuries

if

labor

markets

don’t

cool.

This

would

result

in

a

stagflationary

economic

environment

and

limited

fiscal

flexibility

to

foster

growth.

Yet,

as

the

Fed

is

more

likely

toward

the

end

of

its

rate

hike

cycle

than

the

beginning,

the

capital

securities

sectors

have

stabilized

after

falling

precipitously

from

February

into

March.

The

price

declines

happened

primarily

in

two

stages

during

the

period:

1)

during

the

4th

quarter

of

2022,

duration

explained

most

of

the

price

declines

as

yields

rose

by

about

20

basis

points

(bps),

but

spreads

widened

by

about

100

bps

and

2)

during

the

1st

quarter

of

2023

all

of

the

spread

loss

was

recovered

only

to

be

given

back

by

two

times

when

the

deposit

crisis

hit

the

U.S.

regional

bank

system

-

prices

declined

materially

as

spreads

widened

by

190

bps

from

February

into

March.

The

differential

in

performance

between

Value

of

a

$10,000

Investment*

August

31,

2013

-

August

31,

2023

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

^

Class

A

Shares

Excluding

Sales

Charge

0.23%

1.74%

3.86%

6/28/05

–

Including

Sales

Charge

-3.57%

0.96%

3.46%

Class

C

Shares

Excluding

Sales

Charge

-0.66%

0.94%

3.25%

1/16/07

–

Including

Sales

Charge

-1.61%

0.94%

3.25%

Class

J

Shares

Excluding

Sales

Charge

0.24%

1.72%

3.85%

12/29/03

–

Including

Sales

Charge

-0.71%

1.72%

3.85%

Institutional

Shares

0.48%

1.98%

4.14%

5/1/02

–

R-1

Shares

-0.30%

1.19%

3.32%

11/1/04

–

R-3

Shares

0.11%

1.54%

3.65%

6/1/04

–

R-4

Shares

0.21%

1.69%

3.82%

6/1/04

–

R-5

Shares

0.21%

1.80%

3.95%

6/1/04

–

R-6

Shares

0.59%

2.08%

4.17%

1/3/17

5/1/02

16

Spectrum

Preferred

and

Capital

Securities

Income

Fund

investment

grade

and

below

investment

grade

paper

widened

noticeably

but

has

retraced

more

recently

as

the

Fed’s

Bank

Term

Funding

Program

(BTFP)

has

prevented

realized

loss

impacts

in

liquidity

portfolios

from

being

necessary.

As

a

result

of

the

BTFP’s

renewed

quantitative

easing

effect,

equity

has

rallied

throughout

the

spring

and

summer

though

inflation

is

still

a

burden

to

global

economies.

The

Fed

has

assured

markets

that

its

inflation

fighting

job

is

not

complete.

Allocations

to

Contingent

Convertible

Bonds

(CoCo)

Additional

Tier

1

(AD1),

Insurance

hybrids,

and

short

U.S.

Treasury

10

year

futures

contributed

to

absolute

performance

and

allocations

to

$25

par

preferred

stock,

Tier2

CoCo

and

2year

U.S.

Treasury

notes

detracted

from

absolute

performance.

The

fund

tactics

were

primarily

to

be

underweight

the

retail

$25

par

sector

because

of

the

sector’s

long

duration

risk

and

overweight

Contingent

Convertible

Capital

Securities

because

of

the

sector’s

shorter

duration,

yield,

and

liquidity.

The

fund

outperformed

its

benchmark

during

the

period.

^Extended

performance

is

calculated

based

on

the

historical

performance

of

the

fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

August

31,

2023

17

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Blue

Chip

Fund

Bond

Market

Index

Fund

Diversified

Real

Asset

Fund(a)

Investment

in

securities--at

cost

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

$

6,223,779‌

$

2,638,791‌

$

3,679,397‌

Investment

in

affiliated

Funds--at

cost

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

$

2‌

$

55,110‌

$

76,170‌

Assets

Investment

in

securities--at

value 

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

$

9,473,696‌

$

2,461,988‌

(b)

$

3,457,728‌

(b)

Investment

in

affiliated

Funds--at

value

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

2‌

55,110‌

76,170‌

Cash

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

–‌

–‌

259‌

Deposits

with

counterparty

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

–‌

3‌

885‌

Receivables:

Dividends

and

interest

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

8,033‌

14,764‌

10,357‌

Expense

reimbursement

from

Manager

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

326‌

31‌

–‌

Expense

reimbursement

from

Distributor

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

3‌

1‌

–‌

Foreign

currency

contracts

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

–‌

–‌

86‌

Fund

shares

sold

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

6,730‌

1,324‌

1,452‌

Investment

securities

sold

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

5,666‌

33,179‌

22,721‌

Variation

margin

on

futures

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

–‌

–‌

4,297‌

Variation

margin

on

swaps

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

–‌

–‌

25‌

Total

Assets  

9,494,456‌

2,566,400‌

3,573,980‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

4,656‌

293‌

2,257‌

Accrued

administrative

service

fees

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

1‌

1‌

–‌

Accrued

distribution

fees

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

476‌

6‌

16‌

Accrued

service

fees

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

5‌

5‌

–‌

Accrued

transfer

agent

fees

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

899‌

49‌

654‌

Accrued

custodian

fees

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

–‌

–‌

84‌

Accrued

directors'

expenses

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

18‌

6‌

9‌

Accrued

professional

fees

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

24‌

33‌

123‌

Accrued

other

expenses

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

111‌

21‌

58‌

Cash

overdraft

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

–‌

3‌

1,429‌

Deposits

from

counterparty

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

–‌

–‌

129‌

Payables:

Expense

reimbursement

to

Manager

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

–‌

–‌

47‌

Foreign

currency

contracts

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

–‌

–‌

111‌

Fund

shares

redeemed

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

5,496‌

325‌

3,904‌

Interfund

borrowing

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

5,455‌

–‌

–‌

Investment

securities

purchased

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

–‌

64,880‌

52,526‌

Options

and

swaptions

contracts

written

 (premiums

received

$

0

,

$

0

and

$

852

)

...........

–‌

–‌

1,519‌

OTC

swap

agreements--at

value

(premiums

received

$

0

,

$

0

and

$

0

)

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

–‌

–‌

202‌

Variation

margin

on

futures

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

–‌

–‌

6,240‌

Variation

margin

on

swaps

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

–‌

–‌

83‌

Collateral

obligation

on

securities

loaned,

at

value

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

–‌

13,660‌

12,097‌

Total

Liabilities  

17,141‌

79,282‌

81,488‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

9,477,315‌

$

2,487,118‌

$

3,492,492‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

6,345,125‌

$

2,648,110‌

$

3,737,351‌

Total

distributable

earnings

(accumulated

loss)

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

3,132,190‌

(

160,992‌

)

(

244,859‌

)

Total

Net

Assets 

$

9,477,315‌

$

2,487,118‌

$

3,492,492‌

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

August

31,

2023

18

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Blue

Chip

Fund

Bond

Market

Index

Fund

Diversified

Real

Asset

Fund(a)

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,300,000‌

710,000‌

1,775,000‌

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

1,005,219‌

N/A‌

$

73,729‌

Shares

Issued

and

Outstanding

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

29,190‌

6,778‌

Net

Asset

Value

per

share

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

$

34

.44‌

(c)

$

10

.88‌

(c)

Maximum

Offering

Price

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

$

36

.44‌

$

11

.30‌

Class

C

:

Net

Assets

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

$

288,734‌

N/A‌

N/A‌

Shares

Issued

and

Outstanding

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

9,128‌

Net

Asset

Value

per

share

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

$

31

.63‌

(c)

Class

J

:

Net

Assets

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

$

196,453‌

$

29,452‌

N/A‌

Shares

Issued

and

Outstanding

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

5,595‌

3,548‌

Net

Asset

Value

per

share

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

$

35

.11‌

(c)

$

8

.30‌

(c)

Institutional

:

Net

Assets

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

$

2,555,465‌

$

2,434,617‌

$

2,002,048‌

Shares

Issued

and

Outstanding

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

72,101‌

286,156‌

184,227‌

Net

Asset

Value

per

share

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

$

35

.44‌

$

8

.51‌

$

10

.87‌

R-1

:

Net

Assets

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

N/A‌

$

507‌

N/A‌

Shares

Issued

and

Outstanding

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

61‌

Net

Asset

Value

per

share

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

$

8

.34‌

R-3

:

Net

Assets

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

$

11,611‌

$

8,995‌

$

271‌

Shares

Issued

and

Outstanding

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

339‌

1,084‌

25‌

Net

Asset

Value

per

share

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

$

34

.23‌

$

8

.30‌

$

10

.79‌

R-4

:

Net

Assets

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

$

2,025‌

$

3,829‌

N/A‌

Shares

Issued

and

Outstanding

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

58‌

457‌

Net

Asset

Value

per

share

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

$

34

.69‌

$

8

.39‌

R-5

:

Net

Assets

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

$

12,616‌

$

9,718‌

N/A‌

Shares

Issued

and

Outstanding

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

360‌

1,163‌

Net

Asset

Value

per

share

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

$

35

.06‌

$

8

.36‌

R-6

:

Net

Assets

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

$

5,405,192‌

N/A‌

$

1,416,444‌

Shares

Issued

and

Outstanding

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

151,707‌

130,394‌

Net

Asset

Value

per

share

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

$

35

.63‌

$

10

.86‌

(a)

Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b)

Includes

fair

market

value

of

securities

loaned,

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(c)

Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

August

31,

2023

19

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Edge

MidCap

Fund

Global

Multi-Strategy

Fund(a)

Global

Sustainable

Listed

Infrastructure

Fund

Investment

in

securities--at

cost

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

$

71,299‌

$

354,241‌

$

16,210‌

Investment

in

affiliated

Funds--at

cost

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

$

1,805‌

$

85,033‌

$

682‌

Foreign

currency--at

cost

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

$

–‌

$

16‌

$

–‌

Assets

Investment

in

securities--at

value 

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

$

74,351‌

$

347,042‌

$

15,270‌

(b)

Investment

in

affiliated

Funds--at

value

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

1,805‌

85,033‌

682‌

Foreign

currency--at

value

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

–‌

15‌

–‌

Cash

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

–‌

550‌

–‌

Deposits

with

counterparty

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

–‌

36,975‌

–‌

Receivables:

Dividends

and

interest

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

130‌

3,013‌

37‌

Expense

reimbursement

from

Manager

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

–‌

42‌

5‌

Foreign

currency

contracts

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

–‌

1,339‌

–‌

Fund

shares

sold

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

123‌

948‌

1‌

Investment

securities

sold

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

75‌

5,993‌

89‌

OTC

swap

agreements--at

value

(premiums

paid

$

0

,

$

0

and

$

0

)

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

–‌

5,507‌

–‌

Variation

margin

on

futures

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

–‌

462‌

–‌

Variation

margin

on

swaps

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

–‌

31‌

–‌

Prepaid

expenses

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

–‌

–‌

8‌

Total

Assets  

76,484‌

486,950‌

16,092‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

42‌

548‌

10‌

Accrued

distribution

fees

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

4‌

8‌

–‌

Accrued

transfer

agent

fees

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

18‌

52‌

–‌

Accrued

directors'

expenses

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

3‌

4‌

2‌

Accrued

professional

fees

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

20‌

161‌

26‌

Accrued

registration

fees

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

4‌

–‌

–‌

Accrued

other

expenses

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

2‌

67‌

–‌

Cash

overdraft

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

–‌

–‌

44‌

Deposits

from

counterparty

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

–‌

100‌

–‌

Payables:

Dividends

and

interest

on

securities

sold

short

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

–‌

26‌

–‌

Expense

reimbursement

to

Manager

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

8‌

–‌

–‌

Foreign

currency

contracts

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

–‌

1,225‌

–‌

Fund

shares

redeemed

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

8‌

481‌

–‌

Investment

securities

purchased

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

–‌

3,619‌

–‌

Options

and

swaptions

contracts

written

 (premiums

received

$

0

,

$

1,446

and

$

0

)

.........

–‌

1,122‌

–‌

Short

sales

(proceeds

received

$

0

,

$

27,245

and

$

0

)

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

–‌

28,138‌

–‌

OTC

swap

agreements--at

value

(premiums

received

$

0

,

$

57

and

$

0

)

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

–‌

127‌

–‌

Variation

margin

on

futures

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

–‌

452‌

–‌

Variation

margin

on

swaps

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

–‌

8‌

–‌

Collateral

obligation

on

securities

loaned,

at

value

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

–‌

–‌

1‌

Total

Liabilities  

109‌

36,138‌

83‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

76,375‌

$

450,812‌

$

16,009‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

72,989‌

$

463,845‌

$

15,929‌

Total

distributable

earnings

(accumulated

loss)

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

3,386‌

(

13,033‌

)

80‌

Total

Net

Assets 

$

76,375‌

$

450,812‌

$

16,009‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

300,000‌

1,750,000‌

200,000‌

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

17,724‌

$

38,521‌

N/A‌

Shares

Issued

and

Outstanding

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

1,522‌

3,718‌

Net

Asset

Value

per

share

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

$

11

.65‌

(c)

$

10

.36‌

(c)

Maximum

Offering

Price

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

$

12

.33‌

$

10

.76‌

Institutional

:

Net

Assets

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

$

30,598‌

$

343,287‌

$

16,009‌

Shares

Issued

and

Outstanding

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

2,601‌

32,505‌

1,539‌

Net

Asset

Value

per

share

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

$

11

.76‌

$

10

.56‌

$

10

.40‌

R-6

:

Net

Assets

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

$

28,053‌

$

69,004‌

N/A‌

Shares

Issued

and

Outstanding

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

2,371‌

6,528‌

Net

Asset

Value

per

share

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

$

11

.83‌

$

10

.57‌

(a)

Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b)

Includes

fair

market

value

of

securities

loaned,

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(c)

Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

August

31,

2023

20

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

International

Equity

Index

Fund

International

Small

Company

Fund

Opportunistic

Municipal

Fund

Investment

in

securities--at

cost

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

$

1,067,319‌

$

673,139‌

$

152,980‌

Investment

in

affiliated

Funds--at

cost

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

$

4,610‌

$

13,893‌

$

–‌

Assets

Investment

in

securities--at

value 

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

$

1,226,064‌

(a)

$

696,488‌

(a)

$

142,283‌

Investment

in

affiliated

Funds--at

value

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

4,610‌

13,893‌

–‌

Cash

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

–‌

–‌

1,516‌

Deposits

with

counterparty

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

63‌

–‌

–‌

Receivables:

Dividends

and

interest

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

6,651‌

2,352‌

1,851‌

Expense

reimbursement

from

Manager

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

38‌

–‌

–‌

Fund

shares

sold

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

444‌

201‌

508‌

Investment

securities

sold

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

18,272‌

12,687‌

–‌

Total

Assets  

1,256,142‌

725,621‌

146,158‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

259‌

591‌

50‌

Accrued

administrative

service

fees

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

1‌

–‌

–‌

Accrued

distribution

fees

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

4‌

–‌

9‌

Accrued

service

fees

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

8‌

–‌

–‌

Accrued

transfer

agent

fees

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

12‌

6‌

28‌

Accrued

custodian

fees

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

–‌

91‌

–‌

Accrued

directors'

expenses

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

4‌

4‌

4‌

Accrued

professional

fees

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

55‌

33‌

38‌

Accrued

other

expenses

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

166‌

5‌

10‌

Cash

overdraft

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

629‌

5,203‌

–‌

Payables:

Dividends

payable

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

–‌

–‌

481‌

Expense

reimbursement

to

Manager

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

–‌

4‌

4‌

Fund

shares

redeemed

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

270‌

141‌

767‌

Interest

expense

and

fees

payable

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

–‌

–‌

74‌

Investment

securities

purchased

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

17,126‌

1,807‌

2,000‌

Variation

margin

on

futures

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

10‌

–‌

–‌

Collateral

obligation

on

securities

loaned,

at

value

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

5,004‌

11,229‌

–‌

Floating

rate

notes

issued

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

–‌

–‌

7,283‌

Total

Liabilities  

23,548‌

19,114‌

10,748‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

1,232,594‌

$

706,507‌

$

135,410‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

1,067,363‌

$

743,601‌

$

160,704‌

Total

distributable

earnings

(accumulated

loss)

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

165,231‌

(

37,094‌

)

(

25,294‌

)

Total

Net

Assets 

$

1,232,594‌

$

706,507‌

$

135,410‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

650,000‌

300,000‌

300,000‌

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

N/A‌

N/A‌

$

41,241‌

Shares

Issued

and

Outstanding

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

4,373‌

Net

Asset

Value

per

share

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

$

9

.43‌

(b)

Maximum

Offering

Price

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

$

9

.80‌

Institutional

:

Net

Assets

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

$

65,622‌

$

36,678‌

$

94,169‌

Shares

Issued

and

Outstanding

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

6,084‌

3,771‌

9,978‌

Net

Asset

Value

per

share

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

$

10

.79‌

$

9

.73‌

$

9

.44‌

R-1

:

Net

Assets

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

$

394‌

N/A‌

N/A‌

Shares

Issued

and

Outstanding

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

38‌

Net

Asset

Value

per

share

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

$

10

.41‌

R-3

:

Net

Assets

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

$

12,167‌

N/A‌

N/A‌

Shares

Issued

and

Outstanding

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

1,153‌

Net

Asset

Value

per

share

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

$

10

.55‌

R-4

:

Net

Assets

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

$

10,011‌

N/A‌

N/A‌

Shares

Issued

and

Outstanding

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

937‌

Net

Asset

Value

per

share

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

$

10

.68‌

R-5

:

Net

Assets

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

$

14,032‌

N/A‌

N/A‌

Shares

Issued

and

Outstanding

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

1,309‌

Net

Asset

Value

per

share

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

$

10

.72‌

R-6

:

Net

Assets

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

$

1,130,368‌

$

669,829‌

N/A‌

Shares

Issued

and

Outstanding

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

104,691‌

68,437‌

Net

Asset

Value

per

share

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

$

10

.80‌

$

9

.79‌

(a)

Includes

fair

market

value

of

securities

loaned,

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(b)

Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

August

31,

2023

21

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Origin

Emerging

Markets

Fund

Small-MidCap

Dividend

Income

Fund

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Investment

in

securities--at

cost

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

$

2,839,060‌

$

955,937‌

$

6,215,036‌

Investment

in

affiliated

Funds--at

cost

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

$

32,836‌

$

13,928‌

$

108,485‌

Foreign

currency--at

cost

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

$

92‌

$

–‌

$

–‌

Assets

Investment

in

securities--at

value 

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

$

2,611,825‌

(a)

$

1,270,785‌

$

5,696,400‌

(a)

Investment

in

affiliated

Funds--at

value

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

32,836‌

13,928‌

108,485‌

Foreign

currency--at

value

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

92‌

–‌

–‌

Deposits

with

counterparty

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

–‌

–‌

9,233‌

Receivables:

Dividends

and

interest

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

3,821‌

2,444‌

82,280‌

Expense

reimbursement

from

Manager

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

147‌

54‌

–‌

Expense

reimbursement

from

Distributor

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

–‌

–‌

1‌

Foreign

tax

refund

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

997‌

–‌

–‌

Fund

shares

sold

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

470‌

418‌

9,601‌

Investment

securities

sold

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

992‌

–‌

3,663‌

Variation

margin

on

futures

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

–‌

–‌

179‌

Total

Assets  

2,651,180‌

1,287,629‌

5,909,842‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

2,165‌

848‌

3,425‌

Accrued

distribution

fees

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

1‌

59‌

279‌

Accrued

service

fees

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

–‌

–‌

1‌

Accrued

transfer

agent

fees

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

32‌

106‌

922‌

Accrued

chief

compliance

officer

fees

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

–‌

–‌

1‌

Accrued

directors'

expenses

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

7‌

4‌

11‌

Accrued

foreign

tax

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

8,175‌

–‌

–‌

Accrued

professional

fees

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

47‌

22‌

35‌

Accrued

other

expenses

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

309‌

11‌

154‌

Cash

overdraft

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

–‌

–‌

176‌

Payables:

Fund

shares

redeemed

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

1,111‌

839‌

5,160‌

Investment

securities

purchased

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

–‌

–‌

8,087‌

Variation

margin

on

futures

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

–‌

–‌

342‌

Collateral

obligation

on

securities

loaned,

at

value

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

6,680‌

–‌

137,021‌

Total

Liabilities  

18,527‌

1,889‌

155,614‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,632,653‌

$

1,285,740‌

$

5,754,228‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

3,375,920‌

$

971,396‌

$

6,643,517‌

Total

distributable

earnings

(accumulated

loss)

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

(

743,267‌

)

314,344‌

(

889,289‌

)

Total

Net

Assets 

$

2,632,653‌

$

1,285,740‌

$

5,754,228‌

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

August

31,

2023

22

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Origin

Emerging

Markets

Fund

Small-MidCap

Dividend

Income

Fund

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

800,000‌

1,700,000‌

2,500,000‌

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

4,982‌

$

156,039‌

$

697,257‌

Shares

Issued

and

Outstanding

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

518‌

9,487‌

80,367‌

Net

Asset

Value

per

share

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

$

9

.61‌

(b)

$

16

.45‌

(b)

$

8

.68‌

(b)

Maximum

Offering

Price

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

$

10

.17‌

$

17

.41‌

$

9

.02‌

Class

C

:

Net

Assets

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

N/A‌

$

29,705‌

$

147,896‌

Shares

Issued

and

Outstanding

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

1,828‌

17,049‌

Net

Asset

Value

per

share

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

$

16

.25‌

(b)

$

8

.67‌

(b)

Class

J

:

Net

Assets

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

N/A‌

N/A‌

$

31,131‌

Shares

Issued

and

Outstanding

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

3,715‌

Net

Asset

Value

per

share

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

$

8

.38‌

(b)

Institutional

:

Net

Assets

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

$

73,802‌

$

698,401‌

$

3,930,780‌

Shares

Issued

and

Outstanding

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

7,814‌

42,199‌

457,115‌

Net

Asset

Value

per

share

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

$

9

.44‌

$

16

.55‌

$

8

.60‌

R-1

:

Net

Assets

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

N/A‌

N/A‌

$

459‌

Shares

Issued

and

Outstanding

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

54‌

Net

Asset

Value

per

share

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

$

8

.55‌

R-3

:

Net

Assets

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

N/A‌

N/A‌

$

1,981‌

Shares

Issued

and

Outstanding

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

232‌

Net

Asset

Value

per

share

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

$

8

.54‌

R-4

:

Net

Assets

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

N/A‌

N/A‌

$

946‌

Shares

Issued

and

Outstanding

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

111‌

Net

Asset

Value

per

share

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

$

8

.50‌

R-5

:

Net

Assets

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

N/A‌

N/A‌

$

1,987‌

Shares

Issued

and

Outstanding

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

232‌

Net

Asset

Value

per

share

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

$

8

.55‌

R-6

:

Net

Assets

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

$

2,553,869‌

$

401,595‌

$

941,791‌

Shares

Issued

and

Outstanding

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

270,010‌

24,132‌

109,574‌

Net

Asset

Value

per

share

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

$

9

.46‌

$

16

.64‌

$

8

.60‌

(a)

Includes

fair

market

value

of

securities

loaned,

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(b)

Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2023

23

See

accompanying

notes.

Amounts

in

thousands

Blue

Chip

Fund

Bond

Market

Index

Fund

Diversified

Real

Asset

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

593‌

$

5,719‌

$

4,245‌

Dividends

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

60,293‌

544‌

86,514‌

Withholding

tax

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

(

922‌

)

–‌

(

4,519‌

)

Interest

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

18‌

81,822‌

58,115‌

Securities

lending

-

net

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

4‌

121‌

197‌

Total

Income

59,986‌

88,206‌

144,552‌

Expenses:

Management

and

investment

advisory

fees

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

51,176‌

3,393‌

29,831‌

Distribution

f

ees

-

Class

A

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

2,193‌

N/A‌

261‌

Distribution

f

ees

-

Class

C

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

2,635‌

N/A‌

N/A‌

Distribution

f

ees

-

Class

J

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

242‌

47‌

N/A‌

Distribution

f

ees

-

R-1

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

N/A‌

2‌

N/A‌

Distribution

f

ees

-

R-3

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

26‌

21‌

1‌

Distribution

f

ees

-

R-4

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

2‌

3‌

N/A‌

Administrative

service

fees

-

R-1

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

N/A‌

2‌

N/A‌

Administrative

service

fees

-

R-3

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

7‌

6‌

–‌

Administrative

service

fees

-

R-4

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

1‌

1‌

N/A‌

Administrative

service

fees

-

R-5

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

1‌

1‌

–‌

Registration

fees

-

Class

A

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

56‌

N/A‌

25‌

Registration

fees

-

Class

C

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

19‌

N/A‌

N/A‌

Registration

fees

-

Class

J

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

18‌

16‌

N/A‌

Registration

fees

-

Institutional

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

111‌

68‌

58‌

Registration

fees

-

R-6

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

16‌

N/A‌

22‌

Service

fees

-

R-1

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

N/A‌

2‌

N/A‌

Service

fees

-

R-3

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

26‌

21‌

1‌

Service

fees

-

R-4

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

6‌

8‌

N/A‌

Service

fees

-

R-5

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

23‌

25‌

–‌

Shareholder

meeting

expense

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

355‌

32‌

127‌

Shareholder

reports

-

Class

A

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

80‌

N/A‌

20‌

Shareholder

reports

-

Class

C

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

18‌

N/A‌

N/A‌

Shareholder

reports

-

Class

J

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

3‌

2‌

N/A‌

Shareholder

reports

-

Institutional

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

148‌

10‌

149‌

Shareholder

reports

-

R-6

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

10‌

N/A‌

10‌

Transfer agent

fees

-

Class

A

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

959‌

N/A‌

141‌

Transfer agent

fees

-

Class

C

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

247‌

N/A‌

N/A‌

Transfer agent

fees

-

Class

J

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

99‌

53‌

N/A‌

Transfer agent

fees

-

Institutional

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

2,377‌

100‌

2,084‌

Chief

compliance

officer

expenses

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

5‌

1‌

2‌

Custodian

fees

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

4‌

38‌

201‌

Directors'

expenses

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

204‌

59‌

96‌

Professional fees

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

37‌

42‌

154‌

Other

expenses

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

232‌

29‌

116‌

Total

Gross

Expenses

61,336‌

3,982‌

33,299‌

Less: Reimbursement

from

Manager

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

2,598‌

364‌

685‌

Less:

Reimbursement

from

Manager

-

Class

A

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

–‌

N/A‌

22‌

Less:

Reimbursement

from

Manager

-

Institutional

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

478‌

–‌

1,019‌

Less:

Reimbursement

from

Distributor

-

Class

J

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

32‌

6‌

N/A‌

Total

Net

Expenses

58,228‌

3,612‌

31,573‌

Net

Investment

Income

(Loss)

1,758‌

84,594‌

112,979‌

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2023

24

See

accompanying

notes.

Amounts

in

thousands

Blue

Chip

Fund

Bond

Market

Index

Fund

Diversified

Real

Asset

Fund

(a),(b)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

Net

realized

gain

(loss)

from:

Investment

transactions

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

(

107,672‌

)

(

28,359‌

)

(

66,055‌

)

Foreign

currency

contracts

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

–‌

–‌

(

50‌

)

Foreign

currency

transactions

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

–‌

–‌

(

671‌

)

Futures

contracts

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

–‌

–‌

(

83,236‌

)

Options

and

swaptions

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

–‌

–‌

205‌

Short

sales

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

–‌

–‌

17‌

Swap

agreements

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

–‌

–‌

(

27,247‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

1,610,098‌

(

82,098‌

)

(

96,970‌

)

Foreign

currency

contracts

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

–‌

–‌

(

90‌

)

Futures

contracts

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

–‌

–‌

14,600‌

Options

and

swaptions

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

–‌

–‌

(

641‌

)

Swap

agreements

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

–‌

–‌

58‌

Translation

of

assets

and

liabilities

in

foreign

currencies

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

–‌

–‌

229‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

1,502,426‌

(

110,457‌

)

(

259,851‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,504,184‌

$

(

25,863‌

)

$

(

146,872‌

)

(a)

Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b)

Class

R-5

shares

discontinued

operations

and

converted

to

Class

R-6

shares

on

January

13,

2023.

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2023

25

See

accompanying

notes.

Amounts

in

thousands

Edge

MidCap

Fund

Global

Multi-

Strategy

Fund

(a)

Global

Sustainable

Listed

Infrastructure

Fund

(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

77‌

$

3,415‌

$

31‌

Dividends

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

1,655‌

4,111‌

482‌

Foreign

tax

reclaims

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

–‌

194‌

–‌

Withholding

tax

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

–‌

(

134‌

)

(

28‌

)

Interest

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

1‌

11,907‌

–‌

Total

Income

1,733‌

19,493‌

485‌

Expenses:

Management

and

investment

advisory

fees

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

600‌

6,635‌

98‌

Distribution

f

ees

-

Class

A

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

42‌

95‌

N/A‌

Registration

fees

-

Class

A

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

17‌

19‌

N/A‌

Registration

fees

-

Institutional

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

18‌

29‌

32‌

Registration

fees

-

R-6

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

19‌

19‌

N/A‌

Shareholder

meeting

expense

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

10‌

96‌

–‌

Shareholder

reports

-

Class

A

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

1‌

3‌

N/A‌

Shareholder

reports

-

Institutional

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

4‌

41‌

–‌

Shareholder

reports

-

R-6

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

1‌

–‌

N/A‌

Transfer agent

fees

-

Class

A

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

35‌

48‌

N/A‌

Transfer agent

fees

-

Institutional

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

41‌

314‌

1‌

Custodian

fees

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

2‌

173‌

12‌

Directors'

expenses

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

5‌

14‌

3‌

Dividends

and

interest

on

securities

sold

short

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

–‌

655‌

–‌

Professional fees

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

24‌

203‌

33‌

Short

sale

fees

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

–‌

360‌

–‌

Other

expenses

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

4‌

36‌

1‌

Total

Gross

Expenses

823‌

8,740‌

180‌

Less: Reimbursement

from

Manager

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

17‌

62‌

–‌

Less:

Reimbursement

from

Manager

-

Class

A

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

33‌

–‌

N/A‌

Less:

Reimbursement

from

Manager

-

Institutional

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

28‌

600‌

65‌

Less:

Reimbursement

from

Manager

-

R-6

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

24‌

72‌

N/A‌

Total

Net

Expenses

721‌

8,006‌

115‌

Net

Investment

Income

(Loss)

1,012‌

11,487‌

370‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

Net

realized

gain

(loss)

from:

Investment

transactions

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

1,629‌

(

11,615‌

)

780‌

Foreign

currency

contracts

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

–‌

2,230‌

–‌

Foreign

currency

transactions

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

(

1‌

)

272‌

(

7‌

)

Futures

contracts

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

–‌

(

4,285‌

)

–‌

Options

and

swaptions

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

–‌

1,162‌

–‌

Capital

gain

distributions

received

from

other

investment

companies

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

–‌

1‌

–‌

Short

sales

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

–‌

1,208‌

–‌

Swap

agreements

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

–‌

3,482‌

–‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

7,478‌

28,063‌

(

940‌

)

Foreign

currency

contracts

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

–‌

(

2,704‌

)

–‌

Futures

contracts

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

–‌

1,156‌

–‌

Options

and

swaptions

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

–‌

253‌

–‌

Short

sales

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

–‌

(

5,505‌

)

–‌

Swap

agreements

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

–‌

(

2,695‌

)

–‌

Translation

of

assets

and

liabilities

in

foreign

currencies

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

–‌

26‌

–‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

9,106‌

11,049‌

(

167‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

10,118‌

$

22,536‌

$

203‌

(a)

Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b)

Period

from

September

22,

2022,

date

operations

commenced,

through

August

31,

2023.

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2023

26

See

accompanying

notes.

Amounts

in

thousands

International

Equity

Index

Fund

International

Small

Company

Fund

Opportunistic

Municipal

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

194‌

$

363‌

$

–‌

Dividends

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

36,610‌

20,616‌

4‌

Foreign

tax

reclaims

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

599‌

305‌

–‌

Withholding

tax

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

(

3,208‌

)

(

1,710‌

)

–‌

Interest

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

10‌

8‌

6,573‌

Securities

lending

-

net

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

107‌

72‌

–‌

Total

Income

34,312‌

19,654‌

6,577‌

Expenses:

Management

and

investment

advisory

fees

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

2,685‌

6,905‌

579‌

Distribution

f

ees

-

Class

A

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

N/A‌

N/A‌

108‌

Distribution

f

ees

-

R-1

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

1‌

N/A‌

N/A‌

Distribution

f

ees

-

R-3

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

29‌

N/A‌

N/A‌

Distribution

f

ees

-

R-4

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

9‌

N/A‌

N/A‌

Administrative

service

fees

-

R-1

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

1‌

N/A‌

N/A‌

Administrative

service

fees

-

R-3

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

8‌

N/A‌

N/A‌

Administrative

service

fees

-

R-4

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

3‌

N/A‌

N/A‌

Administrative

service

fees

-

R-5

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

2‌

N/A‌

N/A‌

Registration

fees

-

Class

A

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

N/A‌

N/A‌

18‌

Registration

fees

-

Institutional

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

15‌

19‌

27‌

Registration

fees

-

R-6

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

18‌

19‌

N/A‌

Service

fees

-

R-1

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

1‌

N/A‌

N/A‌

Service

fees

-

R-3

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

29‌

N/A‌

N/A‌

Service

fees

-

R-4

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

23‌

N/A‌

N/A‌

Service

fees

-

R-5

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

38‌

N/A‌

N/A‌

Shareholder

meeting

expense

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

13‌

3‌

7‌

Shareholder

reports

-

Class

A

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

N/A‌

N/A‌

1‌

Shareholder

reports

-

Institutional

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

12‌

5‌

2‌

Transfer agent

fees

-

Class

A

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

N/A‌

N/A‌

36‌

Transfer agent

fees

-

Institutional

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

38‌

20‌

81‌

Chief

compliance

officer

expenses

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

1‌

–‌

–‌

Custodian

fees

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

239‌

249‌

2‌

Directors'

expenses

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

27‌

19‌

7‌

Index

license

fees

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

301‌

–‌

–‌

Interest

expense

and

fees

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

–‌

–‌

262‌

Professional fees

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

106‌

47‌

44‌

Other

expenses

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

96‌

41‌

5‌

Total

Gross

Expenses

3,695‌

7,327‌

1,179‌

Less: Reimbursement

from

Manager

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

–‌

–‌

25‌

Less:

Reimbursement

from

Manager

-

Class

A

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

N/A‌

N/A‌

11‌

Less:

Reimbursement

from

Manager

-

Institutional

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

80‌

28‌

51‌

Less:

Reimbursement

from

Manager

-

R-6

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

255‌

67‌

N/A‌

Total

Net

Expenses

3,360‌

7,232‌

1,092‌

Net

Investment

Income

(Loss)

30,952‌

12,422‌

5,485‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

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

7,229‌

(

40,367‌

)

(

4,799‌

)

Foreign

currency

transactions

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

(

518‌

)

(

157‌

)

–‌

Futures

contracts

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

214‌

–‌

–‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

133,563‌

99,608‌

(

500‌

)

Futures

contracts

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

64‌

–‌

–‌

Translation

of

assets

and

liabilities

in

foreign

currencies

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

317‌

125‌

–‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

140,869‌

59,209‌

(

5,299‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

171,821‌

$

71,631‌

$

186‌

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2023

27

See

accompanying

notes.

Amounts

in

thousands

Origin

Emerging

Markets

Fund

Small-MidCap

Dividend

Income

Fund

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

2,258‌

$

871‌

$

2,911‌

Dividends

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

94,847‌

28,670‌

31,181‌

Withholding

tax

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

(

10,912‌

)

(

121‌

)

–‌

Interest

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

23‌

6‌

289,673‌

Securities

lending

-

net

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

125‌

3‌

947‌

Total

Income

86,341‌

29,429‌

324,712‌

Expenses:

Management

and

investment

advisory

fees

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

24,130‌

8,984‌

40,611‌

Distribution

f

ees

-

Class

A

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

13‌

367‌

1,826‌

Distribution

f

ees

-

Class

C

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

N/A‌

371‌

1,603‌

Distribution

f

ees

-

Class

J

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

N/A‌

N/A‌

50‌

Distribution

f

ees

-

R-1

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

N/A‌

N/A‌

2‌

Distribution

f

ees

-

R-3

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

N/A‌

N/A‌

15‌

Distribution

f

ees

-

R-4

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

N/A‌

N/A‌

1‌

Administrative

service

fees

-

R-1

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

N/A‌

N/A‌

1‌

Administrative

service

fees

-

R-3

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

N/A‌

N/A‌

4‌

Registration

fees

-

Class

A

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

17‌

20‌

50‌

Registration

fees

-

Class

C

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

N/A‌

17‌

17‌

Registration

fees

-

Class

J

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

N/A‌

N/A‌

15‌

Registration

fees

-

Institutional

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

19‌

36‌

235‌

Registration

fees

-

R-6

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

18‌

17‌

17‌

Service

fees

-

R-1

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

N/A‌

N/A‌

1‌

Service

fees

-

R-3

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

N/A‌

N/A‌

15‌

Service

fees

-

R-4

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

N/A‌

N/A‌

2‌

Service

fees

-

R-5

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

N/A‌

N/A‌

6‌

Shareholder

meeting

expense

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

31‌

115‌

419‌

Shareholder

reports

-

Class

A

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

1‌

10‌

41‌

Shareholder

reports

-

Class

C

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

N/A‌

4‌

12‌

Shareholder

reports

-

Class

J

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

N/A‌

N/A‌

2‌

Shareholder

reports

-

Institutional

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

32‌

46‌

263‌

Shareholder

reports

-

R-6

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

–‌

–‌

4‌

Transfer agent

fees

-

Class

A

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

17‌

165‌

591‌

Transfer agent

fees

-

Class

C

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

N/A‌

55‌

138‌

Transfer agent

fees

-

Class

J

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

N/A‌

N/A‌

46‌

Transfer agent

fees

-

Institutional

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

110‌

574‌

3,470‌

Chief

compliance

officer

expenses

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

1‌

1‌

3‌

Custodian

fees

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

941‌

6‌

43‌

Directors'

expenses

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

61‌

29‌

140‌

Professional fees

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

79‌

25‌

44‌

Other

expenses

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

35‌

16‌

139‌

Total

Gross

Expenses

25,505‌

10,858‌

49,826‌

Less:

Reimbursement

from

Manager

-

Class

A

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

28‌

98‌

–‌

Less:

Reimbursement

from

Manager

-

Class

C

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

N/A‌

53‌

–‌

Less:

Reimbursement

from

Manager

-

Institutional

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

89‌

250‌

–‌

Less:

Reimbursement

from

Manager

-

R-6

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

132‌

–‌

–‌

Less:

Reimbursement

from

Distributor

-

Class

J

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

N/A‌

N/A‌

7‌

Total

Net

Expenses

25,256‌

10,457‌

49,819‌

Net

Investment

Income

(Loss)

61,085‌

18,972‌

274,893‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures

and

options

and

swaptions

Net

realized

gain

(loss)

from:

Investment

transactions

 (

net

of

foreign

taxes

of 

$

196

,

$

0

and

$

0

,

respectively)

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

(

323,567‌

)

16,282‌

(

255,725‌

)

Foreign

currency

transactions

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

(

2,336‌

)

5‌

–‌

Futures

contracts

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

–‌

–‌

(

7,883‌

)

Options

and

swaptions

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

–‌

–‌

5,731‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

 (net

of

foreign

taxes

of

$

(

4,642

)

,

$

0

and

$

0

,

respectively)

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

292,504‌

70,408‌

(

9,818‌

)

Futures

contracts

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

–‌

–‌

(

1,059‌

)

Options

and

swaptions

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

–‌

–‌

(

37‌

)

Translation

of

assets

and

liabilities

in

foreign

currencies

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

(

243‌

)

–‌

–‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures

and

options

and

swaptions

(

33,642‌

)

86,695‌

(

268,791‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

27,443‌

$

105,667‌

$

6,102‌

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

28

See

accompanying

notes.

Amounts

in

thousands

Blue

Chip

Fund

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Operations

Net

investment

income

(loss)

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

$

1,758‌

$

(

6,854‌

)

Net

realized

gain

(loss)

on

investments

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

(

107,672‌

)

164,417‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

1,610,098‌

(

3,112,210‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,504,184‌

(

2,954,647‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(

57,147‌

)

(

707,526‌

)

Total

Dividends

and

Distributions

(

57,147‌

)

(

707,526‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

680,787‌

)

1,310,811‌

Total

Increase

(Decrease)

in

Net

Assets

766,250‌

(

2,351,362‌

)

Net

Assets

Beginning

of

period

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

8,711,065‌

11,062,427‌

End

of

period

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

$

9,477,315‌

$

8,711,065‌

Class

A

Class

C

Class

J

Institutional

R-3

R-4

R-5

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2023

Dollars:

Sold

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

$

363,827‌

$

27,493‌

$

39,638‌

$

739,154‌

$

4,740‌

$

684‌

$

4,651‌

$

677,768‌

Reinvested

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

5,338‌

1,883‌

1,022‌

15,210‌

73‌

18‌

53‌

32,338‌

Redeemed

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

(

368,399‌

)

(

57,553‌

)

(

28,384‌

)

(

1,062,552‌

)

(

5,854‌

)

(

1,446‌

)

(

1,771‌

)

(

1,068,718‌

)

Net

Increase

(Decrease)

$

766‌

$

(

28,177‌

)

$

12,276‌

$

(

308,188‌

)

$

(

1,041‌

)

$

(

744‌

)

$

2,933‌

$

(

358,612‌

)

Shares:

Sold

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

12,834‌

988‌

1,265‌

24,369‌

157‌

23‌

152‌

22,154‌

Reinvested

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

185‌

71‌

35‌

514‌

3‌

1‌

2‌

1,089‌

Redeemed

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

(

12,805‌

)

(

2,117‌

)

(

938‌

)

(

34,906‌

)

(

199‌

)

(

48‌

)

(

61‌

)

(

34,642‌

)

Net

Increase

(Decrease)

214‌

(

1,058‌

)

362‌

(

10,023‌

)

(

39‌

)

(

24‌

)

93‌

(

11,399‌

)

Year

Ended

August

31,

2022

Dollars:

Sold

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

$

807,570‌

$

51,978‌

$

49,558‌

$

1,267,920‌

$

8,023‌

$

1,964‌

$

8,101‌

$

1,269,219‌

Reinvested

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

73,802‌

26,887‌

14,404‌

194,441‌

884‌

364‌

791‌

378,787‌

Redeemed

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

(

770,601‌

)

(

76,770‌

)

(

55,089‌

)

(

1,050,923‌

)

(

4,754‌

)

(

3,883‌

)

(

8,787‌

)

(

873,075‌

)

Net

Increase

(Decrease)

$

110,771‌

$

2,095‌

$

8,873‌

$

411,438‌

$

4,153‌

$

(

1,555‌

)

$

105‌

$

774,931‌

Shares:

Sold

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

24,212‌

1,532‌

1,319‌

35,987‌

226‌

50‌

228‌

36,892‌

Reinvested

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

1,862‌

729‌

357‌

4,790‌

22‌

9‌

20‌

9,300‌

Redeemed

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

(

23,482‌

)

(

2,391‌

)

(

1,577‌

)

(

30,861‌

)

(

134‌

)

(

107‌

)

(

268‌

)

(

23,630‌

)

Net

Increase

(Decrease)

2,592‌

(

130‌

)

99‌

9,916‌

114‌

(

48‌

)

(

20‌

)

22,562‌

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

5,419‌

)

$

(

1,962‌

)

$

(

1,024‌

)

$

(

15,841‌

)

$

(

73‌

)

$

(

18‌

)

$

(

53‌

)

$

(

32,757‌

)

Total

Dividends

and

Distributions

$

(

5,419‌

)

$

(

1,962‌

)

$

(

1,024‌

)

$

(

15,841‌

)

$

(

73‌

)

$

(

18‌

)

$

(

53‌

)

$

(

32,757‌

)

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

75,167‌

)

$

(

28,072‌

)

$

(

14,420‌

)

$

(

204,612‌

)

$

(

884‌

)

$

(

364‌

)

$

(

791‌

)

$

(

383,216‌

)

Total

Dividends

and

Distributions

$

(

75,167‌

)

$

(

28,072‌

)

$

(

14,420‌

)

$

(

204,612‌

)

$

(

884‌

)

$

(

364‌

)

$

(

791‌

)

$

(

383,216‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

29

See

accompanying

notes.

Amounts

in

thousands

Bond

Market

Index

Fund

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Operations

Net

investment

income

(loss)

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

$

84,594‌

$

18,388‌

Net

realized

gain

(loss)

on

investments

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

(

28,359‌

)

(

13,307‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

(

82,098‌

)

(

129,982‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

25,863‌

)

(

124,901‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(

38,726‌

)

(

17,934‌

)

Total

Dividends

and

Distributions

(

38,726‌

)

(

17,934‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

638,716‌

1,157,471‌

Total

Increase

(Decrease)

in

Net

Assets

574,127‌

1,014,636‌

Net

Assets

Beginning

of

period

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

1,912,991‌

898,355‌

End

of

period

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

$

2,487,118‌

$

1,912,991‌

Class

J

Institutional

R-1

R-3

R-4

R-5

Capital

Share

Transactions:

Year

Ended

August

31,

2023

Dollars:

Sold

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

$

6,904‌

$

820,763‌

$

123‌

$

2,799‌

$

1,953‌

$

2,075‌

Reinvested

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

389‌

38,078‌

4‌

84‌

32‌

139‌

Redeemed

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

(

9,010‌

)

(

220,171‌

)

(

450‌

)

(

1,681‌

)

(

659‌

)

(

2,656‌

)

Net

Increase

(Decrease)

$

(

1,717‌

)

$

638,670‌

$

(

323‌

)

$

1,202‌

$

1,326‌

$

(

442‌

)

Shares:

Sold

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

827‌

95,391‌

15‌

334‌

229‌

246‌

Reinvested

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

47‌

4,480‌

–‌

10‌

4‌

17‌

Redeemed

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

(

1,086‌

)

(

25,687‌

)

(

53‌

)

(

202‌

)

(

78‌

)

(

316‌

)

Net

Increase

(Decrease)

(

212‌

)

74,184‌

(

38‌

)

142‌

155‌

(

53‌

)

Year

Ended

August

31,

2022

Dollars:

Sold

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

$

12,574‌

$

1,328,710‌

$

152‌

$

2,492‌

$

1,107‌

$

3,027‌

Reinvested

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

609‌

16,869‌

12‌

146‌

58‌

240‌

Redeemed

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

(

12,302‌

)

(

183,631‌

)

(

321‌

)

(

4,450‌

)

(

2,213‌

)

(

5,608‌

)

Net

Increase

(Decrease)

$

881‌

$

1,161,948‌

$

(

157‌

)

$

(

1,812‌

)

$

(

1,048‌

)

$

(

2,341‌

)

Shares:

Sold

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

1,374‌

147,636‌

17‌

267‌

119‌

323‌

Reinvested

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

63‌

1,713‌

1‌

15‌

6‌

25‌

Redeemed

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

(

1,344‌

)

(

19,486‌

)

(

35‌

)

(

482‌

)

(

234‌

)

(

598‌

)

Net

Increase

(Decrease)

93‌

129,863‌

(

17‌

)

(

200‌

)

(

109‌

)

(

250‌

)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

389‌

)

$

(

38,078‌

)

$

(

4‌

)

$

(

84‌

)

$

(

32‌

)

$

(

139‌

)

Total

Dividends

and

Distributions

$

(

389‌

)

$

(

38,078‌

)

$

(

4‌

)

$

(

84‌

)

$

(

32‌

)

$

(

139‌

)

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

609‌

)

$

(

16,869‌

)

$

(

12‌

)

$

(

146‌

)

$

(

58‌

)

$

(

240‌

)

Total

Dividends

and

Distributions

$

(

609‌

)

$

(

16,869‌

)

$

(

12‌

)

$

(

146‌

)

$

(

58‌

)

$

(

240‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

30

See

accompanying

notes.

Amounts

in

thousands

Diversified

Real

Asset

Fund

(a)

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Operations

Net

investment

income

(loss)

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

$

112,979‌

$

119,902‌

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

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

(

177,037‌

)

404,457‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

and

swap

agreements

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

(

82,814‌

)

(

492,871‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

146,872‌

)

31,488‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(

486,079‌

)

(

326,365‌

)

Total

Dividends

and

Distributions

(

486,079‌

)

(

326,365‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

503,099‌

)

539,566‌

Total

Increase

(Decrease)

in

Net

Assets

(

1,136,050‌

)

244,689‌

Net

Assets

Beginning

of

period

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

4,628,542‌

4,383,853‌

End

of

period

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

$

3,492,492‌

$

4,628,542‌

Class

A

Institutional

R-3

R-4

R-5

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2023

(b)

Dollars:

Sold

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

$

20,690‌

$

559,282‌

$

34‌

N/A‌

$

6‌

$

322,989‌

Reinvested

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

12,307‌

255,661‌

32‌

N/A‌

8‌

195,816‌

Redeemed

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

(

90,270‌

)

(

1,083,094‌

)

(

26‌

)

N/A‌

(

78‌

)

(

696,456‌

)

Net

Increase

(Decrease)

$

(

57,273‌

)

$

(

268,151‌

)

$

40‌

N/A‌

$

(

64‌

)

$

(

177,651‌

)

Shares:

Sold

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

1,825‌

49,218‌

2‌

N/A‌

–‌

27,767‌

Reinvested

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

1,086‌

22,650‌

3‌

N/A‌

1‌

17,350‌

Redeemed

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

(

7,927‌

)

(

93,835‌

)

(

2‌

)

N/A‌

(

7‌

)

(

60,378‌

)

Net

Increase

(Decrease)

(

5,016‌

)

(

21,967‌

)

3‌

N/A‌

(

6‌

)

(

15,261‌

)

Year

Ended

August

31,

2022

(c)

Dollars:

Sold

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

$

97,318‌

$

1,245,535‌

$

68‌

–‌

$

36‌

$

636,787‌

Reinvested

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

6,202‌

151,580‌

17‌

1‌

4‌

157,486‌

Redeemed

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

(

28,614‌

)

(

697,978‌

)

(

19‌

)

(

14‌

)

(

1‌

)

(

1,028,842‌

)

Net

Increase

(Decrease)

$

74,906‌

$

699,137‌

$

66‌

$

(

13‌

)

$

39‌

$

(

234,569‌

)

Shares:

Sold

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

7,266‌

93,023‌

6‌

–‌

3‌

47,624‌

Reinvested

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

474‌

11,596‌

1‌

–‌

–‌

12,056‌

Redeemed

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

(

2,152‌

)

(

52,578‌

)

(

2‌

)

(

1‌

)

–‌

(

77,567‌

)

Net

Increase

(Decrease)

5,588‌

52,041‌

5‌

(

1‌

)

3‌

(

17,887‌

)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2023

(b)

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

13,136‌

)

$

(

273,505‌

)

$

(

32‌

)

$

N/A‌

$

(

8‌

)

$

(

199,398‌

)

Total

Dividends

and

Distributions

$

(

13,136‌

)

$

(

273,505‌

)

$

(

32‌

)

$

N/A‌

$

(

8‌

)

$

(

199,398‌

)

Year

Ended

August

31,

2022

(c)

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

6,684‌

)

$

(

160,097‌

)

$

(

17‌

)

$

(

1‌

)

$

(

4‌

)

$

(

159,562‌

)

Total

Dividends

and

Distributions

$

(

6,684‌

)

$

(

160,097‌

)

$

(

17‌

)

$

(

1‌

)

$

(

4‌

)

$

(

159,562‌

)

(a)

Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b)

Class

R-5

shares

discontinued

operations

and

converted

to

Class

R-6

shares

on

January

13,

2023.

(c)

Class

R-4

shares

discontinued

operations

on

June

24,

2022.

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

31

See

accompanying

notes.

Amounts

in

thousands

Edge

MidCap

Fund

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Operations

Net

investment

income

(loss)

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

$

1,012‌

$

3,769‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

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

1,628‌

105,749‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

7,478‌

(

169,018‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

10,118‌

(

59,500‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(

12,416‌

)

(

140,225‌

)

Total

Dividends

and

Distributions

(

12,416‌

)

(

140,225‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

32,342‌

)

(

274,258‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

34,640‌

)

(

473,983‌

)

Net

Assets

Beginning

of

period

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

111,015‌

584,998‌

End

of

period

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

$

76,375‌

$

111,015‌

Class

A

Institutional

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2023

Dollars:

Sold

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

$

5,045‌

$

18,920‌

$

2,826‌

Reinvested

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

2,232‌

6,105‌

1,954‌

Redeemed

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

(

5,837‌

)

(

54,231‌

)

(

9,356‌

)

Net

Increase

(Decrease)

$

1,440‌

$

(

29,206‌

)

$

(

4,576‌

)

Shares:

Sold

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

443‌

1,658‌

247‌

Reinvested

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

208‌

563‌

179‌

Redeemed

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

(

515‌

)

(

4,692‌

)

(

807‌

)

Net

Increase

(Decrease)

136‌

(

2,471‌

)

(

381‌

)

Year

Ended

August

31,

2022

Dollars:

Sold

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

$

5,438‌

$

28,271‌

$

22,219‌

Reinvested

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

5,392‌

20,070‌

105,996‌

Redeemed

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

(

7,314‌

)

(

68,826‌

)

(

385,504‌

)

Net

Increase

(Decrease)

$

3,516‌

$

(

20,485‌

)

$

(

257,289‌

)

Shares:

Sold

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

368‌

2,024‌

1,464‌

Reinvested

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

388‌

1,430‌

7,510‌

Redeemed

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

(

511‌

)

(

4,407‌

)

(

30,240‌

)

Net

Increase

(Decrease)

245‌

(

953‌

)

(

21,266‌

)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

2,232‌

)

$

(

6,177‌

)

$

(

4,007‌

)

Total

Dividends

and

Distributions

$

(

2,232‌

)

$

(

6,177‌

)

$

(

4,007‌

)

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

5,394‌

)

$

(

20,450‌

)

$

(

114,381‌

)

Total

Dividends

and

Distributions

$

(

5,394‌

)

$

(

20,450‌

)

$

(

114,381‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

32

See

accompanying

notes.

Amounts

in

thousands

Global

Multi-Strategy

Fund

(a)

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Operations

Net

investment

income

(loss)

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

$

11,487‌

$

4,469‌

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

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

(

7,545‌

)

34,312‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

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

18,594‌

(

50,305‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

22,536‌

(

11,524‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(

49,293‌

)

(

21,550‌

)

Total

Dividends

and

Distributions

(

49,293‌

)

(

21,550‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

2,050‌

)

(

51,009‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

28,807‌

)

(

84,083‌

)

Net

Assets

Beginning

of

period

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

479,619‌

563,702‌

End

of

period

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

$

450,812‌

$

479,619‌

Class

A

Institutional

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2023

Dollars:

Sold

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

$

9,500‌

$

111,942‌

$

29,221‌

Reinvested

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

3,628‌

29,922‌

2,209‌

Redeemed

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

(

10,428‌

)

(

144,120‌

)

(

33,924‌

)

Net

Increase

(Decrease)

$

2,700‌

$

(

2,256‌

)

$

(

2,494‌

)

Shares:

Sold

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

915‌

10,560‌

2,730‌

Reinvested

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

356‌

2,890‌

213‌

Redeemed

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

(

1,012‌

)

(

13,397‌

)

(

3,214‌

)

Net

Increase

(Decrease)

259‌

53‌

(

271‌

)

Year

Ended

August

31,

2022

Dollars:

Sold

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

$

7,764‌

$

143,357‌

$

25,590‌

Reinvested

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

1,140‌

11,318‌

643‌

Redeemed

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

(

7,733‌

)

(

119,042‌

)

(

114,046‌

)

Net

Increase

(Decrease)

$

1,171‌

$

35,633‌

$

(

87,813‌

)

Shares:

Sold

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

683‌

12,421‌

2,194‌

Reinvested

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

101‌

987‌

56‌

Redeemed

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

(

679‌

)

(

10,308‌

)

(

9,915‌

)

Net

Increase

(Decrease)

105‌

3,100‌

(

7,665‌

)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

4,216‌

)

$

(

36,388‌

)

$

(

8,689‌

)

Total

Dividends

and

Distributions

$

(

4,216‌

)

$

(

36,388‌

)

$

(

8,689‌

)

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

1,345‌

)

$

(

13,625‌

)

$

(

6,580‌

)

Total

Dividends

and

Distributions

$

(

1,345‌

)

$

(

13,625‌

)

$

(

6,580‌

)

(a)

Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

33

See

accompanying

notes.

Amounts

in

thousands

Global

Sustainable

Listed

Infrastructure

Fund

Period Ended

August

31,

2023

(a)

Operations

Net

investment

income

(loss)

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

$

370‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

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

773‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

(

940‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

203‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(

123‌

)

Total

Dividends

and

Distributions

(

123‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

15,929‌

Total

Increase

(Decrease)

in

Net

Assets

16,009‌

Net

Assets

Beginning

of

period

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

–‌

End

of

period

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

$

16,009‌

Institutional

Capital

Share

Transactions:

Period Ended

August

31,

2023

(a)

Dollars:

Sold

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

$

15,818‌

Reinvested

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

122‌

Redeemed

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

(

11‌

)

Net

Increase

(Decrease)

$

15,929‌

Shares:

Sold

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

1,528‌

Reinvested

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

12‌

Redeemed

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

(

1‌

)

Net

Increase

(Decrease)

1,539‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

August

31,

2023

(a)

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

123‌

)

Total

Dividends

and

Distributions

$

(

123‌

)

(a)

Period

from

September

22,

2022,

date

operations

commenced,

through

August

31,

2023.

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

34

See

accompanying

notes.

Amounts

in

thousands

International

Equity

Index

Fund

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Operations

Net

investment

income

(loss)

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

$

30,952‌

$

34,722‌

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

and

futures

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

6,925‌

(

6,578‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

and

futures

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

133,944‌

(

273,860‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

171,821‌

(

245,716‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(

27,481‌

)

(

61,068‌

)

Total

Dividends

and

Distributions

(

27,481‌

)

(

61,068‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

102,254‌

44,704‌

Total

Increase

(Decrease)

in

Net

Assets

246,594‌

(

262,080‌

)

Net

Assets

Beginning

of

period

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

986,000‌

1,248,080‌

End

of

period

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

$

1,232,594‌

$

986,000‌

Institutional

R-1

R-3

R-4

R-5

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2023

Dollars:

Sold

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

$

28,812‌

$

48‌

$

3,168‌

$

2,101‌

$

5,252‌

$

322,042‌

Reinvested

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

1,269‌

7‌

233‌

212‌

360‌

25,400‌

Redeemed

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

(

11,728‌

)

(

34‌

)

(

3,406‌

)

(

1,927‌

)

(

6,984‌

)

(

262,571‌

)

Net

Increase

(Decrease)

$

18,353‌

$

21‌

$

(

5‌

)

$

386‌

$

(

1,372‌

)

$

84,871‌

Shares:

Sold

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

2,708‌

3‌

311‌

206‌

525‌

30,641‌

Reinvested

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

131‌

1‌

24‌

22‌

37‌

2,613‌

Redeemed

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

(

1,124‌

)

(

3‌

)

(

345‌

)

(

190‌

)

(

662‌

)

(

25,651‌

)

Net

Increase

(Decrease)

1,715‌

1‌

(

10‌

)

38‌

(

100‌

)

7,603‌

Year

Ended

August

31,

2022

Dollars:

Sold

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

$

16,138‌

$

43‌

$

2,821‌

$

3,578‌

$

3,817‌

$

152,932‌

Reinvested

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

2,602‌

19‌

715‌

478‌

803‌

56,451‌

Redeemed

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

(

14,831‌

)

(

118‌

)

(

5,830‌

)

(

3,591‌

)

(

5,987‌

)

(

165,336‌

)

Net

Increase

(Decrease)

$

3,909‌

$

(

56‌

)

$

(

2,294‌

)

$

465‌

$

(

1,367‌

)

$

44,047‌

Shares:

Sold

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

1,467‌

4‌

261‌

335‌

347‌

14,176‌

Reinvested

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

221‌

2‌

62‌

41‌

69‌

4,808‌

Redeemed

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

(

1,374‌

)

(

11‌

)

(

537‌

)

(

333‌

)

(

539‌

)

(

14,767‌

)

Net

Increase

(Decrease)

314‌

(

5‌

)

(

214‌

)

43‌

(

123‌

)

4,217‌

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

1,269‌

)

$

(

7‌

)

$

(

233‌

)

$

(

212‌

)

$

(

360‌

)

$

(

25,400‌

)

Total

Dividends

and

Distributions

$

(

1,269‌

)

$

(

7‌

)

$

(

233‌

)

$

(

212‌

)

$

(

360‌

)

$

(

25,400‌

)

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

2,602‌

)

$

(

19‌

)

$

(

715‌

)

$

(

478‌

)

$

(

803‌

)

$

(

56,451‌

)

Total

Dividends

and

Distributions

$

(

2,602‌

)

$

(

19‌

)

$

(

715‌

)

$

(

478‌

)

$

(

803‌

)

$

(

56,451‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

35

See

accompanying

notes.

Amounts

in

thousands

International

Small

Company

Fund

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Operations

Net

investment

income

(loss)

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

$

12,422‌

$

18,985‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

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

(

40,524‌

)

1,985‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

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

99,733‌

(

324,668‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

71,631‌

(

303,698‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(

8,570‌

)

(

99,426‌

)

Total

Dividends

and

Distributions

(

8,570‌

)

(

99,426‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

61,203‌

)

(

73,753‌

)

Total

Increase

(Decrease)

in

Net

Assets

1,858‌

(

476,877‌

)

Net

Assets

Beginning

of

period

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

704,649‌

1,181,526‌

End

of

period

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

$

706,507‌

$

704,649‌

Institutional

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2023

Dollars:

Sold

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

$

14,707‌

$

72,767‌

Reinvested

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

498‌

8,072‌

Redeemed

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

(

31,800‌

)

(

125,447‌

)

Net

Increase

(Decrease)

$

(

16,595‌

)

$

(

44,608‌

)

Shares:

Sold

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

1,653‌

7,837‌

Reinvested

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

56‌

901‌

Redeemed

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

(

3,490‌

)

(

13,657‌

)

Net

Increase

(Decrease)

(

1,781‌

)

(

4,919‌

)

Year

Ended

August

31,

2022

Dollars:

Sold

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

$

25,908‌

$

139,248‌

Reinvested

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

8,197‌

91,228‌

Redeemed

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

(

47,337‌

)

(

290,997‌

)

Net

Increase

(Decrease)

$

(

13,232‌

)

$

(

60,521‌

)

Shares:

Sold

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

2,414‌

12,077‌

Reinvested

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

719‌

7,941‌

Redeemed

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

(

4,566‌

)

(

26,917‌

)

Net

Increase

(Decrease)

(

1,433‌

)

(

6,899‌

)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

498‌

)

$

(

8,072‌

)

Total

Dividends

and

Distributions

$

(

498‌

)

$

(

8,072‌

)

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

8,197‌

)

$

(

91,229‌

)

Total

Dividends

and

Distributions

$

(

8,197‌

)

$

(

91,229‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

36

See

accompanying

notes.

Amounts

in

thousands

Opportunistic

Municipal

Fund

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Operations

Net

investment

income

(loss)

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

$

5,485‌

$

5,849‌

Net

realized

gain

(loss)

on

investments

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

(

4,799‌

)

(

8,969‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

(

500‌

)

(

22,726‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

186‌

(

25,846‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(

5,476‌

)

(

5,875‌

)

Total

Dividends

and

Distributions

(

5,476‌

)

(

5,875‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

1,472‌

(

4,527‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

3,818‌

)

(

36,248‌

)

Net

Assets

Beginning

of

period

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

139,228‌

175,476‌

End

of

period

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

$

135,410‌

$

139,228‌

Class

A

Institutional

Capital

Share

Transactions:

Year

Ended

August

31,

2023

Dollars:

Sold

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

$

7,457‌

$

51,708‌

Reinvested

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

1,737‌

3,643‌

Redeemed

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

(

15,144‌

)

(

47,929‌

)

Net

Increase

(Decrease)

$

(

5,950‌

)

$

7,422‌

Shares:

Sold

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

791‌

5,461‌

Reinvested

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

185‌

386‌

Redeemed

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

(

1,607‌

)

(

5,075‌

)

Net

Increase

(Decrease)

(

631‌

)

772‌

Year

Ended

August

31,

2022

Dollars:

Sold

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

$

23,837‌

$

68,211‌

Reinvested

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

1,850‌

3,934‌

Redeemed

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

(

25,814‌

)

(

76,545‌

)

Net

Increase

(Decrease)

$

(

127‌

)

$

(

4,400‌

)

Shares:

Sold

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

2,202‌

6,481‌

Reinvested

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

174‌

368‌

Redeemed

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

(

2,432‌

)

(

7,560‌

)

Net

Increase

(Decrease)

(

56‌

)

(

711‌

)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

1,806‌

)

$

(

3,670‌

)

Total

Dividends

and

Distributions

$

(

1,806‌

)

$

(

3,670‌

)

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

1,915‌

)

$

(

3,960‌

)

Total

Dividends

and

Distributions

$

(

1,915‌

)

$

(

3,960‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

37

See

accompanying

notes.

Amounts

in

thousands

Origin

Emerging

Markets

Fund

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Operations

Net

investment

income

(loss)

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

$

61,085‌

$

88,033‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

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

(

325,903‌

)

(

234,479‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

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

292,261‌

(

812,743‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

27,443‌

(

959,189‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(

69,003‌

)

(

142,189‌

)

Total

Dividends

and

Distributions

(

69,003‌

)

(

142,189‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

391,895‌

(

480,040‌

)

Total

Increase

(Decrease)

in

Net

Assets

350,335‌

(

1,581,418‌

)

Net

Assets

Beginning

of

period

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

2,282,318‌

3,863,736‌

End

of

period

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

$

2,632,653‌

$

2,282,318‌

Class

A

Institutional

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2023

Dollars:

Sold

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

$

847‌

$

20,392‌

$

806,453‌

Reinvested

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

110‌

2,373‌

66,235‌

Redeemed

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

(

1,275‌

)

(

43,542‌

)

(

459,698‌

)

Net

Increase

(Decrease)

$

(

318‌

)

$

(

20,777‌

)

$

412,990‌

Shares:

Sold

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

88‌

2,190‌

86,398‌

Reinvested

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

12‌

267‌

7,467‌

Redeemed

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

(

134‌

)

(

4,607‌

)

(

48,952‌

)

Net

Increase

(Decrease)

(

34‌

)

(

2,150‌

)

44,913‌

Year

Ended

August

31,

2022

Dollars:

Sold

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

$

1,047‌

$

39,942‌

$

425,440‌

Reinvested

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

244‌

4,233‌

137,294‌

Redeemed

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

(

2,780‌

)

(

32,743‌

)

(

1,052,717‌

)

Net

Increase

(Decrease)

$

(

1,489‌

)

$

11,432‌

$

(

489,983‌

)

Shares:

Sold

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

82‌

3,494‌

35,911‌

Reinvested

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

19‌

328‌

10,620‌

Redeemed

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

(

222‌

)

(

2,797‌

)

(

88,132‌

)

Net

Increase

(Decrease)

(

121‌

)

1,025‌

(

41,601‌

)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

111‌

)

$

(

2,378‌

)

$

(

66,514‌

)

Total

Dividends

and

Distributions

$

(

111‌

)

$

(

2,378‌

)

$

(

66,514‌

)

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

249‌

)

$

(

4,286‌

)

$

(

137,654‌

)

Total

Dividends

and

Distributions

$

(

249‌

)

$

(

4,286‌

)

$

(

137,654‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

38

See

accompanying

notes.

Amounts

in

thousands

Small-MidCap

Dividend

Income

Fund

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Operations

Net

investment

income

(loss)

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

$

18,972‌

$

15,427‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

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

16,287‌

56,738‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

70,408‌

(

136,215‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

105,667‌

(

64,050‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(

66,938‌

)

(

13,607‌

)

Total

Dividends

and

Distributions

(

66,938‌

)

(

13,607‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

185,908‌

26,002‌

Total

Increase

(Decrease)

in

Net

Assets

224,637‌

(

51,655‌

)

Net

Assets

Beginning

of

period

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

1,061,103‌

1,112,758‌

End

of

period

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

$

1,285,740‌

$

1,061,103‌

Class

A

Class

C

Institutional

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2023

Dollars:

Sold

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

$

27,180‌

$

3,653‌

$

121,266‌

$

339,546‌

Reinvested

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

8,436‌

2,273‌

45,132‌

7,307‌

Redeemed

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

(

30,134‌

)

(

22,255‌

)

(

238,061‌

)

(

78,435‌

)

Net

Increase

(Decrease)

$

5,482‌

$

(

16,329‌

)

$

(

71,663‌

)

$

268,418‌

Shares:

Sold

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

1,736‌

233‌

7,663‌

21,233‌

Reinvested

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

546‌

149‌

2,906‌

471‌

Redeemed

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

(

1,945‌

)

(

1,441‌

)

(

15,127‌

)

(

5,046‌

)

Net

Increase

(Decrease)

337‌

(

1,059‌

)

(

4,558‌

)

16,658‌

Year

Ended

August

31,

2022

Dollars:

Sold

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

$

31,834‌

$

3,463‌

$

158,657‌

$

86,955‌

Reinvested

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

1,389‌

164‌

9,795‌

1,413‌

Redeemed

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

(

26,013‌

)

(

23,930‌

)

(

200,309‌

)

(

17,416‌

)

Net

Increase

(Decrease)

$

7,210‌

$

(

20,303‌

)

$

(

31,857‌

)

$

70,952‌

Shares:

Sold

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

1,879‌

207‌

9,237‌

4,812‌

Reinvested

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

84‌

10‌

589‌

85‌

Redeemed

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

(

1,536‌

)

(

1,435‌

)

(

11,761‌

)

(

1,027‌

)

Net

Increase

(Decrease)

427‌

(

1,218‌

)

(

1,935‌

)

3,870‌

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

9,313‌

)

$

(

2,315‌

)

$

(

48,001‌

)

$

(

7,309‌

)

Total

Dividends

and

Distributions

$

(

9,313‌

)

$

(

2,315‌

)

$

(

48,001‌

)

$

(

7,309‌

)

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

1,538‌

)

$

(

167‌

)

$

(

10,488‌

)

$

(

1,414‌

)

Total

Dividends

and

Distributions

$

(

1,538‌

)

$

(

167‌

)

$

(

10,488‌

)

$

(

1,414‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

39

See

accompanying

notes.

Amounts

in

thousands

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Operations

Net

investment

income

(loss)

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

$

274,893‌

$

295,836‌

Net

realized

gain

(loss)

on

investments

,

futures

and

options

and

swaptions

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

(

257,877‌

)

46,101‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

futures

and

options

and

swaptions

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

(

10,914‌

)

(

1,143,067‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

6,102‌

(

801,130‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(

320,871‌

)

(

346,751‌

)

Total

Dividends

and

Distributions

(

320,871‌

)

(

346,751‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

409,914‌

)

(

830,667‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

724,683‌

)

(

1,978,548‌

)

Net

Assets

Beginning

of

period

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

6,478,911‌

8,457,459‌

End

of

period

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

$

5,754,228‌

$

6,478,911‌

Class

A

Class

C

Class

J

Institutional

R-1

R-3

R-4

R-5

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2023

Dollars:

Sold

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

$

148,101‌

$

28,101‌

$

3,653‌

$

2,192,106‌

$

13‌

$

655‌

$

128‌

$

186‌

$

525,956‌

Reinvested

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

30,509‌

6,256‌

1,802‌

171,598‌

23‌

294‌

49‌

118‌

37,065‌

Redeemed

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

(

250,075‌

)

(

58,388‌

)

(

8,577‌

)

(

2,434,198‌

)

(

28‌

)

(

6,370‌

)

(

122‌

)

(

916‌

)

(

797,853‌

)

Net

Increase

(Decrease)

$

(

71,465‌

)

$

(

24,031‌

)

$

(

3,122‌

)

$

(

70,494‌

)

$

8‌

$

(

5,421‌

)

$

55‌

$

(

612‌

)

$

(

234,832‌

)

Shares:

Sold

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

16,897‌

3,185‌

428‌

252,210‌

1‌

76‌

14‌

21‌

60,849‌

Reinvested

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

3,497‌

717‌

214‌

19,851‌

3‌

34‌

6‌

14‌

4,279‌

Redeemed

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

(

28,553‌

)

(

6,664‌

)

(

1,017‌

)

(

280,351‌

)

(

3‌

)

(

751‌

)

(

14‌

)

(

106‌

)

(

91,275‌

)

Net

Increase

(Decrease)

(

8,159‌

)

(

2,762‌

)

(

375‌

)

(

8,290‌

)

1‌

(

641‌

)

6‌

(

71‌

)

(

26,147‌

)

Year

Ended

August

31,

2022

Dollars:

Sold

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

$

189,619‌

$

22,493‌

$

6,973‌

$

1,799,183‌

$

22‌

$

6,682‌

$

506‌

$

435‌

$

268,352‌

Reinvested

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

32,321‌

6,964‌

1,792‌

168,471‌

22‌

92‌

49‌

154‌

40,688‌

Redeemed

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

(

245,248‌

)

(

71,715‌

)

(

8,745‌

)

(

2,500,578‌

)

(

102‌

)

(

1,026‌

)

(

285‌

)

(

1,474‌

)

(

546,312‌

)

Net

Increase

(Decrease)

$

(

23,308‌

)

$

(

42,258‌

)

$

20‌

$

(

532,924‌

)

$

(

58‌

)

$

5,748‌

$

270‌

$

(

885‌

)

$

(

237,272‌

)

Shares:

Sold

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

18,882‌

2,243‌

713‌

185,803‌

2‌

721‌

50‌

44‌

27,338‌

Reinvested

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

3,280‌

706‌

188‌

17,213‌

2‌

10‌

5‌

16‌

4,170‌

Redeemed

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

(

24,892‌

)

(

7,276‌

)

(

911‌

)

(

255,879‌

)

(

10‌

)

(

99‌

)

(

30‌

)

(

150‌

)

(

57,468‌

)

Net

Increase

(Decrease)

(

2,730‌

)

(

4,327‌

)

(

10‌

)

(

52,863‌

)

(

6‌

)

632‌

25‌

(

90‌

)

(

25,960‌

)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2023

From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(

38,465‌

)

$

(

7,175‌

)

$

(

1,826‌

)

$

(

208,238‌

)

$

(

23‌

)

$

(

315‌

)

$

(

49‌

)

$

(

118‌

)

$

(

64,662‌

)

Total

Dividends

and

Distributions

$

(

38,465‌

)

$

(

7,175‌

)

$

(

1,826‌

)

$

(

208,238‌

)

$

(

23‌

)

$

(

315‌

)

$

(

49‌

)

$

(

118‌

)

$

(

64,662‌

)

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(

40,364‌

)

$

(

7,981‌

)

$

(

1,825‌

)

$

(

222,556‌

)

$

(

22‌

)

$

(

100‌

)

$

(

49‌

)

$

(

154‌

)

$

(

73,700‌

)

Total

Dividends

and

Distributions

$

(

40,364‌

)

$

(

7,981‌

)

$

(

1,825‌

)

$

(

222,556‌

)

$

(

22‌

)

$

(

100‌

)

$

(

49‌

)

$

(

154‌

)

$

(

73,700‌

)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

40

1.

Organization

Principal

Funds,

Inc.

(the

"Fund")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company

and

operates

as

a

series

fund

in

the

mutual

fund

industry.

The

financial

statements

for

Blue

Chip

Fund,

Bond

Market

Index

Fund,

Diversified

Real

Asset

Fund,

Edge

MidCap

Fund,

Global

Multi-Strategy

Fund,

Global

Sustainable

Listed

Infrastructure

Fund,

International

Equity

Index

Fund,

International

Small

Company

Fund,

Opportunistic

Municipal

Fund,

Origin

Emerging

Markets

Fund,

Small-MidCap

Dividend

Income

Fund,

and

Spectrum

Preferred

and

Capital

Securities

Income

Fund,

each

a

series

of

the

Fund,

(known

as

the

"Funds")

are

presented

herein.

The

Funds

may

offer

up

to

nine

classes

of

shares:

Class

A,

Class

C,

Class

J,

Institutional,

R-1,

R-3,

R-4,

R-5,

and

R-6.

Each

of

the

Funds

is

an

investment

company

and

applies

specialized

accounting

and

reporting

under

Accounting

Standards

Codification

(“ASC”)

Topic

946,

Financial

Services

-

Investment

Companies

.

The

Funds

have

not

provided

financial

support

and

are

not

contractually

required

to

provide

financial

support

to

any

investee.

Effective

June

24,

2022,

Class

R-4

shares

discontinued

operations

for

Diversified

Real

Asset

Fund.

Effective

September

22,

2022,

the

initial

purchase

of

$9,500,000

of

Institutional

shares

of

Global

Sustainable

Listed

Infrastructure

Fund

was

made

by

Principal

Financial

Services,

Inc.

(“PFSI”),

an

affiliate

of

the

Principal

Global

Investors,

LLC

(“the

Manager”).

Effective

January

13,

2023,

Class

R-5

shares

discontinued

operations

and

converted

into

Class

R-6

shares

for

Diversified

Real

Asset

Fund.

All

classes

of

shares

for

each

of

the

Funds

represent

interests

in

the

same

portfolio

of

investments

and

will

vote

together

as

a

single

class

except

where

otherwise

required

by

law

or

as

determined

by

the

Fund’s

Board

of

Directors.

In

addition,

the

Fund's

Board

of

Directors

declares

separate

dividends

on

each

class

of

shares. 

2.

Significant

Accounting

Policies

The

preparation

of

financial

statements

in

conformity

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

the

Funds:

Security

Valuation.

The

Funds

may

invest

in

other

series

of the

Fund

and

other

investment

funds,

which

may

include

closed-end

investment

companies,

exchange-traded

funds,

money

market

funds

and

other

registered

open-end

investment

companies.

Investments

in

registered open-

end

investment

companies,

other

than

exchange-traded

funds, are

valued

at

the

respective

fund's

closing

net

asset

value

per

share

on

the

day

of

valuation.

The

Funds

value

securities,

including

exchange-traded

funds,

for

which

market

quotations

are

readily

available

at

fair

value,

which

is

determined

using

the

last

reported

sale

price.

If

no

sales

are

reported,

as

is

regularly

the

case

for

some

securities

traded

over-the-counter,

securities

are

valued

using

the

last

reported

bid

price

or

an

evaluated

bid

price

provided

by

a

pricing

service.

Pricing

services

use

modeling

techniques

that

incorporate

security

characteristics

such

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

other

yield

and

risk

factors,

and

other

market

conditions

to

determine

an

evaluated

bid

price.

When

reliable

market

quotations

are

not

considered

to

be

readily

available,

which

may

be

the

case,

for

example,

with

respect

to

restricted

securities,

certain

debt

securities,

preferred

stocks,

and

foreign

securities,

the

investments

are

valued

at

their

fair

value

as

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Fund’s

Board

of

Directors.

The

value

of

foreign

securities

used

in

computing

the

net

asset

value

per

share

is

generally

determined

as

of

the

close

of

the

foreign

exchange

where

the

security

is

principally

traded.

Events

that

occur

after

the

close

of

the

applicable

foreign

market

or

exchange,

but

prior

to

the

calculation

of

the

Funds’

net

asset

values

are

reflected

in

the

Funds’

net

asset

values

and

these

securities

are

valued

at

fair

value.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security’s

fair

value,

including,

but

not

limited

to,

price

movements

in

American

depository

receipts

(“ADRs”),

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

To

the

extent

the

Funds

invest

in

foreign

securities

listed

on

foreign

exchanges

which

trade

on

days

on

which

the

Funds

do

not

determine

net

asset

values,

for

example,

weekends

and

other

customary

national

U.S.

holidays,

the

Funds’

net

asset

values

could

be

significantly

affected

on

days

when

shareholders

cannot

purchase

or

redeem

shares.

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

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

41

represent

a

price

at

which

a

specific

transaction

can

be

effected.

It

is

the

policy

of

the

Fund

to

value

such

securities

at

prices

at

which

it

is

expected

those

shares

may

be

sold,

and

the

Manager

or

any

sub-advisor

is

authorized

to

make

such

determinations

subject

to

such

oversight

by

the

Fund’s

Board

of

Directors

as

may

occasionally

be

necessary.

Currency

Translation.

Foreign

holdings

are

translated

to

U.S.

dollars

using

the

exchange

rate

at

the

daily

close

of

the

New

York

Stock

Exchange.

The

identified

cost

of

the

Funds’

holdings

is

translated

at

approximate

rates

prevailing

when

acquired.

Income

and

expense

amounts

are

translated

at

approximate

rates

prevailing

when

received

or

paid,

with

daily

accruals

of

such

amounts

reported

at

approximate

rates

prevailing

at

the

date

of

valuation.

Since

the

carrying

amount

of

the

foreign

securities

is

determined

based

on

the

exchange

rate

and

market

values

at

the

close

of

the

period,

it

is

not

practicable

to

isolate

that

portion

of

the

results

of

operations

arising

as

a

result

of

changes

in

the

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

during

the

period.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

trade

and

settlement

dates

on

security

transactions,

and

the

difference

between

the

amount

of

dividends,

interest

income,

interest

expense,

and

foreign

withholding

taxes

recorded

on

the

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

appreciation

(depreciation)

on

translation

of

assets

and

liabilities

in

foreign

currencies

arise

from

changes

in

the

exchange

rate

relating

to

assets

and

liabilities,

other

than

investments

in

securities,

purchased

and

held

in

non-U.S.

denominated

currencies.

The

following

Funds

held

securities

denominated

in

foreign

currencies

that

exceeded

5%

of

net

assets

of

the

respective

fund

as

of

August

31,

2023:

Income

and

Investment

Transactions.

The

Funds

record

investment

transactions

on

a

trade

date

basis.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

primary

market

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

secondary

market

is

the

date

on

which

the

transaction

is

entered

into.

The

identified

cost

basis

has

been

used

in

determining

the

net

realized

gain

or

loss

from

investment

transactions

and

unrealized

appreciation

or

depreciation

of

investments.

The

Funds

record

dividend

income

on

the

ex-dividend

date,

except

dividend

income

from

foreign

securities

whereby

the

ex-dividend

date

has

passed;

such

dividends

are

recorded

as

soon

as

the

Funds

are

informed

of

the

ex-dividend

date.

Interest

income

is

recognized

on

an

accrual

basis.

Payment

in

kind

(“PIK”)

income

is

computed

on

the

value

of

the

securities

received

at

the

contractual

rate

specified

in

each

loan

agreement.

Discounts

and

premiums

on

securities

are

accreted/amortized,

respectively,

on

the

level

yield

method

over

the

expected

lives

of

the

respective

securities.

Callable

debt

securities

purchased

at

a

premium

are

amortized

to

the

earliest

call

date

and

to

the

callable

amount,

if

other

than

par.

The

Funds

allocate

all

income

and

realized

and

unrealized

gains

or

losses

on

a

daily

basis

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding

of

each

class.

Diversified

Real

Asset

Fund

Euro

9

.6%

British

Pound

Sterling

5

.6

Global

Sustainable

Listed

Infrastructure

Fund

Euro

10

.6%

Canadian

Dollar

8

.8

Hong

Kong

Dollar

8

.4

British

Pound

Sterling

7

.0

International

Equity

Index

Fund

Euro

32

.1%

Japanese

Yen

21

.9

British

Pound

Sterling

14

.1

Swiss

Franc

9

.7

Australian

Dollar

7

.0

International

Small

Company

Fund

Japanese

Yen

29

.4%

Euro

19

.0

British

Pound

Sterling

14

.7

Canadian

Dollar

13

.6

Australian

Dollar

7

.3

Origin

Emerging

Markets

Fund

Hong

Kong

Dollar

16

.2%

New

Taiwan

Dollar

14

.9

Indian

Rupee

14

.2

South

Korean

Won

13

.6

Chinese

Renminbi

9

.8

Brazilian

Real

8

.3

2.

Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

42

Distributions

received

from

other

series

of

the

Fund

and

other

investment

companies

(collectively,

“Underlying

Funds”)

are

recorded

in

accordance

with

the

character

of

the

distributions

as

designated

by

the

Underlying

Funds.

Distributions

received

from

Real

Estate

Investment

Trusts

(“REITs”)

may

be

characterized

as

ordinary

income,

capital

gain,

or

a

return

of

capital

to

the

Funds.

The

proper

characterization

of

distributions

from

REITs

is

generally

not

known

until

after

the

end

of

each

calendar

year.

As

such,

estimates

are

used

in

reporting

the

character

of

income

and

distributions

for

financial

statement

purposes.

Expenses.

Expenses

directly

attributed

to

a

particular

fund

are

charged

to

that

fund.

Other

expenses

not

directly

attributed

to

a

particular

fund

are

apportioned

among

the

registered

investment

companies

managed

by

the

Manager.

Management

fees

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding

of

each

class.

Expenses

specifically

attributable

to

a

particular

class

are

charged

directly

to

such

class

and

are

included

separately

in

the

statements

of

operations.

In

addition

to

the

expenses

the

Funds

bear

directly,

each

of

the

Funds

may

indirectly

bear

a

pro

rata

share

of

the

fees

and

expenses

of

the

other

series

of

the

Fund

and

other

investment

companies

in

which

they

invest.

Because

the

Underlying

Funds

have

varied

expense

levels

and

each

of

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

at

different

times,

the

amount

of

expense

incurred

indirectly

by

each

Fund

will

vary.

Expenses

included

in

the

statements

of

operations

and

financial

highlights

of

the

Funds

do

not

include

any

expenses

associated

with

the

Underlying

Funds.

Dividends

and

Distributions

to

Shareholders.

With

respect

to

Opportunistic

Municipal

Fund,

net

investment

income

is

declared

as

dividends

daily

to

settled

shares

of

record

as

of

that

day,

and

all

distributions

of

realized

gains

from

investment

transactions

are

recorded

on

the

ex-

dividend

date.

Dividends

and

distributions

to

shareholders

of

the

other

Funds

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

from

net

investment

income

and

net

realized

gain

from

investments

and

foreign

currency

transactions

are

determined

in

accordance

with

federal

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

differences

are

primarily

due

to

differing

treatments

for

amortization

of

premiums

and

discounts,

net

operating

losses,

foreign

currency

transactions,

options

and

futures

contracts,

certain

defaulted

securities,

sales

of

passive

foreign

investment

companies,

losses

deferred

due

to

wash

sales,

tax

straddles,

mortgage-backed

securities,

certain

preferred

securities,

swap

agreements,

short

sales,

partnership

investments,

REITs,

and

utilization

of

earnings

and

profits

distributed

to

shareholders

on

redemption

of

shares.

Permanent

book

and

tax

basis

differences

are

reclassified

within

the

capital

accounts

based

on

federal

tax-basis

treatment;

temporary

differences

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes,

they

are

reported

as

return

of

capital

distributions.

Federal

Income

Taxes.

No

provision

for

federal

income

taxes

is

considered

necessary

because

each

of

the

Funds

intends

to

qualify

as

a

“regulated

investment

company”

under

the

Internal

Revenue

Code

and

intends

to

distribute

each

year

substantially

all

of

its

net

investment

income

and

realized

capital

gains

to

shareholders.

Management

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Funds’

tax

returns

to

determine

whether

it

is

“more

likely

than

not”

that

each

tax

position

would

be

sustained

upon

examination

by

a

taxing

authority

based

on

the

technical

merits

of

the

position.

Tax

positions

not

deemed

to

meet

the

"more

likely

than

not"

threshold

would

be

recorded

as

a

tax

benefit

or

expense

in

the

current

year.

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

unrecognized

tax

positions

as

tax

expense

on

the

statements

of

operations. During

the year

ended

August

31,

2023,

the

Funds

did

not

record

any

such

tax

benefit

or

expense

in

the

accompanying

financial

statements.

The

statute

of

limitations

remains

open

for

the

last

three

years,

once

a

return

is

filed.

No

examinations

are

in

progress

at

this

time.

Foreign

Taxes.

The

Funds

may

be

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

they

invest.

Foreign

income

taxes

are

accrued

by

the

Funds

as

a

reduction

of

income.

These

amounts

are

shown

as

withholding

tax

on

the

statements

of

operations.

In

consideration

of

recent

decisions

rendered

by

European

courts,

certain

of

the

Funds

have

filed

for

additional

tax

reclaims

for

taxes

withheld

in

prior

years.

Due

to

the

uncertainty

regarding

collectability

and

timing

of

these

reclaims,

among

other

factors,

a

corresponding

receivable

will

only

be

recognized

when

the

tax

position

meets

the

"more

likely

than

not"

threshold.

Any

accrued

foreign tax

reclaims

receivables

are

included

in

dividends

and

interest

receivables

on

the

statements

of

assets

and

liabilities.

Any

foreign

tax

reclaims income is

included

in

foreign

tax

reclaims

on

the

statements

of

operations.

In

the

event

that

foreign

tax

reclaims

received

during

the

fiscal

year

exceed

foreign

withholding

tax

paid,

and

a

fund

previously

passed

through

foreign

tax

credits

to

its

shareholders,

a

fund will

enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

("IRS"),

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the

fund's

shareholders.

Any

IRS

closing

agreement

fees

related

to

foreign

tax

reclaims are

reflected

as

a

reduction

to

income

on

the

statements

of

operations.

Any

accrued

IRS

closing

agreement

fees

related

to

foreign

tax

reclaims

are

reflected

on

the

statements

of

assets

and

liabilities.

Gains

realized

upon

the

disposition

of

certain

foreign

securities

held

by

certain

Funds

may

be

subject

to

capital

gains

tax,

payable

prior

to

the

2.

Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

43

repatriation

of

sale

proceeds.

The

tax

is

computed

on

certain

net

realized

gains

and,

if

any,

is

shown

on

the

statements

of

operations.

Realized

losses

in

excess

of

gains

may

be

carried

forward

to

offset

future

gains.

In

addition,

the

Funds

accrue

an

estimated

tax

liability

for

future

gains

on

certain

foreign

securities.

Any

foreign

tax

refund

receivables and

any

accrued

foreign

tax

liabilities

are

shown

on

the

statements

of

assets

and

liabilities.

Basis

for

Consolidation.

Diversified

Real

Asset

Fund

and

Global

Multi-Strategy

Fund

(the

“Consolidated

Funds”)

may

invest

up

to

25%

of

their

total

net

assets

in

their

respective

wholly-owned

subsidiaries

DRA

Cayman

Corporation

and

GMS

Cayman

Corporation

(the

“Cayman

Subsidiaries”),

each

organized

under

the

laws

of

the

Cayman

Islands.

The

Consolidated

Funds

are

the

sole

shareholder

of

their

respective

Cayman

Subsidiaries,

and

shares

of

the

Cayman

Subsidiaries

will

not

be

sold

or

offered

to

other

investors.

To

the

extent

that

the

Consolidated

Funds

invest

in

their

Cayman

Subsidiaries,

they

will

be

subject

to

the

particular

risks

associated

with

the

Cayman

Subsidiaries'

investments,

which

are

discussed

in

the

applicable

Prospectus

and

Statement

of

Additional

Information.

The

principal

purpose

of

investing

in

the

Cayman

Subsidiaries

is

to

allow

the

Consolidated

Funds

to

gain

exposure

to

the

commodity

markets

within

the

limitations

of

federal

tax

laws

applicable

to

regulated

investment

companies.

Diversified

Real

Asset

Fund’s

investment

portfolio

has

been

consolidated

and

includes

the

portfolio

holdings

of

Diversified

Real

Asset

Fund

and

its

Cayman

subsidiary.

Global

Multi-Strategy

Fund’s

investment

portfolio

has

been

consolidated

and

includes

the

portfolio

holdings

of

Global

Multi-Strategy

Fund

and

its

Cayman

subsidiary.

The

consolidated

financial

statements

for

Diversified

Real

Asset

Fund

include

the

accounts

of

Diversified

Real

Asset

Fund

and

its

Cayman

subsidiary

and

the

consolidated

financial

statements

for

Global

Multi-

Strategy

Fund

include

the

accounts

of

Global

Multi-Strategy

Fund

and

its

Cayman

subsidiary.

All

intercompany

transactions

and

balances

have

been

eliminated

in

consolidation.

At

August

31,

2023,

the

net

assets

of

the

Cayman

Subsidiaries

were

as

follows

(amounts

in

thousands):

Recent

Accounting

Pronouncements.

In

March

2020,

the

Financial

Accounting

Standards

Board

("FASB")

issued

Accounting

Standards

Update

("ASU")

No.

2020-04

Reference

Rate

Reform

(Topic

848);

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting,

which

provides

optional

guidance

for

a

limited

period

of

time

to

ease

the

potential

burden

in

accounting

for

(or

recognizing

the

effects

of)

reference

rate

reform.

The

guidance

is

applicable

to

contracts

referencing

London

Interbank

Offered

Rate

("LIBOR")

or

another

reference

rate

that

is

expected

to

be

discontinued

due

to

reference

rate

reform. The

ASU

is

effective

as

of

March

12,

2020

and

generally

can

be

applied

through

December

31,

2022.

In

December

2022,

the

FASB

issued

ASU

No.

2022-06

Reference

Rate

Reform

(Topic

848):

Deferral

of

the

Sunset

Date

of

Topic

848

which

updates

and

clarifies

ASU

No.

2020-04.

The amendments

in

this ASU

defer

the

sunset

date

of

Topic

848

from

December

31,

2022,

to

December

31,

2024. Management expects

the impact

of

these

ASUs will

not

have

a

material

impact

on

the

Funds'

financial

statements.

In

June

2022,

the

FASB

issued

ASU

No.

2022-03

Fair

Value

Measurement

(Topic

820);

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

provides

clarifying

guidance

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

ASU

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

Management

expects

the

ASU

will

not

have

a

material

impact

on

the

Funds’

financial

statements.

3.

Operating

Policies

Borrowings.

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

(the

"SEC"),

the

Funds

and

other

registered

investment

companies

managed

by

the

Manager

may

participate

in

an

interfund

lending

facility

(“Facility”).

The

Facility

allows

the Funds

to

borrow

money

from

or

loan

money

to

the

other

participants.

Loans

under

the

Facility

are

made

to

handle

unusual

and/or

unanticipated

short-

term

cash

requirements.

Interest

paid

and

received

on

borrowings

is

the

average

of

the

current

repurchase

agreement

rate

and

the

bank

loan

rate

plus

the

applicable

margin

of

1.00%.

The

bank

loan

rate

equals

the

higher

of

(i)

the

Federal

Funds

Rate

or

(ii)

the

Secured

Overnight

Financing

Rate

("SOFR") plus

.10%

(“Adjusted

SOFR”).

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

The

interest

income

received

is

included

in

interest

income

on

the

statements

of

operations. The

interest

expense

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statements

of

operations. Any

outstanding

lending

as

of August

Net

Assets

Percent

of

Consolidated

Fund's

Net

Assets

DRA

Cayman

Corporation

$

461,32

4

13.2

0

%

GMS

Cayman

Corporation

4,722

1.05

2.

Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

44

31,

2023 is included

in interfund

lending

on the

statements

of

assets

and

liabilities. 

Any

outstanding

borrowing as

of August

31,

2023 is

included

in

interfund

borrowing

on

the

statements

of

assets

and

liabilities.

During

the year

ended

August

31,

2023,

Funds

borrowing

from

the

Facility

were

as

follows

(amounts

in

thousands): 

In

addition,

the

Funds

participate

with

other

registered

investment

companies

managed

by

the

Manager

in

an

unsecured

joint

line

of

credit

with

a

group

of

financial

institutions

which

allows

the

participants

to

borrow

up

to

$250

million,

collectively.

Borrowings

are

made

solely

to

facilitate

the

handling

of

unusual

and/or

unanticipated

short-term

cash

requirements. The

line

of

credit

is

available

under

a

group

of

revolving

financial

institutions

and

lending

is

carried

out

with

unaffiliated

financial

institutions.

Interest

is

charged

to

each

participant,

based

on

its

borrowings,

at

a

rate

equal

to

the

higher

of

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

plus

the

applicable

margin

of

1.00%.

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

Additionally,

a

commitment

fee

is

charged

at

an

annual

rate

of

.15%

on

the

amount

of

the

line

of

credit

which

is

allocated

to

each

participant

based

on

average

net

assets.

The

interest

expense

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statements of

operations.

Any

outstanding

borrowing

as

of

August

31,

2023 is

included

in

borrowing

on

the

statements

of

assets

and

liabilities.

During

the year ended

August

31,

2023,

Funds

borrowing

against

the

line

of

credit

were

as

follows

(amounts

in

thousands):

Commodity

Linked

Notes.

Diversified

Real

Asset

Fund

invests

in

structured

notes

whose

market

values

are

primarily

derived

from

changes

in

the

value

of

various

commodity

indices

and

other

factors.

Valuations

on

these

securities

may

be

volatile

as

the

payment

features

on

certain

notes

may

contain

attributes

that

multiply

the

effects

of

changes

in

the

values

of

the

underlying

indices.

Structured

notes

may

entail

a

greater

degree

of

market

risk

than

other

types

of

debt

securities.

Structured

notes

may

also

be

more

volatile,

less

liquid,

and

more

difficult

to

accurately

price

than

less

complex

securities

or

more

traditional

debt

securities.

Fluctuations

in

the

fair

value

of

the

structured

notes

are

recorded

as

unrealized

gains

and

losses

in

the

accompanying

financial

statements.

Interest

income

is

accrued

daily.

These

notes

are

subject

to

prepayment,

credit,

and

interest

rate

risks.

At

maturity,

or

when

a

note

is

sold,

the

fund

records

a

realized

gain

or

loss. 

Contingent

Convertible

Securities.

As

footnoted

in

the

schedules

of

investments, 

certain

of

the

Funds

invest 

in

contingent

convertible securities

(“CoCos”).

CoCos are

hybrid

debt

securities

that

may

convert

into

equity

or

have

their

principal

written

down

upon

the

occurrence

of

certain

“triggers.”

Although

a

contingent

convertible

security’s

equity

conversion

and

principal

write-down

features

are

tailored

to

the

particular

issuing

banking

institution

and

its

regulatory

requirements,

triggers

are

generally

linked

to

regulatory

capital

thresholds

or

regulatory

actions

calling

into

Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Interest

Income

Blue

Chip

Fund

$

402

4.48

%

$

18

Bond

Market

Index

Fund

494

3.90

19

Diversified

Real

Asset

Fund

453

5.00

23

Edge

MidCap

Fund

10

5.17

—

Global

Multi-Strategy

Fund

72

4.52

3

Global

Sustainable

Listed

Infrastructure

Fund

15

5.28

1

International

Equity

Index

Fund

176

4.58

8

International

Small

Company

Fund

149

5.02

7

Origin

Emerging

Markets

Fund

494

4.22

21

Small-MidCap

Dividend

Income

Fund

113

5.01

6

Spectrum

Preferred

and

Capital

Securities

Income

Fund

41

5.31

2

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Interest

Expense

Blue

Chip

Fund

$

2,065

5.02

%

$

104

Diversified

Real

Asset

Fund

670

3.96

27

Edge

MidCap

Fund

72

4.53

3

Global

Multi-Strategy

Fund

27

5.36

1

International

Equity

Index

Fund

636

4.60

29

Opportunistic

Municipal

Fund

45

4.61

2

Origin

Emerging

Markets

Fund

97

5.93

6

Spectrum

Preferred

and

Capital

Securities

Income

Fund

1,440

4.75

68

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Spectrum

Preferred

and

Capital

Securities

Income

Fund

$

37

3.43

%

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

45

question

such

institution’s

continued

viability

as

a

going-concern.

CoCos

may

have

no

stated

maturity

and

fully

discretionary

coupons,

which

means

coupon

payments

can

be

canceled

at

the

issuing

banking

institution’s

discretion

or

at

the

request

of

the

relevant

regulatory

authority

without

causing

a

default.

To

provide

the

appropriate

regulatory

capital

treatment,

CoCos

are

usually

issued

in

the

form

of

subordinated

debt

instruments

that

rank

junior

to

the

claims

of

holders

of

more

senior

obligations

in

the

event

of

the

issuer’s

liquidation.

If

CoCos

are

converted

into

equity

securities

due

to

a

trigger

event,

holders

will

be

further

subordinated.

The

future

value

of

CoCos

is

unpredictable

and

is

influenced

by

many

factors

including,

without

limitation:

the

creditworthiness

of

the

issuer

and/or

fluctuations

in

such

issuer’s

applicable

capital

ratios;

supply

and

demand

for

CoCos;

general

market

conditions

and

available

liquidity;

and

economic,

financial

and

political

events

that

affect

the

issuer,

its

particular

market

or

the

financial

markets

in

general.

Due

to

these

features,

CoCos

may

have

substantially

greater

risk

than

other

securities

in

times

of

financial

stress.

Because

of

the

uncertainty

regarding

whether

a

conversion

event

will

occur,

it

may

be

difficult

to

predict

when,

if

at

all,

a

contingent

convertible

security

will

be

converted

to

equity,

and

a

fund

may

suffer

losses

as

a

result.

If

the

trigger

level

is

breached,

the

issuer’s

decision

to

write

down,

write

off

or

convert

a

contingent

convertible

security

may

result

in

the

fund's

complete

loss

on

an

investment

in

CoCos

with

no

chance

of

recovery

even

if

the

issuer

remains

in

existence.

Counterparties.

The

Funds

may

be

exposed

to

counterparty

risk,

or

the

risk

that

another

party

with

which

the

Funds

have

unsettled

or

open

transactions

will

fail

to

perform

on

their

commitment.

To

the

extent

that

unpaid

amounts

owed

to

the

Funds

exceed

a

predetermined

threshold

agreed

to

with

the

counterparty,

as

stated

in

the

counterparties'

master

netting

agreements

("Master

Netting

Agreements"),

such

counterparty

shall

advance

collateral

to

the

Funds

in

the

form

of

cash

or

cash

equivalents

equal

in

value

to

the

unpaid

amount

owed

to

the

Funds.

If

the

unpaid

amount

owed

to

the

Funds

subsequently

decreases,

the

Funds

would

be

required

to

return

all

or

a

portion

of

the

collateral.

Master

Netting

Agreements

may

also

help

limit

counterparty

risk

by

specifying

collateral

posting

arrangements

at

pre-arranged

exposure

levels.

Under

the

Master

Netting

Agreements,

collateral

is

routinely

transferred

if

the

total

net

exposure

to

certain

transactions

governed

under

the

relevant

master

netting

agreement

with

a

counterparty

exceeds

a

specified

threshold.

The

financial

instruments

that

are

subject

to

Master

Netting

Agreements

or

similar

agreements

may

include

right

of

setoff

provisions.

Derivative

instruments

include

provisions

to

setoff

positions

covered

under

the

agreements

with

the

same

counterparties

and

provisions

to

setoff

positions

outside

of

the

agreements

with

the

same

counterparties

in

the

event

of

default

by

one

of

the

parties.

Derivative

instruments

are

shown gross

on

the

statements

of

assets

and

liabilities.

Derivative

instruments

also

include

collateral

provisions.

Collateral

received

and

pledged

are

generally

settled

daily

with

each

counterparty.

Diversified

Real

Asset

Fund

and

Global

Multi-Strategy

Fund

have

financial

instruments

that

are

subject

to

Master

Netting

Agreements

or

similar

agreements.

As

of

August

31,

2023,

financial

assets

and

liabilities

subject

to

Master

Netting

Agreements

or

similar

agreements

were

as

follows

(amounts

in

thousands):

Assets

*

Liabilities

*

Net

Market

Value

of

OTC

Derivatives

Collateral

(Received)/

Pledged

†

Net

Exposure

Diversified

Real

Asset

Fund

Bank

of

America

NA

Total

Return

Swaps

$

—

$

(

96

)

$

(96)

$

—

$

(

96

)

$

(96)

$

—

$

(96)

Barclays

Bank

PLC

Written

Interest

Rate

Swaptions

—

(11)

(11)

$

—

$

(11)

$

(11)

$

—

$

(11)

BNP

Paribas

Foreign

Currency

Contracts

33

—

33

$

33

$

—

$

33

$

—

$

33

Citigroup

Inc

Purchased

Interest

Rate

Swaptions

188

—

188

Total

Return

Swaps

—

(

106

)

(106)

Written

Interest

Rate

Swaptions

—

(66)

(66)

$

188

$

(

172

)

$

16

$

(16)

$

—

Deutsche

Bank

AG

Foreign

Currency

Contracts

29

—

29

$

29

$

—

$

29

$

—

$

29

JPMorgan

Chase

Foreign

Currency

Contracts

17

(17)

—

Written

Interest

Rate

Swaptions

—

(24)

(24)

$

17

$

(41)

$

(24)

$

—

$

(24)

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

46

Cross

Trades. 

The

Funds

may

engage

in

cross

trades.

A

cross

trade

is

a

purchase

or

sale

transaction

between

affiliated

portfolios

executed

directly

or

through

an

intermediary.

Mutual

funds

and

other

managed

portfolios

may

be

considered

affiliated

if

they

have

a

common

investment

advisor,

so

a

fund

may

be

considered

affiliated

with

any

portfolio

for

which

the

fund's

sub-advisor

acts

as

an

investment

advisor.

Such

transactions

are

permissible

provided

that

the

conditions

of

Rule

17a-7

under

the

1940

Act

are

satisfied.

For

the

year ended

August

31,

2023,

none

of

the

Funds

had

material

cross

trades.

Deposits

with

Counterparty.

Cash

pledged

as

collateral

is

reflected

as

an

asset

on

the

statements

of

assets

and

liabilities

as

deposits

with

counterparty.

There

are

a

variety

of

security

types

which

require

varying

levels

of

pledged

collateral.

Customer

account

agreements

govern

cleared

derivatives

transactions

such

as

futures

contracts

and

certain

swap

agreements.

Such

transactions

require

posting

of

initial

margin

as

determined

by

each

relevant

clearing

agency

which

is

segregated

in

an

account

at

a

futures

commission

merchant

(“FCM”)

registered

with

the

Commodity

Futures

Trading

Commission.

International

Swaps

and

Derivatives

Association

(“ISDA”)

accounts

are

maintained

in

a

segregated

account

at

the

custodian

for

over-the-counter

("OTC")

derivatives.

Master

Securities

Forward

Transaction

Agreements

("MSFTA")

accounts

are

Assets

*

Liabilities

*

Net

Market

Value

of

OTC

Derivatives

Collateral

(Received)/

Pledged

†

Net

Exposure

Diversified

Real

Asset

Fund

(continued)

Morgan

Stanley

&

Co

Foreign

Currency

Contracts

$

—

$

(94)

$

(94)

$

—

$

(94)

$

(94)

$

—

$

(94)

Toronto

Dominion

Bank

Foreign

Currency

Contracts

7

—

7

$

7

$

—

$

7

$

—

$

7

Total

OTC

$

274

$

(

414

)

$

(140)

$

(156)

Global

Multi-Strategy

Fund

Bank

of

America

NA

Foreign

Currency

Contracts

1,065

(1,055)

10

$

1,065

$

(1,055)

$

10

$

—

$

10

Barclays

Bank

PLC

Foreign

Currency

Contracts

11

—

11

$

11

$

—

$

11

$

—

$

11

Citigroup

Inc

Foreign

Currency

Contracts

12

(24)

(12)

$

12

$

(24)

$

(12)

$

—

$

(12)

Deutsche

Bank

AG

Foreign

Currency

Contracts

—

(26)

(26)

$

—

$

(26)

$

(26)

$

—

$

(26)

Goldman

Sachs

&

Co

Credit

Default

Swaps

—

(60)

(60)

Equity

Basket

Swaps

—

(67)

(67)

Foreign

Currency

Contracts

119

(54)

65

$

119

$

(181)

$

(62)

$

57

$

(5)

JPMorgan

Chase

Equity

Basket

Swaps

8

—

8

Foreign

Currency

Contracts

114

(9)

105

$

1

22

$

(

9

)

$

113

$

(87)

$

26

Merrill

Lynch

Foreign

Currency

Contracts

4

(2)

2

$

4

$

(2)

$

2

$

—

$

2

Morgan

Stanley

&

Co

Equity

Basket

Swaps

5,499

—

5,499

Foreign

Currency

Contracts

7

(51)

(44)

$

5,506

$

(51)

$

5,455

$

—

$

5,455

RBC

Dominon

Securities

Corp

Foreign

Currency

Contracts

7

—

7

$

7

$

—

$

7

$

—

$

7

Royal

Bank

of

Scotland

Foreign

Currency

Contracts

—

(1)

(1)

$

—

$

(1)

$

(1)

$

—

$

(1)

Toronto

Dominion

Bank

Foreign

Currency

Contracts

—

(3)

(3)

$

—

$

(3)

$

(3)

$

—

$

(3)

Total

OTC

$

6,846

$

(1,3

52

)

$

5,494

$

5,464

*

Represents

amount

of

offsetting

derivative

assets

or

liabilities

that

are

subject

to

an

enforceable

master

netting

agreement

or

similar

agreement

that

are

not

netted

against

the

gross

derivative

assets

or

liabilities

for

presentation

on

the

statements

of

assets

and

liabilities.

†

Collateral

pledged

or

received

may

be

in

excess

of

recognized

assets

or

liabilities,

see

the

schedules

of

investments.

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

47

also

maintained

in

a

segregated

account

at

the

custodian

for

collateral

related

to

forward

currency

contracts

and

"to-be-announced"

("TBA")

securities.

Certain

of

the Funds may

pledge

cash

to

a

broker

for

securities

sold

short

and

repurchase

agreements.

As

of

August

31,

2023,

deposits

with

counterparty

were

as

follows

(amounts

in

thousands):

Deposits

from

Counterparty.

Cash

received

from

a

counterparty

as

collateral

is

reflected

as

a

liability

on

the

statements

of

assets

and

liabilities

as

deposits

from

counterparty.

There

are

a

variety

of

security

types

which

require

varying

levels

of

pledged

collateral.

The

collateral

posted

to

the Funds

by

the

broker

is

received

in

the

fund’s

custodian

account.

As

of

August

31,

2023,

deposits

from

counterparty

were

as

follows

(amounts

in

thousands):

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held.

Certain

of

the funds may

enter

into

transactions

in

which

the

funds

transfer

fixed

rate

bonds

to

trusts

in

exchange

for

cash

and

residual

interests

in

the

trusts’

assets

and

cash

flows,

which

are

in

the

form

of

Inverse

Floaters.

The

trusts

finance

the

purchases

of

the

fixed

rate

bonds

by

issuing

floating

rate

notes

to

third

parties.

The

funds

enter

into

shortfall

and

forbearance

agreements

with

the

trusts,

which

commit

the

funds

to

pay

the

trusts,

in

certain

circumstances,

the

difference

between

the

liquidation

value

of

the

fixed

rate

bonds

held

by

the

trusts

and

the

liquidation

value

of

the

floating

rate

notes

held

by

third

parties,

as

well

as

any

shortfalls

in

interest

cash

flows.

The

residual

interests

held

by

the

fund

("Inverse

Floaters")

include

the

right

of

the

funds

(1)

to

cause

the

holders

of

the

floating

rate

notes

to

tender

their

notes

at

par

at

the

next

interest

rate

reset

date,

and

(2)

to

transfer

the

fixed

rate

bond

from

the

trusts

to

the

funds,

thereby

collapsing

the

trusts.

The

funds

account

for

the

transfer

of

bonds

to

the

trusts

as

secured

borrowings,

with

the

securities

transferred

remaining

in

the

funds'

investment

assets. The

related

floating

rate

notes

are

reflected

as

floating

rate

notes

issued

in

the

statements

of

assets

and

liabilities.

The

fund

holds

the

floating

rate

notes

issued

in

which

the

carrying

value,

including

accrued

interest,

approximates

fair

value

for

financial

statement

purposes.

As

of

year

end,

the

floating

rate

notes

issued liabilities

are categorized

as

Level

2

within

the

disclosure

hierarchy.

During the

year

ended August

31,

2023,

Opportunistic

Municipal

Fund

had

an average

outstanding

balance

for

the

liability of

$7,074,000

at

a weighted

average

annual

interest

rate

of

3.42%.

The

notes

issued

by

the

trusts

have

interest

rates

that

reset

weekly,

and

the

floating

rate

note

holders

have

the

option

to

tender

their

notes

to

the

trusts

for

redemption

at

par

at

each

reset

date. 

Foreign

Currency

Contracts.

Certain

of

the

Funds

may

be

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

such

Funds’

investment

objectives.

The

Funds

may

use

foreign

currency

contracts

to

gain

exposure

to,

or

hedge

against

changes

in

the

value

of

foreign

currencies.

Certain

of

the

Funds

enter

into

forward

contracts

to

purchase

and

sell

foreign

currencies

at

a

specified

future

date

at

a

fixed

exchange

rate.

Forward

foreign

currency

contracts

are

valued

at

the

forward

rate,

and

are

marked-to-market

daily.

The

change

in

fair

value

is

recorded

by

the

Funds

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

the

Funds

record

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The

use

of

forward

foreign

currency

contracts

does

not

eliminate

the

fluctuations

in

underlying

prices

of

the

Funds’

portfolio

securities,

but

it

does

establish

a

rate

of

exchange

that

can

be

achieved

in

the

future.

Although

forward

foreign

currency

contracts

limit

the

risk

of

loss

due

to

a

decline

in

the

value

of

the

hedged

currency,

they

also

limit

any

potential

gain

that

might

result

should

the

value

of

the

currency

increase.

In

addition,

the

Funds

could

be

exposed

to

risks

if

the

counterparties

to

the

contracts

are

unable

to

meet

the

terms

of

their

contracts

or

if

the

value

of

the

currency

changes

unfavorably

to

the

U.S.

dollar

or

other

respective

currency. 

Futures

Contracts.

The

Funds

are

subject

to

equity

price

risk,

interest

rate

risk,

and

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The

Funds

may

enter

into

futures

contracts

to

hedge

against

changes

in

or

to

gain

exposure

to,

change

in

the

value

of

equities,

interest

rates

and

foreign

currencies.

Initial

margin

deposits

are

made

by

cash

deposits

or

segregation

of

specific

securities

as

may

be

required

by

the

exchange

on

which

the

transaction

was

conducted.

Pursuant

to

the

contracts,

typically

a

fund agrees

to

receive

from

or

FCM

(Futures

and

Cleared

Swaps)

ISDA

(OTC

Derivatives)

MSFTA

(Forward

Currency

Contracts

and

TBA

Securities)

Shorts

Total

Deposits

with

Counterparty

Bond

Market

Index

Fund

$

—

$

—

$

3

$

—

$

3

Diversified

Real

Asset

Fund

885

—

—

—

885

Global

Multi-Strategy

Fund

8,314

1,293

—

27,368

36,975

International

Equity

Index

Fund

63

—

—

—

63

Spectrum

Preferred

and

Capital

Securities

Income

Fund

9,233

—

—

—

9,233

ISDA

(OTC

Derivatives)

Diversified

Real

Asset

Fund

$

129

Global

Multi-Strategy

Fund

100

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

48

pay

to

the

broker,

an

amount

of

cash

equal

to

the

daily

fluctuation

in

the

value

of

the

contract.

Such

receipts

or

payments

are

known

as

“variation

margin”

and

are

recorded

by

the

fund

as

a

variation

margin

receivable

or

payable

on

financial

derivative

instruments.

For

those

contracts

where

daily

variation

margin

payments

are

not

received

from

or

paid

to

the

broker,

the

cumulative

unrealized

gains

or

losses

are

included

in

variation

margin

receivable

or

payable

on

financial

derivative

instruments.

Futures

contracts

are

marked

to

market

daily

at

the

closing

settlement

price

or

in

the

absence

of

such

a

price,

the

most

recent

quoted

bid

price.

If

there

are

no

quotations

available,

the

security

is

valued

at

the

last

available

closing

settlement

price.

During

the

period

the

futures

contracts

are

open,

daily

changes

in

the

fair

value

of

the

contracts

are

recognized

as

unrealized

gains

or

losses.

These

unrealized

gains

or

losses

are

included

as

a

component

of

total

distributable

earnings

(accumulated

loss)

on

the

statements

of

assets

and

liabilities.

When

the

contracts

are

closed,

the

fund

recognizes

a

realized

gain

or

loss

equal

to

the

difference

between

the

proceeds

from,

or

cost

of,

the

closing

transaction

and

the

fund’s

cost

basis

in

the

contract.

There

is

minimal

counterparty

credit

risk

to

the

Funds

because

futures

are

exchange

traded

and

the

exchange’s

clearinghouse,

as

counterparty

to

all

exchange

traded

futures,

guarantees

the

futures

against

default. 

Long

equity

futures

contracts

are

used

to

obtain

market

exposure

for

the

cash

balances

that

are

maintained

by

certain

of

the

Funds

and

the

notional

values

of

the

futures

contracts

will

vary

in

accordance

with

changing

cash

balances.

Long

and

short

U.S.

Treasury

futures

contracts

are

used

to

obtain

interest

rate

exposure

in

order

to

manage

duration

of

Diversified

Real

Asset

Fund

and

Global

Multi-Strategy

Fund.

Spectrum

Preferred

and

Capital

Securities

Income

Fund

uses

long

and

short

U.S.

Treasury

futures

and

options

on

those

listed

U.S.

Treasury

future

contracts

to

mitigate

interest

rate

volatility

and

for

income

generation.

The

notional

values

of

the

futures

contracts

will

vary

in

accordance

with

the changing

duration

of

these

funds. 

Illiquid

Securities.

Illiquid

securities

generally

cannot

be

sold

or

disposed

of

in

the

ordinary

course

of

business

(within

seven

calendar

days)

at

approximately

the

value

at

which

each

of

the

Funds

has

valued

the

investments.

This

may

have

an

adverse

effect

on

each

of

the

Funds’

ability

to

dispose

of

particular

illiquid

securities

at

fair

value

and

may

limit

each

of

the

Funds’

ability

to

obtain

accurate

market

quotations

for

purposes

of

valuing

the

securities. 

Indemnification.

Under

the

Fund’s

by-laws,

present

and

past

officers,

directors,

and

employees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

a

variety

of

contracts

that

may

contain

representations

and

warranties

which

provide

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund. 

Inflation-Indexed

Bonds.

Certain

of

the

Funds

may

invest

in

inflation-indexed

bonds.

Inflation-indexed

bonds

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

to

the

rate

of

inflation.

The

interest

rate

on

these

bonds

is

generally

fixed

at

issuance

at

a

rate

lower

than

typical

bonds.

Over

the

life

of

an

inflation-indexed

bond,

however,

interest

will

be

paid

based

on

a

principal

value,

which

is

adjusted

for

inflation.

Any

increase

or

decrease

in

the

principal

amount

of

an

inflation-indexed

bond

will

be

included

as

interest

income

on

the

statements

of

operations,

even

though

the

Funds

would

not

receive

the

principal

until

maturity.

Options

Contracts.

During

the

year, certain

of

the

Funds

wrote

call

and

put

options

on

swaps,

securities,

indices

and

currencies

they

own

or

in

which

they

may

invest

for

both

hedging

and

non-hedging

purposes.

Writing

put

options

tends

to

increase

a

fund’s

exposure

to

the

underlying

instrument.

Writing

call

options

tends

to

decrease

a

fund’s

exposure

to

the

underlying

instrument.

When

a

fund

writes

a

call

or

put

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option

written.

These

liabilities

are

reflected

as

options

contracts

written

on

the

statements

of

assets

and

liabilities.

Premiums

received

from

writing

options

which

expire

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

or

offset

against

amounts

paid

on

the

underlying

swap,

security,

index

or

currency

transaction

to

determine

the

realized

gain

or

loss.

A

fund,

as

a

writer

of

an

option,

has

no

control

over

whether

the

underlying

swap,

security,

index

or

currency

may

be

sold

(call)

or

purchased

(put)

and

as

a

result

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

swap,

security,

index

or

currency

underlying

the

written

option.

There

is

the

risk

a

fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

fund

as

a

writer

of

put

options

could

be

required

to

make

is

equal

to

the

notional

amount

multiplied

by

the

exercise

price

as

shown

in

the

schedules

of

investments.

A

fund

may

also

purchase

put

and

call

options.

Purchasing

call

options

tends

to

increase

a

fund’s

exposure

to

the

underlying

instrument.

Purchasing

put

options

tends

to

decrease

a

fund’s

exposure

to

the

underlying

instrument.

A

fund

pays

a

premium

which

is

included

on

the

fund’s

statements

of

assets

and

liabilities

as

an

investment

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option.

Premiums

paid

for

purchasing

options

which

expire

are

treated

as

realized

losses.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

Premiums

paid

for

purchasing

options

which

are

exercised

or

closed

are

added

to

the

amounts

paid

or

offset

against

the

proceeds

on

the

underlying

swap,

security,

index

or

currency

transaction

to

determine

the

realized

gain

or

loss.

Details

of

options

contracts

open

at year

end

are

included

in

the

Funds'

schedules

of

investments. 

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

49

Private

Investments

in

Public

Equity.

The

Funds

may

invest

in

private

investments

in

public

equity

(“PIPEs”)

which

are

issued

by

a

company

in

the

secondary

market

as

a

means

of

raising

capital.

In

connection

with

PIPEs,

the

Funds

may

enter

into

unfunded

commitments.

Commitments

may

be

subject

to

various

contingencies

and

are

recognized

when

the

commitment

is

legally

binding.

These

contingencies

are

considered

in

the

valuation

of

the

commitments.

The

Funds

are

obligated

to

fund

these

commitments

when

the

contingencies

are

met

and

therefore,

the

Funds

must

have

funds

sufficient

to

cover

their

obligation.

Commitments

are

marked

to

market

daily

and

the

unrealized

gain

or

loss

is

shown

as

a

separate

line

item

called

unrealized

gain

or

loss

on

unfunded

commitments

on

the

statements

of

assets

and

liabilities

and

included

in

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

statements

of

operations,

as

applicable.

As

of

year

end,

the

commitments

are

typically

categorized

as

Level

2

within

the

disclosure

hierarchy.

As of

August

31,

2023,

the

Funds

had

no

unfunded

commitments

in

connection

with

PIPEs. 

Rebates.

Subject

to

best

execution,

the

Funds

may

direct

certain

portfolio

transactions

to

brokerage

firms

that,

in

turn,

have

agreed

to

rebate

a

portion

of

the

related

brokerage

commission

to

the

Funds

in

cash.

Commission

rebates

are

included

as

a

component

of

realized

gain

from

investment

transactions

in

the

statements

of

operations. 

Repurchase

Agreements.

The

Funds

may

invest

in

repurchase

agreements

that

are

fully

collateralized,

typically

by

U.S.

government

or

U.S.

government

agency

securities.

It

is

the

Fund's

policy

that

the

counterparties’

custodian

takes

possession

of

the

underlying

collateral

securities.

The

fair

value

of

the

collateral

is

at

all

times

at

least

equal

to

the

total

amount

of

the

repurchase

obligation.

In

the

event

of

default

on

the

obligation

to

repurchase,

the

Funds

have

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

In

the

event

the

seller

of

a

repurchase

agreement

defaults,

the

Funds

could

experience

delays

in

the

realization

of

the

collateral. 

In

addition,

the

Funds

may

enter

into

repurchase

agreements

with

certain

counterparties

that

are

collateralized

by

assets

other

than

U.S.

government

or

U.S.

government

agency

securities.

The

collateral

pledged

by

the

counterparty

under

these

repurchase

agreements

is

maintained

in

a

segregated

account

at

the

counterparty’s

custodian.

After

entering

into

the

repurchase

agreement,

the

fund

may

sell

short

the

security

pledged

by

the

counterparty

as

collateral

in

anticipation

of

a

decline

in

market

value.

Upon

the

settlement

of

the

short

sale,

the

fund

will

unwind

the

repurchase

agreement.

Although

the

repurchase

agreements

are

typically

open-ended

through

the

maturity

date

of

the

collateral,

the

fund

has

a

right

to

terminate

the

repurchase

agreement

at

any

time

with

two

days’

notice.

During

periods

of

high

demand

for

the

collateral

security,

the

fund

may

also

pay

the

counterparty

a

fee

and

the

amount

is

recorded

as

interest

expense

on

the

statements

of

operations.

Global

master

repurchase

agreements

govern

the

repurchase

and

reverse

repurchase

transactions

between

the

fund

and

the

counterparty.

Collateral

requirements

for

certain

counterparties

may

be

determined

on

a

total

exposure

basis,

rather

than

on

an

individual

repurchase

agreement

or

reverse

repurchase

agreement

basis

in

order

to

determine

the

collateral

to

be

received

or

pledged.

Restricted

Securities.

Certain

of

the

Funds

may

invest

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

These

securities

generally

may

be

resold

in

transactions

exempt

from

registration

or

to

the

public

if

the

securities

are

registered.

Disposal

of

these

securities

may

involve

time-consuming

negotiations

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult. 

Securities

Lending.

As

footnoted

in

the

schedules

of

investments,

certain

of

the

Funds

may

lend

portfolio

securities

to

approved

brokerage

firms

to

earn

additional

income.

The

Funds

receive

collateral,

in

the

form

of

cash,

against

the

loaned

securities.

During

the

period

of

the

loan,

the

borrower

must

maintain

collateral

in

an

amount

not

less

than

102%

of

the

market

value

of

the

domestic

and

foreign

fixed

income

loaned

securities

and

105%

of

the

market

value

of

the

foreign

equity

loaned

securities.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

The

transactions

are

accounted

for

as

secured

borrowings

and

the

remaining

contractual

maturity

is

overnight

and

continuous

for

all

securities.

The

cash

collateral

received

is

usually

invested

in

an

SEC-registered

money

market

mutual

fund

and

the

Funds

could

realize

a

loss

on

such

investments.

Further,

the

Funds

could

experience

a

delay

in

recovering

their

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

Securities

lending

income,

net

of

related

fees,

is

shown

on

the

statements

of

operations.

Senior

Floating

Rate

Interests.

The

Funds

may

invest

in

senior

floating

rate

interests

(bank

loans).

Senior

floating

rate

interests

typically hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity

(the

“Borrower”),

and

are

secured

by

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

Borrower.

Senior

floating

rate

interests

are

typically

structured

and

administered

by

a

financial

institution

that

acts

as

the

agent

of

the

lenders

participating

in

the

senior

floating

rate

interest.

Borrowers

of

senior

floating

rate

interests

are

typically

rated

below-investment-grade,

which

means

they

are

more

likely

to

default

than

investment-grade

loans.

A

default

could

lead

to

non-payment

of

income

which

would

result

in

a

reduction

of

income

to

the

fund

and

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

50

there

can

be

no

assurance

that

the

liquidation

of

any

collateral

would

satisfy

the

Borrower’s

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

payments,

or

that

such

collateral

could

be

readily

liquidated.

Senior

floating

rate

interests

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank,

LIBOR,

SOFR,

or

a similar reference

rate.

Senior

floating

rate

interests

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

the

Borrower

to

repay,

prepayments

of

senior

floating

rate

interests

may

occur.

As

a

result,

the

actual

remaining

maturity

of

senior

floating

rate

interests

may

be

substantially

less

than

stated

maturities

shown

in

the

schedules

of

investments.

In

connection

with

the

senior

floating

rate

interests,

the

Funds

may

also

enter

into

unfunded

loan

commitments.

All

or

a

portion

of

the

loan

commitments

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

Borrower’s

discretion.

Therefore,

the

Funds

must

have

funds

sufficient

to

cover their

contractual

obligation.

Unfunded

loan

commitments

are

marked

to

market

daily

and

the

unrealized

gain

or

loss

is

shown

as

a

separate

line

item

called

unrealized

gain

or

loss

on

unfunded

commitments

on

the

statements

of

assets

and

liabilities

and

included

in

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

statements

of

operations,

as

applicable.

As

of

year

end,

the

unfunded

loan

commitments

are

categorized

as

Level

2

within

the

disclosure

hierarchy.

As

of

August

31,

2023,

the

Funds

had

unfunded

loan

commitments

as

follows

(amounts

in

thousands):

Short

Sales.

Certain

of

the

Funds

entered

into

short

sales

transactions

during

the

period.

A

short

sale

is

a

transaction

in

which

a

fund

sells

a

security

it

does

not

own

as

a

hedge

against

some

of

its

long

positions

and/or

in

anticipation

of

a

decline

in

the

market

price

of

the

security.

The

fund

must

borrow

the

security

sold

short

and

deliver

it

to

the

broker

dealer

which

made

the

short

sale.

A

security

sold

in

a

short

sale

transaction

and

the

interest

or

dividend

payable

on

the

security

if

any,

is

reflected

as

a

liability

on

the

statements

of

assets

and

liabilities.

The

fund

is

obligated

to

pay

any

interest

or

dividends

received

on

the

borrowed

securities.

Interest

accrued

and

dividends

declared

on

short

positions

are

recorded

as

an

expense

and,

if

any,

appear

as

dividends

and

interest

on

shorts

on

the

statements

of

operations.

A

fund

is

obligated

to

deliver

the

security

at

the

market

price

at

the

time

the

short

position

is

closed.

Possible

losses

from

short

sales

may

be

unlimited.

The

fund

is

required

to

pledge

cash

or

securities

to

the

broker

as

collateral

for

securities

sold

short.

Collateral

requirements

are

calculated

daily

based

on

the

current

market

value

of

the

short

positions.

Cash

deposited

with

the

broker

for

collateral

is

included

in

deposits

with

counterparty

on

the

statements

of

assets

and

liabilities

and

securities

segregated

as

collateral

are

footnoted

in

the

schedules

of

investments.

The

fund

may

pay

broker’s

fees

on

the

borrowed

securities

and

may

also

pay

a

financing

charge

for

the

difference

in

the

market

value

of

the

short

position

and

cash

collateral

deposited

with

the

broker.

These

fees

are

included

as

short

sale

fees

on

the

statements

of

operations.

Swap

Agreements.

Certain

of

the

Funds

invested

in

swap

agreements

during

the

period.

Swap

agreements

are

negotiated

agreements

between

a

fund

and

a

counterparty

to

exchange

a

series

of

cash

flows

at

specified

intervals

based

upon,

or

calculated

by

reference

to,

changes

in

specified

prices

or

rates

for

a

specified

amount

of

an

underlying

asset.

A

fund

may

enter

into

credit

default,

currency,

interest

rate,

or

total

return

swap

agreements

to

manage

its

exposure

to

credit,

currency,

interest

rate,

or

market

risk.

In

connection

with

these

agreements,

securities

may

be

identified

as

collateral

in

accordance

with

the

terms

of

the

respective

swap

agreements

to

provide

assets

of

value

and

recourse

in

the

event

of

default

or

bankruptcy/insolvency.

Swap

agreements

are

valued

through

a

pricing

service

or

using

procedures

established

and

periodically

reviewed

by

the

Fund’s

Board

of

Directors.

Centrally

cleared

swaps

are

valued

using

the

last

traded

price

from

the

primary

trading

exchange.

OTC

swaps

are

modeled

taking

into

account

the

counterparties’

creditworthiness

and

using

a

series

of

techniques,

including

simulation

models.

Changes

in

value

are

recorded

as

unrealized

gain

or

loss

which

is

included

as

a

component

of

total

distributable

earnings

(accumulated

loss)

on

the

statements

of

assets

and

liabilities.

Equity

basket

swaps

are

valued

using

the

closing

price

of

each

of

the

underlying

securities

multiplied

by

the

holdings

of

each

equity

security.

Upon

termination

of

swap

agreements,

the

Funds

recognize

a

realized

gain

or

loss.

Net

periodic

payments

to

be

received

or

paid

are

accrued

daily

and

are

recorded

in

the

statements

of

operations

as

realized

gains

or

losses.

Payments

received

or

made

at

the

beginning

of

the

measurement

period

are

reflected

as

such

on

the

statements

of

assets

and

liabilities

and

represent

payments

made

or

received

upon

entering

into

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

prevailing

market

conditions

(credit

spreads,

interest

rates,

and

other

relevant

factors).

These

upfront

payments

are

amortized

daily

over

the

term

of

the

swap

agreement

as

realized

gains

or

losses

on

the

statements

of

operations.

Unfunded

Loan

Commitment

Net

Unrealized

Gain/(Loss)

Diversified

Real

Asset

Fund

$

26

$

—

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

51

Notional

principal

amounts

are

used

to

express

the

extent

of

involvement

in

these

agreements.

Risks

may

exceed

amounts

shown

on

the

statements

of

assets

and

liabilities.

These

risks

include

changes

in

the

returns

of

the

underlying

instruments,

unfavorable

interest

rate

fluctuation,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

contractual

terms

in

the

agreements,

and

the

possible

lack

of

liquidity

with

respect

to

the

swap

agreements.

The

Funds

and

any

counterparty

are

required

to

maintain

an

agreement

that

requires

the

Funds

and

that

counterparty

to

monitor

the

net

fair

value

of

all

derivative

transactions

entered

into

pursuant

to

the

contract

between

the

Funds

and

such

counterparty.

If

the

net

fair

value

of

such

derivatives

transactions

between

the

Funds

and

that

counterparty

exceeds

a

certain

threshold

(as

defined

in

the

agreement),

the

Funds

or

the

counterparty

are

required

to

post

cash

and/or

securities

as

collateral.

Fair

values

of

derivatives

transactions

presented

in

the

financial

statements

are

not

netted

with

the

fair

values

of

other

derivatives

transactions

or

with

any

collateral

amounts

posted

by

the

Funds

or

any

counterparty.

Credit

default

swaps

involve

commitments

to

pay

a

fixed

rate

at

a

predetermined

frequency

in

exchange

for

a

lump

sum

payment

if

a

“credit

event”,

as

defined

in

the

agreement,

affecting

a

third

party

occurs.

Credit

events

may

include

a

failure

to

pay

interest,

bankruptcy,

restructuring,

or

other

event

as

defined

in

the

agreement.

A

“buyer”

of

credit

protection

agrees

to

pay

a

counterparty

to

assume

the

credit

risk

of

an

issuer

upon

the

occurrence

of

a

credit

event.

The

“seller”

of

the

protection

receives

periodic

payments

and

agrees

to

assume

the

credit

risk

of

an

issuer

upon

the

occurrence

of

a

credit

event.

As

the

seller

of

credit

protection,

a

fund

would

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

a

fund

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

If

a

fund

is

a

seller

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

the

fund

will

either

(i)

pay

to

the

buyer

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index

or

(ii)

pay

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

If

a

fund

is

a

buyer

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

a

fund

will

either

(i)

receive

from

the

seller

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index

or

(ii)

receive

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset

backed

securities,

emerging

markets,

and/or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name’s

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

A

fund

may

use

credit

default

swaps

on

credit

indices

to

hedge

a

portfolio

of

credit

default

swaps

or

bonds,

which

is

less

expensive

than

it

would

be

to

buy

many

credit

default

swaps

to

achieve

a

similar

effect.

Credit

default

swaps

on

indices

are

benchmarks

for

protecting

investors

owning

bonds

against

default,

and

traders

use

them

to

speculate

on

changes

in

credit

quality.

Credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

default

or

other

credit

event.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(the

buyer

of

protection’s

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Funds

may

use

credit

default

swaps

on

corporate

issues

or

sovereign

issues

of

an

emerging

country

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

the

Funds

own

or

have

exposure

to

the

referenced

obligation).

For

credit

default

swap

agreements

on

asset-backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

fund

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

would

be

an

amount

equal

to

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of

August

31,

2023

for

which

a

fund

is

the

seller

of

protection

are

disclosed

in

the

footnotes

to

the

schedules

of

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

52

investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by

a

fund

for

the

same

referenced

entity

or

entities.

Synthetic

futures,

which

are

total

return

swaps

on

futures

contracts,

along

with

equity

basket

swaps

generally

involve

the

commitment

to

receive

positive

returns

or

pay

negative

returns

on

a

specified

reference

security,

basket

of

securities,

security

index

or

index

component,

without

actually

owning

the

underlying

position.

Currency

swap

agreements

involve

the

commitment

to

exchange

cash

flows

on

a

notional

amount

based

on

changes

in

the

relative

values

of

the

specified

currencies.

Interest

rate

swaps

involve

the

commitment

to

exchange

fixed

or

floating

rate

cash

flows

based

on

changes

in

the

value

of

a

specific

reference

rate.

Certain

collateral

amounts

relate

to

exchange

cleared

swaps

which

are

not

subject

to

Master

Netting

Agreements

with

counterparties.

To

Be

Announced

Securities.

The

Funds

may

trade

portfolio

securities

on

a

TBA

or

when-issued

basis.

In

a

TBA

or

when-issued

transaction,

the

Funds

commit

to

purchase

or

sell

securities

for

which

all

specific

information

is

not

known

at

the

time

of

the

trade.

Securities

purchased

on

a

TBA

or

when-issued

basis

are

not

settled

until

they

are

delivered

to

the

Funds,

normally

15

to

30

days

later.

These

transactions

are

subject

to

market

fluctuations

and

their

current

value

is

determined

in

the

same

manner

as

for

other

portfolio

securities. 

Underlying

Funds.

An

underlying

fund

to

a

fund

of

funds

may

experience

relatively

large

redemptions

or

purchases

as

the

fund

of

funds

periodically

reallocates

or

rebalances

its

assets.

These

transactions

may

accelerate

the

realization

of

taxable

income

if

sales

of

portfolio

securities

result

in

gains

and

could

increase

transaction

costs.

In

addition,

when

a

fund

of

funds

reallocates

or

redeems

significant

assets

away

from

an

underlying

fund,

the

loss

of

assets

to

the

underlying

fund

could

result

in

increased

expense

ratios

for

that

fund.

The

Manager

is

the

advisor

to

the

Fund,

Principal

Variable

Contracts

Funds,

Inc.,

Principal

Exchange-Traded

Funds,

and

other

asset

allocation

programs.

The

Manager

is

committed

to

minimizing

the

potential

impact

of

underlying

fund

risk

to

the

extent

consistent

with

pursuing

the

investment

objectives

of

the

fund

of

funds

which

it

manages.

Each

may

face

conflicts

of

interest

in

fulfilling

its

responsibilities

to

all

such

funds.

Shareholder

reports

for

other

series

of

the

Fund,

Principal

Variable

Contracts

Funds,

Inc.,

and

Principal

Exchange-Traded

Funds

can

be

found

at

www.Principalam.com.

As

of August

31,

2023,

series

of

the

Fund

and

Principal

Variable

Contracts

Funds,

Inc.

owned

the

following

percentages,

in

the

aggregate,

of

the

outstanding

shares

of

the

Funds

listed

below:

U.S.

Government

Agencies

or

Government-Sponsored

Enterprises.

Certain

of

the

Funds

may

invest

in

U.S.

Government

agencies

or

government-sponsored

enterprises.

U.S.

Government

securities

are

obligations

of,

and

in

certain

cases,

guaranteed

by,

the

U.S.

Government

or

its

agencies.

The

U.S.

Government

does

not

guarantee

the

net

asset

value

of

the

Funds’

shares.

Some

U.S.

Government

securities

such

as

treasury

bills,

notes

and

bonds,

and

securities

guaranteed

by

the

Government

National

Mortgage

Association

(“GNMA”)

are

supported

by

the

full

faith

and

credit

of

the

U.S.

Government.

Other

securities,

such

as

those

of

the

Federal

Home

Loan

Bank,

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Department

of

the

Treasury.

Still

other

securities,

such

as

those

of

the

Federal

National

Mortgage

Association

(“FNMA”),

are

supported

by

the

discretionary

authority

of

the

U.S.

Government

to

purchase

the

agency’s

obligations.

Government

related

guarantors

(those

not

backed

by

the

full

faith

and

credit

of

the U.S.

Government)

include

the FNMA

and

the

Federal

Home

Loan

Mortgage

Corporation

(“FHLMC”).

The

FNMA

is

a

government

sponsored

corporation,

the

common

stock

of

which

is

owned

entirely

by

private

stockholders.

The

FNMA

purchases

conventional

residential

mortgages

from

a

list

of

approved

seller/servicers

which

include

state

and

federally

chartered

savings

and

loan

associations,

mutual

savings

banks,

commercial

banks,

credit

unions,

and

mortgage

bankers.

Pass-through

securities

issued

by

the

FNMA

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

the

FNMA,

but

are

not

backed

by

the

full

Total

Percentage

of

Outstanding

Shares

Owned

Blue

Chip

Fund

33.47%

Bond

Market

Index

Fund

92.83

Diversified

Real

Asset

Fund

14.32

International

Equity

Index

Fund

60.56

International

Small

Company

Fund

93.50

Origin

Emerging

Markets

Fund

40.97

Small-MidCap

Dividend

Income

Fund

28.16

Spectrum

Preferred

and

Capital

Securities

Income

Fund

6.29

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

53

faith

and

credit

of

the

U.S.

Government.

The

FHLMC

issues

participation

certificates,

which

are

pass-through

securities,

each

representing

an

undivided

interest

in

a

pool

of

residential

mortgages.

The

FHLMC

guarantees

the

timely

payment

of

interest

and

ultimate

collection

of

principal,

but

participation

certificates

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government. 

Derivatives.

The

following

tables

provide

information

about

where

in

the

statements

of

assets

and

liabilities

and

statements

of

operations

information

about

derivatives

can

be

found

(amounts

in

thousands):

Asset

Derivatives

August

31,

2023

Liability

Derivatives

August

31,

2023

Derivatives

not

accounted

for

as

hedging

instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Diversified

Real

Asset

Fund

Commodity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

15,181

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

11,072

*

Foreign

Exchange

Contracts

Receivables

$

86

Payables

$

111

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,533

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,796

*

Total

$

16,800

*

$

12,979

*

Global

Multi-Strategy

Fund

Commodity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

490

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

179

*

Credit

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

350

*

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

6,314

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,370

*

Foreign

Exchange

Contracts

Receivables

$

1,356

*

Payables

$

1,225

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

314

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

717

*

Total

$

8,474

*

$

3,841

*

International

Equity

Index

Fund

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

22

*

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,781

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,628

*

*

Includes

cumulative

unrealized

appreciation/(depreciation)

of

exchange

traded

swaps

and

futures

contracts

as

shown

in

the

schedules

of

investments.

Only

the

portion

of

the

unrealized

appreciation/(depreciation)

not

yet

cash

settled

is

shown

in

the

statements

of

assets

and

liabilities

as

variation

margin.

Derivatives

not

accounted

for

as

hedging

instruments

Location

of

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Realized

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

of

Derivatives

Recognized

in

Statement

of

Operations

Diversified

Real

Asset

Fund

Commodity

Contracts

Investment

transactions/Investments*

$

(434)

$

129

Futures

contracts

$

(86,129)

$

14,877

Options

and

swaptions

$

248

$

155

Swap

agreements

$

(25,601)

$

(152)

Foreign

Exchange

Contracts

Investment

transactions/Investments*

$

(155)

$

21

Foreign

currency

contracts

$

(50)

$

(90)

Options

and

swaptions

$

34

$

(9)

Interest

Rate

Contracts

Investment

transactions/Investments*

$

519

$

550

Futures

contracts

$

2,893

$

(277)

Options

and

swaptions

$

(77)

$

(787)

Swap

agreements

$

(1,646)

$

210

Total

$

(110,398)

$

14,627

Global

Multi-Strategy

Fund

Commodity

Contracts

Futures

contracts

$

(5,695)

$

412

Credit

Contracts

Swap

agreements

$

(678)

$

(714)

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

54

Derivatives

not

accounted

for

as

hedging

instruments

Location

of

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Realized

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

of

Derivatives

Recognized

in

Statement

of

Operations

Equity

Contracts

Investment

transactions/Investments*

$

(1,796)

$

(121)

Futures

contracts

$

(2,966)

$

1,214

Options

and

swaptions

$

1,250

$

252

Swap

agreements

$

3,744

$

(2,020)

Foreign

Exchange

Contracts

Foreign

currency

contracts

$

2,230

$

(2,704)

Futures

contracts

$

25

$

(38)

Interest

Rate

Contracts

Investment

transactions/Investments*

$

173

$

(11)

Futures

contracts

$

4,351

$

(432)

Options

and

swaptions

$

(88)

$

1

Swap

agreements

$

416

$

39

Total

$

966

$

(4,122)

International

Equity

Index

Fund

Equity

Contracts

Futures

contracts

$

214

$

64

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Interest

Rate

Contracts

Investment

transactions/Investments*

$

(525)

$

—

Futures

contracts

$

(7,883)

$

(1,059)

Options

and

swaptions

$

5,731

$

(37)

Total

$

(2,677)

$

(1,096)

*Investment

transactions

includes

purchased

options

and/or

purchased

swaptions.

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

55

The

following

table

includes

a

summary

of

the

average

quarterly

outstanding

notional

by

derivative

instrument

type

for

the

year 

ended August

31,

2023

(amounts

in

thousands):

4.

Fair

Valuation

Fair

value

is

defined

as

the

price

that

the

Funds

would

receive

upon

selling

a

security

or

transferring

a

liability in

a

timely

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

of

the

security

at

the

measurement

date.

In

determining

fair

value,

the

Funds

may

use

one

or

more

of

the

following

approaches:

market,

income

and/or

cost.

A

hierarchy

for

inputs

is

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

be

used

when

available.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

Funds.

Unobservable

inputs

are

inputs

that

reflect

the

fund's

own

estimates

about

the

estimates

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

Contract

Type

Derivative

Type

Average

Notional

Diversified

Real

Asset

Fund

Commodity

Contracts

Futures

-

Long

$

358,542

Futures

-

Short

175,603

Purchased

Options

478

Total

Return

Swaps

-

Receive

Positive

Return

352,716

Written

Options

55

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

3,040

Foreign

Currency

Contracts

-

Contracts

to

Deliver

4,202

Purchased

Options

4,015

Written

Options

4,015

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

28,526

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

50,323

Futures

-

Long

48,383

Futures

-

Short

51,804

Purchased

Interest

Rate

Swaptions

83,924

Purchased

Options

1,894

Written

Interest

Rate

Swaptions

70,423

Written

Options

2,123

Global

Multi-Strategy

Fund

Commodity

Contracts

Futures

-

Long

12,507

Futures

-

Short

10,068

Credit

Contracts

Credit

Default

Swaps

–

Buy

Protection

4,712

Exchange

Cleared

Credit

Default

Swaps

–

Buy

Protection

13,759

Equity

Contracts

Futures

-

Long

37,652

Futures

-

Short

25,142

Purchased

Options

300

Total

Return

Equity

Basket

Swaps

100,967

Written

Options

334

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

79,430

Foreign

Currency

Contracts

-

Contracts

to

Deliver

112,747

Futures

-

Long

1,465

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

20,736

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

13,105

Futures

-

Long

20,348

Futures

-

Short

187,765

Purchased

Options

278

Written

Options

278

International

Equity

Index

Fund

Equity

Contracts

Futures

-

Long

1,945

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Interest

Rate

Contracts

Futures

-

Long

702,103

Futures

-

Short

134,861

Written

Options

100

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

56

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

U.S.

Government

and

Government

Agency

Obligations.

●

Level

3

–

Significant

unobservable

inputs

(including

the

Funds’

assumptions

in

determining

the

fair

value

of

investments).

Investments

which are

generally included

in

this

category

include

certain

common

stocks,

convertible

preferred

stocks,

corporate

bonds,

preferred

stocks, or

senior

floating

rate

interests.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

market

place,

and

other

characteristics

particular

to

the

transaction.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

by

the

Funds

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market

based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Funds'

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

Funds

use

prices

and

inputs

that

are

current

as

of

the

measurement

date,

when

available. 

Investments

which

are

included

in

the

Level

3

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

3

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3.

Valuation

models

rely

on

one

or

more

significant

unobservable

inputs

such

as:

yield

to

maturity,

EBITDA

multiples,

discount

rates,

available

cash,

or

direct

offering

price.

Significant

increases

in

yield

to

maturity,

EBITDA

multiples,

available

cash,

or

direct

offering

price would

have

resulted

in

significantly

higher

fair

value

measurements.

A

significant

increase

in

discount

rates

would

have

resulted

in

a

significantly

lower

fair

value

measurement.

Benchmark

pricing

procedures

set

the

base

price

of

a

security

based

on

current

market

data.

The

base

price

may

be

a

broker-dealer

quote,

transaction

price,

or

internal

value

based

on

relevant

market

data.

The

fair

values

of

these

securities

are

dependent

on

economic,

political,

and

other

considerations.

The

values

of

such

securities

may

be

affected

by

significant

changes

in

the

economic

conditions,

changes

in

government

policies,

and

other

factors

(e.g.,

natural

disasters,

pandemics,

accidents,

conflicts,

etc.).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

instruments.

The

following

is

a

summary

of

the

inputs

used

as

of August

31,

2023

in

valuing

the

Funds'

securities

carried

at

fair

value

(amounts

in

thousands):

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Blue

Chip

Fund

Common

Stocks*

$

9,473,696

$

—

$

—

$

9,473,696

Investment

Companies*

2

—

—

2

Total

investments

in

securities

$

9,473,698

$

—

$

—

$

9,473,698

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

57

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Bond

Market

Index

Fund

Bonds*

$

—

$

718,063

$

—

$

718,063

Investment

Companies*

66,779

—

—

66,779

Municipal

Bonds*

—

3,282

—

3,282

U.S.

Government

&

Government

Agency

Obligations*

—

1,728,974

—

1,728,974

Total

investments

in

securities

$

66,779

$

2,450,319

$

—

$

2,517,098

Diversified

Real

Asset

Fund

Bonds*

—

14,509

—

14,509

Common

Stocks

Basic

Materials

81,012

27,794

—

108,806

Communications

—

4,857

8

4,865

Consumer,

Cyclical

14,305

4,852

1

19,158

Consumer,

Non-cyclical

44,069

95,475

4

139,548

Energy

292,018

64,636

—

356,654

Financial

422,220

193,305

—

615,525

Industrial

78,054

173,718

47

251,819

Technology

10,026

2,421

—

12,447

Utilities

337,115

338,869

—

675,984

Investment

Companies*

164,844

—

—

164,844

Preferred

Stocks

Industrial

—

2

292

294

Utilities

9,211

—

—

9,211

Senior

Floating

Rate

Interests*

—

87,177

—

87,177

U.S.

Government

&

Government

Agency

Obligations*

—

1,070,781

—

1,070,781

Purchased

Options

2,088

—

—

2,088

Purchased

Interest

Rate

Swaptions

—

188

—

188

Total

investments

in

securities

$

1,454,962

$

2,078,584

$

352

$

3,533,898

Derivative

Assets

Commodity

Contracts

Futures**

14,311

—

—

14,311

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

86

—

86

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

103

—

103

Futures**

24

—

—

24

Derivative

Liabilities

Commodity

Contracts

Futures**

(10,663)

—

—

(10,663)

Total

Return

Swaps

—

(202)

—

(202)

Written

Options

(207)

—

—

(207)

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(111)

—

(111)

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

(341)

—

(341)

Futures**

(143)

—

—

(143)

Written

Interest

Rate

Swaptions

—

(101)

—

(101)

Written

Options

(1,211)

—

—

(1,211)

Edge

MidCap

Fund

Common

Stocks

Basic

Materials

1,766

—

—

1,766

Communications

2,012

835

—

2,847

Consumer,

Cyclical

9,004

—

—

9,004

Consumer,

Non-cyclical

15,062

—

—

15,062

Energy

3,676

—

—

3,676

Financial

13,835

—

—

13,835

Industrial

15,015

—

—

15,015

Technology

9,610

—

—

9,610

Utilities

3,536

—

—

3,536

Investment

Companies*

1,805

—

—

1,805

Total

investments

in

securities

$

75,321

$

835

$

—

$

76,156

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

58

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Global

Multi-Strategy

Fund

Bonds*

$

—

$

134,092

$

96

$

134,188

Common

Stocks

Basic

Materials

6,489

880

—

7,369

Communications

11,730

933

—

12,663

Consumer,

Cyclical

11,520

4,403

—

15,923

Consumer,

Non-cyclical

31,034

8,596

4

39,634

Diversified

11,018

4,095

—

15,113

Energy

9,526

2

—

9,528

Financial

15,710

3,032

—

18,742

Industrial

14,030

4,467

—

18,497

Technology

30,416

2,307

337

33,060

Utilities

1,428

907

—

2,335

Convertible

Bonds*

—

4,632

—

4,632

Convertible

Preferred

Stocks

Energy

21

—

—

21

Technology

63

—

—

63

Investment

Companies*

108,649

—

—

108,649

Preferred

Stocks

Consumer,

Cyclical

46

87

—

133

Financial

394

—

—

394

Industrial

5

—

—

5

Senior

Floating

Rate

Interests*

—

1,090

2

1,092

U.S.

Government

&

Government

Agency

Obligations*

—

9,666

—

9,666

Purchased

Options

—

368

—

368

Total

investments

in

securities

$

252,079

$

179,557

$

439

$

432,075

Short

Sales

Common

Stocks

Basic

Materials

(425)

(1,116)

—

(1,541)

Communications

(782)

(333)

—

(1,115)

Consumer,

Cyclical

(1,669)

(2,071)

—

(3,740)

Consumer,

Non-cyclical

(3,146)

(2,082)

—

(5,228)

Energy

(2,686)

(279)

—

(2,965)

Financial

(2,061)

(1,544)

—

(3,605)

Industrial

(1,982)

(3,129)

—

(5,111)

Technology

(3,938)

(620)

—

(4,558)

Utilities

(47)

(92)

—

(139)

Preferred

Stocks

Consumer,

Non-cyclical

—

(4)

—

(4)

Industrial

—

(63)

—

(63)

U.S.

Government

&

Government

Agency

Obligations*

—

(69)

—

(69)

Total

Short

Sales

$

(16,736)

$

(11,402)

$

—

$

(28,138)

Derivative

Assets

Commodity

Contracts

Futures**

490

—

—

490

Equity

Contracts

Futures**

439

—

—

439

Total

Return

Equity

Basket

Swaps

—

5,507

—

5,507

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

1,339

—

1,339

Futures**

17

—

—

17

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

53

—

53

Futures**

261

—

—

261

Derivative

Liabilities

Credit

Contracts

Credit

Default

Swaps

—

(60)

—

(60)

Exchange

Cleared

Credit

Default

Swaps**

—

(290)

—

(290)

Commodity

Contracts

Futures**

(179)

—

—

(179)

Equity

Contracts

Futures**

(181)

—

—

(181)

Total

Return

Equity

Basket

Swaps

—

(67)

—

(67)

Written

Options

(12)

(1,110)

—

(1,122)

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

59

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Global

Multi-Strategy

Fund

(continued)

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

$

—

$

(1,225)

$

—

$

(1,225)

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

(176)

—

(176)

Futures**

(541)

—

—

(541)

Global

Sustainable

Listed

Infrastructure

Fund

Common

Stocks

Consumer,

Non-cyclical

388

664

—

1,052

Energy

1,569

—

—

1,569

Financial

1,279

—

—

1,279

Industrial

894

2,490

—

3,384

Utilities

5,729

2,256

—

7,985

Investment

Companies*

683

—

—

683

Total

investments

in

securities

$

10,542

$

5,410

$

—

$

15,952

International

Equity

Index

Fund

Common

Stocks

Basic

Materials

—

75,528

—

75,528

Communications

2,023

50,415

—

52,438

Consumer,

Cyclical

—

165,271

—

165,271

Consumer,

Non-cyclical

1,872

302,823

—

304,695

Diversified

—

860

—

860

Energy

—

55,204

—

55,204

Financial

990

242,274

—

243,264

Industrial

—

166,032

—

166,032

Technology

2,087

73,915

—

76,002

Utilities

—

39,322

—

39,322

Investment

Companies*

46,232

—

—

46,232

Preferred

Stocks

Consumer,

Cyclical

—

3,992

—

3,992

Consumer,

Non-cyclical

—

1,004

—

1,004

Industrial

—

830

—

830

Total

investments

in

securities

$

53,204

$

1,177,470

$

—

$

1,230,674

Derivative

Liabilities

Equity

Contracts

Futures**

(22)

—

—

(22)

International

Small

Company

Fund

Common

Stocks

Basic

Materials

18,342

26,502

—

44,844

Communications

3,299

12,199

—

15,498

Consumer,

Cyclical

11,175

101,208

—

112,383

Consumer,

Non-cyclical

8,631

88,288

—

96,919

Energy

22,896

10,793

—

33,689

Financial

9,649

126,907

—

136,556

Industrial

18,365

143,766

—

162,131

Technology

12,567

58,723

—

71,290

Utilities

4,933

13,886

—

18,819

Investment

Companies*

18,252

—

—

18,252

Total

investments

in

securities

$

128,109

$

582,272

$

—

$

710,381

Opportunistic

Municipal

Fund

Investment

Companies*

185

—

—

185

Municipal

Bonds*

—

142,098

—

142,098

Total

investments

in

securities

$

185

$

142,098

$

—

$

142,283

Origin

Emerging

Markets

Fund

Common

Stocks

Basic

Materials

37,099

41,830

—

78,929

Communications

171,527

209,416

—

380,943

Consumer,

Cyclical

14,425

371,075

—

385,500

Consumer,

Non-cyclical

25,354

205,997

—

231,351

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

60

*For

additional

detail

regarding

sector

and/or

sub-industry

classifications,

please

see

the

schedules

of

investments.

**Exchange

cleared

swaps

and

futures

are

presented

at

the

unrealized

appreciation/(depreciation)

of

the

instrument.

At

the

end

of

the

year

,

there

were

no

Funds

which

had

a

significant

Level

3

balance.

During

the

year

,

there

were

no

significant

purchases,

sales,

or

transfers

into

or

out

of

Level

3.

5.

Management

Agreement

and

Transactions

with

Affiliates

Management

Services.

The

Funds

have

agreed

to

pay

management

and

investment

advisory fees

to

the

Manager

computed

at

an

annual

percentage

rate

of

each

of

the Funds'

average

daily

net

assets.

A

portion

of

the

management

fee

is

paid

by

the

Manager

to

the

sub-advisor

of

each

of

the

Funds,

some

of

which

are

affiliates

of

the

Manager.

The

annual

rates

used

in

this

calculation

for

each

of

the

Funds

are

as

follows:

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Origin

Emerging

Markets

Fund

(continued)

Common

Stocks

(continued)

Energy

$

40,666

$

50,073

$

—

$

90,739

Financial

158,245

545,723

—

703,968

Industrial

26,356

176,743

—

203,099

Technology

28,174

475,182

—

503,356

Utilities

—

31,350

—

31,350

Investment

Companies*

35,426

—

—

35,426

Total

investments

in

securities

$

537,272

$

2,107,389

$

—

$

2,644,661

Small-MidCap

Dividend

Income

Fund

Common

Stocks*

1,270,785

—

—

1,270,785

Investment

Companies*

13,928

—

—

13,928

Total

investments

in

securities

$

1,284,713

$

—

$

—

$

1,284,713

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Bonds*

—

5,143,860

—

5,143,860

Convertible

Preferred

Stocks*

33,808

—

—

33,808

Investment

Companies*

194,343

—

—

194,343

Preferred

Stocks

Communications

38,132

—

—

38,132

Consumer,

Non-cyclical

—

21,976

—

21,976

Financial

322,454

—

—

322,454

Government

—

4,405

—

4,405

Utilities

45,907

—

—

45,907

Total

investments

in

securities

$

634,644

$

5,170,241

$

—

$

5,804,885

Derivative

Assets

Interest

Rate

Contracts

Futures**

1,781

—

—

1,781

Derivative

Liabilities

Interest

Rate

Contracts

Futures**

(1,628)

—

—

(1,628)

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Over

$1.5

billion

Edge

MidCap

Fund

(Prior

to

December

31,

2022)

.70%

.68%

.66%

.65%

Edge

MidCap

Fund

(Effective

December

31,

2022)

.65

.63

.61

.60

Global

Sustainable

Listed

Infrastructure

Fund

.75

.73

.71

.70

International

Small

Company

Fund

(Prior

to

December

31,

2022)

1.05

1.03

1.01

1.00

International

Small

Company

Fund

(Effective

December

31,

2022)

1.00

.98

.96

.95

Opportunistic

Municipal

Fund

(Prior

to

December

31,

2022)

.50

.48

.46

.45

Opportunistic

Municipal

Fund

(Effective

December

31,

2022)

.44

.42

.40

.39

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

61

In

addition

to

the

management

fee,

R-1, R-3,

R-4,

and

R-5

classes

of

shares

of

the

Funds

pay

the

Manager

a

service

fee

and

an

administrative

service

fee

computed

at

an

annual

percentage

rate

of

each

class’s

average

daily

net

assets.

The

annual

rates

for

the

service

fee

are

.25%, .25%,

.25%,

and

.25%

and

the

annual

rates

for

the

administrative

service

fee

are

.28%, .07%,

.03%,

and

.01%

for

R-1, R-3,

R-4,

and

R-5,

respectively. Class

A,

Class

C,

and

Institutional

shares

of

the

Funds pay

Principal

Shareholder

Services,

Inc.

(the

“Transfer

Agent”)

(wholly

owned

by

the

Manager)

for

transfer

agent

services.

Class

J

shares

pay

the

Transfer

Agent

a

fee

for

the

services

provided

in

an

amount

that

includes

a

profit.

The

Manager

has

contractually

agreed

to

limit

the

expenses

(excluding

interest

expense,

expenses

related

to

fund

investments,

acquired

fund

fees

and

expenses,

and tax

reclaim

recovery

expenses and

other

extraordinary

expenses)

for

certain

classes

of

shares

of

certain

of

the

Funds.

The

reductions

and

reimbursements

are

in

amounts

that

maintain

total

operating

expenses

at

or

below

certain

limits.

The

limits

are

expressed

as

a

percentage

of

average

daily

net

assets

attributable

to

each

class

of

shares

on

an

annualized

basis

during

the

reporting

period. 

The

expenses

borne

by

the

Manager

are

subject

to

reimbursement

by

the

Funds

through

the

fiscal

year

end,

provided

no

reimbursement

will

be

made

if

it

would

result

in

the

Funds

exceeding

the

total

operating

expense

limits.

Any

amounts

outstanding

at

the

end

of

the year are

shown

as

an

expense

reimbursement

from

Manager or

expense

reimbursement

to

Manager

on

the

statements

of

assets

and

liabilities.

The

operating

expense

limits are

as

follows:

#

Period

from

September

22,

2022

(date

operations

commenced)

to

August

31,

2023.

*

Prior

to

December

31,

2022,

the

contractual

limit

was

1.63%.

^

Prior

to

December

31,

2022,

the

contractual

limit

was

1.15%.

**

Prior

to

December

31,

2022,

the

contractual

limits

were

1.55%

and

1.20%

for

Class

A

and

Institutional

classes,

respectively.

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Next

$500

million

Next

$1

billion

Over

$3

billion

Diversified

Real

Asset

Fund

(Prior

to

December

31,

2022)

.85%

.83%

.81%

.80%

.79%

.78%

Diversified

Real

Asset

Fund

(Effective

December

31,

2022)

.80

.78

.76

.75

.74

.73

Global

Multi-Strategy

Fund

(Prior

to

December

31,

2022)

1.60

1.58

1.56

1.55

1.54

1.53

Global

Multi-Strategy

Fund

(Effective

December

31,

2022)

1.44

1.42

1.40

1.39

1.38

1.37

Origin

Emerging

Markets

Fund

(Prior

to

December

31,

2022)

1.05

1.03

1.01

1.00

0.99

0.98

Origin

Emerging

Markets

Fund

(Effective

December

31,

2022)

.99

.97

.95

.94

.93

.92

Small-MidCap

Dividend

Income

Fund

.79

.77

.75

.74

.73

.72

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Next

$500

million

Next

$1

billion

Next

$7

billion

Over

$10

billion

Blue

Chip

Fund

.65%

.63%

.61%

.60%

.59%

.58%

.57%

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Next

$500

million

Next

$1

billion

Next

$2

billion

Next

$2

billion

Next

$3

billion

Over

$10

billion

Spectrum

Preferred

and

Capital

Securities

Income

Fund

.75%

.73%

.71%

.70%

.69%

.68%

.67%

.66%

.65%

All

Net

Assets

Bond

Market

Index

Fund

.14%

International

Equity

Index

Fund

.25

Period

from

September

1,

2022

through

August

31,

2023

Class

A

Class

C

Class

J

Institutional

Expiration

Blue

Chip

Fund

N/A

N/A

N/A

.66%

December

30,

2023

Bond

Market

Index

Fund

N/A

N/A

.54%

N/A

December

30,

2022

Diversified

Real

Asset

Fund

1.20%

N/A

N/A

.83

December

30,

2023

Edge

MidCap

Fund

1.10

N/A

N/A

.77

December

30,

2023

Global

Multi-Strategy

Fund

N/A

N/A

N/A

1.48*

December

30,

2023

Global

Sustainable

Listed

Infrastructure

Fund

N/A

N/A

N/A

.88#

December

30,

2023

International

Equity

Index

Fund

N/A

N/A

N/A

.31

December

30,

2023

International

Small

Company

Fund

N/A

N/A

N/A

1.08^

December

30,

2023

Opportunistic

Municipal

Fund

.84

N/A

N/A

.56

December

30,

2023

Origin

Emerging

Markets

Fund

1.45**

N/A

N/A

1.10**

December

30,

2023

Small-MidCap

Dividend

Income

Fund

1.12

1.87%

N/A

.85

December

30,

2023

Spectrum

Preferred

and

Capital

Securities

Income

Fund

N/A

N/A

N/A

.81

December

30,

2022

5.

Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

62

In

addition,

the

Manager

has

contractually

agreed

to limit

R-6

expenses

other

than

management

and

investment

advisory

fees

and

distribution

fees

and,

if

necessary,

pay

expenses

normally

payable

by

the

Funds,

excluding

interest

expense,

expenses

related

to

fund

investments,

acquired

fund

fees

and

expenses,

and

tax

reclaim

recovery

expenses

and

other

extraordinary

expenses.

The

limits

are

expressed

as

a

percentage

of

average

daily

net

assets

attributable

to

R-6

shares

on

an

annualized

basis

during

the

reporting

period.

The limits

are

as

follows:

The

manager

has

also

voluntarily

agreed

to

limit

Origin

Emerging

Markets

Fund

Class

R-6

expenses

other

than

management

and

investment

advisory

fees

and

distribution

fees

excluding

interest

expense,

expenses

related

to

fund

investments,

acquired

fund

fees

and

expenses,

and

tax

reclaim

recovery

expenses

and

other

extraordinary

expenses

at

0.04%.

The

voluntary

expense

limit

may

be

terminated

at

any

time.

In

addition,

the

Manager

has

contractually

agreed

to waive

certain

of

the

Funds'

management

and

investment

advisory

fees.

The

expense waiver

will

reduce

the

Funds'

management

and

investment

advisory

fees.

The

waivers

are

expressed

as

a

percentage

of

average

daily

net

assets on

an

annualized

basis

during

the

reporting

period.

The

waivers

are

as

follows:

Amounts

owed

to

the

Funds

under

the

terms

of

the

expense

limitation

agreements

are

reflected

in

the

statements

of

assets

and

liabilities

as

expense

reimbursement

from

Manager

and

are

settled

periodically. 

Distribution

Fees.

The

Class

A,

Class

C,

Class

J,

R-1,

R-3,

and

R-4

shares

of

the

Funds

bear

distribution

fees.

The

fee

is

computed

at

an

annual

rate

of

the

average

daily

net

assets

attributable

to

each

class

of

each

of

the

Funds.

Distribution

fees

are

paid

to

Principal

Funds

Distributor,

Inc.

(“the

Distributor”)

(an

affiliate

of

the

Manager),

the

principal

distributor

of

the

Funds.

A

portion

of

the

distribution

fees

may

be

paid

to

other

selling

dealers

for

providing

certain

services.

The

annual

rates

are

.25%,

1.00%,

.15%,

.35%,

.25%,

and

.10%

for

Class

A,

Class

C,

Class

J,

R-1,

R-3,

and

R-4

classes

of

shares,

respectively.

The

Distributor

has

voluntarily

agreed

to

limit

the

distribution

fees

(expressed

as

a

percent

of

average

net

assets

on

an

annualized

basis)

attributable

to

Class

J

shares.

The

limit

will

maintain

the

level

of

distribution

fees

not

to

exceed

.13%

for

Class

J

shares.

The

voluntary

expense

limit

may

be

terminated

at

any

time.

Amounts

owed

to

the

Funds

under

the

terms

of

the

expense

limitation

agreements

are

reflected

in

the

statements

of

assets

and

liabilities

as

expense

reimbursement

from

Distributor

and

are

settled

monthly.

Chief

Compliance

Officer

Expenses.

The

Funds

pay

certain

expenses

associated

with

the

Chief

Compliance

Officer

(“CCO”).

This

expense

is

allocated

among

the

registered

investment

companies

managed

by

the

Manager

based

on

the

relative

net

assets

of

each

fund

and

is

shown

on

the

statements

of

operations.

Sales

Charges.

The

Distributor

receives

proceeds

of

any

contingent

deferred

sales

charge

(“CDSC”)

on

certain

Class

A,

Class

C,

and

Class

J

share

redemptions.

The

charge

for

Class

A

shares

is

1.00%

of

the

lesser

of

current

market

value

or

the

cost

of

shares

redeemed

within

12

months

of

purchase

that

were

originally

sold

without

a

sales

charge.

The

charge

for

Class

C

shares

is

1.00%

of

the

lesser

of

current

market

value

or

the

cost

of

shares

redeemed

within

12

months

of

purchase.

The

charge

for

Class

J

shares

is

1.00%

of

the

lesser

of

current

market

value

or

the

cost

of

shares

redeemed

within

18

months

of

purchase.

The

Distributor

also

retains

sales

charges

on

sales

of

Class

A

shares

based

on

declining

rates

which

begin

at

3.75%

for

Diversified

Real

Asset

Fund,

Global

Multi-Strategy

Fund,

Opportunistic

Municipal

Fund,

and

Spectrum

Preferred

and

Capital

Securities

Income

Fund,

and

5.50%

for

Blue

Chip

Fund,

Edge

MidCap

Fund,

Origin

Emerging

Markets

Fund,

and

Small-MidCap

Period

from

September

1,

2022

through

August

31,

2023

R-6

Expiration

Diversified

Real

Asset

Fund

.02%

December

30,

2023

Edge

MidCap

Fund

.02

December

30,

2023

Global

Multi-Strategy

Fund

.02

December

30,

2023

International

Equity

Index

Fund

.04

December

30,

2023

International

Small

Company

Fund

.04

December

30,

2023

Small-MidCap

Dividend

Income

Fund

.02

December

30,

2023

Period

from

September

1,

2022

through

August

31,

2023

Expiration

Blue

Chip

Fund

.030%

December

30,

2023

Bond

Market

Index

Fund

.015

December

30,

2023

Diversified

Real

Asset

Fund

.050

December

30,

2022

Edge

MidCap

Fund

.050

December

30,

2022

Global

Multi-Strategy

Fund

.040

December

30,

2022

Opportunistic

Municipal

Fund

.060

December

30,

2022

5.

Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

63

Dividend

Income

Fund.

The

aggregate

amounts

of

these

charges

retained

by

the

Distributor

for

the

year

ended

August

31,

2023,

were

as

follows

(amounts

in

thousands):

Class

C

shares

automatically

convert

into

Class

A

shares,

based

on

relative

net

asset

value

(without

a

sales

charge),

8

years

after

purchase.

Affiliated

Ownership.

At

August

31,

2023,

Principal

Life

Insurance

Company

(an

affiliate

of

the

Manager),

the

Manager,

the

Distributor,

PFSI

(an

affiliate

of

the

Manager),

collective

investment

trusts

sponsored

by

Principal

Global

Investors

Trust

Company

(an

affiliate

of

the

Manager),

and benefit

plans

and

separate

accounts

sponsored

on

behalf

of

Principal

Life

Insurance

Company

owned

shares

of

the

Funds

as

follows

(amounts

in

thousands):

Affiliated

Brokerage

Commissions.

With

respect

to

Spectrum

Preferred

and

Capital

Securities

Income

Fund,

$177,000

of

brokerage

commission

was

paid

to

SAMI

Brokerage

LLC,

a

member

of

the

Principal

Financial

Group.

The

other

Funds

did

not

pay

brokerage

commissions

to

any

member

of

the

Principal

Financial

Group

during

the

year

ended

August

31,

2023

.

6.

Capital

Share

Transactions

The

conversion

of

Class

R-5

shares

into

Class

R-6

shares

is

reflected

on

the

statements

of

changes

in

net

assets

for

the

year

ended

August

31,

2023

as

follows

(amounts

in

thousands):

7.

Investment

Transactions

For

the year ended

August

31,

2023,

the

cost

of

investment

securities

purchased

and

proceeds

from

investment

securities

sold

(not

including

short-term

investments,

return

of

capital,

and

U.S.

government

securities)

by

the

Funds

were

as

follows

(amounts

in

thousands):

Class

A

Class

C

Class

J

Blue

Chip

Fund

$

520

$

24

$

15

Bond

Market

Index

Fund

N/A

N/A

1

Diversified

Real

Asset

Fund

29

N/A

N/A

Edge

MidCap

Fund

27

N/A

N/A

Global

Multi-Strategy

Fund

5

N/A

N/A

Opportunistic

Municipal

Fund

3

N/A

N/A

Origin

Emerging

Markets

Fund

4

N/A

N/A

Small-MidCap

Dividend

Income

Fund

33

1

N/A

Spectrum

Preferred

and

Capital

Securities

Income

Fund

154

9

1

Institutional

R-6

Blue

Chip

Fund

574

39,156

Bond

Market

Index

Fund

1,038

N/A

Diversified

Real

Asset

Fund

13

9,201

Edge

MidCap

Fund

156

–

Global

Multi-Strategy

Fund

–

689

Global

Sustainable

Listed

Infrastructure

Fund

995

N/A

International

Equity

Index

Fund

–

33,576

International

Small

Company

Fund

105

314

Opportunistic

Municipal

Fund

30

N/A

Origin

Emerging

Markets

Fund

–

151,944

Small-MidCap

Dividend

Income

Fund

72

300

Spectrum

Preferred

and

Capital

Securities

Income

Fund

–

3,268

R-5

Shares

Redeemed

R-5

Dollars

Redeemed

R-6

Shares

Sold

R-6

Dollars

Sold

Diversified

Real

Asset

Fund

7

$

78

7

$

78

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

Blue

Chip

Fund

$

874,422

$

1,594,608

$

—

$

—

Bond

Market

Index

Fund

1,701,391

1,324,898

—

—

Diversified

Real

Asset

Fund

1,951,361

2,491,602

76,868

76,886

Edge

MidCap

Fund

9,910

53,053

—

—

Global

Multi-Strategy

Fund

476,583

482,263

60,587

49,953

Global

Sustainable

Listed

Infrastructure

Fund

21,099

5,662

—

—

International

Equity

Index

Fund

504,599

401,159

—

—

5.

Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

64

For

the year

ended

August

31,

2023,

the

cost

of

U.S.

government

securities

purchased

and

proceeds

from

U.S.

government

securities

sold

(not

including

short-term

investments)

by

the

Funds

were

as

follows

(amounts

in

thousands):

8.

Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

distributions

paid

for

the years

ended August

31,

2023 and

August

31,

2022 were

as

follows

(amounts

in

thousands):

^

The

Funds

designate

these

distributions

as

exempt

interest

per

Internal

Revenue

Code

(“IRC”)

Sec.

852(b)(5).

*The

Funds

designate

these

distributions

as

long-term

capital

gain

dividends

per

IRC

Sec.

852

(b)(3)(C)

in

the

20-percent

group

(which

may

be

taxed

at

a

20-percent

rate,

a

15-percent

rate

or

a

0-percent

rate,

depending

on

the

shareholder’s

taxable

income).

Certain

Funds

may

also

utilize

earnings

and

profits

distributed

to

shareholders

on

redemptions

of

shares

as

part

of

the

dividends

paid

deduction.

For

U.S.

federal

income

tax

purposes,

short-term

capital

gain

distributions

are

considered

ordinary

income

distributions.

Distributable

Earnings.

As

of August

31,

2023,

the

components

of

total

distributable

earnings

(accumulated

loss)

on

a

federal

tax

basis

were

as

follows

(amounts

in

thousands):

Ting

t

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

International

Small

Company

Fund

$

415,241

$

468,262

$

—

$

—

Opportunistic

Municipal

Fund

51,527

52,711

—

—

Origin

Emerging

Markets

Fund

2,074,686

1,652,087

—

—

Small-MidCap

Dividend

Income

Fund

441,875

303,806

—

—

Spectrum

Preferred

and

Capital

Securities

Income

Fund

945,600

1,340,398

—

—

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

Bond

Market

Index

Fund

$

1,178,228

$

798,389

$

—

$

—

Diversified

Real

Asset

Fund

364,996

487,039

—

—

Global

Multi-Strategy

Fund

13,364

9,547

9

9

Ordinary

Income

Tax-Exempt

Income^

Long-Term

Capital

Gain*

2023

2022

2023

2022

2023

2022

Blue

Chip

Fund

$

—

$

81,670

$

—

$

—

$

57,147

$

625,856

Bond

Market

Index

Fund

38,726

17,934

—

—

—

—

Diversified

Real

Asset

Fund

257,087

274,667

—

—

228,992

51,698

Edge

MidCap

Fund

2,809

19,208

—

—

9,607

121,017

Global

Multi-Strategy

Fund

26,205

13,506

—

—

23,088

8,044

Global

Sustainable

Listed

Infrastructure

Fund

123

N/A

—

N/A

—

N/A

International

Equity

Index

Fund

26,394

38,588

—

—

1,087

22,480

International

Small

Company

Fund

8,570

16,651

—

—

—

82,775

Opportunistic

Municipal

Fund

43

31

5,433

5,844

—

—

Origin

Emerging

Markets

Fund

69,003

74,003

—

—

—

68,186

Small-MidCap

Dividend

Income

Fund

26,800

13,607

—

—

40,138

—

Spectrum

Preferred

and

Capital

Securities

Income

Fund

320,871

346,751

—

—

—

—

Undistributed

Ordinary

Income

Undistributed

Tax-Exempt

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Losses

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences*

Total

Accumulated

Earnings

(Deficit)

Blue

Chip

Fund

$

1,776

$

—

$

—

$

(93,286)

$

3,223,700

$

—

$

3,132,190

Bond

Market

Index

Fund

56,885

—

—

(33,837)

(184,040)

—

(160,992)

Diversified

Real

Asset

Fund

17,655

—

—

—

(262,576)

62

(244,859)

Edge

MidCap

Fund

612

—

—

—

2,774

—

3,386

Global

Multi-Strategy

Fund

2,813

—

—

(5,484)

(8,644)

(1,718)

(13,033)

Global

Sustainable

Listed

Infrastructure

Fund

1,033

—

—

—

(953)

—

80

International

Equity

Index

Fund

28,283

—

3,190

—

133,758

—

165,231

International

Small

Company

Fund

12,187

—

—

(64,080)

14,799

—

(37,094)

Opportunistic

Municipal

Fund

—

64

—

(14,457)

(10,646)

(255)

(25,294)

Origin

Emerging

Markets

Fund

59,947

—

—

(561,553)

(241,661)

—

(743,267)

7.

Investment

Transactions

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

65

*Represents

book-to-tax

accounting

differences

related

to

straddle

loss

deferrals,

constructive

sale

gain

recognition,

defaulted

securities,

contingent

convertible

bonds,

short

sales,

and

perpetual

bonds.

Capital

Loss

Carryforwards.

For

federal

income

tax

purposes,

capital

loss

carryforwards

are

losses

that

can

be

used

to

offset

future

capital

gains

of

the

Funds.

As

of

August

31,

2023,

the

Funds

had

approximate

net

capital

loss

carryforwards

as

follows

(amounts

in

thousands):

*In

accordance

with

IRC

Sections

381-384,

portions

of

losses

in

future

years

could

be

subject

to

limitations.

All

of

these

capital

losses

were

generated

in

taxable

years

beginning

after

the

enactment

date

of

the

Regulated

Investment

Company

Modernization

Act

of

2010

on

December

22,

2010,

and

will

be

carried

forward

with

no

expiration

and

with

the

character

of

the

loss

retained.

For

the

year

ended

August

31,

2023

,

the

Funds

did

not

utilize

capital

loss

carryforwards. 

Late-Year

Losses.

A

regulated

investment

company

may

elect

to

treat

any

portion

of

its

qualified

late-year

loss

as

arising

on

the

first

day

of

the

next

taxable

year.

Qualified

late-year

losses

are

certain

capital

and

ordinary

losses

which

occur

during

the

portion

of

the

fund’s

taxable

year

subsequent

to

October

31

and

December

31,

respectively. As

of

August

31,

2023

,

the

Funds

do

not

plan

to

defer

late-year

losses.

Reclassification

of

Capital

Accounts.

The

Funds

may

record

reclassifications

in

their

capital

accounts.

These

reclassifications

have

no

impact

on

the

total

net

assets

of

the

Funds.

The

reclassifications

are

a

result

of

permanent

differences

between

U.S.

GAAP

and

tax

accounting.

Adjustments

are

made

to

reflect

the

impact

these

items

have

on

current

and

future

distributions

to

shareholders.

Therefore,

the

source

of

the

Funds’

distributions

may

be

shown

in

the

accompanying

statements

of

changes

in

net

assets

as

from

net

investment

income

and net

realized

gain

on

investments

or

from

tax

return

of

capital

depending

on

the

type

of

book

and

tax

differences

that

exist.

For

the

year

ended August

31,

2023,

the

Funds

recorded

reclassifications

as

follows

(amounts

in

thousands):

Undistributed

Ordinary

Income

Undistributed

Tax-Exempt

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Losses

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences*

Total

Accumulated

Earnings

(Deficit)

Small-MidCap

Dividend

Income

Fund

$

5,806

$

—

$

8,113

$

—

$

300,425

$

—

$

314,344

Spectrum

Preferred

and

Capital

Securities

Income

Fund

4,197

—

—

(303,693)

(644,845)

55,052

(889,289)

Short-Term

Long-Term

Total

Blue

Chip

Fund

$

10,854

$

82,432

$

93,286

Bond

Market

Index

Fund

25,170

8,667

33,837

*

Global

Multi-Strategy

Fund

995

4,489

5,484

International

Small

Company

Fund

64,080

—

64,080

Opportunistic

Municipal

Fund

9,434

5,023

14,457

Origin

Emerging

Markets

Fund

406,961

154,592

561,553

Spectrum

Preferred

and

Capital

Securities

Income

Fund

33,268

270,425

303,693

Total

Distributable

Earnings

(Accumulated

Loss)

Capital

Shares

and

Additional

Paid-in-Capital

Blue

Chip

Fund

$

(7)

$

7

Diversified

Real

Asset

Fund

139,592

(139,592)

Edge

MidCap

Fund

(1,907)

1,907

Global

Multi-Strategy

Fund

5,382

(5,382)

International

Equity

Index

Fund

(3,639)

3,639

Small-MidCap

Dividend

Income

Fund

(5,707)

5,707

8.

Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

66

Federal

Income

Tax

Basis.

As

of August

31,

2023,

the

net

federal

income

tax

unrealized

appreciation

(depreciation)

and

federal

tax

cost

of

investments

held

by

the

Funds

were

as

follows

(amounts

in

thousands):

9.

Subsequent

Events

Management

has

evaluated

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were issued

that

would

merit

recognition

or

disclosure

in

the

financial

statements. 

There

were

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Blue

Chip

Fund

$

3,442,335

$

(218,635)

$

3,223,700

$

6,249,998

Bond

Market

Index

Fund

2,175

(186,215)

(184,040)

2,701,138

Diversified

Real

Asset

Fund

148,014

(410,500)

(262,486)

3,797,929

Edge

MidCap

Fund

10,098

(7,324)

2,774

73,382

Global

Multi-Strategy

Fund

30,356

(39,009)

(8,653)

416,855

Global

Sustainable

Listed

Infrastructure

Fund

458

(1,411)

(953)

16,905

International

Equity

Index

Fund

261,725

(127,988)

133,737

1,096,915

International

Small

Company

Fund

68,024

(53,194)

14,830

695,551

Opportunistic

Municipal

Fund

1,239

(11,885)

(10,646)

152,929

Origin

Emerging

Markets

Fund

258,767

(492,208)

(233,441)

2,878,102

Small-MidCap

Dividend

Income

Fund

358,907

(58,482)

300,425

984,288

Spectrum

Preferred

and

Capital

Securities

Income

Fund

31,160

(676,005)

(644,845)

6,449,883

8.

Federal

Tax

Information

(continued)

Schedule

of

Investments

Blue

Chip

Fund

August

31,

2023

See

accompanying

notes.

67

INVESTMENT

COMPANIES

-

0

.00

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0

.00

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

(a),(b)

2,207‌

$

2‌

TOTAL

INVESTMENT

COMPANIES

$

2‌

COMMON

STOCKS

-

99

.96

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

5

.62

%

HEICO

Corp

-

Class

A

488,436‌

$

66,149‌

TransDigm

Group

Inc

(c)

516,345‌

466,698‌

$

532,847‌

Chemicals

-

2

.37

%

Linde

PLC

394,425‌

152,659‌

Sherwin-Williams

Co/The

264,376‌

71,836‌

$

224,495‌

Commercial

Services

-

6

.91

%

CoStar

Group

Inc

(c)

3,120,874‌

255,881‌

Moody's

Corp

622,764‌

209,747‌

S&P

Global

Inc

484,287‌

189,288‌

$

654,916‌

Distribution

&

Wholesale

-

2

.08

%

Copart

Inc

(c)

4,398,985‌

197,207‌

Diversified

Financial

Services

-

12

.22

%

Brookfield

Asset

Management

Ltd

2,337,467‌

80,760‌

Brookfield

Reinsurance

Ltd

62,308‌

2,137‌

Charles

Schwab

Corp/The

2,751,615‌

162,758‌

Mastercard

Inc

1,117,784‌

461,242‌

Visa

Inc

1,837,189‌

451,361‌

$

1,158,258‌

Healthcare

-

Products

-

4

.85

%

Danaher

Corp

1,323,091‌

350,619‌

IDEXX

Laboratories

Inc

(c)

152,702‌

78,093‌

Intuitive

Surgical

Inc

(c)

99,136‌

30,998‌

$

459,710‌

Insurance

-

3

.27

%

Progressive

Corp/The

2,321,482‌

309,848‌

Internet

-

18

.07

%

Alphabet

Inc

-

A

Shares

(c)

937,080‌

127,602‌

Alphabet

Inc

-

C

Shares

(c)

3,956,275‌

543,394‌

Amazon.com

Inc

(c)

5,523,978‌

762,364‌

Netflix

Inc

(c)

642,717‌

278,734‌

$

1,712,094‌

Lodging

-

2

.44

%

Hilton

Worldwide

Holdings

Inc

1,554,706‌

231,107‌

Pharmaceuticals

-

1

.90

%

Zoetis

Inc

943,884‌

179,819‌

Private

Equity

-

6

.54

%

Brookfield

Corp

12,811,865‌

437,012‌

KKR

&

Co

Inc

2,913,768‌

183,014‌

$

620,026‌

REITs

-

3

.43

%

American

Tower

Corp

1,695,889‌

307,499‌

SBA

Communications

Corp

79,666‌

17,887‌

$

325,386‌

Retail

-

3

.66

%

CarMax

Inc

(c)

836,517‌

68,327‌

Costco

Wholesale

Corp

160,733‌

88,287‌

O'Reilly

Automotive

Inc

(c)

202,424‌

190,218‌

$

346,832‌

Semiconductors

-

0

.86

%

NVIDIA

Corp

165,916‌

81,888‌

Software

-

22

.94

%

Adobe

Inc

(c)

792,557‌

443,309‌

Intuit

Inc

704,821‌

381,879‌

Microsoft

Corp

3,371,373‌

1,105,001‌

Roper

Technologies

Inc

456,756‌

227,949‌

Salesforce

Inc

(c)

71,967‌

15,938‌

$

2,174,076‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

-

2

.80

%

Union

Pacific

Corp

1,202,280‌

$

265,187‌

TOTAL

COMMON

STOCKS

$

9,473,696‌

Total

Investments

$

9,473,698‌

Other

Assets

and

Liabilities

-  0.04%

3,617‌

TOTAL

NET

ASSETS

-

100.00%

$

9,477,315‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

1-day

yield

shown

is

as

of

period

end.

(c)

Non-income

producing

security

Portfolio

Summary

Sector

Percent

Financial

25

.46‌

%

Technology

23

.80‌

%

Communications

18

.07‌

%

Consumer,

Non-cyclical

13

.66‌

%

Industrial

8

.42‌

%

Consumer,

Cyclical

8

.18‌

%

Basic

Materials

2

.37‌

%

Money

Market

Funds

0

.00‌

%

Other

Assets

and

Liabilities

0

.04‌

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Blue

Chip

Fund

August

31,

2023

See

accompanying

notes.

68

Affiliated

Securities

August

31,

2022

Purchases

Sales

August

31,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

—‌

$

446,441‌

$

446,439‌

$

2‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

43,475‌

228,016‌

271,491‌

—‌

$

43,475‌

$

674,457‌

$

717,930‌

$

2‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

511‌

$

—‌

$

—‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

82‌

—‌

—‌

—‌

$

593‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

69

INVESTMENT

COMPANIES

-

2

.69

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0

.26

%

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

60,000‌

$

6,369‌

Money

Market

Funds

-

2

.43

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.23%

(a),(b)

5,300,076‌

5,300‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

(a),(b),(c)

55,109,825‌

55,110‌

$

60,410‌

TOTAL

INVESTMENT

COMPANIES

$

66,779‌

BONDS

-

28

.87

%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0

.01

%

Interpublic

Group

of

Cos

Inc/The

2.40%,

03/01/2031

$

60‌

$

48‌

Omnicom

Group

Inc

2.45%,

04/30/2030

155‌

129‌

2.60%,

08/01/2031

35‌

29‌

WPP

Finance

2010

3.75%,

09/19/2024

75‌

73‌

$

279‌

Aerospace

&

Defense

-

0

.52

%

Boeing

Co/The

2.70%,

02/01/2027

110‌

101‌

2.75%,

02/01/2026

785‌

737‌

2.95%,

02/01/2030

140‌

121‌

3.25%,

02/01/2028

685‌

627‌

3.50%,

03/01/2039

200‌

150‌

3.63%,

02/01/2031

85‌

76‌

3.95%,

08/01/2059

290‌

208‌

5.04%,

05/01/2027

315‌

312‌

5.15%,

05/01/2030

1,000‌

984‌

5.71%,

05/01/2040

120‌

117‌

5.81%,

05/01/2050

505‌

491‌

5.88%,

02/15/2040

100‌

99‌

5.93%,

05/01/2060

350‌

338‌

General

Dynamics

Corp

1.15%,

06/01/2026

760‌

687‌

2.25%,

06/01/2031

640‌

535‌

3.25%,

04/01/2025

780‌

756‌

3.50%,

05/15/2025

235‌

228‌

4.25%,

04/01/2040

155‌

138‌

L3Harris

Technologies

Inc

1.80%,

01/15/2031

35‌

28‌

5.40%,

01/15/2027

160‌

160‌

5.40%,

07/31/2033

160‌

160‌

5.60%,

07/31/2053

55‌

55‌

Lockheed

Martin

Corp

3.90%,

06/15/2032

75‌

70‌

4.07%,

12/15/2042

105‌

91‌

4.09%,

09/15/2052

162‌

136‌

4.15%,

06/15/2053

765‌

645‌

4.70%,

05/15/2046

75‌

70‌

4.75%,

02/15/2034

160‌

158‌

4.95%,

10/15/2025

740‌

738‌

5.10%,

11/15/2027

155‌

157‌

5.25%,

01/15/2033

155‌

159‌

5.70%,

11/15/2054

155‌

166‌

Northrop

Grumman

Corp

3.20%,

02/01/2027

130‌

123‌

4.70%,

03/15/2033

160‌

155‌

4.95%,

03/15/2053

120‌

112‌

5.25%,

05/01/2050

600‌

590‌

RTX

Corp

1.90%,

09/01/2031

155‌

121‌

2.38%,

03/15/2032

60‌

48‌

2.82%,

09/01/2051

150‌

94‌

3.03%,

03/15/2052

60‌

40‌

4.05%,

05/04/2047

610‌

493‌

4.13%,

11/16/2028

270‌

258‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Aerospace

&

Defense

(continued)

RTX

Corp  

(continued)

4.70%,

12/15/2041

$

350‌

$

311‌

5.00%,

02/27/2026

410‌

408‌

5.15%,

02/27/2033

410‌

405‌

5.38%,

02/27/2053

305‌

297‌

$

12,953‌

Agriculture

-

0

.33

%

Altria

Group

Inc

2.35%,

05/06/2025

65‌

61‌

2.45%,

02/04/2032

60‌

47‌

3.40%,

05/06/2030

1,125‌

988‌

3.70%,

02/04/2051

60‌

39‌

3.88%,

09/16/2046

410‌

282‌

4.00%,

02/04/2061

60‌

40‌

5.38%,

01/31/2044

(d)

375‌

348‌

5.80%,

02/14/2039

350‌

341‌

Archer-Daniels-Midland

Co

2.70%,

09/15/2051

60‌

39‌

2.90%,

03/01/2032

130‌

112‌

4.50%,

08/15/2033

(d)

290‌

281‌

BAT

Capital

Corp

2.26%,

03/25/2028

150‌

129‌

2.73%,

03/25/2031

150‌

119‌

2.79%,

09/06/2024

210‌

204‌

3.46%,

09/06/2029

210‌

183‌

3.98%,

09/25/2050

390‌

258‌

4.39%,

08/15/2037

540‌

428‌

4.54%,

08/15/2047

400‌

291‌

6.42%,

08/02/2033

155‌

155‌

7.08%,

08/02/2043

155‌

154‌

7.08%,

08/02/2053

80‌

79‌

BAT

International

Finance

PLC

1.67%,

03/25/2026

150‌

136‌

5.93%,

02/02/2029

310‌

309‌

Bunge

Ltd

Finance

Corp

2.75%,

05/14/2031

60‌

50‌

Philip

Morris

International

Inc

0.88%,

05/01/2026

85‌

76‌

1.75%,

11/01/2030

85‌

67‌

4.13%,

03/04/2043

300‌

238‌

4.88%,

02/13/2026

400‌

396‌

4.88%,

02/15/2028

160‌

158‌

5.13%,

11/17/2027

580‌

579‌

5.38%,

02/15/2033

160‌

158‌

5.63%,

11/17/2029

580‌

586‌

5.75%,

11/17/2032

290‌

294‌

Reynolds

American

Inc

4.45%,

06/12/2025

137‌

134‌

5.70%,

08/15/2035

50‌

46‌

5.85%,

08/15/2045

375‌

326‌

$

8,131‌

Airlines

-

0

.02

%

American

Airlines

2019-1

Class

AA

Pass

Through

Trust

3.15%,

08/15/2033

113‌

99‌

Delta

Air

Lines

2020-1

Class

AA

Pass

Through

Trust

2.00%,

06/10/2028

254‌

224‌

Southwest

Airlines

Co

3.00%,

11/15/2026

80‌

75‌

5.25%,

05/04/2025

130‌

129‌

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

60‌

51‌

$

578‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

70

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Apparel

-

0

.01

%

NIKE

Inc

2.40%,

03/27/2025

$

155‌

$

148‌

3.25%,

03/27/2040

155‌

125‌

$

273‌

Automobile

Manufacturers

-

0

.46

%

American

Honda

Finance

Corp

1.20%,

07/08/2025

160‌

148‌

1.30%,

09/09/2026

60‌

54‌

2.15%,

09/10/2024

1,000‌

965‌

2.25%,

01/12/2029

65‌

57‌

4.60%,

04/17/2025

160‌

158‌

4.60%,

04/17/2030

160‌

156‌

4.70%,

01/12/2028

160‌

158‌

Cummins

Inc

4.88%,

10/01/2043

25‌

23‌

General

Motors

Co

4.00%,

04/01/2025

120‌

117‌

4.20%,

10/01/2027

700‌

660‌

5.15%,

04/01/2038

160‌

140‌

5.20%,

04/01/2045

85‌

70‌

5.40%,

04/01/2048

65‌

54‌

5.95%,

04/01/2049

230‌

206‌

6.25%,

10/02/2043

305‌

287‌

General

Motors

Financial

Co

Inc

1.20%,

10/15/2024

155‌

147‌

1.25%,

01/08/2026

655‌

589‌

1.50%,

06/10/2026

60‌

53‌

2.35%,

02/26/2027

240‌

213‌

2.35%,

01/08/2031

55‌

43‌

2.40%,

04/10/2028

60‌

52‌

2.40%,

10/15/2028

155‌

131‌

2.70%,

06/10/2031

60‌

47‌

3.80%,

04/07/2025

1,105‌

1,067‌

4.00%,

10/06/2026

75‌

71‌

4.35%,

01/17/2027

810‌

771‌

5.25%,

03/01/2026

200‌

197‌

6.00%,

01/09/2028

160‌

160‌

6.40%,

01/09/2033

(d)

160‌

161‌

Honda

Motor

Co

Ltd

2.53%,

03/10/2027

135‌

124‌

PACCAR

Financial

Corp

1.80%,

02/06/2025

100‌

95‌

3.55%,

08/11/2025

65‌

63‌

Toyota

Motor

Corp

1.34%,

03/25/2026

115‌

105‌

5.12%,

07/13/2028

160‌

161‌

Toyota

Motor

Credit

Corp

0.80%,

10/16/2025

555‌

506‌

1.15%,

08/13/2027

160‌

138‌

1.65%,

01/10/2031

55‌

44‌

1.80%,

02/13/2025

655‌

623‌

1.90%,

01/13/2027

65‌

59‌

1.90%,

09/12/2031

660‌

528‌

2.00%,

10/07/2024

145‌

140‌

3.65%,

08/18/2025

355‌

345‌

4.40%,

09/20/2024

120‌

119‌

4.45%,

06/29/2029

205‌

201‌

4.55%,

09/20/2027

490‌

482‌

4.55%,

05/17/2030

320‌

312‌

4.63%,

01/12/2028

320‌

317‌

$

11,317‌

Automobile

Parts

&

Equipment

-

0

.02

%

Aptiv

PLC

/

Aptiv

Corp

3.25%,

03/01/2032

160‌

136‌

BorgWarner

Inc

4.38%,

03/15/2045

300‌

237‌

$

373‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

-

6

.04

%

Banco

Santander

SA

1.85%,

03/25/2026

$

400‌

$

361‌

2.75%,

05/28/2025

800‌

757‌

3.49%,

05/28/2030

200‌

173‌

4.18%,

03/24/2028

(e)

600‌

563‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%

5.29%,

08/18/2027

200‌

196‌

5.59%,

08/08/2028

200‌

198‌

Bank

of

America

Corp

0.98%,

09/25/2025

(e)

150‌

142‌

Secured

Overnight

Financing

Rate

+

0.91%

1.32%,

06/19/2026

(e)

310‌

285‌

Secured

Overnight

Financing

Rate

+

1.15%

1.66%,

03/11/2027

(e)

210‌

190‌

Secured

Overnight

Financing

Rate

+

0.91%

1.73%,

07/22/2027

(e)

115‌

103‌

Secured

Overnight

Financing

Rate

+

0.96%

1.90%,

07/23/2031

(e)

980‌

774‌

Secured

Overnight

Financing

Rate

+

1.53%

1.92%,

10/24/2031

(e)

205‌

161‌

Secured

Overnight

Financing

Rate

+

1.37%

2.02%,

02/13/2026

(e)

1,065‌

1,004‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.90%

2.09%,

06/14/2029

(e)

60‌

51‌

Secured

Overnight

Financing

Rate

+

1.06%

2.30%,

07/21/2032

(e)

115‌

91‌

Secured

Overnight

Financing

Rate

+

1.22%

2.46%,

10/22/2025

(e)

300‌

288‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.13%

2.48%,

09/21/2036

(e)

870‌

661‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%

2.50%,

02/13/2031

(e)

225‌

187‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.25%

2.55%,

02/04/2028

(e)

255‌

231‌

Secured

Overnight

Financing

Rate

+

1.05%

2.57%,

10/20/2032

(e)

260‌

208‌

Secured

Overnight

Financing

Rate

+

1.21%

2.65%,

03/11/2032

(e)

175‌

143‌

Secured

Overnight

Financing

Rate

+

1.22%

2.68%,

06/19/2041

(e)

465‌

320‌

Secured

Overnight

Financing

Rate

+

1.93%

2.83%,

10/24/2051

(e)

75‌

48‌

Secured

Overnight

Financing

Rate

+

1.88%

2.88%,

10/22/2030

(e)

650‌

558‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.45%

2.97%,

02/04/2033

(e)

130‌

107‌

Secured

Overnight

Financing

Rate

+

1.33%

2.97%,

07/21/2052

(e)

115‌

76‌

Secured

Overnight

Financing

Rate

+

1.56%

3.19%,

07/23/2030

(e)

1,060‌

931‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.44%

3.25%,

10/21/2027

350‌

326‌

3.31%,

04/22/2042

(e)

715‌

535‌

Secured

Overnight

Financing

Rate

+

1.58%

3.37%,

01/23/2026

(e)

700‌

675‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.07%

3.38%,

04/02/2026

(e)

65‌

62‌

Secured

Overnight

Financing

Rate

+

1.33%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

71

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

of

America

Corp  

(continued)

3.42%,

12/20/2028

(e)

$

500‌

$

459‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.30%

3.48%,

03/13/2052

(e)

630‌

459‌

Secured

Overnight

Financing

Rate

+

1.65%

3.85%,

03/08/2037

(e)

700‌

593‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%

3.95%,

01/23/2049

(e)

550‌

432‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.45%

3.97%,

03/05/2029

(e)

75‌

70‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.33%

3.97%,

02/07/2030

(e)

600‌

552‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.47%

4.00%,

01/22/2025

90‌

88‌

4.33%,

03/15/2050

(e)

255‌

216‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.78%

4.38%,

04/27/2028

(e)

175‌

168‌

Secured

Overnight

Financing

Rate

+

1.58%

4.57%,

04/27/2033

(e)

115‌

107‌

Secured

Overnight

Financing

Rate

+

1.83%

4.83%,

07/22/2026

(e)

885‌

868‌

Secured

Overnight

Financing

Rate

+

1.75%

5.00%,

01/21/2044

75‌

71‌

5.02%,

07/22/2033

(e)

585‌

563‌

Secured

Overnight

Financing

Rate

+

2.16%

5.08%,

01/20/2027

(e)

570‌

563‌

Secured

Overnight

Financing

Rate

+

1.29%

5.20%,

04/25/2029

(e)

755‌

744‌

Secured

Overnight

Financing

Rate

+

1.63%

5.29%,

04/25/2034

(e)

755‌

737‌

Secured

Overnight

Financing

Rate

+

1.91%

5.88%,

02/07/2042

60‌

62‌

6.11%,

01/29/2037

250‌

259‌

Bank

of

America

NA

5.53%,

08/18/2026

265‌

266‌

5.65%,

08/18/2025

275‌

276‌

Bank

of

Montreal

0.95%,

01/22/2027

(e)

55‌

49‌

Secured

Overnight

Financing

Rate

+

0.60%

1.85%,

05/01/2025

160‌

150‌

3.09%,

01/10/2037

(e)

125‌

96‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%

3.70%,

06/07/2025

70‌

68‌

4.25%,

09/14/2024

435‌

428‌

4.70%,

09/14/2027

435‌

424‌

5.30%,

06/05/2026

160‌

159‌

Bank

of

New

York

Mellon

Corp/The

0.75%,

01/28/2026

60‌

54‌

1.65%,

07/14/2028

245‌

209‌

1.80%,

07/28/2031

600‌

472‌

2.05%,

01/26/2027

65‌

59‌

2.50%,

01/26/2032

65‌

52‌

3.35%,

04/25/2025

65‌

63‌

3.99%,

06/13/2028

(e)

70‌

67‌

Secured

Overnight

Financing

Rate

+

1.15%

4.41%,

07/24/2026

(e)

665‌

650‌

Secured

Overnight

Financing

Rate

+

1.35%

4.54%,

02/01/2029

(e)

370‌

359‌

Secured

Overnight

Financing

Rate

+

1.17%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

of

New

York

Mellon

Corp/The  

(continued)

4.95%,

04/26/2027

(e)

$

270‌

$

266‌

Secured

Overnight

Financing

Rate

+

1.03%

4.97%,

04/26/2034

(e)

170‌

163‌

Secured

Overnight

Financing

Rate

+

1.61%

5.83%,

10/25/2033

(e)

155‌

159‌

Secured

Overnight

Financing

Rate

+

2.07%

Bank

of

Nova

Scotia/The

1.05%,

03/02/2026

60‌

54‌

1.30%,

06/11/2025

155‌

144‌

1.30%,

09/15/2026

260‌

230‌

1.45%,

01/10/2025

175‌

166‌

2.15%,

08/01/2031

60‌

48‌

4.50%,

12/16/2025

60‌

58‌

4.85%,

02/01/2030

615‌

595‌

5.25%,

12/06/2024

155‌

154‌

Barclays

PLC

2.65%,

06/24/2031

(e)

1,600‌

1,277‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%

3.56%,

09/23/2035

(e)

200‌

159‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.90%

3.81%,

03/10/2042

(e)

200‌

140‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%

4.38%,

01/12/2026

380‌

366‌

4.97%,

05/16/2029

(e)

750‌

713‌

3

Month

USD

LIBOR

+

1.90%

5.50%,

08/09/2028

(e)

800‌

780‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%

6.22%,

05/09/2034

(e)

320‌

316‌

Secured

Overnight

Financing

Rate

+

2.98%

7.33%,

11/02/2026

(e)

310‌

317‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.05%

7.44%,

11/02/2033

(e)

310‌

332‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%

Canadian

Imperial

Bank

of

Commerce

1.25%,

06/22/2026

60‌

53‌

3.30%,

04/07/2025

250‌

241‌

5.00%,

04/28/2028

350‌

343‌

Citigroup

Inc

1.12%,

01/28/2027

(e)

60‌

54‌

Secured

Overnight

Financing

Rate

+

0.77%

1.28%,

11/03/2025

(e)

295‌

279‌

Secured

Overnight

Financing

Rate

+

0.53%

1.46%,

06/09/2027

(e)

885‌

788‌

Secured

Overnight

Financing

Rate

+

0.77%

2.01%,

01/25/2026

(e)

380‌

359‌

Secured

Overnight

Financing

Rate

+

0.69%

2.52%,

11/03/2032

(e)

155‌

123‌

Secured

Overnight

Financing

Rate

+

1.18%

2.56%,

05/01/2032

(e)

200‌

161‌

Secured

Overnight

Financing

Rate

+

1.17%

2.57%,

06/03/2031

(e)

310‌

256‌

Secured

Overnight

Financing

Rate

+

2.11%

2.90%,

11/03/2042

(e)

60‌

41‌

Secured

Overnight

Financing

Rate

+

1.38%

2.98%,

11/05/2030

(e)

150‌

129‌

Secured

Overnight

Financing

Rate

+

1.42%

3.06%,

01/25/2033

(e)

1,130‌

932‌

Secured

Overnight

Financing

Rate

+

1.35%

3.20%,

10/21/2026

875‌

816‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

72

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Citigroup

Inc  

(continued)

3.52%,

10/27/2028

(e)

$

125‌

$

115‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.41%

3.70%,

01/12/2026

110‌

105‌

3.79%,

03/17/2033

(e)

830‌

722‌

Secured

Overnight

Financing

Rate

+

1.94%

3.88%,

01/24/2039

(e)

220‌

181‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.43%

4.13%,

07/25/2028

620‌

578‌

4.28%,

04/24/2048

(e)

100‌

83‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.10%

4.30%,

11/20/2026

75‌

72‌

4.40%,

06/10/2025

600‌

585‌

4.45%,

09/29/2027

875‌

836‌

4.65%,

07/30/2045

115‌

99‌

4.66%,

05/24/2028

(e)

835‌

813‌

Secured

Overnight

Financing

Rate

+

1.89%

4.91%,

05/24/2033

(e)

165‌

157‌

Secured

Overnight

Financing

Rate

+

2.09%

5.61%,

09/29/2026

(e)

625‌

622‌

Secured

Overnight

Financing

Rate

+

1.55%

6.17%,

05/25/2034

(e)

320‌

319‌

Secured

Overnight

Financing

Rate

+

2.66%

6.27%,

11/17/2033

(e)

310‌

323‌

Secured

Overnight

Financing

Rate

+

2.34%

6.68%,

09/13/2043

360‌

378‌

Citizens

Bank

NA/Providence

RI

6.06%,

10/24/2025

(e)

310‌

300‌

Secured

Overnight

Financing

Rate

+

1.45%

Cooperatieve

Rabobank

UA

5.25%,

05/24/2041

185‌

188‌

Cooperatieve

Rabobank

UA/NY

5.00%,

01/13/2025

1,000‌

992‌

5.50%,

07/18/2025

315‌

315‌

Credit

Suisse

AG/New

York

NY

5.00%,

07/09/2027

500‌

487‌

7.95%,

01/09/2025

320‌

326‌

Deutsche

Bank

AG/New

York

NY

2.13%,

11/24/2026

(e)

600‌

544‌

Secured

Overnight

Financing

Rate

+

1.87%

4.10%,

01/13/2026

250‌

238‌

5.37%,

09/09/2027

(d)

255‌

253‌

6.12%,

07/14/2026

(e)

700‌

696‌

Secured

Overnight

Financing

Rate

+

3.19%

6.72%,

01/18/2029

(e)

320‌

324‌

Secured

Overnight

Financing

Rate

+

3.18%

7.08%,

02/10/2034

(e)

320‌

304‌

Secured

Overnight

Financing

Rate

+

3.65%

Fifth

Third

Bancorp

4.06%,

04/25/2028

(e)

275‌

257‌

Secured

Overnight

Financing

Rate

+

1.36%

6.34%,

07/27/2029

(e)

235‌

238‌

Secured

Overnight

Financing

Rate

+

2.34%

Fifth

Third

Bank

NA

5.85%,

10/27/2025

(e)

1,000‌

985‌

Secured

Overnight

Financing

Rate

+

1.23%

Goldman

Sachs

Group

Inc/The

0.86%,

02/12/2026

(e)

245‌

227‌

Secured

Overnight

Financing

Rate

+

0.61%

1.09%,

12/09/2026

(e)

395‌

355‌

Secured

Overnight

Financing

Rate

+

0.79%

1.43%,

03/09/2027

(e)

1,115‌

1,000‌

Secured

Overnight

Financing

Rate

+

0.80%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Goldman

Sachs

Group

Inc/The  

(continued)

1.54%,

09/10/2027

(e)

$

60‌

$

53‌

Secured

Overnight

Financing

Rate

+

0.82%

1.95%,

10/21/2027

(e)

235‌

209‌

Secured

Overnight

Financing

Rate

+

0.91%

1.99%,

01/27/2032

(e)

355‌

276‌

Secured

Overnight

Financing

Rate

+

1.09%

2.38%,

07/21/2032

(e)

935‌

739‌

Secured

Overnight

Financing

Rate

+

1.25%

2.60%,

02/07/2030

590‌

498‌

2.62%,

04/22/2032

(e)

115‌

93‌

Secured

Overnight

Financing

Rate

+

1.28%

2.64%,

02/24/2028

(e)

185‌

167‌

Secured

Overnight

Financing

Rate

+

1.11%

2.65%,

10/21/2032

(e)

760‌

610‌

Secured

Overnight

Financing

Rate

+

1.26%

2.91%,

07/21/2042

(e)

115‌

79‌

Secured

Overnight

Financing

Rate

+

1.47%

3.10%,

02/24/2033

(e)

210‌

175‌

Secured

Overnight

Financing

Rate

+

1.41%

3.21%,

04/22/2042

(e)

60‌

43‌

Secured

Overnight

Financing

Rate

+

1.51%

3.27%,

09/29/2025

(e)

675‌

655‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.46%

3.44%,

02/24/2043

(e)

200‌

147‌

Secured

Overnight

Financing

Rate

+

1.63%

3.50%,

01/23/2025

375‌

363‌

3.69%,

06/05/2028

(e)

890‌

833‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.77%

3.75%,

02/25/2026

75‌

72‌

3.81%,

04/23/2029

(e)

75‌

69‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.42%

3.85%,

01/26/2027

110‌

104‌

4.22%,

05/01/2029

(e)

500‌

471‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.56%

4.41%,

04/23/2039

(e)

175‌

152‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.69%

4.48%,

08/23/2028

(e)

445‌

428‌

Secured

Overnight

Financing

Rate

+

1.73%

4.75%,

10/21/2045

750‌

674‌

5.15%,

05/22/2045

450‌

414‌

6.25%,

02/01/2041

220‌

232‌

6.75%,

10/01/2037

785‌

832‌

HSBC

Holdings

PLC

1.59%,

05/24/2027

(e)

500‌

444‌

Secured

Overnight

Financing

Rate

+

1.29%

1.65%,

04/18/2026

(e)

240‌

224‌

Secured

Overnight

Financing

Rate

+

1.54%

2.01%,

09/22/2028

(e)

300‌

258‌

Secured

Overnight

Financing

Rate

+

1.73%

2.10%,

06/04/2026

(e)

310‌

289‌

Secured

Overnight

Financing

Rate

+

1.93%

2.36%,

08/18/2031

(e)

200‌

158‌

Secured

Overnight

Financing

Rate

+

1.95%

2.63%,

11/07/2025

(e)

225‌

216‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.40%

2.80%,

05/24/2032

(e)

600‌

479‌

Secured

Overnight

Financing

Rate

+

1.19%

2.85%,

06/04/2031

(e)

200‌

165‌

Secured

Overnight

Financing

Rate

+

2.39%

3.90%,

05/25/2026

300‌

286‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

73

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

HSBC

Holdings

PLC  

(continued)

3.97%,

05/22/2030

(e)

$

300‌

$

270‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.87%

4.18%,

12/09/2025

(e)

200‌

195‌

Secured

Overnight

Financing

Rate

+

1.51%

4.58%,

06/19/2029

(e)

540‌

510‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.80%

4.76%,

06/09/2028

(e)

500‌

480‌

Secured

Overnight

Financing

Rate

+

2.11%

5.40%,

08/11/2033

(e)

900‌

859‌

Secured

Overnight

Financing

Rate

+

2.87%

5.89%,

08/14/2027

(e)

370‌

369‌

Secured

Overnight

Financing

Rate

+

1.57%

6.16%,

03/09/2029

(e)

200‌

201‌

Secured

Overnight

Financing

Rate

+

1.97%

6.25%,

03/09/2034

(e)

570‌

576‌

Secured

Overnight

Financing

Rate

+

2.39%

6.33%,

03/09/2044

(e)

825‌

832‌

Secured

Overnight

Financing

Rate

+

2.65%

6.50%,

09/15/2037

100‌

103‌

6.55%,

06/20/2034

(e)

320‌

314‌

Secured

Overnight

Financing

Rate

+

2.98%

7.39%,

11/03/2028

(e)

310‌

326‌

Secured

Overnight

Financing

Rate

+

3.35%

Huntington

National

Bank/The

5.65%,

01/10/2030

310‌

302‌

ING

Groep

NV

1.73%,

04/01/2027

(e)

1,300‌

1,169‌

Secured

Overnight

Financing

Rate

+

1.01%

4.55%,

10/02/2028

300‌

288‌

JPMorgan

Chase

&

Co

1.04%,

02/04/2027

(e)

115‌

103‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.70%

1.05%,

11/19/2026

(e)

135‌

122‌

Secured

Overnight

Financing

Rate

+

0.80%

1.47%,

09/22/2027

(e)

245‌

216‌

Secured

Overnight

Financing

Rate

+

0.77%

1.58%,

04/22/2027

(e)

115‌

103‌

Secured

Overnight

Financing

Rate

+

0.89%

1.76%,

11/19/2031

(e)

135‌

106‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.11%

1.95%,

02/04/2032

(e)

115‌

91‌

Secured

Overnight

Financing

Rate

+

1.07%

2.01%,

03/13/2026

(e)

855‌

807‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.59%

2.07%,

06/01/2029

(e)

855‌

733‌

Secured

Overnight

Financing

Rate

+

1.02%

2.08%,

04/22/2026

(e)

845‌

795‌

Secured

Overnight

Financing

Rate

+

1.85%

2.18%,

06/01/2028

(e)

820‌

729‌

Secured

Overnight

Financing

Rate

+

1.89%

2.30%,

10/15/2025

(e)

320‌

307‌

Secured

Overnight

Financing

Rate

+

1.16%

2.53%,

11/19/2041

(e)

65‌

44‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.51%

2.55%,

11/08/2032

(e)

420‌

339‌

Secured

Overnight

Financing

Rate

+

1.18%

2.58%,

04/22/2032

(e)

115‌

94‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.25%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

JPMorgan

Chase

&

Co  

(continued)

2.96%,

05/13/2031

(e)

$

575‌

$

489‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.52%

3.11%,

04/22/2041

(e)

235‌

174‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.46%

3.11%,

04/22/2051

(e)

235‌

159‌

Secured

Overnight

Financing

Rate

+

2.44%

3.13%,

01/23/2025

100‌

97‌

3.33%,

04/22/2052

(e)

115‌

81‌

Secured

Overnight

Financing

Rate

+

1.58%

3.51%,

01/23/2029

(e)

590‌

544‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.21%

3.88%,

09/10/2024

75‌

74‌

3.88%,

07/24/2038

(e)

100‌

84‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.62%

3.96%,

11/15/2048

(e)

825‌

655‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.64%

4.01%,

04/23/2029

(e)

200‌

188‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.38%

4.20%,

07/23/2029

(e)

230‌

217‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.52%

4.32%,

04/26/2028

(e)

1,200‌

1,154‌

Secured

Overnight

Financing

Rate

+

1.56%

4.57%,

06/14/2030

(e)

305‌

292‌

Secured

Overnight

Financing

Rate

+

1.75%

4.59%,

04/26/2033

(e)

135‌

126‌

Secured

Overnight

Financing

Rate

+

1.80%

4.85%,

07/25/2028

(e)

815‌

799‌

Secured

Overnight

Financing

Rate

+

1.99%

4.91%,

07/25/2033

(e)

435‌

418‌

Secured

Overnight

Financing

Rate

+

2.08%

4.95%,

06/01/2045

430‌

395‌

5.30%,

07/24/2029

(e)

315‌

313‌

Secured

Overnight

Financing

Rate

+

1.45%

5.35%,

06/01/2034

(e)

1,060‌

1,047‌

Secured

Overnight

Financing

Rate

+

1.85%

5.55%,

12/15/2025

(e)

310‌

309‌

Secured

Overnight

Financing

Rate

+

1.07%

5.60%,

07/15/2041

370‌

375‌

5.72%,

09/14/2033

(e)

255‌

255‌

Secured

Overnight

Financing

Rate

+

2.58%

6.40%,

05/15/2038

600‌

661‌

KeyBank

NA/Cleveland

OH

5.85%,

11/15/2027

775‌

748‌

KeyCorp

2.25%,

04/06/2027

110‌

95‌

Korea

Development

Bank/The

0.80%,

04/27/2026

200‌

178‌

3.00%,

01/13/2026

400‌

379‌

4.00%,

09/08/2025

1,000‌

974‌

4.38%,

02/15/2028

315‌

307‌

Kreditanstalt

fuer

Wiederaufbau

0.00%,

06/29/2037

(f)

250‌

136‌

0.38%,

07/18/2025

315‌

289‌

0.50%,

09/20/2024

925‌

879‌

0.63%,

01/22/2026

905‌

821‌

1.00%,

10/01/2026

90‌

81‌

1.25%,

01/31/2025

625‌

592‌

2.00%,

05/02/2025

300‌

285‌

2.50%,

11/20/2024

500‌

483‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

74

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Kreditanstalt

fuer

Wiederaufbau  

(continued)

2.88%,

04/03/2028

$

600‌

$

562‌

3.00%,

05/20/2027

630‌

598‌

3.13%,

06/10/2025

705‌

682‌

3.63%,

04/01/2026

480‌

468‌

3.75%,

02/15/2028

510‌

496‌

3.88%,

06/15/2028

380‌

371‌

4.13%,

07/15/2033

315‌

311‌

4.63%,

08/07/2026

(g)

315‌

315‌

Landwirtschaftliche

Rentenbank

0.88%,

03/30/2026

575‌

522‌

1.75%,

07/27/2026

200‌

184‌

2.00%,

01/13/2025

400‌

383‌

2.38%,

06/10/2025

230‌

220‌

3.88%,

09/28/2027

320‌

313‌

3.88%,

06/14/2028

320‌

313‌

Lloyds

Banking

Group

PLC

3.57%,

11/07/2028

(e)

200‌

182‌

3

Month

USD

LIBOR

+

1.21%

4.34%,

01/09/2048

400‌

299‌

4.58%,

12/10/2025

575‌

554‌

4.65%,

03/24/2026

675‌

652‌

4.98%,

08/11/2033

(e)

200‌

185‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%

5.30%,

12/01/2045

(d)

300‌

265‌

5.87%,

03/06/2029

(e)

200‌

198‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%

5.99%,

08/07/2027

(e)

310‌

310‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.48%

Mitsubishi

UFJ

Financial

Group

Inc

1.41%,

07/17/2025

200‌

185‌

1.54%,

07/20/2027

(e)

800‌

713‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%

1.64%,

10/13/2027

(e)

200‌

177‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%

2.19%,

02/25/2025

200‌

190‌

2.56%,

02/25/2030

600‌

505‌

3.20%,

07/18/2029

200‌

177‌

3.75%,

07/18/2039

200‌

165‌

4.08%,

04/19/2028

(e)

600‌

570‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.30%

4.32%,

04/19/2033

(e)

200‌

184‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%

5.13%,

07/20/2033

(e)

700‌

680‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.13%

5.35%,

09/13/2028

(e)

255‌

253‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%

5.41%,

04/19/2034

(d),(e)

320‌

315‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.97%

Mizuho

Financial

Group

Inc

2.20%,

07/10/2031

(e)

200‌

159‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.77%

2.23%,

05/25/2026

(d),(e)

700‌

654‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.09%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Mizuho

Financial

Group

Inc  

(continued)

3.15%,

07/16/2030

(e)

$

700‌

$

605‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.39%

5.41%,

09/13/2028

(e)

255‌

253‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.05%

5.74%,

05/27/2031

(e)

320‌

317‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.65%

5.75%,

07/06/2034

(e)

315‌

312‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%

Morgan

Stanley

0.99%,

12/10/2026

(e)

80‌

72‌

Secured

Overnight

Financing

Rate

+

0.72%

1.16%,

10/21/2025

(e)

200‌

189‌

Secured

Overnight

Financing

Rate

+

0.56%

1.51%,

07/20/2027

(e)

115‌

102‌

Secured

Overnight

Financing

Rate

+

0.86%

1.59%,

05/04/2027

(e)

155‌

139‌

Secured

Overnight

Financing

Rate

+

0.88%

1.79%,

02/13/2032

(e)

1,135‌

873‌

Secured

Overnight

Financing

Rate

+

1.03%

1.93%,

04/28/2032

(e)

95‌

73‌

Secured

Overnight

Financing

Rate

+

1.02%

2.19%,

04/28/2026

(e)

700‌

660‌

Secured

Overnight

Financing

Rate

+

1.99%

2.24%,

07/21/2032

(e)

115‌

90‌

Secured

Overnight

Financing

Rate

+

1.18%

2.48%,

01/21/2028

(e)

40‌

36‌

Secured

Overnight

Financing

Rate

+

1.00%

2.48%,

09/16/2036

(e)

810‌

611‌

Secured

Overnight

Financing

Rate

+

1.36%

2.51%,

10/20/2032

(e)

130‌

104‌

Secured

Overnight

Financing

Rate

+

1.20%

2.70%,

01/22/2031

(e)

175‌

147‌

Secured

Overnight

Financing

Rate

+

1.14%

2.80%,

01/25/2052

(e)

210‌

133‌

Secured

Overnight

Financing

Rate

+

1.43%

2.94%,

01/21/2033

(e)

90‌

74‌

Secured

Overnight

Financing

Rate

+

1.29%

3.13%,

07/27/2026

150‌

140‌

3.22%,

04/22/2042

(e)

60‌

44‌

Secured

Overnight

Financing

Rate

+

1.49%

3.59%,

07/22/2028

90‌

83‌

3

Month

USD

LIBOR

+

1.34%

3.62%,

04/01/2031

(e)

1,000‌

889‌

Secured

Overnight

Financing

Rate

+

3.12%

3.63%,

01/20/2027

375‌

354‌

3.70%,

10/23/2024

285‌

279‌

3.77%,

01/24/2029

(e)

600‌

557‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.40%

3.95%,

04/23/2027

1,060‌

1,000‌

4.00%,

07/23/2025

25‌

24‌

4.21%,

04/20/2028

(e)

135‌

129‌

Secured

Overnight

Financing

Rate

+

1.61%

4.30%,

01/27/2045

320‌

272‌

4.43%,

01/23/2030

(e)

1,000‌

950‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.89%

4.68%,

07/17/2026

(e)

765‌

749‌

Secured

Overnight

Financing

Rate

+

1.67%

4.89%,

07/20/2033

(e)

85‌

81‌

Secured

Overnight

Financing

Rate

+

2.08%

5.00%,

11/24/2025

675‌

665‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

75

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Morgan

Stanley  

(continued)

5.05%,

01/28/2027

(e)

$

240‌

$

237‌

Secured

Overnight

Financing

Rate

+

1.30%

5.12%,

02/01/2029

(e)

320‌

314‌

Secured

Overnight

Financing

Rate

+

1.73%

5.16%,

04/20/2029

(e)

260‌

255‌

Secured

Overnight

Financing

Rate

+

1.59%

5.25%,

04/21/2034

(e)

425‌

413‌

Secured

Overnight

Financing

Rate

+

1.87%

5.42%,

07/21/2034

(e)

315‌

310‌

Secured

Overnight

Financing

Rate

+

1.88%

5.45%,

07/20/2029

(e)

315‌

313‌

Secured

Overnight

Financing

Rate

+

1.63%

5.95%,

01/19/2038

(e)

160‌

156‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%

6.14%,

10/16/2026

(e)

310‌

312‌

Secured

Overnight

Financing

Rate

+

1.77%

6.30%,

10/18/2028

(e)

310‌

318‌

Secured

Overnight

Financing

Rate

+

2.24%

6.34%,

10/18/2033

(e)

310‌

325‌

Secured

Overnight

Financing

Rate

+

2.56%

6.38%,

07/24/2042

200‌

218‌

Morgan

Stanley

Bank

NA

4.75%,

04/21/2026

320‌

316‌

5.48%,

07/16/2025

315‌

315‌

National

Australia

Bank

Ltd/New

York

4.90%,

06/13/2028

320‌

316‌

4.97%,

01/12/2026

320‌

318‌

NatWest

Group

PLC

1.64%,

06/14/2027

(e)

200‌

178‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%

4.89%,

05/18/2029

(e)

700‌

667‌

3

Month

USD

LIBOR

+

1.75%

5.08%,

01/27/2030

(e)

400‌

381‌

3

Month

USD

LIBOR

+

1.91%

5.85%,

03/02/2027

(e)

200‌

199‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.35%

Northern

Trust

Corp

4.00%,

05/10/2027

145‌

139‌

Oesterreichische

Kontrollbank

AG

0.38%,

09/17/2025

305‌

278‌

2.88%,

05/23/2025

270‌

260‌

3.63%,

09/09/2027

325‌

314‌

4.13%,

01/20/2026

155‌

152‌

4.25%,

03/01/2028

320‌

317‌

PNC

Financial

Services

Group

Inc/The

2.20%,

11/01/2024

120‌

115‌

2.31%,

04/23/2032

(e)

245‌

197‌

Secured

Overnight

Financing

Rate

+

0.98%

2.60%,

07/23/2026

610‌

566‌

3.45%,

04/23/2029

175‌

158‌

4.63%,

06/06/2033

(e)

160‌

145‌

Secured

Overnight

Financing

Rate

+

1.85%

4.76%,

01/26/2027

(e)

655‌

643‌

Secured

Overnight

Financing

Rate

+

1.09%

5.35%,

12/02/2028

(e)

410‌

404‌

Secured

Overnight

Financing

Rate

+

1.62%

5.94%,

08/18/2034

(e)

315‌

319‌

Secured

Overnight

Financing

Rate

+

1.95%

Royal

Bank

of

Canada

1.15%,

07/14/2026

60‌

53‌

1.20%,

04/27/2026

555‌

497‌

1.60%,

01/21/2025

295‌

280‌

2.25%,

11/01/2024

1,000‌

961‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Royal

Bank

of

Canada  

(continued)

3.63%,

05/04/2027

$

670‌

$

632‌

3.88%,

05/04/2032

145‌

132‌

4.90%,

01/12/2028

(d)

320‌

315‌

4.95%,

04/25/2025

350‌

346‌

5.00%,

05/02/2033

350‌

339‌

5.20%,

07/20/2026

160‌

159‌

6.00%,

11/01/2027

155‌

159‌

Santander

Holdings

USA

Inc

2.49%,

01/06/2028

(e)

290‌

254‌

Secured

Overnight

Financing

Rate

+

1.25%

Santander

UK

Group

Holdings

PLC

1.53%,

08/21/2026

(e)

200‌

182‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%

2.47%,

01/11/2028

(e)

200‌

176‌

Secured

Overnight

Financing

Rate

+

1.22%

2.90%,

03/15/2032

(e)

600‌

480‌

Secured

Overnight

Financing

Rate

+

1.48%

State

Street

Corp

2.20%,

02/07/2028

(e)

65‌

59‌

Secured

Overnight

Financing

Rate

+

0.73%

2.20%,

03/03/2031

60‌

48‌

2.35%,

11/01/2025

(e)

110‌

106‌

Secured

Overnight

Financing

Rate

+

0.94%

3.30%,

12/16/2024

75‌

73‌

4.42%,

05/13/2033

(e)

135‌

126‌

Secured

Overnight

Financing

Rate

+

1.61%

4.82%,

01/26/2034

(e)

245‌

232‌

Secured

Overnight

Financing

Rate

+

1.57%

5.10%,

05/18/2026

(e)

160‌

159‌

Secured

Overnight

Financing

Rate

+

1.13%

5.27%,

08/03/2026

155‌

155‌

5.75%,

11/04/2026

(e)

495‌

496‌

Secured

Overnight

Financing

Rate

+

1.35%

Sumitomo

Mitsui

Financial

Group

Inc

1.47%,

07/08/2025

400‌

370‌

1.90%,

09/17/2028

200‌

168‌

2.13%,

07/08/2030

200‌

161‌

2.14%,

09/23/2030

150‌

119‌

2.35%,

01/15/2025

200‌

191‌

2.93%,

09/17/2041

(d)

60‌

42‌

3.01%,

10/19/2026

75‌

70‌

3.04%,

07/16/2029

200‌

175‌

3.36%,

07/12/2027

400‌

371‌

3.45%,

01/11/2027

165‌

154‌

5.46%,

01/13/2026

820‌

817‌

5.52%,

01/13/2028

410‌

410‌

5.77%,

01/13/2033

400‌

406‌

5.80%,

07/13/2028

315‌

319‌

6.18%,

07/13/2043

160‌

161‌

Toronto-Dominion

Bank/The

0.70%,

09/10/2024

60‌

57‌

1.15%,

06/12/2025

825‌

765‌

1.20%,

06/03/2026

260‌

232‌

1.95%,

01/12/2027

125‌

112‌

2.00%,

09/10/2031

60‌

48‌

3.20%,

03/10/2032

65‌

55‌

3.77%,

06/06/2025

30‌

29‌

4.11%,

06/08/2027

30‌

29‌

4.29%,

09/13/2024

350‌

345‌

4.46%,

06/08/2032

70‌

65‌

4.69%,

09/15/2027

655‌

639‌

5.10%,

01/09/2026

(d)

160‌

159‌

5.52%,

07/17/2028

160‌

161‌

5.53%,

07/17/2026

160‌

160‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

76

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Truist

Bank

2.25%,

03/11/2030

$

1,000‌

$

795‌

3.80%,

10/30/2026

250‌

231‌

Truist

Financial

Corp

1.20%,

08/05/2025

60‌

55‌

1.27%,

03/02/2027

(e)

195‌

174‌

Secured

Overnight

Financing

Rate

+

0.61%

1.89%,

06/07/2029

(e)

130‌

108‌

Secured

Overnight

Financing

Rate

+

0.86%

1.95%,

06/05/2030

60‌

48‌

4.00%,

05/01/2025

75‌

73‌

4.12%,

06/06/2028

(e)

290‌

273‌

Secured

Overnight

Financing

Rate

+

1.37%

4.87%,

01/26/2029

(e)

160‌

154‌

Secured

Overnight

Financing

Rate

+

1.44%

4.92%,

07/28/2033

(e)

700‌

624‌

Secured

Overnight

Financing

Rate

+

2.24%

5.12%,

01/26/2034

(e)

160‌

150‌

Secured

Overnight

Financing

Rate

+

1.85%

5.87%,

06/08/2034

(e)

160‌

159‌

Secured

Overnight

Financing

Rate

+

2.36%

5.90%,

10/28/2026

(e)

155‌

155‌

Secured

Overnight

Financing

Rate

+

1.63%

UBS

Group

AG

3.75%,

03/26/2025

500‌

483‌

US

Bancorp

1.38%,

07/22/2030

110‌

83‌

2.22%,

01/27/2028

(e)

275‌

245‌

Secured

Overnight

Financing

Rate

+

0.73%

2.49%,

11/03/2036

(e)

170‌

125‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.95%

4.55%,

07/22/2028

(e)

1,000‌

956‌

Secured

Overnight

Financing

Rate

+

1.66%

4.65%,

02/01/2029

(d),(e)

285‌

272‌

Secured

Overnight

Financing

Rate

+

1.23%

4.84%,

02/01/2034

(e)

285‌

264‌

Secured

Overnight

Financing

Rate

+

1.60%

5.73%,

10/21/2026

(e)

155‌

155‌

Secured

Overnight

Financing

Rate

+

1.43%

5.84%,

06/12/2034

(e)

320‌

320‌

Secured

Overnight

Financing

Rate

+

2.26%

5.85%,

10/21/2033

(e)

155‌

154‌

Secured

Overnight

Financing

Rate

+

2.09%

Wells

Fargo

&

Co

2.16%,

02/11/2026

(e)

175‌

165‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.01%

2.19%,

04/30/2026

(e)

1,185‌

1,114‌

Secured

Overnight

Financing

Rate

+

2.00%

2.39%,

06/02/2028

(e)

220‌

196‌

Secured

Overnight

Financing

Rate

+

2.10%

2.41%,

10/30/2025

(e)

700‌

671‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.09%

2.57%,

02/11/2031

(e)

700‌

584‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.26%

3.00%,

10/23/2026

1,000‌

926‌

3.07%,

04/30/2041

(e)

485‌

347‌

Secured

Overnight

Financing

Rate

+

2.53%

3.35%,

03/02/2033

(e)

755‌

636‌

Secured

Overnight

Financing

Rate

+

1.50%

3.53%,

03/24/2028

(e)

160‌

149‌

Secured

Overnight

Financing

Rate

+

1.51%

3.55%,

09/29/2025

75‌

72‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Wells

Fargo

&

Co  

(continued)

3.58%,

05/22/2028

(e)

$

375‌

$

348‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.57%

3.91%,

04/25/2026

(e)

235‌

227‌

Secured

Overnight

Financing

Rate

+

1.32%

4.40%,

06/14/2046

110‌

87‌

4.61%,

04/25/2053

(e)

955‌

808‌

Secured

Overnight

Financing

Rate

+

2.13%

4.65%,

11/04/2044

600‌

496‌

4.75%,

12/07/2046

250‌

208‌

4.81%,

07/25/2028

(e)

65‌

63‌

Secured

Overnight

Financing

Rate

+

1.98%

4.90%,

07/25/2033

(e)

735‌

692‌

Secured

Overnight

Financing

Rate

+

2.10%

4.90%,

11/17/2045

75‌

64‌

5.01%,

04/04/2051

(e)

440‌

397‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.50%

5.38%,

11/02/2043

185‌

170‌

5.39%,

04/24/2034

(e)

825‌

804‌

Secured

Overnight

Financing

Rate

+

2.02%

5.56%,

07/25/2034

(e)

475‌

469‌

Secured

Overnight

Financing

Rate

+

1.99%

5.57%,

07/25/2029

(e)

475‌

473‌

Secured

Overnight

Financing

Rate

+

1.74%

Wells

Fargo

Bank

NA

5.45%,

08/07/2026

315‌

316‌

Westpac

Banking

Corp

1.15%,

06/03/2026

60‌

54‌

1.95%,

11/20/2028

60‌

52‌

2.15%,

06/03/2031

60‌

49‌

2.35%,

02/19/2025

150‌

144‌

2.89%,

02/04/2030

(e)

855‌

807‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.35%

3.02%,

11/18/2036

(e)

405‌

310‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%

3.13%,

11/18/2041

60‌

39‌

3.74%,

08/26/2025

120‌

117‌

4.04%,

08/26/2027

(d)

120‌

117‌

4.11%,

07/24/2034

(e)

555‌

486‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%

5.46%,

11/18/2027

265‌

269‌

$

150,164‌

Beverages

-

0

.62

%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

3.65%,

02/01/2026

250‌

242‌

4.70%,

02/01/2036

250‌

239‌

4.90%,

02/01/2046

720‌

670‌

Anheuser-Busch

InBev

Finance

Inc

4.63%,

02/01/2044

75‌

68‌

Anheuser-Busch

InBev

Worldwide

Inc

3.50%,

06/01/2030

130‌

120‌

4.35%,

06/01/2040

440‌

394‌

4.60%,

04/15/2048

26‌

23‌

4.75%,

01/23/2029

250‌

248‌

4.90%,

01/23/2031

600‌

603‌

4.95%,

01/15/2042

725‌

692‌

5.45%,

01/23/2039

750‌

761‌

5.55%,

01/23/2049

470‌

481‌

5.80%,

01/23/2059

550‌

577‌

8.20%,

01/15/2039

60‌

77‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

77

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Beverages

(continued)

Coca-Cola

Co/The

1.00%,

03/15/2028

$

265‌

$

227‌

1.45%,

06/01/2027

500‌

446‌

1.50%,

03/05/2028

60‌

53‌

1.75%,

09/06/2024

140‌

135‌

2.25%,

01/05/2032

(d)

60‌

50‌

2.50%,

06/01/2040

140‌

101‌

2.50%,

03/15/2051

1,015‌

657‌

2.60%,

06/01/2050

140‌

93‌

2.88%,

05/05/2041

60‌

45‌

3.00%,

03/05/2051

90‌

65‌

Constellation

Brands

Inc

2.25%,

08/01/2031

1,040‌

836‌

3.15%,

08/01/2029

90‌

80‌

3.60%,

02/15/2028

700‌

653‌

4.35%,

05/09/2027

160‌

155‌

4.65%,

11/15/2028

700‌

681‌

4.90%,

05/01/2033

80‌

77‌

Diageo

Capital

PLC

2.13%,

10/24/2024

200‌

193‌

2.38%,

10/24/2029

200‌

173‌

5.30%,

10/24/2027

310‌

314‌

Keurig

Dr

Pepper

Inc

2.25%,

03/15/2031

60‌

49‌

3.35%,

03/15/2051

60‌

41‌

3.40%,

11/15/2025

750‌

717‌

3.95%,

04/15/2029

735‌

692‌

4.05%,

04/15/2032

745‌

683‌

4.42%,

05/25/2025

18‌

18‌

4.50%,

04/15/2052

85‌

72‌

Molson

Coors

Beverage

Co

3.00%,

07/15/2026

105‌

98‌

4.20%,

07/15/2046

250‌

198‌

PepsiCo

Inc

1.40%,

02/25/2031

130‌

103‌

1.95%,

10/21/2031

370‌

302‌

2.63%,

10/21/2041

725‌

526‌

2.75%,

10/21/2051

225‌

152‌

2.85%,

02/24/2026

90‌

86‌

2.88%,

10/15/2049

145‌

103‌

3.00%,

10/15/2027

600‌

564‌

3.60%,

02/18/2028

70‌

67‌

3.90%,

07/18/2032

400‌

379‌

4.45%,

05/15/2028

(d)

250‌

249‌

4.45%,

02/15/2033

(d)

150‌

149‌

$

15,477‌

Biotechnology

-

0

.36

%

Amgen

Inc

1.65%,

08/15/2028

125‌

107‌

2.00%,

01/15/2032

120‌

94‌

2.45%,

02/21/2030

155‌

132‌

2.60%,

08/19/2026

700‌

651‌

2.77%,

09/01/2053

510‌

305‌

3.00%,

02/22/2029

200‌

181‌

3.00%,

01/15/2052

(d)

120‌

78‌

3.15%,

02/21/2040

155‌

116‌

3.38%,

02/21/2050

545‌

381‌

4.20%,

03/01/2033

80‌

74‌

4.20%,

02/22/2052

200‌

159‌

4.40%,

05/01/2045

760‌

639‌

4.66%,

06/15/2051

410‌

354‌

4.88%,

03/01/2053

80‌

71‌

5.15%,

03/02/2028

280‌

280‌

5.15%,

11/15/2041

113‌

106‌

5.25%,

03/02/2025

700‌

697‌

5.25%,

03/02/2030

135‌

135‌

5.25%,

03/02/2033

160‌

159‌

5.60%,

03/02/2043

320‌

314‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Biotechnology

(continued)

Amgen

Inc  

(continued)

5.65%,

03/02/2053

$

320‌

$

317‌

5.75%,

03/02/2063

240‌

237‌

Biogen

Inc

4.05%,

09/15/2025

160‌

155‌

5.20%,

09/15/2045

30‌

28‌

Gilead

Sciences

Inc

1.65%,

10/01/2030

150‌

120‌

2.60%,

10/01/2040

775‌

541‌

2.80%,

10/01/2050

150‌

96‌

2.95%,

03/01/2027

240‌

224‌

3.50%,

02/01/2025

75‌

73‌

3.65%,

03/01/2026

190‌

183‌

4.15%,

03/01/2047

25‌

21‌

4.50%,

02/01/2045

500‌

440‌

4.75%,

03/01/2046

580‌

528‌

Regeneron

Pharmaceuticals

Inc

1.75%,

09/15/2030

160‌

127‌

Royalty

Pharma

PLC

1.75%,

09/02/2027

655‌

565‌

2.20%,

09/02/2030

155‌

124‌

3.30%,

09/02/2040

155‌

107‌

$

8,919‌

Building

Materials

-

0

.11

%

Carrier

Global

Corp

2.24%,

02/15/2025

847‌

806‌

2.49%,

02/15/2027

35‌

32‌

2.72%,

02/15/2030

1,010‌

866‌

3.38%,

04/05/2040

155‌

116‌

3.58%,

04/05/2050

155‌

111‌

Johnson

Controls

International

plc

5.13%,

09/14/2045

(d)

29‌

27‌

Johnson

Controls

International

plc

/

Tyco

Fire

&

Security

Finance

SCA

2.00%,

09/16/2031

120‌

95‌

Martin

Marietta

Materials

Inc

2.50%,

03/15/2030

155‌

130‌

3.20%,

07/15/2051

60‌

40‌

Masco

Corp

1.50%,

02/15/2028

60‌

51‌

Owens

Corning

4.30%,

07/15/2047

150‌

120‌

Trane

Technologies

Luxembourg

Finance

SA

3.80%,

03/21/2029

90‌

84‌

Vulcan

Materials

Co

3.50%,

06/01/2030

295‌

264‌

$

2,742‌

Chemicals

-

0

.29

%

Air

Products

and

Chemicals

Inc

2.80%,

05/15/2050

300‌

205‌

4.80%,

03/03/2033

160‌

159‌

Celanese

US

Holdings

LLC

6.05%,

03/15/2025

37‌

37‌

6.17%,

07/15/2027

135‌

135‌

6.38%,

07/15/2032

135‌

134‌

Dow

Chemical

Co/The

2.10%,

11/15/2030

160‌

130‌

3.60%,

11/15/2050

160‌

114‌

4.38%,

11/15/2042

700‌

577‌

4.63%,

10/01/2044

270‌

227‌

4.80%,

11/30/2028

90‌

89‌

4.80%,

05/15/2049

340‌

290‌

DuPont

de

Nemours

Inc

4.73%,

11/15/2028

700‌

691‌

5.32%,

11/15/2038

145‌

142‌

5.42%,

11/15/2048

185‌

179‌

Eastman

Chemical

Co

4.65%,

10/15/2044

75‌

61‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

78

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Chemicals

(continued)

Ecolab

Inc

1.30%,

01/30/2031

$

150‌

$

117‌

1.65%,

02/01/2027

105‌

94‌

2.13%,

08/15/2050

150‌

85‌

2.75%,

08/18/2055

700‌

428‌

4.80%,

03/24/2030

620‌

616‌

EIDP

Inc

1.70%,

07/15/2025

60‌

56‌

Linde

Inc/CT

1.10%,

08/10/2030

160‌

126‌

LYB

International

Finance

III

LLC

1.25%,

10/01/2025

64‌

58‌

2.25%,

10/01/2030

130‌

106‌

3.63%,

04/01/2051

130‌

88‌

4.20%,

10/15/2049

160‌

119‌

5.63%,

05/15/2033

160‌

158‌

Mosaic

Co/The

5.63%,

11/15/2043

25‌

23‌

Nutrien

Ltd

3.00%,

04/01/2025

150‌

144‌

4.20%,

04/01/2029

400‌

376‌

5.00%,

04/01/2049

280‌

244‌

5.80%,

03/27/2053

160‌

156‌

5.95%,

11/07/2025

155‌

156‌

PPG

Industries

Inc

1.20%,

03/15/2026

60‌

54‌

Sherwin-Williams

Co/The

2.20%,

03/15/2032

250‌

198‌

3.30%,

05/15/2050

90‌

61‌

4.50%,

06/01/2047

390‌

333‌

Westlake

Corp

3.13%,

08/15/2051

60‌

37‌

3.60%,

08/15/2026

110‌

104‌

$

7,107‌

Coal

-

0

.00

%

Teck

Resources

Ltd

3.90%,

07/15/2030

115‌

102‌

Commercial

Mortgage

Backed

Securities

-

0

.17

%

COMM

2012-CCRE4

Mortgage

Trust

3.25%,

10/15/2045

500‌

434‌

COMM

2015-PC1

Mortgage

Trust

3.90%,

07/10/2050

885‌

851‌

Fannie

Mae-Aces

3.09%,

12/25/2027

(h)

701‌

654‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

3.17%,

10/25/2024

998‌

971‌

3.21%,

03/25/2025

1,248‌

1,206‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C21

3.15%,

03/15/2048

142‌

139‌

$

4,255‌

Commercial

Services

-

0

.21

%

American

University/The

3.67%,

04/01/2049

35‌

27‌

Automatic

Data

Processing

Inc

1.70%,

05/15/2028

60‌

53‌

California

Institute

of

Technology

4.32%,

08/01/2045

50‌

44‌

Global

Payments

Inc

1.20%,

03/01/2026

645‌

577‌

1.50%,

11/15/2024

665‌

631‌

2.65%,

02/15/2025

740‌

706‌

3.20%,

08/15/2029

140‌

122‌

4.15%,

08/15/2049

70‌

51‌

Massachusetts

Institute

of

Technology

3.96%,

07/01/2038

185‌

166‌

4.68%,

07/01/2114

100‌

90‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Services

(continued)

Moody's

Corp

4.25%,

08/08/2032

$

65‌

$

61‌

5.25%,

07/15/2044

90‌

86‌

PayPal

Holdings

Inc

2.40%,

10/01/2024

1,145‌

1,107‌

2.85%,

10/01/2029

755‌

668‌

3.90%,

06/01/2027

65‌

63‌

4.40%,

06/01/2032

65‌

62‌

S&P

Global

Inc

1.25%,

08/15/2030

160‌

126‌

2.30%,

08/15/2060

600‌

326‌

2.45%,

03/01/2027

100‌

92‌

2.50%,

12/01/2029

55‌

48‌

3.25%,

12/01/2049

55‌

39‌

3.70%,

03/01/2052

100‌

78‌

University

of

Southern

California

5.25%,

10/01/2111

20‌

19‌

$

5,242‌

Computers

-

0

.59

%

Apple

Inc

0.70%,

02/08/2026

275‌

249‌

1.13%,

05/11/2025

300‌

281‌

1.20%,

02/08/2028

785‌

678‌

1.25%,

08/20/2030

600‌

483‌

1.40%,

08/05/2028

60‌

52‌

1.65%,

05/11/2030

150‌

125‌

1.65%,

02/08/2031

140‌

115‌

1.70%,

08/05/2031

115‌

94‌

2.38%,

02/08/2041

1,140‌

815‌

2.40%,

08/20/2050

210‌

135‌

2.55%,

08/20/2060

105‌

66‌

2.65%,

05/11/2050

700‌

466‌

2.65%,

02/08/2051

140‌

93‌

2.70%,

08/05/2051

85‌

57‌

2.80%,

02/08/2061

850‌

549‌

2.90%,

09/12/2027

300‌

281‌

2.95%,

09/11/2049

140‌

100‌

3.00%,

06/20/2027

500‌

472‌

3.20%,

05/11/2027

110‌

104‌

3.25%,

02/23/2026

500‌

481‌

3.25%,

08/08/2029

65‌

60‌

3.35%,

02/09/2027

125‌

119‌

3.35%,

08/08/2032

(d)

465‌

427‌

3.75%,

11/13/2047

195‌

162‌

3.85%,

05/04/2043

200‌

173‌

3.95%,

08/08/2052

465‌

394‌

4.30%,

05/10/2033

(d)

320‌

314‌

4.38%,

05/13/2045

80‌

74‌

4.65%,

02/23/2046

170‌

163‌

4.85%,

05/10/2053

320‌

316‌

Dell

International

LLC

/

EMC

Corp

3.38%,

12/15/2041

(i)

310‌

218‌

3.45%,

12/15/2051

(i)

680‌

443‌

5.25%,

02/01/2028

160‌

160‌

5.30%,

10/01/2029

300‌

296‌

6.02%,

06/15/2026

678‌

685‌

8.35%,

07/15/2046

26‌

32‌

Hewlett

Packard

Enterprise

Co

4.90%,

10/15/2025

200‌

197‌

6.20%,

10/15/2035

75‌

78‌

6.35%,

10/15/2045

340‌

349‌

HP

Inc

3.00%,

06/17/2027

140‌

129‌

4.75%,

01/15/2028

495‌

482‌

6.00%,

09/15/2041

355‌

350‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

79

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Computers

(continued)

International

Business

Machines

Corp

2.20%,

02/09/2027

$

575‌

$

522‌

3.30%,

05/15/2026

500‌

477‌

3.50%,

05/15/2029

160‌

148‌

4.00%,

07/27/2025

100‌

98‌

4.00%,

06/20/2042

830‌

683‌

4.15%,

05/15/2039

195‌

167‌

4.25%,

05/15/2049

600‌

496‌

4.40%,

07/27/2032

100‌

95‌

4.50%,

02/06/2028

370‌

362‌

4.70%,

02/19/2046

145‌

128‌

5.10%,

02/06/2053

160‌

150‌

NetApp

Inc

2.38%,

06/22/2027

155‌

140‌

$

14,783‌

Consumer

Products

-

0

.01

%

Church

&

Dwight

Co

Inc

3.95%,

08/01/2047

200‌

162‌

Cosmetics

&

Personal

Care

-

0

.27

%

Colgate-Palmolive

Co

3.10%,

08/15/2025

65‌

63‌

3.25%,

08/15/2032

65‌

59‌

4.60%,

03/01/2028

160‌

161‌

Estee

Lauder

Cos

Inc/The

1.95%,

03/15/2031

160‌

129‌

Haleon

UK

Capital

PLC

3.13%,

03/24/2025

1,900‌

1,827‌

Haleon

US

Capital

LLC

3.38%,

03/24/2027

250‌

235‌

3.63%,

03/24/2032

250‌

222‌

Kenvue

Inc

4.90%,

03/22/2033

(i)

160‌

159‌

5.05%,

03/22/2028

(i)

160‌

160‌

5.05%,

03/22/2053

(i)

160‌

157‌

5.10%,

03/22/2043

(i)

160‌

157‌

5.50%,

03/22/2025

(i)

160‌

161‌

Procter

&

Gamble

Co/The

0.55%,

10/29/2025

180‌

164‌

1.20%,

10/29/2030

280‌

224‌

1.90%,

02/01/2027

540‌

494‌

2.30%,

02/01/2032

40‌

34‌

3.55%,

03/25/2040

885‌

760‌

3.95%,

01/26/2028

160‌

157‌

Unilever

Capital

Corp

1.38%,

09/14/2030

150‌

119‌

1.75%,

08/12/2031

680‌

544‌

2.90%,

05/05/2027

850‌

793‌

$

6,779‌

Diversified

Financial

Services

-

1

.05

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.65%,

10/29/2024

1,205‌

1,146‌

1.75%,

10/29/2024

150‌

143‌

1.75%,

01/30/2026

150‌

136‌

2.45%,

10/29/2026

150‌

135‌

3.00%,

10/29/2028

600‌

520‌

3.30%,

01/30/2032

750‌

609‌

3.40%,

10/29/2033

150‌

119‌

6.50%,

07/15/2025

1,000‌

1,005‌

Air

Lease

Corp

1.88%,

08/15/2026

350‌

313‌

2.10%,

09/01/2028

585‌

493‌

2.30%,

02/01/2025

585‌

554‌

2.88%,

01/15/2026

700‌

654‌

2.88%,

01/15/2032

65‌

52‌

3.38%,

07/01/2025

700‌

667‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Ally

Financial

Inc

2.20%,

11/02/2028

$

60‌

$

48‌

4.75%,

06/09/2027

160‌

150‌

8.00%,

11/01/2031

420‌

434‌

American

Express

Co

1.65%,

11/04/2026

310‌

277‌

2.25%,

03/04/2025

65‌

62‌

3.30%,

05/03/2027

500‌

466‌

4.05%,

05/03/2029

100‌

95‌

4.05%,

12/03/2042

440‌

374‌

4.42%,

08/03/2033

(e)

350‌

325‌

Secured

Overnight

Financing

Rate

+

1.76%

4.99%,

05/01/2026

(e)

270‌

266‌

Secured

Overnight

Financing

Rate

+

1.00%

5.28%,

07/27/2029

(e)

160‌

158‌

Secured

Overnight

Financing

Rate

+

1.28%

5.39%,

07/28/2027

(e)

160‌

159‌

Secured

Overnight

Financing

Rate

+

0.97%

BlackRock

Inc

2.10%,

02/25/2032

295‌

235‌

2.40%,

04/30/2030

700‌

600‌

Capital

One

Financial

Corp

1.88%,

11/02/2027

(e)

390‌

342‌

Secured

Overnight

Financing

Rate

+

0.86%

2.36%,

07/29/2032

(e)

510‌

364‌

Secured

Overnight

Financing

Rate

+

1.34%

3.20%,

02/05/2025

60‌

58‌

3.30%,

10/30/2024

775‌

753‌

4.93%,

05/10/2028

(e)

245‌

236‌

Secured

Overnight

Financing

Rate

+

2.06%

4.99%,

07/24/2026

(e)

1,250‌

1,222‌

Secured

Overnight

Financing

Rate

+

2.16%

5.82%,

02/01/2034

(e)

160‌

152‌

Secured

Overnight

Financing

Rate

+

2.60%

6.31%,

06/08/2029

(e)

160‌

160‌

Secured

Overnight

Financing

Rate

+

2.64%

Charles

Schwab

Corp/The

0.90%,

03/11/2026

800‌

714‌

1.15%,

05/13/2026

60‌

53‌

1.65%,

03/11/2031

400‌

306‌

1.95%,

12/01/2031

540‌

414‌

2.00%,

03/20/2028

115‌

99‌

3.00%,

03/10/2025

500‌

479‌

5.64%,

05/19/2029

(e)

160‌

160‌

Secured

Overnight

Financing

Rate

+

2.21%

5.88%,

08/24/2026

155‌

156‌

6.14%,

08/24/2034

(e)

155‌

158‌

Secured

Overnight

Financing

Rate

+

2.01%

CME

Group

Inc

5.30%,

09/15/2043

200‌

202‌

Discover

Financial

Services

4.10%,

02/09/2027

75‌

70‌

Intercontinental

Exchange

Inc

1.85%,

09/15/2032

120‌

91‌

2.10%,

06/15/2030

850‌

701‌

2.65%,

09/15/2040

160‌

111‌

3.00%,

09/15/2060

160‌

98‌

3.75%,

12/01/2025

75‌

72‌

3.75%,

09/21/2028

700‌

656‌

4.00%,

09/15/2027

135‌

129‌

4.25%,

09/21/2048

250‌

210‌

4.60%,

03/15/2033

805‌

768‌

4.95%,

06/15/2052

65‌

60‌

Jefferies

Financial

Group

Inc

2.63%,

10/15/2031

200‌

156‌

Legg

Mason

Inc

5.63%,

01/15/2044

25‌

24‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

80

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Mastercard

Inc

2.00%,

03/03/2025

$

130‌

$

124‌

2.00%,

11/18/2031

190‌

154‌

2.95%,

03/15/2051

60‌

42‌

3.35%,

03/26/2030

875‌

804‌

3.85%,

03/26/2050

125‌

104‌

4.88%,

03/09/2028

160‌

161‌

Nasdaq

Inc

2.50%,

12/21/2040

55‌

36‌

5.35%,

06/28/2028

160‌

160‌

5.95%,

08/15/2053

40‌

40‌

Nomura

Holdings

Inc

1.85%,

07/16/2025

1,015‌

938‌

2.33%,

01/22/2027

200‌

177‌

2.65%,

01/16/2025

(d)

600‌

573‌

2.68%,

07/16/2030

915‌

742‌

5.84%,

01/18/2028

320‌

319‌

6.09%,

07/12/2033

315‌

316‌

Synchrony

Financial

3.95%,

12/01/2027

720‌

643‌

4.50%,

07/23/2025

275‌

262‌

Visa

Inc

1.10%,

02/15/2031

160‌

124‌

1.90%,

04/15/2027

80‌

72‌

2.00%,

08/15/2050

(d)

160‌

95‌

2.70%,

04/15/2040

155‌

115‌

2.75%,

09/15/2027

200‌

186‌

4.15%,

12/14/2035

500‌

472‌

4.30%,

12/14/2045

200‌

181‌

$

26,209‌

Electric

-

1

.91

%

AEP

Texas

Inc

2.10%,

07/01/2030

160‌

130‌

3.45%,

01/15/2050

50‌

35‌

3.45%,

05/15/2051

60‌

40‌

4.70%,

05/15/2032

105‌

99‌

5.25%,

05/15/2052

105‌

97‌

AEP

Transmission

Co

LLC

2.75%,

08/15/2051

60‌

37‌

4.50%,

06/15/2052

70‌

60‌

5.40%,

03/15/2053

160‌

159‌

AES

Corp/The

2.45%,

01/15/2031

60‌

48‌

Alabama

Power

Co

1.45%,

09/15/2030

155‌

122‌

3.13%,

07/15/2051

60‌

39‌

Ameren

Corp

1.75%,

03/15/2028

60‌

52‌

Ameren

Illinois

Co

1.55%,

11/15/2030

65‌

51‌

3.25%,

03/15/2050

75‌

53‌

3.85%,

09/01/2032

355‌

321‌

4.15%,

03/15/2046

1,000‌

811‌

American

Electric

Power

Co

Inc

1.00%,

11/01/2025

15‌

14‌

2.30%,

03/01/2030

155‌

128‌

5.63%,

03/01/2033

160‌

160‌

Arizona

Public

Service

Co

2.60%,

08/15/2029

90‌

78‌

2.65%,

09/15/2050

150‌

87‌

Baltimore

Gas

and

Electric

Co

2.25%,

06/15/2031

60‌

49‌

4.55%,

06/01/2052

20‌

17‌

Berkshire

Hathaway

Energy

Co

1.65%,

05/15/2031

365‌

282‌

2.85%,

05/15/2051

85‌

53‌

3.80%,

07/15/2048

650‌

480‌

4.60%,

05/01/2053

65‌

54‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Berkshire

Hathaway

Energy

Co  

(continued)

5.15%,

11/15/2043

$

200‌

$

184‌

5.95%,

05/15/2037

600‌

610‌

CenterPoint

Energy

Houston

Electric

LLC

3.35%,

04/01/2051

60‌

43‌

4.85%,

10/01/2052

565‌

521‌

4.95%,

04/01/2033

160‌

157‌

CenterPoint

Energy

Inc

1.45%,

06/01/2026

60‌

54‌

2.95%,

03/01/2030

100‌

86‌

3.70%,

09/01/2049

60‌

43‌

CMS

Energy

Corp

3.75%,

12/01/2050

(e)

60‌

45‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.90%

Commonwealth

Edison

Co

3.00%,

03/01/2050

715‌

473‌

3.13%,

03/15/2051

420‌

283‌

4.00%,

03/01/2048

750‌

604‌

4.70%,

01/15/2044

150‌

133‌

5.30%,

02/01/2053

160‌

157‌

Connecticut

Light

and

Power

Co/The

0.75%,

12/01/2025

60‌

54‌

2.05%,

07/01/2031

60‌

48‌

3.20%,

03/15/2027

140‌

132‌

Consolidated

Edison

Co

of

New

York

Inc

2.40%,

06/15/2031

55‌

46‌

3.00%,

12/01/2060

65‌

40‌

3.70%,

11/15/2059

80‌

56‌

3.88%,

06/15/2047

300‌

230‌

4.30%,

12/01/2056

500‌

395‌

4.45%,

03/15/2044

250‌

213‌

5.20%,

03/01/2033

(d)

160‌

160‌

6.15%,

11/15/2052

155‌

166‌

6.30%,

08/15/2037

370‌

389‌

6.75%,

04/01/2038

160‌

175‌

Consumers

Energy

Co

2.50%,

05/01/2060

91‌

50‌

4.20%,

09/01/2052

665‌

549‌

4.90%,

02/15/2029

155‌

154‌

Dominion

Energy

Inc

1.45%,

04/15/2026

760‌

686‌

3.30%,

04/15/2041

60‌

43‌

3.38%,

04/01/2030

315‌

278‌

4.90%,

08/01/2041

360‌

316‌

5.38%,

11/15/2032

410‌

404‌

5.95%,

06/15/2035

200‌

204‌

DTE

Electric

Co

1.90%,

04/01/2028

40‌

35‌

3.70%,

03/15/2045

200‌

153‌

4.05%,

05/15/2048

540‌

437‌

5.40%,

04/01/2053

160‌

159‌

DTE

Energy

Co

1.05%,

06/01/2025

80‌

74‌

4.88%,

06/01/2028

425‌

416‌

Duke

Energy

Carolinas

LLC

4.00%,

09/30/2042

145‌

118‌

4.95%,

01/15/2033

160‌

158‌

5.30%,

02/15/2040

125‌

122‌

5.35%,

01/15/2053

160‌

155‌

6.00%,

01/15/2038

520‌

540‌

6.05%,

04/15/2038

460‌

478‌

Duke

Energy

Corp

0.90%,

09/15/2025

150‌

137‌

2.65%,

09/01/2026

90‌

83‌

3.15%,

08/15/2027

90‌

83‌

3.30%,

06/15/2041

60‌

43‌

3.50%,

06/15/2051

60‌

41‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

81

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Duke

Energy

Corp  

(continued)

3.95%,

08/15/2047

$

150‌

$

112‌

4.20%,

06/15/2049

150‌

117‌

4.30%,

03/15/2028

1,000‌

963‌

4.50%,

08/15/2032

665‌

619‌

4.80%,

12/15/2045

230‌

199‌

5.00%,

08/15/2052

65‌

57‌

Duke

Energy

Florida

LLC

1.75%,

06/15/2030

155‌

125‌

2.50%,

12/01/2029

255‌

220‌

3.40%,

10/01/2046

200‌

144‌

5.95%,

11/15/2052

155‌

162‌

Duke

Energy

Indiana

LLC

2.75%,

04/01/2050

155‌

95‌

5.40%,

04/01/2053

160‌

155‌

Duke

Energy

Ohio

Inc

2.13%,

06/01/2030

155‌

128‌

Duke

Energy

Progress

LLC

2.50%,

08/15/2050

160‌

94‌

4.10%,

03/15/2043

700‌

570‌

Emera

US

Finance

LP

4.75%,

06/15/2046

75‌

59‌

Entergy

Arkansas

LLC

2.65%,

06/15/2051

45‌

27‌

4.20%,

04/01/2049

600‌

479‌

5.15%,

01/15/2033

160‌

159‌

Entergy

Corp

1.90%,

06/15/2028

35‌

30‌

2.40%,

06/15/2031

60‌

48‌

Entergy

Louisiana

LLC

2.90%,

03/15/2051

35‌

22‌

3.10%,

06/15/2041

60‌

44‌

3.12%,

09/01/2027

200‌

185‌

4.75%,

09/15/2052

415‌

361‌

Entergy

Texas

Inc

1.75%,

03/15/2031

150‌

117‌

4.00%,

03/30/2029

170‌

159‌

Evergy

Inc

2.45%,

09/15/2024

140‌

135‌

Evergy

Kansas

Central

Inc

5.70%,

03/15/2053

160‌

160‌

Evergy

Metro

Inc

2.25%,

06/01/2030

155‌

128‌

Eversource

Energy

0.80%,

08/15/2025

160‌

146‌

1.65%,

08/15/2030

160‌

126‌

4.25%,

04/01/2029

700‌

665‌

5.13%,

05/15/2033

160‌

155‌

Exelon

Corp

3.35%,

03/15/2032

65‌

56‌

4.95%,

06/15/2035

320‌

299‌

Florida

Power

&

Light

Co

2.45%,

02/03/2032

65‌

54‌

2.88%,

12/04/2051

65‌

42‌

3.70%,

12/01/2047

70‌

55‌

4.05%,

10/01/2044

145‌

122‌

4.13%,

02/01/2042

600‌

508‌

4.40%,

05/15/2028

160‌

156‌

4.80%,

05/15/2033

120‌

117‌

5.10%,

04/01/2033

160‌

160‌

5.65%,

02/01/2037

250‌

255‌

Georgia

Power

Co

2.20%,

09/15/2024

140‌

134‌

3.25%,

03/30/2027

400‌

372‌

4.30%,

03/15/2042

460‌

385‌

4.65%,

05/16/2028

160‌

156‌

4.70%,

05/15/2032

65‌

62‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Interstate

Power

and

Light

Co

2.30%,

06/01/2030

$

40‌

$

33‌

Kentucky

Utilities

Co

3.30%,

06/01/2050

205‌

141‌

MidAmerican

Energy

Co

3.15%,

04/15/2050

145‌

98‌

4.25%,

07/15/2049

470‌

386‌

Mississippi

Power

Co

4.25%,

03/15/2042

30‌

25‌

National

Rural

Utilities

Cooperative

Finance

Corp

1.00%,

06/15/2026

60‌

54‌

2.85%,

01/27/2025

100‌

97‌

4.15%,

12/15/2032

765‌

699‌

4.80%,

03/15/2028

365‌

361‌

Nevada

Power

Co

2.40%,

05/01/2030

200‌

167‌

NextEra

Energy

Capital

Holdings

Inc

1.88%,

01/15/2027

700‌

626‌

1.90%,

06/15/2028

45‌

39‌

2.25%,

06/01/2030

250‌

205‌

2.44%,

01/15/2032

990‌

792‌

2.75%,

11/01/2029

545‌

471‌

3.55%,

05/01/2027

700‌

660‌

4.90%,

02/28/2028

160‌

157‌

5.00%,

07/15/2032

70‌

68‌

5.25%,

02/28/2053

160‌

148‌

Northern

States

Power

Co/MN

2.25%,

04/01/2031

60‌

50‌

2.60%,

06/01/2051

155‌

95‌

2.90%,

03/01/2050

70‌

46‌

5.10%,

05/15/2053

160‌

151‌

5.35%,

11/01/2039

30‌

29‌

NSTAR

Electric

Co

4.55%,

06/01/2052

65‌

56‌

4.95%,

09/15/2052

565‌

525‌

Ohio

Power

Co

1.63%,

01/15/2031

265‌

208‌

Oncor

Electric

Delivery

Co

LLC

0.55%,

10/01/2025

150‌

136‌

3.10%,

09/15/2049

195‌

132‌

4.15%,

06/01/2032

65‌

61‌

4.30%,

05/15/2028

(i)

570‌

552‌

4.55%,

09/15/2032

390‌

371‌

4.60%,

06/01/2052

65‌

58‌

Pacific

Gas

and

Electric

Co

2.10%,

08/01/2027

605‌

522‌

2.50%,

02/01/2031

880‌

687‌

3.30%,

08/01/2040

155‌

104‌

3.50%,

08/01/2050

850‌

535‌

4.20%,

06/01/2041

510‌

369‌

4.95%,

06/08/2025

180‌

176‌

5.90%,

06/15/2032

60‌

57‌

6.10%,

01/15/2029

160‌

158‌

6.75%,

01/15/2053

160‌

155‌

PacifiCorp

2.90%,

06/15/2052

60‌

35‌

5.35%,

12/01/2053

155‌

134‌

5.50%,

05/15/2054

160‌

142‌

6.00%,

01/15/2039

310‌

308‌

6.25%,

10/15/2037

330‌

338‌

PECO

Energy

Co

2.80%,

06/15/2050

110‌

70‌

2.85%,

09/15/2051

150‌

94‌

4.38%,

08/15/2052

360‌

307‌

4.60%,

05/15/2052

20‌

17‌

4.90%,

06/15/2033

160‌

157‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

82

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

PPL

Electric

Utilities

Corp

3.00%,

10/01/2049

$

70‌

$

47‌

3.95%,

06/01/2047

100‌

81‌

5.00%,

05/15/2033

160‌

158‌

Public

Service

Co

of

Colorado

1.88%,

06/15/2031

45‌

35‌

2.70%,

01/15/2051

95‌

57‌

4.50%,

06/01/2052

525‌

435‌

5.25%,

04/01/2053

410‌

379‌

Public

Service

Co

of

Oklahoma

5.25%,

01/15/2033

160‌

157‌

Public

Service

Electric

and

Gas

Co

2.05%,

08/01/2050

160‌

90‌

3.15%,

01/01/2050

155‌

109‌

3.65%,

09/01/2028

200‌

188‌

3.80%,

03/01/2046

570‌

451‌

4.65%,

03/15/2033

160‌

155‌

5.45%,

08/01/2053

155‌

157‌

Public

Service

Enterprise

Group

Inc

0.80%,

08/15/2025

320‌

292‌

Puget

Sound

Energy

Inc

2.89%,

09/15/2051

170‌

106‌

San

Diego

Gas

&

Electric

Co

1.70%,

10/01/2030

150‌

119‌

3.32%,

04/15/2050

155‌

106‌

3.70%,

03/15/2052

65‌

48‌

4.50%,

08/15/2040

50‌

44‌

Sempra

4.00%,

02/01/2048

70‌

54‌

Southern

California

Edison

Co

2.25%,

06/01/2030

155‌

129‌

2.85%,

08/01/2029

100‌

88‌

3.45%,

02/01/2052

65‌

44‌

3.65%,

02/01/2050

640‌

464‌

4.00%,

04/01/2047

450‌

349‌

4.70%,

06/01/2027

135‌

133‌

4.88%,

03/01/2049

380‌

330‌

5.30%,

03/01/2028

160‌

161‌

5.50%,

03/15/2040

350‌

338‌

5.70%,

03/01/2053

160‌

155‌

5.85%,

11/01/2027

155‌

159‌

5.95%,

02/01/2038

30‌

30‌

Southern

Co/The

1.75%,

03/15/2028

60‌

51‌

3.75%,

09/15/2051

(e)

40‌

35‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%

4.00%,

01/15/2051

(e)

150‌

139‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.73%

5.15%,

10/06/2025

495‌

492‌

5.20%,

06/15/2033

160‌

156‌

5.70%,

10/15/2032

665‌

675‌

Southern

Power

Co

0.90%,

01/15/2026

10‌

9‌

4.95%,

12/15/2046

35‌

30‌

Southwestern

Electric

Power

Co

4.10%,

09/15/2028

1,000‌

947‌

Southwestern

Public

Service

Co

4.50%,

08/15/2041

150‌

126‌

Tampa

Electric

Co

3.45%,

03/15/2051

100‌

68‌

Tucson

Electric

Power

Co

1.50%,

08/01/2030

105‌

82‌

3.25%,

05/01/2051

60‌

39‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Union

Electric

Co

2.15%,

03/15/2032

$

60‌

$

47‌

2.63%,

03/15/2051

130‌

79‌

5.45%,

03/15/2053

160‌

157‌

Virginia

Electric

and

Power

Co

2.30%,

11/15/2031

65‌

52‌

2.45%,

12/15/2050

145‌

84‌

2.95%,

11/15/2051

120‌

77‌

3.75%,

05/15/2027

40‌

38‌

5.45%,

04/01/2053

310‌

300‌

8.88%,

11/15/2038

225‌

292‌

WEC

Energy

Group

Inc

1.38%,

10/15/2027

130‌

112‌

2.20%,

12/15/2028

60‌

52‌

4.75%,

01/09/2026

160‌

158‌

5.00%,

09/27/2025

75‌

74‌

Wisconsin

Electric

Power

Co

4.75%,

09/30/2032

360‌

352‌

Wisconsin

Public

Service

Corp

2.85%,

12/01/2051

65‌

41‌

Xcel

Energy

Inc

1.75%,

03/15/2027

15‌

13‌

2.60%,

12/01/2029

140‌

120‌

4.60%,

06/01/2032

40‌

37‌

$

47,511‌

Electrical

Components

&

Equipment

-

0

.04

%

Emerson

Electric

Co

0.88%,

10/15/2026

225‌

199‌

2.20%,

12/21/2031

820‌

675‌

$

874‌

Electronics

-

0

.06

%

Agilent

Technologies

Inc

2.10%,

06/04/2030

155‌

127‌

2.30%,

03/12/2031

60‌

49‌

Fortive

Corp

3.15%,

06/15/2026

100‌

94‌

Honeywell

International

Inc

1.10%,

03/01/2027

60‌

53‌

1.35%,

06/01/2025

80‌

75‌

1.75%,

09/01/2031

60‌

48‌

1.95%,

06/01/2030

450‌

375‌

2.80%,

06/01/2050

155‌

111‌

3.81%,

11/21/2047

100‌

81‌

4.25%,

01/15/2029

160‌

155‌

5.00%,

02/15/2033

150‌

151‌

Jabil

Inc

1.70%,

04/15/2026

60‌

54‌

Tyco

Electronics

Group

SA

7.13%,

10/01/2037

37‌

42‌

$

1,415‌

Entertainment

-

0

.11

%

Warnermedia

Holdings

Inc

3.64%,

03/15/2025

830‌

803‌

3.76%,

03/15/2027

130‌

122‌

4.05%,

03/15/2029

130‌

119‌

4.28%,

03/15/2032

195‌

172‌

5.05%,

03/15/2042

830‌

682‌

5.14%,

03/15/2052

740‌

590‌

5.39%,

03/15/2062

215‌

171‌

$

2,659‌

Environmental

Control

-

0

.16

%

Republic

Services

Inc

1.75%,

02/15/2032

635‌

491‌

2.30%,

03/01/2030

685‌

580‌

3.38%,

11/15/2027

385‌

358‌

5.00%,

04/01/2034

320‌

314‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

83

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Environmental

Control

(continued)

Waste

Connections

Inc

2.20%,

01/15/2032

$

120‌

$

96‌

4.20%,

01/15/2033

735‌

679‌

Waste

Management

Inc

0.75%,

11/15/2025

210‌

191‌

2.00%,

06/01/2029

60‌

51‌

2.50%,

11/15/2050

75‌

46‌

3.15%,

11/15/2027

790‌

737‌

4.15%,

04/15/2032

100‌

94‌

4.63%,

02/15/2033

160‌

154‌

4.88%,

02/15/2029

310‌

307‌

$

4,098‌

Federal

&

Federally

Sponsored

Credit

-

0

.12

%

Federal

Farm

Credit

Banks

Funding

Corp

0.88%,

11/18/2024

555‌

527‌

1.13%,

01/06/2025

220‌

208‌

4.25%,

09/26/2024

650‌

643‌

4.38%,

06/23/2026

475‌

472‌

4.50%,

11/18/2024

460‌

456‌

4.50%,

08/14/2026

630‌

628‌

$

2,934‌

Finance

-

Mortgage

Loan/Banker

-

0

.55

%

Fannie

Mae

0.50%,

06/17/2025

710‌

656‌

0.50%,

11/07/2025

535‌

487‌

0.75%,

10/08/2027

270‌

234‌

0.88%,

08/05/2030

710‌

563‌

2.13%,

04/24/2026

700‌

656‌

2.63%,

09/06/2024

1,000‌

973‌

5.63%,

07/15/2037

65‌

73‌

6.25%,

05/15/2029

750‌

822‌

6.63%,

11/15/2030

230‌

262‌

7.13%,

01/15/2030

250‌

289‌

7.25%,

05/15/2030

249‌

291‌

Federal

Home

Loan

Banks

0.38%,

09/04/2025

150‌

137‌

1.00%,

12/20/2024

300‌

284‌

1.25%,

12/21/2026

450‌

405‌

3.25%,

11/16/2028

950‌

904‌

4.00%,

06/30/2028

1,315‌

1,300‌

4.50%,

10/03/2024

1,200‌

1,189‌

4.63%,

06/06/2025

480‌

476‌

5.00%,

02/28/2025

475‌

475‌

5.50%,

07/15/2036

370‌

407‌

Freddie

Mac

0.38%,

09/23/2025

2,055‌

1,875‌

6.25%,

07/15/2032

(d)

280‌

320‌

6.75%,

03/15/2031

543‌

626‌

$

13,704‌

Food

-

0

.32

%

Campbell

Soup

Co

4.15%,

03/15/2028

185‌

176‌

Conagra

Brands

Inc

1.38%,

11/01/2027

100‌

85‌

4.60%,

11/01/2025

600‌

587‌

4.85%,

11/01/2028

140‌

136‌

5.30%,

11/01/2038

85‌

78‌

5.40%,

11/01/2048

445‌

405‌

General

Mills

Inc

2.25%,

10/14/2031

775‌

626‌

4.00%,

04/17/2025

75‌

73‌

4.95%,

03/29/2033

160‌

156‌

Hershey

Co/The

1.70%,

06/01/2030

155‌

127‌

2.65%,

06/01/2050

185‌

118‌

J

M

Smucker

Co/The

2.13%,

03/15/2032

60‌

48‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Food

(continued)

JBS

USA

LUX

SA

/

JBS

USA

Food

Co

/

JBS

USA

Finance

Inc

5.13%,

02/01/2028

$

265‌

$

258‌

5.75%,

04/01/2033

265‌

252‌

6.50%,

12/01/2052

265‌

254‌

Kellogg

Co

2.10%,

06/01/2030

155‌

127‌

Koninklijke

Ahold

Delhaize

NV

5.70%,

10/01/2040

9‌

9‌

Kraft

Heinz

Foods

Co

3.00%,

06/01/2026

200‌

189‌

4.38%,

06/01/2046

930‌

770‌

4.88%,

10/01/2049

200‌

177‌

5.00%,

06/04/2042

200‌

183‌

5.20%,

07/15/2045

170‌

156‌

6.50%,

02/09/2040

200‌

212‌

Kroger

Co/The

1.70%,

01/15/2031

60‌

47‌

3.70%,

08/01/2027

700‌

664‌

4.45%,

02/01/2047

345‌

288‌

5.15%,

08/01/2043

300‌

270‌

5.40%,

07/15/2040

30‌

28‌

McCormick

&

Co

Inc/MD

0.90%,

02/15/2026

60‌

54‌

1.85%,

02/15/2031

60‌

47‌

Mondelez

International

Inc

1.50%,

02/04/2031

165‌

128‌

2.63%,

03/17/2027

65‌

60‌

2.63%,

09/04/2050

165‌

103‌

Sysco

Corp

2.45%,

12/14/2031

115‌

93‌

4.85%,

10/01/2045

250‌

215‌

Tyson

Foods

Inc

3.55%,

06/02/2027

75‌

70‌

4.55%,

06/02/2047

700‌

560‌

$

7,829‌

Forest

Products

&

Paper

-

0

.02

%

Fibria

Overseas

Finance

Ltd

5.50%,

01/17/2027

300‌

299‌

Georgia-Pacific

LLC

7.75%,

11/15/2029

20‌

23‌

Suzano

Austria

GmbH

2.50%,

09/15/2028

75‌

64‌

$

386‌

Gas

-

0

.16

%

Atmos

Energy

Corp

1.50%,

01/15/2031

150‌

117‌

3.38%,

09/15/2049

145‌

104‌

4.13%,

10/15/2044

140‌

115‌

5.75%,

10/15/2052

410‌

427‌

CenterPoint

Energy

Resources

Corp

1.75%,

10/01/2030

150‌

119‌

4.40%,

07/01/2032

70‌

65‌

5.25%,

03/01/2028

160‌

160‌

NiSource

Inc

0.95%,

08/15/2025

320‌

293‌

2.95%,

09/01/2029

1,000‌

880‌

3.60%,

05/01/2030

640‌

574‌

4.80%,

02/15/2044

210‌

183‌

5.00%,

06/15/2052

135‌

119‌

5.25%,

03/30/2028

65‌

65‌

5.40%,

06/30/2033

160‌

158‌

5.65%,

02/01/2045

250‌

240‌

Southern

California

Gas

Co

2.55%,

02/01/2030

155‌

132‌

5.75%,

06/01/2053

160‌

158‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

84

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Gas

(continued)

Southern

Co

Gas

Capital

Corp

1.75%,

01/15/2031

$

160‌

$

124‌

3.15%,

09/30/2051

60‌

39‌

Washington

Gas

Light

Co

3.65%,

09/15/2049

25‌

18‌

$

4,090‌

Hand

&

Machine

Tools

-

0

.03

%

Stanley

Black

&

Decker

Inc

2.30%,

02/24/2025

150‌

143‌

2.30%,

03/15/2030

700‌

580‌

2.75%,

11/15/2050

85‌

49‌

$

772‌

Healthcare

-

Products

-

0

.37

%

Abbott

Laboratories

1.15%,

01/30/2028

250‌

216‌

4.75%,

11/30/2036

615‌

611‌

4.75%,

04/15/2043

300‌

287‌

4.90%,

11/30/2046

700‌

682‌

Baxter

International

Inc

1.73%,

04/01/2031

85‌

66‌

1.92%,

02/01/2027

770‌

685‌

2.27%,

12/01/2028

665‌

571‌

2.54%,

02/01/2032

380‌

305‌

3.13%,

12/01/2051

260‌

165‌

Boston

Scientific

Corp

1.90%,

06/01/2025

155‌

146‌

Danaher

Corp

2.60%,

10/01/2050

150‌

96‌

DH

Europe

Finance

II

Sarl

2.60%,

11/15/2029

150‌

132‌

3.25%,

11/15/2039

150‌

119‌

GE

HealthCare

Technologies

Inc

5.60%,

11/15/2025

155‌

155‌

5.65%,

11/15/2027

155‌

157‌

5.86%,

03/15/2030

155‌

157‌

5.91%,

11/22/2032

155‌

159‌

6.38%,

11/22/2052

155‌

167‌

Koninklijke

Philips

NV

5.00%,

03/15/2042

30‌

27‌

Medtronic

Global

Holdings

SCA

4.25%,

03/30/2028

160‌

156‌

Medtronic

Inc

4.38%,

03/15/2035

200‌

189‌

4.63%,

03/15/2045

286‌

268‌

Revvity

Inc

0.85%,

09/15/2024

40‌

38‌

1.90%,

09/15/2028

45‌

38‌

Stryker

Corp

1.95%,

06/15/2030

600‌

496‌

3.38%,

11/01/2025

800‌

767‌

4.38%,

05/15/2044

25‌

21‌

4.63%,

03/15/2046

620‌

558‌

Thermo

Fisher

Scientific

Inc

1.22%,

10/18/2024

120‌

114‌

2.00%,

10/15/2031

65‌

52‌

2.60%,

10/01/2029

145‌

127‌

2.80%,

10/15/2041

650‌

468‌

4.80%,

11/21/2027

155‌

155‌

5.09%,

08/10/2033

300‌

302‌

5.40%,

08/10/2043

150‌

152‌

Zimmer

Biomet

Holdings

Inc

2.60%,

11/24/2031

610‌

497‌

$

9,301‌

Healthcare

-

Services

-

0

.65

%

Advocate

Health

&

Hospitals

Corp

3.83%,

08/15/2028

300‌

285‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

(continued)

Aetna

Inc

3.88%,

08/15/2047

$

60‌

$

45‌

6.75%,

12/15/2037

205‌

224‌

Baylor

Scott

&

White

Holdings

4.19%,

11/15/2045

125‌

106‌

Centene

Corp

4.63%,

12/15/2029

600‌

552‌

Elevance

Health

Inc

1.50%,

03/15/2026

60‌

55‌

2.88%,

09/15/2029

220‌

194‌

3.13%,

05/15/2050

75‌

51‌

3.60%,

03/15/2051

60‌

44‌

4.10%,

03/01/2028

255‌

244‌

4.10%,

05/15/2032

785‌

723‌

4.65%,

01/15/2043

660‌

586‌

4.75%,

02/15/2033

160‌

155‌

6.10%,

10/15/2052

155‌

165‌

HCA

Inc

2.38%,

07/15/2031

60‌

47‌

3.38%,

03/15/2029

135‌

120‌

3.50%,

09/01/2030

680‌

594‌

3.50%,

07/15/2051

260‌

173‌

4.38%,

03/15/2042

65‌

52‌

5.20%,

06/01/2028

160‌

158‌

5.25%,

04/15/2025

600‌

594‌

5.25%,

06/15/2026

970‌

958‌

5.50%,

06/01/2033

160‌

157‌

5.50%,

06/15/2047

240‌

219‌

5.88%,

02/01/2029

600‌

604‌

Humana

Inc

1.35%,

02/03/2027

660‌

581‌

2.15%,

02/03/2032

60‌

47‌

3.13%,

08/15/2029

1,090‌

969‌

4.50%,

04/01/2025

155‌

153‌

4.95%,

10/01/2044

320‌

284‌

5.50%,

03/15/2053

160‌

155‌

Laboratory

Corp

of

America

Holdings

2.30%,

12/01/2024

600‌

574‌

4.70%,

02/01/2045

500‌

428‌

Providence

St

Joseph

Health

Obligated

Group

3.74%,

10/01/2047

250‌

182‌

Quest

Diagnostics

Inc

2.95%,

06/30/2030

155‌

135‌

UnitedHealth

Group

Inc

1.25%,

01/15/2026

155‌

142‌

2.30%,

05/15/2031

60‌

50‌

2.75%,

05/15/2040

155‌

112‌

2.88%,

08/15/2029

150‌

135‌

2.90%,

05/15/2050

155‌

103‌

3.05%,

05/15/2041

660‌

493‌

3.10%,

03/15/2026

400‌

382‌

3.25%,

05/15/2051

435‌

309‌

3.45%,

01/15/2027

100‌

95‌

3.50%,

08/15/2039

125‌

102‌

3.70%,

05/15/2027

65‌

62‌

3.88%,

12/15/2028

700‌

670‌

3.88%,

08/15/2059

390‌

302‌

4.20%,

05/15/2032

255‌

241‌

4.25%,

01/15/2029

320‌

310‌

4.25%,

04/15/2047

320‌

272‌

4.25%,

06/15/2048

110‌

93‌

4.45%,

12/15/2048

95‌

83‌

4.75%,

05/15/2052

65‌

59‌

5.20%,

04/15/2063

320‌

307‌

5.25%,

02/15/2028

310‌

316‌

5.35%,

02/15/2033

310‌

318‌

5.88%,

02/15/2053

310‌

332‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

85

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

(continued)

UnitedHealth

Group

Inc  

(continued)

6.88%,

02/15/2038

$

200‌

$

233‌

$

16,134‌

Home

Builders

-

0

.01

%

DR

Horton

Inc

1.30%,

10/15/2026

60‌

53‌

1.40%,

10/15/2027

150‌

129‌

$

182‌

Home

Furnishings

-

0

.01

%

Leggett

&

Platt

Inc

4.40%,

03/15/2029

250‌

236‌

Insurance

-

0

.66

%

Aflac

Inc

1.13%,

03/15/2026

60‌

54‌

Allstate

Corp/The

0.75%,

12/15/2025

170‌

153‌

1.45%,

12/15/2030

170‌

130‌

5.25%,

03/30/2033

290‌

284‌

American

International

Group

Inc

3.90%,

04/01/2026

126‌

122‌

4.38%,

06/30/2050

100‌

83‌

4.80%,

07/10/2045

700‌

618‌

5.13%,

03/27/2033

105‌

102‌

5.75%,

04/01/2048

(e)

200‌

189‌

3

Month

USD

LIBOR

+

2.87%

Aon

Corp

2.80%,

05/15/2030

155‌

133‌

Aon

Corp

/

Aon

Global

Holdings

PLC

2.60%,

12/02/2031

50‌

41‌

2.85%,

05/28/2027

65‌

60‌

2.90%,

08/23/2051

60‌

38‌

5.00%,

09/12/2032

520‌

508‌

5.35%,

02/28/2033

160‌

160‌

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

45‌

39‌

Athene

Holding

Ltd

4.13%,

01/12/2028

575‌

537‌

Berkshire

Hathaway

Finance

Corp

1.45%,

10/15/2030

130‌

105‌

2.30%,

03/15/2027

65‌

60‌

2.50%,

01/15/2051

90‌

56‌

2.85%,

10/15/2050

100‌

67‌

2.88%,

03/15/2032

65‌

57‌

3.85%,

03/15/2052

440‌

350‌

4.20%,

08/15/2048

180‌

157‌

4.25%,

01/15/2049

500‌

440‌

4.30%,

05/15/2043

700‌

627‌

5.75%,

01/15/2040

25‌

27‌

Brown

&

Brown

Inc

4.50%,

03/15/2029

300‌

281‌

Chubb

Corp/The

6.00%,

05/11/2037

350‌

372‌

Chubb

INA

Holdings

Inc

1.38%,

09/15/2030

300‌

236‌

2.85%,

12/15/2051

30‌

20‌

3.05%,

12/15/2061

200‌

130‌

4.35%,

11/03/2045

700‌

612‌

CNA

Financial

Corp

2.05%,

08/15/2030

160‌

128‌

Corebridge

Financial

Inc

3.50%,

04/04/2025

340‌

327‌

3.85%,

04/05/2029

65‌

59‌

3.90%,

04/05/2032

390‌

341‌

Equitable

Holdings

Inc

4.35%,

04/20/2028

140‌

132‌

5.00%,

04/20/2048

90‌

76‌

First

American

Financial

Corp

4.60%,

11/15/2024

300‌

295‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

Hartford

Financial

Services

Group

Inc/The

2.90%,

09/15/2051

$

195‌

$

124‌

Markel

Group

Inc

3.45%,

05/07/2052

75‌

51‌

Marsh

&

McLennan

Cos

Inc

2.38%,

12/15/2031

295‌

240‌

4.38%,

03/15/2029

440‌

426‌

4.90%,

03/15/2049

110‌

101‌

6.25%,

11/01/2052

155‌

170‌

MetLife

Inc

3.00%,

03/01/2025

200‌

193‌

4.13%,

08/13/2042

250‌

207‌

4.60%,

05/13/2046

195‌

171‌

4.88%,

11/13/2043

50‌

46‌

5.25%,

01/15/2054

160‌

152‌

5.38%,

07/15/2033

160‌

159‌

5.70%,

06/15/2035

600‌

614‌

Progressive

Corp/The

3.70%,

03/15/2052

210‌

160‌

4.35%,

04/25/2044

30‌

25‌

4.95%,

06/15/2033

160‌

157‌

Prudential

Financial

Inc

1.50%,

03/10/2026

1,700‌

1,557‌

2.10%,

03/10/2030

(d)

150‌

126‌

3.70%,

10/01/2050

(e)

160‌

136‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.04%

3.70%,

03/13/2051

785‌

586‌

5.70%,

09/15/2048

(e)

780‌

738‌

3

Month

USD

LIBOR

+

2.67%

Travelers

Cos

Inc/The

3.05%,

06/08/2051

90‌

62‌

4.00%,

05/30/2047

175‌

144‌

5.35%,

11/01/2040

690‌

686‌

5.45%,

05/25/2053

200‌

203‌

6.25%,

06/15/2037

650‌

708‌

W

R

Berkley

Corp

4.00%,

05/12/2050

75‌

57‌

Willis

North

America

Inc

2.95%,

09/15/2029

50‌

43‌

3.88%,

09/15/2049

140‌

99‌

5.35%,

05/15/2033

160‌

154‌

$

16,501‌

Internet

-

0

.43

%

Alibaba

Group

Holding

Ltd

3.15%,

02/09/2051

200‌

121‌

3.40%,

12/06/2027

860‌

798‌

3.60%,

11/28/2024

600‌

584‌

4.20%,

12/06/2047

200‌

149‌

4.40%,

12/06/2057

300‌

222‌

Alphabet

Inc

1.10%,

08/15/2030

160‌

128‌

1.90%,

08/15/2040

160‌

107‌

2.25%,

08/15/2060

160‌

94‌

Amazon.com

Inc

1.65%,

05/12/2028

265‌

232‌

2.10%,

05/12/2031

210‌

174‌

2.50%,

06/03/2050

285‌

182‌

2.70%,

06/03/2060

570‌

352‌

2.88%,

05/12/2041

210‌

158‌

3.00%,

04/13/2025

270‌

261‌

3.10%,

05/12/2051

210‌

150‌

3.15%,

08/22/2027

600‌

564‌

3.25%,

05/12/2061

615‌

427‌

3.30%,

04/13/2027

180‌

171‌

3.60%,

04/13/2032

180‌

166‌

3.80%,

12/05/2024

75‌

74‌

3.95%,

04/13/2052

540‌

450‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

86

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Internet

(continued)

Amazon.com

Inc  

(continued)

4.05%,

08/22/2047

$

500‌

$

431‌

4.25%,

08/22/2057

75‌

65‌

4.60%,

12/01/2025

455‌

452‌

4.65%,

12/01/2029

455‌

453‌

4.70%,

12/01/2032

455‌

452‌

Baidu

Inc

3.08%,

04/07/2025

(d)

950‌

911‌

Booking

Holdings

Inc

3.60%,

06/01/2026

200‌

192‌

eBay

Inc

1.90%,

03/11/2025

155‌

147‌

2.60%,

05/10/2031

60‌

50‌

4.00%,

07/15/2042

20‌

16‌

5.95%,

11/22/2027

(d)

155‌

159‌

Expedia

Group

Inc

2.95%,

03/15/2031

13‌

11‌

Meta

Platforms

Inc

3.50%,

08/15/2027

135‌

129‌

3.85%,

08/15/2032

135‌

124‌

4.45%,

08/15/2052

750‌

637‌

4.60%,

05/15/2028

160‌

159‌

4.80%,

05/15/2030

320‌

319‌

4.95%,

05/15/2033

160‌

159‌

5.60%,

05/15/2053

320‌

321‌

$

10,751‌

Iron

&

Steel

-

0

.06

%

Nucor

Corp

2.00%,

06/01/2025

155‌

146‌

3.13%,

04/01/2032

65‌

55‌

4.30%,

05/23/2027

65‌

63‌

Steel

Dynamics

Inc

1.65%,

10/15/2027

65‌

56‌

2.40%,

06/15/2025

40‌

38‌

2.80%,

12/15/2024

75‌

72‌

Vale

Overseas

Ltd

6.13%,

06/12/2033

320‌

318‌

6.88%,

11/21/2036

500‌

521‌

6.88%,

11/10/2039

125‌

131‌

$

1,400‌

Leisure

Products

&

Services

-

0

.01

%

Harley-Davidson

Inc

3.50%,

07/28/2025

300‌

288‌

Lodging

-

0

.03

%

Marriott

International

Inc/MD

2.85%,

04/15/2031

510‌

424‌

5.00%,

10/15/2027

275‌

272‌

$

696‌

Machinery

-

Construction

&

Mining

-

0

.10

%

Caterpillar

Financial

Services

Corp

0.80%,

11/13/2025

65‌

59‌

1.10%,

09/14/2027

120‌

104‌

1.15%,

09/14/2026

60‌

54‌

3.40%,

05/13/2025

135‌

131‌

3.65%,

08/12/2025

65‌

63‌

4.35%,

05/15/2026

160‌

157‌

4.90%,

01/17/2025

155‌

154‌

Caterpillar

Inc

2.60%,

04/09/2030

1,000‌

879‌

3.25%,

09/19/2049

145‌

109‌

3.80%,

08/15/2042

1,020‌

865‌

$

2,575‌

Machinery

-

Diversified

-

0

.17

%

CNH

Industrial

Capital

LLC

1.88%,

01/15/2026

150‌

138‌

Dover

Corp

5.38%,

03/01/2041

30‌

29‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Machinery

-

Diversified

(continued)

John

Deere

Capital

Corp

0.70%,

01/15/2026

$

225‌

$

204‌

1.05%,

06/17/2026

60‌

54‌

1.50%,

03/06/2028

60‌

52‌

2.00%,

06/17/2031

55‌

45‌

2.05%,

01/09/2025

155‌

149‌

2.35%,

03/08/2027

65‌

60‌

2.80%,

07/18/2029

115‌

104‌

3.40%,

06/06/2025

70‌

68‌

4.15%,

09/15/2027

905‌

883‌

4.35%,

09/15/2032

345‌

335‌

4.55%,

10/11/2024

325‌

322‌

4.75%,

06/08/2026

320‌

318‌

4.80%,

01/09/2026

160‌

159‌

4.95%,

07/14/2028

160‌

160‌

5.15%,

03/03/2025

320‌

320‌

Otis

Worldwide

Corp

2.06%,

04/05/2025

155‌

147‌

2.57%,

02/15/2030

155‌

132‌

3.36%,

02/15/2050

155‌

111‌

Rockwell

Automation

Inc

1.75%,

08/15/2031

40‌

32‌

2.80%,

08/15/2061

60‌

37‌

Westinghouse

Air

Brake

Technologies

Corp

4.95%,

09/15/2028

300‌

289‌

$

4,148‌

Media

-

0

.66

%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.25%,

01/15/2029

120‌

100‌

2.30%,

02/01/2032

250‌

189‌

2.80%,

04/01/2031

110‌

89‌

3.50%,

06/01/2041

115‌

76‌

3.70%,

04/01/2051

110‌

68‌

3.85%,

04/01/2061

670‌

400‌

3.90%,

06/01/2052

60‌

38‌

4.40%,

12/01/2061

30‌

20‌

4.80%,

03/01/2050

600‌

445‌

4.91%,

07/23/2025

770‌

756‌

5.38%,

04/01/2038

50‌

42‌

5.38%,

05/01/2047

240‌

192‌

5.75%,

04/01/2048

280‌

236‌

6.38%,

10/23/2035

150‌

145‌

6.48%,

10/23/2045

395‌

363‌

Comcast

Corp

1.50%,

02/15/2031

160‌

125‌

2.35%,

01/15/2027

155‌

142‌

2.45%,

08/15/2052

160‌

94‌

2.65%,

02/01/2030

115‌

100‌

2.65%,

08/15/2062

160‌

92‌

2.94%,

11/01/2056

660‌

411‌

2.99%,

11/01/2063

409‌

247‌

3.15%,

03/01/2026

75‌

72‌

3.25%,

11/01/2039

230‌

177‌

3.38%,

08/15/2025

175‌

169‌

3.40%,

07/15/2046

910‌

666‌

3.55%,

05/01/2028

735‌

694‌

3.90%,

03/01/2038

160‌

136‌

3.97%,

11/01/2047

105‌

84‌

4.00%,

03/01/2048

210‌

169‌

4.05%,

11/01/2052

427‌

342‌

4.40%,

08/15/2035

890‌

825‌

4.55%,

01/15/2029

615‌

603‌

4.70%,

10/15/2048

300‌

272‌

4.80%,

05/15/2033

615‌

601‌

5.25%,

11/07/2025

185‌

185‌

5.35%,

05/15/2053

615‌

602‌

5.50%,

11/15/2032

325‌

333‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

87

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

Discovery

Communications

LLC

3.63%,

05/15/2030

$

60‌

$

53‌

3.95%,

06/15/2025

170‌

164‌

3.95%,

03/20/2028

250‌

232‌

4.00%,

09/15/2055

91‌

59‌

5.20%,

09/20/2047

200‌

162‌

5.30%,

05/15/2049

180‌

147‌

Fox

Corp

5.48%,

01/25/2039

110‌

100‌

5.58%,

01/25/2049

140‌

125‌

Paramount

Global

4.38%,

03/15/2043

400‌

276‌

4.85%,

07/01/2042

300‌

218‌

7.88%,

07/30/2030

30‌

32‌

Thomson

Reuters

Corp

5.85%,

04/15/2040

30‌

29‌

Time

Warner

Cable

Enterprises

LLC

8.38%,

07/15/2033

20‌

22‌

Time

Warner

Cable

LLC

4.50%,

09/15/2042

170‌

124‌

5.88%,

11/15/2040

260‌

226‌

6.55%,

05/01/2037

360‌

342‌

7.30%,

07/01/2038

60‌

61‌

TWDC

Enterprises

18

Corp

4.13%,

06/01/2044

580‌

489‌

7.00%,

03/01/2032

30‌

34‌

Walt

Disney

Co/The

1.75%,

01/13/2026

1,175‌

1,088‌

2.20%,

01/13/2028

155‌

140‌

2.65%,

01/13/2031

150‌

128‌

3.38%,

11/15/2026

170‌

162‌

3.50%,

05/13/2040

155‌

124‌

3.60%,

01/13/2051

305‌

230‌

4.70%,

03/23/2050

(d)

220‌

201‌

4.95%,

10/15/2045

125‌

115‌

6.40%,

12/15/2035

869‌

951‌

$

16,334‌

Metal

Fabrication

&

Hardware

-

0

.01

%

Precision

Castparts

Corp

3.90%,

01/15/2043

193‌

159‌

Mining

-

0

.21

%

Barrick

PD

Australia

Finance

Pty

Ltd

5.95%,

10/15/2039

600‌

609‌

BHP

Billiton

Finance

USA

Ltd

4.13%,

02/24/2042

170‌

148‌

4.88%,

02/27/2026

160‌

159‌

4.90%,

02/28/2033

160‌

158‌

Freeport-McMoRan

Inc

4.38%,

08/01/2028

200‌

186‌

4.63%,

08/01/2030

700‌

647‌

5.25%,

09/01/2029

700‌

679‌

5.40%,

11/14/2034

700‌

663‌

5.45%,

03/15/2043

290‌

260‌

Newmont

Corp

2.60%,

07/15/2032

170‌

137‌

4.88%,

03/15/2042

500‌

449‌

6.25%,

10/01/2039

100‌

104‌

Rio

Tinto

Alcan

Inc

6.13%,

12/15/2033

30‌

32‌

Rio

Tinto

Finance

USA

Ltd

2.75%,

11/02/2051

155‌

100‌

Rio

Tinto

Finance

USA

PLC

4.75%,

03/22/2042

500‌

463‌

5.00%,

03/09/2033

160‌

159‌

Southern

Copper

Corp

5.25%,

11/08/2042

200‌

185‌

5.88%,

04/23/2045

110‌

108‌

$

5,246‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Miscellaneous

Manufacturers

-

0

.07

%

3M

Co

2.38%,

08/26/2029

$

250‌

$

215‌

3.25%,

08/26/2049

100‌

69‌

Eaton

Corp

4.15%,

03/15/2033

575‌

542‌

4.15%,

11/02/2042

95‌

83‌

Illinois

Tool

Works

Inc

2.65%,

11/15/2026

90‌

84‌

Parker-Hannifin

Corp

4.25%,

09/15/2027

135‌

131‌

4.50%,

09/15/2029

135‌

131‌

Teledyne

Technologies

Inc

2.25%,

04/01/2028

60‌

52‌

Textron

Inc

4.00%,

03/15/2026

500‌

483‌

$

1,790‌

Oil

&

Gas

-

0

.76

%

BP

Capital

Markets

America

Inc

1.75%,

08/10/2030

205‌

166‌

2.72%,

01/12/2032

30‌

25‌

2.94%,

06/04/2051

750‌

490‌

3.00%,

02/24/2050

155‌

103‌

3.00%,

03/17/2052

60‌

39‌

3.06%,

06/17/2041

115‌

84‌

3.12%,

05/04/2026

110‌

105‌

3.54%,

04/06/2027

215‌

205‌

3.59%,

04/14/2027

900‌

859‌

4.23%,

11/06/2028

210‌

203‌

4.81%,

02/13/2033

160‌

155‌

4.89%,

09/11/2033

160‌

156‌

BP

Capital

Markets

PLC

3.28%,

09/19/2027

115‌

108‌

Canadian

Natural

Resources

Ltd

2.05%,

07/15/2025

750‌

703‌

Cenovus

Energy

Inc

6.75%,

11/15/2039

138‌

143‌

Chevron

Corp

2.00%,

05/11/2027

155‌

141‌

2.95%,

05/16/2026

1,000‌

953‌

Chevron

USA

Inc

1.02%,

08/12/2027

160‌

139‌

2.34%,

08/12/2050

160‌

97‌

3.25%,

10/15/2029

290‌

266‌

ConocoPhillips

Co

2.40%,

03/07/2025

52‌

50‌

3.80%,

03/15/2052

345‌

266‌

4.03%,

03/15/2062

440‌

337‌

5.05%,

09/15/2033

315‌

313‌

5.55%,

03/15/2054

155‌

155‌

Devon

Energy

Corp

5.00%,

06/15/2045

75‌

64‌

5.60%,

07/15/2041

380‌

353‌

Diamondback

Energy

Inc

3.25%,

12/01/2026

150‌

141‌

Equinor

ASA

2.38%,

05/22/2030

250‌

215‌

2.88%,

04/06/2025

955‌

921‌

3.00%,

04/06/2027

155‌

145‌

3.13%,

04/06/2030

250‌

227‌

3.25%,

11/18/2049

445‌

315‌

3.63%,

09/10/2028

370‌

351‌

3.63%,

04/06/2040

155‌

125‌

Exxon

Mobil

Corp

2.44%,

08/16/2029

100‌

88‌

3.00%,

08/16/2039

150‌

115‌

3.45%,

04/15/2051

950‌

707‌

3.57%,

03/06/2045

700‌

546‌

4.23%,

03/19/2040

315‌

282‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

88

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Hess

Corp

4.30%,

04/01/2027

$

300‌

$

289‌

7.13%,

03/15/2033

21‌

23‌

7.30%,

08/15/2031

109‌

119‌

Marathon

Oil

Corp

4.40%,

07/15/2027

300‌

286‌

Marathon

Petroleum

Corp

3.63%,

09/15/2024

145‌

142‌

5.00%,

09/15/2054

200‌

163‌

Occidental

Petroleum

Corp

6.45%,

09/15/2036

320‌

327‌

6.63%,

09/01/2030

320‌

330‌

Phillips

66

1.30%,

02/15/2026

30‌

27‌

2.15%,

12/15/2030

110‌

89‌

3.85%,

04/09/2025

95‌

92‌

4.65%,

11/15/2034

560‌

526‌

4.88%,

11/15/2044

350‌

316‌

5.88%,

05/01/2042

30‌

31‌

Phillips

66

Co

4.90%,

10/01/2046

270‌

236‌

4.95%,

12/01/2027

160‌

158‌

Pioneer

Natural

Resources

Co

1.13%,

01/15/2026

55‌

50‌

1.90%,

08/15/2030

160‌

129‌

2.15%,

01/15/2031

55‌

45‌

Shell

International

Finance

BV

2.00%,

11/07/2024

150‌

144‌

2.38%,

11/07/2029

150‌

130‌

2.88%,

05/10/2026

155‌

147‌

2.88%,

11/26/2041

120‌

86‌

3.13%,

11/07/2049

950‌

662‌

4.00%,

05/10/2046

360‌

296‌

4.13%,

05/11/2035

130‌

119‌

4.38%,

05/11/2045

325‌

282‌

4.55%,

08/12/2043

340‌

307‌

6.38%,

12/15/2038

600‌

661‌

Suncor

Energy

Inc

3.75%,

03/04/2051

60‌

43‌

4.00%,

11/15/2047

100‌

75‌

6.50%,

06/15/2038

140‌

143‌

6.80%,

05/15/2038

140‌

146‌

6.85%,

06/01/2039

73‌

76‌

TotalEnergies

Capital

International

SA

2.99%,

06/29/2041

115‌

84‌

3.13%,

05/29/2050

155‌

107‌

3.39%,

06/29/2060

115‌

79‌

Valero

Energy

Corp

2.80%,

12/01/2031

740‌

607‌

4.00%,

06/01/2052

525‌

385‌

6.63%,

06/15/2037

60‌

64‌

7.50%,

04/15/2032

60‌

67‌

$

18,944‌

Oil

&

Gas

Services

-

0

.06

%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-

Obligor

Inc

2.06%,

12/15/2026

60‌

54‌

3.14%,

11/07/2029

150‌

134‌

3.34%,

12/15/2027

135‌

125‌

Halliburton

Co

3.80%,

11/15/2025

6‌

6‌

4.50%,

11/15/2041

400‌

337‌

5.00%,

11/15/2045

230‌

207‌

7.45%,

09/15/2039

386‌

449‌

NOV

Inc

3.60%,

12/01/2029

150‌

135‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

Services

(continued)

Schlumberger

Investment

SA

2.65%,

06/26/2030

$

160‌

$

138‌

$

1,585‌

Packaging

&

Containers

-

0

.03

%

Amcor

Flexibles

North

America

Inc

4.00%,

05/17/2025

135‌

131‌

Packaging

Corp

of

America

3.05%,

10/01/2051

200‌

127‌

WRKCo

Inc

3.00%,

06/15/2033

(d)

80‌

65‌

4.65%,

03/15/2026

500‌

487‌

$

810‌

Pharmaceuticals

-

1

.23

%

AbbVie

Inc

2.95%,

11/21/2026

300‌

281‌

3.20%,

11/21/2029

820‌

739‌

3.60%,

05/14/2025

345‌

335‌

4.05%,

11/21/2039

375‌

321‌

4.25%,

11/14/2028

140‌

136‌

4.25%,

11/21/2049

175‌

147‌

4.40%,

11/06/2042

25‌

22‌

4.45%,

05/14/2046

270‌

234‌

4.55%,

03/15/2035

170‌

161‌

4.85%,

06/15/2044

900‌

823‌

4.88%,

11/14/2048

440‌

406‌

Astrazeneca

Finance

LLC

1.75%,

05/28/2028

105‌

91‌

2.25%,

05/28/2031

60‌

50‌

4.88%,

03/03/2028

285‌

284‌

4.88%,

03/03/2033

285‌

285‌

AstraZeneca

PLC

0.70%,

04/08/2026

120‌

107‌

1.38%,

08/06/2030

160‌

127‌

2.13%,

08/06/2050

680‌

404‌

3.00%,

05/28/2051

(d)

45‌

32‌

4.38%,

08/17/2048

60‌

54‌

6.45%,

09/15/2037

30‌

34‌

Becton

Dickinson

&

Co

1.96%,

02/11/2031

60‌

48‌

3.70%,

06/06/2027

600‌

569‌

3.73%,

12/15/2024

250‌

244‌

3.79%,

05/20/2050

710‌

549‌

4.67%,

06/06/2047

155‌

138‌

4.69%,

12/15/2044

59‌

52‌

Bristol-Myers

Squibb

Co

0.75%,

11/13/2025

65‌

59‌

1.13%,

11/13/2027

120‌

104‌

1.45%,

11/13/2030

65‌

52‌

2.55%,

11/13/2050

65‌

40‌

2.95%,

03/15/2032

200‌

173‌

3.90%,

02/20/2028

130‌

125‌

4.13%,

06/15/2039

195‌

172‌

4.25%,

10/26/2049

360‌

304‌

4.35%,

11/15/2047

210‌

182‌

4.55%,

02/20/2048

171‌

152‌

Cardinal

Health

Inc

3.41%,

06/15/2027

400‌

375‌

Cigna

Group/The

1.25%,

03/15/2026

180‌

163‌

2.40%,

03/15/2030

910‌

766‌

3.20%,

03/15/2040

155‌

115‌

3.25%,

04/15/2025

100‌

96‌

3.40%,

03/15/2051

90‌

63‌

3.88%,

10/15/2047

755‌

576‌

4.13%,

11/15/2025

170‌

166‌

4.38%,

10/15/2028

175‌

169‌

4.80%,

08/15/2038

870‌

802‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

89

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

CVS

Health

Corp

1.30%,

08/21/2027

$

160‌

$

138‌

1.75%,

08/21/2030

160‌

127‌

1.88%,

02/28/2031

55‌

43‌

2.70%,

08/21/2040

160‌

107‌

3.00%,

08/15/2026

105‌

98‌

3.25%,

08/15/2029

740‌

661‌

3.88%,

07/20/2025

885‌

858‌

4.78%,

03/25/2038

800‌

716‌

4.88%,

07/20/2035

510‌

475‌

5.00%,

01/30/2029

160‌

158‌

5.05%,

03/25/2048

725‌

636‌

5.13%,

07/20/2045

430‌

383‌

5.25%,

02/21/2033

160‌

156‌

5.30%,

06/01/2033

160‌

157‌

5.63%,

02/21/2053

160‌

151‌

5.88%,

06/01/2053

320‌

313‌

Eli

Lilly

&

Co

2.50%,

09/15/2060

155‌

92‌

4.15%,

03/15/2059

600‌

508‌

4.70%,

02/27/2033

130‌

130‌

4.88%,

02/27/2053

120‌

118‌

GlaxoSmithKline

Capital

Inc

3.63%,

05/15/2025

85‌

83‌

3.88%,

05/15/2028

165‌

159‌

6.38%,

05/15/2038

760‌

865‌

Johnson

&

Johnson

0.55%,

09/01/2025

115‌

105‌

0.95%,

09/01/2027

115‌

100‌

2.10%,

09/01/2040

115‌

79‌

2.25%,

09/01/2050

115‌

72‌

2.45%,

09/01/2060

835‌

513‌

2.95%,

03/03/2027

110‌

104‌

3.70%,

03/01/2046

90‌

75‌

5.95%,

08/15/2037

75‌

83‌

McKesson

Corp

0.90%,

12/03/2025

60‌

54‌

Mead

Johnson

Nutrition

Co

4.60%,

06/01/2044

30‌

27‌

Merck

&

Co

Inc

0.75%,

02/24/2026

80‌

72‌

1.45%,

06/24/2030

210‌

169‌

1.70%,

06/10/2027

155‌

139‌

1.90%,

12/10/2028

110‌

96‌

2.15%,

12/10/2031

215‌

176‌

2.35%,

06/24/2040

135‌

94‌

2.75%,

12/10/2051

140‌

92‌

2.90%,

12/10/2061

420‌

264‌

3.60%,

09/15/2042

500‌

409‌

3.70%,

02/10/2045

600‌

490‌

4.05%,

05/17/2028

(d)

320‌

312‌

4.15%,

05/18/2043

450‌

399‌

4.50%,

05/17/2033

320‌

312‌

5.00%,

05/17/2053

320‌

313‌

Novartis

Capital

Corp

2.75%,

08/14/2050

155‌

106‌

Pfizer

Inc

0.80%,

05/28/2025

100‌

93‌

1.75%,

08/18/2031

245‌

197‌

2.55%,

05/28/2040

800‌

573‌

4.00%,

12/15/2036

45‌

41‌

4.20%,

09/15/2048

80‌

71‌

4.30%,

06/15/2043

225‌

203‌

4.40%,

05/15/2044

75‌

68‌

7.20%,

03/15/2039

60‌

73‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

Pfizer

Investment

Enterprises

Pte

Ltd

4.45%,

05/19/2026

$

620‌

$

610‌

4.45%,

05/19/2028

780‌

765‌

4.65%,

05/19/2025

320‌

317‌

4.65%,

05/19/2030

320‌

315‌

4.75%,

05/19/2033

480‌

472‌

5.11%,

05/19/2043

320‌

311‌

5.30%,

05/19/2053

880‌

880‌

5.34%,

05/19/2063

320‌

315‌

Takeda

Pharmaceutical

Co

Ltd

2.05%,

03/31/2030

700‌

576‌

3.18%,

07/09/2050

645‌

433‌

Utah

Acquisition

Sub

Inc

5.25%,

06/15/2046

305‌

241‌

Viatris

Inc

2.30%,

06/22/2027

115‌

101‌

2.70%,

06/22/2030

155‌

126‌

3.85%,

06/22/2040

115‌

80‌

4.00%,

06/22/2050

155‌

103‌

Wyeth

LLC

5.95%,

04/01/2037

60‌

64‌

Zoetis

Inc

2.00%,

05/15/2030

85‌

70‌

3.00%,

05/15/2050

40‌

27‌

5.40%,

11/14/2025

390‌

390‌

$

30,629‌

Pipelines

-

0

.85

%

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029

300‌

273‌

5.88%,

03/31/2025

600‌

598‌

Eastern

Gas

Transmission

&

Storage

Inc

4.60%,

12/15/2044

640‌

524‌

Enbridge

Energy

Partners

LP

7.38%,

10/15/2045

70‌

79‌

Enbridge

Inc

1.60%,

10/04/2026

20‌

18‌

2.50%,

01/15/2025

150‌

144‌

2.50%,

08/01/2033

465‌

361‌

3.13%,

11/15/2029

150‌

132‌

3.40%,

08/01/2051

45‌

30‌

4.25%,

12/01/2026

75‌

72‌

5.70%,

03/08/2033

160‌

160‌

Energy

Transfer

LP

2.90%,

05/15/2025

910‌

865‌

3.75%,

05/15/2030

715‌

639‌

4.05%,

03/15/2025

100‌

97‌

4.20%,

04/15/2027

300‌

286‌

4.75%,

01/15/2026

1,000‌

979‌

5.30%,

04/15/2047

500‌

424‌

5.35%,

05/15/2045

710‌

607‌

5.75%,

02/15/2033

155‌

154‌

6.25%,

04/15/2049

155‌

148‌

6.50%,

02/01/2042

370‌

368‌

Enterprise

Products

Operating

LLC

3.30%,

02/15/2053

80‌

55‌

4.20%,

01/31/2050

680‌

543‌

4.25%,

02/15/2048

250‌

204‌

4.45%,

02/15/2043

350‌

298‌

4.85%,

03/15/2044

750‌

670‌

5.05%,

01/10/2026

160‌

159‌

6.45%,

09/01/2040

490‌

522‌

6.88%,

03/01/2033

39‌

43‌

Kinder

Morgan

Energy

Partners

LP

4.70%,

11/01/2042

20‌

16‌

5.00%,

03/01/2043

550‌

466‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

90

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

(continued)

Kinder

Morgan

Inc

1.75%,

11/15/2026

$

60‌

$

54‌

2.00%,

02/15/2031

130‌

102‌

3.25%,

08/01/2050

130‌

82‌

3.60%,

02/15/2051

245‌

165‌

5.05%,

02/15/2046

30‌

25‌

5.20%,

06/01/2033

160‌

153‌

5.55%,

06/01/2045

500‌

452‌

MPLX

LP

1.75%,

03/01/2026

160‌

146‌

4.13%,

03/01/2027

840‌

804‌

4.25%,

12/01/2027

300‌

285‌

4.50%,

04/15/2038

200‌

169‌

5.00%,

03/01/2033

160‌

151‌

5.50%,

02/15/2049

830‌

740‌

ONEOK

Inc

2.20%,

09/15/2025

155‌

144‌

2.75%,

09/01/2024

375‌

364‌

3.40%,

09/01/2029

350‌

309‌

5.55%,

11/01/2026

189‌

189‌

6.05%,

09/01/2033

315‌

317‌

6.63%,

09/01/2053

155‌

156‌

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

3.55%,

12/15/2029

950‌

835‌

4.70%,

06/15/2044

330‌

258‌

Sabine

Pass

Liquefaction

LLC

4.20%,

03/15/2028

645‌

611‌

5.00%,

03/15/2027

1,075‌

1,057‌

5.63%,

03/01/2025

75‌

75‌

Targa

Resources

Corp

5.20%,

07/01/2027

220‌

218‌

6.13%,

03/15/2033

160‌

163‌

TransCanada

PipeLines

Ltd

2.50%,

10/12/2031

60‌

48‌

4.25%,

05/15/2028

300‌

286‌

4.88%,

05/15/2048

190‌

161‌

Western

Midstream

Operating

LP

6.15%,

04/01/2033

160‌

159‌

Williams

Cos

Inc/The

2.60%,

03/15/2031

160‌

131‌

3.50%,

10/15/2051

60‌

40‌

3.75%,

06/15/2027

45‌

42‌

3.90%,

01/15/2025

500‌

488‌

4.00%,

09/15/2025

50‌

48‌

4.85%,

03/01/2048

350‌

298‌

4.90%,

01/15/2045

430‌

367‌

5.10%,

09/15/2045

120‌

106‌

5.30%,

08/15/2028

250‌

249‌

5.30%,

08/15/2052

65‌

59‌

5.65%,

03/15/2033

160‌

161‌

6.30%,

04/15/2040

430‌

441‌

$

21,042‌

Private

Equity

-

0

.04

%

Brookfield

Corp

4.00%,

01/15/2025

300‌

291‌

Brookfield

Finance

Inc

2.72%,

04/15/2031

60‌

49‌

3.50%,

03/30/2051

150‌

98‌

3.90%,

01/25/2028

700‌

654‌

$

1,092‌

Regional

Authority

-

0

.31

%

Province

of

Alberta

Canada

1.00%,

05/20/2025

810‌

754‌

1.30%,

07/22/2030

175‌

142‌

3.30%,

03/15/2028

650‌

615‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Regional

Authority

(continued)

Province

of

British

Columbia

Canada

0.90%,

07/20/2026

$

515‌

$

462‌

1.30%,

01/29/2031

(d)

160‌

128‌

4.20%,

07/06/2033

315‌

307‌

6.50%,

01/15/2026

45‌

46‌

Province

of

Manitoba

Canada

1.50%,

10/25/2028

85‌

73‌

4.30%,

07/27/2033

160‌

157‌

Province

of

Ontario

Canada

0.63%,

01/21/2026

(d)

530‌

480‌

1.05%,

04/14/2026

(d)

415‌

377‌

1.13%,

10/07/2030

300‌

238‌

2.13%,

01/21/2032

675‌

564‌

3.10%,

05/19/2027

565‌

535‌

Province

of

Quebec

Canada

0.60%,

07/23/2025

600‌

553‌

1.35%,

05/28/2030

815‌

667‌

1.50%,

02/11/2025

600‌

568‌

2.88%,

10/16/2024

500‌

486‌

3.63%,

04/13/2028

(d)

320‌

308‌

4.50%,

09/08/2033

(g)

160‌

159‌

7.50%,

09/15/2029

36‌

42‌

$

7,661‌

REITs

-

0

.98

%

Alexandria

Real

Estate

Equities

Inc

1.88%,

02/01/2033

240‌

177‌

2.00%,

05/18/2032

400‌

303‌

2.75%,

12/15/2029

70‌

59‌

2.95%,

03/15/2034

65‌

51‌

3.00%,

05/18/2051

530‌

320‌

4.00%,

02/01/2050

70‌

52‌

4.90%,

12/15/2030

80‌

77‌

5.15%,

04/15/2053

160‌

143‌

American

Tower

Corp

1.30%,

09/15/2025

80‌

73‌

1.60%,

04/15/2026

60‌

54‌

1.88%,

10/15/2030

550‌

428‌

2.75%,

01/15/2027

1,000‌

914‌

2.90%,

01/15/2030

155‌

132‌

2.95%,

01/15/2051

60‌

36‌

3.38%,

10/15/2026

500‌

468‌

3.65%,

03/15/2027

515‌

483‌

3.70%,

10/15/2049

300‌

209‌

3.95%,

03/15/2029

200‌

184‌

4.00%,

06/01/2025

600‌

582‌

5.25%,

07/15/2028

160‌

158‌

5.65%,

03/15/2033

160‌

159‌

AvalonBay

Communities

Inc

1.90%,

12/01/2028

60‌

51‌

2.05%,

01/15/2032

60‌

48‌

2.30%,

03/01/2030

755‌

630‌

5.00%,

02/15/2033

155‌

154‌

Boston

Properties

LP

2.55%,

04/01/2032

245‌

184‌

2.90%,

03/15/2030

600‌

488‌

3.20%,

01/15/2025

700‌

671‌

3.65%,

02/01/2026

1,000‌

942‌

Corporate

Office

Properties

LP

2.75%,

04/15/2031

60‌

46‌

Crown

Castle

Inc

1.05%,

07/15/2026

115‌

102‌

1.35%,

07/15/2025

115‌

106‌

2.50%,

07/15/2031

60‌

48‌

2.90%,

04/01/2041

60‌

40‌

3.10%,

11/15/2029

125‌

109‌

3.20%,

09/01/2024

75‌

73‌

3.25%,

01/15/2051

115‌

75‌

3.70%,

06/15/2026

600‌

571‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

91

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

Crown

Castle

Inc  

(continued)

3.80%,

02/15/2028

$

430‌

$

400‌

4.00%,

11/15/2049

95‌

70‌

5.00%,

01/11/2028

160‌

157‌

5.10%,

05/01/2033

350‌

337‌

CubeSmart

LP

2.00%,

02/15/2031

110‌

86‌

2.25%,

12/15/2028

60‌

51‌

Digital

Realty

Trust

LP

5.55%,

01/15/2028

345‌

344‌

Equinix

Inc

1.00%,

09/15/2025

(d)

850‌

775‌

1.25%,

07/15/2025

155‌

143‌

1.80%,

07/15/2027

155‌

135‌

2.50%,

05/15/2031

460‌

373‌

2.63%,

11/18/2024

150‌

145‌

3.20%,

11/18/2029

130‌

114‌

3.40%,

02/15/2052

60‌

41‌

ERP

Operating

LP

1.85%,

08/01/2031

115‌

90‌

Essex

Portfolio

LP

1.70%,

03/01/2028

60‌

51‌

3.00%,

01/15/2030

140‌

119‌

4.00%,

03/01/2029

784‌

725‌

Extra

Space

Storage

LP

2.20%,

10/15/2030

75‌

60‌

2.40%,

10/15/2031

60‌

47‌

5.50%,

07/01/2030

160‌

159‌

Federal

Realty

OP

LP

1.25%,

02/15/2026

115‌

104‌

GLP

Capital

LP

/

GLP

Financing

II

Inc

4.00%,

01/15/2030

140‌

122‌

5.25%,

06/01/2025

400‌

393‌

Healthcare

Realty

Holdings

LP

2.00%,

03/15/2031

150‌

116‌

Healthpeak

OP

LLC

2.13%,

12/01/2028

210‌

179‌

5.25%,

12/15/2032

80‌

77‌

Kilroy

Realty

LP

2.50%,

11/15/2032

160‌

113‌

Kimco

Realty

OP

LLC

2.25%,

12/01/2031

60‌

46‌

2.70%,

10/01/2030

160‌

132‌

3.70%,

10/01/2049

30‌

21‌

4.60%,

02/01/2033

165‌

152‌

Mid-America

Apartments

LP

1.70%,

02/15/2031

120‌

95‌

NNN

REIT

Inc

3.60%,

12/15/2026

300‌

280‌

Omega

Healthcare

Investors

Inc

4.75%,

01/15/2028

30‌

28‌

Prologis

LP

1.25%,

10/15/2030

160‌

123‌

1.75%,

07/01/2030

155‌

124‌

2.25%,

01/15/2032

60‌

48‌

2.88%,

11/15/2029

75‌

66‌

3.00%,

04/15/2050

680‌

447‌

4.63%,

01/15/2033

575‌

552‌

4.88%,

06/15/2028

160‌

158‌

Public

Storage

Operating

Co

0.88%,

02/15/2026

40‌

36‌

1.85%,

05/01/2028

115‌

100‌

2.25%,

11/09/2031

60‌

49‌

5.10%,

08/01/2033

160‌

159‌

5.13%,

01/15/2029

160‌

160‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

Realty

Income

Corp

0.75%,

03/15/2026

$

40‌

$

36‌

2.20%,

06/15/2028

65‌

56‌

3.10%,

12/15/2029

300‌

265‌

3.25%,

01/15/2031

160‌

138‌

4.13%,

10/15/2026

220‌

213‌

4.85%,

03/15/2030

160‌

155‌

4.88%,

06/01/2026

700‌

692‌

4.90%,

07/15/2033

160‌

152‌

Simon

Property

Group

LP

1.75%,

02/01/2028

555‌

476‌

2.00%,

09/13/2024

150‌

144‌

2.65%,

02/01/2032

765‌

614‌

3.25%,

11/30/2026

300‌

281‌

3.30%,

01/15/2026

700‌

667‌

3.50%,

09/01/2025

160‌

154‌

4.75%,

03/15/2042

164‌

139‌

Spirit

Realty

LP

2.10%,

03/15/2028

60‌

51‌

UDR

Inc

2.10%,

08/01/2032

100‌

75‌

3.20%,

01/15/2030

145‌

128‌

Ventas

Realty

LP

3.00%,

01/15/2030

500‌

426‌

4.75%,

11/15/2030

525‌

492‌

VICI

Properties

LP

4.38%,

05/15/2025

200‌

194‌

Welltower

OP

LLC

2.75%,

01/15/2032

1,115‌

902‌

4.13%,

03/15/2029

300‌

279‌

WP

Carey

Inc

2.40%,

02/01/2031

65‌

52‌

$

24,483‌

Retail

-

0

.64

%

AutoZone

Inc

1.65%,

01/15/2031

160‌

124‌

Costco

Wholesale

Corp

1.38%,

06/20/2027

125‌

111‌

1.75%,

04/20/2032

150‌

119‌

Dollar

Tree

Inc

4.20%,

05/15/2028

130‌

123‌

Home

Depot

Inc/The

0.90%,

03/15/2028

55‌

46‌

1.88%,

09/15/2031

760‌

611‌

2.13%,

09/15/2026

350‌

323‌

2.38%,

03/15/2051

55‌

33‌

2.70%,

04/15/2025

65‌

62‌

2.75%,

09/15/2051

60‌

39‌

2.88%,

04/15/2027

65‌

61‌

2.95%,

06/15/2029

500‌

454‌

3.13%,

12/15/2049

235‌

165‌

4.00%,

09/15/2025

265‌

260‌

4.20%,

04/01/2043

300‌

262‌

4.25%,

04/01/2046

180‌

154‌

4.40%,

03/15/2045

300‌

263‌

4.95%,

09/15/2052

135‌

129‌

5.88%,

12/16/2036

400‌

429‌

Lowe's

Cos

Inc

1.30%,

04/15/2028

130‌

110‌

1.70%,

10/15/2030

130‌

103‌

2.50%,

04/15/2026

90‌

84‌

3.38%,

09/15/2025

50‌

48‌

3.65%,

04/05/2029

135‌

125‌

3.70%,

04/15/2046

20‌

15‌

3.75%,

04/01/2032

65‌

58‌

4.00%,

04/15/2025

700‌

684‌

4.25%,

04/01/2052

540‌

427‌

4.40%,

09/08/2025

130‌

128‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

92

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Retail

(continued)

Lowe’s

Cos

Inc  

(continued)

4.55%,

04/05/2049

$

135‌

$

113‌

4.80%,

04/01/2026

160‌

158‌

5.00%,

04/15/2033

130‌

127‌

5.00%,

04/15/2040

155‌

144‌

5.63%,

04/15/2053

380‌

369‌

5.75%,

07/01/2053

160‌

158‌

McDonald's

Corp

2.63%,

09/01/2029

140‌

124‌

3.70%,

01/30/2026

150‌

145‌

3.70%,

02/15/2042

300‌

238‌

4.45%,

03/01/2047

1,000‌

863‌

4.95%,

08/14/2033

315‌

312‌

5.15%,

09/09/2052

255‌

244‌

6.30%,

03/01/2038

600‌

654‌

O'Reilly

Automotive

Inc

1.75%,

03/15/2031

75‌

59‌

Starbucks

Corp

2.00%,

03/12/2027

580‌

523‌

3.00%,

02/14/2032

345‌

296‌

3.75%,

12/01/2047

370‌

282‌

4.30%,

06/15/2045

225‌

188‌

4.45%,

08/15/2049

220‌

187‌

4.80%,

02/15/2033

(d)

120‌

117‌

Target

Corp

1.95%,

01/15/2027

(d)

280‌

255‌

2.95%,

01/15/2052

325‌

217‌

4.50%,

09/15/2032

690‌

666‌

4.80%,

01/15/2053

160‌

147‌

TJX

Cos

Inc/The

1.15%,

05/15/2028

65‌

55‌

1.60%,

05/15/2031

65‌

52‌

Walmart

Inc

1.05%,

09/17/2026

105‌

94‌

1.50%,

09/22/2028

105‌

91‌

1.80%,

09/22/2031

160‌

131‌

2.50%,

09/22/2041

135‌

96‌

2.65%,

09/22/2051

105‌

71‌

3.90%,

09/09/2025

130‌

127‌

3.90%,

04/15/2028

540‌

524‌

3.95%,

06/28/2038

195‌

175‌

4.00%,

04/15/2026

255‌

250‌

4.00%,

04/15/2030

275‌

266‌

4.00%,

04/11/2043

250‌

219‌

4.05%,

06/29/2048

100‌

88‌

4.10%,

04/15/2033

275‌

262‌

4.15%,

09/09/2032

630‌

611‌

4.50%,

09/09/2052

630‌

586‌

$

15,834‌

Semiconductors

-

0

.58

%

Analog

Devices

Inc

2.10%,

10/01/2031

40‌

33‌

2.80%,

10/01/2041

60‌

43‌

Applied

Materials

Inc

4.35%,

04/01/2047

45‌

41‌

Broadcom

Corp

/

Broadcom

Cayman

Finance

Ltd

3.88%,

01/15/2027

650‌

618‌

Broadcom

Inc

3.14%,

11/15/2035

(i)

738‌

563‌

3.19%,

11/15/2036

(i)

30‌

22‌

3.42%,

04/15/2033

(i)

452‌

374‌

3.47%,

04/15/2034

(i)

415‌

339‌

3.75%,

02/15/2051

(i)

570‌

409‌

4.15%,

11/15/2030

310‌

283‌

4.75%,

04/15/2029

355‌

342‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Semiconductors

(continued)

Intel

Corp

2.00%,

08/12/2031

$

60‌

$

48‌

3.05%,

08/12/2051

60‌

39‌

3.15%,

05/11/2027

150‌

140‌

3.20%,

08/12/2061

60‌

38‌

3.40%,

03/25/2025

155‌

150‌

3.73%,

12/08/2047

105‌

80‌

3.75%,

03/25/2027

155‌

149‌

3.75%,

08/05/2027

65‌

62‌

4.00%,

08/05/2029

585‌

557‌

4.10%,

05/19/2046

250‌

204‌

4.15%,

08/05/2032

(d)

765‌

720‌

4.60%,

03/25/2040

155‌

141‌

4.88%,

02/10/2026

605‌

602‌

5.20%,

02/10/2033

300‌

300‌

5.63%,

02/10/2043

300‌

299‌

5.70%,

02/10/2053

605‌

599‌

KLA

Corp

4.95%,

07/15/2052

140‌

132‌

Lam

Research

Corp

2.88%,

06/15/2050

500‌

334‌

Marvell

Technology

Inc

2.45%,

04/15/2028

115‌

101‌

Micron

Technology

Inc

2.70%,

04/15/2032

90‌

71‌

4.19%,

02/15/2027

405‌

386‌

NVIDIA

Corp

1.55%,

06/15/2028

60‌

52‌

2.00%,

06/15/2031

115‌

95‌

3.50%,

04/01/2040

600‌

499‌

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.50%,

05/11/2031

115‌

93‌

3.13%,

02/15/2042

265‌

181‌

3.15%,

05/01/2027

80‌

74‌

3.25%,

05/11/2041

60‌

43‌

4.40%,

06/01/2027

480‌

462‌

QUALCOMM

Inc

1.30%,

05/20/2028

327‌

278‌

1.65%,

05/20/2032

243‌

189‌

4.50%,

05/20/2052

950‌

829‌

4.80%,

05/20/2045

110‌

104‌

6.00%,

05/20/2053

155‌

167‌

Texas

Instruments

Inc

1.13%,

09/15/2026

60‌

54‌

1.75%,

05/04/2030

650‌

542‌

1.90%,

09/15/2031

60‌

49‌

4.15%,

05/15/2048

165‌

143‌

4.60%,

02/15/2028

160‌

159‌

4.90%,

03/14/2033

160‌

161‌

5.00%,

03/14/2053

160‌

156‌

TSMC

Arizona

Corp

1.75%,

10/25/2026

750‌

676‌

3.88%,

04/22/2027

1,190‌

1,145‌

$

14,370‌

Software

-

0

.74

%

Activision

Blizzard

Inc

1.35%,

09/15/2030

80‌

64‌

2.50%,

09/15/2050

160‌

102‌

Electronic

Arts

Inc

1.85%,

02/15/2031

60‌

48‌

Fidelity

National

Information

Services

Inc

1.65%,

03/01/2028

1,105‌

947‌

3.10%,

03/01/2041

55‌

38‌

4.50%,

07/15/2025

700‌

686‌

5.10%,

07/15/2032

(d)

550‌

539‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

93

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Fiserv

Inc

3.50%,

07/01/2029

$

900‌

$

821‌

3.85%,

06/01/2025

250‌

243‌

4.40%,

07/01/2049

590‌

482‌

5.45%,

03/02/2028

240‌

241‌

5.63%,

08/21/2033

155‌

156‌

Intuit

Inc

1.35%,

07/15/2027

160‌

140‌

Microsoft

Corp

2.40%,

08/08/2026

250‌

234‌

2.53%,

06/01/2050

311‌

206‌

2.68%,

06/01/2060

349‌

224‌

2.92%,

03/17/2052

476‌

338‌

3.04%,

03/17/2062

1,141‌

790‌

3.30%,

02/06/2027

140‌

135‌

3.45%,

08/08/2036

225‌

200‌

3.70%,

08/08/2046

500‌

424‌

Oracle

Corp

2.30%,

03/25/2028

115‌

101‌

2.50%,

04/01/2025

555‌

528‌

2.65%,

07/15/2026

300‌

279‌

2.80%,

04/01/2027

155‌

142‌

2.88%,

03/25/2031

115‌

97‌

2.95%,

11/15/2024

85‌

82‌

2.95%,

05/15/2025

105‌

101‌

2.95%,

04/01/2030

655‌

568‌

3.60%,

04/01/2040

355‌

269‌

3.60%,

04/01/2050

700‌

484‌

3.65%,

03/25/2041

115‌

87‌

3.90%,

05/15/2035

130‌

111‌

3.95%,

03/25/2051

115‌

84‌

4.00%,

07/15/2046

500‌

376‌

4.00%,

11/15/2047

75‌

56‌

4.10%,

03/25/2061

60‌

43‌

4.30%,

07/08/2034

75‌

67‌

4.38%,

05/15/2055

150‌

115‌

4.50%,

05/06/2028

285‌

276‌

4.50%,

07/08/2044

50‌

41‌

4.65%,

05/06/2030

530‌

509‌

5.55%,

02/06/2053

305‌

284‌

5.80%,

11/10/2025

715‌

722‌

6.13%,

07/08/2039

60‌

61‌

6.15%,

11/09/2029

180‌

187‌

6.25%,

11/09/2032

360‌

377‌

6.90%,

11/09/2052

360‌

392‌

Roper

Technologies

Inc

1.40%,

09/15/2027

860‌

745‌

2.35%,

09/15/2024

90‌

87‌

2.95%,

09/15/2029

1,200‌

1,061‌

Salesforce

Inc

1.95%,

07/15/2031

60‌

49‌

2.70%,

07/15/2041

265‌

189‌

2.90%,

07/15/2051

815‌

546‌

ServiceNow

Inc

1.40%,

09/01/2030

160‌

126‌

Take-Two

Interactive

Software

Inc

3.55%,

04/14/2025

215‌

208‌

4.95%,

03/28/2028

160‌

158‌

VMware

Inc

1.40%,

08/15/2026

1,180‌

1,046‌

1.80%,

08/15/2028

685‌

574‌

2.20%,

08/15/2031

115‌

90‌

$

18,376‌

Sovereign

-

1

.64

%

Canada

Government

International

Bond

0.75%,

05/19/2026

615‌

554‌

1.63%,

01/22/2025

200‌

191‌

2.88%,

04/28/2025

710‌

686‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Canada

Government

International

Bond  

(continued)

3.75%,

04/26/2028

$

705‌

$

687‌

Chile

Government

International

Bond

2.45%,

01/31/2031

(d)

300‌

255‌

2.55%,

01/27/2032

(d)

400‌

336‌

2.75%,

01/31/2027

1,100‌

1,021‌

3.10%,

05/07/2041

400‌

291‌

3.24%,

02/06/2028

500‌

466‌

3.50%,

04/15/2053

200‌

144‌

4.00%,

01/31/2052

200‌

158‌

4.95%,

01/05/2036

315‌

304‌

Export

Development

Canada

3.38%,

08/26/2025

625‌

607‌

3.88%,

02/14/2028

315‌

308‌

4.38%,

06/29/2026

475‌

471‌

Export-Import

Bank

of

Korea

1.25%,

01/18/2025

200‌

189‌

1.38%,

02/09/2031

200‌

155‌

2.63%,

05/26/2026

700‌

651‌

4.25%,

09/15/2027

200‌

195‌

4.50%,

09/15/2032

200‌

193‌

4.88%,

01/11/2026

310‌

307‌

Indonesia

Government

International

Bond

2.15%,

07/28/2031

200‌

162‌

2.85%,

02/14/2030

200‌

175‌

3.05%,

03/12/2051

200‌

141‌

3.50%,

01/11/2028

500‌

467‌

3.70%,

10/30/2049

(d)

200‌

153‌

4.20%,

10/15/2050

(d)

400‌

333‌

4.35%,

01/11/2048

200‌

171‌

4.55%,

01/11/2028

200‌

195‌

4.65%,

09/20/2032

200‌

193‌

4.75%,

02/11/2029

700‌

681‌

5.65%,

01/11/2053

400‌

408‌

Israel

Government

International

Bond

2.75%,

07/03/2030

400‌

348‌

3.88%,

07/03/2050

200‌

155‌

4.13%,

01/17/2048

200‌

162‌

4.50%,

01/17/2033

200‌

192‌

4.50%,

01/30/2043

200‌

176‌

Japan

Bank

for

International

Cooperation

1.25%,

01/21/2031

200‌

157‌

1.75%,

10/17/2024

500‌

479‌

1.88%,

07/21/2026

264‌

242‌

2.13%,

02/16/2029

200‌

175‌

2.25%,

11/04/2026

400‌

368‌

2.75%,

01/21/2026

400‌

379‌

2.88%,

04/14/2025

500‌

481‌

2.88%,

07/21/2027

330‌

307‌

3.88%,

09/16/2025

(d)

900‌

877‌

4.25%,

04/27/2026

240‌

236‌

4.63%,

07/19/2028

200‌

199‌

Korea

International

Bond

1.00%,

09/16/2030

200‌

159‌

3.88%,

09/20/2048

250‌

212‌

Mexico

Government

International

Bond

2.66%,

05/24/2031

500‌

414‌

3.25%,

04/16/2030

200‌

177‌

3.50%,

02/12/2034

400‌

332‌

3.75%,

01/11/2028

225‌

213‌

3.75%,

04/19/2071

200‌

128‌

3.90%,

04/27/2025

400‌

392‌

4.13%,

01/21/2026

750‌

736‌

4.50%,

04/22/2029

800‌

772‌

4.60%,

01/23/2046

200‌

162‌

4.60%,

02/10/2048

300‌

241‌

4.75%,

03/08/2044

500‌

419‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

94

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Mexico

Government

International

Bond  

(continued)

5.55%,

01/21/2045

(d)

$

360‌

$

336‌

5.75%,

10/12/2110

100‌

87‌

6.05%,

01/11/2040

700‌

698‌

6.34%,

05/04/2053

500‌

499‌

6.35%,

02/09/2035

200‌

207‌

6.75%,

09/27/2034

650‌

695‌

Panama

Government

International

Bond

2.25%,

09/29/2032

200‌

152‌

3.16%,

01/23/2030

600‌

522‌

3.30%,

01/19/2033

500‌

411‌

3.75%,

03/16/2025

400‌

387‌

3.88%,

03/17/2028

700‌

657‌

4.30%,

04/29/2053

200‌

144‌

4.50%,

04/16/2050

200‌

149‌

6.70%,

01/26/2036

600‌

629‌

6.85%,

03/28/2054

400‌

409‌

Peruvian

Government

International

Bond

1.86%,

12/01/2032

60‌

45‌

2.78%,

01/23/2031

920‌

780‌

2.78%,

12/01/2060

60‌

35‌

3.30%,

03/11/2041

300‌

222‌

3.55%,

03/10/2051

(d)

60‌

43‌

4.13%,

08/25/2027

600‌

580‌

5.63%,

11/18/2050

150‌

149‌

6.55%,

03/14/2037

400‌

435‌

8.75%,

11/21/2033

180‌

224‌

Philippine

Government

International

Bond

2.65%,

12/10/2045

400‌

258‌

3.00%,

02/01/2028

300‌

276‌

3.20%,

07/06/2046

200‌

143‌

3.70%,

03/01/2041

400‌

320‌

3.70%,

02/02/2042

500‌

399‌

5.00%,

07/17/2033

200‌

199‌

5.17%,

10/13/2027

500‌

501‌

5.50%,

01/17/2048

200‌

201‌

5.61%,

04/13/2033

500‌

520‌

7.75%,

01/14/2031

190‌

221‌

10.63%,

03/16/2025

100‌

108‌

Republic

of

Italy

Government

International

Bond

1.25%,

02/17/2026

700‌

630‌

2.38%,

10/17/2024

200‌

192‌

2.88%,

10/17/2029

900‌

783‌

3.88%,

05/06/2051

400‌

280‌

5.38%,

06/15/2033

205‌

201‌

Republic

of

Poland

Government

International

Bond

4.88%,

10/04/2033

320‌

310‌

State

of

Israel

2.50%,

01/15/2030

200‌

172‌

3.38%,

01/15/2050

200‌

141‌

Svensk

Exportkredit

AB

0.50%,

08/26/2025

720‌

658‌

3.63%,

09/03/2024

700‌

686‌

4.00%,

07/15/2025

420‌

412‌

4.13%,

06/14/2028

320‌

314‌

4.38%,

02/13/2026

315‌

311‌

Tennessee

Valley

Authority

3.50%,

12/15/2042

200‌

162‌

3.88%,

03/15/2028

740‌

725‌

4.25%,

09/15/2065

115‌

100‌

5.25%,

09/15/2039

250‌

257‌

5.38%,

04/01/2056

196‌

207‌

5.88%,

04/01/2036

325‌

362‌

6.75%,

11/01/2025

57‌

59‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Uruguay

Government

International

Bond

4.13%,

11/20/2045

$

136‌

$

120‌

4.38%,

10/27/2027

80‌

80‌

4.98%,

04/20/2055

100‌

94‌

5.10%,

06/18/2050

300‌

288‌

5.75%,

10/28/2034

(d)

155‌

166‌

7.63%,

03/21/2036

750‌

905‌

$

40,794‌

Supranational

Bank

-

1

.33

%

African

Development

Bank

0.88%,

03/23/2026

705‌

640‌

0.88%,

07/22/2026

115‌

103‌

4.38%,

03/14/2028

320‌

319‌

Asian

Development

Bank

0.38%,

09/03/2025

310‌

283‌

0.50%,

02/04/2026

400‌

361‌

1.00%,

04/14/2026

865‌

787‌

1.50%,

01/20/2027

125‌

113‌

1.50%,

03/04/2031

115‌

94‌

1.75%,

09/19/2029

300‌

259‌

1.88%,

03/15/2029

135‌

118‌

2.13%,

03/19/2025

300‌

287‌

2.38%,

08/10/2027

500‌

463‌

2.75%,

01/19/2028

130‌

121‌

2.88%,

05/06/2025

885‌

854‌

3.13%,

08/20/2027

790‌

752‌

3.13%,

04/27/2032

135‌

124‌

3.75%,

04/25/2028

320‌

311‌

3.88%,

09/28/2032

450‌

436‌

3.88%,

06/14/2033

320‌

310‌

4.00%,

01/12/2033

160‌

157‌

4.13%,

09/27/2024

300‌

296‌

4.25%,

01/09/2026

310‌

306‌

4.50%,

08/25/2028

380‌

382‌

5.82%,

06/16/2028

39‌

41‌

Asian

Infrastructure

Investment

Bank/The

0.50%,

05/28/2025

400‌

369‌

3.38%,

06/29/2025

540‌

523‌

3.75%,

09/14/2027

(d)

255‌

247‌

Council

Of

Europe

Development

Bank

1.38%,

02/27/2025

310‌

293‌

3.63%,

01/26/2028

315‌

305‌

3.75%,

05/25/2026

315‌

307‌

European

Bank

for

Reconstruction

&

Development

0.50%,

11/25/2025

150‌

136‌

0.50%,

01/28/2026

515‌

466‌

4.38%,

03/09/2028

255‌

255‌

European

Investment

Bank

0.38%,

12/15/2025

305‌

276‌

0.38%,

03/26/2026

870‌

781‌

0.63%,

10/21/2027

60‌

52‌

0.75%,

10/26/2026

660‌

587‌

1.25%,

02/14/2031

255‌

207‌

1.38%,

03/15/2027

425‌

382‌

1.63%,

03/14/2025

780‌

740‌

1.63%,

05/13/2031

60‌

50‌

1.75%,

03/15/2029

315‌

275‌

1.88%,

02/10/2025

750‌

716‌

2.38%,

05/24/2027

120‌

111‌

3.25%,

11/15/2027

710‌

679‌

3.63%,

07/15/2030

320‌

307‌

3.75%,

02/14/2033

615‌

592‌

3.88%,

03/15/2028

310‌

303‌

4.50%,

10/16/2028

470‌

473‌

Inter-American

Development

Bank

0.50%,

09/23/2024

445‌

423‌

0.63%,

09/16/2027

305‌

262‌

0.88%,

04/20/2026

900‌

816‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

95

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Supranational

Bank

(continued)

Inter-American

Development

Bank  

(continued)

1.13%,

07/20/2028

$

515‌

$

441‌

1.13%,

01/13/2031

610‌

488‌

1.50%,

01/13/2027

425‌

385‌

1.75%,

03/14/2025

230‌

219‌

2.13%,

01/15/2025

900‌

863‌

2.38%,

07/07/2027

250‌

232‌

3.13%,

09/18/2028

300‌

283‌

3.50%,

09/14/2029

255‌

244‌

3.50%,

04/12/2033

320‌

301‌

4.00%,

01/12/2028

310‌

305‌

4.38%,

01/24/2044

50‌

48‌

4.50%,

05/15/2026

315‌

314‌

International

Bank

for

Reconstruction

&

Development

0.50%,

10/28/2025

400‌

365‌

0.63%,

04/22/2025

693‌

645‌

0.75%,

11/24/2027

270‌

232‌

0.75%,

08/26/2030

710‌

558‌

0.88%,

07/15/2026

325‌

293‌

1.25%,

02/10/2031

615‌

496‌

1.38%,

04/20/2028

365‌

319‌

1.63%,

01/15/2025

470‌

448‌

1.63%,

11/03/2031

495‌

407‌

1.75%,

10/23/2029

950‌

819‌

2.50%,

11/25/2024

800‌

773‌

2.50%,

07/29/2025

170‌

162‌

2.50%,

03/29/2032

(d)

620‌

544‌

3.13%,

06/15/2027

(d)

935‌

890‌

3.50%,

07/12/2028

480‌

462‌

3.63%,

09/21/2029

295‌

284‌

3.88%,

02/14/2030

315‌

306‌

4.00%,

07/25/2030

615‌

602‌

International

Finance

Corp

0.38%,

07/16/2025

315‌

290‌

3.63%,

09/15/2025

435‌

424‌

4.50%,

07/13/2028

215‌

216‌

Nordic

Investment

Bank

0.38%,

09/11/2025

230‌

210‌

0.50%,

01/21/2026

200‌

181‌

3.38%,

09/08/2027

235‌

226‌

$

33,125‌

Telecommunications

-

1

.08

%

America

Movil

SAB

de

CV

2.88%,

05/07/2030

600‌

518‌

3.63%,

04/22/2029

1,000‌

919‌

4.38%,

04/22/2049

(d)

450‌

381‌

6.13%,

03/30/2040

380‌

397‌

AT&T

Inc

1.65%,

02/01/2028

200‌

171‌

1.70%,

03/25/2026

340‌

310‌

2.25%,

02/01/2032

145‌

113‌

2.30%,

06/01/2027

750‌

671‌

3.10%,

02/01/2043

(d)

145‌

101‌

3.50%,

06/01/2041

1,005‌

737‌

3.50%,

09/15/2053

1,002‌

659‌

3.55%,

09/15/2055

815‌

532‌

3.65%,

09/15/2059

999‌

646‌

4.35%,

03/01/2029

500‌

473‌

4.35%,

06/15/2045

600‌

474‌

4.50%,

05/15/2035

700‌

622‌

4.50%,

03/09/2048

500‌

399‌

5.40%,

02/15/2034

320‌

311‌

Bell

Telephone

Co

of

Canada

or

Bell

Canada/The

3.65%,

03/17/2051

60‌

43‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

Cisco

Systems

Inc

2.50%,

09/20/2026

$

400‌

$

375‌

5.50%,

01/15/2040

735‌

763‌

5.90%,

02/15/2039

400‌

434‌

Juniper

Networks

Inc

2.00%,

12/10/2030

55‌

43‌

Orange

SA

5.38%,

01/13/2042

30‌

29‌

Rogers

Communications

Inc/Ontario

2.95%,

03/15/2025

65‌

62‌

3.20%,

03/15/2027

130‌

120‌

3.70%,

11/15/2049

90‌

61‌

3.80%,

03/15/2032

65‌

56‌

5.00%,

03/15/2044

75‌

64‌

7.50%,

08/15/2038

250‌

270‌

Sprint

Capital

Corp

6.88%,

11/15/2028

320‌

338‌

Telefonica

Emisiones

SA

4.10%,

03/08/2027

700‌

666‌

5.21%,

03/08/2047

550‌

461‌

7.05%,

06/20/2036

700‌

746‌

T-Mobile

USA

Inc

1.50%,

02/15/2026

155‌

141‌

2.05%,

02/15/2028

190‌

166‌

2.25%,

11/15/2031

150‌

119‌

2.40%,

03/15/2029

25‌

21‌

2.55%,

02/15/2031

600‌

494‌

2.63%,

02/15/2029

1,190‌

1,030‌

3.00%,

02/15/2041

150‌

106‌

3.30%,

02/15/2051

500‌

336‌

3.38%,

04/15/2029

600‌

538‌

3.40%,

10/15/2052

485‌

329‌

3.50%,

04/15/2025

155‌

150‌

3.50%,

04/15/2031

600‌

524‌

3.75%,

04/15/2027

315‌

299‌

3.88%,

04/15/2030

600‌

548‌

4.38%,

04/15/2040

155‌

133‌

4.80%,

07/15/2028

160‌

156‌

4.95%,

03/15/2028

95‌

94‌

5.05%,

07/15/2033

160‌

154‌

5.20%,

01/15/2033

160‌

157‌

5.65%,

01/15/2053

265‌

258‌

5.75%,

01/15/2054

160‌

158‌

Verizon

Communications

Inc

1.45%,

03/20/2026

115‌

104‌

1.50%,

09/18/2030

180‌

141‌

1.68%,

10/30/2030

1,911‌

1,494‌

1.75%,

01/20/2031

135‌

105‌

2.10%,

03/22/2028

175‌

153‌

2.36%,

03/15/2032

65‌

51‌

2.55%,

03/21/2031

115‌

95‌

2.65%,

11/20/2040

750‌

501‌

2.88%,

11/20/2050

505‌

310‌

2.99%,

10/30/2056

89‌

53‌

3.00%,

11/20/2060

65‌

38‌

3.38%,

02/15/2025

700‌

679‌

3.40%,

03/22/2041

715‌

531‌

3.55%,

03/22/2051

115‌

81‌

3.70%,

03/22/2061

480‌

327‌

3.85%,

11/01/2042

90‌

70‌

4.13%,

03/16/2027

600‌

578‌

4.33%,

09/21/2028

60‌

57‌

4.40%,

11/01/2034

300‌

272‌

4.67%,

03/15/2055

650‌

548‌

4.81%,

03/15/2039

75‌

68‌

4.86%,

08/21/2046

300‌

264‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

96

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

Vodafone

Group

PLC

4.13%,

05/30/2025

$

675‌

$

660‌

4.25%,

09/17/2050

250‌

193‌

4.38%,

02/19/2043

360‌

293‌

5.63%,

02/10/2053

160‌

151‌

6.15%,

02/27/2037

240‌

246‌

$

26,939‌

Transportation

-

0

.54

%

Burlington

Northern

Santa

Fe

LLC

3.05%,

02/15/2051

600‌

410‌

3.40%,

09/01/2024

70‌

69‌

3.55%,

02/15/2050

155‌

119‌

4.15%,

04/01/2045

200‌

169‌

4.40%,

03/15/2042

30‌

26‌

4.45%,

01/15/2053

40‌

36‌

5.20%,

04/15/2054

160‌

157‌

5.40%,

06/01/2041

710‌

709‌

Canadian

National

Railway

Co

3.85%,

08/05/2032

915‌

845‌

Canadian

Pacific

Railway

Co

1.75%,

12/02/2026

145‌

130‌

2.45%,

12/02/2031

85‌

75‌

3.00%,

12/02/2041

85‌

70‌

3.10%,

12/02/2051

985‌

669‌

6.13%,

09/15/2115

75‌

78‌

CSX

Corp

2.40%,

02/15/2030

60‌

51‌

3.35%,

09/15/2049

60‌

43‌

3.80%,

03/01/2028

75‌

71‌

3.80%,

04/15/2050

700‌

542‌

4.30%,

03/01/2048

200‌

168‌

4.50%,

11/15/2052

160‌

139‌

FedEx

Corp

3.10%,

08/05/2029

800‌

717‌

3.88%,

08/01/2042

30‌

24‌

4.55%,

04/01/2046

820‌

687‌

5.10%,

01/15/2044

880‌

802‌

Norfolk

Southern

Corp

2.30%,

05/15/2031

60‌

49‌

2.55%,

11/01/2029

150‌

129‌

2.90%,

08/25/2051

60‌

38‌

3.94%,

11/01/2047

192‌

152‌

4.05%,

08/15/2052

200‌

159‌

4.45%,

03/01/2033

160‌

152‌

4.55%,

06/01/2053

990‌

856‌

4.84%,

10/01/2041

630‌

573‌

5.35%,

08/01/2054

125‌

122‌

Ryder

System

Inc

2.90%,

12/01/2026

150‌

138‌

4.30%,

06/15/2027

20‌

19‌

Union

Pacific

Corp

2.38%,

05/20/2031

710‌

596‌

2.80%,

02/14/2032

110‌

94‌

2.89%,

04/06/2036

140‌

111‌

2.97%,

09/16/2062

90‌

55‌

3.20%,

05/20/2041

60‌

46‌

3.38%,

02/14/2042

65‌

51‌

3.55%,

08/15/2039

435‌

353‌

3.80%,

10/01/2051

310‌

245‌

3.80%,

04/06/2071

590‌

433‌

3.84%,

03/20/2060

220‌

168‌

3.95%,

08/15/2059

410‌

318‌

4.00%,

04/15/2047

250‌

202‌

4.50%,

01/20/2033

130‌

126‌

4.95%,

09/09/2052

130‌

126‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Transportation

(continued)

United

Parcel

Service

Inc

2.50%,

09/01/2029

$

125‌

$

111‌

3.40%,

09/01/2049

180‌

137‌

3.90%,

04/01/2025

155‌

152‌

4.88%,

03/03/2033

410‌

410‌

4.88%,

11/15/2040

30‌

29‌

5.05%,

03/03/2053

410‌

400‌

$

13,356‌

Trucking

&

Leasing

-

0

.00

%

GATX

Corp

1.90%,

06/01/2031

115‌

87‌

Water

-

0

.04

%

American

Water

Capital

Corp

2.30%,

06/01/2031

60‌

49‌

3.25%,

06/01/2051

300‌

210‌

3.75%,

09/01/2047

740‌

574‌

4.45%,

06/01/2032

130‌

123‌

6.59%,

10/15/2037

13‌

15‌

Essential

Utilities

Inc

2.40%,

05/01/2031

60‌

48‌

5.30%,

05/01/2052

65‌

59‌

$

1,078‌

TOTAL

BONDS

$

718,063‌

MUNICIPAL

BONDS

-

0

.13

%

Principal

Amount

(000's)

Value

(000's)

California

-

0

.04

%

Bay

Area

Toll

Authority

6.26%,

04/01/2049

$

175‌

$

201‌

6.91%,

10/01/2050

125‌

153‌

California

State

University

2.98%,

11/01/2051

155‌

106‌

East

Bay

Municipal

Utility

District

Water

System

Revenue

5.87%,

06/01/2040

20‌

22‌

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

6.55%,

05/15/2048

20‌

23‌

State

of

California

3.50%,

04/01/2028

115‌

109‌

7.30%,

10/01/2039

300‌

355‌

$

969‌

Georgia

-

0

.00

%

Municipal

Electric

Authority

of

Georgia

6.64%,

04/01/2057

149‌

166‌

Illinois

-

0

.04

%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue

6.90%,

12/01/2040

295‌

330‌

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

6.20%,

12/01/2040

30‌

33‌

State

of

Illinois

5.10%,

06/01/2033

700‌

679‌

$

1,042‌

New

Jersey

-

0

.02

%

New

Jersey

Economic

Development

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp

)

7.43%,

02/15/2029

(j)

250‌

268‌

New

Jersey

Transportation

Trust

Fund

Authority

6.56%,

12/15/2040

146‌

163‌

$

431‌

New

York

-

0

.01

%

Port

Authority

of

New

York

&

New

Jersey

4.46%,

10/01/2062

250‌

222‌

Ohio

-

0

.00

%

Ohio

State

University/The

4.91%,

06/01/2040

50‌

48‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

97

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Texas

-

0

.01

%

Dallas

Area

Rapid

Transit

5.02%,

12/01/2048

$

30‌

$

29‌

State

of

Texas

4.68%,

04/01/2040

160‌

157‌

$

186‌

Wisconsin

-

0

.01

%

State

of

Wisconsin

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.70%,

05/01/2026

(j)

215‌

218‌

TOTAL

MUNICIPAL

BONDS

$

3,282‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

69

.52

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

0

.47

%

2.00%,

09/01/2031

$

68‌

$

61‌

2.00%,

12/01/2031

79‌

71‌

2.50%,

08/01/2028

52‌

50‌

2.50%,

01/01/2030

156‌

146‌

2.50%,

01/01/2031

147‌

136‌

2.50%,

02/01/2031

145‌

135‌

2.50%,

12/01/2031

245‌

226‌

2.50%,

01/01/2032

264‌

244‌

2.50%,

03/01/2032

82‌

75‌

2.50%,

11/01/2036

51‌

46‌

3.00%,

11/01/2028

100‌

96‌

3.00%,

04/01/2029

89‌

84‌

3.00%,

09/01/2029

83‌

78‌

3.00%,

10/01/2029

126‌

119‌

3.00%,

11/01/2029

56‌

53‌

3.00%,

01/01/2030

52‌

49‌

3.00%,

11/01/2030

54‌

51‌

3.00%,

03/01/2031

33‌

31‌

3.00%,

05/01/2032

162‌

149‌

3.00%,

03/01/2033

64‌

60‌

3.00%,

04/01/2033

25‌

23‌

3.00%,

09/01/2036

44‌

41‌

3.00%,

09/01/2036

77‌

70‌

3.00%,

02/01/2037

81‌

75‌

3.00%,

10/01/2042

174‌

154‌

3.00%,

11/01/2042

282‌

250‌

3.00%,

02/01/2043

269‌

239‌

3.00%,

08/01/2043

393‌

348‌

3.00%,

08/01/2043

333‌

295‌

3.00%,

09/01/2043

71‌

62‌

3.00%,

10/01/2043

56‌

49‌

3.00%,

01/01/2045

57‌

51‌

3.00%,

06/01/2046

112‌

99‌

3.00%,

10/01/2046

81‌

71‌

3.00%,

02/01/2047

137‌

120‌

3.50%,

12/01/2031

99‌

94‌

3.50%,

05/01/2034

35‌

34‌

3.50%,

11/01/2034

42‌

40‌

3.50%,

01/01/2035

92‌

88‌

3.50%,

04/01/2037

33‌

31‌

3.50%,

06/01/2042

64‌

59‌

3.50%,

06/01/2042

264‌

244‌

3.50%,

06/01/2042

217‌

201‌

3.50%,

07/01/2042

580‌

535‌

3.50%,

10/01/2042

354‌

326‌

3.50%,

02/01/2045

43‌

39‌

3.50%,

03/01/2045

116‌

106‌

3.50%,

06/01/2045

121‌

111‌

3.50%,

07/01/2045

114‌

104‌

3.50%,

06/01/2046

148‌

135‌

3.50%,

08/01/2046

138‌

126‌

3.50%,

09/01/2046

168‌

153‌

4.00%,

12/01/2024

14‌

13‌

4.00%,

12/01/2030

9‌

9‌

4.00%,

11/01/2033

68‌

65‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

4.00%,

07/01/2034

$

45‌

$

43‌

4.00%,

04/01/2038

83‌

79‌

4.00%,

12/01/2040

94‌

90‌

4.00%,

02/01/2044

80‌

76‌

4.00%,

04/01/2044

88‌

84‌

4.00%,

07/01/2044

105‌

100‌

4.00%,

09/01/2044

38‌

36‌

4.00%,

11/01/2044

139‌

132‌

4.00%,

01/01/2045

117‌

111‌

4.00%,

08/01/2045

165‌

157‌

4.00%,

11/01/2045

9‌

8‌

4.00%,

12/01/2045

27‌

25‌

4.00%,

02/01/2046

44‌

41‌

4.00%,

05/01/2046

92‌

87‌

4.50%,

10/01/2030

39‌

38‌

4.50%,

05/01/2031

5‌

5‌

4.50%,

02/01/2041

63‌

62‌

4.50%,

09/01/2043

12‌

12‌

4.50%,

12/01/2043

123‌

119‌

4.50%,

03/01/2044

167‌

162‌

4.50%,

04/01/2044

62‌

60‌

4.50%,

09/01/2044

108‌

105‌

4.50%,

10/01/2044

62‌

60‌

4.50%,

03/01/2047

45‌

44‌

4.50%,

07/01/2047

39‌

38‌

4.50%,

11/01/2047

10‌

10‌

4.50%,

05/01/2049

2,124‌

2,052‌

5.00%,

11/01/2035

39‌

39‌

5.00%,

12/01/2036

113‌

113‌

5.00%,

08/01/2039

51‌

51‌

5.00%,

12/01/2041

49‌

49‌

5.00%,

02/01/2042

258‌

258‌

5.00%,

04/01/2044

36‌

36‌

5.00%,

02/01/2048

56‌

55‌

5.00%,

07/01/2048

28‌

28‌

5.50%,

06/01/2034

44‌

44‌

5.50%,

07/01/2038

57‌

58‌

5.50%,

07/01/2038

45‌

46‌

5.50%,

12/01/2038

97‌

99‌

5.50%,

10/01/2039

157‌

156‌

5.50%,

06/01/2041

62‌

63‌

6.00%,

04/01/2038

285‌

294‌

6.00%,

11/01/2038

61‌

61‌

$

11,706‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

20

.97

%

1.50%,

12/01/2035

2,284‌

1,960‌

1.50%,

03/01/2036

1,349‌

1,158‌

1.50%,

05/01/2036

5,877‌

5,044‌

1.50%,

05/01/2036

1,529‌

1,315‌

1.50%,

11/01/2036

1,046‌

897‌

1.50%,

12/01/2036

4,266‌

3,642‌

1.50%,

01/01/2037

870‌

742‌

1.50%,

11/01/2050

848‌

643‌

1.50%,

01/01/2051

3,830‌

2,895‌

1.50%,

06/01/2051

1,799‌

1,361‌

2.00%,

09/01/2029

137‌

129‌

2.00%,

05/01/2030

59‌

52‌

2.00%,

12/01/2031

107‌

96‌

2.00%,

02/01/2032

70‌

62‌

2.00%,

02/01/2036

6,156‌

5,405‌

2.00%,

02/01/2036

5,423‌

4,781‌

2.00%,

03/01/2036

2,872‌

2,532‌

2.00%,

04/01/2036

5,362‌

4,751‌

2.00%,

05/01/2036

1,050‌

923‌

2.00%,

02/01/2037

8,563‌

7,552‌

2.00%,

11/01/2041

6,854‌

5,703‌

2.00%,

03/01/2042

1,806‌

1,500‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

98

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

2.00%,

05/01/2042

$

2,881‌

$

2,386‌

2.00%,

12/01/2050

15,233‌

12,197‌

2.00%,

02/01/2051

2,302‌

1,840‌

2.00%,

02/01/2051

15,431‌

12,331‌

2.00%,

02/01/2051

10,744‌

8,588‌

2.00%,

02/01/2051

15,775‌

12,614‌

2.00%,

04/01/2051

8,315‌

6,672‌

2.00%,

04/01/2051

5,427‌

4,377‌

2.00%,

04/01/2051

2,425‌

1,963‌

2.00%,

04/01/2051

12,538‌

10,113‌

2.00%,

06/01/2051

2,112‌

1,688‌

2.00%,

07/01/2051

2,379‌

1,901‌

2.00%,

07/01/2051

8,762‌

6,996‌

2.00%,

09/01/2051

3,025‌

2,417‌

2.00%,

10/01/2051

4,226‌

3,380‌

2.00%,

10/01/2051

2,687‌

2,169‌

2.00%,

10/01/2051

2,241‌

1,786‌

2.00%,

11/01/2051

1,779‌

1,432‌

2.00%,

12/01/2051

3,113‌

2,494‌

2.00%,

12/01/2051

3,591‌

2,871‌

2.00%,

12/01/2051

12,405‌

9,914‌

2.00%,

12/01/2051

2,828‌

2,265‌

2.00%,

01/01/2052

12,491‌

10,066‌

2.00%,

01/01/2052

2,214‌

1,773‌

2.00%,

03/01/2052

4,899‌

3,920‌

2.00%,

04/01/2052

11,227‌

8,986‌

2.00%,

04/01/2052

1,375‌

1,105‌

2.00%,

04/01/2052

2,261‌

1,822‌

2.50%,

01/01/2028

47‌

44‌

2.50%,

07/01/2028

133‌

126‌

2.50%,

07/01/2028

46‌

44‌

2.50%,

11/01/2028

148‌

140‌

2.50%,

09/01/2029

95‌

89‌

2.50%,

02/01/2030

62‌

58‌

2.50%,

03/01/2030

123‌

115‌

2.50%,

05/01/2030

118‌

109‌

2.50%,

07/01/2030

79‌

73‌

2.50%,

08/01/2030

153‌

143‌

2.50%,

08/01/2030

153‌

142‌

2.50%,

12/01/2030

197‌

181‌

2.50%,

03/01/2031

130‌

121‌

2.50%,

07/01/2031

168‌

155‌

2.50%,

11/01/2031

263‌

241‌

2.50%,

12/01/2031

49‌

45‌

2.50%,

01/01/2032

74‌

68‌

2.50%,

03/01/2032

89‌

82‌

2.50%,

07/01/2033

8‌

7‌

2.50%,

02/01/2035

1,184‌

1,076‌

2.50%,

10/01/2036

53‌

48‌

2.50%,

10/01/2036

22‌

20‌

2.50%,

12/01/2036

65‌

58‌

2.50%,

04/01/2037

1,321‌

1,192‌

2.50%,

07/01/2037

9,214‌

8,325‌

2.50%,

04/01/2042

4,540‌

3,882‌

2.50%,

04/01/2042

2,430‌

2,095‌

2.50%,

01/01/2043

53‌

44‌

2.50%,

05/01/2043

85‌

71‌

2.50%,

10/01/2043

67‌

57‌

2.50%,

08/01/2046

44‌

37‌

2.50%,

12/01/2046

76‌

64‌

2.50%,

12/01/2046

110‌

93‌

2.50%,

07/01/2050

1,288‌

1,076‌

2.50%,

08/01/2050

4,831‌

4,055‌

2.50%,

09/01/2050

1,500‌

1,254‌

2.50%,

11/01/2050

652‌

548‌

2.50%,

02/01/2051

2,287‌

1,919‌

2.50%,

02/01/2051

6,566‌

5,551‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

2.50%,

07/01/2051

$

1,310‌

$

1,096‌

2.50%,

07/01/2051

12,393‌

10,328‌

2.50%,

07/01/2051

637‌

528‌

2.50%,

07/01/2051

1,014‌

843‌

2.50%,

08/01/2051

1,105‌

918‌

2.50%,

09/01/2051

1,063‌

891‌

2.50%,

09/01/2051

2,188‌

1,817‌

2.50%,

09/01/2051

1,921‌

1,601‌

2.50%,

10/01/2051

2,041‌

1,694‌

2.50%,

11/01/2051

2,697‌

2,261‌

2.50%,

11/01/2051

6,205‌

5,205‌

2.50%,

02/01/2052

11,742‌

9,815‌

2.50%,

02/01/2052

14,917‌

12,372‌

2.50%,

02/01/2052

2,242‌

1,880‌

2.50%,

02/01/2052

1,304‌

1,091‌

2.50%,

02/01/2052

2,269‌

1,901‌

2.50%,

03/01/2052

11,229‌

9,387‌

2.50%,

03/01/2052

3,230‌

2,691‌

2.50%,

03/01/2052

2,325‌

1,937‌

2.50%,

04/01/2052

3,345‌

2,800‌

2.50%,

04/01/2052

13,509‌

11,258‌

2.50%,

05/01/2052

1,147‌

959‌

3.00%,

04/01/2027

32‌

31‌

3.00%,

01/01/2029

33‌

31‌

3.00%,

02/01/2029

36‌

34‌

3.00%,

12/01/2029

36‌

34‌

3.00%,

12/01/2029

65‌

62‌

3.00%,

01/01/2030

193‌

182‌

3.00%,

01/01/2030

163‌

154‌

3.00%,

06/01/2030

100‌

94‌

3.00%,

09/01/2030

39‌

36‌

3.00%,

10/01/2030

177‌

167‌

3.00%,

11/01/2030

177‌

167‌

3.00%,

12/01/2030

31‌

29‌

3.00%,

03/01/2031

113‌

106‌

3.00%,

04/01/2031

37‌

35‌

3.00%,

09/01/2031

180‌

170‌

3.00%,

12/01/2031

75‌

70‌

3.00%,

01/01/2033

22‌

21‌

3.00%,

04/01/2033

23‌

21‌

3.00%,

08/01/2034

221‌

206‌

3.00%,

05/01/2035

227‌

210‌

3.00%,

05/01/2037

4,729‌

4,388‌

3.00%,

06/01/2040

411‌

366‌

3.00%,

04/01/2043

236‌

209‌

3.00%,

04/01/2043

65‌

57‌

3.00%,

04/01/2043

134‌

119‌

3.00%,

05/01/2043

300‌

265‌

3.00%,

05/01/2043

100‌

88‌

3.00%,

05/01/2043

57‌

50‌

3.00%,

07/01/2043

300‌

265‌

3.00%,

07/01/2043

60‌

53‌

3.00%,

08/01/2043

43‌

38‌

3.00%,

08/01/2043

319‌

282‌

3.00%,

10/01/2043

296‌

262‌

3.00%,

10/01/2043

181‌

161‌

3.00%,

11/01/2043

81‌

72‌

3.00%,

01/01/2045

408‌

361‌

3.00%,

05/01/2046

64‌

56‌

3.00%,

05/01/2046

56‌

50‌

3.00%,

10/01/2046

346‌

303‌

3.00%,

09/01/2049

1,064‌

925‌

3.00%,

10/01/2049

1,822‌

1,586‌

3.00%,

11/01/2049

1,875‌

1,630‌

3.00%,

11/01/2049

545‌

474‌

3.00%,

11/01/2049

1,476‌

1,288‌

3.00%,

12/01/2049

1,882‌

1,642‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

99

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.00%,

03/01/2050

$

3,095‌

$

2,689‌

3.00%,

02/01/2052

2,289‌

2,000‌

3.00%,

03/01/2052

9,159‌

7,951‌

3.00%,

03/01/2052

7,441‌

6,438‌

3.00%,

04/01/2052

2,335‌

2,027‌

3.00%,

05/01/2052

9,427‌

8,142‌

3.00%,

05/01/2052

3,192‌

2,780‌

3.00%,

05/01/2052

11,827‌

10,234‌

3.00%,

06/01/2052

5,189‌

4,475‌

3.50%,

12/01/2026

44‌

42‌

3.50%,

03/01/2029

66‌

63‌

3.50%,

09/01/2029

75‌

72‌

3.50%,

11/01/2030

59‌

57‌

3.50%,

04/01/2032

10‌

9‌

3.50%,

07/01/2032

8‌

8‌

3.50%,

09/01/2032

9‌

8‌

3.50%,

12/01/2032

1,146‌

1,095‌

3.50%,

10/01/2033

6‌

5‌

3.50%,

05/01/2034

29‌

27‌

3.50%,

06/01/2034

20‌

19‌

3.50%,

07/01/2034

127‌

121‌

3.50%,

10/01/2034

33‌

31‌

3.50%,

02/01/2036

35‌

33‌

3.50%,

02/01/2037

28‌

26‌

3.50%,

05/01/2037

1,951‌

1,861‌

3.50%,

05/01/2037

37‌

35‌

3.50%,

03/01/2041

14‌

13‌

3.50%,

02/01/2042

143‌

131‌

3.50%,

03/01/2042

32‌

29‌

3.50%,

05/01/2042

218‌

201‌

3.50%,

06/01/2042

185‌

170‌

3.50%,

07/01/2042

33‌

30‌

3.50%,

10/01/2042

284‌

260‌

3.50%,

04/01/2043

239‌

220‌

3.50%,

05/01/2043

175‌

161‌

3.50%,

05/01/2043

259‌

238‌

3.50%,

06/01/2043

49‌

45‌

3.50%,

08/01/2043

184‌

169‌

3.50%,

09/01/2043

695‌

640‌

3.50%,

01/01/2044

771‌

710‌

3.50%,

01/01/2044

61‌

56‌

3.50%,

07/01/2044

287‌

265‌

3.50%,

10/01/2044

93‌

85‌

3.50%,

11/01/2044

103‌

94‌

3.50%,

12/01/2044

163‌

149‌

3.50%,

02/01/2045

162‌

148‌

3.50%,

02/01/2045

96‌

88‌

3.50%,

04/01/2045

184‌

168‌

3.50%,

04/01/2045

96‌

88‌

3.50%,

10/01/2045

47‌

43‌

3.50%,

10/01/2045

51‌

46‌

3.50%,

11/01/2045

116‌

105‌

3.50%,

11/01/2045

101‌

92‌

3.50%,

12/01/2045

13‌

12‌

3.50%,

12/01/2045

142‌

130‌

3.50%,

12/01/2045

68‌

62‌

3.50%,

01/01/2046

184‌

168‌

3.50%,

03/01/2046

45‌

41‌

3.50%,

03/01/2046

162‌

148‌

3.50%,

05/01/2046

31‌

28‌

3.50%,

06/01/2046

75‌

68‌

3.50%,

07/01/2046

160‌

145‌

3.50%,

12/01/2046

131‌

119‌

3.50%,

03/01/2047

112‌

102‌

3.50%,

08/01/2049

371‌

337‌

3.50%,

11/01/2049

1,848‌

1,693‌

3.50%,

12/01/2049

1,436‌

1,323‌

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%,

01/01/2050

$

6,650‌

$

6,028‌

3.50%,

04/01/2052

5,688‌

5,144‌

3.50%,

05/01/2052

2,700‌

2,444‌

3.50%,

06/01/2052

7,184‌

6,422‌

3.50%,

07/01/2052

11,002‌

9,981‌

3.50%,

08/01/2052

3,865‌

3,497‌

4.00%,

12/01/2024

20‌

20‌

4.00%,

04/01/2029

3‌

3‌

4.00%,

12/01/2030

5‌

5‌

4.00%,

03/01/2031

10‌

10‌

4.00%,

03/01/2031

147‌

144‌

4.00%,

11/01/2031

6‌

6‌

4.00%,

11/01/2033

114‌

110‌

4.00%,

11/01/2033

11‌

11‌

4.00%,

10/01/2034

68‌

65‌

4.00%,

02/01/2036

112‌

106‌

4.00%,

01/01/2037

35‌

33‌

4.00%,

10/01/2037

52‌

49‌

4.00%,

03/01/2038

18‌

17‌

4.00%,

07/01/2038

68‌

64‌

4.00%,

12/01/2038

46‌

44‌

4.00%,

01/01/2039

61‌

58‌

4.00%,

09/01/2040

34‌

32‌

4.00%,

01/01/2041

43‌

40‌

4.00%,

02/01/2041

14‌

14‌

4.00%,

12/01/2041

66‌

62‌

4.00%,

06/01/2042

65‌

61‌

4.00%,

06/01/2042

105‌

99‌

4.00%,

07/01/2042

347‌

330‌

4.00%,

12/01/2042

108‌

103‌

4.00%,

11/01/2043

139‌

132‌

4.00%,

09/01/2044

50‌

47‌

4.00%,

11/01/2044

49‌

46‌

4.00%,

01/01/2045

42‌

40‌

4.00%,

04/01/2045

73‌

70‌

4.00%,

08/01/2045

76‌

72‌

4.00%,

11/01/2045

190‌

180‌

4.00%,

07/01/2046

48‌

45‌

4.00%,

05/01/2048

97‌

91‌

4.00%,

04/01/2049

227‌

212‌

4.00%,

07/01/2049

863‌

807‌

4.00%,

10/01/2049

1,734‌

1,621‌

4.00%,

11/01/2049

704‌

659‌

4.00%,

04/01/2050

1,395‌

1,303‌

4.00%,

05/01/2052

5,089‌

4,766‌

4.00%,

08/01/2052

7,360‌

6,818‌

4.00%,

09/01/2052

5,227‌

4,856‌

4.00%,

01/01/2053

6,038‌

5,627‌

4.00%,

03/01/2053

3,425‌

3,172‌

4.00%,

05/01/2053

5,035‌

4,667‌

4.50%,

06/01/2029

8‌

7‌

4.50%,

07/01/2029

2‌

2‌

4.50%,

08/01/2030

4‌

4‌

4.50%,

01/01/2034

14‌

14‌

4.50%,

04/01/2039

58‌

57‌

4.50%,

09/01/2040

130‌

127‌

4.50%,

05/01/2041

136‌

133‌

4.50%,

09/01/2041

132‌

129‌

4.50%,

11/01/2043

89‌

86‌

4.50%,

11/01/2043

79‌

76‌

4.50%,

01/01/2044

83‌

80‌

4.50%,

02/01/2044

31‌

30‌

4.50%,

04/01/2044

131‌

127‌

4.50%,

04/01/2044

100‌

97‌

4.50%,

05/01/2044

28‌

27‌

4.50%,

08/01/2044

108‌

104‌

4.50%,

10/01/2044

66‌

64‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

100

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

4.50%,

04/01/2046

$

32‌

$

31‌

4.50%,

05/01/2046

66‌

64‌

4.50%,

01/01/2047

44‌

43‌

4.50%,

01/01/2047

126‌

122‌

4.50%,

09/01/2052

2,490‌

2,385‌

4.50%,

10/01/2052

5,680‌

5,418‌

4.50%,

05/01/2053

5,554‌

5,276‌

4.50%,

09/01/2053

(k)

7,350‌

6,969‌

5.00%,

12/01/2025

3‌

3‌

5.00%,

09/01/2038

(k)

1,125‌

1,112‌

5.00%,

01/01/2039

258‌

257‌

5.00%,

07/01/2039

93‌

93‌

5.00%,

02/01/2041

67‌

67‌

5.00%,

02/01/2041

47‌

47‌

5.00%,

04/01/2041

177‌

177‌

5.00%,

05/01/2042

95‌

94‌

5.00%,

07/01/2042

41‌

41‌

5.00%,

03/01/2044

39‌

39‌

5.00%,

05/01/2044

47‌

47‌

5.00%,

02/01/2045

85‌

85‌

5.00%,

06/01/2045

255‌

255‌

5.00%,

08/01/2048

9‌

8‌

5.00%,

08/01/2052

2,337‌

2,282‌

5.00%,

11/01/2052

4,646‌

4,508‌

5.00%,

05/01/2053

5,951‌

5,809‌

5.00%,

06/01/2053

2,971‌

2,896‌

5.00%,

09/01/2053

(k)

2,500‌

2,424‌

5.50%,

12/01/2027

6‌

5‌

5.50%,

03/01/2038

57‌

58‌

5.50%,

05/01/2038

61‌

62‌

5.50%,

06/01/2038

87‌

89‌

5.50%,

09/01/2038

140‌

143‌

5.50%,

11/01/2038

73‌

74‌

5.50%,

04/01/2039

70‌

71‌

5.50%,

04/01/2040

59‌

60‌

5.50%,

03/01/2053

3,850‌

3,831‌

5.50%,

08/01/2053

6,745‌

6,676‌

5.50%,

09/01/2053

(k)

2,000‌

1,975‌

6.00%,

04/01/2026

4‌

4‌

6.00%,

10/01/2036

55‌

57‌

6.00%,

01/01/2053

5,764‌

5,892‌

6.00%,

05/01/2053

1,708‌

1,729‌

6.50%,

09/01/2053

(k)

3,000‌

3,047‌

$

521,570‌

Government

National

Mortgage

Association

(GNMA)

-

6

.37

%

2.00%,

08/20/2050

2,264‌

1,875‌

2.00%,

01/20/2051

2,447‌

2,022‌

2.00%,

02/20/2051

13,161‌

10,883‌

2.00%,

05/20/2051

6,387‌

5,284‌

2.00%,

07/20/2051

12,230‌

10,106‌

2.00%,

12/20/2051

1,240‌

1,024‌

2.50%,

06/20/2027

38‌

37‌

2.50%,

12/20/2030

43‌

40‌

2.50%,

03/20/2031

75‌

70‌

2.50%,

07/20/2043

74‌

64‌

2.50%,

12/20/2046

179‌

154‌

2.50%,

01/20/2047

57‌

49‌

2.50%,

06/20/2050

4,121‌

3,526‌

2.50%,

04/20/2051

2,157‌

1,836‌

2.50%,

05/20/2051

13,439‌

11,448‌

2.50%,

07/20/2051

10,701‌

9,111‌

2.50%,

09/20/2051

9,127‌

7,771‌

3.00%,

02/15/2027

20‌

19‌

3.00%,

08/20/2029

30‌

28‌

3.00%,

09/20/2029

35‌

34‌

3.00%,

07/20/2030

29‌

28‌

3.00%,

01/20/2031

33‌

32‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.00%,

07/20/2032

$

38‌

$

35‌

3.00%,

09/20/2042

38‌

34‌

3.00%,

11/20/2042

284‌

256‌

3.00%,

12/20/2042

210‌

189‌

3.00%,

01/20/2043

203‌

183‌

3.00%,

03/20/2043

249‌

222‌

3.00%,

03/20/2043

257‌

231‌

3.00%,

03/20/2043

51‌

47‌

3.00%,

04/20/2043

320‌

288‌

3.00%,

06/20/2043

283‌

255‌

3.00%,

08/20/2043

308‌

277‌

3.00%,

05/20/2044

144‌

130‌

3.00%,

12/15/2044

35‌

31‌

3.00%,

12/20/2044

265‌

238‌

3.00%,

01/15/2045

30‌

27‌

3.00%,

01/15/2045

23‌

21‌

3.00%,

02/20/2045

27‌

25‌

3.00%,

05/20/2045

175‌

157‌

3.00%,

06/20/2045

71‌

64‌

3.00%,

07/20/2045

522‌

465‌

3.00%,

08/20/2045

259‌

231‌

3.00%,

09/20/2045

109‌

98‌

3.00%,

10/20/2045

223‌

200‌

3.00%,

12/20/2045

122‌

110‌

3.00%,

01/20/2046

54‌

48‌

3.00%,

03/20/2046

218‌

195‌

3.00%,

04/20/2046

475‌

418‌

3.00%,

05/20/2046

353‌

316‌

3.00%,

06/20/2046

343‌

307‌

3.00%,

07/20/2046

779‌

698‌

3.00%,

08/20/2046

323‌

289‌

3.00%,

09/20/2046

243‌

217‌

3.00%,

10/20/2046

184‌

165‌

3.00%,

11/20/2046

421‌

373‌

3.00%,

12/15/2046

65‌

57‌

3.00%,

09/20/2051

11,219‌

9,902‌

3.00%,

12/20/2051

9,483‌

8,355‌

3.50%,

05/20/2042

76‌

70‌

3.50%,

06/20/2042

77‌

72‌

3.50%,

07/20/2042

304‌

281‌

3.50%,

09/20/2042

234‌

217‌

3.50%,

10/20/2042

168‌

156‌

3.50%,

11/20/2042

148‌

138‌

3.50%,

12/20/2042

155‌

144‌

3.50%,

01/20/2043

256‌

237‌

3.50%,

02/20/2043

403‌

373‌

3.50%,

03/20/2043

273‌

254‌

3.50%,

04/15/2043

101‌

94‌

3.50%,

04/20/2043

181‌

166‌

3.50%,

05/20/2043

120‌

112‌

3.50%,

07/20/2043

155‌

144‌

3.50%,

08/20/2043

373‌

346‌

3.50%,

09/20/2043

268‌

248‌

3.50%,

10/20/2043

126‌

117‌

3.50%,

09/20/2044

101‌

94‌

3.50%,

10/20/2044

117‌

108‌

3.50%,

11/20/2044

111‌

103‌

3.50%,

12/20/2044

115‌

106‌

3.50%,

01/20/2045

112‌

103‌

3.50%,

02/20/2045

151‌

139‌

3.50%,

03/15/2045

25‌

23‌

3.50%,

03/20/2045

187‌

173‌

3.50%,

04/15/2045

9‌

8‌

3.50%,

04/20/2045

184‌

169‌

3.50%,

04/20/2045

112‌

103‌

3.50%,

05/20/2045

184‌

170‌

3.50%,

06/20/2045

29‌

26‌

3.50%,

07/20/2045

157‌

145‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

101

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.50%,

08/20/2045

$

172‌

$

159‌

3.50%,

09/20/2045

163‌

150‌

3.50%,

10/20/2045

148‌

136‌

3.50%,

11/20/2045

262‌

241‌

3.50%,

12/20/2045

192‌

176‌

3.50%,

02/20/2046

156‌

144‌

3.50%,

08/15/2046

28‌

26‌

3.50%,

09/15/2046

68‌

62‌

3.50%,

07/20/2047

6,483‌

5,976‌

3.50%,

01/15/2048

36‌

33‌

3.50%,

01/20/2048

2,042‌

1,880‌

3.50%,

02/20/2048

8,281‌

7,614‌

3.50%,

09/15/2048

89‌

81‌

4.00%,

11/20/2043

215‌

204‌

4.00%,

02/20/2044

87‌

83‌

4.00%,

05/15/2044

70‌

67‌

4.00%,

05/20/2044

50‌

47‌

4.00%,

07/20/2044

15‌

14‌

4.00%,

08/20/2044

111‌

106‌

4.00%,

09/20/2044

98‌

94‌

4.00%,

10/20/2044

360‌

343‌

4.00%,

11/15/2044

43‌

41‌

4.00%,

11/20/2044

70‌

66‌

4.00%,

12/20/2044

132‌

125‌

4.00%,

01/20/2045

57‌

54‌

4.00%,

03/20/2045

88‌

84‌

4.00%,

08/20/2045

96‌

92‌

4.00%,

09/15/2045

20‌

19‌

4.00%,

09/20/2045

112‌

107‌

4.00%,

10/20/2045

143‌

136‌

4.00%,

11/20/2045

198‌

187‌

4.00%,

12/15/2045

35‌

33‌

4.00%,

01/20/2046

230‌

218‌

4.00%,

02/20/2046

37‌

35‌

4.00%,

04/20/2046

137‌

130‌

4.00%,

10/20/2046

39‌

37‌

4.00%,

11/20/2046

178‌

168‌

4.00%,

01/20/2047

10‌

10‌

4.00%,

02/20/2047

163‌

155‌

4.00%,

03/20/2047

111‌

106‌

4.00%,

05/20/2047

37‌

35‌

4.00%,

11/20/2047

247‌

233‌

4.00%,

04/20/2052

12,224‌

11,388‌

4.50%,

03/15/2039

83‌

81‌

4.50%,

03/15/2040

89‌

87‌

4.50%,

07/15/2040

106‌

104‌

4.50%,

02/20/2041

19‌

18‌

4.50%,

03/20/2041

14‌

14‌

4.50%,

05/15/2045

16‌

16‌

4.50%,

12/20/2046

132‌

130‌

4.50%,

10/15/2047

63‌

61‌

4.50%,

02/20/2049

3,036‌

2,931‌

4.50%,

09/20/2052

6,530‌

6,226‌

5.00%,

05/15/2033

81‌

81‌

5.00%,

07/20/2038

64‌

64‌

5.00%,

10/15/2038

105‌

104‌

5.00%,

04/20/2039

47‌

47‌

5.00%,

10/15/2041

82‌

81‌

5.00%,

01/20/2045

72‌

72‌

5.00%,

02/20/2046

27‌

27‌

5.00%,

12/20/2046

54‌

54‌

5.00%,

08/20/2048

18‌

17‌

5.00%,

10/20/2048

64‌

63‌

5.00%,

01/20/2053

7,096‌

6,906‌

5.00%,

09/20/2053

(k)

2,000‌

1,946‌

5.50%,

03/15/2038

50‌

50‌

5.50%,

02/15/2039

43‌

43‌

5.50%,

06/15/2040

123‌

123‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

5.50%,

07/20/2044

$

60‌

$

61‌

5.50%,

09/20/2044

78‌

80‌

5.50%,

12/20/2048

10‌

10‌

5.50%,

09/20/2053

(k)

6,075‌

6,013‌

6.00%,

09/20/2053

(k)

4,075‌

4,088‌

6.50%,

09/20/2053

(k)

2,500‌

2,532‌

$

158,459‌

U.S.

Treasury

-

41

.71

%

0.25%,

05/31/2025

14,235‌

13,117‌

0.25%,

06/30/2025

2,945‌

2,706‌

0.25%,

07/31/2025

5,885‌

5,391‌

0.25%,

08/31/2025

1,680‌

1,534‌

0.25%,

09/30/2025

1,600‌

1,458‌

0.25%,

10/31/2025

5,070‌

4,603‌

0.38%,

09/15/2024

5,925‌

5,629‌

0.38%,

04/30/2025

3,195‌

2,961‌

0.38%,

11/30/2025

4,380‌

3,976‌

0.38%,

12/31/2025

3,835‌

3,475‌

0.38%,

01/31/2026

8,890‌

8,024‌

0.38%,

07/31/2027

3,505‌

3,004‌

0.38%,

09/30/2027

5,090‌

4,339‌

0.50%,

03/31/2025

2,165‌

2,017‌

0.50%,

02/28/2026

13,455‌

12,148‌

0.50%,

04/30/2027

14,200‌

12,336‌

0.50%,

05/31/2027

4,955‌

4,292‌

0.50%,

06/30/2027

3,790‌

3,275‌

0.50%,

08/31/2027

7,780‌

6,685‌

0.50%,

10/31/2027

5,120‌

4,375‌

0.63%,

10/15/2024

4,910‌

4,662‌

0.63%,

07/31/2026

6,055‌

5,415‌

0.63%,

03/31/2027

3,635‌

3,181‌

0.63%,

11/30/2027

7,625‌

6,534‌

0.63%,

12/31/2027

7,180‌

6,138‌

0.63%,

05/15/2030

11,825‌

9,381‌

0.63%,

08/15/2030

11,910‌

9,384‌

0.75%,

11/15/2024

1,345‌

1,275‌

0.75%,

03/31/2026

5,340‌

4,846‌

0.75%,

04/30/2026

4,560‌

4,124‌

0.75%,

05/31/2026

9,830‌

8,865‌

0.75%,

08/31/2026

13,290‌

11,898‌

0.75%,

01/31/2028

10,210‌

8,757‌

0.88%,

06/30/2026

3,825‌

3,458‌

0.88%,

09/30/2026

4,565‌

4,097‌

0.88%,

11/15/2030

14,350‌

11,487‌

1.00%,

12/15/2024

4,185‌

3,967‌

1.00%,

07/31/2028

11,015‌

9,426‌

1.13%,

01/15/2025

4,980‌

4,716‌

1.13%,

02/28/2025

1,160‌

1,094‌

1.13%,

10/31/2026

5,395‌

4,863‌

1.13%,

02/28/2027

605‌

541‌

1.13%,

02/29/2028

5,245‌

4,566‌

1.13%,

08/31/2028

7,015‌

6,029‌

1.13%,

02/15/2031

11,165‌

9,071‌

1.13%,

05/15/2040

8,015‌

4,964‌

1.13%,

08/15/2040

8,455‌

5,191‌

1.25%,

11/30/2026

3,415‌

3,084‌

1.25%,

12/31/2026

9,625‌

8,681‌

1.25%,

03/31/2028

7,425‌

6,489‌

1.25%,

04/30/2028

3,680‌

3,209‌

1.25%,

05/31/2028

8,310‌

7,234‌

1.25%,

06/30/2028

9,680‌

8,410‌

1.25%,

09/30/2028

7,900‌

6,818‌

1.25%,

08/15/2031

14,750‌

11,911‌

1.25%,

05/15/2050

8,790‌

4,594‌

1.38%,

01/31/2025

5,405‌

5,129‌

1.38%,

08/31/2026

4,375‌

3,991‌

1.38%,

10/31/2028

7,355‌

6,376‌

1.38%,

12/31/2028

7,435‌

6,422‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

102

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

1.38%,

11/15/2031

$

11,620‌

$

9,417‌

1.38%,

11/15/2040

6,545‌

4,178‌

1.38%,

08/15/2050

11,025‌

5,959‌

1.50%,

09/30/2024

1,485‌

1,426‌

1.50%,

10/31/2024

930‌

891‌

1.50%,

11/30/2024

3,420‌

3,267‌

1.50%,

02/15/2025

2,235‌

2,122‌

1.50%,

08/15/2026

4,500‌

4,125‌

1.50%,

01/31/2027

10,205‌

9,257‌

1.50%,

11/30/2028

6,840‌

5,958‌

1.50%,

02/15/2030

4,640‌

3,936‌

1.63%,

02/15/2026

2,808‌

2,610‌

1.63%,

05/15/2026

2,161‌

1,998‌

1.63%,

09/30/2026

495‌

455‌

1.63%,

10/31/2026

3,185‌

2,917‌

1.63%,

11/30/2026

2,925‌

2,674‌

1.63%,

08/15/2029

4,085‌

3,538‌

1.63%,

05/15/2031

10,410‌

8,720‌

1.63%,

11/15/2050

6,315‌

3,653‌

1.75%,

03/15/2025

4,605‌

4,380‌

1.75%,

12/31/2026

2,055‌

1,884‌

1.75%,

01/31/2029

14,125‌

12,420‌

1.75%,

11/15/2029

2,415‌

2,100‌

1.75%,

08/15/2041

8,245‌

5,540‌

1.88%,

06/30/2026

3,625‌

3,371‌

1.88%,

07/31/2026

1,340‌

1,243‌

1.88%,

02/28/2027

4,970‌

4,559‌

1.88%,

02/28/2029

5,460‌

4,828‌

1.88%,

02/15/2032

13,535‌

11,376‌

1.88%,

02/15/2041

6,315‌

4,382‌

1.88%,

02/15/2051

9,470‌

5,842‌

1.88%,

11/15/2051

8,380‌

5,149‌

2.00%,

02/15/2025

4,825‌

4,615‌

2.00%,

08/15/2025

3,995‌

3,782‌

2.00%,

11/15/2026

3,845‌

3,560‌

2.00%,

11/15/2041

5,785‌

4,048‌

2.00%,

02/15/2050

4,900‌

3,138‌

2.00%,

08/15/2051

7,230‌

4,590‌

2.13%,

09/30/2024

11,710‌

11,316‌

2.13%,

11/30/2024

2,465‌

2,373‌

2.13%,

05/15/2025

3,870‌

3,689‌

2.13%,

05/31/2026

4,130‌

3,870‌

2.25%,

10/31/2024

1,950‌

1,884‌

2.25%,

11/15/2024

7,200‌

6,948‌

2.25%,

12/31/2024

4,000‌

3,849‌

2.25%,

11/15/2025

3,405‌

3,226‌

2.25%,

03/31/2026

1,425‌

1,344‌

2.25%,

02/15/2027

2,670‌

2,483‌

2.25%,

08/15/2027

4,875‌

4,501‌

2.25%,

11/15/2027

6,555‌

6,028‌

2.25%,

05/15/2041

6,930‌

5,106‌

2.25%,

08/15/2046

5,530‌

3,809‌

2.25%,

08/15/2049

6,550‌

4,456‌

2.25%,

02/15/2052

6,160‌

4,156‌

2.38%,

04/30/2026

2,895‌

2,734‌

2.38%,

05/15/2027

1,810‌

1,684‌

2.38%,

03/31/2029

14,300‌

12,969‌

2.38%,

05/15/2029

6,050‌

5,480‌

2.38%,

02/15/2042

6,020‌

4,479‌

2.38%,

11/15/2049

3,305‌

2,311‌

2.38%,

05/15/2051

6,665‌

4,632‌

2.50%,

01/31/2025

6,200‌

5,977‌

2.50%,

02/28/2026

945‌

897‌

2.50%,

03/31/2027

1,825‌

1,710‌

2.50%,

02/15/2045

3,700‌

2,717‌

2.50%,

02/15/2046

1,520‌

1,105‌

2.50%,

05/15/2046

4,240‌

3,079‌

2.63%,

03/31/2025

2,525‌

2,432‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

2.63%,

04/15/2025

$

4,745‌

$

4,567‌

2.63%,

12/31/2025

4,285‌

4,088‌

2.63%,

01/31/2026

3,180‌

3,030‌

2.63%,

05/31/2027

5,550‌

5,210‌

2.63%,

02/15/2029

7,695‌

7,084‌

2.63%,

07/31/2029

4,540‌

4,158‌

2.75%,

02/28/2025

7,295‌

7,049‌

2.75%,

05/15/2025

4,995‌

4,813‌

2.75%,

06/30/2025

3,290‌

3,165‌

2.75%,

08/31/2025

13,465‌

12,925‌

2.75%,

04/30/2027

2,180‌

2,058‌

2.75%,

07/31/2027

8,070‌

7,597‌

2.75%,

02/15/2028

4,470‌

4,188‌

2.75%,

05/31/2029

2,500‌

2,309‌

2.75%,

08/15/2032

7,495‌

6,728‌

2.75%,

08/15/2042

739‌

581‌

2.75%,

11/15/2042

1,090‌

855‌

2.75%,

08/15/2047

4,745‌

3,596‌

2.75%,

11/15/2047

1,605‌

1,215‌

2.88%,

04/30/2025

3,325‌

3,212‌

2.88%,

05/31/2025

1,325‌

1,278‌

2.88%,

06/15/2025

10,905‌

10,519‌

2.88%,

11/30/2025

3,075‌

2,953‌

2.88%,

05/15/2028

3,870‌

3,637‌

2.88%,

08/15/2028

3,215‌

3,014‌

2.88%,

04/30/2029

2,520‌

2,345‌

2.88%,

05/15/2032

10,200‌

9,270‌

2.88%,

05/15/2043

2,880‌

2,294‌

2.88%,

08/15/2045

3,235‌

2,531‌

2.88%,

11/15/2046

600‌

467‌

2.88%,

05/15/2049

4,490‌

3,480‌

2.88%,

05/15/2052

6,070‌

4,712‌

3.00%,

07/15/2025

3,040‌

2,936‌

3.00%,

09/30/2025

540‌

520‌

3.00%,

10/31/2025

9,965‌

9,599‌

3.00%,

05/15/2042

1,705‌

1,399‌

3.00%,

11/15/2044

2,290‌

1,842‌

3.00%,

05/15/2045

825‌

661‌

3.00%,

11/15/2045

1,095‌

875‌

3.00%,

02/15/2047

2,980‌

2,369‌

3.00%,

05/15/2047

1,190‌

946‌

3.00%,

02/15/2048

3,500‌

2,778‌

3.00%,

08/15/2048

4,395‌

3,488‌

3.00%,

02/15/2049

4,775‌

3,790‌

3.00%,

08/15/2052

4,610‌

3,674‌

3.13%,

08/15/2025

7,555‌

7,309‌

3.13%,

08/31/2027

9,390‌

8,960‌

3.13%,

11/15/2028

6,035‌

5,714‌

3.13%,

08/31/2029

3,010‌

2,833‌

3.13%,

11/15/2041

435‌

367‌

3.13%,

02/15/2042

1,140‌

958‌

3.13%,

02/15/2043

815‌

677‌

3.13%,

08/15/2044

2,320‌

1,909‌

3.13%,

05/15/2048

5,475‌

4,447‌

3.25%,

06/30/2027

1,635‌

1,570‌

3.25%,

06/30/2029

4,380‌

4,154‌

3.25%,

05/15/2042

5,235‌

4,470‌

3.38%,

05/15/2033

7,620‌

7,178‌

3.38%,

08/15/2042

3,025‌

2,625‌

3.38%,

05/15/2044

3,610‌

3,096‌

3.38%,

11/15/2048

3,420‌

2,906‌

3.50%,

09/15/2025

6,800‌

6,623‌

3.50%,

01/31/2028

3,970‌

3,839‌

3.50%,

04/30/2030

3,395‌

3,255‌

3.50%,

02/15/2033

10,369‌

9,875‌

3.50%,

02/15/2039

1,130‌

1,039‌

3.63%,

03/31/2030

4,260‌

4,115‌

3.63%,

08/15/2043

2,310‌

2,065‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

103

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

3.63%,

02/15/2044

$

1,245‌

$

1,111‌

3.63%,

02/15/2053

5,335‌

4,806‌

3.63%,

05/15/2053

2,430‌

2,192‌

3.75%,

06/30/2030

800‌

778‌

3.75%,

08/15/2041

2,175‌

2,015‌

3.75%,

11/15/2043

3,045‌

2,770‌

3.88%,

03/31/2025

1,045‌

1,026‌

3.88%,

12/31/2027

5,365‌

5,267‌

3.88%,

09/30/2029

6,260‌

6,135‌

3.88%,

11/30/2029

1,800‌

1,764‌

3.88%,

08/15/2033

4,260‌

4,184‌

3.88%,

08/15/2040

1,350‌

1,281‌

3.88%,

02/15/2043

2,125‌

1,977‌

3.88%,

05/15/2043

920‌

856‌

4.00%,

02/15/2026

1,645‌

1,619‌

4.00%,

07/31/2030

5,145‌

5,084‌

4.00%,

11/15/2042

5,720‌

5,427‌

4.00%,

11/15/2052

9,065‌

8,747‌

4.13%,

01/31/2025

3,170‌

3,126‌

4.13%,

06/15/2026

4,295‌

4,245‌

4.13%,

09/30/2027

3,685‌

3,651‌

4.13%,

11/15/2032

10,290‌

10,285‌

4.25%,

09/30/2024

3,370‌

3,332‌

4.25%,

10/15/2025

6,070‌

6,002‌

4.25%,

05/15/2039

375‌

376‌

4.25%,

11/15/2040

1,188‌

1,183‌

4.38%,

10/31/2024

20,790‌

20,575‌

4.38%,

02/15/2038

495‌

507‌

4.38%,

11/15/2039

700‌

710‌

4.38%,

05/15/2040

695‌

703‌

4.38%,

05/15/2041

5,250‌

5,290‌

4.50%,

02/15/2036

440‌

460‌

4.50%,

05/15/2038

1,200‌

1,242‌

4.50%,

08/15/2039

730‌

752‌

4.63%,

02/28/2025

6,380‌

6,336‌

4.63%,

02/15/2040

1,345‌

1,405‌

4.75%,

07/31/2025

4,270‌

4,258‌

4.75%,

02/15/2037

1,250‌

1,335‌

4.75%,

02/15/2041

674‌

712‌

5.00%,

05/15/2037

385‌

421‌

5.25%,

11/15/2028

409‌

427‌

5.25%,

02/15/2029

795‌

832‌

5.38%,

02/15/2031

1,100‌

1,185‌

5.50%,

08/15/2028

1,115‌

1,174‌

6.13%,

11/15/2027

700‌

748‌

6.25%,

05/15/2030

1,050‌

1,174‌

6.38%,

08/15/2027

1,540‌

1,650‌

6.50%,

11/15/2026

1,000‌

1,059‌

6.63%,

02/15/2027

450‌

481‌

$

1,037,239‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

1,728,974‌

Total

Investments

$

2,517,098‌

Other

Assets

and

Liabilities

-  (1.21)%

(

29,980‌

)

TOTAL

NET

ASSETS

-

100.00%

$

2,487,118‌

(a)

1-day

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$13,660

or

0.55%

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

$13,235

or

0.53%

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)

Non-income

producing

security

(g)

Security

purchased

on

a

when-issued

basis.

(h)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(i)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,714

or

0.15%

of

net

assets.

(j)

Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(k)

Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

Portfolio

Summary

Sector

Percent

Government

45

.66‌

%

Mortgage

Securities

27

.98‌

%

Financial

8

.77‌

%

Consumer,

Non-cyclical

4

.37‌

%

Money

Market

Funds

2

.43‌

%

Communications

2

.18‌

%

Utilities

2

.11‌

%

Technology

1

.91‌

%

Industrial

1

.84‌

%

Energy

1

.67‌

%

Consumer,

Cyclical

1

.32‌

%

Basic

Materials

0

.58‌

%

Exchange-Traded

Funds

0

.26‌

%

General

Obligation

Unlimited

0

.06‌

%

Revenue

Bonds

0

.05‌

%

Insured

0

.02‌

%

Other

Assets

and

Liabilities

(

1

.21‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2023

See

accompanying

notes.

104

Affiliated

Securities

August

31,

2022

Purchases

Sales

August

31,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

—‌

$

555,017‌

$

499,907‌

$

55,110‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

307,016‌

707,018‌

1,014,034‌

—‌

$

307,016‌

$

1,262,035‌

$

1,513,941‌

$

55,110‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

3,618‌

$

—‌

$

—‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

2,101‌

—‌

—‌

—‌

$

5,719‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

105

INVESTMENT

COMPANIES

-

4.72%

Shares

Held

Value

(000's)

Closed-End

Funds

-

0.06%

Sprott

Physical

Uranium

Trust

(a)

132,700‌

$

1,949‌

Exchange-Traded

Funds

-

1.67%

Invesco

Optimum

Yield

Diversified

Commodity

Strategy

No

K-1

ETF

608,970‌

8,982‌

iShares

Global

Infrastructure

ETF

398,066‌

18,088‌

Schwab

US

TIPS

ETF

282,527‌

14,590‌

SPDR

S&P

Global

Natural

Resources

ETF

139,472‌

7,809‌

Vanguard

Real

Estate

ETF

108,083‌

8,904‌

$

58,373‌

Money

Market

Funds

-

2.99%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.23%

(a),(b),(c)

6,462,504‌

6,463‌

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class

5.22%

(a),(b)

21,889,145‌

21,889‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

(b),(c),(d)

76,169,835‌

76,170‌

$

104,522‌

TOTAL

INVESTMENT

COMPANIES

$

164,844‌

COMMON

STOCKS

-

62.55%

Shares

Held

Value

(000's)

Agriculture

-

0.52%

Adecoagro

SA

366,409‌

$

4,207‌

Bunge

Ltd

89,907‌

10,278‌

Darling

Ingredients

Inc

(e)

61,746‌

3,813‌

$

18,298‌

Automobile

Parts

&

Equipment

-

0.09%

Aptiv

PLC

(e)

31,241‌

3,169‌

Beverages

-

0.02%

Vitasoy

International

Holdings

Ltd

492,000‌

634‌

Biotechnology

-

0.18%

Corteva

Inc

121,727‌

6,148‌

Building

Materials

-

0.62%

American

Woodmark

Corp

(e)

8,561‌

665‌

Builders

FirstSource

Inc

(e)

7,697‌

1,116‌

Dexco

SA

347,020‌

561‌

Interfor

Corp

(e)

81,993‌

1,384‌

Kingspan

Group

PLC

28,301‌

2,391‌

Lennox

International

Inc

5,745‌

2,165‌

Louisiana-Pacific

Corp

15,458‌

966‌

Nibe

Industrier

AB

176,841‌

1,324‌

Svenska

Cellulosa

AB

SCA

226,048‌

3,009‌

Trex

Co

Inc

(e)

28,871‌

2,060‌

UFP

Industries

Inc

23,730‌

2,476‌

West

Fraser

Timber

Co

Ltd

48,112‌

3,637‌

$

21,754‌

Chemicals

-

0.89%

CF

Industries

Holdings

Inc

118,487‌

9,132‌

Chemours

Co/The

180,174‌

6,129‌

Chr

Hansen

Holding

A/S

26,334‌

1,717‌

Croda

International

PLC

26,190‌

1,829‌

DSM-

Firmenich

AG

22,557‌

2,086‌

Ingevity

Corp

(e)

11,466‌

618‌

Lenzing

AG

(e)

4,188‌

199‌

Mosaic

Co/The

75,870‌

2,948‌

Nutrien

Ltd

100,279‌

6,350‌

$

31,008‌

Coal

-

0.33%

Teck

Resources

Ltd

281,147‌

11,617‌

Commercial

Services

-

2.72%

ALEATICA

SAB

de

CV

(e)

9,929,106‌

21,430‌

Ashtead

Group

PLC

30,861‌

2,153‌

Atlas

Arteria

Ltd

6,670,192‌

26,205‌

Brambles

Ltd

336,641‌

3,260‌

CCR

SA

5,028,545‌

12,744‌

Cengage

Learning

Holdings

II

Inc

(e)

2,772‌

26‌

Transurban

Group

3,403,731‌

29,142‌

$

94,960‌

Computers

-

0.00%

IQOR

US

Inc

(e)

14,193‌

12‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Consumer

Products

-

0.06%

Kimberly-Clark

Corp

13,159‌

$

1,695‌

Ontex

Group

NV

(e)

41,646‌

337‌

$

2,032‌

Cosmetics

&

Personal

Care

-

0.12%

Essity

AB

49,413‌

1,154‌

Procter

&

Gamble

Co/The

7,175‌

1,107‌

Unicharm

Corp

45,700‌

1,823‌

$

4,084‌

Distribution

&

Wholesale

-

0.01%

Veritiv

Corp

3,091‌

520‌

Electric

-

15.50%

Ameren

Corp

113,466‌

8,994‌

American

Electric

Power

Co

Inc

294,865‌

23,117‌

Boralex

Inc

94,793‌

2,300‌

Brookfield

Renewable

Corp

(f)

407,175‌

11,381‌

CLP

Holdings

Ltd

1,711,000‌

13,417‌

CMS

Energy

Corp

224,037‌

12,589‌

Constellation

Energy

Corp

93,530‌

9,742‌

CPFL

Energia

SA

1,553,084‌

10,754‌

Edison

International

359,200‌

24,731‌

EDP

-

Energias

de

Portugal

SA

6,114,412‌

27,858‌

EDP

Renovaveis

SA

149,527‌

2,735‌

Enel

SpA

6,009,258‌

40,352‌

Entergy

Corp

207,066‌

19,723‌

Eversource

Energy

187,061‌

11,938‌

Exelon

Corp

537,327‌

21,558‌

Iberdrola

SA

2,095,048‌

24,853‌

National

Grid

PLC

3,943,856‌

49,228‌

NextEra

Energy

Inc

768,589‌

51,342‌

OGE

Energy

Corp

630,428‌

21,466‌

Ormat

Technologies

Inc

26,399‌

2,005‌

Orsted

AS

(g)

99,824‌

6,404‌

PPL

Corp

470,066‌

11,714‌

Public

Service

Enterprise

Group

Inc

404,092‌

24,682‌

Redeia

Corp

SA

715,167‌

11,614‌

Sempra

252,818‌

17,753‌

Southern

Co/The

357,306‌

24,200‌

SSE

PLC

1,337,369‌

27,481‌

Terna

-

Rete

Elettrica

Nazionale

1,933,570‌

15,945‌

Xcel

Energy

Inc

202,516‌

11,570‌

$

541,446‌

Electrical

Components

&

Equipment

-

0.33%

Delta

Electronics

Inc

247,000‌

2,669‌

Generac

Holdings

Inc

(e)

15,290‌

1,817‌

Legrand

SA

25,166‌

2,479‌

Littelfuse

Inc

9,586‌

2,560‌

Signify

NV

(g)

74,096‌

2,095‌

$

11,620‌

Electronics

-

0.34%

Azbil

Corp

60,200‌

2,005‌

Badger

Meter

Inc

9,802‌

1,628‌

Halma

PLC

98,265‌

2,664‌

Hubbell

Inc

6,657‌

2,170‌

Silergy

Corp

121,000‌

1,082‌

Trimble

Inc

(e)

42,118‌

2,308‌

$

11,857‌

Energy

-

Alternate

Sources

-

0.53%

NextEra

Energy

Partners

LP

261,337‌

13,035‌

SolarEdge

Technologies

Inc

(e)

10,984‌

1,786‌

Vestas

Wind

Systems

A/S

(e)

90,744‌

2,097‌

Xinyi

Solar

Holdings

Ltd

1,986,000‌

1,657‌

$

18,575‌

Engineering

&

Construction

-

3.51%

Aena

SME

SA

(g)

219,882‌

34,565‌

AFRY

AB

7,863‌

103‌

Auckland

International

Airport

Ltd

(e)

1,631,573‌

7,597‌

Cellnex

Telecom

SA

-

Rights

(g)

419,982‌

16,062‌

China

Tower

Corp

Ltd

(g)

57,934,000‌

5,605‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

106

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Engineering

&

Construction

(continued)

Enav

SpA

(g)

5,193,352‌

$

20,951‌

Ferrovial

SE

486,450‌

15,429‌

Fluor

Corp

(e)

86,710‌

3,034‌

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

724,261‌

8,400‌

Sacyr

SA

1,557,156‌

4,959‌

Vinci

SA

53,288‌

5,936‌

$

122,641‌

Entertainment

-

0.03%

Cineworld

Group

PLC

-

Warrants

(e),(h)

29,862‌

—‌

Crown

Finance

US

Inc

-

1145

Shares

(e)

287‌

6‌

Crown

Finance

US

Inc

-

4A2

Shares

(e)

42,882‌

903‌

$

909‌

Environmental

Control

-

0.20%

Befesa

SA

(g)

40,168‌

1,478‌

Energy

Recovery

Inc

(e)

49,652‌

1,350‌

Li-Cycle

Holdings

Corp

(e)

55,842‌

248‌

Pentair

PLC

44,972‌

3,160‌

TOMRA

Systems

ASA

52,370‌

718‌

$

6,954‌

Forest

Products

&

Paper

-

0.53%

Acadian

Timber

Corp

(f)

78,198‌

1,067‌

Billerud

Aktiebolag

26,327‌

215‌

Canfor

Corp

(e)

91,086‌

1,401‌

Empresas

CMPC

SA

351,325‌

638‌

Holmen

AB

44,076‌

1,671‌

International

Paper

Co

45,452‌

1,587‌

Mercer

International

Inc

18,147‌

165‌

Mondi

PLC

93,277‌

1,549‌

Nine

Dragons

Paper

Holdings

Ltd

267,000‌

148‌

Oji

Holdings

Corp

413,400‌

1,691‌

Sappi

Ltd

297,316‌

630‌

Smurfit

Kappa

Group

PLC

50,851‌

2,133‌

Suzano

SA

312,200‌

3,171‌

Sylvamo

Corp

5,425‌

227‌

UPM-

Kymmene

Oyj

52,809‌

1,807‌

Western

Forest

Products

Inc

383,453‌

267‌

$

18,367‌

Gas

-

1.86%

China

Gas

Holdings

Ltd

3,645,400‌

3,721‌

China

Resources

Gas

Group

Ltd

3,473,833‌

9,752‌

Enagas

SA

645,762‌

11,020‌

Italgas

SpA

1,241,886‌

7,053‌

NiSource

Inc

164,197‌

4,394‌

Snam

SpA

5,649,339‌

29,153‌

$

65,093‌

Healthcare

-

Products

-

0.20%

Carestream

Health

Inc

(e)

17,410‌

35‌

Hengan

International

Group

Co

Ltd

52,095‌

193‌

Repligen

Corp

(e)

12,671‌

2,204‌

Revvity

Inc

16,006‌

1,873‌

Tecan

Group

AG

6,437‌

2,566‌

$

6,871‌

Healthcare

-

Services

-

0.00%

Millennium

Health

LLC

(e),(h),(

i

)

20,580‌

3‌

Millennium

Health

LLC

(e),(h),(

i

)

19,318‌

1‌

$

4‌

Home

Builders

-

0.21%

DR

Horton

Inc

8,229‌

979‌

KB

Home

23,465‌

1,192‌

Lennar

Corp

-

A

Shares

6,210‌

740‌

NVR

Inc

(e)

26‌

166‌

PulteGroup

Inc

13,965‌

1,146‌

Sumitomo

Forestry

Co

Ltd

70,800‌

1,992‌

Toll

Brothers

Inc

15,470‌

1,268‌

$

7,483‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

-

0.15%

Hannover

Rueck

SE

14,601‌

$

3,105‌

Lancashire

Holdings

Ltd

290,287‌

2,104‌

$

5,209‌

Internet

-

0.00%

Catalina

Marketing

Corp

(e),(h)

4,112‌

8‌

Iron

&

Steel

-

0.00%

Novolipetsk

Steel

PJSC

(e)

1,124,750‌

—‌

Severstal

PAO

(e)

149,085‌

—‌

$

—‌

Leisure

Products

&

Services

-

0.06%

Shimano

Inc

13,300‌

1,951‌

Lodging

-

0.07%

Travel

+

Leisure

Co

58,600‌

2,356‌

Machinery

-

Construction

&

Mining

-

0.06%

Vertiv

Holdings

Co

54,324‌

2,140‌

Machinery

-

Diversified

-

0.23%

ANDRITZ

AG

3,266‌

173‌

Husqvarna

AB

70,571‌

608‌

Kadant

Inc

2,281‌

501‌

Spirax-Sarco

Engineering

PLC

20,162‌

2,584‌

Valmet

Oyj

15,360‌

391‌

Watts

Water

Technologies

Inc

10,274‌

1,939‌

Zurn

Elkay

Water

Solutions

Corp

58,066‌

1,720‌

$

7,916‌

Metal

Fabrication

&

Hardware

-

0.13%

Advanced

Drainage

Systems

Inc

21,012‌

2,693‌

Valmont

Industries

Inc

6,899‌

1,749‌

$

4,442‌

Mining

-

1.70%

Alcoa

Corp

125,263‌

3,768‌

Antofagasta

PLC

221,268‌

4,052‌

Cameco

Corp

266,049‌

9,844‌

Capstone

Copper

Corp

(e)

612,188‌

2,850‌

Energy

Fuels

Inc

/Canada

(e)

334,701‌

2,386‌

First

Quantum

Minerals

Ltd

301,998‌

8,113‌

Freeport-McMoRan

Inc

280,829‌

11,208‌

Ivanhoe

Mines

Ltd

(e)

585,573‌

5,209‌

Lynas

Rare

Earths

Ltd

(e)

239,488‌

1,105‌

NexGen

Energy

Ltd

(e)

868,937‌

4,572‌

Norsk

Hydro

ASA

206,774‌

1,144‌

Pilbara

Minerals

Ltd

995,148‌

2,984‌

Polyus

PJSC

12,459‌

—‌

South32

Ltd

1,007,167‌

2,196‌

$

59,431‌

Miscellaneous

Manufacturers

-

0.05%

Carlisle

Cos

Inc

7,063‌

1,858‌

Oil

&

Gas

-

3.60%

BP

PLC

1,090,748‌

6,740‌

California

Resources

Corp

5,818‌

325‌

California

Resources

Corp

-

Warrants

(e)

439‌

9‌

Chesapeake

Energy

Corp

40,561‌

3,578‌

ConocoPhillips

81,416‌

9,691‌

Empresas

Copec

SA

95,567‌

690‌

EOG

Resources

Inc

20,447‌

2,630‌

EQT

Corp

214,583‌

9,274‌

Equinor

ASA

ADR

170,922‌

5,225‌

Hess

Corp

81,494‌

12,591‌

Marathon

Petroleum

Corp

63,856‌

9,117‌

Occidental

Petroleum

Corp

195,950‌

12,304‌

Pioneer

Natural

Resources

Co

24,841‌

5,910‌

Quarternorth

Energy

Holding

Inc

75,260‌

8,881‌

Quarternorth

Energy

Holding

Inc

-

Warrants

(e)

37,753‌

189‌

Quarternorth

Energy

Holding

Inc

-

Warrants

(e)

19,603‌

229‌

Shell

PLC

393,622‌

12,035‌

Transocean

Ltd

(e)

1,197,668‌

9,796‌

Vantage

Drilling

International

(e)

4,456‌

104‌

Weatherford

International

PLC

(e)

142,595‌

12,622‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

107

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

(continued)

Woodside

Energy

Group

Ltd

157,154‌

$

3,752‌

$

125,692‌

Oil

&

Gas

Services

-

0.51%

Halliburton

Co

97,496‌

3,765‌

NOV

Inc

116,802‌

2,468‌

Schlumberger

NV

195,315‌

11,516‌

$

17,749‌

Packaging

&

Containers

-

0.39%

Clearwater

Paper

Corp

(e)

5,493‌

210‌

DS

Smith

PLC

330,866‌

1,306‌

Graphic

Packaging

Holding

Co

58,697‌

1,305‌

Huhtamaki

Oyj

12,357‌

424‌

Klabin

SA

356,500‌

1,640‌

Packaging

Corp

of

America

12,199‌

1,819‌

SIG

Group

AG

(e)

45,294‌

1,192‌

Sonoco

Products

Co

32,789‌

1,884‌

Stora

Enso

Oyj

176,809‌

2,249‌

Westrock

Co

54,194‌

1,773‌

$

13,802‌

Pharmaceuticals

-

0.19%

Bayer

AG

119,106‌

6,517‌

Pipelines

-

5.24%

APA

Group

3,775,822‌

21,934‌

Cheniere

Energy

Inc

105,768‌

17,261‌

Enbridge

Inc

1,101,578‌

38,676‌

Gibson

Energy

Inc

1,472,614‌

22,146‌

Kinder

Morgan

Inc

1,202,480‌

20,707‌

Koninklijke

Vopak

NV

175,525‌

6,328‌

ONEOK

Inc

164,156‌

10,703‌

Pembina

Pipeline

Corp

561,655‌

17,458‌

TC

Energy

Corp

769,947‌

27,808‌

$

183,021‌

Private

Equity

-

0.27%

CapitaLand

Investment

Ltd/Singapore

3,990,900‌

9,560‌

Real

Estate

-

1.56%

CK

Asset

Holdings

Ltd

911,900‌

5,032‌

Mitsui

Fudosan

Co

Ltd

1,062,600‌

23,264‌

Qualitas

Ltd

1,648,569‌

2,705‌

Sumitomo

Realty

&

Development

Co

Ltd

321,300‌

8,213‌

Sun

Hung

Kai

Properties

Ltd

770,600‌

8,674‌

Swiss

Prime

Site

AG

67,800‌

6,510‌

$

54,398‌

REITs

-

15.64%

Agree

Realty

Corp

113,761‌

7,033‌

Alexandria

Real

Estate

Equities

Inc

104,288‌

12,133‌

Allied

Properties

Real

Estate

Investment

Trust

165,700‌

2,547‌

American

Homes

4

Rent

330,480‌

11,911‌

American

Tower

Corp

152,210‌

27,598‌

Apartment

Income

REIT

Corp

137,100‌

4,670‌

AvalonBay

Communities

Inc

103,366‌

19,001‌

Camden

Property

Trust

85,849‌

9,239‌

Canadian

Apartment

Properties

REIT

141,700‌

5,083‌

CapitaLand

Ascendas

REIT

2,288,200‌

4,687‌

CapitaLand

Integrated

Commercial

Trust

2,635,706‌

3,723‌

Centuria

Industrial

REIT

1,546,126‌

3,070‌

Cousins

Properties

Inc

244,653‌

5,749‌

Crown

Castle

Inc

219,133‌

22,023‌

CubeSmart

132,366‌

5,521‌

Dexus

596,089‌

2,979‌

Equinix

Inc

38,752‌

30,280‌

Equity

LifeStyle

Properties

Inc

100,900‌

6,756‌

Essex

Property

Trust

Inc

48,913‌

11,660‌

Extra

Space

Storage

Inc

144,135‌

18,547‌

First

Industrial

Realty

Trust

Inc

128,200‌

6,659‌

Gaming

and

Leisure

Properties

Inc

177,200‌

8,399‌

Goodman

Group

678,534‌

10,224‌

Healthcare

Realty

Trust

Inc

255,800‌

4,482‌

Host

Hotels

&

Resorts

Inc

458,852‌

7,245‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Inmobiliaria

Colonial

Socimi

SA

530,953‌

$

3,226‌

InterRent

Real

Estate

Investment

Trust

177,060‌

1,612‌

InvenTrust

Properties

Corp

197,100‌

4,713‌

Invitation

Homes

Inc

550,550‌

18,768‌

Japan

Hotel

REIT

Investment

Corp

8,900‌

4,510‌

Japan

Metropolitan

Fund

Invest

12,992‌

8,724‌

Kilroy

Realty

Corp

176,896‌

6,536‌

Klepierre

SA

433,124‌

11,440‌

Link

REIT

1,653,644‌

8,199‌

Mapletree

Industrial

Trust

3,778,800‌

6,426‌

Merlin

Properties

Socimi

SA

603,300‌

5,404‌

Minto

Apartment

Real

Estate

Investment

Trust

(g)

148,842‌

1,462‌

Nippon

Accommodations

Fund

Inc

1,100‌

4,965‌

Nippon

Prologis

REIT

Inc

2,767‌

5,565‌

Park

Hotels

&

Resorts

Inc

209,383‌

2,686‌

PotlatchDeltic

Corp

100,689‌

4,759‌

Prologis

Inc

272,364‌

33,828‌

Rayonier

Inc

218,324‌

6,528‌

Regency

Centers

Corp

135,077‌

8,402‌

Rexford

Industrial

Realty

Inc

292,215‌

15,625‌

Sabra

Health

Care

REIT

Inc

259,400‌

3,250‌

Safestore

Holdings

PLC

677,051‌

7,402‌

Segro

PLC

739,771‌

6,896‌

Simon

Property

Group

Inc

49,400‌

5,606‌

Stockland

1,822,600‌

4,978‌

Sun

Communities

Inc

83,503‌

10,223‌

UNITE

Group

PLC/The

880,442‌

10,472‌

United

Urban

Investment

Corp

4,754‌

5,110‌

Ventas

Inc

389,991‌

17,035‌

VICI

Properties

Inc

746,011‌

23,007‌

Warehouses

De

Pauw

CVA

214,800‌

6,138‌

Welltower

Inc

321,444‌

26,641‌

Weyerhaeuser

Co

152,768‌

5,003‌

$

546,358‌

Retail

-

0.08%

Belk

Inc

(e),(h)

139‌

1‌

Gymboree

Corp/The

(e),(h)

17,842‌

—‌

Gymboree

Holding

Corp

(e),(h)

48,577‌

—‌

Home

Depot

Inc

/The

4,173‌

1,378‌

Lowe's

Cos

Inc

6,033‌

1,391‌

$

2,770‌

Semiconductors

-

0.06%

Bright

Bidco

(e)

15,091‌

6‌

Bright

Bidco

(e),(

i

)

11,047‌

5‌

Monolithic

Power

Systems

Inc

4,163‌

2,170‌

$

2,181‌

Software

-

0.29%

Altair

Engineering

Inc

(e)

30,240‌

2,010‌

Avaya

Holdings

Corp

(e),(

i

)

12,893‌

99‌

Avaya

Holdings

Corp

(e)

61,266‌

470‌

Cadence

Design

Systems

Inc

(e)

10,455‌

2,514‌

Nemetschek

SE

26,482‌

1,829‌

PTC

Inc

(e)

21,809‌

3,210‌

Skillsoft

Corp

(e)

93,356‌

122‌

$

10,254‌

Telecommunications

-

0.14%

NEXTDC

Ltd

(e)

526,473‌

4,602‌

Windstream

(e)

9,809‌

93‌

Windstream

-

Warrants

(e)

17,064‌

162‌

$

4,857‌

Transportation

-

1.34%

American

Commercial

Lines

Inc

(e),(h)

573‌

23‌

American

Commercial

Lines

Inc

-

Warrants

(e),(h)

603‌

24‌

East

Japan

Railway

Co

166,300‌

9,402‌

Union

Pacific

Corp

68,540‌

15,118‌

West

Japan

Railway

Co

514,341‌

22,268‌

$

46,835‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

108

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Water

-

1.99%

American

Water

Works

Co

Inc

14,929‌

$

2,071‌

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

ADR

136,688‌

1,586‌

Essential

Utilities

Inc

203,373‌

7,505‌

Pennon

Group

PLC

1,682,772‌

13,730‌

Severn

Trent

PLC

757,191‌

22,994‌

United

Utilities

Group

PLC

1,549,910‌

18,560‌

Veolia

Environnement

SA

96,137‌

2,999‌

$

69,445‌

TOTAL

COMMON

STOCKS

$

2,184,806‌

PREFERRED

STOCKS

-

0.27%

Shares

Held

Value

(000's)

Electric

-

0.26%

Centrais

Eletricas

Brasileiras

SA

1.49%

1,168,915‌

$

9,211‌

Transportation

-

0.01%

American

Commercial

Lines

Inc

Preferred

A

1.87%

(h)

1,684‌

37‌

American

Commercial

Lines

Inc

Preferred

A

-

Anti-

Dilution

Warrants

0.00%,

04/30/2045

(e)

2,243‌

1‌

American

Commercial

Lines

Inc

Preferred

A

-

Warrants

0.00%,

04/30/2045

(e),(h)

2,243‌

49‌

American

Commercial

Lines

Inc

Preferred

B

2.50%

(h)

2,428‌

121‌

American

Commercial

Lines

Inc

Preferred

B

-

Anti-

Dilution

Warrants

0.00%,

04/30/2045

(e)

1,706‌

1‌

American

Commercial

Lines

Inc

Preferred

B

-

Warrants

0.00%,

04/30/2045

(e),(h)

1,706‌

85‌

$

294‌

TOTAL

PREFERRED

STOCKS

$

9,505‌

BONDS

-

0.42%

Principal

Amount

(000's)

Value

(000's)

Electric

-

0.04%

Pacific

Gas

and

Electric

Co

3.15%,

01/01/2026

$

91‌

$

85‌

4.50%,

07/01/2040

1,591‌

1,226‌

$

1,311‌

Mortgage

Backed

Securities

-

0.18%

BRAVO

Residential

Funding

Trust

2023-NQM3

4.85%,

09/25/2062

(g),(j)

747‌

718‌

CSMC

2022-NQM4

Trust

4.82%,

06/25/2067

(g),(j)

660‌

640‌

CSMC

2022-NQM5

Trust

5.17%,

05/25/2067

(g),(j)

1,378‌

1,342‌

Ellington

Financial

Mortgage

Trust

2021-3

1.24%,

09/25/2066

(g),(j)

896‌

690‌

J.P.

Morgan

Mortgage

Trust

2023-DSC1

4.62%,

07/25/2063

(g),(j)

389‌

359‌

PRKCM

2022-AFC2

Trust

5.33%,

08/25/2057

(g),(j)

214‌

209‌

SG

Residential

Mortgage

Trust

2021-1

1.16%,

07/25/2061

(g),(j)

1,044‌

808‌

SG

Residential

Mortgage

Trust

2022-2

5.35%,

08/25/2062

(g),(j)

341‌

333‌

Verus

Securitization

Trust

2022-7

5.15%,

07/25/2067

(g),(j)

993‌

970‌

Verus

Securitization

Trust

2022-INV2

6.79%,

10/25/2067

(g),(j)

276‌

277‌

$

6,346‌

Other

Asset

Backed

Securities

-

0.14%

AMSR

2022-SFR3

Trust

4.00%,

10/17/2039

(g)

1,051‌

944‌

New

Residential

Mortgage

Loan

Trust

2022-SFR2

4.00%,

09/04/2039

(g)

1,060‌

949‌

Pagaya

AI

Technology

in

Housing

Trust

2022-1

4.25%,

08/25/2025

(g)

660‌

617‌

Progress

Residential

2022-SFR6

Trust

6.04%,

07/20/2039

(g)

1,035‌

1,002‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Other

Asset

Backed

Securities

(continued)

Progress

Residential

2022-SFR7

Trust

5.50%,

10/27/2039

(g)

$

1,385‌

$

1,312‌

$

4,824‌

Sovereign

-

0.06%

Spain

Government

Bond

3.15%,

04/30/2033

(g)

EUR

1,845‌

1,955‌

United

Kingdom

Inflation-Linked

Gilt

0.75%,

11/22/2047

GBP

63‌

73‌

$

2,028‌

TOTAL

BONDS

$

14,509‌

SENIOR

FLOATING

RATE

INTERESTS

-

2.50%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.05%

ABG

Intermediate

Holdings

2

LLC

8.93%,

12/21/2028

(k)

$

37‌

$

37‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

11.43%,

12/20/2029

(k)

96‌

97‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

6.00%

Clear

Channel

Outdoor

Holdings

Inc

9.28%,

08/07/2026

(k)

951‌

928‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.50%

Dotdash

Meredith

Inc

9.42%,

12/01/2028

(k)

527‌

507‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

Red

Ventures

LLC

8.32%,

02/24/2030

(k)

182‌

181‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

$

1,750‌

Aerospace

&

Defense

-

0.02%

TransDigm

Inc

8.49%,

08/24/2028

(k)

594‌

595‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Agriculture

-

0.00%

Sycamore

Buyer

LLC

7.68%,

07/23/2029

(k)

63‌

61‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.25%

Airlines

-

0.05%

AAdvantage

Loyalty

IP

Ltd

9.81%,

03/10/2028

(k)

429‌

445‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.75%

American

Airlines

Inc

8.54%,

02/15/2028

(k)

250‌

249‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

Mileage

Plus

Holdings

LLC

10.76%,

06/21/2027

(k)

113‌

118‌

3

Month

USD

LIBOR

+

5.25%

SkyMiles

IP

Ltd

9.08%,

09/16/2027

(k)

274‌

285‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

United

Airlines

Inc

9.29%,

04/21/2028

(k)

184‌

184‌

3

Month

USD

LIBOR

+

3.75%

WestJet

Airlines

Ltd

8.42%,

12/11/2026

(k)

610‌

597‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.00%

$

1,878‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

109

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Apparel

-

0.00%

Birkenstock

US

BidCo

Inc

8.88%,

04/28/2028

(k)

$

110‌

$

109‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

Automobile

Parts

&

Equipment

-

0.02%

Clarios

Global

LP

9.07%,

04/19/2030

(k)

515‌

513‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

Dexko

Global

Inc

9.25%,

10/04/2028

(k)

40‌

39‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.75%

Phinia

Inc

9.42%,

06/07/2028

(k)

75‌

75‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

$

627‌

Beverages

-

0.02%

Arterra

Wines

Canada

Inc

9.00%,

11/24/2027

(k)

35‌

33‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.50%

City

Brewing

Co

LLC

9.07%,

04/05/2028

(k)

90‌

59‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.50%

Naked

Juice

LLC

8.59%,

01/24/2029

(k)

23‌

22‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.25%

11.34%,

01/24/2030

(k)

82‌

66‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.00%

Pegasus

Bidco

BV

9.61%,

07/12/2029

(k)

149‌

149‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.25%

Triton

Water

Holdings

Inc

8.75%,

03/31/2028

(k)

451‌

442‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

$

771‌

Building

Materials

-

0.03%

Chariot

Buyer

LLC

8.67%,

10/22/2028

(k)

462‌

457‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

Cornerstone

Building

Brands

Inc

8.66%,

04/12/2028

(k)

76‌

74‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Emerald

Debt

Merger

Sub

LLC

8.26%,

05/03/2030

(k)

250‌

251‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

Zurn

LLC

7.32%,

10/04/2028

(k)

231‌

230‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.25%

$

1,012‌

Chemicals

-

0.07%

Ascend

Performance

Materials

Operations

LLC

9.71%,

08/27/2026

(k)

135‌

131‌

CME

Term

Secured

Overnight

Financing

Rate

6

Month

+

4.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Chemicals

(continued)

Axalta

Coating

Systems

US

Holdings

Inc

7.93%,

12/20/2029

(k)

$

185‌

$

185‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

Cpc

Acquisition

Corp

0.00%,

12/29/2027

(k),(l)

115‌

93‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

Discovery

Purchaser

Corp

9.62%,

08/04/2029

(k)

284‌

272‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.38%

Ecovyst

Catalyst

Technologies

LLC

7.97%,

06/08/2028

(k)

394‌

392‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

Herens

US

Holdco

Corp

0.00%,

07/03/2028

(k),(l)

100‌

87‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.00%

INEOS

US

Finance

LLC

0.00%,

02/18/2030

(k),(l)

300‌

298‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

Kraton

Corp

8.77%,

03/15/2029

(k)

163‌

159‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.25%

Nouryon

USA

LLC

9.32%,

04/02/2028

(k)

475‌

473‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

Trinseo

Materials

Operating

SCA

7.54%,

09/06/2024

(k)

362‌

354‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.00%

WR

Grace

Holdings

LLC

9.31%,

09/22/2028

(k)

31‌

31‌

3

Month

USD

LIBOR

+

3.75%

$

2,475‌

Commercial

Services

-

0.15%

Anticimex

Global

AB

8.45%,

11/16/2028

(k)

246‌

244‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.50%

Avis

Budget

Car

Rental

LLC

7.18%,

08/06/2027

(k)

290‌

289‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.75%

8.92%,

03/16/2029

(k)

107‌

106‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

AVSC

Holding

Corp

15.00%,

PIK

0.00%,

10/15/2026

(k),(m)

100‌

102‌

Belron

Finance

US

LLC

7.88%,

10/30/2026

(k)

107‌

107‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.25%

Belron

Luxembourg

Sarl

8.16%,

04/18/2029

(k)

105‌

105‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.75%

CHG

Healthcare

Services

Inc

8.68%,

09/29/2028

(k)

69‌

69‌

1

Month

USD

LIBOR

+

3.25%

Driven

Brands

Holdings

Inc

8.43%,

12/17/2028

(k)

237‌

231‌

12

Month

USD

LIBOR

+

3.00%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

110

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Services

(continued)

Garda

World

Security

Corp

9.67%,

10/30/2026

(k)

$

300‌

$

299‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

Hertz

Corp/The

8.68%,

06/14/2028

(k)

884‌

883‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

8.68%,

06/14/2028

(k)

170‌

170‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

Omnia

Partners

9.60%,

07/19/2030

(k)

274‌

275‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.25%

Prime

Security

Services

Borrower

LLC

8.18%,

09/23/2026

(k)

799‌

799‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

Sabert

Corp

9.93%,

12/10/2026

(k)

191‌

191‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.50%

Sabre

GLBL

Inc

0.00%,

06/30/2028

(k),(l)

155‌

136‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

5.00%

Syniverse

Holdings

LLC/DE

12.92%,

05/13/2027

(k)

585‌

517‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

7.00%

Trans

Union

LLC

7.17%,

11/13/2026

(k)

176‌

176‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.75%

7.68%,

11/17/2028

(k)

192‌

192‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.25%

Verscend

Holding

Corp

9.43%,

08/27/2025

(k)

22‌

21‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

VT

Topco

Inc

9.56%,

08/02/2030

(k)

45‌

45‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

Wand

NewCo

3

Inc

8.17%,

02/05/2026

(k)

208‌

208‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

WEX

Inc

7.68%,

03/31/2028

(k)

84‌

84‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.25%

$

5,249‌

Computers

-

0.05%

Amentum

Government

Services

Holdings

LLC

9.31%,

02/15/2029

(k)

207‌

202‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

iQor

US

Inc

12.69%,

11/20/2024

(k)

150‌

148‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

7.50%

12.70%,

11/20/2025

(k)

415‌

284‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

7.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Computers

(continued)

Magenta

Buyer

LLC

10.63%,

07/27/2028

(k)

$

85‌

$

63‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.75%

McAfee

Corp

9.17%,

03/01/2029

(k)

281‌

275‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

NCR

Corp

7.93%,

08/28/2026

(k)

224‌

223‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

Perforce

Software

Inc

9.18%,

07/01/2026

(k)

154‌

148‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

Tempo

Acquisition

LLC

8.32%,

08/31/2028

(k)

437‌

438‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

Vision

Solutions

Inc

9.86%,

04/23/2028

(k)

131‌

127‌

3

Month

USD

LIBOR

+

4.00%

$

1,908‌

Consumer

Products

-

0.01%

Kronos

Acquisition

Holdings

Inc

9.25%,

12/22/2026

(k)

25‌

25‌

3

Month

USD

LIBOR

+

3.75%

11.57%,

12/22/2026

(k)

239‌

236‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

6.00%

$

261‌

Cosmetics

&

Personal

Care

-

0.00%

Conair

Holdings

LLC

9.29%,

05/17/2028

(k)

104‌

98‌

3

Month

USD

LIBOR

+

3.75%

Distribution

&

Wholesale

-

0.02%

Core

&

Main

LP

7.85%,

07/27/2028

(k)

283‌

282‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

Windsor

Holdings

III

LLC

9.82%,

08/01/2030

(k)

415‌

413‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.50%

$

695‌

Diversified

Financial

Services

-

0.03%

Avolon

TLB

Borrower

1

US

LLC

6.91%,

02/12/2027

(k)

146‌

146‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.50%

7.81%,

06/08/2028

(k)

300‌

300‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

Ditech

Holding

Corp

0.00%,

06/30/2022

(e),(k)

816‌

10‌

3

Month

USD

LIBOR

+

6.00%

FleetCor

Technologies

Operating

Co

LLC

7.17%,

04/28/2028

(k)

182‌

182‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.75%

Fly

Funding

II

Sarl

7.38%,

08/09/2025

(k)

474‌

445‌

3

Month

USD

LIBOR

+

1.75%

$

1,083‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

111

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

-

0.05%

Calpine

Corp

7.43%,

08/12/2026

(k)

$

167‌

$

167‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.00%

Constellation

Renewables

LLC

5.27%,

12/11/2027

(k)

47‌

47‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.50%

Generation

Bridge

Northeast

LLC

9.56%,

08/07/2029

(k)

150‌

150‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

Talen

Energy

Supply

LLC

9.88%,

04/26/2030

(k)

836‌

837‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.50%

9.88%,

04/26/2030

(k)

678‌

679‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.50%

$

1,880‌

Electronics

-

0.01%

Coherent

Corp

8.18%,

07/01/2029

(k)

87‌

87‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

Ingram

Micro

Inc

9.04%,

06/30/2028

(k)

158‌

158‌

3

Month

USD

LIBOR

+

3.50%

$

245‌

Engineering

&

Construction

-

0.03%

Apple

Bidco

LLC

8.18%,

07/14/2028

(k)

147‌

145‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

9.32%,

09/22/2028

(k)

249‌

249‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

Brown

Group

Holding

LLC

7.82%,

06/07/2028

(k)

365‌

360‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

9.05%,

06/08/2029

(k)

49‌

49‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

Centuri

Group

Inc

7.93%,

08/18/2028

(k)

204‌

203‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

$

1,006‌

Entertainment

-

0.20%

AMC

Entertainment

Holdings

Inc

8.43%,

03/20/2026

(k)

850‌

672‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

Bally's

Corp

8.84%,

08/06/2028

(k)

207‌

200‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.25%

Caesars

Entertainment

Inc

8.67%,

01/20/2030

(k)

833‌

833‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Churchill

Downs

Inc

7.42%,

03/17/2028

(k)

73‌

73‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Entertainment

(continued)

Cinemark

USA

Inc

9.05%,

05/21/2030

(k)

$

249‌

$

248‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

Crown

Finance

US

Inc

14.38%,

04/03/2028

(k)

929‌

934‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

8.93%

Delta

2

Lux

Sarl

8.32%,

01/15/2030

(k)

5‌

5‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Entain

Holdings

Gibraltar

Ltd

8.44%,

10/18/2029

(k)

560‌

561‌

CME

Term

Secured

Overnight

Financing

Rate

6

Month

+

3.50%

Everi

Holdings

Inc

7.93%,

06/30/2028

(k)

312‌

311‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

Flutter

Financing

BV

8.75%,

09/16/2028

(k)

248‌

247‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Light

&

Wonder

International

Inc

8.41%,

04/14/2029

(k)

126‌

126‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

Lions

Gate

Capital

Holdings

LLC

7.68%,

03/24/2025

(k)

205‌

205‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.25%

Merlin

Entertainment

8.79%,

11/12/2026

(k)

659‌

656‌

3

Month

USD

LIBOR

+

3.25%

8.79%,

11/12/2026

(k)

94‌

94‌

3

Month

USD

LIBOR

+

3.25%

Nascar

Holdings

LLC

7.93%,

10/19/2026

(k)

173‌

173‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

PCI

Gaming

Authority

7.93%,

05/29/2026

(k)

243‌

243‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

Scientific

Games

Holdings

LP

8.77%,

02/04/2029

(k)

123‌

123‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.50%

SeaWorld

Parks

&

Entertainment

Inc

8.43%,

08/25/2028

(k)

390‌

390‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

Stars

Group

Holdings

BV

7.75%,

07/21/2026

(k)

729‌

728‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.25%

William

Morris

Endeavor

Entertainment

LLC

8.18%,

05/16/2025

(k)

213‌

213‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

$

7,035‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

112

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Environmental

Control

-

0.02%

Covanta

Holding

Corp

7.82%,

11/17/2028

(k)

$

196‌

$

195‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

7.82%,

11/17/2028

(k)

15‌

15‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

GFL

Environmental

Inc

8.47%,

05/27/2027

(k)

152‌

152‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

Win

Waste

Innovations

Holdings

Inc

8.18%,

03/24/2028

(k)

200‌

172‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

$

534‌

Food

-

0.03%

8th

Avenue

Food

&

Provisions

Inc

9.20%,

09/19/2025

(k)

262‌

249‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

10.19%,

10/01/2025

(k)

46‌

44‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.75%

CHG

PPC

Parent

LLC

8.43%,

12/08/2028

(k)

232‌

230‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

Froneri

US

Inc

7.67%,

01/31/2027

(k)

41‌

40‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.25%

Heritage

Grocers

Group

LLC

12.09%,

08/01/2029

(k)

125‌

124‌

CME

Term

Secured

Overnight

Financing

Rate

6

Month

+

6.75%

Total

Produce

USA

Holdings

Inc

7.68%,

08/03/2028

(k)

9‌

9‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.00%

US

Foods

Inc

7.43%,

11/22/2028

(k)

127‌

127‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

7.45%,

09/14/2026

(k)

235‌

235‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.00%

$

1,058‌

Forest

Products

&

Paper

-

0.01%

Asplundh

Tree

Expert

LLC

7.18%,

09/06/2027

(k)

358‌

357‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.75%

Hand

&

Machine

Tools

-

0.01%

Alliance

Laundry

Systems

LLC

8.90%,

09/30/2027

(k)

228‌

228‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.50%

Healthcare

-

Products

-

0.14%

Avantor

Funding

Inc

7.67%,

11/08/2027

(k)

35‌

35‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.25%

Bausch

+

Lomb

Corp

8.59%,

05/10/2027

(k)

1,041‌

1,017‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Products

(continued)

Carestream

Health

Inc

12.84%,

09/30/2027

(k)

$

524‌

$

392‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

7.50%

Curia

Global

Inc

9.17%,

08/30/2026

(k)

475‌

402‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

Embecta

Corp

8.34%,

03/31/2029

(k)

307‌

304‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

ICU

Medical

Inc

7.89%,

12/15/2028

(k)

18‌

18‌

1

Month

USD

LIBOR

+

2.50%

Insulet

Corp

8.68%,

05/04/2028

(k)

85‌

85‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Medline

Borrower

LP

8.68%,

10/23/2028

(k)

1,574‌

1,572‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Viant

Medical

Holdings

Inc

9.18%,

07/02/2025

(k)

276‌

270‌

1

Month

USD

LIBOR

+

3.75%

Vyaire

Medical

Inc

10.26%,

04/16/2025

(k)

890‌

631‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.75%

$

4,726‌

Healthcare

-

Services

-

0.09%

Catalent

Pharma

Solutions

Inc

7.43%,

02/22/2028

(k)

196‌

192‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.00%

DaVita

Inc

7.18%,

08/12/2026

(k)

132‌

131‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.75%

Global

Medical

Response

Inc

9.68%,

03/14/2025

(k)

196‌

137‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.25%

9.78%,

10/02/2025

(k)

506‌

354‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.25%

ICON

Luxembourg

Sarl

7.75%,

07/03/2028

(k)

400‌

400‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.25%

Onex

TSG

Intermediate

Corp

10.38%,

02/25/2028

(k)

60‌

54‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.75%

Phoenix

Guarantor

Inc

8.68%,

03/05/2026

(k)

100‌

100‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Phoenix

Newco

Inc

8.68%,

11/15/2028

(k)

756‌

754‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Select

Medical

Corp

8.32%,

03/06/2027

(k)

433‌

433‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

113

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

(continued)

Surgery

Center

Holdings

Inc

9.18%,

09/03/2026

(k)

$

475‌

$

476‌

1

Month

USD

LIBOR

+

3.75%

Team

Health

Holdings

Inc

8.18%,

02/06/2024

(k)

227‌

221‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

10.56%,

03/02/2027

(k)

15‌

12‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

5.25%

US

Radiology

Specialists

Inc

10.67%,

12/10/2027

(k)

56‌

54‌

3

Month

USD

LIBOR

+

5.25%

$

3,318‌

Home

Furnishings

-

0.03%

AI

Aqua

Merger

Sub

Inc

9.06%,

07/30/2028

(k)

369‌

367‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

MillerKnoll

Inc

7.43%,

07/19/2028

(k)

359‌

350‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.00%

Weber-Stephen

Products

LLC

8.68%,

10/30/2027

(k)

196‌

177‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

$

894‌

Insurance

-

0.09%

Acrisure

LLC

8.95%,

02/15/2027

(k)

272‌

267‌

1

Month

USD

LIBOR

+

3.50%

Alliant

Holdings

Intermediate

LLC

8.81%,

11/04/2027

(k)

602‌

601‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

8.93%,

11/06/2027

(k)

243‌

243‌

1

Month

USD

LIBOR

+

3.50%

AmWINS

Group

Inc

8.18%,

02/18/2028

(k)

60‌

60‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

Asurion

LLC

8.79%,

07/31/2027

(k)

125‌

120‌

1

Month

USD

LIBOR

+

3.25%

9.68%,

08/18/2028

(k)

82‌

79‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

10.63%,

12/23/2026

(k)

95‌

92‌

1

Month

USD

LIBOR

+

3.25%

10.69%,

01/20/2029

(k)

165‌

144‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

5.25%

BroadStreet

Partners

Inc

8.43%,

01/27/2027

(k)

403‌

400‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

8.68%,

01/27/2027

(k)

94‌

93‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

9.32%,

01/26/2029

(k)

125‌

125‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

HUB

International

Ltd

9.37%,

10/30/2029

(k)

$

124‌

$

125‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.00%

9.58%,

06/08/2030

(k)

183‌

184‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

Sedgwick

Claims

Management

Services

Inc

0.00%,

02/24/2028

(k),(l)

120‌

120‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

USI

Inc

/NY

8.99%,

11/14/2029

(k)

495‌

495‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

$

3,148‌

Internet

-

0.06%

Abe

Investment

Holdings

Inc

0.00%,

02/13/2026

(k),(l)

45‌

45‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.50%

Catalina

Marketing

Corp

0.00%,

PIK

14.87%,

04/23/2027

(e),(k),(m)

133‌

78‌

3

Month

USD

LIBOR

+

9.50%

CNT

Holdings

I

Corp

8.80%,

11/08/2027

(k)

500‌

499‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

Gen

Digital

Inc

7.42%,

09/12/2029

(k)

584‌

583‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.00%

Uber

Technologies

Inc

8.02%,

02/27/2030

(k)

748‌

749‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

$

1,954‌

Leisure

Products

&

Services

-

0.09%

Alterra

Mountain

Co

9.17%,

05/08/2030

(k)

713‌

712‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

Carnival

Corp

8.32%,

08/02/2027

(k)

238‌

238‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

8.68%,

10/18/2028

(k)

113‌

112‌

6

Month

USD

LIBOR

+

3.25%

ClubCorp

Holdings

Inc

8.29%,

09/18/2024

(k)

607‌

598‌

3

Month

USD

LIBOR

+

2.75%

Equinox

Holdings

Inc

8.73%,

03/08/2024

(k)

459‌

442‌

3

Month

USD

LIBOR

+

3.00%

Hayward

Industries

Inc

8.18%,

05/28/2028

(k)

479‌

473‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

Life

Time

Inc

10.61%,

01/14/2026

(k)

153‌

153‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.75%

SRAM

LLC

8.18%,

05/18/2028

(k)

217‌

216‌

1

Month

USD

LIBOR

+

2.75%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

114

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Leisure

Products

&

Services

(continued)

Topgolf

Callaway

Brands

Corp

8.92%,

03/14/2030

(k)

$

374‌

$

374‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

$

3,318‌

Lodging

-

0.02%

Fertitta

Entertainment

LLC/NV

9.32%,

01/13/2029

(k)

809‌

800‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

Machinery

-

Diversified

-

0.05%

Ali

Group

North

America

Corp

7.45%,

07/30/2029

(k)

387‌

387‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.00%

Chart

Industries

Inc

9.16%,

03/15/2030

(k)

484‌

484‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

TK

Elevator

US

Newco

Inc

9.38%,

07/30/2027

(k)

481‌

480‌

6

Month

USD

LIBOR

+

3.50%

Victory

Buyer

LLC

9.26%,

11/18/2028

(k)

384‌

351‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

$

1,702‌

Media

-

0.16%

Altice

Financing

SA

10.31%,

10/31/2027

(k)

139‌

131‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

5.00%

Cengage

Learning

Inc

10.32%,

07/14/2026

(k)

434‌

432‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.75%

CSC

Holdings

LLC

9.81%,

01/16/2028

(k)

538‌

506‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.50%

Diamond

Sports

Group

LLC

0.00%,

08/24/2026

(e),(k)

2,296‌

55‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Directv

Financing

LLC

10.43%,

08/02/2027

(k)

580‌

573‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

5.00%

Gray

Television

Inc

7.94%,

01/02/2026

(k)

137‌

136‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

iHeartCommunications

Inc

8.43%,

05/01/2026

(k)

624‌

556‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

LCPR

Loan

Financing

LLC

9.17%,

10/13/2028

(k)

145‌

143‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

McGraw-Hill

Education

Inc

10.10%,

07/28/2028

(k)

365‌

357‌

1

Month

USD

LIBOR

+

4.75%

Nexstar

Media

Inc

7.93%,

09/18/2026

(k)

173‌

173‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

Radiate

Holdco

LLC

8.68%,

09/25/2026

(k)

$

210‌

$

171‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

UPC

Financing

Partnership

8.35%,

01/30/2029

(k)

250‌

242‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.93%

Virgin

Media

Bristol

LLC

7.92%,

01/31/2028

(k)

61‌

59‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

8.31%,

03/30/2031

(k)

1,000‌

987‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

WideOpenWest

Finance

LLC

8.24%,

12/20/2028

(k)

209‌

206‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.00%

Ziggo

Financing

Partnership

7.93%,

04/28/2028

(k)

736‌

719‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

$

5,446‌

Metal

Fabrication

&

Hardware

-

0.01%

Grinding

Media

Inc

9.53%,

10/12/2028

(k)

233‌

227‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.00%

Mining

-

0.00%

Arsenal

AIC

Parent

LLC

9.88%,

07/26/2030

(k)

55‌

55‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.50%

Miscellaneous

Manufacturers

-

0.02%

Gates

Global

LLC

7.92%,

03/31/2027

(k)

651‌

650‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

Oil

&

Gas

-

0.09%

Gulf

Finance

LLC

12.34%,

08/25/2026

(k)

582‌

583‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

6.75%

Quarternorth

Energy

Holding

Inc

13.43%,

08/27/2026

(k)

2,494‌

2,478‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

8.00%

$

3,061‌

Packaging

&

Containers

-

0.04%

Berry

Global

Inc

7.29%,

07/01/2026

(k)

161‌

161‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.75%

Clydesdale

Acquisition

Holdings

Inc

9.59%,

04/13/2029

(k)

402‌

399‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.18%

Kloeckner

Pentaplast

of

America

Inc

10.10%,

02/12/2026

(k)

286‌

267‌

CME

Term

Secured

Overnight

Financing

Rate

6

Month

+

4.75%

LABL

Inc

10.42%,

10/28/2028

(k)

314‌

313‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

5.00%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

115

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Packaging

&

Containers

(continued)

Pactiv

Evergreen

Group

Holdings

Inc

8.68%,

09/22/2028

(k)

$

313‌

$

313‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

8.71%,

02/05/2026

(k)

21‌

21‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Plaze

Inc

9.18%,

08/03/2026

(k)

108‌

103‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

$

1,577‌

Pharmaceuticals

-

0.07%

Amneal

Pharmaceuticals

LLC

8.93%,

05/04/2025

(k)

170‌

164‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

Gainwell

Acquisition

Corp

9.34%,

10/01/2027

(k)

273‌

269‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.00%

Grifols

Worldwide

Operations

USA

Inc

7.36%,

11/15/2027

(k)

497‌

490‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.00%

Jazz

Financing

Lux

Sarl

8.93%,

05/05/2028

(k)

466‌

466‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

Organon

&

Co

8.43%,

06/02/2028

(k)

952‌

953‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.00%

PRA

Health

Sciences

Inc

7.49%,

07/03/2028

(k)

100‌

100‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.25%

$

2,442‌

Pipelines

-

0.02%

BCP

Renaissance

Parent

LLC

8.74%,

10/31/2026

(k)

157‌

156‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.50%

Buckeye

Partners

LP

7.67%,

11/01/2026

(k)

77‌

77‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.25%

Freeport

LNG

Investments

LLLP

8.47%,

11/17/2026

(k)

451‌

443‌

3

Month

USD

LIBOR

+

3.00%

Oryx

Midstream

Services

Permian

Basin

LLC

8.68%,

10/04/2028

(k)

85‌

85‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

TransMontaigne

Operating

Co

LP

8.93%,

11/03/2028

(k)

80‌

80‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

Traverse

Midstream

Partners

LLC

9.22%,

09/21/2024

(k)

39‌

39‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

$

880‌

Real

Estate

-

0.00%

Cushman

&

Wakefield

US

Borrower

LLC

8.67%,

01/31/2030

(k)

19‌

19‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Retail

-

0.09%

1011778

BC

ULC

7.20%,

11/19/2026

(k)

$

402‌

$

399‌

1

Month

USD

LIBOR

+

1.75%

Academy

Ltd

9.18%,

11/05/2027

(k)

158‌

158‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

Belk

Inc

10.00%,

PIK

0.00%,

07/31/2025

(k),(m)

1,126‌

135‌

12.98%,

07/31/2025

(k)

232‌

196‌

3

Month

USD

LIBOR

+

7.50%

EG

America

LLC

9.14%,

02/07/2025

(k)

9‌

9‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

IRB

Holding

Corp

8.42%,

12/15/2027

(k)

282‌

281‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

Jo-Ann

Stores

LLC

10.36%,

07/07/2028

(k)

850‌

312‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.75%

LS

Group

OpCo

Acquistion

LLC

8.68%,

11/02/2027

(k)

211‌

211‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Michaels

Cos

Inc

/The

9.75%,

04/15/2028

(k)

218‌

201‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.25%

PetSmart

LLC

9.17%,

02/11/2028

(k)

841‌

838‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

RH

7.93%,

10/20/2028

(k)

279‌

269‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

Serta

Simmons

Bedding

Inc

12.72%,

06/29/2028

(k)

20‌

20‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

7.50%

SRS

Distribution

Inc

0.00%,

06/02/2028

(k),(l)

95‌

94‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.50%

Staples

Inc

10.30%,

04/09/2026

(k)

106‌

91‌

3

Month

USD

LIBOR

+

5.00%

$

3,214‌

Semiconductors

-

0.01%

Bright

Bidco

BV

6.36%,

PIK

8.00%,

10/31/2027

(k),(m)

808‌

318‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

8.00%

Software

-

0.34%

AthenaHealth

Group

Inc

8.82%,

02/15/2029

(k)

14‌

13‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

Avaya

Inc

6.54%,

PIK

7.00%,

07/31/2028

(k),(m)

1,820‌

1,509‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

7.50%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

116

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Boxer

Parent

Co

Inc

9.18%,

10/02/2025

(k)

$

1,110‌

$

1,109‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

Camelot

Finance

SA

8.43%,

10/30/2026

(k)

9‌

9‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

CCC

Intelligent

Solutions

Inc

7.68%,

09/21/2028

(k)

180‌

179‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.25%

Central

Parent

Inc

9.49%,

06/07/2029

(k)

164‌

164‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.50%

Ceridian

HCM

Holding

Inc

7.98%,

04/04/2025

(k)

125‌

125‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

DTI

Holdco

Inc

10.12%,

04/26/2029

(k)

297‌

286‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.75%

Dun

&

Bradstreet

Corp/The

8.17%,

02/06/2026

(k)

5‌

5‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

Epicor

Software

Corp

0.00%,

07/30/2027

(k),(l)

125‌

125‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

8.68%,

07/30/2027

(k)

740‌

738‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Finastra

USA

Inc

9.64%,

06/13/2024

(k)

658‌

657‌

CME

Term

Secured

Overnight

Financing

Rate

6

Month

+

3.50%

Genesys

Cloud

Services

Holdings

II

LLC

9.43%,

12/01/2027

(k)

507‌

507‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

Greenway

Health

LLC

8.96%,

02/16/2024

(k)

307‌

259‌

3

Month

USD

LIBOR

+

4.25%

IGT

Holding

IV

AB

8.71%,

03/31/2028

(k)

140‌

139‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.40%

Informatica

LLC

8.18%,

10/27/2028

(k)

339‌

338‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

Open

Text

Corp

8.06%,

01/31/2030

(k)

647‌

647‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

Physician

Partners

LLC

9.39%,

12/26/2028

(k)

117‌

109‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

Playtika

Holding

Corp

8.18%,

03/11/2028

(k)

128‌

127‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Project

Ruby

Ultimate

Parent

Corp

8.68%,

03/10/2028

(k)

$

244‌

$

240‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Quartz

AcquireCo

LLC

8.82%,

06/28/2030

(k)

345‌

345‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

Rackspace

Technology

Global

Inc

8.18%,

02/15/2028

(k)

1,703‌

756‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

Riverbed

Technology

9.74%,

07/01/2028

(k)

575‌

342‌

3

Month

USD

LIBOR

+

4.50%

Rocket

Software

Inc

9.68%,

11/27/2025

(k)

100‌

100‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

9.68%,

11/28/2025

(k)

250‌

249‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

Sophia

LP

9.04%,

10/07/2027

(k)

651‌

650‌

3

Month

USD

LIBOR

+

3.50%

SS&C

Technologies

Inc

7.18%,

04/16/2025

(k)

185‌

185‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.75%

7.20%,

04/16/2025

(k)

126‌

126‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.75%

7.25%,

04/16/2025

(k)

175‌

175‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.75%

UKG

Inc

8.62%,

05/04/2026

(k)

532‌

531‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.25%

9.22%,

05/04/2026

(k)

204‌

204‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.75%

West

Technology

Group

LLC

9.57%,

04/10/2027

(k)

537‌

511‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.00%

Zelis

Payments

Buyer

Inc

8.93%,

09/30/2026

(k)

57‌

57‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

ZoomInfo

LLC

8.17%,

02/28

/2030

(k)

291‌

291‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

$

11,807‌

Telecommunications

-

0.19%

Altice

France

SA/France

9.26%,

01/31/2026

(k)

54‌

51‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.69%

9.63%,

08/14/2026

(k)

613‌

576‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

Cincinnati

Bell

Inc

8.67%,

11/23/2028

(k)

89‌

87‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

117

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

CommScope

Inc

8.68%,

04/06/2026

(k)

$

421‌

$

386‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Cyxtera

DC

Holdings

Inc

0.00%,

05/01/2024

(e),(k)

797‌

477‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

13.93%,

12/07/2023

(k)

266‌

266‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

8.50%

Dawn

Acquisitions

LLC

9.25%,

12/31/2025

(k)

2,156‌

1,775‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.75%

Delta

Topco

Inc

9.07%,

12/01/2027

(k)

360‌

356‌

CME

Term

Secured

Overnight

Financing

Rate

6

Month

+

3.75%

EOS

US

Finco

LLC

11.27%,

10/06/2029

(k)

212‌

208‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.00%

Frontier

Communications

Holdings

LLC

9.18%,

10/08/2027

(k)

616‌

598‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

Gogo

Intermediate

Holdings

LLC

9.18%,

04/28/2028

(k)

74‌

74‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

Intelsat

Jackson

Holdings

SA

9.77%,

01/26/2029

(k)

458‌

457‌

CME

Term

Secured

Overnight

Financing

Rate

6

Month

+

4.25%

Iridium

Satellite

LLC

7.92%,

11/06/2026

(k)

345‌

345‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

Level

3

Financing

Inc

7.18%,

02/28/2027

(k)

380‌

360‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.75%

Lumen

Technologies

Inc

7.68%,

03/15/2027

(k)

105‌

68‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.25%

MLN

US

Holdco

LLC

9.84%,

11/30/2025

(k)

1,058‌

116‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.50%

12.11%,

10/17/2027

(k)

615‌

205‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.80%

Zayo

Group

Holdings

Inc

8.43%,

02/19/2027

(k)

125‌

100‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

$

6,505‌

Transportation

-

0.01%

Genesee

&

Wyoming

Inc

7.34%,

12/30/2026

(k)

201‌

201‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.00%

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

87,177‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

30.66%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

0.66%

5.00%,

09/01/2053

(n)

$

10,324‌

$

10,011‌

5.50%,

09/01/2053

(n)

13,288‌

13,120‌

$

23,131‌

U.S.

Treasury

Bill

-

12.89%

4.79%,

09/14/2023

(a),(o),(p)

6,530‌

6,518‌

4.87%,

10/12/2023

(a),(o),(q)

28,855‌

28,681‌

4.93%,

09/07/2023

(a),(o)

14,370‌

14,357‌

5.09%,

09/12/2023

(a),(o)

12,945‌

12,924‌

5.11%,

09/05/2023

(a),(o)

13,350‌

13,342‌

5.25%,

09/19/2023

(a),(o)

14,260‌

14,222‌

5.30%,

09/28/2023

(a),(o)

1,445‌

1,439‌

5.31%,

09/26/2023

(a),(o)

2,765‌

2,755‌

5.32%,

10/03/2023

(a),(o),(p)

25,000‌

24,883‌

5.32%,

10/10/2023

(a),(o)

4,785‌

4,758‌

5.32%,

10/17/2023

(a),(o)

20,615‌

20,476‌

5.33%,

10/24/2023

(a),(o)

26,200‌

25,996‌

5.33%,

10/31/2023

(a),(o)

13,350‌

13,233‌

5.36%,

11/09/2023

(a),(o)

8,280‌

8,196‌

5.37%,

11/16/2023

(a),(o)

130‌

128‌

5.37%,

12/05/2023

(a),(o),(q)

108,500‌

106,984‌

5.39%,

12/19/2023

(a),(o)

93,200‌

91,693‌

5.39%,

02/01/2024

(a),(o),(p)

61,000‌

59,633‌

$

450,218‌

U.S.

Treasury

Inflation-Indexed

Obligations

-

17.11%

0.13%,

10/15/2024

17,814‌

17,222‌

0.13%,

04/15/2025

16,573‌

15,806‌

0.13%,

10/15/2025

17,932‌

17,024‌

0.13%,

04/15/2026

13,845‌

12,985‌

0.13%,

07/15/2026

19,542‌

18,351‌

0.13%,

10/15/2026

21,996‌

20,569‌

0.13%,

04/15/2027

20,397‌

18,861‌

0.13%,

01/15/2030

19,674‌

17,503‌

0.13%,

07/15/2030

21,087‌

18,687‌

0.13%,

01/15/2031

22,006‌

19,274‌

0.13%,

07/15/2031

21,544‌

18,786‌

0.13%,

01/15/2032

23,626‌

20,358‌

0.13%,

02/15/2051

7,711‌

4,711‌

0.13%,

02/15/2052

8,911‌

5,378‌

0.25%,

01/15/2025

19,358‌

18,604‌

0.25%,

07/15/2029

17,123‌

15,541‌

0.25%,

02/15/2050

7,975‌

5,131‌

0.38%,

07/15/2025

23,446‌

22,472‌

0.38%,

01/15/2027

14,998‌

14,042‌

0.38%,

07/15/2027

17,768‌

16,618‌

0.50%,

01/15/2028

12,624‌

11,763‌

0.63%,

01/15/2026

17,858‌

17,029‌

0.63%,

07/15/2032

(q)

24,515‌

22,002‌

0.63%,

02/15/2043

8,666‌

6,751‌

0.75%,

07/15/2028

16,182‌

15,256‌

0.75%,

02/15/2042

9,953‌

8,063‌

0.75%,

02/15/2045

11,968‌

9,336‌

0.88%,

01/15/2029

14,706‌

13,850‌

0.88%,

02/15/2047

8,304‌

6,526‌

1.00%,

02/15/2046

6,060‌

4,941‌

1.00%,

02/15/2048

5,778‌

4,643‌

1.00%,

02/15/2049

5,020‌

4,010‌

1.13%,

01/15/2033

(q)

23,498‌

21,908‌

1.25%,

04/15/2028

10,019‌

9,645‌

1.38%,

07/15/2033

9,368‌

8,966‌

1.38%,

02/15/2044

10,846‌

9,685‌

1.50%,

02/15/2053

9,076‌

8,133‌

1.63%,

10/15/2027

17,808‌

17,469‌

1.75%,

01/15/2028

7,325‌

7,199‌

2.00%,

01/15/2026

9,432‌

9,282‌

2.13%,

02/15/2040

4,597‌

4,711‌

2.13%,

02/15/2041

6,362‌

6,524‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

118

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

Inflation-Indexed

Obligations

(continued)

2.38%,

01/15/2025

$

11,214‌

$

11,085‌

2.38%,

01/15/2027

9,117‌

9,120‌

2.50%,

01/15/2029

7,037‌

7,196‌

3.38%,

04/15/2032

3,637‌

4,034‌

3.63%,

04/15/2028

8,775‌

9,347‌

3.88%,

04/15/2029

10,087‌

11,035‌

$

597,432‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

1,070,781‌

TOTAL

PURCHASED

OPTIONS

-

0.06%

$

2,088‌

TOTAL

PURCHASED

INTEREST

RATE

SWAPTIONS

-

0.00%

$

188‌

Total

Investments

$

3,533,898‌

Other

Assets

and

Liabilities

-  (1.18)%

(41,406‌)

TOTAL

NET

ASSETS

-

100.00%

$

3,492,492‌

(a)

All

or

a

portion

of

this

security

is

owned

by

the

DRA

Cayman

Corporation,

which

is

a

100%

owned

subsidiary

of

the

fund.

(b)

1-day

yield

shown

is

as

of

period

end.

(c)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$12,097

or

0.35%

of

net

assets.

(d)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e)

Non-income

producing

security

(f)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$11,595

or

0.33%

of

net

assets.

(g)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$101,747

or

2.91%

of

net

assets.

(h)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(

i

)

Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(j)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(k)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(l)

This

Senior

Floating

Rate

Note

will

settle

after

August

31,

2023,

at

which

time

the

interest

rate

will

be

determined.

(m)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(n)

Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(o)

Rate

shown

is

the

discount

rate

of

the

original

purchase.

(p)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$40,512

or

1.16%

of

net

assets.

(q)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

swap

and/or

swaption

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$33,945

or

0.97%

of

net

assets.

Portfolio

Summary

Sector

Percent

Government

30.06‌%

Utilities

19.70‌%

Financial

17.74‌%

Energy

10.32‌%

Industrial

7.46‌%

Consumer,

Non-cyclical

4.52‌%

Basic

Materials

3.20‌%

Money

Market

Funds

2.99‌%

Exchange-Traded

Funds

1.67‌%

Consumer,

Cyclical

1.07‌%

Mortgage

Securities

0.84‌%

Technology

0.75‌%

Communications

0.60‌%

Asset

Backed

Securities

0.14‌%

Purchased

Options

0.06‌%

Closed-End

Funds

0.06‌%

Purchased

Interest

Rate

Swaptions

0.00‌%

Other

Assets

and

Liabilities

(1.18‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2022

Purchases

Sales

August

31,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

—‌

$

2,113,250‌

$

2,037,080‌

$

76,170‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

319,187‌

1,157,047‌

1,476,234‌

—‌

$

319,187‌

$

3,270,297‌

$

3,513,314‌

$

76,170‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

3,402‌

$

—‌

$

—‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

843‌

—‌

—‌

—‌

$

4,245‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Avaya

Holdings

Corp

05/19/2023

$

186‌

$

99‌

0.00%

Bright

Bidco

12/09/2022

331‌

5‌

0.00%

Millennium

Health

LLC

03/15/2016

—‌

3‌

0.00%

Millennium

Health

LLC

03/15/2016

—‌

1‌

0.00%

Total

$

108‌

0.00%

Amounts

in

thousands.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

119

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

Brent

Crude

Future;

December

2023

(a)

N/A

63‌

$

63‌

$

90.00‌

10/27/2023

$

82‌

$

115‌

$

33‌

Call

-

Brent

Crude

Future;

June

2024

(a)

N/A

194‌

194‌

$

100.00‌

04/26/2024

308‌

394‌

86‌

Call

-

Corn

Future;

December

2023

(a)

N/A

290‌

15‌

$

505.00‌

09/25/2023

118‌

49‌

(69‌)

Call

-

LME

Copper

Future;

June

2024

(a)

N/A

44‌

1‌

$

10,000.00‌

06/06/2024

363‌

225‌

(138‌)

Call

-

Silver

Future;

December

2023

(a)

N/A

41‌

205‌

$

26.00‌

10/27/2023

222‌

87‌

(135‌)

Put

-

3

Month

SOFR

Future;

December

2023

N/A

138‌

345‌

$

94.88‌

10/16/2023

31‌

105‌

74‌

Put

-

3

Month

SOFR

Future;

December

2023

N/A

345‌

863‌

$

95.63‌

10/16/2023

363‌

893‌

530‌

Put

-

3

Month

SOFR

Future;

December

2023

N/A

207‌

518‌

$

95.00‌

10/16/2023

58‌

220‌

162‌

Total

$

1,545‌

$

2,088‌

$

543‌

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

LME

Copper

Future;

June

2024

(a)

N/A

44‌

$

1‌

$

12,000.00‌

06/06/2024

$

(117‌)

$

(49‌)

$

68‌

Put

-

Brent

Crude

Future;

June

2024

(a)

N/A

39‌

39‌

$

70.00‌

04/26/2024

(147‌)

(123‌)

24‌

Put

-

Corn

Future;

December

2023

(a)

N/A

290‌

15‌

$

450.00‌

09/25/2023

(34‌)

(35‌)

(1‌)

Put

-

3

Month

SOFR

Future;

December

2023

N/A

138‌

345‌

$

95.13‌

10/16/2023

(62‌)

(188‌)

(126‌)

Put

-

3

Month

SOFR

Future;

December

2023

N/A

207‌

518‌

$

95.25‌

10/16/2023

(104‌)

(344‌)

(240‌)

Put

-

3

Month

SOFR

Future;

December

2023

N/A

345‌

863‌

$

95.38‌

10/16/2023

(232‌)

(679‌)

(447‌)

Total

$

(696‌)

$

(1,418‌)

$

(722‌)

Amounts

in

thousands

except

contracts/shares.

(a)

All

or

a

portion

of

this

security

is

owned

by

the

DRA

Cayman

Corporation,

which

is

a

100%

owned

subsidiary

of

the

fund.

Interest

Rate

Swaptions

Purchased

Swaptions

Outstanding

Counterparty

Floating

Rate

Index

Pay/

Receive

Floating

Rate

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

1

Year

Interest

Rate

Swap

Citigroup

Inc

Secured

Overnight

Financing

Rate

Pay

$

68,775‌

4.50%

01/23/2024

$

171‌

$

89‌

$

(82‌)

Call

-

1

Year

Interest

Rate

Swap

Citigroup

Inc

Secured

Overnight

Financing

Rate

Pay

68,775‌

4.55%

01/25/2024

165‌

99‌

(66‌)

Total

$

336‌

$

188‌

$

(148‌)

Written

Swaptions

Outstanding

Counterparty

Floating

Rate

Index

Pay/

Receive

Floating

Rate

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

1

Year

Interest

Rate

Swap

Citigroup

Inc

Secured

Overnight

Financing

Rate

Receive

$

68,775‌

3.80%

01/23/2024

$

(73‌)

$

(31‌)

$

42‌

Call

-

1

Year

Interest

Rate

Swap

Citigroup

Inc

Secured

Overnight

Financing

Rate

Receive

68,775‌

3.85%

01/25/2024

(65‌)

(35‌)

30‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

Secured

Overnight

Financing

Rate

Pay

3,336‌

4.61%

09/06/2023

(9‌)

(11‌)

(2‌)

Put

-

2

Year

Interest

Rate

Swap

JPMorgan

Chase

Secured

Overnight

Financing

Rate

Pay

3,336‌

4.39%

09/06/2023

(9‌)

(24‌)

(15‌)

Total

$

(156‌)

$

(101‌)

$

55‌

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

3

Month

SOFR;

June

2024

Long

33‌

$

7,847‌

$

—‌

3

Month

SOFR;

March

2024

Long

202‌

47,874‌

(32‌)

30

Day

Federal

Funds;

March

2024

Long

12‌

4,735‌

(2‌)

30

Day

Federal

Funds;

October

2023

Short

12‌

4,732‌

(1‌)

Australia

10

Year

Bond;

September

2023

Long

11‌

828‌

(6‌)

Australia

3

Year

Bond;

September

2023

Short

33‌

2,275‌

(8‌)

Brent

Crude;

December

2024

(a)

Short

50‌

4,029‌

(181‌)

Brent

Crude;

December

2025

(a)

Short

23‌

1,763‌

(153‌)

Brent

Crude;

January

2024

(a)

Long

269‌

23,037‌

1,926‌

Brent

Crude;

November

2023

(a)

Long

420‌

36,469‌

858‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

120

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

California

Carbon

Allowance

Vintage;

December

2023

(a)

Long

45‌

$

1,665‌

$

301‌

Cocoa;

December

2023

(a)

Short

125‌

4,547‌

(702‌)

Cocoa;

March

2024

(a)

Short

252‌

9,193‌

(439‌)

Coffee

'C';

December

2023

(a)

Short

52‌

3,013‌

135‌

Copper;

December

2023

(a)

Long

19‌

1,815‌

44‌

Corn;

December

2023

(a)

Short

251‌

6,002‌

151‌

Corn;

March

2024

(a)

Long

116‌

2,865‌

6‌

Cotton

No.2;

December

2023

(a)

Short

103‌

4,523‌

(332‌)

Cotton

No.2;

December

2023

(a)

Long

26‌

1,142‌

80‌

Cotton

No.2;

March

2024

(a)

Short

119‌

5,220‌

(147‌)

Euro

Buxl

30

Year

Bond;

December

2023

Short

3‌

435‌

(4‌)

Euro

Milling

Wheat;

December

2023

(a)

Long

413‌

5,296‌

(402‌)

Euro-BTP;

December

2023

Short

8‌

1,002‌

(6‌)

Euro-Oat;

December

2023

Short

7‌

968‌

(9‌)

Frozen

Concentrated

Orange

Juice-A;

January

2024

(a)

Short

23‌

1,058‌

(163‌)

Frozen

Concentrated

Orange

Juice-A;

November

2023

(a)

Short

17‌

812‌

(81‌)

Gasoline

RBOB;

January

2024

(a)

Short

59‌

5,862‌

(28‌)

Gasoline

RBOB;

January

2024

(a)

Long

1‌

99‌

6‌

Gasoline

RBOB;

October

2023

(a)

Long

50‌

5,388‌

31‌

Gold

100

oz

;

December

2023

(a)

Long

306‌

60,157‌

(444‌)

Japan

10

Year

Bond

TSE;

September

2023

Short

3‌

3,027‌

16‌

KC

HRW

Wheat;

December

2023

(a)

Long

40‌

1,455‌

(66‌)

Lean

Hogs;

October

2023

(a)

Long

88‌

2,906‌

(75‌)

Live

Cattle;

December

2023

(a)

Short

91‌

6,727‌

49‌

Live

Cattle;

February

2024

(a)

Short

20‌

1,511‌

—‌

Live

Cattle;

October

2023

(a)

Short

35‌

2,532‌

(226‌)

LME

Copper;

December

2023

(a)

Long

112‌

23,599‌

368‌

LME

Copper;

October

2023

(a)

Long

7‌

1,472‌

(40‌)

LME

Copper;

September

2023

(a)

Short

—‌

—‌

179‌

LME

Lead;

December

2023

(a)

Long

16‌

888‌

6‌

LME

Lead;

September

2023

(a)

Long

46‌

2,591‌

144‌

LME

Nickel;

December

2023

(a)

Long

6‌

733‌

(16‌)

LME

Nickel;

October

2023

(a)

Long

9‌

1,090‌

(80‌)

LME

Nickel;

September

2023

(a)

Long

26‌

3,137‌

(220‌)

LME

Nickel;

September

2023

(a)

Short

—‌

—‌

(32‌)

LME

PRI

Alum;

December

2023

(a)

Short

42‌

2,328‌

(25‌)

LME

PRI

Alum;

December

2023

(a)

Long

382‌

21,175‌

397‌

LME

PRI

Alum;

December

2024

(a)

Short

94‌

5,536‌

528‌

LME

PRI

Alum;

October

2023

(a)

Short

92‌

5,032‌

80‌

LME

PRI

Alum;

September

2023

(a)

Short

—‌

—‌

66‌

LME

PRI

Alum;

September

2023

(a)

Short

—‌

—‌

(1,694‌)

LME

Zinc;

December

2023

(a)

Long

57‌

3,468‌

(46‌)

LME

Zinc;

September

2023

(a)

Long

139‌

8,415‌

(268‌)

LME

Zinc;

September

2023

(a)

Short

—‌

—‌

(974‌)

Low

Sulphur

Gasoline;

January

2024

(a)

Long

44‌

3,589‌

378‌

Low

Sulphur

Gasoline;

October

2023

(a)

Long

25‌

2,208‌

(103‌)

Low

Sulphur

Gasoline;

September

2023

(a)

Long

98‌

8,776‌

594‌

Natural

Gas;

January

2024

(a)

Short

311‌

11,927‌

(330‌)

Natural

Gas;

October

2023

(a)

Long

587‌

16,249‌

(549‌)

NY

Harb

ULSD;

January

2024

(a)

Short

66‌

7,989‌

(58‌)

NY

Harb

ULSD;

January

2024

(a)

Long

32‌

3,873‌

446‌

Platinum;

October

2023

(a)

Long

187‌

9,111‌

257‌

SGX

Iron

Ore

62%;

October

2023

(a)

Long

240‌

2,740‌

224‌

SGX

Iron

Ore

62%;

September

2023

(a)

Long

145‌

1,687‌

216‌

Silver;

December

2023

(a)

Long

134‌

16,624‌

986‌

Soybean

Meal;

December

2023

(a)

Long

235‌

9,494‌

(21‌)

Soybean

Meal;

October

2023

(a)

Long

102‌

4,128‌

(41‌)

Soybean

Oil;

December

2023

(a)

Long

322‌

12,071‌

509‌

Soybean;

January

2024

(a)

Long

76‌

5,252‌

(103‌)

Soybean;

November

2023

(a)

Short

65‌

4,448‌

(476‌)

Sugar

#11;

March

2024

(a)

Short

286‌

8,146‌

(1‌)

Sugar

#11;

October

2023

(a)

Long

168‌

4,715‌

747‌

US

10

Year

Note;

December

2023

Short

29‌

3,220‌

(28‌)

US

10

Year

Ultra

Note;

December

2023

Short

6‌

697‌

(9‌)

US

2

Year

Note;

December

2023

Short

57‌

11,617‌

(6‌)

US

5

Year

Note;

December

2023

Long

10‌

1,069‌

8‌

US

Long

Bond;

December

2023

Short

17‌

2,069‌

(32‌)

Wheat;

December

2023

(a)

Long

244‌

7,344‌

(345‌)

Wheat;

December

2023

(a)

Short

108‌

3,251‌

867‌

Wheat;

March

2024

(a)

Long

12‌

377‌

(18‌)

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

121

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

WTI

Crude;

January

2024

(a)

Short

724‌

$

59,064‌

$

(1,427‌)

WTI

Crude;

November

2023

(a)

Long

240‌

19,910‌

2,936‌

WTI

Crude;

October

2023

(a)

Long

284‌

23,751‌

796‌

WTI

Crude;

October

2023

(a)

Short

120‌

10,036‌

(357‌)

Total

$

3,529‌

Amounts

in

thousands

except

contracts.

(a)

All

or

a

portion

of

this

security

is

owned

by

the

DRA

Cayman

Corporation,

which

is

a

100%

owned

subsidiary

of

the

fund.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

BNP

Paribas

09/05/2023

$

1,976‌

EUR

1,792‌

$

33‌

$

—‌

Deutsche

Bank

AG

09/20/2023

$

1,681‌

JPY

239,749‌

29‌

—‌

JPMorgan

Chase

09/05/2023

EUR

1,772‌

$

1,938‌

—‌

(17‌)

JPMorgan

Chase

10/03/2023

$

1,941‌

EUR

1,772‌

17‌

—‌

Morgan

Stanley

&

Co

09/05/2023

GBP

70‌

$

89‌

—‌

—‌

Morgan

Stanley

&

Co

09/20/2023

JPY

230,285‌

$

1,681‌

—‌

(94‌)

Morgan

Stanley

&

Co

10/03/2023

$

89‌

GBP

70‌

—‌

—‌

Toronto

Dominion

Bank

09/05/2023

$

117‌

GBP

91‌

2‌

—‌

Toronto

Dominion

Bank

09/05/2023

$

154‌

JPY

21,733‌

5‌

—‌

Total

$

86‌

$

(111‌)

Amounts

in

thousands.

Exchange

Cleared

Interest

Rate

Swaps

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a)

Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

1

Day

Euro

Short

Term

Rate

Receive

3.23%

Annual

Annual

N/A

07/29/2025

EUR

3,233‌

$

(5‌)

$

—‌

$

(5‌)

Canadian

Overnight

Repo

Rate

Average

Pay

4.40%

Annual

Annual

N/A

07/20/2026

CAD

1,616‌

(5‌)

—‌

(5‌)

Canadian

Overnight

Repo

Rate

Average

Receive

3.57%

Annual

Annual

N/A

07/20/2033

529‌

7‌

(1‌)

6‌

Canadian

Overnight

Repo

Rate

Average

Pay

4.38%

Annual

Annual

N/A

07/20/2026

1,615‌

(6‌)

1‌

(5‌)

Canadian

Overnight

Repo

Rate

Average

Receive

3.57%

Annual

Annual

N/A

07/20/2033

529‌

7‌

(1‌)

6‌

Canadian

Overnight

Repo

Rate

Average

Receive

3.40%

Annual

Annual

N/A

06/15/2053

468‌

7‌

—‌

7‌

Canadian

Overnight

Repo

Rate

Average

Pay

3.54%

Annual

Annual

N/A

06/15/2033

1,054‌

(16‌)

—‌

(16‌)

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.61%

Annual

Annual

N/A

12/12/2027

$

7,805‌

(6‌)

—‌

(6‌)

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.56%

Annual

Annual

N/A

04/13/2028

1,505‌

(2‌)

—‌

(2‌)

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.42%

Annual

Annual

N/A

05/22/2028

6,725‌

33‌

—‌

33‌

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.41%

Annual

Annual

N/A

06/02/2028

2,000‌

11‌

—‌

11‌

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.80%

Annual

Annual

N/A

08/15/2053

EUR

95‌

2‌

1‌

3‌

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.78%

Annual

Annual

N/A

08/15/2053

95‌

2‌

—‌

2‌

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.81%

Annual

Annual

N/A

08/15/2053

111‌

3‌

—‌

3‌

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.82%

Annual

Annual

N/A

08/15/2053

111‌

3‌

1‌

4‌

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Receive

2.86%

Annual

Annual

N/A

08/15/2053

45‌

(2‌)

—‌

(2‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.43%

Annual

Annual

N/A

07/15/2052

50‌

(6‌)

(1‌)

(7‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.44%

Annual

Annual

N/A

05/15/2033

1,335‌

(11‌)

—‌

(11‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Receive

2.41%

Annual

Annual

N/A

05/15/2028

1,335‌

6‌

—‌

6‌

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.70%

Annual

Annual

N/A

04/15/2053

50‌

—‌

—‌

—‌

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.64%

Annual

Annual

N/A

03/15/2053

50‌

(2‌)

—‌

(2‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.69%

Annual

Annual

N/A

03/15/2053

45‌

(1‌)

—‌

(1‌)

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2023

See

accompanying

notes.

122

Exchange

Cleared

Interest

Rate

Swaps

(continued)

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a)

Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.75%

Annual

Annual

N/A

05/15/2053

EUR

55‌

$

1‌

$

—‌

$

1‌

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.44%

Annual

Annual

N/A

08/15/2052

200‌

(24‌)

(1‌)

(25‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Receive

2.60%

Annual

Annual

N/A

08/15/2052

105‌

8‌

—‌

8‌

Secured

Overnight

Financing

Rate

Pay

4.18%

Annual

Annual

N/A

08/28/2025

$

3,336‌

(38‌)

—‌

(38‌)

Secured

Overnight

Financing

Rate

Pay

4.10%

Annual

Annual

N/A

08/25/2025

1,668‌

(22‌)

—‌

(22‌)

Secured

Overnight

Financing

Rate

Pay

4.13%

Annual

Annual

N/A

08/25/2025

1,735‌

(22‌)

—‌

(22‌)

Secured

Overnight

Financing

Rate

Pay

4.11%

Annual

Annual

N/A

08/24/2025

1,668‌

(21‌)

—‌

(21‌)

Secured

Overnight

Financing

Rate

Pay

4.15%

Annual

Annual

N/A

08/24/2025

1,735‌

(21‌)

—‌

(21‌)

Secured

Overnight

Financing

Rate

Pay

4.43%

Annual

Annual

N/A

09/05/2025

3,336‌

(21‌)

—‌

(21‌)

Secured

Overnight

Financing

Rate

Pay

4.05%

Annual

Annual

N/A

08/16/2025

3,469‌

(50‌)

—‌

(50‌)

Secured

Overnight

Financing

Rate

Receive

4.79%

Annual

Annual

N/A

08/04/2025

13,892‌

13‌

—‌

13‌

Secured

Overnight

Financing

Rate

Pay

4.19%

Annual

Annual

N/A

07/29/2025

3,653‌

(2‌)

—‌

(2‌)

Secured

Overnight

Financing

Rate

Pay

4.30%

Annual

Annual

N/A

09/05/2025

3,336‌

(29‌)

—‌

(29‌)

Tokyo

Overnight  Average

Rate

Receive

0.90%

Annual

Annual

N/A

02/15/2033

JPY

32,200‌

(4‌)

1‌

(3‌)

Tokyo

Overnight  Average

Rate

Receive

0.89%

Annual

Annual

N/A

02/15/2033

32,200‌

(4‌)

1‌

(3‌)

Tokyo

Overnight  Average

Rate

Receive

0.92%

Annual

Annual

N/A

02/15/2033

93,270‌

(13‌)

2‌

(11‌)

Tokyo

Overnight  Average

Rate

Receive

0.90%

Annual

Annual

N/A

02/15/2033

64,401‌

(8‌)

1‌

(7‌)

Total

$

(238‌)

$

4‌

$

(234‌)

Amounts

in

thousands.

(a)    

Forward

swap.

Total

Return

Swaps

Counterparty

Reference

Entity

Contracts

Pay/Receive

Positive

Return

Financing

Rate

Payment

Frequency

Expiration

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Value

and

Unrealized

Bank

of

America

NA

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

87,320

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.25%

Monthly

05/01/2024

$

80,138‌

$

—‌

$

—‌

$

(50‌)

Bank

of

America

NA

Refinitiv

/

CoreCommodity

CRB(R)

Index

Total

Return

(a)

132,189

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.21%

Monthly

05/01/2024

41,670‌

—‌

—‌

(46‌)

Citigroup

Inc

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

113,352

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.24%

Monthly

05/01/2024

104,029‌

—‌

—‌

(64‌)

Citigroup

Inc

Refinitiv

/

CoreCommodity

CRB(R)

Index

Total

Return

(a)

119,517

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.21%

Monthly

05/01/2024

37,676‌

—‌

—‌

(42‌)

Total

$

—‌

$

—‌

$

(202‌)

Amounts

in

thousands

except

contracts.

(a)

All

or

a

portion

of

this

security

is

owned

by

the

DRA

Cayman

Corporation,

which

is

a

100%

owned

subsidiary

of

the

fund.

Schedule

of

Investments

Edge

MidCap

Fund

August

31,

2023

See

accompanying

notes.

123

INVESTMENT

COMPANIES

-

2

.36

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2

.36

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

(a),(b)

1,804,899‌

$

1,805‌

TOTAL

INVESTMENT

COMPANIES

$

1,805‌

COMMON

STOCKS

-

97

.35

%

Shares

Held

Value

(000's)

Advertising

-

1

.81

%

Interpublic

Group

of

Cos

Inc/The

42,221‌

$

1,378‌

Automobile

Parts

&

Equipment

-

2

.49

%

Autoliv

Inc

19,469‌

1,900‌

Banks

-

3

.80

%

Bank

OZK

31,675‌

1,272‌

Cullen/Frost

Bankers

Inc

17,206‌

1,627‌

$

2,899‌

Building

Materials

-

3

.76

%

Lennox

International

Inc

7,632‌

2,875‌

Chemicals

-

2

.31

%

FMC

Corp

20,483‌

1,766‌

Commercial

Services

-

2

.75

%

Morningstar

Inc

9,032‌

2,101‌

Computers

-

2

.06

%

Amdocs

Ltd

17,615‌

1,571‌

Consumer

Products

-

5

.55

%

Avery

Dennison

Corp

12,803‌

2,412‌

WD-40

Co

8,476‌

1,821‌

$

4,233‌

Diversified

Financial

Services

-

1

.97

%

Hamilton

Lane

Inc

16,252‌

1,508‌

Electric

-

2

.55

%

Alliant

Energy

Corp

38,761‌

1,945‌

Electrical

Components

&

Equipment

-

2

.38

%

Littelfuse

Inc

6,811‌

1,819‌

Food

-

1

.03

%

Simply

Good

Foods

Co/The

(c)

21,850‌

788‌

Hand

&

Machine

Tools

-

7

.09

%

Lincoln

Electric

Holdings

Inc

13,796‌

2,655‌

MSA

Safety

Inc

2,104‌

384‌

Snap-on

Inc

8,832‌

2,373‌

$

5,412‌

Healthcare

-

Products

-

8

.23

%

Bio-Techne

Corp

26,783‌

2,100‌

Inspire

Medical

Systems

Inc

(c)

1,156‌

262‌

STERIS

PLC

11,137‌

2,558‌

Teleflex

Inc

6,403‌

1,362‌

$

6,282‌

Healthcare

-

Services

-

2

.17

%

Universal

Health

Services

Inc

12,310‌

1,658‌

Insurance

-

5

.26

%

Fidelity

National

Financial

Inc

47,770‌

1,978‌

Kinsale

Capital

Group

Inc

2,666‌

1,063‌

Markel

Group

Inc

(c)

660‌

976‌

$

4,017‌

Internet

-

1

.09

%

Rightmove

PLC

118,031‌

835‌

Leisure

Products

&

Services

-

6

.60

%

Brunswick

Corp/DE

25,744‌

2,037‌

Peloton

Interactive

Inc

(c)

14,022‌

89‌

YETI

Holdings

Inc

(c)

58,403‌

2,918‌

$

5,044‌

Machinery

-

Diversified

-

3

.34

%

Nordson

Corp

10,435‌

2,548‌

Media

-

0

.83

%

Cable

One

Inc

975‌

634‌

Oil

&

Gas

-

4

.81

%

Coterra

Energy

Inc

45,048‌

1,270‌

Helmerich

&

Payne

Inc

27,900‌

1,116‌

HF

Sinclair

Corp

23,432‌

1,290‌

$

3,676‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

-

7

.08

%

Alexandria

Real

Estate

Equities

Inc

13,882‌

$

1,615‌

Equity

LifeStyle

Properties

Inc

24,400‌

1,634‌

Essential

Properties

Realty

Trust

Inc

22,071‌

530‌

Terreno

Realty

Corp

26,809‌

1,632‌

$

5,411‌

Retail

-

2

.70

%

Tractor

Supply

Co

9,427‌

2,060‌

Semiconductors

-

2

.63

%

Teradyne

Inc

18,589‌

2,005‌

Software

-

7

.89

%

Cloudflare

Inc

(c)

8,974‌

584‌

Fair

Isaac

Corp

(c)

2,949‌

2,668‌

HubSpot

Inc

(c)

1,557‌

851‌

Tyler

Technologies

Inc

(c)

4,848‌

1,931‌

$

6,034‌

Transportation

-

3

.09

%

Expeditors

International

of

Washington

Inc

20,230‌

2,361‌

Water

-

2

.08

%

Essential

Utilities

Inc

43,122‌

1,591‌

TOTAL

COMMON

STOCKS

$

74,351‌

Total

Investments

$

76,156‌

Other

Assets

and

Liabilities

-  0.29%

219‌

TOTAL

NET

ASSETS

-

100.00%

$

76,375‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

1-day

yield

shown

is

as

of

period

end.

(c)

Non-income

producing

security

Portfolio

Summary

Sector

Percent

Consumer,

Non-cyclical

19

.73‌

%

Industrial

19

.66‌

%

Financial

18

.11‌

%

Technology

12

.58‌

%

Consumer,

Cyclical

11

.79‌

%

Energy

4

.81‌

%

Utilities

4

.63‌

%

Communications

3

.73‌

%

Money

Market

Funds

2

.36‌

%

Basic

Materials

2

.31‌

%

Other

Assets

and

Liabilities

0

.29‌

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Edge

MidCap

Fund

August

31,

2023

See

accompanying

notes.

124

Affiliated

Securities

August

31,

2022

Purchases

Sales

August

31,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

—‌

$

21,226‌

$

19,421‌

$

1,805‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

1,662‌

7,244‌

8,906‌

—‌

$

1,662‌

$

28,470‌

$

28,327‌

$

1,805‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

59‌

$

—‌

$

—‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

18‌

—‌

—‌

—‌

$

77‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

125

INVESTMENT

COMPANIES

-

24.10%

Shares

Held

Value

(000's)

Closed-End

Funds

-

0.31%

Apollo

Tactical

Income

Fund

Inc

13,886‌

$

184‌

Ares

Dynamic

Credit

Allocation

Fund

Inc

6,383‌

81‌

BlackRock

Debt

Strategies

Fund

Inc

9,085‌

93‌

BlackRock

Floating

Rate

Income

Strategies

Fund

Inc

6,525‌

82‌

First

Trust

Senior

Floating

Rate

Income

Fund

II

8,544‌

87‌

Franklin

Universal

Trust

13,711‌

93‌

Invesco

Municipal

Opportunity

Trust

10,284‌

93‌

Invesco

Senior

Income

Trust

20,396‌

79‌

Nuveen

AMT-Free

Municipal

Credit

Income

Fund

13,773‌

154‌

Nuveen

AMT-Free

Quality

Municipal

Income

Fund

5,971‌

62‌

Nuveen

Credit

Strategies

Income

Fund

33,083‌

168‌

Nuveen

Municipal

Credit

Income

Fund

13,761‌

156‌

Saba

Capital

Income

&

Opportunities

Fund

10,973‌

87‌

$

1,419‌

Exchange-Traded

Funds

-

4.30%

Invesco

Optimum

Yield

Diversified

Commodity

Strategy

No

K-1

ETF

21,575‌

318‌

iShares

0-5

Year

TIPS

Bond

ETF

49,175‌

4,792‌

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

34,000‌

1,205‌

iShares

Core

MSCI

Emerging

Markets

ETF

10,800‌

530‌

iShares

Floating

Rate

Bond

ETF

94,050‌

4,784‌

iShares

MSCI

EAFE

Value

ETF

11,250‌

556‌

iShares

Russell

2000

ETF

712‌

134‌

iShares

Russell

2000

Growth

ETF

9,228‌

2,221‌

iShares

Russell

2000

Value

ETF

337‌

49‌

iShares

Short

Treasury

Bond

ETF

43,250‌

4,779‌

$

19,368‌

Money

Market

Funds

-

19.49%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.25%

(a),(b)

2,829,434‌

2,829‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

(b),(c)

85,032,547‌

85,033‌

$

87,862‌

TOTAL

INVESTMENT

COMPANIES

$

108,649‌

COMMON

STOCKS

-

38.34%

Shares

Held

Value

(000's)

Advertising

-

0.11%

Hakuhodo

DY

Holdings

Inc

9,500‌

$

90‌

Interpublic

Group

of

Cos

Inc/The

(d)

2,216‌

72‌

Omnicom

Group

Inc

(d)

929‌

75‌

Publicis

Groupe

SA

257‌

20‌

Taboola.com

Ltd

(e)

22,059‌

83‌

WPP

PLC

17,716‌

172‌

$

512‌

Aerospace

&

Defense

-

0.42%

Airbus

SE

660‌

97‌

Boeing

Co/The

(d),(e)

380‌

85‌

General

Dynamics

Corp

(d)

1,391‌

315‌

Howmet

Aerospace

Inc

(d)

3,148‌

156‌

Lockheed

Martin

Corp

(d)

935‌

419‌

Northrop

Grumman

Corp

(d)

621‌

269‌

RTX

Corp

1,165‌

100‌

Spirit

AeroSystems

Holdings

Inc

2,707‌

58‌

Thales

SA

1,254‌

183‌

TransDigm

Group

Inc

(d),(e)

250‌

226‌

$

1,908‌

Agriculture

-

0.09%

Altria

Group

Inc

(d)

1,094‌

48‌

Archer-Daniels-Midland

Co

(d)

1,590‌

126‌

Philip

Morris

International

Inc

(d)

2,564‌

247‌

$

421‌

Airlines

-

0.32%

Air

Canada

(e)

3,100‌

52‌

American

Airlines

Group

Inc

(d),(e)

28,181‌

415‌

ANA

Holdings

Inc

(e)

15,100‌

341‌

Delta

Air

Lines

Inc

(d),(f)

10,227‌

439‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Airlines

(continued)

Deutsche

Lufthansa

AG

(e)

11,476‌

$

102‌

Japan

Airlines

Co

Ltd

4,800‌

99‌

$

1,448‌

Apparel

-

0.26%

Carter's

Inc

782‌

56‌

Crocs

Inc

(e)

510‌

50‌

Deckers

Outdoor

Corp

(e)

86‌

46‌

Kering

SA

305‌

163‌

Kontoor

Brands

Inc

1,124‌

52‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

70‌

59‌

NIKE

Inc

(d),(f)

4,026‌

409‌

Ralph

Lauren

Corp

(d)

793‌

93‌

Steven

Madden

Ltd

3,115‌

107‌

Tapestry

Inc

(d)

3,792‌

126‌

$

1,161‌

Automobile

Manufacturers

-

0.64%

Blue

Bird

Corp

(e)

2,934‌

64‌

Cummins

Inc

50‌

12‌

Ferrari

NV

509‌

161‌

General

Motors

Co

(d)

5,270‌

177‌

Honda

Motor

Co

Ltd

16,300‌

527‌

Isuzu

Motors

Ltd

5,800‌

74‌

Mazda

Motor

Corp

17,900‌

186‌

Nissan

Motor

Co

Ltd

43,800‌

186‌

PACCAR

Inc

(d),(f)

6,711‌

553‌

REV

Group

Inc

4,211‌

57‌

Rivian

Automotive

Inc

(e)

1,089‌

25‌

Subaru

Corp

3,500‌

67‌

Tesla

Inc

(e),(f)

1,042‌

269‌

Volvo

AB

-

B

Shares

12,623‌

254‌

Volvo

Car

AB

(e)

72,112‌

274‌

Zapp

Electric

Vehicles

Group

Ltd

-

Warrants

(e)

1,167‌

—‌

$

2,886‌

Automobile

Parts

&

Equipment

-

0.16%

BorgWarner

Inc

(d)

7,611‌

310‌

Cie

Generale

des

Etablissements

Michelin

SCA

5,574‌

174‌

Dana

Inc

2,698‌

44‌

Gentherm

Inc

(e)

1,234‌

74‌

Visteon

Corp

(e)

293‌

41‌

XPEL

Inc

(e)

1,030‌

86‌

$

729‌

Banks

-

0.98%

Bank

of

America

Corp

(d)

4,949‌

142‌

Bank

OZK

1,569‌

63‌

Banner

Corp

720‌

31‌

Cadence

Bank

4,637‌

106‌

Citizens

Financial

Group

Inc

250‌

7‌

Columbia

Banking

System

Inc

2,840‌

58‌

Computershare

Ltd

9,319‌

152‌

DBS

Group

Holdings

Ltd

5,200‌

128‌

DNB

Bank

ASA

11,793‌

233‌

Fifth

Third

Bancorp

413‌

11‌

First

Citizens

BancShares

Inc/NC

80‌

109‌

First

Hawaiian

Inc

3,063‌

58‌

First

Horizon

Corp

6,166‌

77‌

First

Interstate

BancSystem

Inc

2,329‌

60‌

FNB

Corp/PA

4,523‌

53‌

Goldman

Sachs

Group

Inc/The

(d)

399‌

131‌

Home

BancShares

Inc/AR

3,032‌

67‌

Home

Capital

Group

Inc

7,885‌

258‌

HSBC

Holdings

PLC

21,950‌

162‌

ING

Groep

NV

15,858‌

225‌

JPMorgan

Chase

&

Co

(d),(f)

2,916‌

427‌

KeyCorp

(d)

4,890‌

55‌

M&T

Bank

Corp

1,675‌

209‌

Mizuho

Financial

Group

Inc

9,000‌

148‌

Morgan

Stanley

221‌

19‌

OFG

Bancorp

1,358‌

41‌

Old

National

Bancorp/IN

3,963‌

60‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

126

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

PNC

Financial

Services

Group

Inc/The

(d)

352‌

$

43‌

Sandy

Spring

Bancorp

Inc

2,172‌

48‌

Shizuoka

Financial

Group

Inc

10,400‌

85‌

Skandinaviska

Enskilda

Banken

AB

9,868‌

114‌

Standard

Chartered

PLC

26,786‌

241‌

Stellar

Bancorp

Inc

2,079‌

44‌

Sumitomo

Mitsui

Financial

Group

Inc

4,300‌

197‌

Sumitomo

Mitsui

Trust

Holdings

Inc

800‌

30‌

Truist

Financial

Corp

685‌

21‌

UBS

Group

AG

7,711‌

204‌

United

Community

Banks

Inc/GA

1,848‌

50‌

United

Overseas

Bank

Ltd

4,500‌

95‌

US

Bancorp

(d)

2,695‌

98‌

Veritex

Holdings

Inc

2,260‌

43‌

$

4,403‌

Beverages

-

0.38%

Brown-Forman

Corp

-

B

Shares

(f)

4,204‌

278‌

Celsius

Holdings

Inc

(e)

311‌

61‌

Coca-Cola

Co/The

(d),(f)

6,879‌

411‌

Coca-Cola

HBC

AG

(e)

9,253‌

267‌

Constellation

Brands

Inc

(d)

242‌

63‌

Keurig

Dr

Pepper

Inc

(d)

3,456‌

116‌

Kirin

Holdings

Co

Ltd

1,100‌

15‌

Molson

Coors

Beverage

Co

(d)

1,045‌

66‌

Monster

Beverage

Corp

(e)

822‌

47‌

PepsiCo

Inc

(d),(f)

2,074‌

370‌

$

1,694‌

Biotechnology

-

1.93%

Abcam

PLC

ADR

(e)

41,254‌

933‌

Akouos

Inc

-

Contingent

Value

Rights

(e),(g)

4,410‌

3‌

Amgen

Inc

(d)

1,182‌

303‌

Biogen

Inc

(d),(e)

949‌

254‌

Blueprint

Medicines

Corp

(e)

355‌

18‌

Celldex

Therapeutics

Inc

(e)

1,956‌

55‌

Cytokinetics

Inc

(e)

1,495‌

52‌

EQRx

Inc

(e)

169,532‌

388‌

Gilead

Sciences

Inc

(d)

3,264‌

250‌

Halozyme

Therapeutics

Inc

(e)

1,554‌

66‌

Horizon

Therapeutics

Plc

(e),(f)

29,085‌

3,279‌

Illumina

Inc

(e)

95‌

16‌

Immunocore

Holdings

PLC

ADR

(e)

423‌

24‌

Incyte

Corp

(e)

50‌

3‌

Intellia

Therapeutics

Inc

(e)

404‌

15‌

Intra-Cellular

Therapies

Inc

(e)

568‌

32‌

Kymera

Therapeutics

Inc

(e)

1,220‌

23‌

Nuvalent

Inc

(e)

1,023‌

47‌

Prothena

Corp

PLC

(e)

269‌

14‌

PTC

Therapeutics

Inc

(e)

481‌

19‌

Regeneron

Pharmaceuticals

Inc

(d),(e)

141‌

116‌

REVOLUTION

Medicines

Inc

(e)

525‌

18‌

Rocket

Pharmaceuticals

Inc

(e)

626‌

10‌

Royalty

Pharma

PLC

(f)

1,786‌

53‌

Sage

Therapeutics

Inc

(e)

769‌

15‌

Seagen

Inc

(e),(f)

11,951‌

2,463‌

United

Therapeutics

Corp

(e)

339‌

76‌

Vertex

Pharmaceuticals

Inc

(e),(f)

423‌

147‌

$

8,692‌

Building

Materials

-

0.50%

AGC

Inc

3,300‌

116‌

AZEK

Co

Inc/The

(e)

1,872‌

64‌

Builders

FirstSource

Inc

(e),(f)

295‌

43‌

Carrier

Global

Corp

(d),(f)

4,716‌

271‌

Cemex

SAB

de

CV

ADR

(e)

24,056‌

192‌

Cie

de

Saint-Gobain

SA

3,791‌

247‌

CRH

PLC

3,281‌

189‌

CRH

PLC

1,093‌

63‌

James

Hardie

Industries

PLC

(e)

3,535‌

106‌

Lennox

International

Inc

489‌

184‌

Masco

Corp

(d)

849‌

50‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Building

Materials

(continued)

Masonite

International

Corp

(e)

648‌

$

66‌

Nibe

Industrier

AB

6,385‌

48‌

Sika

AG

459‌

130‌

Trane

Technologies

PLC

1,453‌

298‌

Vulcan

Materials

Co

(f)

250‌

54‌

Wienerberger

AG

5,386‌

148‌

$

2,269‌

Chemicals

-

0.89%

Brenntag

SE

2,702‌

219‌

Cabot

Corp

893‌

65‌

Celanese

Corp

(f)

47‌

6‌

CF

Industries

Holdings

Inc

(d)

3,904‌

301‌

Dow

Inc

(d)

1,718‌

94‌

DSM-Firmenich

AG

1,628‌

151‌

DuPont

de

Nemours

Inc

(d)

2,660‌

205‌

Ecolab

Inc

(d)

541‌

99‌

Element

Solutions

Inc

3,989‌

82‌

FMC

Corp

845‌

73‌

International

Flavors

&

Fragrances

Inc

(f)

20,700‌

1,458‌

Linde

PLC

1,274‌

493‌

Livent

Corp

(e)

2,336‌

50‌

LyondellBasell

Industries

NV

531‌

52‌

Mativ

Holdings

Inc

3,870‌

63‌

Minerals

Technologies

Inc

1,143‌

70‌

Mosaic

Co/The

(d)

6,424‌

250‌

PPG

Industries

Inc

497‌

70‌

Quaker

Chemical

Corp

396‌

70‌

RPM

International

Inc

145‌

14‌

Sherwin-Williams

Co/The

451‌

123‌

$

4,008‌

Coal

-

0.29%

Teck

Resources

Ltd

31,600‌

1,306‌

Commercial

Services

-

1.20%

Adtalem

Global

Education

Inc

(e)

1,561‌

68‌

AMN

Healthcare

Services

Inc

(e)

707‌

62‌

Aramark

1,160‌

43‌

Automatic

Data

Processing

Inc

(d)

636‌

162‌

Babcock

International

Group

PLC

(e)

46,851‌

229‌

Block

Inc

(e),(f)

1,406‌

81‌

Bureau

Veritas

SA

9,042‌

242‌

Cintas

Corp

(d)

352‌

178‌

Clarivate

PLC

(e),(f)

8,101‌

60‌

CoreCivic

Inc

(e)

5,548‌

60‌

CoStar

Group

Inc

(e)

821‌

67‌

Cross

Country

Healthcare

Inc

(e)

1,391‌

36‌

Deluxe

Corp

1,743‌

35‌

Edenred

92‌

6‌

Escrow

Altegrity

Inc

NPV

(e)

598,640‌

1,377‌

European

Wax

Center

Inc

(e)

1,480‌

26‌

FleetCor

Technologies

Inc

(d),(e),(f)

2,371‌

644‌

Gartner

Inc

(d),(e)

29‌

10‌

GMO

Payment

Gateway

Inc

1,800‌

114‌

H&R

Block

Inc

2,949‌

118‌

IDP

Education

Ltd

3,637‌

58‌

Insperity

Inc

807‌

82‌

Laureate

Education

Inc

5,516‌

77‌

Loomis

AB

1,617‌

43‌

MarketAxess

Holdings

Inc

19‌

5‌

Medifast

Inc

386‌

33‌

Monro

Inc

1,350‌

44‌

Moody's

Corp

152‌

51‌

PayPal

Holdings

Inc

(d),(e),(f)

2,155‌

134‌

Persol

Holdings

Co

Ltd

4,100‌

70‌

PROG

Holdings

Inc

(e)

1,720‌

59‌

QinetiQ

Group

PLC

36,297‌

153‌

Recruit

Holdings

Co

Ltd

5,100‌

182‌

Remitly

Global

Inc

(e)

2,433‌

61‌

Robert

Half

Inc

(d)

2,402‌

178‌

S&P

Global

Inc

(d)

325‌

127‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

127

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

Shift4

Payments

Inc

(e)

1,074‌

$

61‌

TriNet

Group

Inc

(e)

758‌

84‌

Triton

International

Ltd

4‌

—‌

U-Haul

Holding

Co

1,539‌

82‌

United

Rentals

Inc

(f)

220‌

105‌

Verisk

Analytics

Inc

(d)

335‌

81‌

$

5,388‌

Computers

-

1.08%

Accenture

PLC

-

Class

A

(f)

965‌

313‌

Apple

Inc

(d),(f)

14,561‌

2,736‌

BayCurrent

Consulting

Inc

1,900‌

65‌

Bechtle

AG

447‌

22‌

CGI

Inc

(e)

400‌

42‌

Cognizant

Technology

Solutions

Corp

(f)

764‌

54‌

CyberArk

Software

Ltd

(e)

313‌

52‌

DXC

Technology

Co

(d),(e)

1,987‌

41‌

EPAM

Systems

Inc

(e)

36‌

9‌

ExlService

Holdings

Inc

(e)

2,433‌

71‌

Fortinet

Inc

(e),(f)

248‌

15‌

Genpact

Ltd

1,111‌

41‌

Hewlett

Packard

Enterprise

Co

(d)

12,184‌

207‌

HP

Inc

(d)

4,958‌

147‌

International

Business

Machines

Corp

(d)

842‌

124‌

Leidos

Holdings

Inc

930‌

91‌

NEC

Corp

4,300‌

227‌

NetApp

Inc

(d)

1,638‌

126‌

Otsuka

Corp

1,700‌

76‌

SCSK

Corp

10,600‌

184‌

Seagate

Technology

Holdings

PLC

2,508‌

177‌

Zscaler

Inc

(e),(f)

245‌

38‌

$

4,858‌

Consumer

Products

-

0.12%

Church

&

Dwight

Co

Inc

(f)

562‌

54‌

Helen

of

Troy

Ltd

(e)

553‌

68‌

Kimberly-Clark

Corp

(d)

1,729‌

223‌

Reckitt

Benckiser

Group

PLC

2,790‌

201‌

$

546‌

Cosmetics

&

Personal

Care

-

0.28%

Colgate-Palmolive

Co

(d)

3,743‌

275‌

Edgewell

Personal

Care

Co

1,444‌

56‌

elf

Beauty

Inc

(e)

740‌

103‌

Kenvue

Inc

(d)

13,369‌

308‌

Procter

&

Gamble

Co/The

(d)

2,900‌

447‌

Unilever

PLC

1,755‌

90‌

$

1,279‌

Distribution

&

Wholesale

-

0.37%

Copart

Inc

(e)

5,307‌

238‌

Fastenal

Co

(f)

2,074‌

120‌

Ferguson

PLC

72‌

12‌

LKQ

Corp

(d)

2,763‌

145‌

MRC

Global

Inc

(e)

8,798‌

82‌

Pool

Corp

(d)

254‌

93‌

Rush

Enterprises

Inc

-

Class

A

1,075‌

44‌

Sumitomo

Corp

9,500‌

195‌

Toyota

Tsusho

Corp

4,600‌

274‌

WW

Grainger

Inc

(d),(f)

640‌

457‌

$

1,660‌

Diversified

Financial

Services

-

0.98%

4L

Technologies

(e)

24,306‌

1‌

AerCap

Holdings

NV

(e)

1,098‌

68‌

Air

Lease

Corp

1,416‌

58‌

American

Express

Co

(d)

1,590‌

251‌

Ameriprise

Financial

Inc

18‌

6‌

BlackRock

Inc

(d)

249‌

174‌

Bread

Financial

Holdings

Inc

1,636‌

61‌

Capital

One

Financial

Corp

292‌

30‌

Cboe

Global

Markets

Inc

195‌

29‌

Charles

Schwab

Corp/The

(d)

5,560‌

330‌

CME

Group

Inc

(d)

287‌

58‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Diversified

Financial

Services

(continued)

Credit

Acceptance

Corp

(e)

315‌

$

158‌

Daiwa

Securities

Group

Inc

5,000‌

28‌

Element

Comm

Aviation

(e),(g),(h)

280‌

—‌

Enova

International

Inc

(e)

1,529‌

77‌

Federal

Agricultural

Mortgage

Corp

427‌

72‌

Focus

Financial

Partners

Inc

(e)

2,055‌

109‌

Franklin

Resources

Inc

(d)

5,683‌

152‌

Futu

Holdings

Ltd

ADR

(e),(f)

4,045‌

241‌

Hamilton

Lane

Inc

790‌

73‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital

Inc

1,447‌

32‌

Intercontinental

Exchange

Inc

(d)

784‌

93‌

Invesco

Ltd

180‌

3‌

Mastercard

Inc

(d),(f)

1,084‌

447‌

Nasdaq

Inc

(d)

3,441‌

181‌

Navient

Corp

2,903‌

51‌

PJT

Partners

Inc

594‌

47‌

PRA

Group

Inc

(e)

2,416‌

47‌

Radian

Group

Inc

2,693‌

73‌

Raymond

James

Financial

Inc

915‌

96‌

Singapore

Exchange

Ltd

1,000‌

7‌

T

Rowe

Price

Group

Inc

(d)

1,037‌

116‌

Tradeweb

Markets

Inc

1,653‌

143‌

Visa

Inc

(d),(f)

4,244‌

1,043‌

Voya

Financial

Inc

1,054‌

73‌

$

4,428‌

Electric

-

0.35%

AES

Corp/The

2,620‌

47‌

Ameresco

Inc

(e)

898‌

39‌

Chubu

Electric

Power

Co

Inc

13,900‌

185‌

CMS

Energy

Corp

(f)

352‌

20‌

Consolidated

Edison

Inc

(d)

3,258‌

290‌

Constellation

Energy

Corp

(d)

522‌

54‌

Duke

Energy

Corp

1,041‌

92‌

Edison

International

1,141‌

79‌

Entergy

Corp

(d)

445‌

42‌

Exelon

Corp

2,814‌

113‌

Iberdrola

SA

12,658‌

150‌

NextEra

Energy

Inc

57‌

4‌

NRG

Energy

Inc

(d)

6,916‌

260‌

PG&E

Corp

(e)

831‌

14‌

Portland

General

Electric

Co

1,214‌

53‌

PPL

Corp

(f)

1,239‌

31‌

Public

Service

Enterprise

Group

Inc

(d)

1,374‌

84‌

$

1,557‌

Electrical

Components

&

Equipment

-

0.21%

Acuity

Brands

Inc

137‌

22‌

AMETEK

Inc

(d),(f)

2,141‌

342‌

Emerson

Electric

Co

(d)

3,425‌

336‌

Energizer

Holdings

Inc

1,819‌

62‌

Novanta

Inc

(e)

441‌

74‌

Signify

NV

(i)

4,288‌

121‌

$

957‌

Electronics

-

0.50%

Agilent

Technologies

Inc

520‌

63‌

Amphenol

Corp

(d)

2,966‌

262‌

Assa

Abloy

AB

5,286‌

119‌

Brady

Corp

1,338‌

67‌

CTS

Corp

1,491‌

67‌

Flex

Ltd

(e)

2,077‌

57‌

Fortive

Corp

(d)

1,170‌

92‌

Garmin

Ltd

(f)

1,035‌

110‌

Honeywell

International

Inc

1,008‌

189‌

Keysight

Technologies

Inc

(d),(e)

1,388‌

185‌

Mettler-Toledo

International

Inc

(d),(e)

87‌

106‌

National

Instruments

Corp

3,274‌

195‌

NIDEC

CORP

2,700‌

141‌

RS

GROUP

PLC

11,229‌

108‌

Shimadzu

Corp

2,600‌

76‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

128

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electronics

(continued)

TE

Connectivity

Ltd

475‌

$

63‌

TTM

Technologies

Inc

(e)

4,612‌

69‌

Yokogawa

Electric

Corp

13,300‌

263‌

$

2,232‌

Energy

-

Alternate

Sources

-

0.02%

First

Solar

Inc

(e)

153‌

29‌

Shoals

Technologies

Group

Inc

(e)

2,841‌

56‌

SolarEdge

Technologies

Inc

(e)

168‌

27‌

$

112‌

Engineering

&

Construction

-

0.19%

Aeroports

de

Paris

286‌

38‌

Fluor

Corp

(e)

1,978‌

69‌

Jacobs

Solutions

Inc

442‌

60‌

John

Wood

Group

PLC

(e)

94,827‌

191‌

Kajima

Corp

8,200‌

137‌

Lendlease

Corp

Ltd

9,733‌

49‌

Vinci

SA

1,055‌

118‌

WSP

Global

Inc

1,400‌

196‌

$

858‌

Entertainment

-

0.12%

Caesars

Entertainment

Inc

(d),(e)

4,278‌

237‌

Genting

Singapore

Ltd

148,800‌

96‌

Liberty

Media

Corp-Liberty

Live

(e)

35‌

1‌

Live

Nation

Entertainment

Inc

(e),(f)

1,750‌

148‌

Lottery

Corp

Ltd/The

20,639‌

67‌

$

549‌

Environmental

Control

-

0.16%

Casella

Waste

Systems

Inc

(e)

603‌

48‌

Pentair

PLC

4,057‌

285‌

Republic

Services

Inc

(d),(f)

1,812‌

261‌

Waste

Connections

Inc

(f)

794‌

109‌

$

703‌

Food

-

0.75%

AAK

AB

6,814‌

126‌

Campbell

Soup

Co

(d)

2,043‌

85‌

Conagra

Brands

Inc

(d)

3,025‌

90‌

Empire

Co

Ltd

2,300‌

60‌

General

Mills

Inc

(d),(f)

1,792‌

121‌

George

Weston

Ltd

2,000‌

222‌

Hershey

Co/The

(d),(f)

1,066‌

229‌

J

M

Smucker

Co/The

(d)

863‌

125‌

Jeronimo

Martins

SGPS

SA

6,061‌

155‌

Kellogg

Co

(d)

5,964‌

364‌

Kraft

Heinz

Co/The

(d)

5,534‌

183‌

Kroger

Co/The

(f)

4,823‌

224‌

Lamb

Weston

Holdings

Inc

566‌

55‌

Mondelez

International

Inc

(d),(f)

5,792‌

413‌

Mowi

ASA

3,147‌

57‌

Nestle

SA

105‌

13‌

Salmar

ASA

1,301‌

64‌

Sysco

Corp

(d)

1,847‌

129‌

Tate

&

Lyle

PLC

21,393‌

191‌

Tesco

PLC

100,266‌

337‌

TreeHouse

Foods

Inc

(e)

974‌

45‌

Tyson

Foods

Inc

1,577‌

84‌

$

3,372‌

Food

Service

-

0.14%

Compass

Group

PLC

3,789‌

95‌

Sovos

Brands

Inc

(e),(f)

24,526‌

550‌

$

645‌

Forest

Products

&

Paper

-

0.07%

International

Paper

Co

(d)

4,084‌

143‌

Smurfit

Kappa

Group

PLC

4,579‌

192‌

$

335‌

Gas

-

0.12%

Atmos

Energy

Corp

605‌

70‌

New

Jersey

Resources

Corp

1,696‌

72‌

Spire

Inc

1,101‌

64‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Gas

(continued)

Tokyo

Gas

Co

Ltd

15,400‌

$

356‌

$

562‌

Hand

&

Machine

Tools

-

0.10%

Kennametal

Inc

2,452‌

65‌

Makita

Corp

1,600‌

44‌

Snap-on

Inc

(d)

972‌

261‌

Techtronic

Industries

Co

Ltd

6,328‌

62‌

$

432‌

Healthcare

-

Products

-

1.31%

Abbott

Laboratories

193‌

20‌

ABIOMED

Inc

-

Contingent

Value

Rights

(e),(g)

692‌

1‌

Alcon

Inc

2,651‌

221‌

Align

Technology

Inc

(e),(f)

350‌

130‌

Allurion

Technologies

Inc

-

Warrants

(e)

931‌

1‌

Artivion

Inc

(e)

4,251‌

72‌

Avantor

Inc

(e)

1,903‌

41‌

Baxter

International

Inc

(d)

10,061‌

409‌

Boston

Scientific

Corp

(e)

243‌

13‌

Cochlear

Ltd

326‌

57‌

Danaher

Corp

(d)

1,147‌

304‌

DENTSPLY

SIRONA

Inc

(d)

11,137‌

413‌

DiaSorin

SpA

419‌

44‌

Exact

Sciences

Corp

(e)

775‌

65‌

GE

HealthCare

Technologies

Inc

(d)

7,200‌

507‌

Glaukos

Corp

(e)

547‌

41‌

Hologic

Inc

(d),(e)

3,099‌

232‌

Inari

Medical

Inc

(e)

638‌

43‌

Inspire

Medical

Systems

Inc

(e)

285‌

65‌

Insulet

Corp

(e)

236‌

45‌

Intuitive

Surgical

Inc

(d),(e),(f)

1,474‌

461‌

Koninklijke

Philips

NV

(e)

10,648‌

239‌

Lantheus

Holdings

Inc

(e)

624‌

43‌

Medtronic

PLC

1,384‌

112‌

NuVasive

Inc

(e)

19,905‌

791‌

Omnicell

Inc

(e)

1,833‌

104‌

PROCEPT

BioRobotics

Corp

(e)

976‌

33‌

Revvity

Inc

(d)

1,526‌

179‌

Shockwave

Medical

Inc

(e)

188‌

41‌

SI-BONE

Inc

(e)

2,757‌

63‌

Smith

&

Nephew

PLC

14,175‌

191‌

Stryker

Corp

(d),(f)

1,348‌

383‌

Sysmex

Corp

900‌

48‌

Teleflex

Inc

202‌

43‌

Thermo

Fisher

Scientific

Inc

(f)

201‌

112‌

West

Pharmaceutical

Services

Inc

(d),(f)

318‌

129‌

Zimmer

Biomet

Holdings

Inc

(d)

1,655‌

197‌

$

5,893‌

Healthcare

-

Services

-

0.87%

Acadia

Healthcare

Co

Inc

(e)

618‌

48‌

agilon

health

Inc

(e)

1,669‌

30‌

Amedisys

Inc

(e),(f)

15,403‌

1,444‌

Centene

Corp

(d),(e),(f)

4,910‌

303‌

DaVita

Inc

(d),(e)

1,447‌

148‌

Elevance

Health

Inc

53‌

23‌

Encompass

Health

Corp

619‌

44‌

Fresenius

Medical

Care

AG

&

Co

KGaA

3,119‌

150‌

Fresenius

SE

&

Co

KGaA

173‌

6‌

HCA

Healthcare

Inc

(d)

640‌

177‌

Humana

Inc

186‌

86‌

IQVIA

Holdings

Inc

(d),(e)

348‌

77‌

Medibank

Pvt

Ltd

20,629‌

49‌

Molina

Healthcare

Inc

(d),(e),(f)

831‌

258‌

Quest

Diagnostics

Inc

680‌

89‌

Syneos

Health

Inc

(e)

9,256‌

396‌

UnitedHealth

Group

Inc

(d),(f)

1,207‌

575‌

$

3,903‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

129

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Holding

Companies

-

Diversified

-

3.35%

7GC

&

Co

Holdings

Inc

(e)

3,836‌

$

40‌

Achari

Ventures

Holdings

Corp

I

-

Warrants

(e)

3,610‌

—‌

Aimfinity

Investment

Corp

I

(e)

2,172‌

23‌

Alchemy

Investments

Acquisition

Corp

1

(e)

6,215‌

64‌

Alchemy

Investments

Acquisition

Corp

1

-

Warrants

(e)

3,107‌

1‌

Alpha

Partners

Technology

Merger

Corp

(e)

4,617‌

49‌

Alpha

Star

Acquisition

Corp

(e)

5,959‌

65‌

AltC

Acquisition

Corp

(e)

2,650‌

27‌

AltEnergy

Acquisition

Corp

-

Warrants

(e)

449‌

—‌

Amprius

Technologies

Inc

-

Warrants

(e)

3,707‌

1‌

AP

Acquisition

Corp

(e)

4,013‌

44‌

Apollo

Strategic

Growth

Capital

II

(e)

26,575‌

279‌

APx

Acquisition

Corp

I

(e)

5,645‌

61‌

Ares

Acquisition

Corp

-

A

Shares

(e)

29,668‌

317‌

Ares

Acquisition

Corp

-

Warrants

(e)

1,716‌

1‌

Ares

Acquisition

Corp

II

(e)

31,926‌

327‌

Ares

Acquisition

Corp

II

-

Warrants

(e)

5,632‌

2‌

Arisz

Acquisition

Corp

(e)

5,853‌

63‌

Arrowroot

Acquisition

Corp

(e)

4,188‌

44‌

Arrowroot

Acquisition

Corp

-

Warrants

(e)

1,824‌

—‌

Artemis

Strategic

Investment

Corp

(e)

2,670‌

28‌

ARYA

Sciences

Acquisition

Corp

IV

(e)

6,559‌

70‌

Athena

Consumer

Acquisition

Corp

-

Warrants

(e)

299‌

—‌

Aura

FAT

Projects

Acquisition

Corp

(e)

6,767‌

73‌

Aurora

Technology

Acquisition

Corp

(e)

8,996‌

98‌

Bannix

Acquisition

Corp

(e)

293‌

3‌

Battery

Future

Acquisition

Corp

(e)

13,476‌

146‌

Beard

Energy

Transition

Acquisition

Corp

(e)

29,801‌

316‌

BioPlus

Acquisition

Corp

(e)

28,666‌

310‌

Blue

Ocean

Acquisition

Corp

(e)

15,225‌

163‌

Blue

World

Acquisition

Corp

(e)

2,366‌

26‌

Bowen

Acquisition

Corp

(e)

3,937‌

40‌

Bridgetown

Holdings

Ltd

(e)

4,069‌

42‌

Bukit

Jalil

Global

Acquisition

1

Ltd

(e)

2,239‌

23‌

Bukit

Jalil

Global

Acquisition

1

Ltd

(e)

2,405‌

25‌

byNordic

Acquisition

Corp

(e)

2,944‌

32‌

BYTE

Acquisition

Corp

-

Warrants

(e)

42,462‌

11‌

C5

Acquisition

Corp

(e)

8,380‌

91‌

Canna-Global

Acquisition

Corp

(e)

1,481‌

16‌

Capitalworks

Emerging

Markets

Acquisition

Corp

(e)

3,640‌

39‌

CARTESIAN

GROWTH

CORP

II

(e)

2,344‌

25‌

CARTESIAN

GROWTH

CORP

II

-

Warrants

(e)

781‌

—‌

Cartica

Acquisition

Corp

(e)

2,444‌

26‌

Cetus

Capital

Acquisition

Corp

(e)

2,661‌

28‌

Cetus

Capital

Acquisition

Corp

-

Warrants

(e)

8,878‌

1‌

CF

Acquisition

Corp

IV

(e)

7,902‌

83‌

CF

Acquisition

Corp

VII

(e)

14,669‌

156‌

Chenghe

Acquisition

Co

(e)

4,839‌

52‌

Churchill

Capital

Corp

V

(e)

3,596‌

37‌

Churchill

Capital

Corp

VII

(e)

68,957‌

719‌

Clean

Earth

Acquisitions

Corp

(e)

9,832‌

103‌

Clean

Energy

Special

Situations

Corp

(e)

9,723‌

101‌

Coliseum

Acquisition

Corp

(e)

8,165‌

87‌

Compass

Digital

Acquisition

Corp

(e)

7,909‌

83‌

Concord

Acquisition

Corp

II

(e)

8,795‌

90‌

Crown

PropTech

Acquisitions

(e)

19‌

—‌

CSLM

Acquisition

Corp

(e)

9,208‌

98‌

DHC

Acquisition

Corp

(e)

3,144‌

33‌

Direct

Selling

Acquisition

Corp

(e)

3,078‌

33‌

Distoken

Acquisition

Corp

(e)

6,122‌

64‌

DUET

Acquisition

Corp

(e)

3,516‌

37‌

Dune

Acquisition

Corp

(e)

3,911‌

39‌

EF

Hutton

Acquisition

Corp

I

(e)

3,471‌

36‌

Embrace

Change

Acquisition

Corp

(e)

2,707‌

29‌

Enphys

Acquisition

Corp

(e)

42,178‌

441‌

ESGEN

Acquisition

Corp

-

Warrants

(e)

524‌

—‌

ESH

Acquisition

Corp

(e)

5,825‌

59‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Holding

Companies

-

Diversified

(continued)

ESH

Acquisition

Corp

-

Rights

(e)

5,825‌

$

1‌

EVe

Mobility

Acquisition

Corp

(e)

12,553‌

134‌

Everest

Consolidator

Acquisition

Corp

(e)

11,158‌

121‌

Evergreen

Corp

(e)

3,948‌

43‌

ExcelFin

Acquisition

Corp

-

Class

A

(e)

2,233‌

24‌

FAST

Acquisition

Corp

II

(e)

3,468‌

37‌

Feutune

Light

Acquisition

Corp

(e)

1,478‌

16‌

Fintech

Ecosystem

Development

Corp

(e)

2,412‌

26‌

Flame

Acquisition

Corp

(e)

6,306‌

65‌

Focus

Impact

Acquisition

Corp

(e)

5,530‌

59‌

Forbion

European

Acquisition

Corp

(e)

10,187‌

111‌

Forest

Road

Acquisition

Corp

II

(e)

24,859‌

255‌

Fortune

Rise

Acquisition

Corp

(e)

22,988‌

250‌

FTAC

Emerald

Acquisition

Corp

(e)

7,074‌

74‌

FTAC

Emerald

Acquisition

Corp

-

Warrants

(e)

2,173‌

—‌

Fusion

Acquisition

Corp

II

(e)

4,683‌

49‌

FutureTech

II

Acquisition

Corp

(e)

3,232‌

35‌

Global

Blockchain

Acquisition

Corp

-

Warrants

(e)

10,160‌

—‌

Global

Partner

Acquisition

Corp

II

(e)

87‌

1‌

Golden

Star

Acquisition

Corp

(e)

3,462‌

36‌

Golden

Star

Acquisition

Corp

(e)

790‌

8‌

Gores

Holdings

IX

Inc

(e)

43,843‌

454‌

Graf

Acquisition

Corp

IV

(e)

1,561‌

16‌

Growth

For

Good

Acquisition

Corp

(e)

14,732‌

124‌

Haymaker

Acquisition

Corp

4

(e)

4,740‌

49‌

HCM

ACQUISITION

CORP

(e)

5,662‌

62‌

Hudson

Acquisition

I

Corp

(e)

2,353‌

25‌

Iconic

Sports

Acquisition

Corp

(e)

3,908‌

42‌

Infinite

Acquisition

Corp

-

A

Shares

(e)

8,685‌

93‌

Infinite

Acquisition

Corp

-

Warrants

(e)

542‌

—‌

InFinT

Acquisition

Corp

(e)

3,606‌

40‌

Inflection

Point

Acquisition

Corp

II

(e)

6,766‌

69‌

Inflection

Point

Acquisition

Corp

II

-

Warrants

(e)

2,571‌

—‌

Insight

Acquisition

Corp/DE

(e)

2,409‌

26‌

Integral

Acquisition

Corp

1

(e)

2,112‌

23‌

International

Media

Acquisition

Corp

-

Warrants

(e)

2,300‌

—‌

Investcorp

Europe

Acquisition

Corp

I

(e)

20,401‌

221‌

Investcorp

India

Acquisition

Corp

(e)

5,248‌

56‌

Jaguar

Global

Growth

Corp

I

(e)

10,836‌

116‌

Jaws

Mustang

Acquisition

Corp

-

Warrants

(e)

4,137‌

—‌

Jupiter

Acquisition

Corp

(e)

3,313‌

34‌

Keen

Vision

Acquisition

Corp

(e)

10,678‌

109‌

Kernel

Group

Holdings

Inc

(e)

5,927‌

62‌

KnightSwan

Acquisition

Corp

(e)

2,702‌

28‌

L

Catterton

Asia

Acquisition

Corp

(e)

15,890‌

168‌

LatAmGrowth

SPAC

(e)

30,226‌

325‌

Learn

CW

Investment

Corp

(e)

11,824‌

125‌

Liberty

Resources

Acquisition

Corp

(e)

5,049‌

55‌

Live

Oak

Crestview

Climate

Acquisition

Corp

(e)

4,995‌

52‌

Live

Oak

Crestview

Climate

Acquisition

Corp

-

Warrants

(e)

1,001‌

—‌

M3-Brigade

Acquisition

III

Corp

(e)

13,720‌

140‌

Magnum

Opus

Acquisition

Ltd

(e)

8,587‌

91‌

Mars

Acquisition

Corp

(e)

20,924‌

219‌

Metal

Sky

Star

Acquisition

Corp

(e)

10,786‌

116‌

Mobiv

Acquisition

Corp

(e)

4,910‌

52‌

Mountain

&

Co

I

Acquisition

Corp

(e)

12,979‌

144‌

Nabors

Energy

Transition

Corp

(e)

13,002‌

141‌

Nabors

Energy

Transition

Corp

II

(e)

7,247‌

74‌

Newbury

Street

Acquisition

Corp

(e)

6,123‌

65‌

Newcourt

Acquisition

Corp

-

Class

A

(e)

1,348‌

15‌

Newcourt

Acquisition

Corp

-

Warrants

(e)

974‌

—‌

Nubia

Brand

International

Corp

(e)

6,078‌

66‌

Oak

Woods

Acquisition

Corp

(e)

4,220‌

44‌

Oak

Woods

Acquisition

Corp

-

Warrants

(e)

10,768‌

—‌

Papaya

Growth

Opportunity

Corp

I

(e)

12,210‌

129‌

Patria

Latin

American

Opportunity

Acquisition

Corp

(e)

20,882‌

228‌

Pearl

Holdings

Acquisition

Corp

(e)

18,018‌

192‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

130

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Holding

Companies

-

Diversified

(continued)

Perception

Capital

Corp

II

(e)

10,497‌

$

116‌

Pershing

Square

Tontine

Holdings

Ltd

-

Escrow

(e),(g)

3,910‌

—‌

Phoenix

Biotech

Acquisition

Corp

-

Warrants

(e)

449‌

—‌

Plum

Acquisition

Corp

I

(e)

5,822‌

62‌

Plum

Acquisition

Corp

I

-

Warrants

(e)

1,370‌

—‌

Plutonian

Acquisition

Corp

(e)

4,003‌

42‌

Pono

Capital

Three

Inc

(e)

923‌

10‌

Pono

Capital

Three

Inc

-

Warrants

(e)

14,777‌

1‌

Portage

Fintech

Acquisition

Corp

(e)

1,361‌

14‌

Power

&

Digital

Infrastructure

Acquisition

II

Corp

(e)

274‌

3‌

PowerUp

Acquisition

Corp

(e)

574‌

6‌

Project

Energy

Reimagined

Acquisition

Corp

(e)

4,045‌

42‌

PROOF

Acquisition

Corp

I

(e)

10,926‌

117‌

PROOF

Acquisition

Corp

I

-

Warrants

(e)

1,728‌

—‌

Prospector

Capital

Corp

-

Warrants

(e)

2,297‌

—‌

Pyrophyte

Acquisition

Corp

(e)

840‌

9‌

Pyrophyte

Acquisition

Corp

-

Warrants

(e)

600‌

—‌

Qomolangma

Acquisition

Corp

(e)

1,773‌

19‌

Quadro

Acquisition

One

Corp

(e)

936‌

10‌

Redwoods

Acquisition

Corp

(e)

7,826‌

83‌

Rigel

Resource

Acquisition

Corp

(e)

33,847‌

366‌

Ross

Acquisition

Corp

II

(e)

6,239‌

67‌

Roth

CH

Acquisition

V

Co

(e)

2,905‌

30‌

Screaming

Eagle

Acquisition

Corp

-

Class

A

(e)

78,247‌

815‌

Screaming

Eagle

Acquisition

Corp

-

Warrants

(e)

2,644‌

1‌

Seaport

Global

Acquisition

II

Corp

(e)

8,287‌

88‌

Semper

Paratus

Acquisition

Corp

(e)

1,633‌

18‌

Semper

Paratus

Acquisition

Corp

-

Warrants

(e)

597‌

—‌

SHUAA

Partners

Acquisition

Corp

I

(e)

3,681‌

40‌

SILVERspac

Inc

(e)

7,442‌

78‌

SK

Growth

Opportunities

Corp

(e)

15,124‌

162‌

Slam

Corp

-

Class

A

(e)

29,316‌

315‌

Slam

Corp

-

Warrants

(e)

1,062‌

—‌

Spree

Acquisition

Corp

1

Ltd

(e)

3,312‌

36‌

Spring

Valley

Acquisition

Corp

II

(e)

9,765‌

104‌

Spring

Valley

Acquisition

Corp

II

-

Rights

(e)

1,102‌

—‌

Spring

Valley

Acquisition

Corp

II

-

Warrants

(e)

551‌

—‌

Target

Global

Acquisition

I

Corp

(e)

14,604‌

158‌

Target

Global

Acquisition

I

Corp

-

Warrants

(e)

1,309‌

—‌

TenX

Keane

Acquisition

(e)

3,330‌

36‌

TKB

Critical

Technologies

1

(e)

4,334‌

46‌

TLGY

Acquisition

Corp

(e)

9,046‌

99‌

TMT

Acquisition

Corp

(e)

5,334‌

55‌

TMT

Acquisition

Corp

-

Rights

(e)

3,938‌

1‌

TortoiseEcofin

Acquisition

Corp

III

(e)

27,807‌

290‌

Tristar

Acquisition

I

Corp

(e)

9,252‌

98‌

Twelve

Seas

Investment

Co

II

(e)

4,742‌

52‌

Twin

Ridge

Capital

Acquisition

Corp

(e)

7,173‌

77‌

two/CA

(e)

765‌

8‌

UTA

Acquisition

Corp

(e)

37,519‌

400‌

Vahanna

Tech

Edge

Acquisition

I

Corp

(e)

5,545‌

64‌

Valuence

Merger

Corp

I

(e)

549‌

6‌

Viveon

Health

Acquisition

Corp

(e)

1,409‌

16‌

Zalatoris

Acquisition

Corp

(e)

4,520‌

48‌

Zalatoris

II

Acquisition

Corp

(e)

14,324‌

150‌

$

15,113‌

Home

Builders

-

0.24%

DR

Horton

Inc

(d),(f)

1,088‌

130‌

Lennar

Corp

-

A

Shares

(f)

1,099‌

131‌

NVR

Inc

(e)

43‌

274‌

Open

House

Group

Co

Ltd

1,200‌

40‌

Persimmon

PLC

10,853‌

146‌

PulteGroup

Inc

(d)

2,065‌

169‌

Sekisui

Chemical

Co

Ltd

2,400‌

37‌

Skyline

Champion

Corp

(e)

2,311‌

165‌

$

1,092‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Furnishings

-

0.05%

MillerKnoll

Inc

3,862‌

$

74‌

SEB

SA

744‌

81‌

Xperi

Inc

(e)

5,507‌

65‌

$

220‌

Insurance

-

1.37%

Aflac

Inc

(d)

1,079‌

80‌

Ageas

SA/NV

148‌

6‌

Allstate

Corp/The

910‌

98‌

American

Equity

Investment

Life

Holding

Co

(f)

8,682‌

466‌

American

International

Group

Inc

(f)

3,062‌

179‌

Arch

Capital

Group

Ltd

(e),(f)

4,920‌

378‌

Argo

Group

International

Holdings

Ltd

1,200‌

36‌

Arthur

J

Gallagher

&

Co

(d)

343‌

79‌

Assurant

Inc

(d)

1,255‌

175‌

AXA

SA

7,961‌

239‌

Berkshire

Hathaway

Inc

-

Class

B

(d),(e),(f)

2,976‌

1,072‌

Brown

&

Brown

Inc

(d)

3,793‌

281‌

Chubb

Ltd

(f)

3,813‌

766‌

Cincinnati

Financial

Corp

(d),(f)

1,998‌

212‌

Equitable

Holdings

Inc

2,523‌

73‌

Everest

Group

Ltd

(f)

715‌

257‌

Gjensidige

Forsikring

ASA

2,881‌

45‌

Globe

Life

Inc

(d)

775‌

87‌

Hannover

Rueck

SE

227‌

48‌

Insurance

Australia

Group

Ltd

5,894‌

22‌

Kemper

Corp

1,058‌

50‌

Lancashire

Holdings

Ltd

8,148‌

59‌

Lincoln

National

Corp

1,567‌

40‌

Loews

Corp

(d),(f)

2,853‌

177‌

Markel

Group

Inc

(e)

141‌

208‌

Marsh

&

McLennan

Cos

Inc

(f)

1,214‌

237‌

MetLife

Inc

(d)

3,866‌

245‌

NMI

Holdings

Inc

(e)

2,480‌

71‌

ProAssurance

Corp

4,291‌

76‌

Progressive

Corp/The

1,048‌

140‌

QBE

Insurance

Group

Ltd

4,819‌

46‌

SiriusPoint

Ltd

(e)

11,996‌

133‌

Travelers

Cos

Inc/The

212‌

34‌

W

R

Berkley

Corp

(f)

737‌

46‌

Willis

Towers

Watson

PLC

128‌

26‌

$

6,187‌

Internet

-

1.84%

Adevinta

ASA

-

B

Shares

(e)

7,567‌

54‌

Airbnb

Inc

(e),(f)

1,283‌

169‌

Alphabet

Inc

-

A

Shares

(d),(e),(f)

16,142‌

2,198‌

Alphabet

Inc

-

C

Shares

(e)

757‌

104‌

Amazon.com

Inc

(d),(e),(f)

11,249‌

1,552‌

Booking

Holdings

Inc

(d),(e),(f)

302‌

938‌

CDW

Corp/DE

(d)

296‌

63‌

Criteo

SA

ADR

(e)

1,464‌

43‌

eBay

Inc

(d)

5,639‌

253‌

Expedia

Group

Inc

(e),(f)

1,163‌

126‌

F5

Inc

(d),(e)

355‌

58‌

Gen

Digital

Inc

(d)

15,323‌

310‌

Magnite

Inc

(e)

5,820‌

48‌

Match

Group

Inc

(e)

1,508‌

71‌

MercadoLibre

Inc

(e)

27‌

37‌

Meta

Platforms

Inc

(d),(e),(f)

3,480‌

1,030‌

Netflix

Inc

(d),(e),(f)

695‌

301‌

Okta

Inc

(e),(f)

603‌

50‌

Palo

Alto

Networks

Inc

(e),(f)

480‌

117‌

Roku

Inc

(e)

113‌

9‌

Shopify

Inc

(e)

1,410‌

94‌

Spotify

Technology

SA

(e)

316‌

49‌

Uber

Technologies

Inc

(e),(f)

3,361‌

158‌

VeriSign

Inc

(d),(e),(f)

964‌

200‌

Z

Holdings

Corp

65,700‌

197‌

Ziff

Davis

Inc

(e)

506‌

34‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

131

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Internet

(continued)

ZOZO

Inc

1,300‌

$

26‌

$

8,289‌

Iron

&

Steel

-

0.44%

ArcelorMittal

SA

1,793‌

48‌

BlueScope

Steel

Ltd

8,061‌

109‌

Carpenter

Technology

Corp

1,278‌

80‌

Nucor

Corp

(d),(f)

1,488‌

256‌

Reliance

Steel

&

Aluminum

Co

248‌

71‌

Steel

Dynamics

Inc

(d)

724‌

77‌

United

States

Steel

Corp

43,501‌

1,352‌

$

1,993‌

Leisure

Products

&

Services

-

0.01%

Royal

Caribbean

Cruises

Ltd

(e),(f)

292‌

29‌

YETI

Holdings

Inc

(e)

764‌

38‌

$

67‌

Lodging

-

0.24%

Choice

Hotels

International

Inc

916‌

116‌

Hilton

Grand

Vacations

Inc

(e)

1,923‌

84‌

Hilton

Worldwide

Holdings

Inc

(f)

155‌

23‌

Las

Vegas

Sands

Corp

1,319‌

72‌

Marriott

International

Inc/MD

(d),(f)

2,385‌

485‌

MGM

Resorts

International

(d),(f)

5,373‌

237‌

Wyndham

Hotels

&

Resorts

Inc

724‌

55‌

$

1,072‌

Machinery

-

Construction

&

Mining

-

0.17%

Astec

Industries

Inc

1,260‌

69‌

BWX

Technologies

Inc

1,030‌

76‌

Caterpillar

Inc

(d),(f)

2,224‌

625‌

$

770‌

Machinery

-

Diversified

-

0.52%

Applied

Industrial

Technologies

Inc

486‌

75‌

Atlas

Copco

AB

-

A

Shares

23,490‌

311‌

Cactus

Inc

1,273‌

68‌

Deere

&

Co

(d),(f)

500‌

205‌

Dover

Corp

64‌

9‌

Graco

Inc

960‌

76‌

Ichor

Holdings

Ltd

(e)

1,725‌

63‌

IDEX

Corp

628‌

142‌

Ingersoll

Rand

Inc

(d)

574‌

40‌

Kone

Oyj

64‌

3‌

Middleby

Corp/The

(e)

499‌

73‌

Otis

Worldwide

Corp

(d),(f)

5,722‌

490‌

Rotork

PLC

60,658‌

230‌

Wartsila

OYJ

Abp

21,066‌

267‌

Westinghouse

Air

Brake

Technologies

Corp

1,514‌

171‌

Xylem

Inc/NY

(f)

578‌

60‌

Zurn

Elkay

Water

Solutions

Corp

1,859‌

55‌

$

2,338‌

Media

-

0.56%

Altice

USA

Inc

(e)

26,151‌

80‌

Cable

One

Inc

155‌

101‌

Charter

Communications

Inc

(e)

195‌

86‌

Comcast

Corp

-

Class

A

(d)

6,842‌

320‌

Endeavor

Group

Holdings

Inc

(f)

62,800‌

1,375‌

Fox

Corp

-

A

Shares

(d)

2,930‌

97‌

iHeartMedia

Inc

(e)

6,333‌

23‌

Liberty

Broadband

Corp

-

C

Shares

(e),(f)

455‌

43‌

Liberty

Media

Corp-Liberty

Formula

One

(e)

745‌

51‌

News

Corp

-

A

Shares

(d)

2,958‌

63‌

Walt

Disney

Co/The

(d),(e)

370‌

31‌

Warner

Bros

Discovery

Inc

(e)

1,163‌

15‌

Wolters

Kluwer

NV

1,909‌

230‌

$

2,515‌

Metal

Fabrication

&

Hardware

-

0.02%

Hillman

Solutions

Corp

(e)

7,937‌

72‌

Tenaris

SA

252‌

4‌

$

76‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Mining

-

0.59%

Alcoa

Corp

(f)

145‌

$

5‌

Barrick

Gold

Corp

4,090‌

66‌

Compass

Minerals

International

Inc

1,204‌

36‌

Ecobat

Holdings,

Inc

-

Class

B

(e)

2,998‌

1,634‌

First

Quantum

Minerals

Ltd

5,900‌

159‌

Freeport-McMoRan

Inc

(d),(f)

1,057‌

42‌

Kinross

Gold

Corp

25,000‌

127‌

Lundin

Mining

Corp

4,200‌

33‌

MP

Materials

Corp

(e)

1,828‌

38‌

Newcrest

Mining

Ltd

3,593‌

60‌

Newcrest

Mining

Ltd

5,294‌

88‌

Newmont

Corp

(f)

5,449‌

215‌

Northern

Star

Resources

Ltd

9,532‌

73‌

Pan

American

Silver

Corp

500‌

8‌

Rio

Tinto

PLC

ADR

1,326‌

83‌

$

2,667‌

Miscellaneous

Manufacturers

-

0.52%

3M

Co

(d)

1,440‌

153‌

A

O

Smith

Corp

(d),(f)

6,122‌

444‌

Alfa

Laval

AB

919‌

32‌

Axon

Enterprise

Inc

(e)

234‌

50‌

Eaton

Corp

PLC

436‌

100‌

General

Electric

Co

(d)

2,179‌

249‌

Illinois

Tool

Works

Inc

(d),(f)

928‌

229‌

Orica

Ltd

12,313‌

125‌

Parker-Hannifin

Corp

(d)

788‌

329‌

Siemens

AG

1,273‌

192‌

Sturm

Ruger

&

Co

Inc

1,024‌

53‌

Teledyne

Technologies

Inc

(d),(e)

293‌

123‌

Textron

Inc

(d),(f)

3,603‌

280‌

$

2,359‌

Office

&

Business

Equipment

-

0.02%

Canon

Inc

2,800‌

69‌

Zebra

Technologies

Corp

(e)

96‌

26‌

$

95‌

Office

Furnishings

-

0.01%

Interface

Inc

6,403‌

66‌

Oil

&

Gas

-

1.05%

APA

Corp

(d)

5,788‌

254‌

Canadian

Natural

Resources

Ltd

3,839‌

249‌

Cenovus

Energy

Inc

1,900‌

38‌

Chevron

Corp

(d),(f)

802‌

129‌

ConocoPhillips

(d),(f)

1,894‌

225‌

Coterra

Energy

Inc

150‌

4‌

Denbury

Inc

(e),(f)

12,741‌

1,167‌

Devon

Energy

Corp

(d)

3,014‌

154‌

Diamondback

Energy

Inc

1,602‌

243‌

EOG

Resources

Inc

(d)

2,799‌

360‌

EQT

Corp

(d)

10,009‌

433‌

Exxon

Mobil

Corp

(d),(f)

3,268‌

363‌

HF

Sinclair

Corp

3,309‌

182‌

Imperial

Oil

Ltd

2,200‌

125‌

Marathon

Petroleum

Corp

(d)

930‌

133‌

Nabors

Industries

Ltd

(e)

465‌

52‌

Nabors

Industries

Ltd

-

Warrants

(e)

283‌

3‌

Parkland

Corp

1,100‌

29‌

Patterson-UTI

Energy

Inc

3,673‌

52‌

PBF

Energy

Inc

1,557‌

73‌

Phillips

66

(d),(f)

633‌

72‌

Pioneer

Natural

Resources

Co

(d)

703‌

167‌

Seadrill

Ltd

(e)

884‌

43‌

Texas

Pacific

Land

Corp

42‌

79‌

Valero

Energy

Corp

160‌

21‌

Viper

Energy

Partners

LP

2,766‌

77‌

$

4,727‌

Oil

&

Gas

Services

-

0.29%

Baker

Hughes

Co

(d),(f)

8,866‌

321‌

ChampionX

Corp

1,996‌

72‌

DMC

Global

Inc

(e)

2,370‌

57‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

132

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

Services

(continued)

Halliburton

Co

(d)

6,648‌

$

257‌

Liberty

Energy

Inc

4,496‌

72‌

Schlumberger

NV

(f)

6,764‌

398‌

Select

Water

Solutions

Inc

7,327‌

59‌

Subsea

7

SA

ADR

5,176‌

67‌

$

1,303‌

Packaging

&

Containers

-

0.37%

Amcor

PLC

23,018‌

224‌

Ball

Corp

19,479‌

1,060‌

CCL

Industries

Inc

2,500‌

112‌

Packaging

Corp

of

America

(d)

1,702‌

254‌

Westrock

Co

267‌

9‌

$

1,659‌

Pharmaceuticals

-

1.51%

AbbVie

Inc

(d)

2,237‌

329‌

ACELYRIN

Inc

(e)

1,912‌

48‌

Aclaris

Therapeutics

Inc

(e)

6,681‌

50‌

Ascendis

Pharma

A/S

ADR

(e)

112‌

11‌

AstraZeneca

PLC

ADR

1,567‌

106‌

Bioxcel

Therapeutics

Inc

(e)

1,880‌

7‌

Bristol-Myers

Squibb

Co

(d),(f)

3,053‌

189‌

Cardinal

Health

Inc

(d)

2,183‌

191‌

Cencora

Inc

(d)

912‌

160‌

Chugai

Pharmaceutical

Co

Ltd

3,700‌

113‌

Cigna

Group/The

(d)

533‌

147‌

CVS

Health

Corp

(d)

3,239‌

211‌

Dexcom

Inc

(e),(f)

1,651‌

166‌

Eli

Lilly

&

Co

469‌

260‌

Grifols

SA

(e)

7,422‌

102‌

GSK

PLC

5,448‌

95‌

Jazz

Pharmaceuticals

PLC

(e),(f)

1,382‌

198‌

Johnson

&

Johnson

(d)

3,365‌

544‌

McKesson

Corp

(d)

51‌

21‌

Merck

&

Co

Inc

(d)

2,064‌

225‌

Merus

NV

(e)

3,573‌

80‌

Morphic

Holding

Inc

(e)

366‌

20‌

Neurocrine

Biosciences

Inc

(e),(f)

997‌

109‌

Novartis

AG

6,010‌

605‌

Novo

Nordisk

A/S

1,675‌

309‌

Ono

Pharmaceutical

Co

Ltd

5,600‌

106‌

Organon

&

Co

(d)

5,357‌

118‌

Pacira

BioSciences

Inc

(e)

1,422‌

50‌

Pfizer

Inc

(d)

13,651‌

483‌

Premier

Inc

1,704‌

37‌

Reata

Pharmaceuticals

Inc

(e)

4,845‌

819‌

Roche

Holding

AG

1,096‌

321‌

Shionogi

&

Co

Ltd

7,200‌

316‌

Vaxcyte

Inc

(e)

559‌

29‌

Verona

Pharma

PLC

ADR

(e)

1,150‌

22‌

Viatris

Inc

(d)

12,050‌

130‌

Zoetis

Inc

(f)

444‌

85‌

$

6,812‌

Pipelines

-

0.46%

Cheniere

Energy

Inc

(f)

669‌

109‌

Holly

Energy

Partners

LP

7,617‌

162‌

Kinder

Morgan

Inc

(d)

10,861‌

187‌

Magellan

Midstream

Partners

LP

(f)

20,672‌

1,373‌

ONEOK

Inc

(d)

2,490‌

162‌

Southcross

Holdings

(e)

615,976‌

2‌

Targa

Resources

Corp

(f)

770‌

67‌

Williams

Cos

Inc/The

527‌

18‌

$

2,080‌

Private

Equity

-

0.03%

Partners

Group

Holding

AG

123‌

133‌

Real

Estate

-

0.09%

Marcus

&

Millichap

Inc

1,822‌

61‌

McGrath

RentCorp

582‌

59‌

Radius

Global

Infrastructure

Inc

(e)

6,748‌

101‌

Sekisui

House

Ltd

1,300‌

26‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Real

Estate

(continued)

Swiss

Prime

Site

AG

691‌

$

66‌

Tricon

Residential

Inc

7,570‌

64‌

Vonovia

SE

1,169‌

28‌

$

405‌

REITs

-

0.66%

Alexandria

Real

Estate

Equities

Inc

108‌

13‌

American

Tower

Corp

(d)

2,066‌

374‌

AvalonBay

Communities

Inc

(d)

633‌

117‌

Boston

Properties

Inc

320‌

21‌

Camden

Property

Trust

(d)

565‌

61‌

CareTrust

REIT

Inc

3,365‌

68‌

Crown

Castle

Inc

376‌

38‌

Digital

Realty

Trust

Inc

(d)

1,021‌

134‌

Equinix

Inc

89‌

70‌

Equity

LifeStyle

Properties

Inc

(f)

893‌

60‌

Equity

Residential

(d)

602‌

39‌

Essex

Property

Trust

Inc

21‌

5‌

Extra

Space

Storage

Inc

(d)

1,538‌

198‌

Invitation

Homes

Inc

294‌

10‌

Mid-America

Apartment

Communities

Inc

(f)

582‌

85‌

Pebblebrook

Hotel

Trust

3,616‌

52‌

Piedmont

Office

Realty

Trust

Inc

9,099‌

63‌

Prologis

Inc

(d)

102‌

13‌

Public

Storage

185‌

51‌

Realty

Income

Corp

(d)

2,162‌

121‌

Redwood

Trust

Inc

9,798‌

78‌

Rithm

Capital

Corp

5,519‌

57‌

RPT

Realty

33,290‌

378‌

Ryman

Hospitality

Properties

Inc

662‌

56‌

SBA

Communications

Corp

28‌

6‌

Simon

Property

Group

Inc

(d)

1,277‌

145‌

UDR

Inc

(f)

3,989‌

159‌

Unibail-Rodamco-Westfield

(e)

2,904‌

155‌

Uniti

Group

Inc

12,365‌

66‌

VICI

Properties

Inc

(d)

3,706‌

114‌

Welltower

Inc

(d)

2,270‌

188‌

$

2,995‌

Retail

-

0.96%

Alimentation

Couche-Tard

Inc

1,200‌

63‌

AutoZone

Inc

(d),(e)

27‌

68‌

Bath

&

Body

Works

Inc

(d),(f)

2,995‌

110‌

Best

Buy

Co

Inc

(d)

730‌

56‌

Boot

Barn

Holdings

Inc

(e)

381‌

35‌

CarMax

Inc

(e)

2,303‌

188‌

Chipotle

Mexican

Grill

Inc

(e),(f)

28‌

54‌

Costco

Wholesale

Corp

(d)

231‌

127‌

Cracker

Barrel

Old

Country

Store

Inc

595‌

49‌

Darden

Restaurants

Inc

(d),(f)

1,388‌

216‌

Dollar

Tree

Inc

(e)

698‌

85‌

Domino's

Pizza

Inc

290‌

112‌

Dufry

AG

(e)

960‌

43‌

Fast

Retailing

Co

Ltd

400‌

92‌

Freshpet

Inc

(e)

1,215‌

92‌

Home

Depot

Inc/The

(d)

436‌

144‌

Industria

de

Diseno

Textil

SA

9,611‌

368‌

Jardine

Cycle

&

Carriage

Ltd

900‌

22‌

Lowe's

Cos

Inc

(d),(f)

1,024‌

236‌

McDonald's

Corp

(d)

1,354‌

381‌

Moncler

SpA

1,607‌

109‌

O'Reilly

Automotive

Inc

(d),(e),(f)

200‌

188‌

Pandora

A/S

459‌

48‌

Ross

Stores

Inc

(d)

911‌

110‌

Starbucks

Corp

(d)

587‌

57‌

TJX

Cos

Inc/The

(d)

3,829‌

354‌

Ulta

Beauty

Inc

(d),(e)

344‌

143‌

USS

Co

Ltd

1,300‌

23‌

Walgreens

Boots

Alliance

Inc

(d)

2,398‌

61‌

Walmart

Inc

(d)

2,694‌

438‌

Wingstop

Inc

429‌

69‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

133

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Yum!

Brands

Inc

(d),(f)

1,447‌

$

187‌

$

4,328‌

Savings

&

Loans

-

0.04%

Berkshire

Hills

Bancorp

Inc

912‌

19‌

New

York

Community

Bancorp

Inc

5,968‌

74‌

Pacific

Premier

Bancorp

Inc

2,530‌

58‌

WSFS

Financial

Corp

1,024‌

40‌

$

191‌

Semiconductors

-

1.90%

Applied

Materials

Inc

(d),(f)

2,891‌

442‌

ASM

International

NV

288‌

139‌

ASML

Holding

NV

771‌

507‌

Broadcom

Inc

(d),(f)

1,378‌

1,273‌

Entegris

Inc

(f)

123‌

12‌

Infineon

Technologies

AG

54‌

2‌

Intel

Corp

(f)

942‌

33‌

KLA

Corp

(d),(f)

789‌

396‌

Lam

Research

Corp

(d)

940‌

660‌

Lasertec

Corp

200‌

31‌

Marvell

Technology

Inc

(f)

135‌

8‌

Microchip

Technology

Inc

(d)

5,141‌

421‌

Micron

Technology

Inc

1,741‌

121‌

MKS

Instruments

Inc

328‌

33‌

Monolithic

Power

Systems

Inc

(f)

45‌

23‌

NVIDIA

Corp

(d),(f)

3,170‌

1,564‌

NXP

Semiconductors

NV

(f)

2,155‌

443‌

ON

Semiconductor

Corp

(d),(e)

5,352‌

527‌

QUALCOMM

Inc

(d)

1,819‌

209‌

Renesas

Electronics

Corp

(e)

4,700‌

78‌

Samsung

Electronics

Co

Ltd

642‌

32‌

Semtech

Corp

(e)

2,708‌

71‌

Silicon

Motion

Technology

Corp

ADR

(e)

13,677‌

743‌

SiTime

Corp

(e)

245‌

33‌

Skyworks

Solutions

Inc

(d)

2,667‌

290‌

SUMCO

Corp

6,600‌

88‌

Synaptics

Inc

(e)

326‌

29‌

Texas

Instruments

Inc

780‌

131‌

Tower

Semiconductor

Ltd

(e)

7,507‌

222‌

$

8,561‌

Software

-

4.34%

Activision

Blizzard

Inc

(d)

35,451‌

3,262‌

Adeia

Inc

4,955‌

50‌

Adobe

Inc

(d),(e),(f)

1,335‌

747‌

Agilysys

Inc

(e)

832‌

59‌

Akamai

Technologies

Inc

(e),(f)

1,573‌

165‌

Altair

Engineering

Inc

(e)

300‌

20‌

ANSYS

Inc

(e),(f)

236‌

76‌

Atlassian

Corp

(e)

465‌

95‌

Autodesk

Inc

(e)

79‌

18‌

Black

Knight

Inc

(e)

31,324‌

2,374‌

Broadridge

Financial

Solutions

Inc

(d)

270‌

50‌

Cadence

Design

Systems

Inc

(e),(f)

695‌

167‌

Constellation

Software

Inc/Canada

135‌

277‌

Constellation

Software

Inc/Canada

-

Rights

(e)

135‌

—‌

Constellation

Software

Inc/Canada

-

Warrants

(e),(g)

153‌

—‌

Dassault

Systemes

SE

3,932‌

156‌

Datadog

Inc

(e),(f)

761‌

73‌

DocuSign

Inc

(e),(f)

1,931‌

98‌

DoubleVerify

Holdings

Inc

(e)

1,576‌

53‌

Duolingo

Inc

(e)

185‌

27‌

Dynatrace

Inc

(e),(f)

1,036‌

50‌

Electronic

Arts

Inc

902‌

108‌

EMIS

Group

PLC

6,238‌

151‌

Fair

Isaac

Corp

(d),(e)

65‌

59‌

Fidelity

National

Information

Services

Inc

17,040‌

952‌

Fiserv

Inc

(d),(e)

413‌

50‌

Five9

Inc

(e)

665‌

48‌

Global-e

Online

Ltd

(e)

1,166‌

46‌

HubSpot

Inc

(e),(f)

162‌

89‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Intapp

Inc

(e)

642‌

$

23‌

Jamf

Holding

Corp

(e)

2,229‌

38‌

Lumine

Group

Inc

(e)

394‌

7‌

Manhattan

Associates

Inc

(e)

237‌

48‌

Microsoft

Corp

(d),(f)

7,689‌

2,520‌

MINDBODY

Inc

(e),(g)

9,229‌

337‌

MongoDB

Inc

(e),(f)

115‌

44‌

MSCI

Inc

333‌

181‌

New

Relic

Inc

(e),(f)

6,250‌

532‌

Nexon

Co

Ltd

8,600‌

174‌

NextGen

Healthcare

Inc

(e)

3,440‌

63‌

Open

Text

Corp

1,400‌

56‌

Oracle

Corp

(d)

1,678‌

202‌

Paychex

Inc

(d),(f)

1,427‌

175‌

Paycom

Software

Inc

(f)

408‌

120‌

PowerSchool

Holdings

Inc

(e)

2,430‌

54‌

Roper

Technologies

Inc

(d),(f)

194‌

96‌

Salesforce

Inc

(d),(e),(f)

2,905‌

643‌

ServiceNow

Inc

(d),(e),(f)

510‌

300‌

Snowflake

Inc

-

Class

A

(e)

332‌

52‌

SolarWinds

Corp

(e)

7,367‌

78‌

Splunk

Inc

(e)

785‌

95‌

Synopsys

Inc

(e)

110‌

50‌

Take-Two

Interactive

Software

Inc

(e)

73‌

10‌

Temenos

AG

1,814‌

144‌

Topicus.com

Inc

(e)

208‌

16‌

Unity

Software

Inc

(e),(f)

105‌

4‌

Veeva

Systems

Inc

(e),(f)

1,442‌

301‌

Verra

Mobility

Corp

(e)

4,743‌

84‌

VMware

Inc

(e),(f)

19,559‌

3,302‌

Workday

Inc

(e),(f)

607‌

148‌

Xero

Ltd

(e)

2,003‌

162‌

Zoom

Video

Communications

Inc

(e),(f)

1,334‌

95‌

ZoomInfo

Technologies

Inc

(e),(f)

3,988‌

72‌

$

19,546‌

Telecommunications

-

0.30%

Arista

Networks

Inc

(e)

333‌

65‌

AT&T

Inc

(d)

8,349‌

123‌

Calix

Inc

(e)

1,334‌

62‌

Cisco

Systems

Inc

(d),(f)

10,737‌

616‌

Hellenic

Telecommunications

Organization

SA

9,626‌

144‌

InterDigital

Inc

676‌

59‌

Motorola

Solutions

Inc

(d),(f)

381‌

108‌

T-Mobile

US

Inc

(d),(e)

674‌

92‌

Verizon

Communications

Inc

(d)

2,240‌

78‌

$

1,347‌

Transportation

-

0.43%

AP

Moller

-

Maersk

A/S

-

B

147‌

267‌

Canadian

National

Railway

Co

1,018‌

115‌

Central

Japan

Railway

Co

1,000‌

128‌

CH

Robinson

Worldwide

Inc

(d)

701‌

63‌

CSX

Corp

(d)

5,152‌

156‌

Expeditors

International

of

Washington

Inc

(d)

2,470‌

289‌

FedEx

Corp

(d),(f)

1,071‌

280‌

Freightos

Ltd

-

Warrants

(e)

388‌

—‌

Knight-Swift

Transportation

Holdings

Inc

1,552‌

85‌

Marten

Transport

Ltd

2,980‌

63‌

Nippon

Express

Holdings

Inc

2,200‌

114‌

Norfolk

Southern

Corp

(d)

212‌

43‌

Old

Dominion

Freight

Line

Inc

(d)

232‌

99‌

TFI

International

Inc

100‌

14‌

Union

Pacific

Corp

469‌

103‌

United

Parcel

Service

Inc

(f)

693‌

117‌

$

1,936‌

Water

-

0.05%

Veolia

Environnement

SA

6,921‌

216‌

TOTAL

COMMON

STOCKS

$

172,864‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

134

CONVERTIBLE

PREFERRED

STOCKS

-

0.02%

Shares

Held

Value

(000's)

Pipelines

-

0.01%

El

Paso

Energy

Capital

Trust

I

4.75%,

03/31/2028

452‌

$

21‌

Southcross

Energy

Series

A

0.00%

(e),(g)

2,399,339‌

—‌

$

21‌

Software

-

0.01%

Clarivate

PLC

5.25%,

06/01/2024

1,950‌

63‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

84‌

PREFERRED

STOCKS

-

0.12%

Shares

Held

Value

(000's)

Apparel

-

0.01%

Fossil

Group

Inc

7.00%,

11/30/2026

2,730‌

$

46‌

Automobile

Manufacturers

-

0.02%

Dr

Ing

hc

F

Porsche

AG

1.01%

(i)

226‌

25‌

Porsche

Automobil

Holding

SE

2.56%

1,151‌

62‌

$

87‌

Machinery

-

Construction

&

Mining

-

0.00%

Babcock

&

Wilcox

Enterprises

Inc

6.50%,

12/31/2026

262‌

5‌

REITs

-

0.09%

Hersha

Hospitality

Trust

6.50%,

10/02/2023

(j)

14,442‌

359‌

Hersha

Hospitality

Trust

6.88%,

10/02/2023

(j)

1,400‌

35‌

$

394‌

TOTAL

PREFERRED

STOCKS

$

532‌

BONDS

-

29.77%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.09%

Clear

Channel

Outdoor

Holdings

Inc

7.50%,

06/01/2029

(i)

$

382‌

$

285‌

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

5.00%,

08/15/2027

(i)

110‌

99‌

$

384‌

Aerospace

&

Defense

-

0.09%

Bombardier

Inc

7.88%,

04/15/2027

(i)

159‌

158‌

Embraer

Netherlands

Finance

BV

7.00%,

07/28/2030

(i)

200‌

203‌

RTX

Corp

5.00%,

02/27/2026

65‌

65‌

$

426‌

Agriculture

-

0.08%

Vector

Group

Ltd

10.50%,

11/01/2026

(i)

352‌

353‌

Airlines

-

0.09%

United

Airlines

2016-2

Class

B

Pass

Through

Trust

3.65%,

04/07/2027

144‌

136‌

United

Airlines

2019-2

Class

B

Pass

Through

Trust

3.50%,

11/01/2029

301‌

273‌

United

Airlines

2020-1

Class

B

Pass

Through

Trust

4.88%,

07/15/2027

13‌

12‌

$

421‌

Automobile

Asset

Backed

Securities

-

0.72%

Avid

Automobile

Receivables

Trust

2019-1

3.14%,

07/15/2026

(i)

27‌

27‌

Avis

Budget

Rental

Car

Funding

AESOP

LLC

2.13%,

08/20/2027

(i)

350‌

306‌

7.24%,

06/20/2029

(i)

100‌

100‌

Carvana

Auto

Receivables

Trust

2021-N3

1.02%,

06/12/2028

26‌

24‌

Carvana

Auto

Receivables

Trust

2021-N4

2.30%,

09/11/2028

100‌

94‌

Carvana

Auto

Receivables

Trust

2021-P1

1.53%,

03/10/2027

140‌

124‌

Drive

Auto

Receivables

Trust

2021-1

1.45%,

01/16/2029

220‌

208‌

DT

Auto

Owner

Trust

2021-4

1.99%,

09/15/2027

(i)

115‌

105‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Asset

Backed

Securities

(continued)

DT

Auto

Owner

Trust

2022-2

5.46%,

03/15/2028

(i)

$

150‌

$

146‌

DT

Auto

Owner

Trust

2023-2

6.62%,

02/15/2029

(i)

115‌

114‌

DT

Auto

Owner

Trust

2023-3

7.12%,

05/15/2029

(i)

100‌

101‌

Exeter

Automobile

Receivables

Trust

2020-2

4.73%,

04/15/2026

(i)

108‌

107‌

Exeter

Automobile

Receivables

Trust

2023-2

6.32%,

08/15/2029

100‌

99‌

First

Investors

Auto

Owner

Trust

2019-2

2.80%,

12/15/2025

(i)

67‌

67‌

3.88%,

01/15/2026

(i)

175‌

174‌

Flagship

Credit

Auto

Trust

2022-1

3.64%,

03/15/2028

(i)

200‌

185‌

GLS

Auto

Receivables

Issuer

Trust

2021-4

2.48%,

10/15/2027

(i)

205‌

189‌

Hertz

Vehicle

Financing

III

LLC

4.85%,

06/25/2026

(i)

250‌

233‌

Prestige

Auto

Receivables

Trust

2019-1

3.90%,

05/15/2026

(i)

145‌

144‌

Prestige

Auto

Receivables

Trust

2021-1

2.08%,

02/15/2028

(i)

170‌

154‌

Santander

Drive

Auto

Receivables

Trust

2021-4

1.67%,

10/15/2027

355‌

329‌

Westlake

Automobile

Receivables

Trust

2022-2

5.48%,

09/15/2027

(i)

125‌

122‌

Westlake

Automobile

Receivables

Trust

2023-3

6.47%,

03/15/2029

(i)

100‌

99‌

$

3,251‌

Automobile

Manufacturers

-

0.88%

American

Honda

Finance

Corp

1.50%,

01/13/2025

900‌

854‌

BMW

US

Capital

LLC

5.30%,

08/11/2025

(i)

410‌

409‌

General

Motors

Co

5.40%,

04/01/2048

260‌

216‌

5.95%,

04/01/2049

150‌

134‌

General

Motors

Financial

Co

Inc

5.70%,

09/30/2030

(j),(k)

35‌

30‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%

5.75%,

09/30/2027

(j),(k)

100‌

82‌

3

Month

USD

LIBOR

+

3.60%

6.00%,

01/09/2028

160‌

160‌

6.50%,

09/30/2028

(j),(k)

75‌

65‌

3

Month

USD

LIBOR

+

3.44%

Mercedes-Benz

Finance

North

America

LLC

4.95%,

03/30/2025

(i)

405‌

403‌

Toyota

Motor

Credit

Corp

1.45%,

01/13/2025

905‌

859‌

3.95%,

06/30/2025

385‌

376‌

4.40%,

09/20/2024

385‌

381‌

$

3,969‌

Banks

-

2.04%

Banco

Mercantil

del

Norte

SA/Grand

Cayman

5.88%,

01/24/2027

(i),(j),(k),(l)

625‌

550‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%

5.88%,

01/24/2027

(j),(k),(l)

200‌

176‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%

Banco

Santander

SA

5.15%,

08/18/2025

200‌

197‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

135

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

Leumi

Le-Israel

BM

7.13%,

07/18/2033

(i),(k),(l)

$

500‌

$

493‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.47%

Bank

of

America

Corp

6.43%,

04/25/2025

380‌

382‌

Secured

Overnight

Financing

Rate

+

1.10%

Bank

of

America

NA

5.65%,

08/18/2025

410‌

411‌

Bank

of

New

York

Mellon

Corp/The

5.95%,

04/25/2025

190‌

190‌

Secured

Overnight

Financing

Rate

+

0.62%

Barclays

PLC

3.56%,

09/23/2035

(k)

495‌

393‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.90%

4.38%,

03/15/2028

(j),(k),(l)

230‌

158‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.41%

BBVA

Bancomer

SA/Texas

8.45%,

06/29/2038

(i),(k),(l)

725‌

725‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.66%

BOI

Finance

BV

7.50%,

02/16/2027

EUR

425‌

394‌

Commonwealth

Bank

of

Australia/New

York

NY

5.32%,

03/13/2026

$

250‌

251‌

Deutsche

Bank

AG/New

York

NY

3.73%,

01/14/2032

(k)

200‌

155‌

Secured

Overnight

Financing

Rate

+

2.76%

Goldman

Sachs

Group

Inc/The

1.76%,

01/24/2025

(k)

440‌

432‌

Secured

Overnight

Financing

Rate

+

0.73%

5.80%,

08/10/2026

(k)

410‌

409‌

Secured

Overnight

Financing

Rate

+

1.08%

Israel

Discount

Bank

Ltd

5.38%,

01/26/2028

(i)

675‌

662‌

Mitsubishi

UFJ

Financial

Group

Inc

5.06%,

09/12/2025

(k)

390‌

386‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%

Morgan

Stanley

6.52%,

04/17/2025

380‌

381‌

Secured

Overnight

Financing

Rate

+

1.17%

OTP

Bank

Nyrt

7.35%,

03/04/2026

(k)

EUR

125‌

138‌

3

Month

Euro

Interbank

Offered

Rate

+

4.52%

Raiffeisenbank

AS

7.13%,

01/19/2026

(k)

400‌

435‌

3

Month

Euro

Interbank

Offered

Rate

+

3.93%

Standard

Chartered

PLC

3.27%,

02/18/2036

(i),(k)

$

375‌

295‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.30%

6.19%,

07/06/2027

(i),(k)

400‌

401‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.85%

UBS

Group

AG

2.19%,

06/05/2026

(i),(k)

250‌

233‌

Secured

Overnight

Financing

Rate

+

2.04%

6.44%,

08/11/2028

(i),(k)

250‌

255‌

Secured

Overnight

Financing

Rate

+

3.70%

UniCredit

SpA

2.57%,

09/22/2026

(i),(k)

350‌

321‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Wells

Fargo

&

Co

6.65%,

04/25/2026

$

380‌

$

383‌

Secured

Overnight

Financing

Rate

+

1.32%

$

9,206‌

Biotechnology

-

0.06%

Amgen

Inc

5.25%,

03/02/2025

280‌

279‌

Building

Materials

-

0.34%

Cemex

SAB

de

CV

3.88%,

07/11/2031

(i)

460‌

394‌

5.13%,

06/08/2026

(i),(j),(k)

200‌

185‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%

5.20%,

09/17/2030

(i)

375‌

351‌

9.13%,

03/14/2028

(i),(j),(k)

200‌

209‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.16%

9.13%,

03/14/2028

(j),(k)

400‌

416‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.16%

$

1,555‌

Chemicals

-

0.19%

Ashland

Inc

3.38%,

09/01/2031

(i)

155‌

124‌

Braskem

Netherlands

Finance

BV

4.50%,

01/31/2030

(i)

200‌

167‌

Celanese

US

Holdings

LLC

6.70%,

11/15/2033

40‌

40‌

Sasol

Financing

USA

LLC

8.75%,

05/03/2029

(i)

525‌

513‌

$

844‌

Commercial

Mortgage

Backed

Securities

-

0.58%

BPR

Trust

2021-NRD

12.18%,

12/15/2038

(i)

140‌

125‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

6.87%

Citigroup

Commercial

Mortgage

Trust

2014-GC21

5.10%,

05/10/2047

(i),(m)

135‌

90‌

COMM

2012-CCRE3

Mortgage

Trust

3.92%,

10/15/2045

(i)

110‌

88‌

COMM

2012-LC4

Mortgage

Trust

5.48%,

12/10/2044

(m)

10‌

8‌

CSMC

2014-USA

OA

LLC

4.37%,

09/15/2037

(i)

1,055‌

549‌

DC

Commercial

Mortgage

Trust

2023-DC

7.38%,

09/10/2040

(i),(m)

110‌

111‌

Extended

Stay

America

Trust

2021-ESH

9.12%,

07/15/2038

(i)

115‌

111‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.81%

Med

Trust

2021-MDLN

7.22%,

11/15/2038

(i)

100‌

96‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.91%

Morgan

Stanley

Capital

I

Trust

2011-C2

5.39%,

06/15/2044

(i),(m)

269‌

244‌

5.39%,

06/15/2044

(i),(m)

160‌

111‌

Starwood

Retail

Property

Trust

2014-STAR

8.50%,

11/15/2027

(g),(i)

170‌

64‌

1.00

x

Prime

Rate

+

0.00%

0.00%,

11/15/2027

(e),(g),(i)

645‌

32‌

1.00

x

Prime

Rate

+

0.00%

Wells

Fargo

Commercial

Mortgage

Trust

2013-LC12

4.13%,

07/15/2046

(m)

162‌

131‌

Wells

Fargo

Commercial

Mortgage

Trust

2016-C36

4.26%,

11/15/2059

(m)

100‌

69‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

136

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

WFRBS

Commercial

Mortgage

Trust

2011-C3

6.05%,

03/15/2044

(i),(m)

$

108‌

$

34‌

WFRBS

Commercial

Mortgage

Trust

2011-C4

4.99%,

06/15/2044

(i),(m)

845‌

693‌

WFRBS

Commercial

Mortgage

Trust

2014-C20

4.38%,

05/15/2047

100‌

77‌

$

2,633‌

Commercial

Services

-

0.18%

Global

Payments

Inc

2.90%,

11/15/2031

30‌

25‌

5.40%,

08/15/2032

15‌

15‌

La

Financiere

Atalian

SASU

4.00%,

05/15/2024

EUR

177‌

142‌

5.13%,

05/15/2025

169‌

126‌

Mobius

Merger

Sub

Inc

9.00%,

06/01/2030

(i)

$

182‌

166‌

TriNet

Group

Inc

3.50%,

03/01/2029

(i)

40‌

34‌

Verscend

Escrow

Corp

9.75%,

08/15/2026

(i)

312‌

310‌

$

818‌

Computers

-

0.27%

Leidos

Inc

5.75%,

03/15/2033

150‌

149‌

NCR

Corp

5.75%,

09/01/2027

(i)

71‌

72‌

6.13%,

09/01/2029

(i)

763‌

786‌

Western

Digital

Corp

2.85%,

02/01/2029

120‌

97‌

4.75%,

02/15/2026

120‌

114‌

$

1,218‌

Cosmetics

&

Personal

Care

-

0.04%

Natura

Cosmeticos

SA

4.13%,

05/03/2028

(i)

200‌

175‌

Diversified

Financial

Services

-

0.80%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

5.75%,

06/06/2028

170‌

168‌

Aircastle

Ltd

5.25%,

06/15/2026

(i),(j),(k)

60‌

46‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.41%

6.50%,

07/18/2028

(i)

145‌

144‌

Ally

Financial

Inc

4.70%,

05/15/2026

(j),(k)

125‌

88‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%

4.70%,

05/15/2028

(j),(k)

185‌

119‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

3.48%

American

Express

Co

6.04%,

05/03/2024

380‌

381‌

Secured

Overnight

Financing

Rate

+

0.72%

Antares

Holdings

LP

2.75%,

01/15/2027

(i)

255‌

216‌

Capital

One

Financial

Corp

6.67%,

05/09/2025

375‌

374‌

Secured

Overnight

Financing

Rate

+

1.35%

Intercontinental

Exchange

Inc

3.65%,

05/23/2025

157‌

152‌

OneMain

Finance

Corp

3.50%,

01/15/2027

195‌

170‌

4.00%,

09/15/2030

15‌

12‌

5.38%,

11/15/2029

30‌

26‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer

Inc

2.88%,

10/15/2026

(i)

$

1,060‌

$

942‌

3.63%,

03/01/2029

(i)

285‌

243‌

3.88%,

03/01/2031

(i)

5‌

4‌

4.00%,

10/15/2033

(i)

255‌

202‌

SOCAR

Turkey

Enerji

AS

via

Steas

Funding

1

DAC

7.23%,

03/17/2026

320‌

312‌

$

3,599‌

Electric

-

0.32%

Comision

Federal

de

Electricidad

5.00%,

09/29/2036

524‌

435‌

Edison

International

5.38%,

03/15/2026

(j),(k)

255‌

225‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.70%

NextEra

Energy

Capital

Holdings

Inc

4.20%,

06/20/2024

385‌

380‌

6.05%,

03/01/2025

45‌

45‌

NPC

Ukrenergo

0.00%,

11/09/2028

(e),(i)

425‌

119‌

Origin

Energy

Finance

Ltd

1.00%,

09/17/2029

EUR

100‌

100‌

Pacific

Gas

and

Electric

Co

4.30%,

03/15/2045

$

155‌

108‌

5.45%,

06/15/2027

45‌

44‌

$

1,456‌

Electronics

-

0.04%

Trimble

Inc

6.10%,

03/15/2033

175‌

177‌

Energy

-

Alternate

Sources

-

0.11%

Energo-Pro

AS

8.50%,

02/04/2027

300‌

290‌

8.50%,

02/04/2027

(i)

225‌

217‌

$

507‌

Engineering

&

Construction

-

0.30%

HTA

Group

Ltd/Mauritius

7.00%,

12/18/2025

600‌

566‌

7.00%,

12/18/2025

(i)

365‌

344‌

IEA

Energy

Services

LLC

6.63%,

08/15/2029

(i)

140‌

137‌

IHS

Holding

Ltd

5.63%,

11/29/2026

(i)

275‌

236‌

TopBuild

Corp

4.13%,

02/15/2032

(i)

80‌

67‌

$

1,350‌

Entertainment

-

0.34%

Allen

Media

LLC

/

Allen

Media

Co-Issuer

Inc

10.50%,

02/15/2028

(i)

471‌

270‌

Everi

Holdings

Inc

5.00%,

07/15/2029

(i)

25‌

22‌

GENM

Capital

Labuan

Ltd

3.88%,

04/19/2031

(i)

200‌

160‌

Light

&

Wonder

International

Inc

7.00%,

05/15/2028

(i)

716‌

713‌

7.25%,

11/15/2029

(i)

115‌

115‌

7.50%,

09/01/2031

(i)

40‌

41‌

Warnermedia

Holdings

Inc

4.05%,

03/15/2029

50‌

46‌

4.28%,

03/15/2032

195‌

172‌

$

1,539‌

Food

-

0.16%

JBS

USA

LUX

SA

/

JBS

USA

Food

Co

/

JBS

USA

Finance

Inc

3.00%,

02/02/2029

70‌

60‌

Pilgrim's

Pride

Corp

5.88%,

09/30/2027

(i)

280‌

277‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

137

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Food

(continued)

TreeHouse

Foods

Inc

4.00%,

09/01/2028

$

445‌

$

381‌

$

718‌

Food

Service

-

0.32%

Aramark

Services

Inc

5.00%,

04/01/2025

(i)

222‌

219‌

6.38%,

05/01/2025

(i)

1,209‌

1,211‌

$

1,430‌

Healthcare

-

Products

-

0.09%

Thermo

Fisher

Scientific

Inc

4.95%,

08/10/2026

410‌

408‌

Healthcare

-

Services

-

0.08%

Charles

River

Laboratories

International

Inc

3.75%,

03/15/2029

(i)

35‌

31‌

4.25%,

05/01/2028

(i)

30‌

28‌

Molina

Healthcare

Inc

4.38%,

06/15/2028

(i)

80‌

73‌

Syneos

Health

Inc

3.63%,

01/15/2029

(i)

220‌

219‌

$

351‌

Insurance

-

0.02%

Global

Atlantic

Fin

Co

4.40%,

10/15/2029

(i)

130‌

109‌

Internet

-

0.83%

Getty

Images

Inc

9.75%,

03/01/2027

(i)

1,544‌

1,541‌

Go

Daddy

Operating

Co

LLC

/

GD

Finance

Co

Inc

5.25%,

12/01/2027

(i)

105‌

101‌

Netflix

Inc

4.88%,

04/15/2028

25‌

25‌

4.88%,

06/15/2030

(i)

230‌

224‌

5.38%,

11/15/2029

(i)

35‌

35‌

5.88%,

11/15/2028

145‌

149‌

6.38%,

05/15/2029

200‌

210‌

Prosus

NV

4.19%,

01/19/2032

200‌

163‌

Uber

Technologies

Inc

4.50%,

08/15/2029

(i)

440‌

403‌

6.25%,

01/15/2028

(i)

55‌

55‌

7.50%,

09/15/2027

(i)

785‌

801‌

8.00%,

11/01/2026

(i)

15‌

15‌

$

3,722‌

Investment

Companies

-

0.32%

Ares

Capital

Corp

2.88%,

06/15/2028

285‌

240‌

3.20%,

11/15/2031

225‌

175‌

Barings

BDC

Inc

3.30%,

11/23/2026

125‌

110‌

Blackstone

Secured

Lending

Fund

2.13%,

02/15/2027

450‌

382‌

Blue

Owl

Capital

Corp

2.88%,

06/11/2028

260‌

215‌

Blue

Owl

Technology

Finance

Corp

2.50%,

01/15/2027

25‌

21‌

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.75%,

09/15/2024

5‌

5‌

5.25%,

05/15/2027

215‌

189‌

6.25%,

05/15/2026

10‌

9‌

6.38%,

12/15/2025

110‌

105‌

$

1,451‌

Iron

&

Steel

-

0.09%

ArcelorMittal

SA

6.80%,

11/29/2032

190‌

195‌

Usiminas

International

Sarl

5.88%,

07/18/2026

200‌

194‌

$

389‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Leisure

Products

&

Services

-

0.29%

Carnival

Corp

5.75%,

03/01/2027

(i)

$

546‌

$

514‌

7.00%,

08/15/2029

(i)

30‌

31‌

NCL

Corp

Ltd

5.88%,

03/15/2026

(i)

220‌

207‌

5.88%,

02/15/2027

(i)

85‌

82‌

NCL

Finance

Ltd

6.13%,

03/15/2028

(i)

40‌

36‌

Royal

Caribbean

Cruises

Ltd

4.25%,

07/01/2026

(i)

35‌

33‌

5.50%,

04/01/2028

(i)

290‌

272‌

VOC

Escrow

Ltd

5.00%,

02/15/2028

(i)

135‌

125‌

$

1,300‌

Lodging

-

0.33%

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Escrow

Inc

4.88%,

07/01/2031

(i)

30‌

25‌

5.00%,

06/01/2029

(i)

105‌

93‌

Hilton

Worldwide

Finance

LLC

/

Hilton

Worldwide

Finance

Corp

4.88%,

04/01/2027

105‌

101‌

Marriott

Ownership

Resorts

Inc

4.50%,

06/15/2029

(i)

80‌

68‌

Melco

Resorts

Finance

Ltd

5.63%,

07/17/2027

200‌

179‌

5.75%,

07/21/2028

400‌

352‌

MGM

China

Holdings

Ltd

5.25%,

06/18/2025

200‌

192‌

Studio

City

Finance

Ltd

6.50%,

01/15/2028

225‌

191‌

Travel

+

Leisure

Co

4.50%,

12/01/2029

(i)

100‌

86‌

4.63%,

03/01/2030

(i)

145‌

125‌

6.00%,

04/01/2027

10‌

10‌

6.63%,

07/31/2026

(i)

85‌

84‌

$

1,506‌

Machinery

-

Construction

&

Mining

-

0.17%

Caterpillar

Financial

Services

Corp

0.95%,

01/10/2024

340‌

334‌

5.15%,

08/11/2025

410‌

410‌

$

744‌

Machinery

-

Diversified

-

0.05%

Ingersoll

Rand

Inc

5.70%,

08/14/2033

15‌

15‌

John

Deere

Capital

Corp

0.90%,

01/10/2024

85‌

84‌

1.25%,

01/10/2025

130‌

123‌

$

222‌

Media

-

1.25%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

5.13%,

05/01/2027

(i)

1,080‌

1,015‌

5.50%,

05/01/2026

(i)

30‌

29‌

Cengage

Learning

Inc

9.50%,

06/15/2024

(i)

13‌

13‌

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.30%,

02/01/2032

20‌

15‌

2.80%,

04/01/2031

50‌

40‌

4.40%,

04/01/2033

25‌

22‌

4.40%,

12/01/2061

955‌

628‌

CSC

Holdings

LLC

3.38%,

02/15/2031

(i)

675‌

464‌

4.50%,

11/15/2031

(i)

200‌

142‌

4.63%,

12/01/2030

(i)

850‌

445‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

138

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

DISH

DBS

Corp

5.13%,

06/01/2029

$

175‌

$

95‌

5.25%,

12/01/2026

(i)

715‌

603‌

5.75%,

12/01/2028

(i)

190‌

148‌

Globo

Comunicacao

e

Participacoes

SA

4.88%,

01/22/2030

400‌

339‌

5.50%,

01/14/2032

200‌

168‌

iHeartCommunications

Inc

4.75%,

01/15/2028

(i)

475‌

366‌

5.25%,

08/15/2027

(i)

55‌

44‌

Lagardere

SA

1.75%,

10/07/2027

EUR

300‌

319‌

2.13%,

10/16/2026

500‌

532‌

Ziggo

Bond

Co

BV

6.00%,

01/15/2027

(i)

$

220‌

205‌

$

5,632‌

Mining

-

0.49%

BHP

Billiton

Finance

USA

Ltd

4.88%,

02/27/2026

185‌

184‌

First

Quantum

Minerals

Ltd

6.88%,

03/01/2026

(i)

620‌

611‌

7.50%,

04/01/2025

(i)

200‌

200‌

FMG

Resources

August

2006

Pty

Ltd

4.50%,

09/15/2027

(i)

150‌

138‌

Freeport-McMoRan

Inc

4.63%,

08/01/2030

25‌

23‌

Glencore

Funding

LLC

2.85%,

04/27/2031

(i)

315‌

257‌

Stillwater

Mining

Co

4.00%,

11/16/2026

(i)

550‌

483‌

4.50%,

11/16/2029

(i)

350‌

276‌

Volcan

Cia

Minera

SAA

4.38%,

02/11/2026

(i)

30‌

19‌

$

2,191‌

Mortgage

Backed

Securities

-

0.33%

Alternative

Loan

Trust

2003-22CB

5.75%,

12/25/2033

50‌

49‌

Alternative

Loan

Trust

2004-16CB

5.50%,

07/25/2034

27‌

26‌

5.50%,

08/25/2034

29‌

27‌

Alternative

Loan

Trust

2004-J10

6.00%,

09/25/2034

45‌

44‌

Alternative

Loan

Trust

2005-J1

5.50%,

02/25/2025

14‌

14‌

Banc

of

America

Alternative

Loan

Trust

2003-8

5.50%,

10/25/2033

30‌

28‌

Banc

of

America

Funding

2005-7

Trust

5.75%,

11/25/2035

23‌

22‌

Banc

of

America

Funding

2007-4

Trust

5.50%,

11/25/2034

24‌

20‌

Banc

of

America

Mortgage

2005-A

Trust

3.87%,

02/25/2035

(m)

8‌

8‌

BINOM

Securitization

Trust

2022-RPL1

3.00%,

02/25/2061

(i),(m)

140‌

103‌

CHL

Mortgage

Pass-Through

Trust

2004-HYB4

5.22%,

09/20/2034

(m)

15‌

14‌

Connecticut

Avenue

Securities

Trust

2020-R01

7.45%,

01/25/2040

(i)

38‌

38‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

2.16%

Connecticut

Avenue

Securities

Trust

2022-R06

8.04%,

05/25/2042

(i)

75‌

77‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

2.75%

CSFB

Mortgage-Backed

Pass-Through

Certificates

Series

2003-27

5.75%,

11/25/2033

22‌

21‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

CSMC

2020-RPL3

Trust

2.69%,

03/25/2060

(i),(m)

$

126‌

$

125‌

DSLA

Mortgage

Loan

Trust

2005-AR5

6.09%,

09/19/2045

90‌

49‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

0.77%

Freddie

Mac

STACR

REMIC

Trust

2022-DNA4

7.49%,

05/25/2042

(i)

74‌

75‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

2.20%

GSR

Mortgage

Loan

Trust

2005-4F

6.50%,

02/25/2035

29‌

27‌

IndyMac

INDX

Mortgage

Loan

Trust

2004-AR7

6.65%,

09/25/2034

76‌

59‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.33%

IndyMac

INDX

Mortgage

Loan

Trust

2005-AR11

3.67%,

08/25/2035

(m)

319‌

237‌

Lehman

XS

Trust

Series

2006-2N

5.95%,

02/25/2046

54‌

48‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

0.63%

MASTR

Alternative

Loan

Trust

2003-9

5.25%,

11/25/2033

18‌

17‌

MASTR

Alternative

Loan

Trust

2004-5

5.50%,

06/25/2034

14‌

13‌

6.00%,

06/25/2034

17‌

17‌

MASTR

Alternative

Loan

Trust

2004-8

6.00%,

09/25/2034

93‌

89‌

Merrill

Lynch

Mortgage

Investors

Trust

Series

MLCC

2006-2

4.83%,

05/25/2036

(m)

4‌

4‌

Structured

Adjustable

Rate

Mortgage

Loan

Trust

5.74%,

07/25/2035

345‌

219‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

0.42%

$

1,470‌

Office

&

Business

Equipment

-

0.06%

CDW

LLC

/

CDW

Finance

Corp

3.25%,

02/15/2029

140‌

122‌

3.28%,

12/01/2028

135‌

118‌

3.57%,

12/01/2031

55‌

47‌

$

287‌

Oil

&

Gas

-

2.09%

Bellatrix

Exploration

PIK

-

Escrow

0.00%,

12/15/2023

(e),(g)

257‌

—‌

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp

11.00%,

04/15/2025

(i)

1,220‌

1,248‌

Cobalt

International

Energy

Inc

0.00%,

12/01/2023

(e),(g)

4,635‌

—‌

Continental

Resources

Inc/OK

2.88%,

04/01/2032

(i)

190‌

146‌

5.75%,

01/15/2031

(i)

965‌

922‌

Earthstone

Energy

Holdings

LLC

8.00%,

04/15/2027

(i)

123‌

126‌

Ecopetrol

SA

8.88%,

01/13/2033

225‌

228‌

Energian

Israel

Finance

Ltd

4.88%,

03/30/2026

(i)

150‌

141‌

5.38%,

03/30/2028

(i)

480‌

436‌

8.50%,

09/30/2033

(i)

775‌

785‌

EQT

Corp

3.13%,

05/15/2026

(i)

30‌

28‌

3.63%,

05/15/2031

(i)

150‌

130‌

5.00%,

01/15/2029

300‌

285‌

7.00%,

02/01/2030

10‌

10‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

139

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

KazMunayGas

National

Co

JSC

5.38%,

04/24/2030

$

600‌

$

545‌

5.75%,

04/19/2047

200‌

161‌

6.38%,

10/24/2048

400‌

334‌

Kosmos

Energy

Ltd

7.13%,

04/04/2026

200‌

183‌

7.50%,

03/01/2028

(i)

350‌

308‌

7.75%,

05/01/2027

200‌

179‌

Leviathan

Bond

Ltd

6.13%,

06/30/2025

(i)

555‌

542‌

6.50%,

06/30/2027

(i)

830‌

801‌

Matador

Resources

Co

6.88%,

04/15/2028

(i)

30‌

30‌

Occidental

Petroleum

Corp

6.13%,

01/01/2031

5‌

5‌

7.88%,

09/15/2031

10‌

11‌

8.88%,

07/15/2030

10‌

11‌

OGX

Austria

GmbH

0.00%,

06/01/2018

(e),(i)

600‌

—‌

0.00%,

04/01/2022

(e),(i)

1,100‌

—‌

Ovintiv

Inc

6.50%,

08/15/2034

20‌

20‌

6.50%,

02/01/2038

10‌

10‌

6.63%,

08/15/2037

40‌

40‌

7.20%,

11/01/2031

5‌

5‌

7.38%,

11/01/2031

5‌

5‌

8.13%,

09/15/2030

25‌

28‌

PDC

Energy

Inc

5.75%,

05/15/2026

458‌

457‌

Petroleos

Mexicanos

6.49%,

01/23/2027

450‌

394‌

6.75%,

09/21/2047

175‌

108‌

7.69%,

01/23/2050

375‌

251‌

Southwestern

Energy

Co

4.75%,

02/01/2032

25‌

22‌

Tengizchevroil

Finance

Co

International

Ltd

4.00%,

08/15/2026

525‌

475‌

$

9,410‌

Other

Asset

Backed

Securities

-

2.47%

510

Asset

Backed

2021-NPL1

Trust

2.24%,

06/25/2061

(i),(m)

90‌

84‌

Accelerated

Assets

2018-1

LLC

4.51%,

12/02/2033

(i)

59‌

57‌

AIM

Aviation

Finance

Ltd

7.07%,

02/15/2040

(i),(m)

675‌

105‌

Allegro

CLO

VI

Ltd

8.32%,

01/17/2031

(i)

250‌

235‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.01%

American

Homes

4

Rent

2014-SFR2

Trust

5.15%,

10/17/2036

(i)

280‌

275‌

6.23%,

10/17/2036

(i)

695‌

688‌

American

Homes

4

Rent

2014-SFR3

Trust

6.42%,

12/17/2036

(i)

900‌

894‌

American

Homes

4

Rent

2015-SFR1

Trust

5.64%,

04/17/2052

(i)

1,045‌

1,026‌

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

7.82%,

03/05/2053

(i)

150‌

149‌

Barings

Clo

Ltd

2019-IV

8.37%,

01/15/2033

(i)

250‌

250‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.06%

Blackbird

Capital

Aircraft

Lease

Securitization

Ltd

2016-1

4.21%,

12/16/2041

(i),(m)

160‌

148‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Other

Asset

Backed

Securities

(continued)

CARLYLE

US

CLO

2017-4

Ltd

8.37%,

01/15/2030

(i)

$

280‌

$

263‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.06%

CIM

Trust

2021-NR2

2.57%,

07/25/2059

(i),(m)

97‌

93‌

CLI

Funding

VIII

LLC

1.64%,

02/18/2046

(i)

297‌

255‌

DB

Master

Finance

LLC

4.35%,

05/20/2049

(i)

202‌

188‌

Diamond

Resorts

Owner

Trust

2019-1

3.53%,

02/20/2032

(i)

52‌

49‌

Domino's

Pizza

Master

Issuer

LLC

2.66%,

04/25/2051

(i)

112‌

96‌

3.67%,

10/25/2049

(i)

193‌

169‌

4.12%,

07/25/2047

(i)

501‌

464‌

Elevation

CLO

2017-6

Ltd

8.27%,

07/15/2029

(i)

250‌

248‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.96%

EWC

Master

Issuer

LLC

5.50%,

03/15/2052

(i)

99‌

91‌

Frontier

Issuer

LLC

6.60%,

08/20/2053

(i)

315‌

305‌

Generate

CLO

7

Ltd

9.41%,

01/22/2033

(i)

295‌

293‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.06%

GITSIT

Mortgage

Loan

Trust

2023-NPL1

8.35%,

05/25/2053

(i),(m)

79‌

79‌

Greystone

CRE

Notes

2021-HC2

LTD

7.22%,

12/15/2039

(i)

110‌

107‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.91%

Hilton

Grand

Vacations

Trust

2018-A

4.00%,

02/25/2032

(i)

21‌

20‌

Kestrel

Aircraft

Funding

Ltd

4.25%,

12/15/2038

(i)

235‌

202‌

Madison

Park

Funding

XXVI

Ltd

8.63%,

07/29/2030

(i)

255‌

248‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.26%

Madison

Park

Funding

XXX

LTD

8.07%,

04/15/2029

(i)

255‌

248‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.76%

Merlin

Aviation

Holdings

DAC

4.50%,

12/15/2032

(i),(m)

64‌

55‌

Octagon

Investment

Partners

XVI

Ltd

11.32%,

07/17/2030

(i)

500‌

432‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.01%

Octagon

Investment

Partners

XXII

Ltd

7.51%,

01/22/2030

(i)

250‌

244‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.16%

OHA

Credit

Funding

3

LTD

11.84%,

07/02/2035

(i)

250‌

240‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.51%

OHA

Loan

Funding

2013-1

Ltd

8.66%,

07/23/2031

(i)

275‌

272‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.31%

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

140

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Other

Asset

Backed

Securities

(continued)

OZLM

XXIII

Ltd

9.32%,

04/15/2034

(i)

$

390‌

$

370‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.01%

Parallel

2017-1

Ltd

7.59%,

07/20/2029

(i)

305‌

299‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.26%

Planet

Fitness

Master

Issuer

LLC

3.86%,

12/05/2049

(i)

265‌

225‌

Post

CLO

2023-1

Ltd

6.83%,

04/20/2036

(i)

250‌

250‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.95%

PRPM

2021-2

LLC

2.12%,

03/25/2026

(i),(m)

57‌

55‌

PRPM

2021-3

LLC

1.87%,

04/25/2026

(i),(m)

117‌

110‌

PRPM

2021-9

LLC

2.36%,

10/25/2026

(i),(m)

105‌

99‌

Rockford

Tower

CLO

2018-1

Ltd

6.74%,

05/20/2031

(i)

242‌

241‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.36%

Sierra

Timeshare

2020-2

Receivables

Funding

LLC

3.51%,

07/20/2037

(i)

23‌

22‌

Sunnova

Helios

X

Issuer

LLC

6.00%,

11/22/2049

(i)

114‌

97‌

Sunnova

Helios

XI

Issuer

LLC

5.60%,

05/20/2050

(i)

98‌

92‌

VCAT

2021-NPL5

LLC

1.87%,

08/25/2051

(i),(m)

66‌

63‌

VCAT

2021-NPL6

LLC

1.92%,

09/25/2051

(i),(m)

69‌

63‌

VERDE

CLO

Ltd

6.67%,

04/15/2032

(i)

100‌

100‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.36%

VOLT

XCIII

LLC

1.89%,

02/27/2051

(i),(m)

170‌

158‌

VOLT

XCIV

LLC

2.24%,

02/27/2051

(i),(m)

55‌

52‌

VOLT

XCVI

LLC

2.12%,

03/27/2051

(i),(m)

95‌

90‌

WAVE

2017-1

Trust

3.84%,

11/15/2042

(i)

131‌

105‌

Wendy's

Funding

LLC

4.08%,

06/15/2049

(i)

77‌

69‌

$

11,132‌

Packaging

&

Containers

-

0.17%

Mauser

Packaging

Solutions

Holding

Co

9.25%,

04/15/2027

(i)

858‌

777‌

Pharmaceuticals

-

0.50%

Bausch

Health

Cos

Inc

4.88%,

06/01/2028

(i)

240‌

142‌

5.00%,

01/30/2028

(i)

70‌

31‌

5.00%,

02/15/2029

(i)

10‌

4‌

5.25%,

01/30/2030

(i)

75‌

32‌

6.25%,

02/15/2029

(i)

10‌

4‌

Eli

Lilly

&

Co

5.00%,

02/27/2026

185‌

185‌

Teva

Pharmaceutical

Finance

Netherlands

II

BV

4.38%,

05/09/2030

EUR

220‌

206‌

7.38%,

09/15/2029

110‌

122‌

7.88%,

09/15/2031

100‌

114‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.15%,

10/01/2026

$

60‌

$

54‌

4.10%,

10/01/2046

1,420‌

925‌

7.88%,

09/15/2029

400‌

417‌

$

2,236‌

Pipelines

-

0.78%

Acu

Petroleo

Luxembourg

Sarl

7.50%,

07/13/2035

515‌

470‌

EnLink

Midstream

LLC

6.50%,

09/01/2030

(i)

15‌

15‌

Galaxy

Pipeline

Assets

Bidco

Ltd

2.16%,

03/31/2034

(i)

510‌

428‌

2.16%,

03/31/2034

1,042‌

875‌

Greensaif

Pipelines

Bidco

Sarl

6.13%,

02/23/2038

(i)

525‌

527‌

6.13%,

02/23/2038

250‌

251‌

Hess

Midstream

Operations

LP

4.25%,

02/15/2030

(i)

50‌

44‌

5.63%,

02/15/2026

(i)

50‌

49‌

Targa

Resources

Corp

6.13%,

03/15/2033

195‌

198‌

TMS

Issuer

Sarl

5.78%,

08/23/2032

(i)

275‌

279‌

Venture

Global

Calcasieu

Pass

LLC

3.88%,

11/01/2033

(i)

155‌

126‌

4.13%,

08/15/2031

(i)

90‌

76‌

Western

Midstream

Operating

LP

3.10%,

02/01/2025

165‌

158‌

6.15%,

04/01/2033

5‌

5‌

$

3,501‌

Real

Estate

-

0.10%

Agile

Group

Holdings

Ltd

6.05%,

10/13/2025

210‌

18‌

CFLD

Cayman

Investment

Ltd

0.00%,

01/31/2031

(e),(i)

109‌

3‌

0.00%,

01/31/2031

(e),(i)

90‌

6‌

0.00%,

01/31/2031

(e),(i)

12‌

—‌

China

Evergrande

Group

0.00%,

06/28/2025

(e)

200‌

9‌

Country

Garden

Holdings

Co

Ltd

4.20%,

02/06/2026

400‌

35‌

6.15%,

09/17/2025

200‌

18‌

7.25%,

04/08/2026

250‌

22‌

Kaisa

Group

Holdings

Ltd

0.00%,

06/30/2024

(e)

400‌

18‌

0.00%,

04/16/2025

(e)

200‌

9‌

0.00%,

11/11/2025

(e)

200‌

9‌

0.00%,

06/01/2026

(e)

200‌

9‌

KWG

Group

Holdings

Ltd

0.00%,

02/13/2026

(e)

210‌

16‌

MAF

Global

Securities

Ltd

7.88%,

06/30/2027

(j),(k)

200‌

202‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.89%

Sunac

China

Holdings

Ltd

0.00%,

01/26/2026

(e)

200‌

20‌

Times

China

Holdings

Ltd

0.00%,

03/22/2026

(e)

210‌

6‌

Yuzhou

Group

Holdings

Co

Ltd

0.00%,

08/12/2026

(e)

200‌

10‌

0.00%,

01/13/2027

(e)

400‌

20‌

Zhenro

Properties

Group

Ltd

0.00%,

01/07/2026

(e)

200‌

1‌

$

431‌

Regional

Authority

-

0.09%

Provincia

de

Buenos

Aires/Government

Bonds

5.25%,

09/01/2037

(m)

1,075‌

403‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

141

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

-

0.14%

National

Health

Investors

Inc

3.00%,

02/01/2031

$

35‌

$

27‌

SBA

Communications

Corp

3.88%,

02/15/2027

260‌

240‌

VICI

Properties

LP

/

VICI

Note

Co

Inc

4.25%,

12/01/2026

(i)

125‌

118‌

4.50%,

09/01/2026

(i)

90‌

85‌

4.63%,

06/15/2025

(i)

95‌

92‌

5.63%,

05/01/2024

(i)

70‌

69‌

$

631‌

Retail

-

0.29%

1011778

BC

ULC

/

New

Red

Finance

Inc

4.38%,

01/15/2028

(i)

255‌

234‌

Lithia

Motors

Inc

3.88%,

06/01/2029

(i)

220‌

189‌

Lowe's

Cos

Inc

4.80%,

04/01/2026

400‌

395‌

Starbucks

Corp

4.75%,

02/15/2026

370‌

367‌

Yum!

Brands

Inc

3.63%,

03/15/2031

130‌

110‌

$

1,295‌

Semiconductors

-

0.27%

Broadcom

Inc

2.45%,

02/15/2031

(i)

55‌

44‌

2.60%,

02/15/2033

(i)

55‌

42‌

3.14%,

11/15/2035

(i)

285‌

217‌

3.42%,

04/15/2033

(i)

70‌

58‌

3.47%,

04/15/2034

(i)

95‌

78‌

4.15%,

11/15/2030

190‌

174‌

4.15%,

04/15/2032

(i)

50‌

45‌

Micron

Technology

Inc

5.88%,

02/09/2033

95‌

94‌

5.88%,

09/15/2033

185‌

181‌

6.75%,

11/01/2029

285‌

297‌

$

1,230‌

Software

-

0.05%

Open

Text

Corp

6.90%,

12/01/2027

(i)

60‌

61‌

Playtika

Holding

Corp

4.25%,

03/15/2029

(i)

40‌

34‌

VMware

Inc

2.20%,

08/15/2031

160‌

125‌

$

220‌

Sovereign

-

9.51%

Argentine

Republic

Government

International

Bond

3.62%,

07/09/2035

(m)

1,700‌

501‌

Bahamas

Government

International

Bond

6.00%,

11/21/2028

525‌

430‌

9.00%,

06/16/2029

(i)

200‌

178‌

Brazil

Notas

do

Tesouro

Nacional

Serie

B

24.35%,

08/15/2050

BRL

800‌

702‌

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2027

18,400‌

3,670‌

10.00%,

01/01/2029

1,000‌

195‌

Colombia

Government

International

Bond

4.50%,

03/15/2029

$

625‌

555‌

5.20%,

05/15/2049

725‌

508‌

7.50%,

02/02/2034

400‌

397‌

Colombian

TES

6.00%,

04/28/2028

COP

7,200,000‌

1,507‌

13.25%,

02/09/2033

1,325,000‌

372‌

Czech

Republic

Government

Bond

1.00%,

06/26/2026

CZK

16,300‌

662‌

1.25%,

02/14/2025

14,800‌

628‌

2.40%,

09/17/2025

12,500‌

535‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Ecuador

Government

International

Bond

3.50%,

07/31/2035

(m)

$

1,275‌

$

466‌

Egypt

Government

International

Bond

7.90%,

02/21/2048

300‌

152‌

8.15%,

11/20/2059

200‌

102‌

El

Salvador

Government

International

Bond

7.63%,

09/21/2034

125‌

86‌

7.63%,

02/01/2041

450‌

309‌

7.65%,

06/15/2035

350‌

249‌

8.63%,

02/28/2029

350‌

273‌

Ghana

Government

International

Bond

0.00%,

04/07/2029

(e)

200‌

85‌

0.00%,

03/26/2032

(e)

200‌

86‌

0.00%,

04/07/2034

(e)

1,400‌

612‌

0.00%,

02/11/2035

(e)

450‌

198‌

Guatemala

Government

Bond

6.13%,

06/01/2050

200‌

182‌

6.60%,

06/13/2036

(i)

525‌

525‌

Hungary

Government

Bond

3.00%,

06/26/2024

HUF

205,000‌

555‌

6.00%,

11/24/2023

72,240‌

203‌

9.50%,

10/21/2026

521,000‌

1,531‌

Hungary

Government

International

Bond

6.25%,

09/22/2032

(i)

$

425‌

428‌

Indonesia

Treasury

Bond

5.13%,

04/15/2027

IDR

2,100,000‌

133‌

6.38%,

08/15/2028

18,333,000‌

1,209‌

6.50%,

02/15/2031

10,200,000‌

673‌

7.00%,

02/15/2033

16,200,000‌

1,108‌

Iraq

International

Bond

5.80%,

01/15/2028

$

1,322‌

1,213‌

Ivory

Coast

Government

International

Bond

4.88%,

01/30/2032

EUR

125‌

104‌

4.88%,

01/30/2032

(i)

900‌

750‌

5.88%,

10/17/2031

200‌

181‌

6.63%,

03/22/2048

750‌

567‌

Magyar

Export-Import

Bank

Zrt

6.13%,

12/04/2027

(i)

$

450‌

447‌

Mexican

Bonos

7.75%,

11/23/2034

MXN

79,400‌

4,168‌

Mexico

Government

International

Bond

4.88%,

05/19/2033

$

840‌

796‌

6.35%,

02/09/2035

800‌

830‌

Nigeria

Government

International

Bond

6.13%,

09/28/2028

650‌

535‌

7.63%,

11/28/2047

200‌

137‌

7.88%,

02/16/2032

425‌

345‌

8.25%,

09/28/2051

200‌

142‌

Peru

Government

Bond

5.40%,

08/12/2034

PEN

6,025‌

1,456‌

6.15%,

08/12/2032

2,175‌

570‌

Republic

of

Poland

Government

Bond

0.00%,

07/25/2024

(e)

PLN

1,300‌

301‌

2.50%,

07/25/2026

3,900‌

877‌

6.00%,

10/25/2033

4,350‌

1,080‌

Republic

of

South

Africa

Government

Bond

8.88%,

02/28/2035

ZAR

44,690‌

1,944‌

Romania

Government

Bond

4.85%,

07/25/2029

RON

2,300‌

465‌

5.00%,

02/12/2029

2,400‌

491‌

Romanian

Government

International

Bond

1.38%,

12/02/2029

EUR

225‌

191‌

2.00%,

04/14/2033

875‌

675‌

3.62%,

05/26/2030

225‌

215‌

6.63%,

09/27/2029

300‌

339‌

Saudi

Government

International

Bond

4.50%,

10/26/2046

$

1,075‌

906‌

5.00%,

01/18/2053

(i)

250‌

222‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

142

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Senegal

Government

International

Bond

4.75%,

03/13/2028

EUR

425‌

$

397‌

5.38%,

06/08/2037

525‌

379‌

6.75%,

03/13/2048

$

400‌

278‌

State

Agency

of

Roads

of

Ukraine

0.00%,

06/24/2030

(e),(i)

700‌

183‌

0.00%,

06/24/2030

(e)

200‌

52‌

Tunisian

Republic

6.38%,

07/15/2026

EUR

1,200‌

770‌

Ukraine

Government

International

Bond

0.00%,

05/21/2031

(e),(i)

$

325‌

84‌

0.00%,

05/21/2031

(e)

250‌

65‌

0.00%,

08/01/2041

(e),(m)

1,325‌

600‌

Zambia

Government

International

Bond

0.00%,

04/14/2024

(e)

225‌

119‌

$

42,879‌

Student

Loan

Asset

Backed

Securities

-

0.31%

College

Ave

Student

Loans

2021-A

LLC

4.12%,

07/25/2051

(i)

100‌

93‌

Navient

Private

Education

Refi

Loan

Trust

2018-A

3.68%,

02/18/2042

(i)

140‌

132‌

Navient

Private

Education

Refi

Loan

Trust

2018-C

4.22%,

06/16/2042

(i)

340‌

318‌

Navient

Private

Education

Refi

Loan

Trust

2020-F

2.69%,

07/15/2069

(i)

100‌

82‌

Nelnet

Student

Loan

Trust

2021-D

2.90%,

04/20/2062

(i)

100‌

81‌

SLM

Private

Credit

Student

Loan

Trust

2003-A

8.82%,

06/15/2032

87‌

87‌

1.00

x

US

28

Day

Auction

Rate

+

0.00%

SLM

Private

Credit

Student

Loan

Trust

2003-B

8.91%,

03/15/2033

300‌

299‌

1.00

x

US

28

Day

Auction

Rate

+

0.00%

SMB

Private

Education

Loan

Trust

2015-C

3.50%,

09/15/2043

(i)

100‌

96‌

SMB

Private

Education

Loan

Trust

2018-C

4.00%,

11/17/2042

(i)

100‌

90‌

SoFi

Professional

Loan

Program

2020-ATrust

3.12%,

05/15/2046

(i)

160‌

126‌

$

1,404‌

Supranational

Bank

-

0.09%

Inter-American

Development

Bank

5.00%,

02/12/2024

INR

13,000‌

155‌

5.70%,

11/12/2024

22,000‌

261‌

$

416‌

Telecommunications

-

0.30%

CommScope

Inc

4.75%,

09/01/2029

(i)

$

10‌

7‌

7.13%,

07/01/2028

(i)

425‌

237‌

CommScope

Technologies

LLC

5.00%,

03/15/2027

(i)

190‌

106‌

Connect

Finco

SARL

/

Connect

US

Finco

LLC

6.75%,

10/01/2026

(i)

468‌

444‌

SoftBank

Group

Corp

4.63%,

07/06/2028

200‌

177‌

Viasat

Inc

5.63%,

04/15/2027

(i)

434‌

388‌

$

1,359‌

Transportation

-

0.17%

Rand

Parent

LLC

8.50%,

02/15/2030

(i)

175‌

167‌

Transnet

SOC

Ltd

8.25%,

02/06/2028

(i)

625‌

607‌

$

774‌

TOTAL

BONDS

$

134,188‌

CONVERTIBLE

BONDS

-

1.03%

Principal

Amount

(000's)

Value

(000's)

Airlines

-

0.11%

JetBlue

Airways

Corp

0.50%,

04/01/2026

$

95‌

$

74‌

Southwest

Airlines

Co

1.25%,

05/01/2025

385‌

404‌

$

478‌

Biotechnology

-

0.17%

BioMarin

Pharmaceutical

Inc

0.60%,

08/01/2024

125‌

122‌

1.25%,

05/15/2027

535‌

540‌

Guardant

Health

Inc

0.00%,

11/15/2027

(e)

85‌

63‌

Livongo

Health

Inc

0.88%,

06/01/2025

50‌

45‌

$

770‌

Entertainment

-

0.01%

Penn

Entertainment

Inc

2.75%,

05/15/2026

40‌

49‌

Healthcare

-

Services

-

0.09%

Teladoc

Health

Inc

1.25%,

06/01/2027

535‌

429‌

Internet

-

0.10%

Snap

Inc

0.00%,

05/01/2027

(e)

105‌

78‌

Spotify

USA

Inc

0.00%,

03/15/2026

(e)

130‌

111‌

Uber

Technologies

Inc

0.00%,

12/15/2025

(e)

275‌

258‌

$

447‌

Leisure

Products

&

Services

-

0.03%

NCL

Corp

Ltd

1.13%,

02/15/2027

140‌

117‌

Peloton

Interactive

Inc

0.00%,

02/15/2026

(e)

15‌

11‌

$

128‌

Media

-

0.16%

DISH

Network

Corp

0.00%,

12/15/2025

(e)

90‌

58‌

2.38%,

03/15/2024

140‌

132‌

3.38%,

08/15/2026

885‌

536‌

$

726‌

Pharmaceuticals

-

0.14%

Paratek

Pharmaceuticals

Inc

4.75%,

05/01/2024

629‌

615‌

Real

Estate

-

0.16%

Radius

Global

Infrastructure

Inc

2.50%,

09/15/2026

(i)

730‌

720‌

Software

-

0.06%

Splunk

Inc

1.13%,

06/15/2027

105‌

92‌

Unity

Software

Inc

0.00%,

11/15/2026

(e)

225‌

178‌

$

270‌

TOTAL

CONVERTIBLE

BONDS

$

4,632‌

SENIOR

FLOATING

RATE

INTERESTS

-

0.24%

Principal

Amount

(000's)

Value

(000's)

Entertainment

-

0.00%

Deluxe

Entertainment

Services

Group

Inc

0.00%,

PIK

1.50%,

03/25/2024

(e),(g),(n),(o)

$

67‌

$

2‌

1

Month

USD

LIBOR

+

6.50%

Deluxe

Entertainment

Services

Group

Inc

-

Escrow

0.00%,

PIK

2.50%,

09/25/2024

(e),(g),(n),(o)

864‌

—‌

1

Month

USD

LIBOR

+

6.50%

$

2‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

143

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

-

0.02%

AmWINS

Group

Inc

8.18%,

02/18/2028

(n)

$

20‌

$

20‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

HUB

International

Ltd

9.58%,

06/08/2030

(n)

60‌

60‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

$

80‌

Internet

-

0.08%

MH

Sub

I

LLC

9.57%,

04/24/2028

(n)

205‌

197‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

Uber

Technologies

Inc

8.02%,

02/27/2030

(n)

189‌

189‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

$

386‌

Leisure

Products

&

Services

-

0.05%

Carnival

Corp

8.32%,

08/02/2027

(n)

94‌

94‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

8.68%,

10/18/2028

(n)

115‌

115‌

6

Month

USD

LIBOR

+

3.25%

$

209‌

Media

-

0.03%

Ziggo

BV

6.93%,

01/31/2029

(n)

EUR

115‌

121‌

6

Month

Euro

Interbank

Offered

Rate

+

3.00%

Software

-

0.05%

Open

Text

Corp

8.06%,

01/31/2030

(n)

$

100‌

100‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

Playtika

Holding

Corp

8.18%,

03/11/2028

(n)

147‌

146‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

$

246‌

Transportation

-

0.01%

Rand

Parent

LLC

9.49%,

02/08/2030

(n)

50‌

48‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

1,092‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

2.14%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

1.78%

4.25%,

09/30/2024

$

815‌

$

806‌

4.25%,

12/31/2024

(p)

2,480‌

2,450‌

4.38%,

10/31/2024

2,430‌

2,405‌

4.50%,

11/30/2024

2,380‌

2,358‌

$

8,019‌

U.S.

Treasury

Bill

-

0.36%

5.24%,

11/16/2023

(q)

1,665‌

1,647‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

9,666‌

TOTAL

PURCHASED

OPTIONS

-

0.08%

$

368‌

Total

Investments

$

432,075‌

Other

Assets

and

Liabilities

-  4.16%

18,737‌

TOTAL

NET

ASSETS

-

100.00%

$

450,812‌

(a)

All

or

a

portion

of

this

security

is

owned

by

the

GMS

Cayman

Corporation,

which

is

a

100%

owned

subsidiary

of

the

fund.

(b)

1-day

yield

shown

is

as

of

period

end.

(c)

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

pledged

to

cover

margin

requirements

for

swap

and/or

swaption

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$40,038

or

8.88%

of

net

assets.

(e)

Non-income

producing

security

(f)

Security

or

a

portion

of

the

security

was

pledged

as

collateral

for

short

sales.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$18,725

or

4.15%

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.

(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

$58,630

or

13.01%

of

net

assets.

(j)

Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(k)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(l)

Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,102

or

0.47%

of

net

assets.

(m)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(n)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(o)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(p)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$514

or

0.11%

of

net

assets.

(q)

Rate

shown

is

the

discount

rate

of

the

original

purchase.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

144

Portfolio

Summary

Location

Percent

United

States

70.54‌%

Mexico

2.26‌%

Japan

1.60‌%

Cayman

Islands

1.46‌%

United

Kingdom

1.33‌%

Canada

1.23‌%

Brazil

1.17‌%

Netherlands

1.14‌%

Israel

0.97‌%

Switzerland

0.84‌%

Colombia

0.78‌%

France

0.75‌%

Hungary

0.74‌%

Indonesia

0.69‌%

Czech

Republic

0.62‌%

South

Africa

0.56‌%

Romania

0.53‌%

Poland

0.50‌%

Bermuda

0.47‌%

Peru

0.45‌%

Luxembourg

0.44‌%

Ireland

0.38‌%

Australia

0.37‌%

Cote

d'Ivoire

0.36‌%

Sweden

0.33‌%

Jersey,

Channel

Islands

0.30‌%

Iraq

0.27‌%

Nigeria

0.26‌%

Saudi

Arabia

0.25‌%

Ukraine

0.24‌%

Senegal

0.23‌%

Kazakhstan

0.23‌%

Ghana

0.22‌%

Germany

0.22‌%

Mauritius

0.21‌%

El

Salvador

0.21‌%

Argentina

0.20‌%

Supranational

0.20‌%

Spain

0.18‌%

Tunisia

0.17‌%

Panama

0.17‌%

Taiwan

0.17‌%

Guatemala

0.16‌%

Singapore

0.15‌%

Denmark

0.14‌%

Italy

0.14‌%

Bahamas

0.14‌%

Hong

Kong

0.10‌%

Ecuador

0.10‌%

Norway

0.09‌%

Purchased

Options

0.08‌%

Liberia

0.07‌%

Finland

0.06‌%

Malaysia

0.06‌%

Egypt

0.05‌%

Virgin

Islands,

British

0.04‌%

New

Zealand

0.04‌%

Portugal

0.04‌%

Zambia

0.03‌%

Greece

0.03‌%

Austria

0.03‌%

China

0.02‌%

Puerto

Rico

0.01‌%

Korea,

Republic

Of

0.01‌%

Uruguay

0.01‌%

Belgium

0.00‌%

Investments

Sold

Short

(6.24‌)%

Other

Assets

and

Liabilities

10.40‌%

TOTAL

NET

ASSETS

100.00%

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

145

Affiliated

Securities

August

31,

2022

Purchases

Sales

August

31,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

—‌

$

402,043‌

$

317,010‌

$

85,033‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

110,545‌

149,697‌

260,242‌

—‌

$

110,545‌

$

551,740‌

$

577,252‌

$

85,033‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

2,561‌

$

—‌

$

—‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

854‌

—‌

—‌

—‌

$

3,415‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Element

Comm

Aviation

06/15/2015

$

2,800‌

$

—‌

0.00%

Total

$

—‌

0.00%

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Ball

Corp

N/A

124‌

$

12‌

$

45.00‌

10/23/2023

$

4‌

$

1‌

$

(3‌)

Put

-

Ball

Corp

N/A

58‌

6‌

$

47.50‌

10/23/2023

3‌

1‌

(2‌)

Put

-

Baxter

International

Inc

N/A

78‌

8‌

$

35.00‌

11/20/2023

4‌

3‌

(1‌)

Put

-

Baxter

International

Inc

N/A

224‌

22‌

$

37.50‌

11/20/2023

19‌

20‌

1‌

Put

-

Baxter

International

Inc

N/A

23‌

2‌

$

32.50‌

11/20/2023

—‌

—‌

—‌

Put

-

Endeavor

Group

Hold-Class

A

N/A

141‌

14‌

$

20.00‌

09/18/2023

3‌

2‌

(1‌)

Put

-

Endeavor

Group

Hold-Class

A

N/A

416‌

42‌

$

22.50‌

11/20/2023

31‌

74‌

43‌

Put

-

Endeavor

Group

Hold-Class

A

N/A

206‌

21‌

$

20.00‌

10/23/2023

3‌

10‌

7‌

Put

-

Fidelity

National

Information

Services

Inc

N/A

196‌

20‌

$

50.00‌

09/18/2023

12‌

2‌

(10‌)

Put

-

Fidelity

National

Information

Services

Inc

N/A

60‌

6‌

$

47.50‌

10/23/2023

3‌

2‌

(1‌)

Put

-

Horizon

Therapeutics

PLC

N/A

63‌

6‌

$

100.00‌

01/22/2024

61‌

12‌

(49‌)

Put

-

International

Flavors

&

Fragrances

Inc

N/A

155‌

16‌

$

55.00‌

09/18/2023

5‌

—‌

(5‌)

Put

-

International

Flavors

&

Fragrances

Inc

N/A

52‌

5‌

$

55.00‌

11/20/2023

8‌

2‌

(6‌)

Put

-

Kellogg

Co

N/A

264‌

26‌

$

60.00‌

09/18/2023

21‌

11‌

(10‌)

Put

-

S&P

500

Index

N/A

5‌

1‌

$

4,300.00‌

10/23/2023

24‌

12‌

(12‌)

Put

-

S&P

500

Index

N/A

10‌

1‌

$

4,125.00‌

01/22/2024

74‌

47‌

(27‌)

Put

-

S&P

500

Index

N/A

11‌

1‌

$

4,000.00‌

11/20/2023

82‌

17‌

(65‌)

Put

-

S&P

500

Index

Weekly

N/A

12‌

1‌

$

3,825.00‌

10/02/2023

103‌

2‌

(101‌)

Put

-

Seagen

Inc

N/A

105‌

11‌

$

190.00‌

06/24/2024

185‌

102‌

(83‌)

Put

-

Siemens

AG

N/A

40‌

EUR

4‌

EUR

135.00‌

09/18/2023

11‌

4‌

(7‌)

Put

-

SPDR

S&P

500

ETF

TRUST

N/A

8‌

$

1‌

$

440.00‌

09/18/2023

4‌

1‌

(3‌)

Put

-

SPDR

S&P

500

ETF

TRUST

N/A

85‌

9‌

$

430.00‌

09/18/2023

45‌

4‌

(41‌)

Put

-

SPDR

S&P

500

ETF

TRUST

N/A

8‌

1‌

$

380.00‌

09/18/2023

—‌

—‌

—‌

Put

-

Teck

Resources

Ltd-Class

B

N/A

119‌

12‌

$

33.00‌

09/18/2023

8‌

—‌

(8‌)

Put

-

Teck

Resources

Ltd-Class

B

N/A

38‌

4‌

$

35.00‌

09/18/2023

2‌

—‌

(2‌)

Put

-

Teck

Resources

Ltd-Class

B

N/A

62‌

6‌

$

38.00‌

10/23/2023

10‌

5‌

(5‌)

Put

-

Teck

Resources

Ltd-Class

B

N/A

15‌

2‌

$

32.00‌

11/20/2023

1‌

—‌

(1‌)

Put

-

thyssenkrupp

AG

N/A

1,116‌

EUR

112‌

EUR

6.20‌

09/18/2023

24‌

2‌

(22‌)

Put

-

thyssenkrupp

AG

N/A

825‌

83‌

EUR

6.20‌

10/23/2023

12‌

8‌

(4‌)

Put

-

United

States

Steel

Corp

N/A

209‌

$

21‌

$

25.00‌

09/18/2023

6‌

1‌

(5‌)

Put

-

United

States

Steel

Corp

N/A

357‌

36‌

$

25.00‌

10/23/2023

12‌

8‌

(4‌)

Put

-

Vale

SA

N/A

591‌

59‌

$

11.00‌

10/23/2023

12‌

5‌

(7‌)

Put

-

Vale

SA

N/A

376‌

38‌

$

13.00‌

09/18/2023

16‌

10‌

(6‌)

Total

$

808‌

$

368‌

$

(440‌)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

Abbott

Laboratories

N/A

1‌

$

—‌

$

110.00‌

10/23/2023

$

—‌

$

—‌

$

—‌

Call

-

AbbVie

Inc

N/A

1‌

—‌

$

155.00‌

10/23/2023

—‌

—‌

—‌

Call

-

Activision

Blizzard

Inc

N/A

424‌

42‌

$

92.50‌

09/18/2023

(72‌)

(11‌)

61‌

Call

-

Amedisys

Inc

N/A

75‌

8‌

$

90.00‌

09/18/2023

(24‌)

(30‌)

(6‌)

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

146

Options

(continued)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

Ball

Corp

N/A

58‌

$

6‌

$

52.50‌

10/23/2023

$

(31‌)

$

(19‌)

$

12‌

Call

-

Ball

Corp

N/A

124‌

12‌

$

50.00‌

10/23/2023

(51‌)

(66‌)

(15‌)

Call

-

Baxter

International

Inc

N/A

78‌

8‌

$

40.00‌

11/20/2023

(27‌)

(21‌)

6‌

Call

-

Baxter

International

Inc

N/A

247‌

25‌

$

42.50‌

11/20/2023

(74‌)

(36‌)

38‌

Call

-

Bristol-Myers

Squibb

Co

N/A

2‌

—‌

$

65.00‌

10/23/2023

—‌

—‌

—‌

Call

-

Capri

Holdings

Ltd

N/A

80‌

8‌

$

52.50‌

09/18/2023

(5‌)

(4‌)

1‌

Call

-

Capri

Holdings

Ltd

N/A

76‌

8‌

$

50.00‌

10/23/2023

(20‌)

(24‌)

(4‌)

Call

-

CISCO

SYSTEMS

N/A

1‌

—‌

$

57.50‌

10/23/2023

—‌

—‌

—‌

Call

-

Comcast

Corp

-

Class

A

N/A

5‌

1‌

$

47.50‌

10/23/2023

(1‌)

(1‌)

—‌

Call

-

Endeavor

Group

Hold-Class

A

N/A

206‌

21‌

$

22.50‌

10/23/2023

(35‌)

(21‌)

14‌

Call

-

Endeavor

Group

Hold-Class

A

N/A

141‌

14‌

$

22.50‌

09/18/2023

(24‌)

(7‌)

17‌

Call

-

Endeavor

Group

Hold-Class

A

N/A

416‌

42‌

$

25.00‌

11/20/2023

(76‌)

(22‌)

54‌

Call

-

Fastenal

Co

N/A

1‌

—‌

$

60.00‌

10/23/2023

—‌

—‌

—‌

Call

-

Fidelity

National

Information

Services

Inc

N/A

60‌

6‌

$

52.50‌

10/23/2023

(21‌)

(25‌)

(4‌)

Call

-

Fidelity

National

Information

Services

Inc

N/A

196‌

20‌

$

55.00‌

09/18/2023

(89‌)

(29‌)

60‌

Call

-

First

Horizon

Corporation

N/A

37‌

4‌

$

13.00‌

09/18/2023

(2‌)

(1‌)

1‌

Call

-

Horizon

Therapeutics

PLC

N/A

47‌

5‌

$

110.00‌

09/18/2023

(7‌)

(21‌)

(14‌)

Call

-

International

Flavors

&

Fragrances

Inc

N/A

52‌

5‌

$

60.00‌

11/20/2023

(36‌)

(60‌)

(24‌)

Call

-

International

Flavors

&

Fragrances

Inc

N/A

155‌

16‌

$

60.00‌

09/18/2023

(101‌)

(164‌)

(63‌)

Call

-

Kellogg

Co

N/A

264‌

26‌

$

65.00‌

09/18/2023

(80‌)

(1‌)

79‌

Call

-

Microchip

Technology

Inc

N/A

2‌

—‌

$

90.00‌

10/23/2023

—‌

—‌

—‌

Call

-

Morgan

Stanley

N/A

1‌

—‌

$

90.00‌

10/23/2023

—‌

—‌

—‌

Call

-

New

Relic

Inc

N/A

17‌

2‌

$

85.00‌

09/18/2023

(1‌)

(2‌)

(1‌)

Call

-

Procter

&

Gamble

Co/The

N/A

1‌

—‌

$

160.00‌

10/23/2023

—‌

—‌

—‌

Call

-

Radius

Global

Infrastructure

N/A

5‌

1‌

$

15.00‌

01/22/2024

(1‌)

(1‌)

—‌

Call

-

Reata

Pharmaceuticals

Inc

N/A

9‌

1‌

$

175.00‌

09/18/2023

—‌

—‌

—‌

Call

-

Reata

Pharmaceuticals

Inc

N/A

1‌

—‌

$

175.00‌

11/20/2023

—‌

—‌

—‌

Call

-

Reata

Pharmaceuticals

Inc

N/A

30‌

3‌

$

165.00‌

09/18/2023

(15‌)

(15‌)

—‌

Call

-

Seagen

Inc

N/A

10‌

1‌

$

195.00‌

09/18/2023

(8‌)

(12‌)

(4‌)

Call

-

Seagen

Inc

N/A

24‌

2‌

$

190.00‌

09/18/2023

(14‌)

(40‌)

(26‌)

Call

-

Seagen

Inc

N/A

6‌

1‌

$

210.00‌

09/18/2023

(2‌)

(1‌)

1‌

Call

-

Siemens

AG

N/A

40‌

EUR

4‌

EUR

144.00‌

09/18/2023

(21‌)

(3‌)

18‌

Call

-

Silicon

Motion

Technology

Corp

N/A

13‌

$

1‌

$

60.00‌

09/18/2023

(8‌)

—‌

8‌

Call

-

Silicon

Motion

Technology

Corp

N/A

17‌

2‌

$

55.00‌

09/18/2023

(3‌)

(2‌)

1‌

Call

-

Sovos

Brands

Inc

N/A

242‌

24‌

$

25.00‌

02/20/2024

(2‌)

(1‌)

1‌

Call

-

SPDR

S&P

500

ETF

TRUST

N/A

34‌

3‌

$

441.00‌

09/18/2023

(19‌)

(40‌)

(21‌)

Call

-

Starbucks

Corp

N/A

1‌

—‌

$

105.00‌

10/23/2023

—‌

—‌

—‌

Call

-

Teck

Resources

Ltd-Class

B

N/A

38‌

4‌

$

39.00‌

09/18/2023

(16‌)

(10‌)

6‌

Call

-

Teck

Resources

Ltd-Class

B

N/A

62‌

6‌

$

42.00‌

10/23/2023

(21‌)

(11‌)

10‌

Call

-

Teck

Resources

Ltd-Class

B

N/A

78‌

8‌

$

37.00‌

09/18/2023

(36‌)

(35‌)

1‌

Call

-

Teck

Resources

Ltd-Class

B

N/A

29‌

3‌

$

37.00‌

11/20/2023

(12‌)

(16‌)

(4‌)

Call

-

Teck

Resources

Ltd-Class

B

N/A

41‌

4‌

$

36.00‌

09/18/2023

(19‌)

(22‌)

(3‌)

Call

-

thyssenkrupp

AG

N/A

604‌

EUR

60‌

EUR

7.00‌

10/23/2023

(36‌)

(27‌)

9‌

Call

-

thyssenkrupp

AG

N/A

1,116‌

112‌

EUR

6.80‌

09/18/2023

(56‌)

(47‌)

9‌

Call

-

thyssenkrupp

AG

N/A

221‌

22‌

EUR

6.70‌

10/23/2023

(10‌)

(15‌)

(5‌)

Call

-

Tower

Semiconductor

Ltd

N/A

5‌

$

1‌

$

31.00‌

09/18/2023

—‌

—‌

—‌

Call

-

Tower

Semiconductor

Ltd

N/A

5‌

1‌

$

36.00‌

09/18/2023

(3‌)

—‌

3‌

Call

-

United

Parcel

Service

Inc

N/A

1‌

—‌

$

180.00‌

10/23/2023

—‌

—‌

—‌

Call

-

United

States

Steel

Corp

N/A

209‌

21‌

$

28.00‌

09/18/2023

(71‌)

(69‌)

2‌

Call

-

United

States

Steel

Corp

N/A

357‌

36‌

$

30.00‌

10/23/2023

(109‌)

(86‌)

23‌

Call

-

Vale

SA

N/A

207‌

21‌

$

14.00‌

09/18/2023

(8‌)

(2‌)

6‌

Call

-

Vale

SA

N/A

169‌

17‌

$

15.00‌

09/18/2023

(7‌)

—‌

7‌

Call

-

Vale

SA

N/A

421‌

42‌

$

13.00‌

10/23/2023

(26‌)

(34‌)

(8‌)

Call

-

Williams

Cos

Inc/The

N/A

2‌

—‌

$

36.00‌

10/23/2023

—‌

—‌

—‌

Put

-

Horizon

Therapeutics

PLC

N/A

8‌

1‌

$

90.00‌

09/18/2023

(1‌)

—‌

1‌

Put

-

Horizon

Therapeutics

PLC

N/A

45‌

5‌

$

60.00‌

01/22/2024

(7‌)

(2‌)

5‌

Put

-

Horizon

Therapeutics

PLC

N/A

18‌

2‌

$

55.00‌

01/22/2024

(3‌)

(1‌)

2‌

Put

-

S&P

500

Index

N/A

11‌

1‌

$

3,600.00‌

11/20/2023

(38‌)

(7‌)

31‌

Put

-

S&P

500

Index

N/A

10‌

1‌

$

3,700.00‌

01/22/2024

(34‌)

(20‌)

14‌

Put

-

Seagen

Inc

N/A

105‌

11‌

$

145.00‌

06/24/2024

(49‌)

(36‌)

13‌

Put

-

SPDR

S&P

500

ETF

TRUST

N/A

51‌

5‌

$

415.00‌

09/18/2023

(11‌)

(1‌)

10‌

Put

-

SPDR

S&P

500

ETF

TRUST

N/A

16‌

2‌

$

410.00‌

09/18/2023

(2‌)

—‌

2‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

147

Options

(continued)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Tower

Semiconductor

Ltd

N/A

4‌

$

—‌

$

25.00‌

09/18/2023

$

(1‌)

$

(1‌)

$

—‌

Total

$

(1,446‌)

$

(1,122‌)

$

324‌

Amounts

in

thousands

except

contracts/shares.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

3

Month

SOFR;

December

2024

Short

121‌

$

28,988‌

$

17‌

Australia

10

Year

Bond;

September

2023

Short

78‌

5,871‌

3‌

Brent

Crude;

November

2023

(a)

Long

23‌

1,997‌

53‌

CAC40

Index;

September

2023

Long

35‌

2,781‌

11‌

Canada

10

Year

Bond;

December

2023

Short

50‌

4,415‌

(35‌)

Cocoa;

December

2023

(a)

Long

17‌

635‌

51‌

Coffee

'C';

December

2023

(a)

Short

21‌

1,217‌

(18‌)

Corn;

December

2023

(a)

Short

36‌

861‌

16‌

Cotton

No.2;

December

2023

(a)

Long

14‌

615‌

12‌

DAX

Index;

September

2023

Long

4‌

1,735‌

(35‌)

DJ

Euro

Stoxx

50;

September

2023

Short

102‌

4,770‌

27‌

DJ

Euro

Stoxx

50;

September

2023

Long

59‌

2,759‌

(31‌)

Dollar

Index;

September

2023

Long

15‌

1,554‌

17‌

E-Mini

DJIA

Index;

September

2023

Long

21‌

3,653‌

(48‌)

Euribor;

December

2024

Short

132‌

34,653‌

(33‌)

Euribor;

June

2024

Short

43‌

11,239‌

(32‌)

Euro

Bond

10

Year

Bond;

September

2023

Short

30‌

4,333‌

(36‌)

Euro

Schatz;

December

2023

Short

62‌

7,091‌

(5‌)

Euro

Schatz;

September

2023

Short

184‌

20,974‌

(28‌)

Euro-Bobl

5

Year;

September

2023

Short

50‌

6,295‌

(39‌)

FTSE100

Index;

September

2023

Short

67‌

6,334‌

17‌

Gasoline

RBOB;

October

2023

(a)

Long

23‌

2,479‌

(44‌)

Gold

100

oz;

December

2023

(a)

Short

8‌

1,573‌

(8‌)

Hang

Seng

Index;

September

2023

Short

26‌

3,034‌

(7‌)

ICE

3

Month

Sterling

Overnight

Index

Average;

December

2024

Short

30‌

9,010‌

(21‌)

Japan

Topix

Index;

September

2023

Long

27‌

4,325‌

160‌

KC

HRW

Wheat;

December

2023

(a)

Short

30‌

1,091‌

31‌

LME

Copper;

December

2023

(a)

Short

8‌

1,685‌

(6‌)

LME

Copper;

September

2023

(a)

Short

—‌

—‌

(62‌)

LME

PRI

Alum;

December

2023

(a)

Short

16‌

887‌

2‌

LME

PRI

Alum;

September

2023

(a)

Short

—‌

—‌

35‌

LME

Zinc;

December

2023

(a)

Short

10‌

608‌

7‌

LME

Zinc;

September

2023

(a)

Short

—‌

—‌

36‌

Low

Sulphur

Gasoline;

October

2023

(a)

Long

21‌

1,855‌

(7‌)

Nasdaq

100

E-Mini;

September

2023

Long

16‌

4,972‌

115‌

Natural

Gas;

October

2023

(a)

Short

26‌

720‌

(13‌)

Nikkei

225

OSE;

September

2023

Long

16‌

3,586‌

41‌

NY

Harb

ULSD;

October

2023

(a)

Long

16‌

2,092‌

32‌

Russell

2000

Emini;

September

2023

Short

110‌

10,459‌

—‌

Russell

2000

Emini;

September

2023

Long

16‌

1,521‌

(36‌)

S&P

500

Emini;

September

2023

Short

2‌

452‌

(17‌)

S&P

500

Emini;

September

2023

Long

32‌

7,226‌

68‌

S&P/TSX

60

Index;

September

2023

Short

3‌

540‌

(7‌)

Silver;

December

2023

(a)

Long

7‌

869‌

1‌

Soybean

Meal;

December

2023

(a)

Short

9‌

364‌

(5‌)

Soybean

Oil;

December

2023

(a)

Long

21‌

787‌

(3‌)

Soybean;

November

2023

(a)

Long

20‌

1,369‌

(13‌)

Sugar

#11;

October

2023

(a)

Long

50‌

1,403‌

23‌

UK

10

Year

Gilt;

December

2023

Short

37‌

4,479‌

(48‌)

US

10

Year

Note;

December

2023

Long

74‌

8,216‌

74‌

US

10

Year

Note;

December

2023

Short

55‌

6,107‌

(49‌)

US

10

Year

Ultra

Note;

December

2023

Short

35‌

4,064‌

(41‌)

US

2

Year

Note;

December

2023

Long

35‌

7,133‌

21‌

US

2

Year

Note;

December

2023

Short

84‌

17,120‌

(47‌)

US

5

Year

Note;

December

2023

Long

230‌

24,592‌

146‌

US

5

Year

Note;

December

2023

Short

79‌

8,447‌

(50‌)

US

Long

Bond;

December

2023

Short

36‌

4,380‌

(51‌)

US

Ultra

Bond;

December

2023

Short

12‌

1,554‌

(26‌)

Wheat;

December

2023

(a)

Short

42‌

1,264‌

122‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

148

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

WTI

Crude;

October

2023

(a)

Long

25‌

$

2,091‌

$

69‌

Total

$

306‌

Amounts

in

thousands

except

contracts.

(a)

All

or

a

portion

of

this

security

is

owned

by

the

GMS

Cayman

Corporation,

which

is

a

100%

owned

subsidiary

of

the

fund.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

America

NA

09/22/2023

AUD

6,584‌

$

4,475‌

$

—‌

$

(208‌)

Bank

of

America

NA

09/22/2023

GBP

8,042‌

$

10,226‌

19‌

(59‌)

Bank

of

America

NA

09/22/2023

CAD

13,617‌

$

10,285‌

—‌

(205‌)

Bank

of

America

NA

09/22/2023

EUR

8,368‌

$

9,245‌

—‌

(165‌)

Bank

of

America

NA

09/22/2023

JPY

429,591‌

$

3,039‌

1‌

(77‌)

Bank

of

America

NA

09/22/2023

MXN

77,540‌

$

4,432‌

110‌

(7‌)

Bank

of

America

NA

09/22/2023

NZD

5,412‌

$

3,362‌

2‌

(138‌)

Bank

of

America

NA

09/22/2023

CHF

11,808‌

$

13,470‌

61‌

(139‌)

Bank

of

America

NA

09/22/2023

$

141‌

MXN

2,423‌

—‌

(1‌)

Bank

of

America

NA

09/22/2023

$

8,667‌

JPY

1,206,179‌

360‌

(3‌)

Bank

of

America

NA

09/22/2023

$

5,052‌

EUR

4,634‌

27‌

(5‌)

Bank

of

America

NA

09/22/2023

$

12,915‌

CAD

17,309‌

114‌

(13‌)

Bank

of

America

NA

09/22/2023

$

7,068‌

AUD

10,589‌

211‌

(2‌)

Bank

of

America

NA

09/22/2023

$

4,387‌

CHF

3,884‌

11‌

(29‌)

Bank

of

America

NA

09/22/2023

$

6,258‌

NZD

10,265‌

139‌

(2‌)

Bank

of

America

NA

09/22/2023

$

2,058‌

GBP

1,619‌

10‌

(2‌)

Barclays

Bank

PLC

09/20/2023

$

883‌

CAD

1,180‌

9‌

—‌

Barclays

Bank

PLC

10/31/2023

$

127‌

EUR

115‌

2‌

—‌

Citigroup

Inc

09/14/2023

EUR

75‌

$

81‌

—‌

—‌

Citigroup

Inc

09/14/2023

$

82‌

EUR

75‌

—‌

—‌

Citigroup

Inc

09/22/2023

EUR

4,000‌

$

4,352‌

—‌

(13‌)

Citigroup

Inc

09/22/2023

$

1,889‌

ZAR

35,500‌

12‌

—‌

Citigroup

Inc

09/22/2023

$

4,329‌

EUR

4,000‌

—‌

(11‌)

Deutsche

Bank

AG

09/20/2023

$

3,792‌

EUR

3,519‌

—‌

(26‌)

Goldman

Sachs

&

Co

09/13/2023

$

127‌

EUR

116‌

2‌

—‌

Goldman

Sachs

&

Co

09/20/2023

$

730‌

CHF

655‌

—‌

(13‌)

Goldman

Sachs

&

Co

09/21/2023

$

330‌

EUR

305‌

—‌

(1‌)

Goldman

Sachs

&

Co

09/21/2023

$

967‌

JPY

136,413‌

27‌

(1‌)

Goldman

Sachs

&

Co

09/22/2023

INR

139,550‌

$

1,676‌

11‌

—‌

Goldman

Sachs

&

Co

09/22/2023

THB

61,200‌

$

1,753‌

—‌

(2‌)

Goldman

Sachs

&

Co

09/22/2023

$

1,438‌

BRL

7,200‌

—‌

(12‌)

Goldman

Sachs

&

Co

09/22/2023

$

2,459‌

MXN

41,800‌

15‌

—‌

Goldman

Sachs

&

Co

09/22/2023

$

108‌

COP

450,000‌

—‌

(2‌)

Goldman

Sachs

&

Co

09/22/2023

$

1,788‌

CNH

13,050‌

—‌

(7‌)

Goldman

Sachs

&

Co

10/04/2023

EUR

163‌

$

181‌

—‌

(4‌)

Goldman

Sachs

&

Co

10/04/2023

$

74‌

DKK

502‌

1‌

—‌

Goldman

Sachs

&

Co

10/04/2023

$

177‌

EUR

163‌

—‌

—‌

Goldman

Sachs

&

Co

10/19/2023

$

50‌

EUR

46‌

—‌

—‌

Goldman

Sachs

&

Co

10/24/2023

$

1,434‌

EUR

1,319‌

1‌

(1‌)

Goldman

Sachs

&

Co

11/20/2023

$

203‌

EUR

185‌

1‌

—‌

Goldman

Sachs

&

Co

12/05/2023

$

603‌

AUD

900‌

21‌

—‌

Goldman

Sachs

&

Co

12/26/2023

$

1,399‌

JPY

194,327‌

40‌

—‌

Goldman

Sachs

&

Co

12/27/2023

$

982‌

GBP

783‌

—‌

(11‌)

JPMorgan

Chase

09/07/2023

$

263‌

CAD

347‌

6‌

—‌

JPMorgan

Chase

09/13/2023

$

154‌

EUR

140‌

2‌

—‌

JPMorgan

Chase

09/14/2023

$

5,840‌

EUR

5,300‌

89‌

—‌

JPMorgan

Chase

09/20/2023

$

879‌

EUR

800‌

12‌

(1‌)

JPMorgan

Chase

09/21/2023

$

296‌

EUR

274‌

—‌

(1‌)

JPMorgan

Chase

09/22/2023

$

747‌

CNH

5,450‌

—‌

(3‌)

JPMorgan

Chase

10/04/2023

$

201‌

DKK

1,367‌

1‌

—‌

JPMorgan

Chase

10/13/2023

$

470‌

CAD

632‌

2‌

—‌

JPMorgan

Chase

10/19/2023

$

100‌

EUR

90‌

1‌

—‌

JPMorgan

Chase

11/22/2023

$

293‌

EUR

268‌

1‌

—‌

JPMorgan

Chase

12/06/2023

$

330‌

GBP

263‌

—‌

(4‌)

JPMorgan

Chase

12/22/2023

$

109‌

EUR

100‌

—‌

—‌

Merrill

Lynch

09/05/2023

EUR

210‌

$

229‌

—‌

(1‌)

Merrill

Lynch

09/05/2023

$

226‌

EUR

210‌

—‌

(1‌)

Merrill

Lynch

10/31/2023

$

288‌

EUR

261‌

4‌

—‌

Merrill

Lynch

12/05/2023

$

163‌

EUR

150‌

—‌

—‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

149

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Morgan

Stanley

&

Co

09/20/2023

CAD

295‌

$

218‌

$

1‌

$

—‌

Morgan

Stanley

&

Co

09/20/2023

$

590‌

SEK

6,390‌

6‌

—‌

Morgan

Stanley

&

Co

09/20/2023

$

2,828‌

GBP

2,271‌

—‌

(51‌)

RBC

Dominon

Securities

Corp

09/20/2023

$

230‌

EUR

206‌

7‌

—‌

Royal

Bank

of

Scotland

09/20/2023

GBP

127‌

$

162‌

—‌

(1‌)

Toronto

Dominion

Bank

09/20/2023

EUR

372‌

$

407‌

—‌

(3‌)

Total

$

1,339‌

$

(1,225‌)

Amounts

in

thousands.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

150

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

August

31,

2023

(a)

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

A

mount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

Bank

of

China

Ltd/Hong

Kong,

1.25%,

06/24/2025

0.59%

(1.00)%

Quarterly

12/20/2025

$

525‌

$

(6‌)

$

1‌

$

—‌

$

(5‌)

Goldman

Sachs

&

Co

Bank

of

China

Ltd/Hong

Kong,

1.25%,

06/24/2025

0.59%

(1.00)%

Quarterly

12/20/2025

500‌

(4‌)

—‌

—‌

(4‌)

Goldman

Sachs

&

Co

Bank

of

China

Ltd/Hong

Kong,

1.25%,

06/24/2025

0.59%

(1.00)%

Quarterly

12/20/2025

750‌

(6‌)

(1‌)

—‌

(7‌)

Goldman

Sachs

&

Co

China

Construction

Bank

Corp/Luxembourg,

0.00%,

04/22/2024

0.58%

(1.00)%

Quarterly

12/20/2025

525‌

(5‌)

—‌

—‌

(5‌)

Goldman

Sachs

&

Co

China

Construction

Bank

Corp/Luxembourg,

0.00%,

04/22/2024

0.58%

(1.00)%

Quarterly

12/20/2025

500‌

(4‌)

—‌

—‌

(4‌)

Goldman

Sachs

&

Co

China

Construction

Bank

Corp/Luxembourg,

0.00%,

04/22/2024

0.58%

(1.00)%

Quarterly

12/20/2025

550‌

(4‌)

(1‌)

—‌

(5‌)

Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

0.54%

(1.00)%

Quarterly

12/20/2025

525‌

(5‌)

—‌

—‌

(5‌)

Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

0.54%

(1.00)%

Quarterly

12/20/2025

500‌

(5‌)

—‌

—‌

(5‌)

Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

0.54%

(1.00)%

Quarterly

12/20/2025

300‌

(2‌)

(1‌)

—‌

(3‌)

Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/Hong

Kong,

1.63%,

10/28/2026

0.57%

(1.00)%

Quarterly

12/20/2025

500‌

(5‌)

—‌

—‌

(5‌)

Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/Hong

Kong,

1.63%,

10/28/2026

0.57%

(1.00)%

Quarterly

12/20/2025

525‌

(5‌)

—‌

—‌

(5‌)

Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/Hong

Kong,

1.63%,

10/28/2026

0.57%

(1.00)%

Quarterly

12/20/2025

550‌

(4‌)

(1‌)

—‌

(5‌)

Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/Hong

Kong,

1.63%,

10/28/2026

0.57%

(1.00)%

Quarterly

12/20/2025

200‌

(2‌)

—‌

—‌

(2‌)

Total

$

(57‌)

$

(3‌)

$

—‌

$

(60‌)

Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

August

31,

2023

(a)

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.NA.HY.40

N/A

(5.00)%

Quarterly

06/20/2028

$

1,905‌

$

2‌

$

(56‌)

$

(54‌)

CDX.NA.HY.40

N/A

(5.00)%

Quarterly

06/20/2028

4,125‌

8‌

(124‌)

(116‌)

CDX.NA.HY.40

N/A

(5.00)%

Quarterly

06/20/2028

4,100‌

(35‌)

(81‌)

(116‌)

ITRX.39

N/A

(5.00)%

Quarterly

06/20/2028

EUR

2,700‌

(90‌)

(28‌)

(118‌)

Republic

of

South

Africa,

5.87%,

09/16/2025

2.47%

(1.00)%

Quarterly

06/20/2028

$

1,100‌

67‌

(1‌)

66‌

Total

$

(48‌)

$

(290‌)

$

(338‌)

Amounts

in

thousands.

(a)

Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

market

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Exchange

Cleared

Interest

Rate

Swaps

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a)

Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

3

Month

KRW

Certificate

of

Deposit

Pay

3.41%

Annual

Annual

N/A

09/20/2028

KRW

2,600,000‌

$

(16‌)

$

—‌

$

(16‌)

3

Month

KRW

Certificate

of

Deposit

Pay

3.41%

Annual

Annual

N/A

09/20/2028

2,100,000‌

(7‌)

(6‌)

(13‌)

3

Month

Tel

AVIV

Inter-Bank

Offered

Rate

Pay

3.36%

Quarterly

Annual

N/A

09/20/2028

ILS

14,900‌

(66‌)

1‌

(65‌)

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

151

Exchange

Cleared

Interest

Rate

Swaps

(continued)

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a)

Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

3

Month

Tel

AVIV

Inter-Bank

Offered

Rate

Pay

3.36%

Quarterly

Annual

N/A

09/20/2028

ILS

1,500‌

$

2‌

$

(8‌)

$

(6‌)

MXN

TIIE

Banxico

Pay

9.27%

Monthly

Monthly

N/A

09/17/2025

MXN

99,000‌

(81‌)

—‌

(81‌)

MXN

TIIE

Banxico

Pay

9.27%

Monthly

Monthly

N/A

09/17/2025

10,000‌

(6‌)

(2‌)

(8‌)

Sinacofi

Chile

Interbank

Rate

Avg

Receive

7.37%

Annual

Annual

N/A

11/29/2024

CLP

3,900,000‌

14‌

—‌

14‌

Sinacofi

Chile

Interbank

Rate

Avg

Receive

7.37%

Annual

Annual

N/A

11/29/2024

3,000,000‌

8‌

3‌

11‌

Sinacofi

Chile

Interbank

Rate

Avg

Pay

7.37%

Annual

Annual

N/A

11/29/2024

1,000,000‌

29‌

(33‌)

(4‌)

Total

$

(123‌)

$

(45‌)

$

(168‌)

Amounts

in

thousands.

(a)    

Forward

swap.

Total

Return

Equity

Basket

Swaps

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Expiration

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Value

and

Unrealized

Appreciation/(Depreciation)

Asset

-----

Liability

Goldman

Sachs

&

Co

(a)

Floating

rate

based

on

Overnight

Bank

Funding

Rate

plus/less

spread

Total

return

on

a

custom

basket

of

long

securities

traded

in

foreign

currencies

but

settle

in

USD

Monthly

10/31/2023-

05/30/2024

$

17,884‌

$

—‌

$

—‌

$

(67‌)

JPMorgan

Chase

Floating

rate

based

on

Overnight

Bank

Funding

Rate

plus/less

spread

Total

return

on

a

custom

basket

of

long

and

short

securities

traded

in

foreign

currencies

but

settle

in

USD

Monthly

09/01/2023-

03/27/2024

1,870‌

—‌

8‌

—‌

Morgan

Stanley

&

Co

(b)

Floating

rate

based

on

1

Day

Federal

Funds

Rate

plus/less

spread

Total

return

on

a

custom

basket

of

long

and

short

securities

traded

in

USD

Monthly

07/29/2026

85,565‌

—‌

5,499‌

—‌

Total

$

105,319‌

$

—‌

$

5,507‌

$

(67‌)

The

expiration

dates

are

measured

from

the

commencement

of

investment

in

each

underlying

swap

position.

The

fund

pays

a

floating

rate

based

on

the

reference

rate

plus/less

a

spread.

The

spread

is

negotiated

at

the

security

level

and

is

usually

similar

within

a

region

but

may

vary

depending

on

how

difficult

it

is

to

borrow

the

security.

Notional

Amount

represents

the

total

absolute

value

of

the

underlying

securities.

Top

Underlying

Securities

includes

the

50

largest

components

and

any

other

components

where

the

notional

exceeds

1%

of

the

notional

amount

of

the

index

or

custom

basket.

Amounts

in

thousands.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

152

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

Activision

Blizzard

Inc

21,500

$

1,978

11.06%

Seagen

Inc

7,500

1,546

8.64%

thyssenkrupp

AG

194,100

1,495

8.36%

Kellogg

Co

23,500

1,434

8.02%

JSR

Corp

44,673

1,250

6.99%

Capri

Holdings

Ltd

21,265

1,116

6.24%

Vale

SA

83,800

1,104

6.17%

Baxter

International

Inc

24,700

1,003

5.61%

Origin

Energy

Ltd

173,916

982

5.49%

Dechra

Pharmaceuticals

PLC

19,545

942

5.27%

Toshiba

Corp

29,525

934

5.22%

National

Instruments

Corp

13,895

828

4.63%

Horizon

Therapeutics

Plc

6,235

703

3.93%

Fidelity

National

Information

Services

Inc

11,000

614

3.43%

United

States

Steel

Corp

16,168

503

2.81%

Siemens

AG

2,106

317

1.77%

Endeavor

Group

Holdings

Inc

13,500

296

1.65%

Newcrest

Mining

Ltd

15,171

256

1.43%

Novozymes

A/S

(4,143)

(180

)

(1.00)%

Chr

Hansen

Holding

A/S

2,708

177

0.99%

Vivendi

SE

11,551

105

0.59%

SimCorp

A/S

683

73

0.41%

Majorel

Group

Luxembourg

SA

1,531

49

0.28%

(a)

Top

Underlying

Securities

WESTGSUSD

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

153

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

Microsoft

Corp

2,834

$

929

1.09%

Apple

Inc

4,915

923

1.08%

Western

Digital

Corp

(17,910)

(806

)

(0.94)%

Moderna

Inc

(6,897)

(780

)

(0.91)%

Teradyne

Inc

(6,654)

(718

)

(0.84)%

Alphabet

Inc

-

A

Shares

5,268

717

0.84%

Catalent

Inc

(12,935)

(646

)

(0.76)%

Enphase

Energy

Inc

(5,073)

(642

)

(0.75)%

First

Solar

Inc

(3,374)

(638

)

(0.75)%

Huntington

Ingalls

Industries

Inc

(2,880)

(635

)

(0.74)%

Corteva

Inc

(12,419)

(627

)

(0.73)%

Xylem

Inc/NY

(6,046)

(626

)

(0.73)%

Avery

Dennison

Corp

(3,153)

(594

)

(0.69)%

Hess

Corp

(3,747)

(579

)

(0.68)%

Southwest

Airlines

Co

(17,757)

(561

)

(0.66)%

Lamb

Weston

Holdings

Inc

(5,749)

(560

)

(0.65)%

Lam

Research

Corp

797

560

0.65%

Domino's

Pizza

Inc

(1,347)

(522

)

(0.61)%

Tyson

Foods

Inc

(9,792)

(522

)

(0.61)%

Intel

Corp

(14,615)

(514

)

(0.60)%

Schlumberger

NV

(8,652)

(510

)

(0.60)%

Diamondback

Energy

Inc

(3,319)

(504

)

(0.59)%

Coterra

Energy

Inc

(17,266)

(487

)

(0.57)%

Axon

Enterprise

Inc

(2,283)

(486

)

(0.57)%

Amazon.com

Inc

3,507

484

0.56%

Tyler

Technologies

Inc

(1,189)

(474

)

(0.55)%

Corning

Inc

(14,403)

(473

)

(0.55)%

Generac

Holdings

Inc

(3,972)

(472

)

(0.55)%

IDEX

Corp

(2,079)

(471

)

(0.55)%

Marathon

Oil

Corp

(17,750)

(468

)

(0.55)%

Texas

Instruments

Inc

(2,729)

(459

)

(0.54)%

Alaska

Air

Group

Inc

(10,812)

(454

)

(0.53)%

Qorvo

Inc

(4,180)

(449

)

(0.52)%

ON

Semiconductor

Corp

4,550

448

0.52%

FMC

Corp

(5,101)

(440

)

(0.51)%

Cummins

Inc

(1,880)

(432

)

(0.51)%

Adobe

Inc

761

426

0.50%

Westrock

Co

(12,918)

(423

)

(0.49)%

Williams

Cos

Inc/The

(12,233)

(422

)

(0.50)%

Broadcom

Inc

456

421

0.49%

Allstate

Corp/The

(3,794)

(409

)

(0.48)%

Caterpillar

Inc

1,454

409

0.48%

Cisco

Systems

Inc

7,089

407

0.47%

FleetCor

Technologies

Inc

1,488

404

0.47%

Aptiv

PLC

(3,950)

(401

)

(0.47)%

United

Airlines

Holdings

Inc

(7,789)

(388

)

(0.45)%

Juniper

Networks

Inc

(13,178)

(384

)

(0.45)%

NVIDIA

Corp

774

382

0.45%

RTX

Corp

(4,424)

(381

)

(0.45)%

Meta

Platforms

Inc

1,233

365

0.43%

(b)

Top

Underlying

Securities

GOTEBSUSD

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

154

Short

Sales

Outstanding

COMMON

STOCKS

-

(6.21)%

Shares

Value

(000's)

Advertising

-

(0.01)%

Interpublic

Group

of

Cos

Inc/The

141‌

$

5‌

Omnicom

Group

Inc

336‌

27‌

$

32‌

Aerospace

&

Defense

-

(0.11)%

Airbus

SE

484‌

71‌

Boeing

Co/The

2‌

—‌

CAE

Inc

10,735‌

259‌

Lockheed

Martin

Corp

34‌

15‌

Northrop

Grumman

Corp

146‌

63‌

RTX

Corp

1,105‌

95‌

$

503‌

Agriculture

-

(0.02)%

Bunge

Ltd

640‌

73‌

Apparel

-

(0.07)%

Deckers

Outdoor

Corp

553‌

293‌

Automobile

Manufacturers

-

(0.08)%

General

Motors

Co

5,420‌

182‌

Renault

SA

2,767‌

112‌

Toyota

Motor

Corp

2,900‌

50‌

$

344‌

Automobile

Parts

&

Equipment

-

(0.07)%

Aptiv

PLC

1,577‌

160‌

BorgWarner

Inc

2,102‌

86‌

Lear

Corp

168‌

24‌

$

270‌

Banks

-

(0.06)%

Bank

of

Montreal

80‌

7‌

Commerzbank

AG

5,724‌

63‌

National

Bank

of

Canada

3,000‌

209‌

UBS

Group

AG

732‌

19‌

$

298‌

Beverages

-

(0.07)%

Davide

Campari-Milano

NV

21,947‌

287‌

Remy

Cointreau

SA

336‌

52‌

$

339‌

Biotechnology

-

(0.28)%

Alnylam

Pharmaceuticals

Inc

342‌

68‌

Bachem

Holding

AG

1,085‌

101‌

Biogen

Inc

373‌

100‌

BioMarin

Pharmaceutical

Inc

700‌

64‌

Corteva

Inc

107‌

5‌

Illumina

Inc

721‌

119‌

Incyte

Corp

1,735‌

112‌

Moderna

Inc

989‌

112‌

Regeneron

Pharmaceuticals

Inc

369‌

305‌

REVOLUTION

Medicines

Inc

2,595‌

88‌

Seagen

Inc

23‌

5‌

Swedish

Orphan

Biovitrum

AB

219‌

4‌

Swedish

Orphan

Biovitrum

AB

-

Rights

219‌

—‌

United

Therapeutics

Corp

547‌

123‌

$

1,206‌

Building

Materials

-

(0.10)%

CRH

PLC

538‌

31‌

Svenska

Cellulosa

AB

SCA

12,573‌

167‌

TOTO

Ltd

3,100‌

85‌

West

Fraser

Timber

Co

Ltd

1,900‌

144‌

$

427‌

Chemicals

-

(0.17)%

Akzo

Nobel

NV

372‌

30‌

Chr

Hansen

Holding

A/S

6‌

—‌

Croda

International

PLC

2,588‌

181‌

DSM-Firmenich

AG

41‌

4‌

Ecolab

Inc

48‌

9‌

EMS-Chemie

Holding

AG

24‌

18‌

FMC

Corp

544‌

47‌

Nippon

Paint

Holdings

Co

Ltd

600‌

5‌

Novozymes

A/S

1,664‌

72‌

OCI

NV

8,812‌

223‌

Solvay

SA

1,195‌

138‌

COMMON

STOCKS

(continued)

Shares

Value

(000’s)

Chemicals

(continued)

Symrise

AG

401‌

$

42‌

$

769‌

Commercial

Services

-

(0.11)%

Dai

Nippon

Printing

Co

Ltd

7,000‌

191‌

Equifax

Inc

408‌

84‌

Quanta

Services

Inc

446‌

94‌

Rentokil

Initial

PLC

19,248‌

147‌

$

516‌

Computers

-

(0.01)%

Leidos

Holdings

Inc

244‌

24‌

Nomura

Research

Institute

Ltd

700‌

20‌

$

44‌

Consumer

Products

-

(0.01)%

Avery

Dennison

Corp

319‌

60‌

Cosmetics

&

Personal

Care

-

(0.06)%

Beiersdorf

AG

195‌

26‌

Kose

Corp

1,800‌

149‌

Shiseido

Co

Ltd

2,100‌

85‌

$

260‌

Distribution

&

Wholesale

-

(0.03)%

D'ieteren

Group

438‌

72‌

Mitsui

&

Co

Ltd

1,100‌

41‌

$

113‌

Diversified

Financial

Services

-

(0.22)%

Ameriprise

Financial

Inc

34‌

11‌

Brookfield

Asset

Management

Ltd

945‌

33‌

Capital

One

Financial

Corp

141‌

14‌

Intercontinental

Exchange

Inc

6,017‌

710‌

Invesco

Ltd

4,342‌

69‌

London

Stock

Exchange

Group

PLC

581‌

60‌

Raymond

James

Financial

Inc

787‌

82‌

$

979‌

Electric

-

(0.03)%

Elia

Group

SA/NV

795‌

92‌

NextEra

Energy

Inc

707‌

47‌

$

139‌

Electronics

-

(0.17)%

Amphenol

Corp

151‌

13‌

Arrow

Electronics

Inc

763‌

102‌

Azbil

Corp

4,500‌

150‌

Hirose

Electric

Co

Ltd

200‌

24‌

Ibiden

Co

Ltd

1,600‌

96‌

Keysight

Technologies

Inc

1,027‌

137‌

Mettler-Toledo

International

Inc

44‌

53‌

Murata

Manufacturing

Co

Ltd

1,400‌

78‌

TDK

Corp

2,600‌

95‌

Trimble

Inc

1,112‌

61‌

$

809‌

Energy

-

Alternate

Sources

-

(0.08)%

Enphase

Energy

Inc

290‌

37‌

First

Solar

Inc

562‌

106‌

SolarEdge

Technologies

Inc

350‌

57‌

Vestas

Wind

Systems

A/S

6,880‌

159‌

$

359‌

Engineering

&

Construction

-

(0.09)%

Auckland

International

Airport

Ltd

7,793‌

36‌

Ferrovial

SE

6,376‌

202‌

Jacobs

Solutions

Inc

390‌

53‌

Keppel

Corp

Ltd

23,100‌

119‌

Taisei

Corp

300‌

10‌

$

420‌

Entertainment

-

(0.01)%

Flutter

Entertainment

PLC

293‌

53‌

Environmental

Control

-

(0.06)%

GFL

Environmental

Inc

1,400‌

45‌

Kurita

Water

Industries

Ltd

5,700‌

222‌

$

267‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

155

Short

Sales

Outstanding

COMMON

STOCKS

(continued)

Shares

Value

(000’s)

Food

-

(0.10)%

HelloFresh

SE

3,440‌

$

111‌

Hormel

Foods

Corp

1,720‌

66‌

Kerry

Group

PLC

1,327‌

124‌

Nissin

Foods

Holdings

Co

Ltd

600‌

52‌

Ocado

Group

PLC

4,641‌

51‌

Yakult

Honsha

Co

Ltd

1,400‌

73‌

$

477‌

Forest

Products

&

Paper

-

(0.01)%

UPM-Kymmene

Oyj

1,912‌

65‌

Gas

-

0.00%

Brookfield

Infrastructure

Corp

1‌

—‌

Hand

&

Machine

Tools

-

(0.01)%

Techtronic

Industries

Co

Ltd

3,500‌

35‌

Healthcare

-

Products

-

(0.40)%

Avantor

Inc

6,870‌

149‌

Danaher

Corp

726‌

192‌

Exact

Sciences

Corp

890‌

74‌

Globus

Medical

Inc

13,888‌

751‌

Hologic

Inc

296‌

22‌

Masimo

Corp

1,239‌

142‌

Novocure

Ltd

1,251‌

28‌

Olympus

Corp

1,300‌

18‌

QIAGEN

NV

3,809‌

174‌

Revvity

Inc

143‌

17‌

Sartorius

Stedim

Biotech

123‌

35‌

Waters

Corp

704‌

198‌

$

1,800‌

Healthcare

-

Services

-

(0.11)%

BioMerieux

1,579‌

163‌

Catalent

Inc

867‌

43‌

Laboratory

Corp

of

America

Holdings

111‌

23‌

Lonza

Group

AG

63‌

35‌

Quest

Diagnostics

Inc

217‌

29‌

Ramsay

Health

Care

Ltd

3,447‌

114‌

$

407‌

Home

Furnishings

-

(0.08)%

Panasonic

Holdings

Corp

3,900‌

45‌

Sharp

Corp/Japan

23,700‌

146‌

Sony

Group

Corp

1,900‌

158‌

$

349‌

Insurance

-

(0.06)%

AIA

Group

Ltd

800‌

7‌

Erie

Indemnity

Co

451‌

126‌

Prudential

PLC

10,001‌

122‌

$

255‌

Internet

-

(0.11)%

CDW

Corp/DE

273‌

58‌

Chewy

Inc

723‌

17‌

CyberAgent

Inc

7,300‌

46‌

Pinterest

Inc

5,436‌

149‌

Snap

Inc

Class

A

11,734‌

121‌

Trend

Micro

Inc/Japan

2,600‌

110‌

Zillow

Group

Inc

-

C

Shares

1,124‌

59‌

$

560‌

Investment

Companies

-

(0.17)%

EXOR

NV

223‌

20‌

Industrivarden

AB

-

C

Shares

4,147‌

108‌

Investor

AB

-

B

Shares

16,623‌

320‌

Kinnevik

AB

-

B

Shares

2,971‌

35‌

L

E

Lundbergforetagen

AB

3,649‌

148‌

Sofina

SA

368‌

83‌

Washington

H

Soul

Pattinson

&

Co

Ltd

3,507‌

75‌

$

789‌

Iron

&

Steel

-

(0.04)%

Mineral

Resources

Ltd

3,437‌

158‌

Leisure

Products

&

Services

-

(0.13)%

Shimano

Inc

1,500‌

220‌

Yamaha

Corp

11,300‌

349‌

$

569‌

COMMON

STOCKS

(continued)

Shares

Value

(000’s)

Lodging

-

(0.09)%

Galaxy

Entertainment

Group

Ltd

48,000‌

$

317‌

Hyatt

Hotels

Corp

700‌

79‌

Wynn

Resorts

Ltd

127‌

13‌

$

409‌

Machinery

-

Construction

&

Mining

-

(0.09)%

Hitachi

Ltd

4,500‌

299‌

Siemens

Energy

AG

6,258‌

89‌

$

388‌

Machinery

-

Diversified

-

(0.16)%

Cognex

Corp

1,734‌

82‌

FANUC

Corp

4,000‌

114‌

Hexagon

AB

12,497‌

112‌

Kubota

Corp

5,300‌

85‌

Yaskawa

Electric

Corp

8,000‌

314‌

$

707‌

Media

-

(0.05)%

Bollore

SE

26,180‌

155‌

News

Corp

-

A

Shares

362‌

8‌

Walt

Disney

Co/The

1,110‌

93‌

Warner

Bros

Discovery

Inc

1,517‌

20‌

$

276‌

Mining

-

(0.13)%

Ivanhoe

Mines

Ltd

8,200‌

73‌

Newmont

Corp

7,502‌

296‌

Sumitomo

Metal

Mining

Co

Ltd

5,800‌

180‌

$

549‌

Miscellaneous

Manufacturers

-

(0.08)%

Axon

Enterprise

Inc

169‌

36‌

Teledyne

Technologies

Inc

806‌

337‌

$

373‌

Office

&

Business

Equipment

-

(0.03)%

Zebra

Technologies

Corp

475‌

131‌

Oil

&

Gas

-

(0.37)%

Exxon

Mobil

Corp

10,704‌

1,190‌

Hess

Corp

1,485‌

229‌

HF

Sinclair

Corp

2,397‌

132‌

Neste

Oyj

1,397‌

51‌

Repsol

SA

2,847‌

44‌

Tourmaline

Oil

Corp

700‌

36‌

$

1,682‌

Oil

&

Gas

Services

-

(0.01)%

Seatrium

Ltd

235,988‌

25‌

Packaging

&

Containers

-

(0.01)%

Ball

Corp

725‌

39‌

SIG

Group

AG

728‌

19‌

$

58‌

Pharmaceuticals

-

(0.02)%

Eisai

Co

Ltd

1,000‌

63‌

Otsuka

Holdings

Co

Ltd

700‌

27‌

$

90‌

Pipelines

-

(0.20)%

ONEOK

Inc

13,787‌

899‌

Private

Equity

-

(0.09)%

3i

Group

PLC

2,829‌

71‌

Brookfield

Corp

2,300‌

78‌

EQT

AB

1,328‌

27‌

KKR

&

Co

Inc

2,683‌

169‌

$

345‌

Real

Estate

-

(0.12)%

CBRE

Group

Inc

2,020‌

172‌

Mitsubishi

Estate

Co

Ltd

6,800‌

87‌

REA

Group

Ltd

578‌

62‌

Sagax

AB

5,197‌

108‌

UOL

Group

Ltd

11,900‌

58‌

Wharf

Real

Estate

Investment

Co

Ltd

17,000‌

71‌

$

558‌

REITs

-

(0.08)%

Kimco

Realty

Corp

20,138‌

381‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2023

See

accompanying

notes.

156

Short

Sales

Outstanding

COMMON

STOCKS

(continued)

Shares

Value

(000’s)

Retail

-

(0.28)%

Advance

Auto

Parts

Inc

249‌

$

17‌

AutoZone

Inc

5‌

13‌

Burlington

Stores

Inc

879‌

143‌

Canadian

Tire

Corp

Ltd

1,062‌

126‌

Dollar

Tree

Inc

2,649‌

324‌

MatsukiyoCocokara

&

Co

3,200‌

188‌

McDonald's

Holdings

Co

Japan

Ltd

900‌

36‌

Nitori

Holdings

Co

Ltd

1,300‌

148‌

Pan

Pacific

International

Holdings

Corp

1,900‌

38‌

Reece

Ltd

7,484‌

98‌

Ulta

Beauty

Inc

370‌

154‌

Walmart

Inc

341‌

55‌

$

1,340‌

Semiconductors

-

(0.68)%

Analog

Devices

Inc

421‌

77‌

Broadcom

Inc

2,464‌

2,274‌

Hamamatsu

Photonics

KK

10,100‌

467‌

MaxLinear

Inc

400‌

9‌

ON

Semiconductor

Corp

1,365‌

134‌

Skyworks

Solutions

Inc

342‌

37‌

STMicroelectronics

NV

409‌

19‌

Teradyne

Inc

370‌

40‌

Wolfspeed

Inc

865‌

41‌

$

3,098‌

Software

-

(0.28)%

BILL

Holdings

Inc

82‌

9‌

Black

Knight

Inc

1,451‌

110‌

Broadridge

Financial

Solutions

Inc

234‌

44‌

Ceridian

HCM

Holding

Inc

2,598‌

188‌

Electronic

Arts

Inc

874‌

105‌

Jack

Henry

&

Associates

Inc

308‌

48‌

Koei

Tecmo

Holdings

Co

Ltd

3,100‌

48‌

Konami

Group

Corp

300‌

17‌

Palantir

Technologies

Inc

10,524‌

158‌

PTC

Inc

589‌

87‌

ROBLOX

Corp

1,240‌

35‌

Snowflake

Inc

-

Class

A

743‌

117‌

Square

Enix

Holdings

Co

Ltd

1,300‌

49‌

SS&C

Technologies

Holdings

Inc

2,592‌

149‌

Take-Two

Interactive

Software

Inc

277‌

39‌

Twilio

Inc

424‌

27‌

Tyler

Technologies

Inc

138‌

55‌

$

1,285‌

Telecommunications

-

(0.06)%

SoftBank

Group

Corp

500‌

22‌

T-Mobile

US

Inc

1,651‌

225‌

$

247‌

Transportation

-

(0.24)%

Canadian

Pacific

Kansas

City

Ltd

1,400‌

111‌

DSV

A/S

391‌

74‌

JB

Hunt

Transport

Services

Inc

997‌

187‌

Keisei

Electric

Railway

Co

Ltd

12,300‌

471‌

Knight-Swift

Transportation

Holdings

Inc

1,547‌

85‌

MTR

Corp

Ltd

143‌

1‌

Old

Dominion

Freight

Line

Inc

151‌

65‌

West

Japan

Railway

Co

3,000‌

130‌

$

1,124‌

TOTAL

COMMON

STOCKS

(proceeds

$27,108)

$

28,002‌

PREFERRED

STOCKS

-

(0.01)%

Consumer

Products

-

0.00%

Henkel

AG

&

Co

KGaA

1.85%

55‌

$

4‌

Electronics

-

(0.01)%

Sartorius

AG

1.44%

153‌

63‌

TOTAL

PREFERRED

STOCKS

(proceeds

$63)

$

67‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

(0.02)%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

(0.02)%

3.25%,

06/30/2029

$

73‌

$

69‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(proceeds

$74)

$

69‌

TOTAL

SHORT

SALES

(proceeds

$27,245)

$

28,138‌

Schedule

of

Investments

Global

Sustainable

Listed

Infrastructure

Fund

August

31,

2023

See

accompanying

notes.

157

INVESTMENT

COMPANIES

-

4.26%

Shares

Held

Value

(000's)

Money

Market

Funds

-

4.26%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.23%

(a),(b)

536‌

$

1‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

(a),(c)

682,287‌

682‌

$

683‌

TOTAL

INVESTMENT

COMPANIES

$

683‌

COMMON

STOCKS

-

95.38%

Shares

Held

Value

(000's)

Commercial

Services

-

6.57%

Atlas

Arteria

Ltd

39,936‌

$

157‌

CCR

SA

153,222‌

388‌

Transurban

Group

59,205‌

507‌

$

1,052‌

Electric

-

44.02%

ALLETE

Inc

7,586‌

417‌

American

Electric

Power

Co

Inc

8,488‌

665‌

CenterPoint

Energy

Inc

18,351‌

512‌

CLP

Holdings

Ltd

53,000‌

416‌

CMS

Energy

Corp

7,259‌

408‌

DTE

Energy

Co

4,085‌

422‌

EDP

Renovaveis

SA

13,341‌

244‌

Emera

Inc

11,400‌

427‌

Entergy

Corp

5,999‌

571‌

National

Grid

PLC

52,741‌

658‌

NextEra

Energy

Inc

16,160‌

1,080‌

PG&E

Corp

(d)

11,972‌

195‌

Public

Service

Enterprise

Group

Inc

8,702‌

532‌

Sempra

7,118‌

500‌

$

7,047‌

Engineering

&

Construction

-

13.59%

Aena

SME

SA

(e)

4,094‌

643‌

Beijing

Capital

International

Airport

Co

Ltd

(d)

622,000‌

326‌

Cellnex

Telecom

SA

-

Rights

(e)

11,862‌

454‌

China

Tower

Corp

Ltd

(e)

3,214,000‌

311‌

Enav

SpA

(e)

60,240‌

243‌

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

6,861‌

79‌

Vinci

SA

1,067‌

119‌

$

2,175‌

Gas

-

1.81%

China

Resources

Gas

Group

Ltd

102,900‌

289‌

Pipelines

-

9.80%

DT

Midstream

Inc

8,527‌

446‌

Gibson

Energy

Inc

32,000‌

481‌

Williams

Cos

Inc

/The

18,605‌

642‌

$

1,569‌

REITs

-

7.99%

American

Tower

Corp

5,211‌

945‌

Crown

Castle

Inc

3,322‌

334‌

$

1,279‌

Transportation

-

7.55%

Canadian

National

Railway

Co

4,500‌

507‌

Kyushu

Railway

Co

18,100‌

394‌

Union

Pacific

Corp

1,395‌

308‌

$

1,209‌

Water

-

4.05%

Aguas

Andinas

SA

547,707‌

187‌

Severn

Trent

PLC

15,225‌

462‌

$

649‌

TOTAL

COMMON

STOCKS

$

15,269‌

Total

Investments

$

15,952‌

Other

Assets

and

Liabilities

-  0.36%

57‌

TOTAL

NET

ASSETS

-

100.00%

$

16,009‌

(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

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)

Non-income

producing

security

(e)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,651

or

10.31%

of

net

assets.

Portfolio

Summary

Location

Percent

United

States

54.09‌%

Canada

8.84‌%

Spain

8.38‌%

United

Kingdom

6.99‌%

Hong

Kong

4.41‌%

Australia

4.15‌%

China

3.98‌%

Japan

2.46‌%

Brazil

2.42‌%

Italy

1

.52‌%

Chile

1.17‌%

France

0.74‌%

Mexico

0.49‌%

Other

Assets

and

Liabilities

0.36‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Global

Sustainable

Listed

Infrastructure

Fund

August

31,

2023

See

accompanying

notes.

158

Affiliated

Securities

August

31,

2022

Purchases

Sales

August

31,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

—‌

$

10,427‌

$

9,745‌

$

682‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

—‌

10,091‌

10,091‌

—‌

$

—‌

$

20,518‌

$

19,836‌

$

682‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

27‌

$

—‌

$

—‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

4‌

—‌

—‌

—‌

$

31‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2023

See

accompanying

notes.

159

INVESTMENT

COMPANIES

-

3

.75

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

3

.22

%

iShares

MSCI

EAFE

ETF

554,700‌

$

39,678‌

Money

Market

Funds

-

0

.53

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.23%

(a),(b)

1,943,910‌

1,944‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

(a),(b),(c)

4,610,617‌

4,610‌

$

6,554‌

TOTAL

INVESTMENT

COMPANIES

$

46,232‌

COMMON

STOCKS

-

95

.62

%

Shares

Held

Value

(000's)

Advertising

-

0

.23

%

Dentsu

Group

Inc

15,700‌

$

469‌

Hakuhodo

DY

Holdings

Inc

16,600‌

157‌

Publicis

Groupe

SA

17,722‌

1,383‌

WPP

PLC

83,220‌

807‌

$

2,816‌

Aerospace

&

Defense

-

1

.64

%

Airbus

SE

45,898‌

6,715‌

BAE

Systems

PLC

236,021‌

3,004‌

Dassault

Aviation

SA

1,597‌

314‌

Elbit

Systems

Ltd

2,060‌

404‌

MTU

Aero

Engines

AG

4,167‌

973‌

Rheinmetall

AG

3,372‌

916‌

Rolls-Royce

Holdings

PLC

(d)

651,671‌

1,828‌

Saab

AB

6,201‌

327‌

Safran

SA

26,465‌

4,241‌

Singapore

Technologies

Engineering

Ltd

120,900‌

341‌

Thales

SA

8,138‌

1,187‌

$

20,250‌

Agriculture

-

0

.76

%

British

American

Tobacco

PLC

164,495‌

5,449‌

Imperial

Brands

PLC

66,847‌

1,513‌

Japan

Tobacco

Inc

92,900‌

2,034‌

Wilmar

International

Ltd

148,700‌

416‌

$

9,412‌

Airlines

-

0

.14

%

ANA

Holdings

Inc

(d)

12,500‌

282‌

Deutsche

Lufthansa

AG

(d)

46,281‌

413‌

Japan

Airlines

Co

Ltd

11,200‌

231‌

Qantas

Airways

Ltd

(d)

65,424‌

249‌

Singapore

Airlines

Ltd

115,300‌

586‌

$

1,761‌

Apparel

-

2

.44

%

Adidas

AG

12,543‌

2,503‌

Burberry

Group

PLC

29,203‌

806‌

Hermes

International

SCA

2,452‌

5,043‌

Kering

SA

5,764‌

3,082‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

21,379‌

18,080‌

Puma

SE

8,175‌

548‌

$

30,062‌

Automobile

Manufacturers

-

3

.26

%

Bayerische

Motoren

Werke

AG

23,305‌

2,451‌

Daimler

Truck

Holding

AG

38,230‌

1,345‌

Ferrari

NV

9,760‌

3,095‌

Honda

Motor

Co

Ltd

119,200‌

3,852‌

Isuzu

Motors

Ltd

45,100‌

577‌

Mazda

Motor

Corp

44,000‌

458‌

Mercedes-Benz

Group

AG

62,125‌

4,546‌

Nissan

Motor

Co

Ltd

179,700‌

764‌

Renault

SA

14,882‌

601‌

Stellantis

NV

171,298‌

3,180‌

Subaru

Corp

47,600‌

915‌

Suzuki

Motor

Corp

28,500‌

1,120‌

Toyota

Motor

Corp

821,100‌

14,147‌

Volkswagen

AG

2,285‌

327‌

Volvo

AB

-

A

Shares

15,504‌

317‌

Volvo

AB

-

B

Shares

116,839‌

2,355‌

Volvo

Car

AB

(d),(e)

46,138‌

175‌

$

40,225‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Automobile

Parts

&

Equipment

-

0

.73

%

Aisin

Corp

11,500‌

$

384‌

Bridgestone

Corp

44,200‌

1,716‌

Cie

Generale

des

Etablissements

Michelin

SCA

52,527‌

1,643‌

Continental

AG

8,517‌

632‌

Denso

Corp

33,600‌

2,293‌

Koito

Manufacturing

Co

Ltd

16,200‌

275‌

NGK

Insulators

Ltd

18,100‌

240‌

Sumitomo

Electric

Industries

Ltd

55,300‌

677‌

Toyota

Industries

Corp

11,400‌

805‌

Valeo

SE

16,025‌

312‌

$

8,977‌

Banks

-

10

.26

%

ABN

AMRO

Bank

NV

(e),(f)

31,271‌

460‌

AIB

Group

PLC

111,518‌

508‌

ANZ

Group

Holdings

Ltd

232,688‌

3,799‌

Banco

Bilbao

Vizcaya

Argentaria

SA

461,883‌

3,644‌

Banco

Santander

SA

1,253,075‌

4,891‌

Bank

Hapoalim

BM

98,363‌

814‌

Bank

Leumi

Le-Israel

BM

118,840‌

922‌

Bank

of

Ireland

Group

PLC

81,811‌

815‌

Banque

Cantonale

Vaudoise

2,332‌

253‌

Barclays

PLC

1,204,422‌

2,243‌

BNP

Paribas

SA

81,234‌

5,253‌

BOC

Hong

Kong

Holdings

Ltd

286,500‌

796‌

CaixaBank

SA

319,474‌

1,294‌

Chiba

Bank

Ltd/The

41,000‌

293‌

Commerzbank

AG

82,420‌

906‌

Commonwealth

Bank

of

Australia

129,780‌

8,549‌

Computershare

Ltd

44,407‌

722‌

Concordia

Financial

Group

Ltd

82,100‌

364‌

Credit

Agricole

SA

93,713‌

1,181‌

Danske

Bank

A/S

53,405‌

1,199‌

DBS

Group

Holdings

Ltd

140,200‌

3,451‌

Deutsche

Bank

AG

150,069‌

1,633‌

DNB

Bank

ASA

71,663‌

1,417‌

Erste

Group

Bank

AG

26,622‌

950‌

FinecoBank

Banca

Fineco

SpA

47,279‌

646‌

Hang

Seng

Bank

Ltd

59,200‌

754‌

HSBC

Holdings

PLC

1,530,529‌

11,291‌

ING

Groep

NV

280,245‌

3,971‌

Intesa

Sanpaolo

SpA

1,203,231‌

3,213‌

Israel

Discount

Bank

Ltd

95,777‌

479‌

Japan

Post

Bank

Co

Ltd

112,000‌

899‌

KBC

Group

NV

19,380‌

1,272‌

Lloyds

Banking

Group

PLC

4,986,361‌

2,664‌

Macquarie

Group

Ltd

28,428‌

3,250‌

Mediobanca

Banca

di

Credito

Finanziario

SpA

42,741‌

558‌

Mitsubishi

UFJ

Financial

Group

Inc

884,100‌

7,053‌

Mizrahi

Tefahot

Bank

Ltd

11,957‌

393‌

Mizuho

Financial

Group

Inc

186,780‌

3,078‌

National

Australia

Bank

Ltd

243,080‌

4,530‌

NatWest

Group

PLC

450,017‌

1,309‌

Nordea

Bank

Abp

249,423‌

2,732‌

Oversea-Chinese

Banking

Corp

Ltd

262,200‌

2,433‌

Resona

Holdings

Inc

165,700‌

878‌

Shizuoka

Financial

Group

Inc

36,200‌

294‌

Skandinaviska

Enskilda

Banken

AB

122,865‌

1,424‌

Societe

Generale

SA

56,319‌

1,596‌

Standard

Chartered

PLC

183,647‌

1,652‌

Sumitomo

Mitsui

Financial

Group

Inc

98,300‌

4,494‌

Sumitomo

Mitsui

Trust

Holdings

Inc

25,344‌

949‌

Svenska

Handelsbanken

AB

112,932‌

942‌

Swedbank

AB

65,735‌

1,163‌

UBS

Group

AG

254,653‌

6,745‌

UniCredit

SpA

142,754‌

3,478‌

United

Overseas

Bank

Ltd

97,900‌

2,057‌

Westpac

Banking

Corp

271,694‌

3,844‌

$

126,398‌

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2023

See

accompanying

notes.

160

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Beverages

-

1

.98

%

Anheuser-Busch

InBev

SA/NV

67,252‌

$

3,817‌

Asahi

Group

Holdings

Ltd

37,300‌

1,451‌

Budweiser

Brewing

Co

APAC

Ltd

(f)

133,300‌

289‌

Carlsberg

AS

7,625‌

1,103‌

Coca-Cola

Europacific

Partners

PLC

15,987‌

1,025‌

Coca-Cola

HBC

AG

(d)

17,109‌

493‌

Davide

Campari-Milano

NV

40,473‌

529‌

Diageo

PLC

173,979‌

7,125‌

Endeavour

Group

Ltd/Australia

110,935‌

394‌

Heineken

Holding

NV

10,036‌

803‌

Heineken

NV

22,299‌

2,168‌

JDE

Peet's

NV

9,732‌

271‌

Kirin

Holdings

Co

Ltd

60,100‌

844‌

Pernod

Ricard

SA

15,834‌

3,107‌

Remy

Cointreau

SA

1,769‌

274‌

Suntory

Beverage

&

Food

Ltd

10,800‌

347‌

Treasury

Wine

Estates

Ltd

55,890‌

421‌

$

24,461‌

Biotechnology

-

0

.91

%

Argenx

SE

(d)

4,333‌

2,178‌

Bachem

Holding

AG

2,613‌

243‌

CSL

Ltd

37,348‌

6,596‌

Genmab

A/S

(d)

5,113‌

1,959‌

Swedish

Orphan

Biovitrum

AB

(d),(e)

13,145‌

253‌

Swedish

Orphan

Biovitrum

AB

-

Rights

(d)

13,145‌

12‌

$

11,241‌

Building

Materials

-

1

.82

%

AGC

Inc

15,100‌

530‌

Cie

de

Saint-Gobain

SA

35,814‌

2,330‌

CRH

PLC

56,182‌

3,232‌

Daikin

Industries

Ltd

20,400‌

3,526‌

Geberit

AG

2,588‌

1,339‌

Heidelberg

Materials

AG

11,213‌

902‌

Holcim

AG

(d)

40,356‌

2,669‌

Investment

AB

Latour

11,464‌

208‌

James

Hardie

Industries

PLC

(d)

34,077‌

1,024‌

Kingspan

Group

PLC

11,974‌

1,012‌

Lixil

Corp

22,200‌

278‌

Nibe

Industrier

AB

117,338‌

878‌

ROCKWOOL

A/S

712‌

182‌

Sika

AG

11,332‌

3,202‌

Svenska

Cellulosa

AB

SCA

46,910‌

624‌

TOTO

Ltd

10,300‌

283‌

Xinyi

Glass

Holdings

Ltd

128,000‌

189‌

$

22,408‌

Chemicals

-

2

.74

%

Air

Liquide

SA

40,552‌

7,327‌

Akzo

Nobel

NV

13,208‌

1,072‌

Arkema

SA

4,649‌

486‌

Asahi

Kasei

Corp

97,200‌

627‌

BASF

SE

69,207‌

3,503‌

Brenntag

SE

11,364‌

919‌

Chr

Hansen

Holding

A/S

8,054‌

525‌

Clariant

AG

(d)

16,705‌

278‌

Covestro

AG

(d),(f)

14,958‌

794‌

Croda

International

PLC

10,811‌

755‌

DSM-Firmenich

AG

14,399‌

1,332‌

EMS-Chemie

Holding

AG

543‌

407‌

Evonik

Industries

AG

16,236‌

311‌

Givaudan

SA

715‌

2,382‌

ICL

Group

Ltd

59,897‌

358‌

Johnson

Matthey

PLC

14,204‌

293‌

Mitsubishi

Chemical

Group

Corp

99,100‌

592‌

Mitsui

Chemicals

Inc

13,200‌

358‌

Nippon

Paint

Holdings

Co

Ltd

73,400‌

567‌

Nippon

Sanso

Holdings

Corp

13,400‌

323‌

Nissan

Chemical

Corp

9,800‌

420‌

Nitto

Denko

Corp

11,000‌

750‌

Novozymes

A/S

15,836‌

685‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Chemicals

(continued)

OCI

NV

8,169‌

$

207‌

Shin-Etsu

Chemical

Co

Ltd

141,000‌

4,494‌

Solvay

SA

5,739‌

665‌

Sumitomo

Chemical

Co

Ltd

109,000‌

302‌

Symrise

AG

10,281‌

1,072‌

Toray

Industries

Inc

107,400‌

579‌

Tosoh

Corp

20,100‌

260‌

Umicore

SA

16,216‌

430‌

Wacker

Chemie

AG

1,413‌

208‌

Yara

International

ASA

12,819‌

467‌

$

33,748‌

Commercial

Services

-

2

.52

%

Adecco

Group

AG

12,388‌

533‌

Adyen

NV

(d),(f)

1,682‌

1,405‌

Amadeus

IT

Group

SA

34,880‌

2,393‌

Ashtead

Group

PLC

33,929‌

2,367‌

Brambles

Ltd

107,569‌

1,042‌

Bureau

Veritas

SA

22,836‌

612‌

Dai

Nippon

Printing

Co

Ltd

17,000‌

465‌

Edenred

19,325‌

1,231‌

Experian

PLC

71,234‌

2,488‌

GMO

Payment

Gateway

Inc

3,300‌

209‌

IDP

Education

Ltd

19,396‌

308‌

Intertek

Group

PLC

12,496‌

654‌

Nexi

SpA

(d),(f)

45,724‌

328‌

Persol

Holdings

Co

Ltd

14,400‌

246‌

Randstad

NV

8,546‌

502‌

Recruit

Holdings

Co

Ltd

111,600‌

3,975‌

RELX

PLC

146,620‌

4,779‌

Rentokil

Initial

PLC

195,116‌

1,486‌

Secom

Co

Ltd

16,300‌

1,141‌

Securitas

AB

38,078‌

310‌

SGS

SA

11,606‌

1,054‌

TOPPAN

INC

19,100‌

461‌

Transurban

Group

238,514‌

2,042‌

Wise

PLC

(d)

47,606‌

385‌

Worldline

SA/France

(d),(f)

18,601‌

605‌

$

31,021‌

Computers

-

0

.98

%

BayCurrent

Consulting

Inc

10,200‌

351‌

Bechtle

AG

6,342‌

308‌

Capgemini

SE

12,768‌

2,383‌

Check

Point

Software

Technologies

Ltd

(d)

7,247‌

975‌

CyberArk

Software

Ltd

(d)

3,233‌

537‌

Fujitsu

Ltd

13,600‌

1,700‌

Itochu

Techno-Solutions

Corp

7,400‌

220‌

Logitech

International

SA

12,733‌

881‌

NEC

Corp

19,000‌

1,001‌

Nomura

Research

Institute

Ltd

29,843‌

858‌

NTT

Data

Group

Corp

48,900‌

657‌

Obic

Co

Ltd

5,400‌

939‌

Otsuka

Corp

8,800‌

392‌

SCSK

Corp

12,100‌

210‌

Teleperformance

SE

4,577‌

632‌

$

12,044‌

Consumer

Products

-

0

.37

%

Henkel

AG

&

Co

KGaA

8,046‌

556‌

Reckitt

Benckiser

Group

PLC

55,554‌

4,009‌

$

4,565‌

Cosmetics

&

Personal

Care

-

2

.12

%

Beiersdorf

AG

7,805‌

1,022‌

Essity

AB

47,162‌

1,101‌

Haleon

PLC

428,998‌

1,756‌

Kao

Corp

36,100‌

1,394‌

Kose

Corp

2,600‌

216‌

L'Oreal

SA

18,674‌

8,202‌

Shiseido

Co

Ltd

31,000‌

1,258‌

Unicharm

Corp

31,200‌

1,245‌

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2023

See

accompanying

notes.

161

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Cosmetics

&

Personal

Care

(continued)

Unilever

PLC

194,728‌

$

9,945‌

$

26,139‌

Distribution

&

Wholesale

-

1

.45

%

Bunzl

PLC

26,165‌

937‌

D'ieteren

Group

1,663‌

271‌

IMCD

NV

4,412‌

608‌

ITOCHU

Corp

92,000‌

3,453‌

Marubeni

Corp

111,800‌

1,827‌

Mitsubishi

Corp

89,000‌

4,390‌

Mitsui

&

Co

Ltd

101,700‌

3,788‌

Sumitomo

Corp

81,000‌

1,666‌

Toyota

Tsusho

Corp

16,400‌

976‌

$

17,916‌

Diversified

Financial

Services

-

1

.57

%

abrdn

plc

150,822‌

315‌

AerCap

Holdings

NV

(d)

11,954‌

735‌

Amundi

SA

(f)

4,736‌

282‌

ASX

Ltd

14,989‌

558‌

Daiwa

Securities

Group

Inc

103,300‌

587‌

Deutsche

Boerse

AG

14,711‌

2,611‌

Euronext

NV

(f)

6,635‌

479‌

Futu

Holdings

Ltd

ADR

(d)

4,276‌

255‌

Hargreaves

Lansdown

PLC

27,543‌

265‌

Hong

Kong

Exchanges

&

Clearing

Ltd

93,200‌

3,612‌

Japan

Exchange

Group

Inc

38,900‌

679‌

Julius

Baer

Group

Ltd

15,949‌

1,107‌

London

Stock

Exchange

Group

PLC

30,944‌

3,201‌

Mitsubishi

HC

Capital

Inc

62,500‌

406‌

Nomura

Holdings

Inc

232,700‌

901‌

ORIX

Corp

90,800‌

1,693‌

SBI

Holdings

Inc

18,990‌

388‌

Schroders

PLC

62,409‌

325‌

Singapore

Exchange

Ltd

66,400‌

473‌

St

James's

Place

PLC

42,473‌

475‌

$

19,347‌

Electric

-

2

.63

%

BKW

AG

1,635‌

281‌

Chubu

Electric

Power

Co

Inc

49,900‌

665‌

CLP

Holdings

Ltd

127,000‌

996‌

E.ON

SE

173,831‌

2,140‌

EDP

-

Energias

de

Portugal

SA

242,965‌

1,107‌

EDP

Renovaveis

SA

23,785‌

435‌

Elia

Group

SA/NV

2,277‌

262‌

Endesa

SA

24,592‌

511‌

Enel

SpA

629,732‌

4,228‌

Engie

SA

141,416‌

2,277‌

Fortum

Oyj

34,736‌

466‌

Iberdrola

SA

471,386‌

5,592‌

Kansai

Electric

Power

Co

Inc/The

54,500‌

773‌

Mercury

NZ

Ltd

53,687‌

199‌

Meridian

Energy

Ltd

100,002‌

320‌

National

Grid

PLC

285,087‌

3,559‌

Origin

Energy

Ltd

133,386‌

750‌

Orsted

AS

(f)

14,646‌

940‌

Power

Assets

Holdings

Ltd

107,000‌

527‌

Redeia

Corp

SA

31,420‌

510‌

RWE

AG

48,953‌

2,016‌

Sembcorp

Industries

Ltd

69,200‌

274‌

SSE

PLC

84,422‌

1,735‌

Terna

-

Rete

Elettrica

Nazionale

108,938‌

898‌

Tokyo

Electric

Power

Co

Holdings

Inc

(d)

118,200‌

518‌

Verbund

AG

5,272‌

431‌

$

32,410‌

Electrical

Components

&

Equipment

-

0

.84

%

Brother

Industries

Ltd

18,000‌

305‌

Legrand

SA

20,659‌

2,035‌

Prysmian

SpA

20,333‌

831‌

Schneider

Electric

SE

42,135‌

7,222‌

$

10,393‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electronics

-

1

.57

%

ABB

Ltd

123,859‌

$

4,710‌

Assa

Abloy

AB

77,604‌

1,747‌

Azbil

Corp

8,900‌

297‌

Halma

PLC

29,395‌

797‌

Hirose

Electric

Co

Ltd

2,399‌

290‌

Hoya

Corp

27,400‌

3,040‌

Ibiden

Co

Ltd

8,700‌

524‌

Kyocera

Corp

24,800‌

1,272‌

MINEBEA

MITSUMI

Inc

28,100‌

476‌

Murata

Manufacturing

Co

Ltd

44,500‌

2,489‌

NIDEC

CORP

32,300‌

1,681‌

Shimadzu

Corp

18,300‌

538‌

TDK

Corp

30,100‌

1,096‌

Yokogawa

Electric

Corp

17,700‌

350‌

$

19,307‌

Energy

-

Alternate

Sources

-

0

.16

%

Corp

ACCIONA

Energias

Renovables

SA

5,099‌

151‌

Vestas

Wind

Systems

A/S

(d)

78,190‌

1,807‌

$

1,958‌

Engineering

&

Construction

-

1

.19

%

Acciona

SA

1,912‌

273‌

ACS

Actividades

de

Construccion

y

Servicios

SA

16,961‌

595‌

Aena

SME

SA

(f)

5,807‌

913‌

Aeroports

de

Paris

2,299‌

303‌

Auckland

International

Airport

Ltd

(d)

96,930‌

451‌

Bouygues

SA

14,762‌

510‌

Cellnex

Telecom

SA

-

Rights

(f)

43,760‌

1,674‌

CK

Infrastructure

Holdings

Ltd

49,000‌

248‌

Eiffage

SA

5,691‌

562‌

Ferrovial

SE

39,427‌

1,250‌

Infrastrutture

Wireless

Italiane

SpA

(f)

26,020‌

322‌

Kajima

Corp

32,700‌

546‌

Keppel

Corp

Ltd

112,800‌

579‌

Lendlease

Corp

Ltd

53,372‌

269‌

Obayashi

Corp

50,300‌

455‌

Shimizu

Corp

43,200‌

291‌

Skanska

AB

26,342‌

386‌

Taisei

Corp

13,200‌

444‌

Vinci

SA

41,150‌

4,584‌

$

14,655‌

Entertainment

-

0

.98

%

Aristocrat

Leisure

Ltd

45,557‌

1,203‌

Entain

PLC

49,454‌

723‌

Evolution

AB

(f)

14,189‌

1,535‌

Flutter

Entertainment

PLC

(d)

13,672‌

2,486‌

Genting

Singapore

Ltd

468,200‌

303‌

La

Francaise

des

Jeux

SAEM

(f)

8,134‌

294‌

Lottery

Corp

Ltd/The

172,332‌

560‌

Oriental

Land

Co

Ltd/Japan

84,500‌

3,044‌

Toho

Co

Ltd/Tokyo

8,700‌

332‌

Universal

Music

Group

NV

63,438‌

1,573‌

$

12,053‌

Environmental

Control

-

0

.03

%

Kurita

Water

Industries

Ltd

8,100‌

316‌

Food

-

4

.25

%

Aeon

Co

Ltd

(e)

50,700‌

1,051‌

Ajinomoto

Co

Inc

34,900‌

1,478‌

Barry

Callebaut

AG

276‌

481‌

Carrefour

SA

46,262‌

884‌

Chocoladefabriken

Lindt

&

Spruengli

AG

-

PC

74‌

885‌

Chocoladefabriken

Lindt

&

Spruengli

AG

-

REG

8‌

943‌

CK

Hutchison

Holdings

Ltd

207,632‌

1,132‌

Coles

Group

Ltd

103,626‌

1,090‌

Danone

SA

49,853‌

2,906‌

HelloFresh

SE

(d)

12,014‌

387‌

J

Sainsbury

PLC

128,268‌

439‌

Jeronimo

Martins

SGPS

SA

21,926‌

559‌

Kerry

Group

PLC

12,341‌

1,151‌

Kesko

Oyj

21,148‌

413‌

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2023

See

accompanying

notes.

162

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Food

(continued)

Kikkoman

Corp

10,500‌

$

607‌

Kobe

Bussan

Co

Ltd

11,700‌

292‌

Koninklijke

Ahold

Delhaize

NV

75,202‌

2,460‌

Lotus

Bakeries

NV

32‌

252‌

MEIJI

Holdings

Co

Ltd

18,200‌

456‌

Mowi

ASA

34,032‌

617‌

Nestle

SA

206,727‌

24,857‌

Nissin

Foods

Holdings

Co

Ltd

4,800‌

419‌

Ocado

Group

PLC

(d)

44,835‌

494‌

Orkla

ASA

58,152‌

444‌

Salmar

ASA

5,619‌

274‌

Seven

&

i

Holdings

Co

Ltd

58,300‌

2,392‌

Tesco

PLC

555,026‌

1,867‌

WH

Group

Ltd

(f)

645,500‌

332‌

Woolworths

Group

Ltd

94,359‌

2,325‌

Yakult

Honsha

Co

Ltd

9,900‌

519‌

$

52,406‌

Food

Service

-

0

.33

%

Compass

Group

PLC

134,224‌

3,385‌

Sodexo

SA

6,850‌

735‌

$

4,120‌

Forest

Products

&

Paper

-

0

.28

%

Holmen

AB

7,264‌

275‌

Mondi

PLC

37,594‌

625‌

Oji

Holdings

Corp

66,800‌

273‌

Smurfit

Kappa

Group

PLC

20,143‌

845‌

UPM-Kymmene

Oyj

41,325‌

1,414‌

$

3,432‌

Gas

-

0

.33

%

Centrica

PLC

430,834‌

827‌

Enagas

SA

19,271‌

329‌

Hong

Kong

&

China

Gas

Co

Ltd

866,387‌

637‌

Naturgy

Energy

Group

SA

9,760‌

282‌

Osaka

Gas

Co

Ltd

29,000‌

463‌

Snam

SpA

156,131‌

806‌

Tokyo

Gas

Co

Ltd

30,300‌

701‌

$

4,045‌

Hand

&

Machine

Tools

-

0

.25

%

Fuji

Electric

Co

Ltd

9,800‌

462‌

Makita

Corp

17,300‌

474‌

Schindler

Holding

AG

-

PC

3,152‌

702‌

Schindler

Holding

AG

-

REG

1,818‌

382‌

Techtronic

Industries

Co

Ltd

106,500‌

1,050‌

$

3,070‌

Healthcare

-

Products

-

2

.01

%

Alcon

Inc

38,689‌

3,229‌

Asahi

Intecc

Co

Ltd

16,800‌

341‌

Carl

Zeiss

Meditec

AG

3,116‌

309‌

Cochlear

Ltd

5,083‌

892‌

Coloplast

A/S

9,198‌

1,048‌

Demant

A/S

(d)

7,803‌

318‌

DiaSorin

SpA

1,733‌

183‌

EBOS

Group

Ltd

11,868‌

268‌

EssilorLuxottica

SA

22,828‌

4,291‌

Fisher

&

Paykel

Healthcare

Corp

Ltd

44,862‌

606‌

FUJIFILM

Holdings

Corp

28,900‌

1,708‌

Getinge

AB

17,711‌

307‌

Koninklijke

Philips

NV

(d)

71,901‌

1,616‌

Lifco

AB

18,049‌

330‌

Olympus

Corp

98,000‌

1,324‌

QIAGEN

NV

(d)

17,656‌

806‌

Sartorius

Stedim

Biotech

2,141‌

607‌

Siemens

Healthineers

AG

(f)

21,834‌

1,093‌

Smith

&

Nephew

PLC

67,623‌

912‌

Sonova

Holding

AG

4,025‌

1,063‌

Straumann

Holding

AG

8,642‌

1,307‌

Sysmex

Corp

13,000‌

690‌

Terumo

Corp

52,100‌

1,576‌

$

24,824‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Services

-

0

.62

%

BioMerieux

3,207‌

$

331‌

Eurofins

Scientific

SE

10,450‌

643‌

Fresenius

Medical

Care

AG

&

Co

KGaA

15,902‌

766‌

Fresenius

SE

&

Co

KGaA

32,707‌

1,049‌

Lonza

Group

AG

5,766‌

3,180‌

Medibank

Pvt

Ltd

213,232‌

504‌

Ramsay

Health

Care

Ltd

14,195‌

471‌

Sonic

Healthcare

Ltd

34,630‌

720‌

$

7,664‌

Holding

Companies

-

Diversified

-

0

.07

%

Jardine

Matheson

Holdings

Ltd

12,368‌

588‌

Swire

Pacific

Ltd

33,000‌

272‌

$

860‌

Home

Builders

-

0

.30

%

Barratt

Developments

PLC

75,459‌

433‌

Berkeley

Group

Holdings

PLC

8,243‌

423‌

Daiwa

House

Industry

Co

Ltd

45,900‌

1,275‌

Iida

Group

Holdings

Co

Ltd

12,320‌

202‌

Open

House

Group

Co

Ltd

6,100‌

206‌

Persimmon

PLC

24,731‌

333‌

Sekisui

Chemical

Co

Ltd

29,800‌

457‌

Taylor

Wimpey

PLC

273,483‌

395‌

$

3,724‌

Home

Furnishings

-

0

.90

%

Hoshizaki

Corp

8,400‌

322‌

Panasonic

Holdings

Corp

171,000‌

1,968‌

Rational

AG

396‌

302‌

SEB

SA

1,928‌

212‌

Sharp

Corp/Japan

20,100‌

124‌

Sony

Group

Corp

97,600‌

8,119‌

$

11,047‌

Insurance

-

4

.84

%

Admiral

Group

PLC

16,434‌

518‌

Aegon

NV

130,660‌

670‌

Ageas

SA/NV

12,371‌

492‌

AIA

Group

Ltd

894,400‌

8,093‌

Allianz

SE

31,227‌

7,591‌

ASR

Nederland

NV

12,376‌

541‌

Assicurazioni

Generali

SpA

78,474‌

1,625‌

Aviva

PLC

212,014‌

1,006‌

AXA

SA

142,093‌

4,269‌

Baloise

Holding

AG

3,546‌

554‌

Dai-ichi

Life

Holdings

Inc

72,800‌

1,353‌

Gjensidige

Forsikring

ASA

15,485‌

241‌

Hannover

Rueck

SE

4,668‌

993‌

Helvetia

Holding

AG

2,874‌

437‌

Insurance

Australia

Group

Ltd

188,990‌

709‌

Japan

Post

Holdings

Co

Ltd

174,200‌

1,336‌

Japan

Post

Insurance

Co

Ltd

14,800‌

238‌

Legal

&

General

Group

PLC

462,838‌

1,279‌

M&G

PLC

173,654‌

419‌

MS&AD

Insurance

Group

Holdings

Inc

33,200‌

1,192‌

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

10,566‌

4,101‌

NN

Group

NV

19,415‌

747‌

Phoenix

Group

Holdings

PLC

58,132‌

383‌

Prudential

PLC

213,171‌

2,596‌

QBE

Insurance

Group

Ltd

115,526‌

1,114‌

Sampo

Oyj

35,607‌

1,563‌

Sompo

Holdings

Inc

22,850‌

994‌

Suncorp

Group

Ltd

98,064‌

860‌

Swiss

Life

Holding

AG

2,285‌

1,431‌

Swiss

Re

AG

23,353‌

2,268‌

T&D

Holdings

Inc

38,800‌

615‌

Talanx

AG

4,904‌

330‌

Tokio

Marine

Holdings

Inc

139,500‌

3,079‌

Tryg

A/S

27,034‌

516‌

Zurich

Insurance

Group

AG

11,649‌

5,462‌

$

59,615‌

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2023

See

accompanying

notes.

163

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Internet

-

0

.86

%

Adevinta

ASA

-

B

Shares

(d)

22,564‌

$

160‌

Auto

Trader

Group

PLC

(f)

71,125‌

545‌

CyberAgent

Inc

33,300‌

212‌

Delivery

Hero

SE

(d),(f)

13,562‌

495‌

Grab

Holdings

Ltd

(d)

145,062‌

547‌

M3

Inc

34,200‌

682‌

MonotaRO

Co

Ltd

19,400‌

229‌

Prosus

NV

(d)

54,302‌

3,745‌

Rakuten

Group

Inc

115,700‌

450‌

Scout24

SE

(f)

5,807‌

400‌

Sea

Ltd

ADR

(d)

28,250‌

1,063‌

SEEK

Ltd

27,580‌

412‌

Trend

Micro

Inc/Japan

10,400‌

441‌

Wix.com

Ltd

(d)

4,179‌

413‌

Z

Holdings

Corp

206,800‌

621‌

ZOZO

Inc

10,900‌

218‌

$

10,633‌

Investment

Companies

-

0

.52

%

Eurazeo

SE

3,373‌

199‌

EXOR

NV

8,397‌

743‌

Groupe

Bruxelles

Lambert

NV

7,383‌

595‌

Industrivarden

AB

-

A

Shares

10,079‌

263‌

Industrivarden

AB

-

C

Shares

11,955‌

311‌

Investor

AB

-

B

Shares

134,012‌

2,579‌

L

E

Lundbergforetagen

AB

5,885‌

239‌

Melrose

Industries

PLC

104,639‌

679‌

Sofina

SA

1,193‌

268‌

Washington

H

Soul

Pattinson

&

Co

Ltd

18,167‌

387‌

Wendel

SE

2,063‌

188‌

$

6,451‌

Iron

&

Steel

-

0

.52

%

ArcelorMittal

SA

39,618‌

1,052‌

BlueScope

Steel

Ltd

35,273‌

477‌

Fortescue

Metals

Group

Ltd

131,116‌

1,805‌

JFE

Holdings

Inc

38,100‌

602‌

Mineral

Resources

Ltd

13,552‌

622‌

Nippon

Steel

Corp

66,177‌

1,565‌

voestalpine

AG

8,986‌

263‌

$

6,386‌

Leisure

Products

&

Services

-

0

.15

%

Shimano

Inc

6,000‌

880‌

Yamaha

Corp

10,900‌

336‌

Yamaha

Motor

Co

Ltd

23,000‌

595‌

$

1,811‌

Lodging

-

0

.33

%

Accor

SA

14,356‌

514‌

City

Developments

Ltd

38,600‌

191‌

Galaxy

Entertainment

Group

Ltd

(d)

169,000‌

1,117‌

InterContinental

Hotels

Group

PLC

13,033‌

980‌

Sands

China

Ltd

(d)

188,000‌

636‌

Whitbread

PLC

15,322‌

666‌

$

4,104‌

Machinery

-

Construction

&

Mining

-

1

.19

%

Epiroc

AB

-

A

Shares

51,025‌

979‌

Epiroc

AB

-

B

Shares

30,194‌

494‌

Hitachi

Construction

Machinery

Co

Ltd

8,300‌

258‌

Hitachi

Ltd

72,600‌

4,825‌

Komatsu

Ltd

71,600‌

2,038‌

Metso

Oyj

51,348‌

590‌

Mitsubishi

Electric

Corp

149,600‌

1,949‌

Mitsubishi

Heavy

Industries

Ltd

24,800‌

1,404‌

Sandvik

AB

82,553‌

1,561‌

Siemens

Energy

AG

(d)

40,227‌

573‌

$

14,671‌

Machinery

-

Diversified

-

1

.92

%

Atlas

Copco

AB

-

A

Shares

207,972‌

2,750‌

Atlas

Copco

AB

-

B

Shares

120,853‌

1,391‌

Beijer

Ref

AB

(e)

29,802‌

342‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Machinery

-

Diversified

(continued)

CNH

Industrial

NV

79,230‌

$

1,092‌

Daifuku

Co

Ltd

23,500‌

434‌

FANUC

Corp

73,800‌

2,099‌

GEA

Group

AG

11,879‌

468‌

Hexagon

AB

160,750‌

1,435‌

Husqvarna

AB

27,074‌

233‌

Keyence

Corp

15,060‌

6,253‌

Kone

Oyj

26,316‌

1,197‌

Kubota

Corp

78,400‌

1,262‌

Omron

Corp

13,600‌

656‌

SMC

Corp

4,400‌

2,139‌

Spirax-Sarco

Engineering

PLC

5,713‌

732‌

Wartsila

OYJ

Abp

36,652‌

465‌

Yaskawa

Electric

Corp

18,600‌

729‌

$

23,677‌

Media

-

0

.39

%

Bollore

SE

57,124‌

338‌

Informa

PLC

108,365‌

1,001‌

Pearson

PLC

49,905‌

529‌

Vivendi

SE

52,429‌

478‌

Wolters

Kluwer

NV

19,939‌

2,402‌

$

4,748‌

Metal

Fabrication

&

Hardware

-

0

.18

%

MISUMI

Group

Inc

22,000‌

383‌

SKF

AB

26,384‌

427‌

Tenaris

SA

36,561‌

584‌

VAT

Group

AG

(f)

2,090‌

836‌

$

2,230‌

Mining

-

2

.59

%

Anglo

American

PLC

98,385‌

2,616‌

Antofagasta

PLC

30,533‌

559‌

BHP

Group

Ltd

392,226‌

11,276‌

Boliden

AB

21,177‌

563‌

Endeavour

Mining

PLC

14,356‌

293‌

Glencore

PLC

815,486‌

4,343‌

IGO

Ltd

52,769‌

471‌

Newcrest

Mining

Ltd

69,237‌

1,154‌

Norsk

Hydro

ASA

102,728‌

568‌

Northern

Star

Resources

Ltd

89,056‌

682‌

Pilbara

Minerals

Ltd

208,924‌

626‌

Rio

Tinto

Ltd

28,742‌

2,082‌

Rio

Tinto

PLC

87,172‌

5,369‌

South32

Ltd

351,870‌

767‌

Sumitomo

Metal

Mining

Co

Ltd

19,100‌

593‌

$

31,962‌

Miscellaneous

Manufacturers

-

1

.08

%

Alfa

Laval

AB

22,402‌

787‌

Alstom

SA

22,174‌

611‌

Indutrade

AB

21,156‌

406‌

JSR

Corp

13,700‌

382‌

Knorr-Bremse

AG

5,617‌

384‌

Orica

Ltd

35,267‌

357‌

Siemens

AG

58,844‌

8,840‌

Smiths

Group

PLC

27,078‌

562‌

Toshiba

Corp

31,900‌

1,008‌

$

13,337‌

Office

&

Business

Equipment

-

0

.21

%

Canon

Inc

77,400‌

1,905‌

Ricoh

Co

Ltd

42,500‌

346‌

Seiko

Epson

Corp

22,400‌

351‌

$

2,602‌

Oil

&

Gas

-

4

.24

%

Aker

BP

ASA

24,467‌

666‌

Ampol

Ltd

18,451‌

420‌

BP

PLC

1,343,481‌

8,302‌

DCC

PLC

(d)

7,647‌

418‌

ENEOS

Holdings

Inc

223,030‌

838‌

Eni

SpA

182,970‌

2,829‌

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2023

See

accompanying

notes.

164

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

(continued)

Equinor

ASA

69,755‌

$

2,142‌

Galp

Energia

SGPS

SA

38,099‌

526‌

Idemitsu

Kosan

Co

Ltd

14,981‌

319‌

Inpex

Corp

75,100‌

1,052‌

Neste

Oyj

32,756‌

1,198‌

OMV

AG

11,403‌

528‌

Repsol

SA

98,904‌

1,529‌

Santos

Ltd

251,462‌

1,244‌

Shell

PLC

519,092‌

15,871‌

TotalEnergies

SE

174,088‌

10,920‌

Woodside

Energy

Group

Ltd

147,013‌

3,510‌

$

52,312‌

Oil

&

Gas

Services

-

0

.03

%

Seatrium

Ltd

(d)

3,434,237‌

368‌

Packaging

&

Containers

-

0

.10

%

SIG

Group

AG

(d)

23,678‌

623‌

Stora

Enso

Oyj

45,044‌

573‌

$

1,196‌

Pharmaceuticals

-

9

.17

%

Amplifon

SpA

9,641‌

313‌

Astellas

Pharma

Inc

140,100‌

2,120‌

AstraZeneca

PLC

120,001‌

16,119‌

Bayer

AG

76,065‌

4,162‌

Chugai

Pharmaceutical

Co

Ltd

52,000‌

1,585‌

Daiichi

Sankyo

Co

Ltd

143,200‌

4,218‌

Eisai

Co

Ltd

19,500‌

1,233‌

Grifols

SA

(d)

23,095‌

316‌

GSK

PLC

317,060‌

5,554‌

Hikma

Pharmaceuticals

PLC

12,833‌

354‌

Ipsen

SA

2,920‌

378‌

Kobayashi

Pharmaceutical

Co

Ltd

3,900‌

192‌

Kyowa

Kirin

Co

Ltd

20,900‌

382‌

Merck

KGaA

10,007‌

1,796‌

Novartis

AG

158,702‌

15,972‌

Novo

Nordisk

A/S

126,335‌

23,303‌

Ono

Pharmaceutical

Co

Ltd

30,000‌

567‌

Orion

Oyj

8,337‌

341‌

Otsuka

Holdings

Co

Ltd

30,200‌

1,147‌

Recordati

Industria

Chimica

e

Farmaceutica

SpA

8,096‌

406‌

Roche

Holding

AG

54,397‌

15,965‌

Roche

Holding

AG

2,478‌

772‌

Sanofi

87,968‌

9,369‌

Shionogi

&

Co

Ltd

20,200‌

887‌

Takeda

Pharmaceutical

Co

Ltd

122,500‌

3,786‌

Teva

Pharmaceutical

Industries

Ltd

ADR

(d)

86,746‌

847‌

UCB

SA

9,789‌

878‌

$

112,962‌

Pipelines

-

0

.05

%

APA

Group

97,503‌

566‌

Private

Equity

-

0

.39

%

3i

Group

PLC

75,361‌

1,898‌

CapitaLand

Investment

Ltd/Singapore

201,400‌

482‌

EQT

AB

27,534‌

554‌

Partners

Group

Holding

AG

1,757‌

1,894‌

$

4,828‌

Real

Estate

-

1

.08

%

Azrieli

Group

Ltd

3,287‌

176‌

CK

Asset

Holdings

Ltd

153,132‌

845‌

Daito

Trust

Construction

Co

Ltd

4,800‌

529‌

ESR

Group

Ltd

(f)

169,600‌

254‌

Fastighets

AB

Balder

(d)

50,480‌

241‌

Hang

Lung

Properties

Ltd

139,000‌

185‌

Henderson

Land

Development

Co

Ltd

111,982‌

308‌

Hongkong

Land

Holdings

Ltd

85,729‌

304‌

Hulic

Co

Ltd

29,700‌

267‌

LEG

Immobilien

SE

(d)

5,738‌

413‌

Mitsubishi

Estate

Co

Ltd

87,100‌

1,109‌

Mitsui

Fudosan

Co

Ltd

68,900‌

1,508‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Real

Estate

(continued)

New

World

Development

Co

Ltd

116,750‌

$

248‌

Nomura

Real

Estate

Holdings

Inc

8,500‌

214‌

REA

Group

Ltd

4,091‌

436‌

Sagax

AB

15,272‌

318‌

Sekisui

House

Ltd

46,200‌

942‌

Sino

Land

Co

Ltd

285,073‌

327‌

Sumitomo

Realty

&

Development

Co

Ltd

22,100‌

565‌

Sun

Hung

Kai

Properties

Ltd

112,000‌

1,261‌

Swire

Properties

Ltd

90,600‌

189‌

Swiss

Prime

Site

AG

5,940‌

570‌

UOL

Group

Ltd

36,000‌

177‌

Vonovia

SE

56,767‌

1,362‌

Wharf

Real

Estate

Investment

Co

Ltd

129,000‌

538‌

$

13,286‌

REITs

-

1

.08

%

CapitaLand

Ascendas

REIT

288,950‌

592‌

CapitaLand

Integrated

Commercial

Trust

411,938‌

582‌

Covivio

SA/France

3,910‌

191‌

Daiwa

House

REIT

Investment

Corp

171‌

324‌

Dexus

83,276‌

416‌

Gecina

SA

3,559‌

381‌

GLP

J-Reit

362‌

341‌

Goodman

Group

131,271‌

1,978‌

GPT

Group/The

148,315‌

402‌

Japan

Metropolitan

Fund

Invest

541‌

363‌

Japan

Real

Estate

Investment

Corp

99‌

411‌

Klepierre

SA

16,657‌

440‌

Land

Securities

Group

PLC

54,545‌

416‌

Link

REIT

195,840‌

971‌

Mapletree

Logistics

Trust

267,900‌

333‌

Mapletree

Pan

Asia

Commercial

Trust

182,700‌

205‌

Mirvac

Group

305,513‌

476‌

Nippon

Building

Fund

Inc

119‌

503‌

Nippon

Prologis

REIT

Inc

176‌

354‌

Nomura

Real

Estate

Master

Fund

Inc

329‌

387‌

Scentre

Group

401,872‌

712‌

Segro

PLC

90,081‌

840‌

Stockland

184,830‌

505‌

Unibail-Rodamco-Westfield

(d)

9,151‌

488‌

Vicinity

Ltd

299,596‌

361‌

Warehouses

De

Pauw

CVA

12,829‌

367‌

$

13,339‌

Retail

-

2

.02

%

Associated

British

Foods

PLC

26,924‌

678‌

Cie

Financiere

Richemont

SA

40,417‌

5,733‌

Dufry

AG

(d)

7,469‌

332‌

Fast

Retailing

Co

Ltd

13,600‌

3,120‌

H

&

M

Hennes

&

Mauritz

AB

50,007‌

764‌

Industria

de

Diseno

Textil

SA

84,459‌

3,236‌

Jardine

Cycle

&

Carriage

Ltd

7,600‌

188‌

JD

Sports

Fashion

PLC

200,656‌

368‌

Kingfisher

PLC

147,489‌

437‌

MatsukiyoCocokara

&

Co

8,900‌

524‌

McDonald's

Holdings

Co

Japan

Ltd

6,700‌

267‌

Moncler

SpA

15,947‌

1,080‌

Next

PLC

9,327‌

824‌

Nitori

Holdings

Co

Ltd

6,200‌

706‌

Pan

Pacific

International

Holdings

Corp

29,500‌

588‌

Pandora

A/S

6,547‌

678‌

Reece

Ltd

17,506‌

230‌

Swatch

Group

AG/The

-

BR

2,240‌

629‌

Swatch

Group

AG/The

-

REG

4,073‌

217‌

USS

Co

Ltd

15,900‌

278‌

Welcia

Holdings

Co

Ltd

(e)

7,300‌

134‌

Wesfarmers

Ltd

87,841‌

3,057‌

Zalando

SE

(d),(f)

17,350‌

539‌

Zensho

Holdings

Co

Ltd

7,200‌

340‌

$

24,947‌

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2023

See

accompanying

notes.

165

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

-

3

.39

%

Advantest

Corp

14,900‌

$

1,865‌

ASM

International

NV

3,635‌

1,750‌

ASML

Holding

NV

31,214‌

20,524‌

BE

Semiconductor

Industries

NV

5,969‌

685‌

Disco

Corp

7,100‌

1,403‌

Hamamatsu

Photonics

KK

10,900‌

504‌

Infineon

Technologies

AG

101,112‌

3,613‌

Lasertec

Corp

5,800‌

902‌

Renesas

Electronics

Corp

(d)

98,600‌

1,643‌

Rohm

Co

Ltd

6,800‌

567‌

STMicroelectronics

NV

52,918‌

2,498‌

SUMCO

Corp

27,100‌

362‌

Tokyo

Electron

Ltd

36,500‌

5,421‌

$

41,737‌

Shipbuilding

-

0

.02

%

Kongsberg

Gruppen

ASA

6,811‌

283‌

Software

-

1

.59

%

Capcom

Co

Ltd

13,400‌

565‌

Dassault

Systemes

SE

51,874‌

2,056‌

Global-e

Online

Ltd

(d)

6,995‌

277‌

Koei

Tecmo

Holdings

Co

Ltd

9,120‌

142‌

Konami

Group

Corp

7,800‌

453‌

Monday.com

Ltd

(d)

1,682‌

298‌

Nemetschek

SE

4,471‌

309‌

Nexon

Co

Ltd

26,400‌

536‌

Oracle

Corp

Japan

3,000‌

210‌

Sage

Group

PLC/The

79,367‌

975‌

SAP

SE

80,850‌

11,279‌

Square

Enix

Holdings

Co

Ltd

6,600‌

250‌

Temenos

AG

4,938‌

391‌

TIS

Inc

17,000‌

401‌

WiseTech

Global

Ltd

12,847‌

576‌

Xero

Ltd

(d)

11,135‌

901‌

$

19,619‌

Telecommunications

-

2

.78

%

BT

Group

PLC

499,980‌

731‌

Deutsche

Telekom

AG

250,953‌

5,371‌

Elisa

Oyj

11,013‌

541‌

Hikari

Tsushin

Inc

1,600‌

266‌

HKT

Trust

&

HKT

Ltd

292,980‌

312‌

KDDI

Corp

115,900‌

3,445‌

Koninklijke

KPN

NV

250,075‌

875‌

Nice

Ltd

(d)

4,898‌

955‌

Nippon

Telegraph

&

Telephone

Corp

2,313,600‌

2,671‌

Nokia

OYJ

414,282‌

1,657‌

Orange

SA

144,171‌

1,619‌

Singapore

Telecommunications

Ltd

639,400‌

1,124‌

SoftBank

Corp

222,400‌

2,551‌

SoftBank

Group

Corp

79,700‌

3,572‌

Spark

New

Zealand

Ltd

142,851‌

432‌

Swisscom

AG

2,005‌

1,221‌

Tele2

AB

41,364‌

292‌

Telecom

Italia

SpA/Milano

(d),(e)

771,486‌

239‌

Telefonaktiebolaget

LM

Ericsson

(e)

226,725‌

1,164‌

Telefonica

Deutschland

Holding

AG

68,839‌

131‌

Telefonica

SA

400,712‌

1,660‌

Telenor

ASA

54,177‌

580‌

Telia

Co

AB

182,668‌

369‌

Telstra

Group

Ltd

313,115‌

812‌

Vodafone

Group

PLC

1,780,416‌

1,651‌

$

34,241‌

Toys,

Games

&

Hobbies

-

0

.37

%

Bandai

Namco

Holdings

Inc

46,400‌

1,077‌

Nintendo

Co

Ltd

80,400‌

3,447‌

$

4,524‌

Transportation

-

1

.64

%

AP

Moller

-

Maersk

A/S

-

A

235‌

420‌

AP

Moller

-

Maersk

A/S

-

B

376‌

683‌

Aurizon

Holdings

Ltd

142,519‌

336‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

(continued)

Central

Japan

Railway

Co

11,200‌

$

1,436‌

DHL

Group

76,749‌

3,579‌

DSV

A/S

14,413‌

2,737‌

East

Japan

Railway

Co

23,400‌

1,323‌

Getlink

SE

27,679‌

463‌

Hankyu

Hanshin

Holdings

Inc

17,700‌

635‌

Kawasaki

Kisen

Kaisha

Ltd

10,700‌

358‌

Keio

Corp

8,000‌

277‌

Keisei

Electric

Railway

Co

Ltd

10,000‌

383‌

Kintetsu

Group

Holdings

Co

Ltd

14,000‌

443‌

Kuehne

+

Nagel

International

AG

4,207‌

1,264‌

Mitsui

OSK

Lines

Ltd

26,600‌

737‌

MTR

Corp

Ltd

120,500‌

503‌

Nippon

Express

Holdings

Inc

5,600‌

291‌

Nippon

Yusen

KK

37,500‌

998‌

Odakyu

Electric

Railway

Co

Ltd

24,200‌

360‌

Poste

Italiane

SpA

(f)

40,451‌

449‌

SG

Holdings

Co

Ltd

24,800‌

358‌

SITC

International

Holdings

Co

Ltd

104,000‌

194‌

Tobu

Railway

Co

Ltd

14,600‌

400‌

Tokyu

Corp

38,700‌

489‌

West

Japan

Railway

Co

17,000‌

736‌

Yamato

Holdings

Co

Ltd

20,600‌

387‌

$

20,239‌

Water

-

0

.23

%

Severn

Trent

PLC

19,532‌

593‌

United

Utilities

Group

PLC

52,796‌

632‌

Veolia

Environnement

SA

52,620‌

1,642‌

$

2,867‌

TOTAL

COMMON

STOCKS

$

1,178,616‌

PREFERRED

STOCKS

-

0

.47

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0

.32

%

Bayerische

Motoren

Werke

AG

8.52%

4,475‌

$

430‌

Dr

Ing

hc

F

Porsche

AG

1.01%

(f)

8,817‌

972‌

Porsche

Automobil

Holding

SE

2.56%

11,856‌

636‌

Volkswagen

AG

8.76%

15,965‌

1,954‌

$

3,992‌

Consumer

Products

-

0

.08

%

Henkel

AG

&

Co

KGaA

1.85%

13,105‌

1,004‌

Electronics

-

0

.07

%

Sartorius

AG

1.44%

(e)

2,029‌

830‌

TOTAL

PREFERRED

STOCKS

$

5,826‌

Total

Investments

$

1,230,674‌

Other

Assets

and

Liabilities

-  0.16%

1,920‌

TOTAL

NET

ASSETS

-

100.00%

$

1,232,594‌

(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

$5,004

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)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,801

or

0.31%

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

$16,235

or

1.32%

of

net

assets.

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2023

See

accompanying

notes.

166

Portfolio

Summary

Location

Percent

Japan

21

.98‌

%

United

Kingdom

13

.29‌

%

France

11

.41‌

%

Switzerland

10

.42‌

%

Germany

8

.07‌

%

Australia

6

.92‌

%

Netherlands

4

.59‌

%

United

States

3

.75‌

%

Denmark

3

.09‌

%

Sweden

2

.67‌

%

Spain

2

.55‌

%

Hong

Kong

2

.42‌

%

Italy

2

.10‌

%

Singapore

1

.38‌

%

Ireland

1

.18‌

%

Finland

1

.08‌

%

Belgium

0

.77‌

%

Norway

0

.63‌

%

Israel

0

.62‌

%

New

Zealand

0

.25‌

%

Luxembourg

0

.18‌

%

Austria

0

.18‌

%

Portugal

0

.18‌

%

Chile

0

.05‌

%

Macao

0

.05‌

%

Jordan

0

.03‌

%

Other

Assets

and

Liabilities

0

.16‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2022

Purchases

Sales

August

31,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

—‌

$

561,718‌

$

557,108‌

$

4,610‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

29,058‌

213,059‌

242,117‌

—‌

$

29,058‌

$

774,777‌

$

799,225‌

$

4,610‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

181‌

$

—‌

$

—‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

13‌

—‌

—‌

—‌

$

194‌

$

—‌

$

—‌

$

—‌

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

2023

Long

19‌

$

2,004‌

$

(

22‌

)

Total

$

(

22‌

)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

International

Small

Company

Fund

August

31,

2023

See

accompanying

notes.

167

INVESTMENT

COMPANIES

-

2

.58

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2

.58

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.23%

(a),(b)

4,358,689‌

$

4,359‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

(a),(b),(c)

13,893,166‌

13,893‌

$

18,252‌

TOTAL

INVESTMENT

COMPANIES

$

18,252‌

COMMON

STOCKS

-

97

.97

%

Shares

Held

Value

(000's)

Advertising

-

0

.36

%

Stroeer

SE

&

Co

KGaA

55,330‌

$

2,513‌

Aerospace

&

Defense

-

1

.31

%

IHI

Corp

190,800‌

4,749‌

Saab

AB

84,902‌

4,475‌

$

9,224‌

Agriculture

-

0

.41

%

GrainCorp

Ltd

610,236‌

2,874‌

Airlines

-

0

.52

%

JET2

PLC

275,361‌

3,681‌

Apparel

-

0

.69

%

Gildan

Activewear

Inc

122,000‌

3,639‌

Yue

Yuen

Industrial

Holdings

Ltd

971,000‌

1,217‌

$

4,856‌

Automobile

Manufacturers

-

0

.28

%

Mazda

Motor

Corp

191,600‌

1,996‌

Automobile

Parts

&

Equipment

-

2

.35

%

CIE

Automotive

SA

100,386‌

3,053‌

Forvia

SE

(d)

230,096‌

4,877‌

Nifco

Inc/Japan

142,000‌

4,186‌

Toyota

Boshoku

Corp

135,400‌

2,559‌

Yokohama

Rubber

Co

Ltd/The

94,900‌

1,928‌

$

16,603‌

Banks

-

4

.66

%

Banca

Mediolanum

SpA

559,982‌

5,110‌

Banco

de

Sabadell

SA

4,681,106‌

5,414‌

Bank

of

Ireland

Group

PLC

354,617‌

3,531‌

BAWAG

Group

AG

(d),(e)

105,127‌

4,953‌

Chiba

Bank

Ltd/The

637,500‌

4,552‌

Concordia

Financial

Group

Ltd

635,300‌

2,815‌

Mebuki

Financial

Group

Inc

1,318,800‌

3,646‌

Sydbank

AS

61,607‌

2,894‌

$

32,915‌

Beverages

-

0

.57

%

Royal

Unibrew

A/S

45,986‌

4,033‌

Biotechnology

-

0

.47

%

Bavarian

Nordic

A/S

(d)

91,108‌

2,023‌

Immunocore

Holdings

PLC

ADR

(d),(f)

11,998‌

675‌

Olink

Holding

AB

ADR

(d),(f)

39,150‌

647‌

$

3,345‌

Building

Materials

-

1

.83

%

Interfor

Corp

(d)

120,400‌

2,031‌

Stella-Jones

Inc

92,800‌

4,505‌

Sumitomo

Osaka

Cement

Co

Ltd

132,800‌

3,650‌

Wienerberger

AG

100,630‌

2,770‌

$

12,956‌

Chemicals

-

2

.17

%

ADEKA

Corp

163,300‌

3,137‌

Air

Water

Inc

316,400‌

3,980‌

Arkema

SA

21,218‌

2,217‌

Fuso

Chemical

Co

Ltd

33,200‌

973‌

NOF

Corp

111,100‌

5,012‌

$

15,319‌

Commercial

Services

-

4

.32

%

4imprint

Group

PLC

49,321‌

3,182‌

Element

Fleet

Management

Corp

249,600‌

3,837‌

Elis

SA

244,667‌

4,669‌

Loomis

AB

125,859‌

3,336‌

Persol

Holdings

Co

Ltd

206,800‌

3,535‌

QinetiQ

Group

PLC

594,917‌

2,506‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

Securitas

AB

542,678‌

$

4,415‌

Shin

Nippon

Biomedical

Laboratories

Ltd

(f)

177,600‌

2,750‌

Sixt

SE

21,552‌

2,298‌

$

30,528‌

Computers

-

4

.57

%

BIPROGY

Inc

160,400‌

4,151‌

Computacenter

PLC

123,188‌

3,401‌

CyberArk

Software

Ltd

(d)

22,621‌

3,756‌

Ferrotec

Holdings

Corp

164,200‌

3,413‌

GB

Group

PLC

696,023‌

2,004‌

Internet

Initiative

Japan

Inc

227,000‌

3,945‌

Keywords

Studios

PLC

156,870‌

3,027‌

Serco

Group

PLC

2,127,054‌

4,120‌

Sopra

Steria

Group

SACA

20,217‌

4,447‌

$

32,264‌

Cosmetics

&

Personal

Care

-

0

.47

%

Pola

Orbis

Holdings

Inc

259,200‌

3,346‌

Distribution

&

Wholesale

-

2

.40

%

Rexel

SA

203,819‌

4,779‌

Seven

Group

Holdings

Ltd

195,803‌

3,531‌

Sojitz

Corp

247,600‌

5,320‌

Toromont

Industries

Ltd

40,504‌

3,322‌

$

16,952‌

Diversified

Financial

Services

-

1

.68

%

BFF

Bank

SpA

(e)

351,485‌

3,770‌

Credit

Saison

Co

Ltd

311,800‌

4,874‌

Man

Group

PLC/Jersey

1,205,391‌

3,230‌

$

11,874‌

Electric

-

1

.99

%

BKW

AG

25,566‌

4,393‌

Capital

Power

Corp

163,900‌

4,933‌

Sembcorp

Industries

Ltd

1,195,700‌

4,731‌

$

14,057‌

Electrical

Components

&

Equipment

-

0

.37

%

Nexans

SA

31,473‌

2,589‌

Electronics

-

1

.59

%

Comet

Holding

AG

15,218‌

3,902‌

NKT

A/S

(d)

50,247‌

2,720‌

SCREEN

Holdings

Co

Ltd

45,300‌

4,612‌

$

11,234‌

Engineering

&

Construction

-

4

.07

%

Alten

SA

23,107‌

3,283‌

Arcadis

NV

73,907‌

3,459‌

Balfour

Beatty

PLC

734,661‌

3,042‌

INFRONEER

Holdings

Inc

500,500‌

5,227‌

Kajima

Corp

234,100‌

3,910‌

SPIE

SA

157,463‌

4,714‌

Stantec

Inc

76,400‌

5,104‌

$

28,739‌

Entertainment

-

1

.54

%

CTS

Eventim

AG

&

Co

KGaA

56,853‌

3,537‌

Entain

PLC

215,388‌

3,150‌

Sankyo

Co

Ltd

97,000‌

4,224‌

$

10,911‌

Food

-

3

.25

%

AAK

AB

185,751‌

3,444‌

Cranswick

PLC

53,821‌

2,296‌

Empire

Co

Ltd

133,300‌

3,472‌

J

Sainsbury

PLC

751,270‌

2,569‌

Sonae

SGPS

SA

2,794,533‌

2,944‌

Toyo

Suisan

Kaisha

Ltd

127,300‌

5,249‌

Yamazaki

Baking

Co

Ltd

158,700‌

3,008‌

$

22,982‌

Gas

-

0

.67

%

Centrica

PLC

2,480,871‌

4,762‌

Schedule

of

Investments

International

Small

Company

Fund

August

31,

2023

See

accompanying

notes.

168

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Hand

&

Machine

Tools

-

1

.38

%

Amada

Co

Ltd

532,300‌

$

5,634‌

DMG

Mori

Co

Ltd

225,400‌

4,107‌

$

9,741‌

Healthcare

-

Products

-

1

.19

%

ConvaTec

Group

PLC

(e)

1,618,258‌

4,750‌

Tecan

Group

AG

9,212‌

3,673‌

$

8,423‌

Healthcare

-

Services

-

0

.47

%

Amvis

Holdings

Inc

167,700‌

3,345‌

Insurance

-

3

.09

%

ASR

Nederland

NV

120,825‌

5,283‌

Beazley

PLC

598,638‌

4,133‌

Challenger

Ltd

433,686‌

1,901‌

Definity

Financial

Corp

104,300‌

2,870‌

nib

holdings

Ltd/Australia

355,665‌

1,912‌

SCOR

SE

108,282‌

3,367‌

Steadfast

Group

Ltd

649,673‌

2,365‌

$

21,831‌

Internet

-

0

.55

%

Scout24

SE

(e)

56,817‌

3,914‌

Leisure

Products

&

Services

-

1

.16

%

BRP

Inc

55,100‌

4,214‌

Flight

Centre

Travel

Group

Ltd

(f)

289,916‌

3,949‌

$

8,163‌

Lodging

-

0

.97

%

MGM

China

Holdings

Ltd

(d)

2,167,200‌

2,718‌

Whitbread

PLC

94,699‌

4,119‌

$

6,837‌

Machinery

-

Construction

&

Mining

-

0

.67

%

Weir

Group

PLC/The

203,388‌

4,714‌

Machinery

-

Diversified

-

3

.42

%

ANDRITZ

AG

70,545‌

3,747‌

ATS

Corp

(d)

81,000‌

3,634‌

CKD

Corp

18,100‌

250‌

Georg

Fischer

AG

69,158‌

4,469‌

IMI

PLC

239,134‌

4,538‌

KION

Group

AG

15,378‌

614‌

Okuma

Holdings

Inc

81,400‌

3,813‌

Rotork

PLC

821,764‌

3,123‌

$

24,188‌

Media

-

0

.87

%

Nine

Entertainment

Co

Holdings

Ltd

2,135,943‌

2,833‌

Quebecor

Inc

144,300‌

3,299‌

$

6,132‌

Metal

Fabrication

&

Hardware

-

1

.51

%

Hanwa

Co

Ltd

90,300‌

2,873‌

Vallourec

SA

(d)

278,081‌

3,716‌

VAT

Group

AG

(e)

10,152‌

4,057‌

$

10,646‌

Mining

-

4

.18

%

Alamos

Gold

Inc

301,600‌

3,879‌

Allkem

Ltd

(d)

396,459‌

3,580‌

Bellevue

Gold

Ltd

(d)

2,150,122‌

2,339‌

Capstone

Copper

Corp

(d)

469,600‌

2,186‌

De

Grey

Mining

Ltd

(d)

2,757,524‌

2,537‌

Deterra

Royalties

Ltd

952,012‌

2,727‌

ERO

Copper

Corp

(d)

112,300‌

2,323‌

Filo

Corp

(d)

209,600‌

3,300‌

Osisko

Gold

Royalties

Ltd

250,700‌

3,351‌

Sigma

Lithium

Corp

(d)

38,078‌

1,167‌

SSR

Mining

Inc

144,034‌

2,136‌

$

29,525‌

Miscellaneous

Manufacturers

-

2

.24

%

Aalberts

NV

93,526‌

3,885‌

Amano

Corp

108,200‌

2,359‌

Diploma

PLC

112,239‌

4,444‌

Trelleborg

AB

202,352‌

5,137‌

$

15,825‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Office

&

Business

Equipment

-

0

.60

%

Canon

Marketing

Japan

Inc

162,600‌

$

4,266‌

Oil

&

Gas

-

3

.86

%

Ampol

Ltd

182,863‌

4,165‌

ARC

Resources

Ltd

269,900‌

4,117‌

Crescent

Point

Energy

Corp

633,600‌

5,214‌

International

Petroleum

Corp

(d)

160,710‌

1,514‌

Parkland

Corp

107,400‌

2,842‌

Rubis

SCA

86,078‌

2,099‌

Seadrill

Ltd

(d)

49,892‌

2,427‌

Whitecap

Resources

Inc

600,100‌

4,907‌

$

27,285‌

Oil

&

Gas

Services

-

0

.43

%

Technip

Energies

NV

130,288‌

3,015‌

Packaging

&

Containers

-

2

.85

%

DS

Smith

PLC

1,382,808‌

5,459‌

Gerresheimer

AG

17,647‌

2,291‌

Orora

Ltd

1,074,900‌

2,496‌

Rengo

Co

Ltd

412,800‌

2,805‌

SIG

Group

AG

(d)

133,485‌

3,511‌

Verallia

SA

(e)

75,451‌

3,605‌

$

20,167‌

Pharmaceuticals

-

2

.55

%

ALK-Abello

A/S

(d)

195,499‌

2,323‌

Hikma

Pharmaceuticals

PLC

157,835‌

4,360‌

Indivior

PLC

(d)

206,479‌

4,751‌

Rohto

Pharmaceutical

Co

Ltd

117,900‌

3,067‌

Suzuken

Co

Ltd/Aichi

Japan

119,500‌

3,542‌

$

18,043‌

Pipelines

-

0

.48

%

Keyera

Corp

137,200‌

3,389‌

Real

Estate

-

2

.63

%

Daito

Trust

Construction

Co

Ltd

32,200‌

3,551‌

Hang

Lung

Properties

Ltd

1,043,000‌

1,389‌

PSP

Swiss

Property

AG

41,630‌

5,058‌

Sino

Land

Co

Ltd

140,000‌

161‌

TAG

Immobilien

AG

(d)

376,698‌

4,270‌

Tokyu

Fudosan

Holdings

Corp

662,700‌

4,119‌

$

18,548‌

REITs

-

7

.27

%

Aedifica

SA

40,427‌

2,707‌

Canadian

Apartment

Properties

REIT

96,100‌

3,447‌

CapitaLand

Ascendas

REIT

2,458,000‌

5,034‌

Derwent

London

PLC

113,589‌

2,671‌

Granite

Real

Estate

Investment

Trust

59,800‌

3,332‌

HomeCo

Daily

Needs

REIT

2,249,319‌

1,777‌

Invincible

Investment

Corp

8,696‌

3,613‌

Japan

Metropolitan

Fund

Invest

4,688‌

3,148‌

Kenedix

Office

Investment

Corp

1,596‌

3,769‌

Klepierre

SA

127,865‌

3,377‌

Mirvac

Group

2,459,250‌

3,834‌

Mitsui

Fudosan

Logistics

Park

Inc

1,312‌

4,465‌

Safestore

Holdings

PLC

267,110‌

2,920‌

Tritax

Big

Box

REIT

PLC

2,282,765‌

4,077‌

Warehouses

De

Pauw

CVA

112,555‌

3,217‌

$

51,388‌

Retail

-

6

.00

%

ABC-Mart

Inc

(f)

218,400‌

3,973‌

B&M

European

Value

Retail

SA

522,020‌

3,815‌

Eagers

Automotive

Ltd

340,036‌

3,509‌

H2O

Retailing

Corp

408,300‌

4,914‌

J

Front

Retailing

Co

Ltd

(f)

410,900‌

4,327‌

JD

Sports

Fashion

PLC

2,583,017‌

4,741‌

KOMEDA

Holdings

Co

Ltd

168,900‌

3,310‌

Man

Wah

Holdings

Ltd

2,117,600‌

1,539‌

MatsukiyoCocokara

&

Co

57,700‌

3,397‌

Monogatari

Corp/The

142,200‌

4,646‌

Shimamura

Co

Ltd

24,300‌

2,505‌

Schedule

of

Investments

International

Small

Company

Fund

August

31,

2023

See

accompanying

notes.

169

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Super

Retail

Group

Ltd

203,967‌

$

1,708‌

$

42,384‌

Semiconductors

-

2

.29

%

BE

Semiconductor

Industries

NV

17,589‌

2,019‌

Nova

Ltd

(d)

38,093‌

4,912‌

Socionext

Inc

32,200‌

3,984‌

SOITEC

(d)

28,591‌

5,226‌

$

16,141‌

Software

-

2

.64

%

CompuGroup

Medical

SE

&

Co

KgaA

67,710‌

3,164‌

Descartes

Systems

Group

Inc/The

(d)

52,000‌

3,899‌

Pro

Medicus

Ltd

74,701‌

3,536‌

Sega

Sammy

Holdings

Inc

217,900‌

4,349‌

TIS

Inc

155,700‌

3,671‌

$

18,619‌

Telecommunications

-

0

.42

%

Bezeq

The

Israeli

Telecommunication

Corp

Ltd

2,171,484‌

2,939‌

Transportation

-

1

.71

%

Iino

Kaiun

Kaisha

Ltd

113,000‌

809‌

Kamigumi

Co

Ltd

195,100‌

4,394‌

Sankyu

Inc

109,400‌

3,814‌

TFI

International

Inc

22,680‌

3,091‌

$

12,108‌

TOTAL

COMMON

STOCKS

$

692,129‌

Total

Investments

$

710,381‌

Other

Assets

and

Liabilities

-  (0.55)%

(

3,874‌

)

TOTAL

NET

ASSETS

-

100.00%

$

706,507‌

(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

$11,229

or

1.59%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$25,049

or

3.55%

of

net

assets.

(f)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$10,485

or

1.48%

of

net

assets.

Portfolio

Summary

Location

Percent

Japan

29

.35‌

%

United

Kingdom

13

.67‌

%

Canada

13

.55‌

%

France

7

.95‌

%

Australia

7

.30‌

%

Switzerland

4

.11‌

%

Germany

3

.21‌

%

Sweden

3

.05‌

%

United

States

2

.88‌

%

Netherlands

2

.08‌

%

Denmark

1

.99‌

%

Israel

1

.65‌

%

Austria

1

.62‌

%

Singapore

1

.38‌

%

Italy

1

.25‌

%

Spain

1

.20‌

%

Ireland

0

.93‌

%

Belgium

0

.84‌

%

Jordan

0

.62‌

%

Hong

Kong

0

.61‌

%

Portugal

0

.42‌

%

Macao

0

.39‌

%

Bermuda

0

.34‌

%

Brazil

0

.16‌

%

Other

Assets

and

Liabilities

(

0

.55‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2022

Purchases

Sales

August

31,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

—‌

$

277,253‌

$

263,360‌

$

13,893‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

31,174‌

92,626‌

123,800‌

—‌

$

31,174‌

$

369,879‌

$

387,160‌

$

13,893‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

268‌

$

—‌

$

—‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

95‌

—‌

—‌

—‌

$

363‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Opportunistic

Municipal

Fund

August

31,

2023

See

accompanying

notes.

170

INVESTMENT

COMPANIES

-

0.14%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.14%

iShares

Short-Term

National

Muni

Bond

ETF

1,000‌

$

104‌

JPMorgan

Ultra-Short

Municipal

Income

ETF

6‌

—‌

SPDR

Nuveen

Bloomberg

High

Yield

Municipal

Bond

ETF

1,678‌

42‌

VanEck

High

Yield

Muni

ETF

341‌

17‌

VanEck

Short

High

Yield

Muni

ETF

1,000‌

22‌

$

185‌

TOTAL

INVESTMENT

COMPANIES

$

185‌

MUNICIPAL

BONDS

-

104.94%

Principal

Amount

(000's)

Value

(000's)

Alabama

-

3.68%

Lower

Alabama

Gas

District/The

5.00%,

09/01/2034

$

1,700‌

$

1,750‌

5.00%,

09/01/2046

1,475‌

1,507‌

Tuscaloosa

County

Industrial

Development

Authority

4.50%,

05/01/2032

(a)

874‌

817‌

5.25%,

05/01/2044

(a)

1,003‌

908‌

$

4,982‌

Arizona

-

4.02%

Arizona

Industrial

Development

Authority

7.25%,

01/01/2054

(a)

1,000‌

492‌

Maricopa

County

Industrial

Development

Authority

4.00%,

10/15/2047

(a)

1,000‌

832‌

Navajo

Nation

5.50%,

12/01/2030

(a)

2,500‌

2,567‌

Salt

Verde

Financial

Corp

5.00%,

12/01/2032

1,500‌

1,558‌

$

5,449‌

Arkansas

-

2.94%

Arkansas

Development

Finance

Authority

4.75%,

09/01/2049

(a)

1,000‌

961‌

5.45%,

09/01/2052

1,000‌

972‌

6.88%,

07/01/2048

(a)

2,000‌

2,043‌

$

3,976‌

California

-

9.39%

Alameda

Corridor

Transportation

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

10/01/2052

(b)

1,000‌

1,059‌

Bay

Area

Toll

Authority

2.60%,

04/01/2056

245‌

158‌

California

Educational

Facilities

Authority

5.00%,

05/01/2045

1,000‌

1,138‌

California

Infrastructure

&

Economic

Development

Bank

0.00%,

01/01/2050

(a),(c),(d)

2,000‌

2,000‌

California

Municipal

Finance

Authority

4.00%,

07/15/2029

1,000‌

986‌

California

Pollution

Control

Financing

Authority

5.00%,

07/01/2038

(a)

1,115‌

1,145‌

5.00%,

07/01/2039

(a)

1,250‌

1,267‌

California

Statewide

Communities

Development

Authority

5.25%,

12/01/2048

(a)

1,000‌

984‌

California

Statewide

Financing

Authority

6.00%,

05/01/2043

1,000‌

1,016‌

City

of

Los

Angeles

Department

of

Airports

5.00%,

05/15/2035

80‌

88‌

5.00%,

05/15/2037

(e)

1,421‌

1,518‌

Golden

State

Tobacco

Securitization

Corp

5.00%,

06/01/2051

1,000‌

1,038‌

La

Verne

Public

Financing

Authority

7.25%,

09/01/2026

310‌

311‌

$

12,708‌

Colorado

-

3.87%

Creekside

Village

Metropolitan

District

5.00%,

12/01/2039

1,255‌

1,183‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Colorado

(continued)

Eagle

County

Airport

Terminal

Corp

5.00%,

05/01/2037

$

1,000‌

$

1,003‌

Elbert

County

Independence

Water

&

Sanitation

District

7.25%,

12/01/2038

1,000‌

988‌

Painted

Prairie

Public

Improvement

Authority

5.00%,

12/01/2049

500‌

440‌

Pueblo

Urban

Renewal

Authority

4.75%,

12/01/2045

(a)

1,000‌

680‌

Regional

Transportation

District

4.00%,

07/15/2040

1,000‌

949‌

$

5,243‌

Connecticut

-

1.33%

Mohegan

Tribal

Finance

Authority

7.00%,

02/01/2045

(a)

1,800‌

1,797‌

Florida

-

7.19%

Florida

Development

Finance

Corp

5.25%,

08/01/2029

(a)

2,500‌

2,390‌

6.13%,

07/01/2032

(a),(d)

2,000‌

2,005‌

7.38%,

01/01/2049

(a)

1,000‌

1,000‌

Greater

Orlando

Aviation

Authority

5.00%,

10/01/2047

(e)

3,000‌

3,023‌

Ocean

Highway

&

Port

Authority

5.50%,

12/01/2049

(a)

1,500‌

1,152‌

Orange

County

Housing

Finance

Authority

7.00%,

10/01/2025

165‌

165‌

$

9,735‌

Georgia

-

1.20%

George

L

Smith

II

Congress

Center

Authority

5.00%,

01/01/2054

(a)

2,000‌

1,627‌

Illinois

-

10.48%

Chicago

O'Hare

International

Airport

5.50%,

01/01/2055

1,000‌

1,050‌

City

of

Chicago

IL

6.00%,

01/01/2038

1,900‌

2,002‌

7.46%,

02/15/2026

1,316‌

961‌

City

of

Chicago

IL

Wastewater

Transmission

Revenue

5.00%,

01/01/2031

760‌

769‌

5.00%,

01/01/2039

1,200‌

1,206‌

Illinois

State

Toll

Highway

Authority

5.00%,

01/01/2040

(e)

5,000‌

5,096‌

Metropolitan

Pier

&

Exposition

Authority

5.00%,

06/15/2050

1,000‌

1,003‌

Metropolitan

Pier

&

Exposition

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp

)

5.50%,

06/15/2029

(b)

1,000‌

1,036‌

State

of

Illinois

5.50%,

05/01/2047

1,000‌

1,073‌

$

14,196‌

Indiana

-

0.60%

City

of

Whiting

IN

4.40%,

11/01/2045

(d)

500‌

505‌

Town

of

Shoals

IN

7.25%,

11/01/2043

300‌

301‌

$

806‌

Iowa

-

1.11%

Iowa

Finance

Authority

5.00%,

12/01/2050

(d)

1,500‌

1,505‌

Kentucky

-

0.70%

City

of

Henderson

KY

4.45%,

01/01/2042

(a)

1,000‌

947‌

Schedule

of

Investments

Opportunistic

Municipal

Fund

August

31,

2023

See

accompanying

notes.

171

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Louisiana

-

4.95%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

3.50%,

11/01/2032

$

1,000‌

$

941‌

4.40%,

11/01/2044

(a)

905‌

843‌

5.50%,

11/01/2039

(a)

700‌

727‌

5.65%,

11/01/2037

(a)

900‌

940‌

Louisiana

Public

Facilities

Authority

0.00%,

07/01/2039

(c)

278‌

—‌

Parish

of

St

James

LA

6.35%,

10/01/2040

(a)

3,000‌

3,256‌

$

6,707‌

Maine

-

1.70%

Finance

Authority

of

Maine

5.25%,

01/01/2025

(a)

1,000‌

1,006‌

8.00%,

12/01/2051

(a)

2,000‌

1,297‌

$

2,303‌

Maryland

-

0.73%

City

of

Westminster

MD

6.25%,

07/01/2044

600‌

603‌

Maryland

Stadium

Authority

(credit

support

from

State

Intercept

Program

)

0.00%,

05/01/2051

(b),(c)

1,500‌

382‌

$

985‌

Massachusetts

-

1.85%

Massachusetts

Development

Finance

Agency

5.00%,

07/15/2040

1,300‌

1,474‌

5.25%,

07/01/2048

1,000‌

1,031‌

$

2,505‌

Michigan

-

2.01%

City

of

Detroit

MI

5.00%,

04/01/2046

1,000‌

978‌

Michigan

Strategic

Fund

5.00%,

11/15/2042

1,000‌

890‌

5.00%,

11/15/2049

1,000‌

856‌

$

2,724‌

Missouri

-

0.74%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

5.00%,

02/01/2034

1,000‌

1,001‌

Montana

-

1.96%

City

of

Kalispell

MT

5.25%,

05/15/2037

1,400‌

1,235‌

County

of

Gallatin

MT

4.00%,

10/15/2051

(a)

2,000‌

1,414‌

$

2,649‌

Nevada

-

2.82%

Las

Vegas

Convention

&

Visitors

Authority

5.00%,

07/01/2043

(e)

2,000‌

2,065‌

5.00%,

07/01/2049

1,000‌

1,047‌

State

of

Nevada

Department

of

Business

&

Industry

5.13%,

12/15/2037

(a)

901‌

702‌

$

3,814‌

New

Hampshire

-

2.11%

New

Hampshire

Business

Finance

Authority

2.95%,

04/01/2029

(a),(d)

1,000‌

899‌

4.38%,

09/20/2036

985‌

953‌

New

Hampshire

Health

and

Education

Facilities

Authority

Act

5.00%,

08/01/2059

1,000‌

1,001‌

$

2,853‌

New

Jersey

-

3.94%

Casino

Reinvestment

Development

Authority

Inc

5.25%,

11/01/2039

250‌

251‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

New

Jersey

(continued)

New

Jersey

Economic

Development

Authority

5.00%,

06/15/2047

$

500‌

$

510‌

5.25%,

06/15/2040

55‌

57‌

5.25%,

06/15/2040

945‌

980‌

5.75%,

09/15/2027

500‌

500‌

New

Jersey

Transportation

Trust

Fund

Authority

5.25%,

06/15/2032

2,000‌

2,035‌

South

Jersey

Port

Corp

5.00%,

01/01/2042

1,000‌

1,004‌

$

5,337‌

New

York

-

7.67%

New

York

Liberty

Development

Corp

5.25%,

10/01/2035

300‌

336‌

New

York

State

Energy

Research

&

Development

Authority

4.00%,

04/01/2034

1,000‌

990‌

New

York

State

Environmental

Facilities

Corp

5.12%,

09/01/2050

(a),(d)

1,000‌

999‌

New

York

State

Thruway

Authority

5.25%,

01/01/2056

1,000‌

1,024‌

New

York

Transportation

Development

Corp

3.00%,

08/01/2031

1,000‌

885‌

4.00%,

10/31/2041

1,000‌

877‌

4.00%,

12/01/2041

1,250‌

1,164‌

5.00%,

01/01/2034

1,000‌

1,027‌

5.38%,

08/01/2036

1,000‌

1,018‌

Western

Regional

Off-Track

Betting

Corp

3.00%,

12/01/2026

(a)

1,035‌

956‌

4.13%,

12/01/2041

(a)

1,500‌

1,111‌

$

10,387‌

Ohio

-

4.34%

Buckeye

Tobacco

Settlement

Financing

Authority

5.00%,

06/01/2055

3,300‌

3,017‌

Cleveland-Cuyahoga

County

Port

Authority

4.00%,

12/01/2055

(a)

1,000‌

828‌

4.50%,

12/01/2055

(a)

1,300‌

1,115‌

Ohio

Air

Quality

Development

Authority

4.50%,

01/15/2048

(a)

1,000‌

923‌

$

5,883‌

Oklahoma

-

0.71%

Tulsa

County

Industrial

Authority

5.25%,

11/15/2045

1,000‌

962‌

Oregon

-

0.00%

Oregon

State

Business

Development

Commission

0.00%,

04/01/2031

(a),(c)

1,000‌

5‌

Other

Territory

-

2.36%

JPMorgan

Chase

Putters/Drivers

Trust

4.70%,

03/20/2024

(a),(d)

2,600‌

2,600‌

4.70%,

03/20/2024

(a),(d)

500‌

500‌

4.70%,

07/28/2025

(a),(d)

100‌

100‌

$

3,200‌

Pennsylvania

-

2.79%

Allentown

Neighborhood

Improvement

Zone

Development

Authority

5.00%,

05/01/2042

1,000‌

983‌

Lancaster

County

Hospital

Authority/PA

5.00%,

07/01/2045

1,000‌

895‌

Pennsylvania

Economic

Development

Financing

Authority

4.00%,

05/15/2048

1,000‌

903‌

5.50%,

11/01/2044

1,000‌

1,002‌

$

3,783‌

Puerto

Rico

-

1.83%

Commonwealth

of

Puerto

Rico

0.00%,

07/01/2024

(c)

17‌

16‌

0.00%,

07/01/2033

(c)

133‌

81‌

0.00%,

11/01/2043

(c),(d)

488‌

251‌

Schedule

of

Investments

Opportunistic

Municipal

Fund

August

31,

2023

See

accompanying

notes.

172

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Puerto

Rico

(continued)

Commonwealth

of

Puerto

Rico  

(continued)

4.00%,

07/01/2033

$

1,500‌

$

1,402‌

4.00%,

07/01/2037

80‌

72‌

4.00%,

07/01/2041

108‌

93‌

4.00%,

07/01/2046

113‌

93‌

5.38%,

07/01/2025

115‌

117‌

5.63%,

07/01/2027

114‌

119‌

5.63%,

07/01/2029

112‌

119‌

5.75%,

07/01/2031

109‌

118‌

$

2,481‌

South

Carolina

-

1.99%

South

Carolina

Jobs-Economic

Development

Authority

5.25%,

11/15/2052

500‌

444‌

6.25%,

06/01/2040

(a)

1,000‌

776‌

6.50%,

06/01/2051

(a)

2,000‌

1,473‌

$

2,693‌

South

Dakota

-

0.36%

Oglala

Sioux

Tribe

5.75%,

10/01/2025

(a)

500‌

485‌

Tennessee

-

2.67%

Chattanooga

Health

Educational

&

Housing

Facility

Board

5.00%,

10/01/2028

1,050‌

1,069‌

5.00%,

10/01/2035

500‌

506‌

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

4.00%,

06/01/2051

(a)

1,600‌

1,280‌

Nashville

Metropolitan

Development

&

Housing

Agency

5.13%,

06/01/2036

(a)

750‌

755‌

$

3,610‌

Texas

-

5.38%

City

of

Houston

TX

Airport

System

Revenue

4.00%,

07/15/2041

1,500‌

1,322‌

North

Texas

Tollway

Authority

5.00%,

01/01/2045

615‌

617‌

5.00%,

01/01/2048

500‌

509‌

Port

Beaumont

Navigation

District

3.63%,

01/01/2035

(a)

2,000‌

1,578‌

4.00%,

01/01/2050

(a)

3,000‌

2,095‌

Texas

Municipal

Gas

Acquisition

and

Supply

Corp

I

6.25%,

12/15/2026

835‌

864‌

Texas

Private

Activity

Bond

Surface

Transportation

Corp

7.00%,

12/31/2038

300‌

301‌

$

7,286‌

Utah

-

0.94%

Utah

Infrastructure

Agency

5.25%,

10/15/2033

1,250‌

1,277‌

Virgin

Islands

-

0.73%

Matching

Fund

Special

Purpose

Securitization

Corp

5.00%,

10/01/2039

1,000‌

991‌

Virginia

-

0.54%

Virginia

Small

Business

Financing

Authority

4.00%,

01/01/2039

800‌

729‌

Washington

-

0.07%

Washington

State

Housing

Finance

Commission

3.50%,

12/20/2035

97‌

88‌

Wisconsin

-

3.24%

Public

Finance

Authority

4.00%,

03/31/2056

1,165‌

901‌

5.00%,

01/01/2024

755‌

757‌

5.00%,

12/01/2025

1,200‌

1,217‌

5.00%,

09/01/2039

(a)

1,000‌

916‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Wisconsin

(continued)

Wisconsin

Health

&

Educational

Facilities

Authority

6.50%,

07/01/2033

$

300‌

$

240‌

7.00%,

07/01/2043

500‌

358‌

$

4,389‌

TOTAL

MUNICIPAL

BONDS

$

142,098‌

Total

Investments

$

142,283‌

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(5.38)%

Notes

with

interest

rates

of

4.11%

-

4.38%

at

August

31,

2023

and

contractual

maturity

of

collateral

from

2024-2029.

(f)

$

(7,283‌)

(7,283‌)

Total

Net

Investments

$

135,000‌

Other

Assets

and

Liabilities

-  0.30%

410‌

TOTAL

NET

ASSETS

-

100.00%

$

135,410‌

(a)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$55,193

or

40.76%

of

net

assets.

(b)

Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(c)

Non-income

producing

security

(d)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(e)

Security

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

fund.

(f)

Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

August

31,

2023.

Portfolio

Summary

Sector

Percent

Revenue

Bonds

90.98‌%

General

Obligation

Unlimited

4.64‌%

Tax

Allocation

2.49‌%

Prerefunded

1.94‌%

Insured

1.82‌%

Special

Assessment

0.95‌%

General

Obligation

Limited

0.87‌%

Certificate

Participation

0.71‌%

Special

Tax

0.36‌%

Notes

0.18‌%

Exchange-Traded

Funds

0.14‌%

Liability

For

Floating

Rate

Notes

Issued

(5.38‌)%

Other

Assets

and

Liabilities

0.30‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Origin

Emerging

Markets

Fund

August

31,

2023

See

accompanying

notes.

173

INVESTMENT

COMPANIES

-

1

.35

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1

.35

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.23%

(a),(b)

2,590,424‌

$

2,590‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

(a),(b),(c)

32,836,076‌

32,836‌

$

35,426‌

TOTAL

INVESTMENT

COMPANIES

$

35,426‌

COMMON

STOCKS

-

99

.11

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

1

.48

%

Bharat

Electronics

Ltd

24,207,400‌

$

38,892‌

Agriculture

-

0

.88

%

ITC

Ltd

4,369,000‌

23,192‌

Airlines

-

2

.35

%

Juneyao

Airlines

Co

Ltd

(d)

2,648,000‌

5,771‌

Pegasus

Hava

Tasimaciligi

AS

(d)

547,000‌

17,895‌

Turk

Hava

Yollari

AO

(d)

4,167,000‌

38,173‌

$

61,839‌

Apparel

-

0

.58

%

Makalot

Industrial

Co

Ltd

1,457,000‌

15,284‌

Automobile

Manufacturers

-

3

.72

%

BYD

Co

Ltd

402,000‌

12,627‌

Hyundai

Motor

Co

205,000‌

29,291‌

Kia

Corp

675,000‌

40,915‌

Tata

Motors

Ltd

2,097,000‌

15,205‌

$

98,038‌

Automobile

Parts

&

Equipment

-

1

.21

%

Hyundai

Mobis

Co

Ltd

81,000‌

14,142‌

LG

Energy

Solution

Ltd

(d)

43,000‌

17,673‌

$

31,815‌

Banks

-

21

.38

%

Agricultural

Bank

of

China

Ltd

38,328,000‌

13,137‌

Axis

Bank

Ltd

1,891,000‌

22,217‌

Banco

de

Chile

18,845,762‌

2,056‌

Banco

do

Brasil

SA

6,880,000‌

65,868‌

Bangkok

Bank

PCL

3,929,000‌

19,008‌

Bank

Mandiri

Persero

Tbk

PT

52,800,000‌

20,879‌

Bank

of

China

Ltd

52,411,402‌

17,763‌

Bank

of

Jiangsu

Co

Ltd

10,088,000‌

9,890‌

Bank

Rakyat

Indonesia

Persero

Tbk

PT

77,924,000‌

28,387‌

Canara

Bank

2,042,000‌

7,893‌

China

Construction

Bank

Corp

37,810,000‌

20,230‌

FirstRand

Ltd

6,628,500‌

25,754‌

Grupo

Financiero

Banorte

SAB

de

CV

4,856,537‌

41,224‌

Hana

Financial

Group

Inc

376,800‌

11,260‌

HDFC

Bank

Ltd

2,498,680‌

47,315‌

ICICI

Bank

Ltd

6,161,000‌

71,122‌

IndusInd

Bank

Ltd

829,000‌

13,785‌

Krung

Thai

Bank

PCL

25,566,000‌

14,084‌

Nedbank

Group

Ltd

1,004,100‌

11,494‌

PT

Bank

Central

Asia

Tbk

23,097,000‌

13,904‌

Sberbank

of

Russia

PJSC

ADR

(d)

3,419,500‌

—‌

SCB

X

PCL

4,976,000‌

16,689‌

Standard

Bank

Group

Ltd

1,080,000‌

11,027‌

State

Bank

of

India

7,353,000‌

49,798‌

Woori

Financial

Group

Inc

897,500‌

8,074‌

$

562,858‌

Beverages

-

1

.58

%

Ambev

SA

6,907,900‌

19,278‌

Jiangsu

King's

Luck

Brewery

JSC

Ltd

1,325,985‌

10,912‌

Luzhou

Laojiao

Co

Ltd

355,000‌

11,337‌

$

41,527‌

Chemicals

-

0

.73

%

Coromandel

International

Ltd

1,465,600‌

19,304‌

Commercial

Services

-

0

.23

%

Cielo

SA

8,045,000‌

6,076‌

Computers

-

1

.21

%

Asia

Vital

Components

Co

Ltd

1,857,000‌

19,427‌

Wiwynn

Corp

257,000‌

12,525‌

$

31,952‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Diversified

Financial

Services

-

2

.50

%

Banco

BTG

Pactual

SA

4,149,000‌

$

27,205‌

Chailease

Holding

Co

Ltd

63,722‌

355‌

Fubon

Financial

Holding

Co

Ltd

11,548,227‌

23,029‌

KB

Financial

Group

Inc

374,700‌

15,264‌

$

65,853‌

Electric

-

0

.66

%

Shenzhen

Envicool

Technology

Co

Ltd

4,643,395‌

17,475‌

Electrical

Components

&

Equipment

-

2

.34

%

Delta

Electronics

Inc

3,502,000‌

37,846‌

Ecopro

BM

Co

Ltd

52,344‌

12,818‌

L&F

Co

Ltd

68,000‌

11,033‌

$

61,697‌

Electronics

-

0

.95

%

Gold

Circuit

Electronics

Ltd

2,334,000‌

15,702‌

Micro-Star

International

Co

Ltd

1,887,000‌

9,436‌

$

25,138‌

Engineering

&

Construction

-

1

.59

%

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

390,000‌

7,131‌

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

248,000‌

6,751‌

Samsung

Engineering

Co

Ltd

(d)

450,000‌

11,560‌

Sichuan

Road

and

Bridge

Group

Co

Ltd

13,340,524‌

16,313‌

$

41,755‌

Entertainment

-

2

.38

%

JYP

Entertainment

Corp

288,000‌

24,425‌

SM

Entertainment

Co

Ltd

186,000‌

19,329‌

YG

Entertainment

Inc

305,000‌

18,790‌

$

62,544‌

Food

-

3

.02

%

Bid

Corp

Ltd

503,000‌

11,294‌

BIM

Birlesik

Magazalar

AS

1,808,000‌

17,066‌

Dino

Polska

SA

(d),(e)

511,817‌

46,935‌

Yankershop

Food

Co

Ltd

413,472‌

4,330‌

$

79,625‌

Gas

-

0

.53

%

ENN

Natural

Gas

Co

Ltd

5,792,300‌

13,875‌

Healthcare

-

Products

-

1

.09

%

APT

Medical

Inc

129,000‌

6,362‌

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

2,921,970‌

13,587‌

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

1,032,908‌

8,631‌

$

28,580‌

Home

Furnishings

-

1

.74

%

Bear

Electric

Appliance

Co

Ltd

681,000‌

5,583‌

Hisense

Visual

Technology

Co

Ltd

4,573,997‌

13,148‌

LG

Electronics

Inc

321,000‌

23,889‌

Ningbo

Deye

Technology

Co

Ltd

253,029‌

3,206‌

$

45,826‌

Insurance

-

2

.86

%

BB

Seguridade

Participacoes

SA

3,892,000‌

23,948‌

China

Pacific

Insurance

Group

Co

Ltd

4,767,000‌

10,902‌

People's

Insurance

Co

Group

of

China

Ltd/The

22,597,000‌

7,692‌

PICC

Property

&

Casualty

Co

Ltd

11,992,000‌

13,790‌

Ping

An

Insurance

Group

Co

of

China

Ltd

3,161,000‌

18,925‌

$

75,257‌

Internet

-

13

.72

%

Alibaba

Group

Holding

Ltd

ADR

(d)

595,400‌

55,313‌

Alibaba

Group

Holding

Ltd

(d)

1,867,000‌

21,669‌

Baidu

Inc

(d)

684,000‌

12,216‌

Meituan

(d),(e)

1,414,228‌

23,404‌

PDD

Holdings

Inc

ADR

(d)

435,076‌

43,059‌

Tencent

Holdings

Ltd

3,196,282‌

132,455‌

Tencent

Music

Entertainment

Group

ADR

(d)

2,930,000‌

19,983‌

Trip.com

Group

Ltd

ADR

(d)

434,000‌

17,060‌

Vipshop

Holdings

Ltd

ADR

(d)

2,287,000‌

36,112‌

$

361,271‌

Iron

&

Steel

-

0

.68

%

Vale

SA

1,347,900‌

17,793‌

Schedule

of

Investments

Origin

Emerging

Markets

Fund

August

31,

2023

See

accompanying

notes.

174

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Leisure

Products

&

Services

-

0

.84

%

Shanghai

Yaoji

Technology

Co

Ltd

3,814,964‌

$

16,147‌

Yadea

Group

Holdings

Ltd

(e)

3,125,109‌

6,009‌

$

22,156‌

Lodging

-

0

.93

%

Galaxy

Entertainment

Group

Ltd

(d)

1,815,000‌

11,997‌

Sands

China

Ltd

(d)

3,657,000‌

12,370‌

$

24,367‌

Machinery

-

Construction

&

Mining

-

0

.64

%

Doosan

Bobcat

Inc

257,000‌

10,443‌

Zhejiang

Dingli

Machinery

Co

Ltd

874,905‌

6,390‌

$

16,833‌

Machinery

-

Diversified

-

0

.47

%

WEG

SA

1,726,000‌

12,474‌

Mining

-

1

.59

%

Anji

Microelectronics

Technology

Shanghai

Co

Ltd

408,200‌

8,777‌

Gold

Fields

Ltd

498,000‌

6,371‌

Grupo

Mexico

SAB

de

CV

4,039,000‌

19,306‌

MMC

Norilsk

Nickel

PJSC

(d)

67,134‌

—‌

Zijin

Mining

Group

Co

Ltd

4,710,000‌

7,378‌

$

41,832‌

Oil

&

Gas

-

3

.45

%

China

Petroleum

&

Chemical

Corp

13,272,000‌

7,760‌

Gazprom

PJSC

4,086,000‌

—‌

LUKOIL

PJSC

338,000‌

—‌

Novatek

PJSC

1,026,000‌

—‌

PetroChina

Co

Ltd

40,091,200‌

28,920‌

PRIO

SA/Brazil

(d)

4,315,000‌

40,666‌

Reliance

Industries

Ltd

461,000‌

13,393‌

$

90,739‌

Pharmaceuticals

-

1

.99

%

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

1,925,972‌

12,604‌

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

2,642,000‌

9,514‌

Jianmin

Pharmaceutical

Group

Co

Ltd

1,349,915‌

12,224‌

Lotus

Pharmaceutical

Co

Ltd

(d)

2,272,000‌

18,009‌

$

52,351‌

Retail

-

0

.90

%

HLA

Group

Corp

Ltd

8,880,000‌

9,206‌

Wal-Mart

de

Mexico

SAB

de

CV

3,659,000‌

14,425‌

$

23,631‌

Semiconductors

-

13

.03

%

Global

Unichip

Corp

386,000‌

17,568‌

Novatek

Microelectronics

Corp

2,028,000‌

25,352‌

Samsung

Electronics

Co

Ltd

1,738,949‌

87,949‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

10,350,756‌

177,857‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

232,717‌

21,775‌

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

1,632,765‌

12,640‌

$

343,141‌

Software

-

4

.87

%

HCL

Technologies

Ltd

3,582,200‌

50,676‌

Hundsun

Technologies

Inc

2,899,919‌

14,347‌

Kingnet

Network

Co

Ltd

(d)

4,607,000‌

9,584‌

NetEase

Inc

2,281,000‌

47,257‌

TOTVS

SA

1,149,000‌

6,399‌

$

128,263‌

Telecommunications

-

0

.75

%

Accton

Technology

Corp

1,319,000‌

19,672‌

Transportation

-

0

.24

%

Jiayou

International

Logistics

Co

Ltd

2,545,200‌

6,310‌

TOTAL

COMMON

STOCKS

$

2,609,235‌

Total

Investments

$

2,644,661‌

Other

Assets

and

Liabilities

-  (0.46)%

(

12,008‌

)

TOTAL

NET

ASSETS

-

100.00%

$

2,632,653‌

(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

$6,680

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

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

$76,348

or

2.90%

of

net

assets.

Portfolio

Summary

Location

Percent

China

29

.98‌

%

Taiwan

15

.71‌

%

India

14

.15‌

%

Korea,

Republic

Of

13

.56‌

%

Brazil

8

.33‌

%

Mexico

3

.38‌

%

Turkey

2

.78‌

%

South

Africa

2

.51‌

%

Indonesia

2

.40‌

%

Thailand

1

.88‌

%

Poland

1

.78‌

%

Ireland

1

.64‌

%

United

States

1

.35‌

%

Macao

0

.47‌

%

Hong

Kong

0

.46‌

%

Chile

0

.08‌

%

Russian

Federation

0

.00‌

%

Other

Assets

and

Liabilities

(

0

.46‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Origin

Emerging

Markets

Fund

August

31,

2023

See

accompanying

notes.

175

Affiliated

Securities

August

31,

2022

Purchases

Sales

August

31,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

—‌

$

1,155,706‌

$

1,122,870‌

$

32,836‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

77,330‌

488,140‌

565,470‌

—‌

$

77,330‌

$

1,643,846‌

$

1,688,340‌

$

32,836‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

1,871‌

$

—‌

$

—‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

387‌

—‌

—‌

—‌

$

2,258‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Small-MidCap

Dividend

Income

Fund

August

31,

2023

See

accompanying

notes.

176

INVESTMENT

COMPANIES

-

1

.08

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1

.08

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

(a),(b)

13,928,354‌

$

13,928‌

TOTAL

INVESTMENT

COMPANIES

$

13,928‌

COMMON

STOCKS

-

98

.84

%

Shares

Held

Value

(000's)

Advertising

-

1

.86

%

Interpublic

Group

of

Cos

Inc/The

731,729‌

$

23,862‌

Automobile

Parts

&

Equipment

-

1

.60

%

Linamar

Corp

391,757‌

20,559‌

Banks

-

9

.09

%

Bank

OZK

718,580‌

28,865‌

Cathay

General

Bancorp

541,145‌

19,281‌

Cullen/Frost

Bankers

Inc

240,936‌

22,776‌

East

West

Bancorp

Inc

517,368‌

28,631‌

ServisFirst

Bancshares

Inc

309,042‌

17,319‌

$

116,872‌

Chemicals

-

3

.59

%

HB

Fuller

Co

168,624‌

12,231‌

Huntsman

Corp

570,652‌

15,904‌

RPM

International

Inc

180,672‌

18,020‌

$

46,155‌

Commercial

Services

-

0

.64

%

Morningstar

Inc

35,261‌

8,204‌

Computers

-

3

.87

%

Amdocs

Ltd

320,246‌

28,566‌

Crane

NXT

Co

97,292‌

5,775‌

Leidos

Holdings

Inc

158,229‌

15,429‌

$

49,770‌

Consumer

Products

-

2

.35

%

Avery

Dennison

Corp

117,092‌

22,058‌

WD-40

Co

38,006‌

8,166‌

$

30,224‌

Diversified

Financial

Services

-

5

.57

%

Federal

Agricultural

Mortgage

Corp

145,621‌

24,511‌

Hamilton

Lane

Inc

274,514‌

25,472‌

Raymond

James

Financial

Inc

206,368‌

21,584‌

$

71,567‌

Electric

-

2

.70

%

Alliant

Energy

Corp

361,466‌

18,135‌

IDACORP

Inc

173,584‌

16,636‌

$

34,771‌

Electrical

Components

&

Equipment

-

2

.24

%

Energizer

Holdings

Inc

240,112‌

8,248‌

Littelfuse

Inc

76,928‌

20,546‌

$

28,794‌

Electronics

-

4

.17

%

Hubbell

Inc

67,803‌

22,107‌

Mesa

Laboratories

Inc

49,355‌

7,076‌

nVent

Electric

PLC

432,075‌

24,429‌

$

53,612‌

Engineering

&

Construction

-

0

.75

%

Comfort

Systems

USA

Inc

51,933‌

9,585‌

Food

-

1

.92

%

Ingredion

Inc

240,043‌

24,703‌

Gas

-

1

.49

%

NiSource

Inc

715,854‌

19,156‌

Hand

&

Machine

Tools

-

5

.43

%

Lincoln

Electric

Holdings

Inc

127,677‌

24,573‌

MSA

Safety

Inc

133,266‌

24,345‌

Snap-on

Inc

77,933‌

20,933‌

$

69,851‌

Healthcare

-

Products

-

4

.95

%

CONMED

Corp

182,698‌

20,363‌

DENTSPLY

SIRONA

Inc

469,718‌

17,422‌

STERIS

PLC

112,809‌

25,900‌

$

63,685‌

Healthcare

-

Services

-

1

.62

%

Select

Medical

Holdings

Corp

711,043‌

20,770‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Builders

-

4

.16

%

LCI

Industries

207,652‌

$

26,015‌

MDC

Holdings

Inc

580,020‌

27,522‌

$

53,537‌

Insurance

-

4

.68

%

Assured

Guaranty

Ltd

410,164‌

24,134‌

F&G

Annuities

&

Life

Inc

42,825‌

1,212‌

Fidelity

National

Financial

Inc

706,348‌

29,243‌

Kinsale

Capital

Group

Inc

14,126‌

5,631‌

$

60,220‌

Leisure

Products

&

Services

-

3

.92

%

Acushnet

Holdings

Corp

392,733‌

22,995‌

Brunswick

Corp/DE

346,516‌

27,416‌

$

50,411‌

Machinery

-

Diversified

-

3

.86

%

Albany

International

Corp

186,974‌

17,336‌

Crane

Co

102,734‌

9,361‌

Nordson

Corp

93,831‌

22,908‌

$

49,605‌

Media

-

0

.57

%

Cable

One

Inc

11,197‌

7,285‌

Metal

Fabrication

&

Hardware

-

1

.59

%

Timken

Co/The

267,709‌

20,458‌

Miscellaneous

Manufacturers

-

0

.92

%

Donaldson

Co

Inc

185,741‌

11,863‌

Oil

&

Gas

-

3

.98

%

Coterra

Energy

Inc

172,637‌

4,867‌

Diamondback

Energy

Inc

175,133‌

26,582‌

HF

Sinclair

Corp

358,326‌

19,740‌

$

51,189‌

Packaging

&

Containers

-

1

.68

%

Packaging

Corp

of

America

145,025‌

21,623‌

Pharmaceuticals

-

1

.31

%

Organon

&

Co

768,043‌

16,866‌

Pipelines

-

1

.58

%

Targa

Resources

Corp

234,703‌

20,243‌

REITs

-

9

.99

%

Agree

Realty

Corp

327,310‌

20,234‌

Camden

Property

Trust

112,460‌

12,103‌

Cousins

Properties

Inc

705,654‌

16,583‌

EastGroup

Properties

Inc

105,920‌

19,026‌

Essential

Properties

Realty

Trust

Inc

691,623‌

16,613‌

Four

Corners

Property

Trust

Inc

573,325‌

14,425‌

Granite

Real

Estate

Investment

Trust

306,755‌

17,090‌

Terreno

Realty

Corp

203,853‌

12,413‌

$

128,487‌

Retail

-

2

.79

%

Papa

John's

International

Inc

122,845‌

9,300‌

Williams-Sonoma

Inc

187,934‌

26,536‌

$

35,836‌

Semiconductors

-

3

.32

%

MKS

Instruments

Inc

295,428‌

29,611‌

Monolithic

Power

Systems

Inc

25,127‌

13,096‌

$

42,707‌

Shipbuilding

-

0

.65

%

Huntington

Ingalls

Industries

Inc

37,740‌

8,315‌

TOTAL

COMMON

STOCKS

$

1,270,785‌

Total

Investments

$

1,284,713‌

Other

Assets

and

Liabilities

-  0.08%

1,027‌

TOTAL

NET

ASSETS

-

100.00%

$

1,285,740‌

(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

Small-MidCap

Dividend

Income

Fund

August

31,

2023

See

accompanying

notes.

177

Portfolio

Summary

Sector

Percent

Financial

29

.33‌

%

Industrial

21

.29‌

%

Consumer,

Non-cyclical

12

.79‌

%

Consumer,

Cyclical

12

.47‌

%

Technology

7

.19‌

%

Energy

5

.56‌

%

Utilities

4

.19‌

%

Basic

Materials

3

.59‌

%

Communications

2

.43‌

%

Money

Market

Funds

1

.08‌

%

Other

Assets

and

Liabilities

0

.08‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2022

Purchases

Sales

August

31,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

—‌

$

452,375‌

$

438,447‌

$

13,928‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

13,815‌

47,176‌

60,991‌

—‌

$

13,815‌

$

499,551‌

$

499,438‌

$

13,928‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

748‌

$

—‌

$

—‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

123‌

—‌

—‌

—‌

$

871‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2023

See

accompanying

notes.

178

INVESTMENT

COMPANIES

-

3.38%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.57%

Invesco

Preferred

ETF

(a)

2,324,925‌

$

26,016‌

iShares

Preferred

&

Income

Securities

ETF

(a)

222,477‌

6,841‌

$

32,857‌

Money

Market

Funds

-

2.81%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.23%

(b),(c)

53,001,020‌

53,001‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

(b),(c),(d)

108,484,891‌

108,485‌

$

161,486‌

TOTAL

INVESTMENT

COMPANIES

$

194,343‌

CONVERTIBLE

PREFERRED

STOCKS

-

0.59%

Shares

Held

Value

(000's)

Banks

-

0.59%

Wells

Fargo

&

Co

7.50%

(e)

29,290‌

$

33,808‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

33,808‌

PREFERRED

STOCKS

-

7.52%

Shares

Held

Value

(000's)

Banks

-

2.82%

Associated

Banc-Corp

5.63%,

09/15/2025

(a),(e)

142,943‌

$

2,379‌

Bank

of

America

Corp

4.38%,

11/03/2025

(a),(e)

317,959‌

5,765‌

Citigroup

Inc

6.88%,

11/15/2023

(e)

374,723‌

9,417‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.39%

Citizens

Financial

Group

Inc

5.00%,

01/06/2025

(e)

14,364‌

264‌

Citizens

Financial

Group

Inc

6.35%,

04/06/2024

(e)

78,581‌

1,897‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.90%

Cullen/Frost

Bankers

Inc

4.45%,

12/15/2025

(e)

382,212‌

6,991‌

First

Horizon

Corp

4.70%,

07/10/2026

(e)

2,024‌

31‌

First

Horizon

Corp

6.50%,

10/10/2025

(e)

4,128‌

89‌

Fulton

Financial

Corp

5.13%,

01/15/2026

(e)

258,683‌

4,170‌

Goldman

Sachs

Group

Inc

/The

6.38%,

05/10/2024

(e)

7,685‌

192‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.81%

Goldman

Sachs

Group

Inc

/The

9.27%,

09/14/2023

(e)

448,965‌

11,300‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.90%

Huntington

Bancshares

Inc

/OH

5.70%,

12/01/2023

(e)

19,328‌

391‌

Huntington

Bancshares

Inc

/OH

6.88%,

04/15/2028

(a),(e)

29,006‌

701‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.70%

JPMorgan

Chase

&

Co

4.63%,

06/01/2026

(e)

23,824‌

471‌

JPMorgan

Chase

&

Co

4.75%,

12/01/2024

(e)

253,424‌

5,243‌

JPMorgan

Chase

&

Co

5.75%,

12/01/2023

(e)

82,068‌

1,994‌

KeyCorp

5.63%,

09/15/2024

(e)

407‌

7‌

KeyCorp

5.65%,

12/15/2023

(e)

30,424‌

548‌

KeyCorp

6.13%,

12/15/2026

(e)

899,511‌

19,196‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.15%

KeyCorp

6.20%,

12/15/2027

(e)

270,379‌

5,421‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.13%

M&T

Bank

Corp

5.63%,

12/15/2026

(e)

27,070‌

606‌

3

Month

USD

LIBOR

+

4.02%

Morgan

Stanley

4.88%,

01/15/2025

(a),(e)

1,000‌

21‌

Morgan

Stanley

5.85%,

04/15/2027

(e)

649,481‌

15,464‌

3

Month

USD

LIBOR

+

3.49%

Morgan

Stanley

6.50%,

10/15/2027

(e)

516,396‌

13,375‌

Northern

Trust

Corp

4.70%,

01/01/2025

(e)

225,723‌

4,666‌

Regions

Financial

Corp

4.45%,

06/15/2026

(e)

351,505‌

5,958‌

Regions

Financial

Corp

5.70%,

05/15/2029

(e)

336,951‌

6,891‌

3

Month

USD

LIBOR

+

3.15%

Regions

Financial

Corp

6.38%,

09/15/2024

(e)

24,946‌

597‌

3

Month

USD

LIBOR

+

3.54%

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

State

Street

Corp

5.90%,

03/15/2024

(e)

237,530‌

$

5,931‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.37%

Truist

Financial

Corp

4.75%,

09/01/2025

(e)

485,044‌

8,988‌

US

Bancorp

3.75%,

01/15/2026

(a),(e)

3,217‌

51‌

US

Bancorp

4.00%,

04/15/2026

(e)

54,718‌

919‌

Webster

Financial

Corp

5.25%,

10/02/2023

(a),(e)

194,856‌

3,605‌

Webster

Financial

Corp

6.50%,

10/04/2023

(e)

37,427‌

823‌

Wells

Fargo

&

Co

4.38%,

03/15/2026

(e)

50,940‌

905‌

Wells

Fargo

&

Co

4.70%,

12/15/2025

(e)

47,857‌

884‌

Wells

Fargo

&

Co

4.75%,

03/15/2025

(e)

334,126‌

6,345‌

Wells

Fargo

&

Co

5.63%,

12/15/2023

(a),(e)

161,180‌

3,701‌

Wells

Fargo

&

Co

5.85%,

09/15/2023

(e)

52,642‌

1,313‌

3

Month

USD

LIBOR

+

3.09%

Wells

Fargo

&

Co

6.63%,

03/15/2024

(e)

193,821‌

4,865‌

3

Month

USD

LIBOR

+

3.69%

$

162,375‌

Diversified

Financial

Services

-

0.48%

Affiliated

Managers

Group

Inc

4.20%,

09/30/2061

160,011‌

2,590‌

Affiliated

Managers

Group

Inc

4.75%,

09/30/2060

7,600‌

135‌

Affiliated

Managers

Group

Inc

5.88%,

03/30/2059

148,321‌

3,224‌

Capital

One

Financial

Corp

4.25%,

09/01/2026

(e)

97,768‌

1,571‌

Capital

One

Financial

Corp

4.80%,

06/01/2025

(e)

167,734‌

3,016‌

Capital

One

Financial

Corp

5.00%,

12/01/2024

(a),(e)

346,679‌

6,559‌

Stifel

Financial

Corp

4.50%,

08/15/2026

(e)

554,913‌

9,001‌

Voya

Financial

Inc

5.35%,

09/15/2029

(a),(e)

72,909‌

1,721‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%

$

27,817‌

Electric

-

0.80%

CMS

Energy

Corp

4.20%,

07/15/2026

(e)

17,000‌

329‌

CMS

Energy

Corp

5.88%,

03/01/2079

118,402‌

2,852‌

DTE

Energy

Co

4.38%,

12/01/2081

(a)

256,039‌

5,177‌

DTE

Energy

Co

5.25%,

12/01/2077

311,382‌

7,423‌

Duke

Energy

Corp

5.75%,

06/15/2024

(e)

47,856‌

1,200‌

Entergy

Arkansas

LLC

4.88%,

09/01/2066

24,641‌

542‌

Entergy

Louisiana

LLC

4.88%,

09/01/2066

90,267‌

1,967‌

Entergy

Texas

Inc

5.38%,

10/15/2024

(a),(e)

29,934‌

708‌

Georgia

Power

Co

5.00%,

10/01/2077

199,784‌

4,675‌

NextEra

Energy

Capital

Holdings

Inc

5.65%,

03/01/2079

(a)

80,326‌

2,019‌

Southern

Co/The

4.95%,

01/30/2080

247,147‌

5,539‌

Southern

Co/The

5.25%,

12/01/2077

(a)

552,515‌

13,476‌

$

45,907‌

Food

-

0.38%

Dairy

Farmers

of

America

Inc

7.88%,

12/01/2025

(e),(f)

236,300‌

21,976‌

Insurance

-

1.03%

Allstate

Corp/The

4.75%,

01/15/2025

(e)

136,077‌

2,592‌

Allstate

Corp/The

5.10%,

10/15/2024

(e)

4,599‌

92‌

Allstate

Corp/The

7.38%,

07/15/2028

(e)

334,050‌

8,836‌

Allstate

Corp/The

8.73%,

01/15/2053

490,356‌

12,494‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.43%

American

Financial

Group

Inc

/OH

4.50%,

09/15/2060

100,754‌

1,787‌

American

Financial

Group

Inc

/OH

5.63%,

06/01/2060

126,116‌

2,862‌

American

Financial

Group

Inc

/OH

5.88%,

03/30/2059

95,043‌

2,218‌

Arch

Capital

Group

Ltd

4.55%,

06/11/2026

(e)

119,912‌

2,224‌

Arch

Capital

Group

Ltd

5.45%,

10/02/2023

(e)

51,897‌

1,113‌

Assurant

Inc

5.25%,

01/15/2061

2,936‌

59‌

Equitable

Holdings

Inc

4.30%,

03/15/2026

(e)

475,753‌

7,374‌

Equitable

Holdings

Inc

5.25%,

12/15/2024

(a),(e)

468,094‌

9,329‌

Prudential

Financial

Inc

5.95%,

09/01/2062

181,800‌

4,492‌

RenaissanceRe

Holdings

Ltd

4.20%,

07/15/2026

(e)

126,330‌

2,088‌

RenaissanceRe

Holdings

Ltd

5.75%,

10/02/2023

(e)

21,127‌

475‌

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2023

See

accompanying

notes.

179

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

W

R

Berkley

Corp

4.13%,

03/30/2061

78,852‌

$

1,365‌

$

59,400‌

REITs

-

1.27%

Digital

Realty

Trust

Inc

5.85%,

03/13/2024

(e)

2,153‌

49‌

Federal

Realty

Investment

Trust

5.00%,

10/02/2023

(e)

14,868‌

320‌

Kimco

Realty

Corp

5.25%,

10/02/2023

(e)

130,526‌

2,955‌

Prologis

Inc

8.54%,

11/13/2026

(e)

153,213‌

8,764‌

Public

Storage

Operating

Co

3.88%,

10/06/2025

(e)

53,880‌

930‌

Public

Storage

Operating

Co

3.95%,

08/17/2026

(e)

49,490‌

866‌

Public

Storage

Operating

Co

4.00%,

11/19/2026

(e)

431,672‌

7,697‌

Public

Storage

Operating

Co

4.00%,

06/16/2026

(e)

797,754‌

14,599‌

Public

Storage

Operating

Co

4.10%,

01/13/2027

(e)

39,591‌

715‌

Public

Storage

Operating

Co

4.13%,

08/14/2025

(a),(e)

488,630‌

9,064‌

Public

Storage

Operating

Co

4.63%,

06/17/2025

(e)

286,725‌

6,047‌

Public

Storage

Operating

Co

4.70%,

11/15/2024

(e)

221,617‌

4,763‌

Public

Storage

Operating

Co

4.75%,

12/20/2024

(e)

187,344‌

3,945‌

Public

Storage

Operating

Co

5.05%,

10/02/2023

(a),(e)

157,602‌

3,797‌

Public

Storage

Operating

Co

5.60%,

03/11/2024

(e)

332,703‌

8,351‌

$

72,862‌

Sovereign

-

0.08%

CoBank

ACB

6.20%,

01/01/2025

(e)

45,175‌

4,405‌

3

Month

USD

LIBOR

+

3.74%

Telecommunications

-

0.66%

AT&T

Inc

4.75%,

02/18/2025

(e)

1,925,507‌

37,316‌

AT&T

Inc

5.00%,

12/12/2024

(e)

40,144‌

816‌

$

38,132‌

TOTAL

PREFERRED

STOCKS

$

432,874‌

BONDS

-

89.39%

Principal

Amount

(000's)

Value

(000's)

Banks

-

59.54%

Australia

&

New

Zealand

Banking

Group

Ltd/

United

Kingdom

6.75%,

06/15/2026

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

$

12,200‌

$

11,941‌

USD

Swap

Rate

NY

5

Year

+

5.17%

6.75%,

06/15/2026

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

2,700‌

2,643‌

USD

Swap

Rate

NY

5

Year

+

5.17%

Banco

Bilbao

Vizcaya

Argentaria

SA

6.13%,

11/16/2027

(e),(g),(h)

14,200‌

12,142‌

USD

Swap

Semi-Annual

5

Year

+

3.87%

6.50%,

03/05/2025

(e),(g),(h)

60,800‌

57,084‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.19%

Banco

Santander

SA

4.75%,

11/12/2026

(e),(g),(h)

47,800‌

36,500‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.75%

7.50%,

02/08/2024

(e),(g),(h)

53,000‌

50,877‌

USD

Swap

Semi-Annual

5

Year

+

4.99%

Bank

of

America

Corp

4.38%,

01/27/2027

(e),(g)

19,400‌

16,651‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.76%

6.13%,

04/27/2027

(a),(e),(g)

48,736‌

47,274‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.23%

6.25%,

09/05/2024

(e),(g)

22,600‌

22,487‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.97%

6.50%,

10/23/2024

(a),(e),(g)

85,474‌

85,688‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.44%

8.05%,

06/15/2027

6,312‌

6,809‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

of

New

York

Mellon

Corp/The

3.70%,

03/20/2026

(a),(e),(g)

$

28,956‌

$

25,662‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%

3.75%,

12/20/2026

(e),(g)

33,250‌

27,100‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.63%

4.63%,

09/20/2026

(a),(e),(g)

7,650‌

6,864‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.39%

Bank

of

Nova

Scotia/The

4.90%,

06/04/2025

(a),(e),(g)

52,800‌

48,703‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.55%

8.63%,

10/27/2082

(g)

16,320‌

16,636‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.39%

Barclays

PLC

4.38%,

03/15/2028

(e),(g),(h)

12,900‌

8,873‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.41%

6.13%,

12/15/2025

(e),(g),(h)

25,000‌

22,186‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.87%

8.00%,

06/15/2024

(e),(g),(h)

120,203‌

117,705‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.67%

8.00%,

03/15/2029

(e),(g),(h)

3,600‌

3,218‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.43%

BNP

Paribas

SA

4.63%,

01/12/2027

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

13,200‌

10,923‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.20%

6.63%,

03/25/2024

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

41,500‌

40,985‌

USD

SOFR

Spread-Adj.

ICE

Swap

Rate

5

Year

+

4.15%

6.63%,

03/25/2024

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

17,200‌

16,987‌

USD

SOFR

Spread-Adj.

ICE

Swap

Rate

5

Year

+

4.15%

7.00%,

08/16/2028

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

4,669‌

4,319‌

USD

SOFR

Spread-Adj.

ICE

Swap

Rate

5

Year

+

3.98%

7.38%,

08/19/2025

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

1,600‌

1,568‌

USD

Swap

Semi-Annual

5

Year

+

5.15%

7.38%,

08/19/2025

(e),(g),(h)

26,000‌

25,479‌

USD

Swap

Semi-Annual

5

Year

+

5.15%

7.75%,

08/16/2029

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

22,000‌

21,354‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.90%

7.75%,

08/16/2029

(e),(g),(h)

10,048‌

9,753‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.90%

8.50%,

08/14/2028

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

69,300‌

69,057‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.35%

9.25%,

11/17/2027

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

6,000‌

6,182‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%

9.25%,

11/17/2027

(e),(g),(h)

8,600‌

8,861‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%

Citigroup

Capital

III

7.63%,

12/01/2036

3,300‌

3,319‌

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2023

See

accompanying

notes.

180

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Citigroup

Inc

3.88%,

02/18/2026

(e),(g)

$

65,300‌

$

57,140‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.42%

4.00%,

12/10/2025

(a),(e),(g)

34,110‌

30,530‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%

5.95%,

05/15/2025

(a),(e),(g)

11,168‌

10,767‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.17%

6.25%,

08/15/2026

(a),(e),(g)

71,997‌

70,838‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.78%

7.38%,

05/15/2028

(a),(e),(g)

46,300‌

46,589‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%

Citizens

Financial

Group

Inc

4.00%,

10/06/2026

(a),(e),(g)

20,000‌

15,128‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%

5.65%,

10/06/2025

(a),(e),(g)

62,172‌

57,416‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%

6.38%,

04/06/2024

(a),(e),(g)

10,835‌

9,380‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.42%

8.53%,

10/06/2023

(a),(e)

3,440‌

3,071‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.26%

Corestates

Capital

III

6.20%,

02/15/2027

(f)

18,621‌

17,602‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.83%

Credit

Agricole

SA

4.75%,

03/23/2029

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

2,100‌

1,642‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.24%

7.88%,

01/23/2024

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

49,240‌

48,994‌

USD

Swap

Semi-Annual

5

Year

+

4.90%

7.88%,

01/23/2024

(e),(g),(h)

18,100‌

18,010‌

USD

Swap

Semi-Annual

5

Year

+

4.90%

8.13%,

12/23/2025

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

63,768‌

63,538‌

USD

Swap

Semi-Annual

5

Year

+

6.19%

8.13%,

12/23/2025

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

15,000‌

14,946‌

USD

Swap

Semi-Annual

5

Year

+

6.19%

Danske

Bank

A/S

1.55%,

09/10/2027

(g)

5,000‌

4,391‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.73%

6.13%,

03/28/2024

(e),(g),(h)

5,500‌

5,343‌

USD

Swap

Semi-Annual

7

Year

+

3.90%

7.00%,

06/26/2025

(e),(g),(h)

62,745‌

59,628‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.13%

Fifth

Third

Bancorp

4.50%,

09/30/2025

(a),(e),(g)

13,325‌

12,123‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.22%

First

Maryland

Capital

I

6.57%,

01/15/2027

2,000‌

1,826‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.26%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Goldman

Sachs

Group

Inc

/The

3.65%,

08/10/2026

(e),(g)

$

10,800‌

$

8,824‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%

3.80%,

05/10/2026

(e),(g)

12,800‌

10,745‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%

4.13%,

11/10/2026

(e),(g)

11,800‌

9,911‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.95%

4.95%,

02/10/2025

(e),(g)

23,663‌

22,050‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%

5.50%,

08/10/2024

(a),(e),(g)

15,750‌

15,422‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%

HSBC

Capital

Funding

Dollar

1

LP

10.18%,

06/30/2030

(e),(f),(g)

69,567‌

85,394‌

3

Month

USD

LIBOR

+

4.98%

10.18%,

06/30/2030

(a),(e),(g)

50,708‌

62,244‌

3

Month

USD

LIBOR

+

4.98%

HSBC

Holdings

PLC

6.00%,

05/22/2027

(e),(g),(h)

15,900‌

14,227‌

USD

Swap

Rate

NY

5

Year

+

3.75%

6.37%,

03/30/2025

(e),(g),(h)

14,800‌

14,266‌

USD

Swap

Rate

NY

5

Year

+

4.37%

6.38%,

09/17/2024

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

3,300‌

3,199‌

USD

Swap

Rate

NY

5

Year

+

3.71%

6.50%,

03/23/2028

(e),(g),(h)

5,600‌

5,127‌

USD

Swap

Rate

NY

5

Year

+

3.61%

8.00%,

03/07/2028

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

1,600‌

1,596‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.86%

Huntington

Bancshares

Inc

/OH

4.45%,

10/15/2027

(e),(g)

87,459‌

74,170‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.05%

5.63%,

07/15/2030

(a),(e),(g)

38,673‌

35,192‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.95%

ING

Groep

NV

3.88%,

05/16/2027

(e),(g),(h)

22,300‌

16,505‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%

4.25%,

05/16/2031

(e),(g),(h)

14,500‌

9,819‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%

5.75%,

11/16/2026

(e),(g),(h)

19,275‌

17,176‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%

6.50%,

04/16/2025

(e),(g),(h)

46,800‌

44,198‌

USD

Swap

Semi-Annual

5

Year

+

4.45%

6.75%,

04/16/2024

(e),(g),(h)

45,000‌

43,908‌

USD

Swap

Rate

NY

5

Year

+

4.20%

Intesa

Sanpaolo

SpA

7.70%,

09/17/2025

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

72,326‌

68,470‌

USD

Swap

Semi-Annual

5

Year

+

5.46%

8.25%,

11/21/2033

(f),(g)

25,319‌

26,472‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

4.40%

JPMorgan

Chase

&

Co

3.65%,

06/01/2026

(a),(e),(g)

137,806‌

121,773‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%

6.58%,

01/15/2087

4,000‌

3,440‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.21%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2023

See

accompanying

notes.

181

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

JPMorgan

Chase

&

Co  

(continued)

6.75%,

02/01/2024

(e),(g)

$

91,229‌

$

91,229‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.04%

KeyCorp

5.00%,

09/15/2026

(e),(g)

16,132‌

12,509‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.87%

KeyCorp

Capital

I

6.27%,

07/01/2028

6,825‌

5,942‌

3

Month

USD

LIBOR

+

0.74%

KeyCorp

Capital

III

7.75%,

07/15/2029

11,200‌

10,287‌

Lloyds

Banking

Group

PLC

6.75%,

06/27/2026

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

200‌

184‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%

7.50%,

06/27/2024

(e),(g),(h)

53,331‌

51,966‌

USD

Swap

Semi-Annual

5

Year

+

4.76%

7.50%,

09/27/2025

(e),(g),(h)

39,780‌

37,229‌

USD

Swap

Rate

NY

5

Year

+

4.50%

7.95%,

11/15/2033

(g)

5,000‌

5,356‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.75%

8.00%,

09/27/2029

(e),(g),(h)

6,400‌

5,794‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.91%

M&T

Bank

Corp

3.50%,

09/01/2026

(e),(g)

20,118‌

14,301‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%

5.00%,

08/01/2024

(a),(e),(g)

12,378‌

10,574‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%

5.13%,

11/01/2026

(a),(e),(g)

6,305‌

5,219‌

3

Month

USD

LIBOR

+

3.52%

Macquarie

Bank

Ltd/London

6.13%,

03/08/2027

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

21,000‌

19,033‌

USD

Swap

Semi-Annual

5

Year

+

3.70%

6.13%,

03/08/2027

(e),(g),(h)

5,000‌

4,532‌

USD

Swap

Semi-Annual

5

Year

+

3.70%

NatWest

Group

PLC

4.60%,

06/28/2031

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

11,885‌

8,091‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.10%

6.00%,

12/29/2025

(e),(g),(h)

55,100‌

50,635‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.63%

8.00%,

08/10/2025

(e),(g),(h)

42,225‌

41,167‌

USD

Swap

Semi-Annual

5

Year

+

5.72%

Nordea

Bank

Abp

6.13%,

09/23/2024

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

29,631‌

28,356‌

USD

Swap

Semi-Annual

5

Year

+

3.39%

6.13%,

09/23/2024

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

18,735‌

17,929‌

USD

Swap

Semi-Annual

5

Year

+

3.39%

6.63%,

03/26/2026

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

12,400‌

11,718‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%

6.63%,

03/26/2026

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

74,562‌

70,461‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%

Northern

Trust

Corp

4.60%,

10/01/2026

(e),(g)

12,400‌

10,951‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.46%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

PNC

Financial

Services

Group

Inc

/The

3.40%,

09/15/2026

(e),(g)

$

16,500‌

$

12,623‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%

6.00%,

05/15/2027

(e),(g)

3,000‌

2,697‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%

6.20%,

09/15/2027

(a),(e),(g)

9,200‌

8,580‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.24%

6.25%,

03/15/2030

(e),(g)

49,820‌

44,070‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

2.81%

Regions

Financial

Corp

5.75%,

06/15/2025

(a),(e),(g)

9,964‌

9,497‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.43%

Skandinaviska

Enskilda

Banken

AB

5.13%,

05/13/2025

(e),(g),(h)

32,800‌

30,873‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.46%

Societe

Generale

SA

7.88%,

12/18/2023

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

4,900‌

4,880‌

USD

Swap

Semi-Annual

5

Year

+

4.98%

7.88%,

12/18/2023

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

14,000‌

13,942‌

USD

Swap

Semi-Annual

5

Year

+

4.98%

8.00%,

09/29/2025

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

38,460‌

37,800‌

USD

Swap

Rate

NY

5

Year

+

5.87%

8.00%,

09/29/2025

(e),(g),(h)

19,000‌

18,674‌

USD

Swap

Rate

NY

5

Year

+

5.87%

9.38%,

11/22/2027

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

3,800‌

3,778‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.39%

Standard

Chartered

PLC

4.30%,

08/19/2028

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

13,032‌

9,586‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%

6.00%,

07/26/2025

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

8,000‌

7,600‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.66%

6.00%,

07/26/2025

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

15,000‌

14,249‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.66%

7.01%,

07/30/2037

(e),(f),(g)

13,500‌

12,892‌

3

Month

USD

LIBOR

+

1.46%

7.75%,

08/15/2027

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

45,000‌

43,859‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.98%

Svenska

Handelsbanken

AB

4.38%,

03/01/2027

(e),(g),(h)

20,400‌

17,488‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.94%

6.25%,

03/01/2024

(e),(g),(h)

13,800‌

13,524‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.69%

Swedbank

AB

7.63%,

03/17/2028

(e),(g),(h)

14,000‌

13,009‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.59%

Toronto-Dominion

Bank/The

8.13%,

10/31/2082

(g)

26,800‌

26,935‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.08%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2023

See

accompanying

notes.

182

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Truist

Financial

Corp

4.80%,

09/01/2024

(e),(g)

$

93,457‌

$

82,756‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%

4.95%,

09/01/2025

(a),(e),(g)

20,484‌

19,033‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.61%

6.20%,

03/15/2028

9,022‌

8,167‌

3

Month

USD

LIBOR

+

0.65%

6.25%,

04/01/2027

7,000‌

6,420‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.98%

6.30%,

05/15/2027

10,900‌

10,036‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.93%

UBS

Group

AG

3.88%,

06/02/2026

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

20,000‌

16,625‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.10%

4.38%,

02/10/2031

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

7,000‌

5,166‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%

6.88%,

08/07/2025

(e),(g),(h)

16,933‌

15,859‌

USD

Swap

Semi-Annual

(VS

6

Month)

5

Year

+

4.59%

7.00%,

01/31/2024

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

4,000‌

3,966‌

USD

Swap

Semi-Annual

5

Year

+

4.34%

7.00%,

01/31/2024

(e),(g),(h)

13,900‌

13,782‌

USD

Swap

Semi-Annual

5

Year

+

4.34%

7.00%,

02/19/2025

(e),(g),(h)

45,320‌

44,074‌

USD

Swap

Semi-Annual

5

Year

+

4.87%

UniCredit

SpA

8.00%,

06/03/2024

(e),(g),(h)

58,250‌

57,231‌

USD

Swap

Semi-Annual

5

Year

+

5.18%

US

Bancorp

3.70%,

01/15/2027

(a),(e),(g)

33,243‌

25,041‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.54%

USB

Realty

Corp

6.72%,

01/15/2027

(e),(f)

1,500‌

1,094‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.41%

Wells

Fargo

&

Co

3.90%,

03/15/2026

(e),(g)

85,943‌

76,188‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%

5.88%,

06/15/2025

(a),(e)

4,539‌

4,499‌

3

Month

USD

LIBOR

+

3.99%

6.07%,

01/15/2027

5,345‌

5,052‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.76%

7.63%,

09/15/2028

(e),(g)

56,700‌

58,047‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.61%

7.95%,

11/15/2029

3,700‌

4,039‌

$

3,425,954‌

Diversified

Financial

Services

-

5.07%

Ally

Financial

Inc

4.70%,

05/15/2026

(e),(g)

39,600‌

27,817‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%

4.70%,

05/15/2028

(e),(g)

7,500‌

4,828‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

3.48%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

American

Express

Co

3.55%,

09/15/2026

(a),(e),(g)

$

51,400‌

$

42,791‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%

Capital

One

Financial

Corp

3.95%,

09/01/2026

(a),(e),(g)

16,040‌

12,311‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%

Charles

Schwab

Corp/The

4.00%,

06/01/2026

(e),(g)

101,900‌

88,174‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%

5.38%,

06/01/2025

(a),(e),(g)

65,131‌

62,851‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%

Depository

Trust

&

Clearing

Corp/The

3.38%,

06/20/2026

(e),(f),(g)

19,750‌

14,638‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.61%

Discover

Financial

Services

6.13%,

06/23/2025

(a),(e),(g)

25,580‌

24,580‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.78%

Voya

Financial

Inc

4.70%,

01/23/2048

(g)

2,755‌

2,245‌

3

Month

USD

LIBOR

+

2.08%

6.13%,

09/15/2023

(a),(e),(g)

11,706‌

11,571‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.36%

$

291,806‌

Electric

-

4

.72%

Algonquin

Power

&

Utilities

Corp

4.75%,

01/18/2082

(g)

41,900‌

34,272‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%

American

Electric

Power

Co

Inc

3.88%,

02/15/2062

(g)

21,200‌

17,093‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%

Dominion

Energy

Inc

4.65%,

12/15/2024

(a),(e),(g)

122,977‌

111,909‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.99%

Duke

Energy

Corp

3.25%,

01/15/2082

(g)

4,100‌

3,020‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.32%

4.88%,

09/16/2024

(a),(e),(g)

91,812‌

89,491‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.39%

NextEra

Energy

Capital

Holdings

Inc

7.60%,

10/01/2066

(a)

17,264‌

15,564‌

3

Month

USD

LIBOR

+

2.07%

$

271,349‌

Food

-

0.13%

Dairy

Farmers

of

America

Inc

7.13%,

12/01/2026

(e),(f)

8,700‌

7,743‌

Insurance

-

12.23%

ACE

Capital

Trust

II

9.70%,

04/01/2030

15,505‌

18,313‌

Allianz

SE

3.20%,

10/30/2027

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

5,800‌

4,393‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%

3.50%,

11/17/2025

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

27,400‌

22,952‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2023

See

accompanying

notes.

183

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

Aon

Corp

8.21%,

01/01/2027

$

4,750‌

$

4,987‌

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

5.63%,

08/15/2052

(g)

63,620‌

59,803‌

3

Month

USD

LIBOR

+

3.78%

5.75%,

08/15/2050

(g)

49,800‌

47,933‌

3

Month

USD

LIBOR

+

3.59%

Argentum

Netherlands

BV

for

Zurich

Insurance

Co

Ltd

5.13%,

06/01/2048

(g)

2,490‌

2,334‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.27%

AXA

SA

5.13%,

01/17/2047

(g)

500‌

481‌

Secured

Overnight

Financing

Rate

+

4.14%

Corebridge

Financial

Inc

6.88%,

12/15/2052

(g)

28,590‌

27,797‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.85%

Everest

Reinsurance

Holdings

Inc

8.01%,

05/01/2067

14,420‌

12,401‌

3

Month

USD

LIBOR

+

2.39%

Liberty

Mutual

Group

Inc

4.13%,

12/15/2051

(f),(g)

19,000‌

15,343‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%

7.80%,

03/07/2087

(f)

76,240‌

78,432‌

3

Month

USD

LIBOR

+

3.58%

Liberty

Mutual

Insurance

Co

7.70%,

10/15/2097

(f)

5,025‌

5,160‌

MetLife

Capital

Trust

IV

7.88%,

12/15/2067

(f)

24,540‌

25,721‌

MetLife

Inc

3.85%,

09/15/2025

(a),(e),(g)

25,556‌

23,565‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.58%

6.40%,

12/15/2066

10,650‌

10,536‌

9.25%,

04/08/2068

(f)

53,475‌

61,897‌

3

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

50,413‌

64,529‌

3

Month

USD

LIBOR

+

7.55%

Mitsui

Sumitomo

Insurance

Co

Ltd

4.95%,

03/06/2029

(e),(g)

520‌

496‌

USD

Swap

Semi-Annual

5

Year

+

3.26%

4.95%,

03/06/2029

(e),(f),(g)

1,800‌

1,718‌

USD

Swap

Semi-Annual

5

Year

+

3.26%

MMI

Capital

Trust

I

7.63%,

12/15/2027

1,073‌

1,123‌

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

5.88%,

05/23/2042

(f),(g)

4,800‌

4,713‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.98%

5.88%,

05/23/2042

(g)

1,800‌

1,767‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.98%

Nationwide

Financial

Services

Inc

6.75%,

05/15/2087

73,215‌

69,820‌

Nippon

Life

Insurance

Co

2.75%,

01/21/2051

(f),(g)

3,200‌

2,591‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%

2.90%,

09/16/2051

(f),(g)

22,900‌

18,451‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%

4.70%,

01/20/2046

(f),(g)

5,000‌

4,812‌

USD

Swap

Rate

NY

5

Year

+

3.75%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

Nippon

Life

Insurance

Co  

(continued)

5.10%,

10/16/2044

(f),(g)

$

19,700‌

$

19,309‌

USD

Swap

Semi-Annual

5

Year

+

3.65%

Prudential

Financial

Inc

5.13%,

03/01/2052

(g)

1,000‌

893‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%

5.20%,

03/15/2044

(g)

3,870‌

3,812‌

3

Month

USD

LIBOR

+

3.04%

6.00%,

09/01/2052

(a),(g)

38,400‌

36,678‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.23%

Sumitomo

Life

Insurance

Co

4.00%,

09/14/2077

(a),(f),(g)

4,700‌

4,354‌

3

Month

USD

LIBOR

+

2.99%

Zurich

Finance

Ireland

Designated

Activity

Co

3.00%,

04/19/2051

(g)

60,100‌

46,578‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.78%

$

703,692‌

Oil

&

Gas

-

0

.76%

BP

Capital

Markets

PLC

4.38%,

06/22/2025

(e),(g)

24,400‌

23,345‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%

4.88%,

03/22/2030

(e),(g)

22,562‌

20,432‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.40%

$

43,777‌

Pipelines

-

3.25%

Enbridge

Inc

5.75%,

07/15/2080

(g)

60,201‌

54,810‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%

6.00%,

01/15/2077

(g)

46,935‌

44,238‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.15%

6.25%,

03/01/2078

(g)

34,882‌

32,491‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.90%

Enterprise

Products

Operating

LLC

5.25%,

08/16/2077

(g)

36,410‌

32,035‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.29%

Transcanada

Trust

5.50%,

09/15/2079

(g)

28,000‌

23,521‌

Secured

Overnight

Financing

Rate

+

4.42%

$

187,095‌

REITs

-

0.98%

Scentre

Group

Trust

2

4.75%,

09/24/2080

(f),(g)

10,500‌

9,437‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.38%

4.75%,

09/24/2080

(a),(g)

4,300‌

3,864‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.38%

5.13%,

09/24/2080

(f),(g)

51,600‌

43,189‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.69%

$

56,490‌

Sovereign

-

0.67%

CoBank

ACB

4.25%,

01/01/2027

(e),(g)

1,000‌

790‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.05%

6.25%,

10/01/2026

(e),(g)

16,400‌

15,730‌

3

Month

USD

LIBOR

+

4.66%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2023

See

accompanying

notes.

184

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

CoBank

ACB  

(continued)

6.45%,

10/01/2027

(e),(g)

$

11,400‌

$

10,864‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.49%

Farm

Credit

Bank

of

Texas

5.70%,

09/15/2025

(e),(f),(g)

11,800‌

10,915‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.42%

$

38,299‌

Telecommunications

-

1.26%

Vodafone

Group

PLC

3.25%,

06/04/2081

(g)

24,000‌

21,206‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%

7.00%,

04/04/2079

(g)

50,982‌

51,350‌

USD

Swap

Semi-Annual

5

Year

+

4.87%

$

72,556‌

Transportation

-

0.78%

BNSF

Funding

Trust

I

6.61%,

12/15/2055

(g)

46,256‌

45,099‌

3

Month

USD

LIBOR

+

2.35%

TOTAL

BONDS

$

5,143,860‌

Total

Investments

$

5,804,885‌

Other

Assets

and

Liabilities

-  (0.88)%

(50,657‌)

TOTAL

NET

ASSETS

-

100.00%

$

5,754,228‌

(a)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$133,579

or

2.32%

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

$137,021

or

2.38%

of

net

assets.

(d)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e)

Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(f)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,127,930

or

19.60%

of

net

assets.

(g)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(h)

Security

is

a

contingent

convertible

security,

("

CoCo

").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,749,634

or

30.41%

of

net

assets.

Portfolio

Summary

Sector

Percent

Financial

84.01‌%

Utilities

5.52‌%

Energy

4.01‌%

Money

Market

Funds

2.81‌%

Communications

1.92‌%

Industrial

0.78‌%

Government

0.75‌%

Exchange-Traded

Funds

0.57‌%

Consumer,

Non-cyclical

0

.51‌%

Other

Assets

and

Liabilities

(0.88‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2022

Purchases

Sales

August

31,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

—‌

$

2,009,444‌

$

1,900,959‌

$

108,485‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

42,280‌

527,117‌

569,397‌

—‌

$

42,280‌

$

2,536,561‌

$

2,470,356‌

$

108,485‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

2,710‌

$

—‌

$

—‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

201‌

—‌

—‌

—‌

$

2,911‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

10

Year

Ultra

Note;

December

2023

Short

1,368‌

$

158,838‌

$

(1,628‌)

US

2

Year

Note;

December

2023

Long

3,272‌

666,849‌

1,781‌

Total

$

153‌

Amounts

in

thousands

except

contracts.

Glossary

to

the

Schedule

of

Investments

August

31,

2023

See

accompanying

notes.

185

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

COP

Colombian

Peso

CZK

Czech

Koruna

EUR

Euro

GBP

British

Pound

Sterling

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

New

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NZD

New

Zealand

Dollar

PEN

Peruvian

Nuevo

Sol

PLN

Polish

Zloty

RON

Romanian

New

Leu

THB

Thai

Baht

USD/$

United

States

Dollar

ZAR

South

African

Rand

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

187

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

BLUE

CHIP

FUND

Class

A

shares

2023

$

29

.35‌

(

$

0

.08‌

)

$

5

.37‌

$

5

.29‌

$

–‌

(

$

0

.20‌

)

(

$

0

.20‌

)

$

34

.44‌

2022

42

.59‌

(

0

.12‌

)

(

10

.39‌

)

(

10

.51‌

)

–‌

(

2

.73‌

)

(

2

.73‌

)

29

.35‌

2021

33

.85‌

(

0

.18‌

)

10

.06‌

9

.88‌

–‌

(

1

.14‌

)

(

1

.14‌

)

42

.59‌

2020

25

.56‌

(

0

.07‌

)

9

.54‌

9

.47‌

(

0

.02‌

)

(

1

.16‌

)

(

1

.18‌

)

33

.85‌

2019

24

.49‌

(

0

.01‌

)

2

.67‌

2

.66‌

–‌

(

1

.59‌

)

(

1

.59‌

)

25

.56‌

Class

C

shares

2023

27

.18‌

(

0

.27‌

)

4

.92‌

4

.65‌

–‌

(

0

.20‌

)

(

0

.20‌

)

31

.63‌

2022

39

.91‌

(

0

.35‌

)

(

9

.65‌

)

(

10

.00‌

)

–‌

(

2

.73‌

)

(

2

.73‌

)

27

.18‌

2021

32

.01‌

(

0

.42‌

)

9

.46‌

9

.04‌

–‌

(

1

.14‌

)

(

1

.14‌

)

39

.91‌

2020

24

.39‌

(

0

.26‌

)

9

.03‌

8

.77‌

–‌

(

1

.15‌

)

(

1

.15‌

)

32

.01‌

2019

23

.62‌

(

0

.18‌

)

2

.54‌

2

.36‌

–‌

(

1

.59‌

)

(

1

.59‌

)

24

.39‌

Class

J

shares

2023

29

.87‌

(

0

.03‌

)

5

.47‌

5

.44‌

–‌

(

0

.20‌

)

(

0

.20‌

)

35

.11‌

2022

43

.23‌

(

0

.07‌

)

(

10

.56‌

)

(

10

.63‌

)

–‌

(

2

.73‌

)

(

2

.73‌

)

29

.87‌

2021

34

.29‌

(

0

.13‌

)

10

.21‌

10

.08‌

–‌

(

1

.14‌

)

(

1

.14‌

)

43

.23‌

2020

25

.86‌

(

0

.04‌

)

9

.64‌

9

.60‌

(

0

.01‌

)

(

1

.16‌

)

(

1

.17‌

)

34

.29‌

2019

24

.74‌

(

0

.02‌

)

2

.73‌

2

.71‌

–‌

(

1

.59‌

)

(

1

.59‌

)

25

.86‌

Institutional

shares

2023

30

.11‌

0

.01‌

5

.52‌

5

.53‌

–‌

(

0

.20‌

)

(

0

.20‌

)

35

.44‌

2022

43

.51‌

(

0

.02‌

)

(

10

.65‌

)

(

10

.67‌

)

–‌

(

2

.73‌

)

(

2

.73‌

)

30

.11‌

2021

34

.47‌

(

0

.08‌

)

10

.26‌

10

.18‌

–‌

(

1

.14‌

)

(

1

.14‌

)

43

.51‌

2020

26

.00‌

(

0

.01‌

)

9

.72‌

9

.71‌

(

0

.05‌

)

(

1

.19‌

)

(

1

.24‌

)

34

.47‌

2019

24

.81‌

0

.09‌

2

.69‌

2

.78‌

–‌

(

1

.59‌

)

(

1

.59‌

)

26

.00‌

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

188

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

18

.15‌

%

(b)

$

1,005,219‌

0

.96‌

%

(c)

–‌

%

(

0

.27‌

)

%

10

.0‌

%

(

26

.35‌

)

(b)

850,509‌

0

.94‌

(c)

–‌

(

0

.35‌

)

24

.0‌

30

.18‌

(b)

1,123,747‌

0

.91‌

(c)

–‌

(

0

.49‌

)

25

.6‌

38

.51‌

(b)

646,386‌

0

.93‌

(c)

–‌

(

0

.25‌

)

30

.0‌

12

.75‌

(b)

302,904‌

1

.00‌

(c)

–‌

(

0

.06‌

)

15

.9‌

17

.24‌

(b)

288,734‌

1

.68‌

(c)

–‌

(

0

.99‌

)

10

.0‌

(

26

.86‌

)

(b)

276,796‌

1

.66‌

(c)

–‌

(

1

.08‌

)

24

.0‌

29

.26‌

(b)

411,694‌

1

.65‌

(c)

–‌

(

1

.23‌

)

25

.6‌

37

.43‌

(b)

322,210‌

1

.66‌

(c)

–‌

(

0

.99‌

)

30

.0‌

11

.91‌

(b)

156,734‌

1

.73‌

(c)

–‌

(

0

.80‌

)

15

.9‌

18

.34‌

(b)

196,453‌

0

.79‌

(d)

0

.84‌

(e)

(

0

.10‌

)

10

.0‌

(

26

.23‌

)

(b)

156,338‌

0

.77‌

(d)

0

.82‌

(e)

(

0

.18‌

)

24

.0‌

30

.38‌

(b)

221,942‌

0

.77‌

(d)

0

.83‌

(e)

(

0

.35‌

)

25

.6‌

38

.58‌

(b)

153,325‌

0

.82‌

(d)

0

.91‌

(e)

(

0

.14‌

)

30

.0‌

12

.82‌

(b)

80,050‌

0

.96‌

(d)

1

.08‌

(e)

(

0

.06‌

)

15

.9‌

18

.45‌

(f)

2,555,465‌

0

.66‌

(c)

–‌

0

.03‌

10

.0‌

(

26

.13‌

)

(f)

2,473,139‌

0

.66‌

(c)

–‌

(

0

.06‌

)

24

.0‌

30

.51‌

3,141,819‌

0

.65‌

(c)

–‌

(

0

.23‌

)

25

.6‌

38

.88‌

2,638,389‌

0

.66‌

(c)

–‌

(

0

.02‌

)

30

.0‌

13

.09‌

725,718‌

0

.67‌

(c)

–‌

0

.39‌

15

.9‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

Reflects

Manager's

contractual

expense

limit.

Reflects

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

189

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

BLUE

CHIP

FUND

R-3

shares

2023

$

29

.23‌

(

$

0

.13‌

)

$

5

.33‌

$

5

.20‌

$

–‌

(

$

0

.20‌

)

(

$

0

.20‌

)

$

34

.23‌

2022

42

.51‌

(

0

.18‌

)

(

10

.37‌

)

(

10

.55‌

)

–‌

(

2

.73‌

)

(

2

.73‌

)

29

.23‌

2021

33

.85‌

(

0

.25‌

)

10

.05‌

9

.80‌

–‌

(

1

.14‌

)

(

1

.14‌

)

42

.51‌

2020

25

.59‌

(

0

.12‌

)

9

.53‌

9

.41‌

–‌

(

1

.15‌

)

(

1

.15‌

)

33

.85‌

2019

24

.55‌

(

0

.07‌

)

2

.70‌

2

.63‌

–‌

(

1

.59‌

)

(

1

.59‌

)

25

.59‌

R-4

shares

2023

29

.57‌

(

0

.08‌

)

5

.40‌

5

.32‌

–‌

(

0

.20‌

)

(

0

.20‌

)

34

.69‌

2022

42

.89‌

(

0

.15‌

)

(

10

.44‌

)

(

10

.59‌

)

–‌

(

2

.73‌

)

(

2

.73‌

)

29

.57‌

2021

34

.08‌

(

0

.18‌

)

10

.13‌

9

.95‌

–‌

(

1

.14‌

)

(

1

.14‌

)

42

.89‌

2020

25

.76‌

(

0

.06‌

)

9

.58‌

9

.52‌

(

0

.03‌

)

(

1

.17‌

)

(

1

.20‌

)

34

.08‌

2019

24

.66‌

(

0

.01‌

)

2

.70‌

2

.69‌

–‌

(

1

.59‌

)

(

1

.59‌

)

25

.76‌

R-5

shares

2023

29

.84‌

(

0

.04‌

)

5

.46‌

5

.42‌

–‌

(

0

.20‌

)

(

0

.20‌

)

35

.06‌

2022

43

.20‌

(

0

.09‌

)

(

10

.54‌

)

(

10

.63‌

)

–‌

(

2

.73‌

)

(

2

.73‌

)

29

.84‌

2021

34

.29‌

(

0

.14‌

)

10

.19‌

10

.05‌

–‌

(

1

.14‌

)

(

1

.14‌

)

43

.20‌

2020

25

.86‌

(

0

.04‌

)

9

.66‌

9

.62‌

(

0

.03‌

)

(

1

.16‌

)

(

1

.19‌

)

34

.29‌

2019

24

.72‌

0

.02‌

2

.71‌

2

.73‌

–‌

(

1

.59‌

)

(

1

.59‌

)

25

.86‌

R-6

shares

2023

30

.24‌

0

.04‌

5

.55‌

5

.59‌

–‌

(

0

.20‌

)

(

0

.20‌

)

35

.63‌

2022

43

.64‌

0

.02‌

(

10

.69‌

)

(

10

.67‌

)

–‌

(

2

.73‌

)

(

2

.73‌

)

30

.24‌

2021

34

.54‌

(

0

.05‌

)

10

.29‌

10

.24‌

–‌

(

1

.14‌

)

(

1

.14‌

)

43

.64‌

2020

26

.04‌

0

.04‌

9

.72‌

9

.76‌

(

0

.07‌

)

(

1

.19‌

)

(

1

.26‌

)

34

.54‌

2019

24

.82‌

0

.07‌

2

.74‌

2

.81‌

–‌

(

1

.59‌

)

(

1

.59‌

)

26

.04‌

(a)

(b)

(c)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

190

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

17

.92‌

%

$

11,611‌

1

.14‌

%

(b)

(

0

.44‌

)

%

10

.0‌

%

(

26

.50‌

)

11,031‌

1

.13‌

(b)

(

0

.51‌

)

24

.0‌

29

.94‌

11,204‌

1

.12‌

(b)

(

0

.70‌

)

25

.6‌

38

.20‌

8,764‌

1

.12‌

(b)

(

0

.43‌

)

30

.0‌

12

.58‌

5,913‌

1

.15‌

(b)

(

0

.32‌

)

15

.9‌

18

.12‌

2,025‌

0

.95‌

(b)

(

0

.25‌

)

10

.0‌

(

26

.35‌

)

2,443‌

0

.94‌

(b)

(

0

.40‌

)

24

.0‌

30

.18‌

5,608‌

0

.93‌

(b)

(

0

.51‌

)

25

.6‌

38

.45‌

5,230‌

0

.93‌

(b)

(

0

.23‌

)

30

.0‌

12

.78‌

3,989‌

0

.96‌

(b)

(

0

.05‌

)

15

.9‌

18

.29‌

12,616‌

0

.83‌

(b)

(

0

.13‌

)

10

.0‌

(

26

.25‌

)

7,938‌

0

.82‌

(b)

(

0

.25‌

)

24

.0‌

30

.29‌

12,383‌

0

.81‌

(b)

(

0

.39‌

)

25

.6‌

38

.66‌

12,060‌

0

.81‌

(b)

(

0

.15‌

)

30

.0‌

12

.92‌

6,380‌

0

.84‌

(b)

0

.07‌

15

.9‌

18

.61‌

5,405,192‌

0

.57‌

(b)

0

.13‌

10

.0‌

(

26

.08‌

)

(c)

4,932,871‌

0

.56‌

(b)

0

.05‌

24

.0‌

30

.66‌

(c)

6,134,030‌

0

.55‌

(b)

(

0

.14‌

)

25

.6‌

39

.01‌

4,051,190‌

0

.55‌

(b)

0

.15‌

30

.0‌

13

.22‌

3,052,936‌

0

.58‌

(b)

0

.29‌

15

.9‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Reflects

Manager's

contractual

expense

limit.

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

191

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

BOND

MARKET

INDEX

FUND

Class

J

shares

2023

$

8

.56‌

$

0

.26‌

(

$

0

.41‌

)

(

$

0

.15‌

)

(

$

0

.11‌

)

$

–‌

(

$

0

.11‌

)

$

8

.30‌

2022

9

.89‌

0

.15‌

(

1

.32‌

)

(

1

.17‌

)

(

0

.13‌

)

(

0

.03‌

)

(

0

.16‌

)

8

.56‌

2021

11

.79‌

0

.15‌

(

0

.19‌

)

(

0

.04‌

)

(

0

.64‌

)

(

1

.22‌

)

(

1

.86‌

)

9

.89‌

2020

11

.36‌

0

.21‌

0

.43‌

0

.64‌

(

0

.21‌

)

–‌

(

0

.21‌

)

11

.79‌

2019

10

.60‌

0

.23‌

0

.74‌

0

.97‌

(

0

.21‌

)

–‌

(

0

.21‌

)

11

.36‌

Institutional

shares

2023

8

.77‌

0

.30‌

(

0

.42‌

)

(

0

.12‌

)

(

0

.14‌

)

–‌

(

0

.14‌

)

8

.51‌

2022

10

.12‌

0

.18‌

(

1

.33‌

)

(

1

.15‌

)

(

0

.17‌

)

(

0

.03‌

)

(

0

.20‌

)

8

.77‌

2021

12

.03‌

0

.19‌

(

0

.20‌

)

(

0

.01‌

)

(

0

.68‌

)

(

1

.22‌

)

(

1

.90‌

)

10

.12‌

2020

11

.59‌

0

.26‌

0

.45‌

0

.71‌

(

0

.27‌

)

–‌

(

0

.27‌

)

12

.03‌

2019

10

.81‌

0

.29‌

0

.76‌

1

.05‌

(

0

.27‌

)

–‌

(

0

.27‌

)

11

.59‌

R-1

shares

2023

8

.58‌

0

.22‌

(

0

.42‌

)

(

0

.20‌

)

(

0

.04‌

)

–‌

(

0

.04‌

)

8

.34‌

2022

9

.89‌

0

.10‌

(

1

.31‌

)

(

1

.21‌

)

(

0

.07‌

)

(

0

.03‌

)

(

0

.10‌

)

8

.58‌

2021

11

.82‌

0

.09‌

(

0

.19‌

)

(

0

.10‌

)

(

0

.61‌

)

(

1

.22‌

)

(

1

.83‌

)

9

.89‌

2020

11

.36‌

0

.16‌

0

.43‌

0

.59‌

(

0

.13‌

)

–‌

(

0

.13‌

)

11

.82‌

2019

10

.58‌

0

.19‌

0

.75‌

0

.94‌

(

0

.16‌

)

–‌

(

0

.16‌

)

11

.36‌

R-3

shares

2023

8

.55‌

0

.24‌

(

0

.40‌

)

(

0

.16‌

)

(

0

.09‌

)

–‌

(

0

.09‌

)

8

.30‌

2022

9

.86‌

0

.13‌

(

1

.31‌

)

(

1

.18‌

)

(

0

.10‌

)

(

0

.03‌

)

(

0

.13‌

)

8

.55‌

2021

11

.78‌

0

.12‌

(

0

.20‌

)

(

0

.08‌

)

(

0

.62‌

)

(

1

.22‌

)

(

1

.84‌

)

9

.86‌

2020

11

.35‌

0

.19‌

0

.44‌

0

.63‌

(

0

.20‌

)

–‌

(

0

.20‌

)

11

.78‌

2019

10

.57‌

0

.22‌

0

.76‌

0

.98‌

(

0

.20‌

)

–‌

(

0

.20‌

)

11

.35‌

R-4

shares

2023

8

.64‌

0

.26‌

(

0

.41‌

)

(

0

.15‌

)

(

0

.10‌

)

–‌

(

0

.10‌

)

8

.39‌

2022

9

.97‌

0

.15‌

(

1

.33‌

)

(

1

.18‌

)

(

0

.12‌

)

(

0

.03‌

)

(

0

.15‌

)

8

.64‌

2021

11

.88‌

0

.15‌

(

0

.20‌

)

(

0

.05‌

)

(

0

.64‌

)

(

1

.22‌

)

(

1

.86‌

)

9

.97‌

2020

11

.39‌

0

.22‌

0

.43‌

0

.65‌

(

0

.16‌

)

–‌

(

0

.16‌

)

11

.88‌

2019

10

.60‌

0

.24‌

0

.78‌

1

.02‌

(

0

.23‌

)

–‌

(

0

.23‌

)

11

.39‌

R-5

shares

2023

8

.61‌

0

.27‌

(

0

.40‌

)

(

0

.13‌

)

(

0

.12‌

)

–‌

(

0

.12‌

)

8

.36‌

2022

9

.94‌

0

.16‌

(

1

.32‌

)

(

1

.16‌

)

(

0

.14‌

)

(

0

.03‌

)

(

0

.17‌

)

8

.61‌

2021

11

.85‌

0

.16‌

(

0

.20‌

)

(

0

.04‌

)

(

0

.65‌

)

(

1

.22‌

)

(

1

.87‌

)

9

.94‌

2020

11

.42‌

0

.23‌

0

.44‌

0

.67‌

(

0

.24‌

)

–‌

(

0

.24‌

)

11

.85‌

2019

10

.65‌

0

.26‌

0

.75‌

1

.01‌

(

0

.24‌

)

–‌

(

0

.24‌

)

11

.42‌

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

192

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

1

.79‌

)

%

(b)

$

29,452‌

0

.55‌

%

(c)

0

.59‌

%

(d)

3

.08‌

%

89

.7‌

%

(

11

.95‌

)

(b)

32,188‌

0

.48‌

(c)

0

.52‌

(d)

1

.61‌

113

.4‌

(

0

.44‌

)

(b)

36,254‌

0

.48‌

(c)

0

.52‌

(d)

1

.42‌

161

.7‌

5

.75‌

(b)

44,200‌

0

.57‌

(c)

0

.62‌

(d)

1

.79‌

94

.1‌

9

.38‌

(b)

29,025‌

0

.71‌

(c)

0

.91‌

(d)

2

.10‌

107

.7‌

(

1

.38‌

)

2,434,617‌

0

.14‌

(e)

–‌

3

.50‌

89

.7‌

(

11

.58‌

)

1,858,811‌

0

.15‌

(e)

–‌

1

.97‌

113

.4‌

(

0

.18‌

)

831,018‌

0

.14‌

(e)

–‌

1

.77‌

161

.7‌

6

.29‌

2,290,008‌

0

.14‌

(e)

–‌

2

.25‌

94

.1‌

9

.92‌

2,056,135‌

0

.16‌

(e)

–‌

2

.65‌

107

.7‌

(

2

.28‌

)

507‌

1

.01‌

(e)

–‌

2

.60‌

89

.7‌

(

12

.33‌

)

850‌

1

.02‌

(e)

–‌

1

.07‌

113

.4‌

(

1

.02‌

)

1,148‌

1

.01‌

(e)

–‌

0

.88‌

161

.7‌

5

.27‌

1,412‌

1

.02‌

(e)

–‌

1

.36‌

94

.1‌

8

.99‌

1,169‌

1

.04‌

(e)

–‌

1

.78‌

107

.7‌

(

2

.02‌

)

(f)

8,995‌

0

.70‌

(e)

–‌

2

.94‌

89

.7‌

(

11

.99‌

)

(f)

8,056‌

0

.71‌

(e)

–‌

1

.38‌

113

.4‌

(

0

.84‌

)

11,264‌

0

.70‌

(e)

–‌

1

.18‌

161

.7‌

5

.66‌

13,196‌

0

.71‌

(e)

–‌

1

.67‌

94

.1‌

9

.41‌

11,337‌

0

.73‌

(e)

–‌

2

.09‌

107

.7‌

(

1

.68‌

)

3,829‌

0

.51‌

(e)

–‌

3

.14‌

89

.7‌

(

11

.97‌

)

2,611‌

0

.52‌

(e)

–‌

1

.56‌

113

.4‌

(

0

.51‌

)

4,099‌

0

.51‌

(e)

–‌

1

.39‌

161

.7‌

5

.84‌

6,523‌

0

.52‌

(e)

–‌

1

.87‌

94

.1‌

9

.82‌

5,521‌

0

.54‌

(e)

–‌

2

.29‌

107

.7‌

(

1

.56‌

)

9,718‌

0

.39‌

(e)

–‌

3

.24‌

89

.7‌

(

11

.84‌

)

10,475‌

0

.40‌

(e)

–‌

1

.68‌

113

.4‌

(

0

.44‌

)

14,572‌

0

.39‌

(e)

–‌

1

.50‌

161

.7‌

6

.01‌

18,279‌

0

.40‌

(e)

–‌

1

.98‌

94

.1‌

9

.67‌

16,552‌

0

.42‌

(e)

–‌

2

.40‌

107

.7‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

Reflects

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Reflects

Manager's

contractual

expense

limit.

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

193

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

REAL

ASSET

FUND(b)

Class

A

shares

2023

$

12

.73‌

$

0

.28‌

(

$

0

.75‌

)

(

$

0

.47‌

)

(

$

0

.69‌

)

(

$

0

.69‌

)

(

$

1

.38‌

)

$

10

.88‌

2022

13

.53‌

0

.31‌

(

0

.18‌

)

0

.13‌

(

0

.77‌

)

(

0

.16‌

)

(

0

.93‌

)

12

.73‌

2021

11

.13‌

0

.22‌

2

.20‌

2

.42‌

(

0

.02‌

)

–‌

(

0

.02‌

)

13

.53‌

2020

11

.23‌

0

.17‌

(

0

.06‌

)

0

.11‌

(

0

.21‌

)

–‌

(

0

.21‌

)

11

.13‌

2019

11

.70‌

0

.26‌

(

0

.42‌

)

(

0

.16‌

)

(

0

.31‌

)

–‌

(

0

.31‌

)

11

.23‌

Institutional

shares

2023

12

.73‌

0

.33‌

(

0

.76‌

)

(

0

.43‌

)

(

0

.74‌

)

(

0

.69‌

)

(

1

.43‌

)

10

.87‌

2022

13

.54‌

0

.35‌

(

0

.17‌

)

0

.18‌

(

0

.83‌

)

(

0

.16‌

)

(

0

.99‌

)

12

.73‌

2021

11

.14‌

0

.24‌

2

.22‌

2

.46‌

(

0

.06‌

)

–‌

(

0

.06‌

)

13

.54‌

2020

11

.25‌

0

.21‌

(

0

.04‌

)

0

.17‌

(

0

.28‌

)

–‌

(

0

.28‌

)

11

.14‌

2019

11

.74‌

0

.31‌

(

0

.44‌

)

(

0

.13‌

)

(

0

.36‌

)

–‌

(

0

.36‌

)

11

.25‌

R-3

shares

2023

12

.65‌

0

.28‌

(

0

.77‌

)

(

0

.49‌

)

(

0

.68‌

)

(

0

.69‌

)

(

1

.37‌

)

10

.79‌

2022

13

.43‌

0

.27‌

(

0

.15‌

)

0

.12‌

(

0

.74‌

)

(

0

.16‌

)

(

0

.90‌

)

12

.65‌

2021

11

.07‌

0

.18‌

2

.20‌

2

.38‌

(

0

.02‌

)

–‌

(

0

.02‌

)

13

.43‌

2020

11

.20‌

0

.15‌

(

0

.05‌

)

0

.10‌

(

0

.23‌

)

–‌

(

0

.23‌

)

11

.07‌

2019

11

.69‌

0

.25‌

(

0

.43‌

)

(

0

.18‌

)

(

0

.31‌

)

–‌

(

0

.31‌

)

11

.20‌

R-6

shares

2023

12

.72‌

0

.33‌

(

0

.75‌

)

(

0

.42‌

)

(

0

.75‌

)

(

0

.69‌

)

(

1

.44‌

)

10

.86‌

2022

13

.53‌

0

.35‌

(

0

.16‌

)

0

.19‌

(

0

.84‌

)

(

0

.16‌

)

(

1

.00‌

)

12

.72‌

2021

11

.14‌

0

.28‌

2

.18‌

2

.46‌

(

0

.07‌

)

–‌

(

0

.07‌

)

13

.53‌

2020

11

.26‌

0

.22‌

(

0

.06‌

)

0

.16‌

(

0

.28‌

)

–‌

(

0

.28‌

)

11

.14‌

2019

11

.74‌

0

.32‌

(

0

.43‌

)

(

0

.11‌

)

(

0

.37‌

)

–‌

(

0

.37‌

)

11

.26‌

(a)

(b)

(c)

(d)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

194

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

3

.63‌

)

%

(c)

$

73,729‌

1

.20‌

%

(d)

2

.46‌

%

72

.4‌

%

0

.95‌

(c)

150,176‌

1

.20‌

(d)

2

.34‌

90

.9‌

21

.79‌

(c)

83,941‌

1

.20‌

(d)

1

.74‌

70

.0‌

0

.89‌

(c)

43,485‌

1

.19‌

(d)

1

.57‌

85

.4‌

(

1

.11‌

)

(c)

54,880‌

1

.22‌

(d)

2

.35‌

71

.5‌

(

3

.32‌

)

2,002,048‌

0

.83‌

(d)

2

.93‌

72

.4‌

1

.35‌

2,624,597‌

0

.83‌

(d)

2

.61‌

90

.9‌

22

.18‌

2,086,484‌

0

.83‌

(d)

1

.97‌

70

.0‌

1

.36‌

1,960,593‌

0

.84‌

(d)

1

.95‌

85

.4‌

(

0

.83‌

)

2,388,382‌

0

.85‌

(d)

2

.74‌

71

.5‌

(

3

.83‌

)

271‌

1

.34‌

(d)

2

.47‌

72

.4‌

0

.89‌

274‌

1

.33‌

(d)

2

.06‌

90

.9‌

21

.47‌

225‌

1

.34‌

(d)

1

.49‌

70

.0‌

0

.78‌

138‌

1

.36‌

(d)

1

.39‌

85

.4‌

(

1

.27‌

)

113‌

1

.36‌

(d)

2

.22‌

71

.5‌

(

3

.26‌

)

1,416,444‌

0

.77‌

(d)

2

.96‌

72

.4‌

1

.45‌

1,853,422‌

0

.77‌

(d)

2

.61‌

90

.9‌

22

.14‌

2,213,151‌

0

.78‌

(d)

2

.22‌

70

.0‌

1

.32‌

1,162,658‌

0

.79‌

(d)

1

.99‌

85

.4‌

(

0

.68‌

)

1,330,773‌

0

.79‌

(d)

2

.82‌

71

.5‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

195

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

EDGE

MIDCAP

FUND

Class

A

shares

2023

$

11.95‌

$

0.09‌

$

1.19‌

$

1.28‌

(

$

0

.31‌)

(

$

1.27‌)

(

$

1.58‌)

$

11.65‌

2022

18.61‌

0.05‌

(

1.99‌)

(

1.94‌)

(

0.04‌)

(

4.68‌)

(

4.72‌)

11.95‌

2021

14.76‌

0.02‌

4.61‌

4.63‌

(

0.05‌)

(

0.73‌)

(

0.78‌)

18.61‌

2020

14.39‌

0.06‌

0.92‌

0.98‌

(

0.11‌)

(

0.50‌)

(

0.61‌)

14.76‌

2019(e)

11.98‌

0.06‌

2.35‌

2.41‌

–‌

–‌

–‌

14.39‌

Institutional

shares

2023

12.05‌

0.13‌

1.20‌

1.33‌

(

0.35‌)

(

1.27‌)

(

1.62‌)

11.76‌

2022

18.71‌

0.10‌

(

2.00‌)

(

1.90‌)

(

0.08‌)

(

4.68‌)

(

4.76‌)

12.05‌

2021

14.83‌

0.08‌

4.62‌

4.70‌

(

0.09‌)

(

0.73‌)

(

0.82‌)

18

.71‌

2020

14.42‌

0.11‌

0.92‌

1.03‌

(

0.12‌)

(

0.50‌)

(

0.62‌)

14.83‌

2019

14.99‌

0.11‌

0.09‌

0.20‌

(

0.15‌)

(

0.62‌)

(

0

.77‌)

14.42‌

R-6

shares

2023

12.11‌

0.15‌

1.20‌

1.35‌

(

0.36‌)

(

1.27‌)

(

1.63‌)

11.83‌

2022

18.78‌

0.11‌

(

2.00‌)

(

1.89‌)

(

0.10‌)

(

4.68‌)

(

4.78‌)

12.11‌

2021

14.88‌

0.09‌

4.65‌

4.74‌

(

0.11‌)

(

0.73‌)

(

0.84‌)

18.78‌

2020

14.46‌

0.13‌

0.92‌

1.05‌

(

0.13‌)

(

0.50‌)

(

0.63‌)

14.88‌

2019

15.03‌

0.13‌

0.09‌

0.22‌

(

0.17‌)

(

0.62‌)

(

0.79‌)

14.46‌

(a)

(b)

(c)

(d)

(e)

(f)

(g)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

196

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

12.20‌

%

(b)

$

17,724‌

1.10‌

%

(c)

0.84‌

%

11.3‌

%

(13.95‌)

(b)

16,564‌

1.10‌

(c)

0.38‌

16.1‌

32.16‌

(b)

21,225‌

1.10‌

(c)

0.13‌

14.4‌

6.54‌

(b),(d)

12,547‌

1.10‌

(c)

0.46‌

27.9‌

20.20‌

(b),(d),(f)

5,587‌

1.10‌

(c),(g)

0.59‌

(g)

19.8‌

12.51‌

30,598‌

0.77‌

(c)

1.15‌

11.3‌

(13.65‌)

61,125‌

0.77‌

(c)

0.70‌

16.1‌

32.55‌

112,703‌

0.77‌

(c)

0.46‌

14.4‌

6.97‌

82,198‌

0.77‌

(c)

0.79‌

27.9‌

2.47‌

34,358‌

0.82‌

(c)

0.81‌

19.8‌

12.66‌

28,053‌

0.67‌

(c)

1.26‌

11.3‌

(13.54‌)

33,326‌

0.66‌

(c)

0.79‌

16.1‌

32.68‌

451,070‌

0.65‌

(c)

0.57‌

14.4‌

7.11‌

758,215‌

0.66‌

(c)

0.90‌

27.9‌

2.56‌

653,991‌

0.71‌

(c)

0.90‌

19.8‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

Reflects

Manager's

contractual

expense

limit.

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Period

from

December

31,

2018,

date

operations

commenced,

through

August

31,

2019.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

197

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Tax

Return

of

Capital

Distribution

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

GLOBAL

MULTI-STRATEGY

FUND(b)

Class

A

shares

2023

$

11

.06‌

$

0

.22‌

$

0

.25‌

$

0

.47‌

(

$

0

.59‌

)

(

$

0

.58‌

)

$

–‌

(

$

1

.17‌

)

$

10

.36‌

2022

11

.77‌

0

.05‌

(

0

.35‌

)

(

0

.30‌

)

(

0

.02‌

)

(

0

.39‌

)

–‌

(

0

.41‌

)

11

.06‌

2021

10

.95‌

0

.03‌

0

.93‌

0

.96‌

(

0

.14‌

)

–‌

–‌

(

0

.14‌

)

11

.77‌

2020

10

.64‌

0

.18‌

0

.13‌

0

.31‌

–‌

–‌

–‌

–‌

10

.95‌

2019

11

.09‌

0

.18‌

(

0

.02‌

)

0

.16‌

(

0

.11‌

)

(

0

.47‌

)

(

0

.03‌

)

(

0

.61‌

)

10

.64‌

Institutional

shares

2023

11

.24‌

0

.28‌

0

.26‌

0

.54‌

(

0

.64‌

)

(

0

.58‌

)

–‌

(

1

.22‌

)

10

.56‌

2022

11

.96‌

0

.11‌

(

0

.37‌

)

(

0

.26‌

)

(

0

.07‌

)

(

0

.39‌

)

–‌

(

0

.46‌

)

11

.24‌

2021

11

.12‌

0

.10‌

0

.93‌

1

.03‌

(

0

.19‌

)

–‌

–‌

(

0

.19‌

)

11

.96‌

2020

10

.76‌

0

.21‌

0

.15‌

0

.36‌

–‌

–‌

–‌

–‌

11

.12‌

2019

11

.21‌

0

.23‌

(

0

.02‌

)

0

.21‌

(

0

.16‌

)

(

0

.47‌

)

(

0

.03‌

)

(

0

.66‌

)

10

.76‌

R-6

shares

2023

11

.25‌

0

.28‌

0

.26‌

0

.54‌

(

0

.64‌

)

(

0

.58‌

)

–‌

(

1

.22‌

)

10

.57‌

2022

11

.96‌

0

.10‌

(

0

.35‌

)

(

0

.25‌

)

(

0

.07‌

)

(

0

.39‌

)

–‌

(

0

.46‌

)

11

.25‌

2021

11

.12‌

0

.10‌

0

.93‌

1

.03‌

(

0

.19‌

)

–‌

–‌

(

0

.19‌

)

11

.96‌

2020

10

.75‌

0

.29‌

0

.08‌

0

.37‌

–‌

–‌

–‌

–‌

11

.12‌

2019

11

.21‌

0

.23‌

(

0

.02‌

)

0

.21‌

(

0

.17‌

)

(

0

.47‌

)

(

0

.03‌

)

(

0

.67‌

)

10

.75‌

(a)

(b)

(c)

(d)

(e)

(f)

(g)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

198

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Expenses

to

Average

Net

Assets

(Excluding

Dividends

and

Interest

Expense

on

Short

Sales,

Short

Sale

Fees

and

Reverse

Repurchase

Agreement

Expense)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

4

.79‌

%

(c)

$

38,521‌

2

.27‌

%

(d)

2

.04‌

%

(d)

,(e)

2

.13‌

%

147

.0‌

%

(

2

.60‌

)

(c)

38,252‌

2

.41‌

(d)

2

.08‌

(d)

,(e)

0

.47‌

123

.2‌

8

.71‌

(c)

,(f)

39,485‌

2

.60‌

(d)

2

.12‌

(d)

,(e)

0

.30‌

289

.8‌

3

.01‌

(c)

,(f)

27,072‌

3

.68‌

(d)

,(g)

2

.11‌

(d)

,(e)

,(g)

1

.68‌

439

.7‌

1

.82‌

(c)

41,100‌

3

.37‌

(d)

,(g)

2

.02‌

(d)

,(e)

,(g)

1

.72‌

387

.8‌

5

.35‌

343,287‌

1

.77‌

(d)

1

.54‌

(d)

,(e)

2

.63‌

147

.0‌

(

2

.19‌

)

364,886‌

1

.96‌

(d)

1

.63‌

(d)

,(e)

0

.92‌

123

.2‌

9

.27‌

(f)

351,188‌

2

.16‌

(d)

1

.63‌

(d)

,(e)

0

.89‌

289

.8‌

3

.44‌

(f)

591,298‌

3

.21‌

(d)

,(g)

1

.64‌

(d)

,(e)

,(g)

1

.98‌

439

.7‌

2

.24‌

453,013‌

2

.99‌

(d)

,(g)

1

.64‌

(d)

,(e)

,(g)

2

.11‌

387

.8‌

5

.35‌

69,004‌

1

.74‌

(d)

1

.51‌

(d)

,(e)

2

.65‌

147

.0‌

(

2

.10‌

)

76,481‌

1

.91‌

(d)

1

.58‌

(d)

,(e)

0

.88‌

123

.2‌

9

.37‌

173,029‌

2

.08‌

(d)

1

.58‌

(d)

,(e)

0

.89‌

289

.8‌

3

.44‌

166,448‌

3

.15‌

(d)

,(g)

1

.58‌

(d)

,(e)

,(g)

2

.74‌

439

.7‌

2

.28‌

818,258‌

2

.91‌

(d)

,(g)

1

.56‌

(d)

,(e)

,(g)

2

.19‌

387

.8‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

Reflects

Manager's

contractual

expense

limit.

Excludes

dividends

and

interest

expense

on

short

sales

and

short

sale

fees

and

reverse

repurchase

agreement

expense.

See

"Operating

Policies"

in

notes

to

financial

statements.

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Includes

0.01%

of

expenses

associated

with

fund

investments.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

199

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

GLOBAL

SUSTAINABLE

LISTED

INFRASTRUCTURE

FUND

Institutional

shares

2023(c)

$

10.00‌

$

0.29‌

$

0.24‌

$

0.53‌

(

$

0.08‌)

(

$

0.05‌)

(

$

0.13‌)

$

10.40‌

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

200

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets(b)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

5.26‌

%

(d)

$

16,009‌

0.88‌

%

(b),(e)

2.84‌

%

(e)

46.3‌

%

(e)

Calculated

based

on

average

shares

outstanding

during

the

period.

Reflects

Manager's

contractual

expense

limit.

Period

from

September

22,

2022,

date

operations

commenced,

through

August

31,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

201

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

INTERNATIONAL

EQUITY

INDEX

FUND

Institutional

shares

2023

$

9

.39‌

$

0

.30‌

$

1

.38‌

$

1

.68‌

(

$

0

.27‌

)

(

$

0

.01‌

)

(

$

0

.28‌

)

$

10

.79‌

2022

12

.39‌

0

.34‌

(

2

.74‌

)

(

2

.40‌

)

(

0

.36‌

)

(

0

.24‌

)

(

0

.60‌

)

9

.39‌

2021

10

.06‌

0

.27‌

2

.32‌

2

.59‌

(

0

.23‌

)

(

0

.03‌

)

(

0

.26‌

)

12

.39‌

2020

9

.83‌

0

.21‌

0

.37‌

0

.58‌

(

0

.32‌

)

(

0

.03‌

)

(

0

.35‌

)

10

.06‌

2019

10

.57‌

0

.30‌

(

0

.69‌

)

(

0

.39‌

)

(

0

.26‌

)

(

0

.09‌

)

(

0

.35‌

)

9

.83‌

R-1

shares

2023

9

.06‌

0

.20‌

1

.34‌

1

.54‌

(

0

.18‌

)

(

0

.01‌

)

(

0

.19‌

)

10

.41‌

2022

11

.97‌

0

.23‌

(

2

.65‌

)

(

2

.42‌

)

(

0

.25‌

)

(

0

.24‌

)

(

0

.49‌

)

9

.06‌

2021

9

.73‌

0

.16‌

2

.25‌

2

.41‌

(

0

.14‌

)

(

0

.03‌

)

(

0

.17‌

)

11

.97‌

2020

9

.50‌

0

.12‌

0

.35‌

0

.47‌

(

0

.21‌

)

(

0

.03‌

)

(

0

.24‌

)

9

.73‌

2019

10

.20‌

0

.20‌

(

0

.65‌

)

(

0

.45‌

)

(

0

.16‌

)

(

0

.09‌

)

(

0

.25‌

)

9

.50‌

R-3

shares

2023

9

.18‌

0

.24‌

1

.34‌

1

.58‌

(

0

.20‌

)

(

0

.01‌

)

(

0

.21‌

)

10

.55‌

2022

12

.13‌

0

.27‌

(

2

.69‌

)

(

2

.42‌

)

(

0

.29‌

)

(

0

.24‌

)

(

0

.53‌

)

9

.18‌

2021

9

.85‌

0

.19‌

2

.29‌

2

.48‌

(

0

.17‌

)

(

0

.03‌

)

(

0

.20‌

)

12

.13‌

2020

9

.64‌

0

.16‌

0

.35‌

0

.51‌

(

0

.27‌

)

(

0

.03‌

)

(

0

.30‌

)

9

.85‌

2019

10

.35‌

0

.23‌

(

0

.65‌

)

(

0

.42‌

)

(

0

.20‌

)

(

0

.09‌

)

(

0

.29‌

)

9

.64‌

R-4

shares

2023

9

.30‌

0

.26‌

1

.36‌

1

.62‌

(

0

.23‌

)

(

0

.01‌

)

(

0

.24‌

)

10

.68‌

2022

12

.27‌

0

.29‌

(

2

.71‌

)

(

2

.42‌

)

(

0

.31‌

)

(

0

.24‌

)

(

0

.55‌

)

9

.30‌

2021

9

.97‌

0

.22‌

2

.31‌

2

.53‌

(

0

.20‌

)

(

0

.03‌

)

(

0

.23‌

)

12

.27‌

2020

9

.75‌

0

.18‌

0

.36‌

0

.54‌

(

0

.29‌

)

(

0

.03‌

)

(

0

.32‌

)

9

.97‌

2019

10

.48‌

0

.25‌

(

0

.67‌

)

(

0

.42‌

)

(

0

.22‌

)

(

0

.09‌

)

(

0

.31‌

)

9

.75‌

R-5

shares

2023

9

.33‌

0

.27‌

1

.37‌

1

.64‌

(

0

.24‌

)

(

0

.01‌

)

(

0

.25‌

)

10

.72‌

2022

12

.31‌

0

.31‌

(

2

.72‌

)

(

2

.41‌

)

(

0

.33‌

)

(

0

.24‌

)

(

0

.57‌

)

9

.33‌

2021

10

.00‌

0

.24‌

2

.30‌

2

.54‌

(

0

.20‌

)

(

0

.03‌

)

(

0

.23‌

)

12

.31‌

2020

9

.78‌

0

.19‌

0

.36‌

0

.55‌

(

0

.30‌

)

(

0

.03‌

)

(

0

.33‌

)

10

.00‌

2019

10

.50‌

0

.27‌

(

0

.67‌

)

(

0

.40‌

)

(

0

.23‌

)

(

0

.09‌

)

(

0

.32‌

)

9

.78‌

R-6

shares

2023

9

.40‌

0

.30‌

1

.38‌

1

.68‌

(

0

.27‌

)

(

0

.01‌

)

(

0

.28‌

)

10

.80‌

2022

12

.40‌

0

.34‌

(

2

.74‌

)

(

2

.40‌

)

(

0

.36‌

)

(

0

.24‌

)

(

0

.60‌

)

9

.40‌

2021

10

.06‌

0

.27‌

2

.33‌

2

.60‌

(

0

.23‌

)

(

0

.03‌

)

(

0

.26‌

)

12

.40‌

2020

9

.83‌

0

.22‌

0

.36‌

0

.58‌

(

0

.32‌

)

(

0

.03‌

)

(

0

.35‌

)

10

.06‌

2019

10

.57‌

0

.30‌

(

0

.69‌

)

(

0

.39‌

)

(

0

.26‌

)

(

0

.09‌

)

(

0

.35‌

)

9

.83‌

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

202

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

18

.18‌

%

$

65,622‌

0

.32‌

%

(b)

,(c)

2

.93‌

%

37

.5‌

%

(

20

.27‌

)

41,036‌

0

.32‌

(b)

,(d)

3

.09‌

20

.1‌

26

.03‌

50,246‌

0

.31‌

(b)

2

.38‌

21

.7‌

5

.77‌

35,803‌

0

.31‌

(b)

2

.11‌

31

.1‌

(

3

.33‌

)

50,221‌

0

.31‌

(b)

3

.09‌

23

.4‌

17

.20‌

394‌

1

.20‌

(c)

2

.03‌

37

.5‌

(

21

.00‌

)

325‌

1

.19‌

(d)

2

.15‌

20

.1‌

24

.95‌

491‌

1

.19‌

1

.46‌

21

.7‌

4

.86‌

491‌

1

.19‌

1

.31‌

31

.1‌

(

4

.19‌

)

588‌

1

.20‌

2

.09‌

23

.4‌

17

.50‌

12,167‌

0

.89‌

(c)

2

.35‌

37

.5‌

(

20

.75‌

)

10,683‌

0

.88‌

(d)

2

.47‌

20

.1‌

25

.42‌

16,698‌

0

.88‌

1

.75‌

21

.7‌

5

.11‌

15,706‌

0

.88‌

1

.65‌

31

.1‌

(

3

.82‌

)

16,499‌

0

.89‌

2

.41‌

23

.4‌

17

.68‌

10,011‌

0

.70‌

(c)

2

.53‌

37

.5‌

(

20

.53‌

)

8,359‌

0

.69‌

(d)

2

.70‌

20

.1‌

25

.56‌

10,509‌

0

.69‌

1

.96‌

21

.7‌

5

.34‌

9,023‌

0

.69‌

1

.84‌

31

.1‌

(

3

.72‌

)

7,466‌

0

.70‌

2

.51‌

23

.4‌

17

.87‌

14,032‌

0

.58‌

(c)

2

.68‌

37

.5‌

(

20

.45‌

)

13,153‌

0

.57‌

(d)

2

.82‌

20

.1‌

25

.66‌

18,863‌

0

.57‌

2

.08‌

21

.7‌

5

.45‌

16,208‌

0

.57‌

1

.95‌

31

.1‌

(

3

.50‌

)

16,948‌

0

.58‌

2

.80‌

23

.4‌

18

.16‌

1,130,368‌

0

.30‌

(b)

,(c)

2

.89‌

37

.5‌

(

20

.25‌

)

912,444‌

0

.30‌

(b)

,(d)

3

.10‌

20

.1‌

26

.14‌

1,151,273‌

0

.29‌

(b)

2

.35‌

21

.7‌

5

.66‌

(e)

1,020,094‌

0

.29‌

(b)

2

.25‌

31

.1‌

(

3

.23‌

)

(e)

1,003,550‌

0

.28‌

(b)

3

.04‌

23

.4‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Reflects

Manager's

contractual

expense

limit.

Includes

0.01%

and

0.01%

of

interest

expense

associated

with

borrowings

and

expenses

associated

with

the

reclaim

of

foreign

taxes

paid,

respectively.

These

expenses

are

not

subject

to

the

Manager's

contractual

expense

limit.

Includes

0.01%

of

expenses

associated

with

the

reclaim

of

foreign

taxes

paid.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

203

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

INTERNATIONAL

SMALL

COMPANY

FUND

Institutional

shares

2023

$

8

.88‌

$

0

.16‌

$

0

.80‌

$

0

.96‌

(

$

0

.11‌

)

$

–‌

(

$

0

.11‌

)

$

9

.73‌

2022

13

.47‌

0

.20‌

(

3

.69‌

)

(

3

.49‌

)

(

0

.16‌

)

(

0

.94‌

)

(

1

.10‌

)

8

.88‌

2021

10

.63‌

0

.12‌

2

.87‌

2

.99‌

(

0

.15‌

)

–‌

(

0

.15‌

)

13

.47‌

2020

10

.46‌

0

.09‌

0

.40‌

0

.49‌

(

0

.32‌

)

–‌

(

0

.32‌

)

10

.63‌

2019

12

.36‌

0

.14‌

(

1

.17‌

)

(

1

.03‌

)

(

0

.14‌

)

(

0

.73‌

)

(

0

.87‌

)

10

.46‌

R-6

shares

2023

8

.93‌

0

.17‌

0

.81‌

0

.98‌

(

0

.12‌

)

–‌

(

0

.12‌

)

9

.79‌

2022

13

.55‌

0

.22‌

(

3

.72‌

)

(

3

.50‌

)

(

0

.18‌

)

(

0

.94‌

)

(

1

.12‌

)

8

.93‌

2021

10

.70‌

0

.13‌

2

.87‌

3

.00‌

(

0

.15‌

)

–‌

(

0

.15‌

)

13

.55‌

2020

10

.52‌

0

.09‌

0

.42‌

0

.51‌

(

0

.33‌

)

–‌

(

0

.33‌

)

10

.70‌

2019

12

.42‌

0

.14‌

(

1

.16‌

)

(

1

.02‌

)

(

0

.15‌

)

(

0

.73‌

)

(

0

.88‌

)

10

.52‌

(a)

(b)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

204

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

10

.91‌

%

$

36,678‌

1

.11‌

%

(b)

1

.72‌

%

61

.8‌

%

(

27

.62‌

)

49,278‌

1

.16‌

(b)

1

.81‌

61

.4‌

28

.27‌

94,066‌

1

.19‌

(b)

0

.96‌

54

.6‌

4

.49‌

72,515‌

1

.20‌

(b)

0

.88‌

44

.1‌

(

7

.31‌

)

34,866‌

1

.20‌

(b)

1

.36‌

46

.8‌

11

.06‌

669,829‌

1

.05‌

(b)

1

.82‌

61

.8‌

(

27

.61‌

)

655,371‌

1

.08‌

(b)

2

.00‌

61

.4‌

28

.27‌

1,087,460‌

1

.08‌

(b)

1

.11‌

54

.6‌

4

.67‌

966,964‌

1

.08‌

(b)

0

.91‌

44

.1‌

(

7

.20‌

)

855,932‌

1

.07‌

(b)

1

.36‌

46

.8‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

205

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

OPPORTUNISTIC

MUNICIPAL

FUND

Class

A

shares

2023

$

9

.80‌

$

0

.39‌

(

$

0

.37‌

)

$

0

.02‌

(

$

0

.39‌

)

(

$

0

.39‌

)

$

9

.43‌

2022

11

.71‌

0

.36‌

(

1

.91‌

)

(

1

.55‌

)

(

0

.36‌

)

(

0

.36‌

)

9

.80‌

2021

10

.96‌

0

.37‌

0

.76‌

1

.13‌

(

0

.38‌

)

(

0

.38‌

)

11

.71‌

2020

11

.26‌

0

.36‌

(

0

.30‌

)

0

.06‌

(

0

.36‌

)

(

0

.36‌

)

10

.96‌

2019

10

.60‌

0

.43‌

0

.64‌

1

.07‌

(

0

.41‌

)

(

0

.41‌

)

11

.26‌

Institutional

shares

2023

9

.80‌

0

.42‌

(

0

.36‌

)

0

.06‌

(

0

.42‌

)

(

0

.42‌

)

9

.44‌

2022

11

.72‌

0

.39‌

(

1

.92‌

)

(

1

.53‌

)

(

0

.39‌

)

(

0

.39‌

)

9

.80‌

2021

10

.97‌

0

.40‌

0

.76‌

1

.16‌

(

0

.41‌

)

(

0

.41‌

)

11

.72‌

2020

11

.26‌

0

.40‌

(

0

.30‌

)

0

.10‌

(

0

.39‌

)

(

0

.39‌

)

10

.97‌

2019

10

.61‌

0

.46‌

0

.63‌

1

.09‌

(

0

.44‌

)

(

0

.44‌

)

11

.26‌

(a)

(b)

(c)

(d)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

206

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Expenses

to

Average

Net

Assets

(Excluding

Interest

Expense

and

Fees)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

0

.33‌

%

(b)

$

41,241‌

1

.05‌

%

(c)

0

.84‌

%

(c)

,(d)

4

.17‌

%

41

.4‌

%

(

13

.42‌

)

(b)

49,013‌

0

.90‌

(c)

0

.84‌

(c)

,(d)

3

.32‌

52

.4‌

10

.43‌

(b)

59,266‌

0

.88‌

(c)

0

.84‌

(c)

,(d)

3

.26‌

48

.0‌

0

.62‌

(b)

50,459‌

0

.91‌

(c)

0

.84‌

(c)

,(d)

3

.35‌

76

.6‌

10

.36‌

(b)

53,756‌

0

.98‌

(c)

0

.86‌

(c)

,(d)

4

.01‌

66

.1‌

0

.72‌

94,169‌

0

.77‌

(c)

0

.56‌

(c)

,(d)

4

.44‌

41

.4‌

(

13

.25‌

)

90,215‌

0

.62‌

(c)

0

.56‌

(c)

,(d)

3

.57‌

52

.4‌

10

.73‌

116,210‌

0

.60‌

(c)

0

.56‌

(c)

,(d)

3

.52‌

48

.0‌

0

.99‌

82,465‌

0

.63‌

(c)

0

.56‌

(c)

,(d)

3

.64‌

76

.6‌

10

.55‌

82,132‌

0

.70‌

(c)

0

.58‌

(c)

,(d)

4

.27‌

66

.1‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

Reflects

Manager's

contractual

expense

limit.

Excludes

interest

expense

and

fees

paid

through

inverse

floater

agreements.

See

"Operating

Policies"

in

notes

to

financial

statements.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

207

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

ORIGIN

EMERGING

MARKETS

FUND

Class

A

shares

2023

$

9

.83‌

$

0

.19‌

(

$

0

.20‌

)

(

$

0

.01‌

)

(

$

0

.21‌

)

$

–‌

(

$

0

.21‌

)

$

9

.61‌

2022

14

.16‌

0

.30‌

(

4

.21‌

)

(

3

.91‌

)

(

0

.18‌

)

(

0

.24‌

)

(

0

.42‌

)

9

.83‌

2021

12

.36‌

0

.14‌

1

.71‌

1

.85‌

(

0

.05‌

)

–‌

(

0

.05‌

)

14

.16‌

2020

10

.63‌

0

.11‌

1

.77‌

1

.88‌

(

0

.15‌

)

–‌

(

0

.15‌

)

12

.36‌

2019

11

.28‌

0

.11‌

(

0

.68‌

)

(

0

.57‌

)

(

0

.08‌

)

–‌

(

0

.08‌

)

10

.63‌

Institutional

shares

2023

9

.67‌

0

.21‌

(

0

.18‌

)

0

.03‌

(

0

.26‌

)

–‌

(

0

.26‌

)

9

.44‌

2022

13

.95‌

0

.35‌

(

4

.15‌

)

(

3

.80‌

)

(

0

.24‌

)

(

0

.24‌

)

(

0

.48‌

)

9

.67‌

2021

12

.17‌

0

.18‌

1

.69‌

1

.87‌

(

0

.09‌

)

–‌

(

0

.09‌

)

13

.95‌

2020

10

.47‌

0

.16‌

1

.74‌

1

.90‌

(

0

.20‌

)

–‌

(

0

.20‌

)

12

.17‌

2019

11

.16‌

0

.18‌

(

0

.71‌

)

(

0

.53‌

)

(

0

.16‌

)

–‌

(

0

.16‌

)

10

.47‌

R-6

shares

2023

9

.69‌

0

.23‌

(

0

.19‌

)

0

.04‌

(

0

.27‌

)

–‌

(

0

.27‌

)

9

.46‌

2022

13

.98‌

0

.34‌

(

4

.13‌

)

(

3

.79‌

)

(

0

.26‌

)

(

0

.24‌

)

(

0

.50‌

)

9

.69‌

2021

12

.18‌

0

.22‌

1

.68‌

1

.90‌

(

0

.10‌

)

–‌

(

0

.10‌

)

13

.98‌

2020

10

.48‌

0

.16‌

1

.75‌

1

.91‌

(

0

.21‌

)

–‌

(

0

.21‌

)

12

.18‌

2019

11

.16‌

0

.25‌

(

0

.76‌

)

(

0

.51‌

)

(

0

.17‌

)

–‌

(

0

.17‌

)

10

.48‌

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

208

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

0

.08‌

%

(b)

$

4,982‌

1

.48‌

%

(c)

–‌

%

1

.94‌

%

68

.0‌

%

(

28

.32‌

)

(b)

5,426‌

1

.57‌

(c)

–‌

2

.45‌

48

.7‌

14

.95‌

(b)

9,524‌

1

.60‌

(c)

–‌

1

.00‌

71

.9‌

17

.73‌

(b)

4,003‌

1

.60‌

(c)

–‌

0

.96‌

72

.9‌

(

4

.94‌

)

(b)

2,455‌

1

.66‌

(c)

–‌

1

.08‌

59

.4‌

0

.44‌

73,802‌

1

.13‌

(c)

–‌

2

.20‌

68

.0‌

(

28

.08‌

)

96,342‌

1

.20‌

(c)

–‌

2

.97‌

48

.7‌

15

.42‌

124,727‌

1

.20‌

(c)

–‌

1

.30‌

71

.9‌

18

.21‌

26,478‌

1

.20‌

(c)

–‌

1

.44‌

72

.9‌

(

4

.55‌

)

11,710‌

1

.22‌

(c)

–‌

1

.78‌

59

.4‌

0

.61‌

2,553,869‌

1

.01‌

(d)

1

.02‌

(e)

2

.48‌

68

.0‌

(

27

.96‌

)

2,180,550‌

1

.05‌

(c)

–‌

2

.85‌

48

.7‌

15

.61‌

3,729,485‌

1

.05‌

(c)

–‌

1

.56‌

71

.9‌

18

.30‌

1,827,389‌

1

.07‌

(c)

–‌

1

.43‌

72

.9‌

(

4

.42‌

)

1,082,059‌

1

.12‌

(c)

–‌

2

.40‌

59

.4‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

Reflects

Manager's

contractual

expense

limit.

Reflects

Manager's

voluntary

expense

limit.

Excludes

expense

reimbursement

from

Manager.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

209

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SMALL-MIDCAP

DIVIDEND

INCOME

FUND

Class

A

shares

2023

$

15

.94‌

$

0

.22‌

$

1

.31‌

$

1

.53‌

(

$

0

.23‌

)

(

$

0

.79‌

)

(

$

1

.02‌

)

$

16

.45‌

2022

17

.01‌

0

.20‌

(

1

.09‌

)

(

0

.89‌

)

(

0

.16‌

)

(

0

.02‌

)

(

0

.18‌

)

15

.94‌

2021

11

.91‌

0

.10‌

5

.16‌

5

.26‌

(

0

.16‌

)

–‌

(

0

.16‌

)

17

.01‌

2020

13

.96‌

0

.16‌

(

1

.88‌

)

(

1

.72‌

)

(

0

.23‌

)

(

0

.10‌

)

(

0

.33‌

)

11

.91‌

2019

17

.84‌

0

.28‌

(

1

.92‌

)

(

1

.64‌

)

(

0

.35‌

)

(

1

.89‌

)

(

2

.24‌

)

13

.96‌

Class

C

shares

2023

15

.74‌

0

.10‌

1

.31‌

1

.41‌

(

0

.11‌

)

(

0

.79‌

)

(

0

.90‌

)

16

.25‌

2022

16

.81‌

0

.07‌

(

1

.09‌

)

(

1

.02‌

)

(

0

.03‌

)

(

0

.02‌

)

(

0

.05‌

)

15

.74‌

2021

11

.78‌

(

0

.01‌

)

5

.11‌

5

.10‌

(

0

.07‌

)

–‌

(

0

.07‌

)

16

.81‌

2020

13

.82‌

0

.06‌

(

1

.86‌

)

(

1

.80‌

)

(

0

.14‌

)

(

0

.10‌

)

(

0

.24‌

)

11

.78‌

2019

17

.68‌

0

.17‌

(

1

.90‌

)

(

1

.73‌

)

(

0

.24‌

)

(

1

.89‌

)

(

2

.13‌

)

13

.82‌

Institutional

shares

2023

16

.03‌

0

.27‌

1

.32‌

1

.59‌

(

0

.28‌

)

(

0

.79‌

)

(

1

.07‌

)

16

.55‌

2022

17

.11‌

0

.24‌

(

1

.10‌

)

(

0

.86‌

)

(

0

.20‌

)

(

0

.02‌

)

(

0

.22‌

)

16

.03‌

2021

11

.97‌

0

.15‌

5

.18‌

5

.33‌

(

0

.19‌

)

–‌

(

0

.19‌

)

17

.11‌

2020

14

.04‌

0

.19‌

(

1

.89‌

)

(

1

.70‌

)

(

0

.27‌

)

(

0

.10‌

)

(

0

.37‌

)

11

.97‌

2019

17

.92‌

0

.32‌

(

1

.91‌

)

(

1

.59‌

)

(

0

.40‌

)

(

1

.89‌

)

(

2

.29‌

)

14

.04‌

R-6

shares

2023

16

.11‌

0

.28‌

1

.32‌

1

.60‌

(

0

.28‌

)

(

0

.79‌

)

(

1

.07‌

)

16

.64‌

2022

17

.20‌

0

.26‌

(

1

.12‌

)

(

0

.86‌

)

(

0

.21‌

)

(

0

.02‌

)

(

0

.23‌

)

16

.11‌

2021

12

.03‌

0

.15‌

5

.22‌

5

.37‌

(

0

.20‌

)

–‌

(

0

.20‌

)

17

.20‌

2020

14

.10‌

0

.20‌

(

1

.89‌

)

(

1

.69‌

)

(

0

.28‌

)

(

0

.10‌

)

(

0

.38‌

)

12

.03‌

2019

17

.98‌

0

.33‌

(

1

.93‌

)

(

1

.60‌

)

(

0

.39‌

)

(

1

.89‌

)

(

2

.28‌

)

14

.10‌

(a)

(b)

(c)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

210

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

10

.11‌

%

(b)

$

156,039‌

1

.12‌

%

(c)

1

.43‌

%

26

.5‌

%

(

5

.31‌

)

(b)

145,799‌

1

.12‌

(c)

1

.17‌

22

.1‌

44

.42‌

(b)

148,411‌

1

.12‌

(c)

0

.70‌

74

.6‌

(

12

.55‌

)

(b)

103,382‌

1

.12‌

(c)

1

.20‌

28

.9‌

(

7

.83‌

)

(b)

147,402‌

1

.13‌

(c)

1

.91‌

21

.9‌

9

.34‌

(b)

29,705‌

1

.87‌

(c)

0

.66‌

26

.5‌

(

6

.09‌

)

(b)

45,460‌

1

.87‌

(c)

0

.39‌

22

.1‌

43

.44‌

(b)

69,017‌

1

.87‌

(c)

(

0

.03‌

)

74

.6‌

(

13

.25‌

)

(b)

71,660‌

1

.87‌

(c)

0

.45‌

28

.9‌

(

8

.50‌

)

(b)

118,135‌

1

.88‌

(c)

1

.16‌

21

.9‌

10

.42‌

698,401‌

0

.85‌

(c)

1

.69‌

26

.5‌

(

5

.08‌

)

749,448‌

0

.85‌

(c)

1

.44‌

22

.1‌

44

.89‌

833,344‌

0

.85‌

(c)

1

.02‌

74

.6‌

(

12

.36‌

)

1,408,105‌

0

.85‌

(c)

1

.47‌

28

.9‌

(

7

.54‌

)

1,892,406‌

0

.86‌

(c)

2

.19‌

21

.9‌

10

.49‌

401,595‌

0

.79‌

(c)

1

.75‌

26

.5‌

(

5

.05‌

)

120,396‌

0

.80‌

(c)

1

.54‌

22

.1‌

45

.03‌

61,986‌

0

.79‌

(c)

0

.93‌

74

.6‌

(

12

.24‌

)

9,135‌

0

.79‌

(c)

1

.52‌

28

.9‌

(

7

.54‌

)

8,589‌

0

.79‌

(c)

2

.27‌

21

.9‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

211

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SPECTRUM

PREFERRED

AND

CAPITAL

SECURITIES

INCOME

FUND

Class

A

shares

2023

$

9

.13‌

$

0

.39‌

(

$

0

.38‌

)

$

0

.01‌

(

$

0

.46‌

)

(

$

0

.46‌

)

$

8

.68‌

2022

10

.64‌

0

.37‌

(

1

.44‌

)

(

1

.07‌

)

(

0

.44‌

)

(

0

.44‌

)

9

.13‌

2021

10

.32‌

0

.38‌

0

.36‌

0

.74‌

(

0

.42‌

)

(

0

.42‌

)

10

.64‌

2020

10

.30‌

0

.42‌

0

.05‌

0

.47‌

(

0

.45‌

)

(

0

.45‌

)

10

.32‌

2019

10

.06‌

0

.49‌

0

.26‌

0

.75‌

(

0

.51‌

)

(

0

.51‌

)

10

.30‌

Class

C

shares

2023

9

.13‌

0

.33‌

(

0

.40‌

)

(

0

.07‌

)

(

0

.39‌

)

(

0

.39‌

)

8

.67‌

2022

10

.64‌

0

.30‌

(

1

.45‌

)

(

1

.15‌

)

(

0

.36‌

)

(

0

.36‌

)

9

.13‌

2021

10

.31‌

0

.30‌

0

.37‌

0

.67‌

(

0

.34‌

)

(

0

.34‌

)

10

.64‌

2020

10

.29‌

0

.35‌

0

.04‌

0

.39‌

(

0

.37‌

)

(

0

.37‌

)

10

.31‌

2019

10

.05‌

0

.42‌

0

.25‌

0

.67‌

(

0

.43‌

)

(

0

.43‌

)

10

.29‌

Class

J

shares

2023

8

.83‌

0

.38‌

(

0

.37‌

)

0

.01‌

(

0

.46‌

)

(

0

.46‌

)

8

.38‌

2022

10

.32‌

0

.36‌

(

1

.41‌

)

(

1

.05‌

)

(

0

.44‌

)

(

0

.44‌

)

8

.83‌

2021

10

.01‌

0

.37‌

0

.37‌

0

.74‌

(

0

.43‌

)

(

0

.43‌

)

10

.32‌

2020

10

.01‌

0

.41‌

0

.04‌

0

.45‌

(

0

.45‌

)

(

0

.45‌

)

10

.01‌

2019

9

.79‌

0

.47‌

0

.26‌

0

.73‌

(

0

.51‌

)

(

0

.51‌

)

10

.01‌

Institutional

shares

2023

9

.05‌

0

.41‌

(

0

.38‌

)

0

.03‌

(

0

.48‌

)

(

0

.48‌

)

8

.60‌

2022

10

.56‌

0

.39‌

(

1

.44‌

)

(

1

.05‌

)

(

0

.46‌

)

(

0

.46‌

)

9

.05‌

2021

10

.24‌

0

.40‌

0

.37‌

0

.77‌

(

0

.45‌

)

(

0

.45‌

)

10

.56‌

2020

10

.23‌

0

.45‌

0

.04‌

0

.49‌

(

0

.48‌

)

(

0

.48‌

)

10

.24‌

2019

9

.99‌

0

.52‌

0

.26‌

0

.78‌

(

0

.54‌

)

(

0

.54‌

)

10

.23‌

R-1

shares

2023

9

.00‌

0

.34‌

(

0

.37‌

)

(

0

.03‌

)

(

0

.42‌

)

(

0

.42‌

)

8

.55‌

2022

10

.50‌

0

.32‌

(

1

.43‌

)

(

1

.11‌

)

(

0

.39‌

)

(

0

.39‌

)

9

.00‌

2021

10

.19‌

0

.32‌

0

.36‌

0

.68‌

(

0

.37‌

)

(

0

.37‌

)

10

.50‌

2020

10

.17‌

0

.36‌

0

.06‌

0

.42‌

(

0

.40‌

)

(

0

.40‌

)

10

.19‌

2019

9

.94‌

0

.44‌

0

.25‌

0

.69‌

(

0

.46‌

)

(

0

.46‌

)

10

.17‌

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

212

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

0

.23‌

%

(b)

$

697,257‌

1

.05‌

%

–‌

%

4

.50‌

%

16

.5‌

%

(

10

.28‌

)

(b)

808,228‌

1

.03‌

–‌

3

.78‌

15

.4‌

7

.32‌

(b)

971,310‌

1

.04‌

–‌

3

.62‌

21

.6‌

4

.77‌

(b)

844,525‌

1

.05‌

–‌

4

.18‌

18

.1‌

7

.80‌

(b)

732,421‌

1

.06‌

–‌

4

.96‌

19

.8‌

(

0

.66‌

)

(b)

147,896‌

1

.82‌

–‌

3

.74‌

16

.5‌

(

10

.98‌

)

(b)

180,824‌

1

.79‌

–‌

3

.01‌

15

.4‌

6

.58‌

(b)

256,799‌

1

.79‌

–‌

2

.89‌

21

.6‌

3

.95‌

(b)

365,817‌

1

.81‌

–‌

3

.44‌

18

.1‌

6

.97‌

(b)

469,674‌

1

.81‌

–‌

4

.21‌

19

.8‌

0

.24‌

(b)

31,131‌

1

.06‌

(c)

1

.08‌

(d)

4

.49‌

16

.5‌

(

10

.38‌

)

(b)

36,128‌

1

.01‌

(c)

1

.03‌

(d)

3

.80‌

15

.4‌

7

.50‌

(b)

42,288‌

1

.00‌

(c)

1

.02‌

(d)

3

.68‌

21

.6‌

4

.67‌

(b)

42,554‌

1

.07‌

(c)

1

.10‌

(d)

4

.17‌

18

.1‌

7

.75‌

(b)

45,660‌

1

.13‌

(c)

1

.16‌

(d)

4

.89‌

19

.8‌

0

.48‌

3,930,780‌

0

.81‌

(e)

–‌

4

.74‌

16

.5‌

(

10

.14‌

)

4,213,593‌

0

.79‌

(e)

–‌

4

.01‌

15

.4‌

7

.64‌

5,472,494‌

0

.79‌

(e)

–‌

3

.87‌

21

.6‌

4

.96‌

4,746,270‌

0

.81‌

(e)

–‌

4

.42‌

18

.1‌

8

.12‌

3,591,388‌

0

.81‌

(e)

–‌

5

.21‌

19

.8‌

(

0

.30‌

)

459‌

1

.58‌

–‌

3

.98‌

16

.5‌

(

10

.81‌

)

476‌

1

.57‌

–‌

3

.23‌

15

.4‌

6

.75‌

620‌

1

.57‌

–‌

3

.10‌

21

.6‌

4

.24‌

613‌

1

.58‌

–‌

3

.62‌

18

.1‌

7

.23‌

1,024‌

1

.58‌

–‌

4

.44‌

19

.8‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

Reflects

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

213

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SPECTRUM

PREFERRED

AND

CAPITAL

SECURITIES

INCOME

FUND

R-3

shares

2023

$

8

.98‌

$

0

.37‌

(

$

0

.37‌

)

$

–‌

(

$

0

.44‌

)

(

$

0

.44‌

)

$

8

.54‌

2022

10

.48‌

0

.35‌

(

1

.43‌

)

(

1

.08‌

)

(

0

.42‌

)

(

0

.42‌

)

8

.98‌

2021

10

.16‌

0

.35‌

0

.37‌

0

.72‌

(

0

.40‌

)

(

0

.40‌

)

10

.48‌

2020

10

.15‌

0

.40‌

0

.04‌

0

.44‌

(

0

.43‌

)

(

0

.43‌

)

10

.16‌

2019

9

.92‌

0

.47‌

0

.25‌

0

.72‌

(

0

.49‌

)

(

0

.49‌

)

10

.15‌

R-4

shares

2023

8

.95‌

0

.38‌

(

0

.37‌

)

0

.01‌

(

0

.46‌

)

(

0

.46‌

)

8

.50‌

2022

10

.45‌

0

.36‌

(

1

.42‌

)

(

1

.06‌

)

(

0

.44‌

)

(

0

.44‌

)

8

.95‌

2021

10

.14‌

0

.37‌

0

.36‌

0

.73‌

(

0

.42‌

)

(

0

.42‌

)

10

.45‌

2020

10

.13‌

0

.42‌

0

.04‌

0

.46‌

(

0

.45‌

)

(

0

.45‌

)

10

.14‌

2019

9

.90‌

0

.48‌

0

.26‌

0

.74‌

(

0

.51‌

)

(

0

.51‌

)

10

.13‌

R-5

shares

2023

9

.01‌

0

.40‌

(

0

.39‌

)

0

.01‌

(

0

.47‌

)

(

0

.47‌

)

8

.55‌

2022

10

.51‌

0

.38‌

(

1

.43‌

)

(

1

.05‌

)

(

0

.45‌

)

(

0

.45‌

)

9

.01‌

2021

10

.19‌

0

.39‌

0

.36‌

0

.75‌

(

0

.43‌

)

(

0

.43‌

)

10

.51‌

2020

10

.18‌

0

.43‌

0

.04‌

0

.47‌

(

0

.46‌

)

(

0

.46‌

)

10

.19‌

2019

9

.95‌

0

.50‌

0

.25‌

0

.75‌

(

0

.52‌

)

(

0

.52‌

)

10

.18‌

R-6

shares

2023

9

.05‌

0

.42‌

(

0

.38‌

)

0

.04‌

(

0

.49‌

)

(

0

.49‌

)

8

.60‌

2022

10

.55‌

0

.40‌

(

1

.43‌

)

(

1

.03‌

)

(

0

.47‌

)

(

0

.47‌

)

9

.05‌

2021

10

.24‌

0

.41‌

0

.36‌

0

.77‌

(

0

.46‌

)

(

0

.46‌

)

10

.55‌

2020

10

.23‌

0

.46‌

0

.04‌

0

.50‌

(

0

.49‌

)

(

0

.49‌

)

10

.24‌

2019

9

.99‌

0

.53‌

0

.25‌

0

.78‌

(

0

.54‌

)

(

0

.54‌

)

10

.23‌

(a)

(b)

(c)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

214

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

0

.11‌

%

$

1,981‌

1

.27‌

%

4

.26‌

%

16

.5‌

%

(

10

.53‌

)

7,838‌

1

.26‌

3

.64‌

15

.4‌

7

.20‌

2,521‌

1

.26‌

3

.38‌

21

.6‌

4

.49‌

1,328‌

1

.27‌

3

.98‌

18

.1‌

7

.58‌

2,101‌

1

.27‌

4

.77‌

19

.8‌

0

.21‌

946‌

1

.08‌

4

.48‌

16

.5‌

(

10

.41‌

)

938‌

1

.07‌

3

.75‌

15

.4‌

7

.31‌

834‌

1

.07‌

3

.61‌

21

.6‌

4

.71‌

1,031‌

1

.08‌

4

.16‌

18

.1‌

7

.80‌

1,397‌

1

.08‌

4

.93‌

19

.8‌

0

.21‌

1,987‌

0

.96‌

4

.59‌

16

.5‌

(

10

.24‌

)

2,726‌

0

.95‌

3

.82‌

15

.4‌

7

.51‌

4,126‌

0

.95‌

3

.72‌

21

.6‌

4

.82‌

3,526‌

0

.96‌

4

.29‌

18

.1‌

7

.89‌

3,200‌

0

.96‌

5

.05‌

19

.8‌

0

.59‌

941,791‌

0

.70‌

4

.85‌

16

.5‌

(

9

.97‌

)

1,228,160‌

0

.70‌

4

.11‌

15

.4‌

7

.64‌

1,706,467‌

0

.70‌

(b)

3

.97‌

21

.6‌

5

.17‌

(c)

1,518,101‌

0

.71‌

(b)

4

.52‌

18

.1‌

8

.12‌

(c)

910,863‌

0

.71‌

(b)

5

.32‌

19

.8‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Reflects

Manager's

contractual

expense

limit.

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Report

of

Independent

Registered

Public

Accounting

Firm

215

To

the

Shareholders

of

Blue

Chip

Fund,

Bond

Market

Index

Fund,

Diversified

Real

Asset

Fund,

Edge

MidCap

Fund,

Global

Multi-Strategy

Fund,

Global

Sustainable

Listed

Infrastructure

Fund,

International

Equity

Index

Fund,

International

Small

Company

Fund,

Opportunistic

Municipal

Fund,

Origin

Emerging

Markets

Fund,

Small-MidCap

Dividend

Income

Fund,

and

Spectrum

Preferred

and

Capital

Securities

Income

Fund

and

the

Board

of

Directors

of

Principal

Funds,

Inc.

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

consolidated

statements

of

assets

and

liabilities

of

Diversified

Real

Asset

Fund

and

Global

Multi-Strategy

Fund

(two

of

the

funds

constituting

Principal

Funds,

Inc.

(the

“Fund”)),

including

the

consolidated

schedules

of

investments,

as

of

August

31,

2023,

and

the

related

consolidated

statements

of

operations

and

changes

in

net

assets,

and

the

consolidated

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

and

the

related

notes

(collectively

referred

to

as

the

“consolidated

financial

statements”).

We

have

also

audited

the

accompanying

statements

of

assets

and

liabilities

of

Blue

Chip

Fund,

Bond

Market

Index

Fund,

Edge

MidCap

Fund,

Global

Sustainable

Listed

Infrastructure

Fund,

International

Equity

Index

Fund,

International

Small

Company

Fund,

Opportunistic

Municipal

Fund,

Origin

Emerging

Markets

Fund,

Small-MidCap

Dividend

Income

Fund,

and

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(collectively,

together

with

Diversified

Real

Asset

Fund

and

Global

Multi-Strategy

Fund,

referred

to

as

the

“Funds”)

(10

of

the

funds

constituting

the

“Fund”),

including

the

schedules

of

investments,

as

of

August

31,

2023,

and

the

related

statements

of

operations

and

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

and

the

related

notes

(collectively,

together

with

the

consolidated

financial

statements,

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

(12

of

the

funds

constituting

the

Fund)

at

August

31,

2023,

and

the

results

of

their

operations,

changes

in

net

assets

and

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

each

of

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Fund’s

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Individual

fund

constituting

the

Fund

Statement

of

operations

Statements

of

changes

in

net

assets

Financial

highlights

Blue

Chip

Fund

Bond

Market

Index

Fund

Diversified

Real

Asset

Fund

Edge

MidCap

Fund

Global

Multi-Strategy

Fund

International

Equity

Index

Fund

International

Small

Company

Fund

Opportunistic

Municipal

Fund

Origin

Emerging

Markets

Fund

Small-MidCap

Dividend

Income

Fund

Spectrum

Preferred

and

Capital

Securities

Income

Fund

For

the

year

ended

August

31,

2023

For

each

of

the

two

years

in

the

period

ended

August

31,

2023

For

each

of

the

five

years

in

the

period

ended

August

31,

2023

Global

Sustainable

Listed

Infrastructure

Fund

For

the

period

from

September

22,

2022,

date

operations

commenced,

through

August

31,

2023

Report

of

Independent

Registered

Public

Accounting

Firm

216

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

August

31,

2023,

by

correspondence

with

the

custodian,

agent

banks,

transfer

agents

and

brokers;

when

replies

were

not

received

from

agent

banks,

transfer

agents

and

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Principal

investment

companies

since

1969.

Minneapolis,

Minnesota

October

24,

2023

Shareholder

Expense

Example

Principal

Funds,

Inc.

August

31,

2023

(unaudited)

217

As

a

shareholder

of

Principal

Funds,

Inc.,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

on

purchase

payments

and

contingent

deferred

sales

charges;

and

(2)

ongoing

costs,

including

management

fees;

distribution

fees;

and

other

fund

expenses.

This

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

Principal

Funds,

Inc.

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

(

March

1,

2023

to

August

31,

2023

),

unless

otherwise

noted.

Actual

Expenses

The

first

section

of

the

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

section

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

R-1,

R-3,

R-4,

and

R-5

classes

of

shares

may

be

purchased

only

through

retirement

plans.

Such

plans

may

impose

fees

in

addition

to

those

charged

by

the

fund.

These

fees

are

not

included

in

the

table

below.

If

they

were,

the

estimate

of

expenses

you

paid

during

the

period

would

be

higher,

and

your

ending

account

value

lower,

by

this

amount.

Hypothetical

Example

for

Comparison

Purposes

The

second

section

of

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

Principal

Funds,

Inc.

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

sales

charges

on

purchase

payments,

contingent

deferred

sales

charges,

redemption

fees

or

exchange

fees.

Therefore,

the

second

section

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

Beginning

Account

Value

March

1,

2023

Ending

Account

Value

August

31,

2023

Expenses

Paid

During Period

March

1,

2023 to

August

31,

2023

(a)

Beginning

Account

Value

March

1,

2023

Ending

Account

Value

August

31,

2023 

Expenses

Paid

During Period

March

1,

2023 to

August

31,

2023

(a)

Annualized

Expense

Ratio

Blue

Chip

Fund

Class

A

$

1,000.00‌

$

1,203.77‌

$

5.39

$

1,000.00

$

1,020.32‌

$

4.94‌

0.97‌

%

Class

C

1,000.00‌

1,199.01‌

9.37

1,000.00

1,016.69‌

8.59‌

1.69‌

Class

J

1,000.00‌

1,204.46‌

4.39

1,000.00

1,021.22‌

4.02‌

0.79‌

Institutional

1,000.00‌

1,205.03‌

3.67

1,000.00

1,021.88‌

3.36‌

0.66‌

R-3

1,000.00‌

1,202.32‌

6.33

1,000.00

1,019.46‌

5.80‌

1.14‌

R-4

1,000.00‌

1,203.26‌

5.28

1,000.00

1,020.42‌

4.84‌

0.95‌

R-5

1,000.00‌

1,204.40‌

4.61

1,000.00

1,021.02‌

4.23‌

0.83‌

R-6

1,000.00‌

1,205.75‌

3.17

1,000.00

1,022.33‌

2.91‌

0.57‌

Bond

Market

Index

Fund

Class

J

1,000.00‌

1,007.28‌

2.99

1,000.00

1,022.23‌

3.01‌

0.59‌

Institutional

1,000.00‌

1,009.49‌

0.71

1,000.00

1,024.50‌

0.71‌

0.14‌

R-1

1,000.00‌

1,004.82‌

5.10

1,000.00

1,020.11‌

5.14‌

1.01‌

R-3

1,000.00‌

1,006.06‌

3.54

1,000.00

1,021.68‌

3.57‌

0.70‌

R-4

1,000.00‌

1,007.20‌

2.58

1,000.00

1,022.63‌

2.60‌

0.51‌

R-5

1,000.00‌

1,008.44‌

1.97

1,000.00

1,023.24‌

1.99‌

0.39‌

Diversified

Real

Asset

Fund

Class

A

1,000.00‌

996.13‌

6.04

1,000.00

1,019.16‌

6.11‌

1.20‌

Institutional

1,000.00‌

998.10‌

4.18

1,000.00

1,021.02‌

4.23‌

0.83‌

R-3

1,000.00‌

994.76‌

6.74

1,000.00

1,018.45‌

6.82‌

1.34‌

R-6

1,000.00‌

997.47‌

3.88

1,000.00

1,021.32‌

3.92‌

0.77‌

Shareholder

Expense

Example

Principal

Funds,

Inc.

August

31,

2023

(unaudited)

218

Actual

Hypothetical

Beginning

Account

Value

March

1,

2023

Ending

Account

Value

August

31,

2023

Expenses

Paid

During Period

March

1,

2023 to

August

31,

2023

(a)

Beginning

Account

Value

March

1,

2023

Ending

Account

Value

August

31,

2023 

Expenses

Paid

During Period

March

1,

2023 to

August

31,

2023

(a)

Annualized

Expense

Ratio

Edge

MidCap

Fund

Class

A

$

1,000.00‌

$

1,051.44‌

$

5.69

$

1,000.00

$

1,019.66‌

$

5.60‌

1.10‌

%

Institutional

1,000.00‌

1,052.82‌

3.98

1,000.00

1,021.32‌

3.92‌

0.77‌

R-6

1,000.00‌

1,054.37‌

3.47

1,000.00

1,021.83‌

3.41‌

0.67‌

Global

Multi-Strategy

Fund

Class

A

1,000.00‌

1,026.76‌

11.49

1,000.00

1,013.86‌

11.42‌

2.25‌

Institutional

1,000.00‌

1,029.24‌

8.80

1,000.00

1,016.53‌

8.74‌

1.72‌

R-6

1,000.00‌

1,029.21‌

8.70

1,000.00

1,016.64‌

8.64‌

1.70‌

Global

Multi-Strategy

Fund

(Excluding

Dividend

and

Interest

Expense

on

Shorts)

Class

A

1,000.00‌

1,026.76‌

10.32‌

1,000.00

1,015.02‌

10.26‌

2.02‌

Institutional

1,000.00‌

1,029.24‌

7.62‌

1,000.00

1,017.69‌

7.58‌

1.49‌

R-6

1,000.00‌

1,029.21‌

7.52‌

1,000.00

1,017.80‌

7.48‌

1.47‌

Global

Sustainable

Listed

Infrastructure

Fund

Institutional

1,000.00‌

988.59‌

4.41

1,000.00

1,020.77‌

4.48‌

0.88‌

International

Equity

Index

Fund

Institutional

1,000.00‌

1,049.61‌

1.60

1,000.00

1,023.64‌

1.58‌

0.31‌

R-1

1,000.00‌

1,044.13‌

6.18

1,000.00

1,019.16‌

6.11‌

1.20‌

R-3

1,000.00‌

1,045.59‌

4.59

1,000.00

1,020.72‌

4.53‌

0.89‌

R-4

1,000.00‌

1,047.06‌

3.61

1,000.00

1,021.68‌

3.57‌

0.70‌

R-5

1,000.00‌

1,047.90‌

2.99

1,000.00

1,022.28‌

2.96‌

0.58‌

R-6

1,000.00‌

1,049.56‌

1.50

1,000.00

1,023.74‌

1.48‌

0.29‌

International

Small

Company

Fund

Institutional

1,000.00‌

1,025.29‌

5.51

1,000.00

1,019.76‌

5.50‌

1.08‌

R-6

1,000.00‌

1,026.21‌

5.31

1,000.00

1,019.96‌

5.30‌

1.04‌

Opportunistic

Municipal

Fund

Class

A

1,000.00‌

1,025.50‌

5.41

1,000.00

1,019.86‌

5.40‌

1.06‌

Institutional

1,000.00‌

1,028.01‌

3.99

1,000.00

1,021.27‌

3.97‌

0.78‌

Opportunistic

Municipal

Fund

(Excluding

Interest

Expense

and

Fees)

Class

A

1,000.00‌

1,025.50‌

4.29‌

1,000.00

1,020.97‌

4.28‌

0.84‌

Institutional

1,000.00‌

1,028.01‌

2.86‌

1,000.00

1,022.38‌

2.85‌

0.56‌

Origin

Emerging

Markets

Fund

Class

A

1,000.00‌

1,024.52‌

7.40

1,000.00

1,017.90‌

7.38‌

1.45‌

Institutional

1,000.00‌

1,024.97‌

5.61

1,000.00

1,019.66‌

5.60‌

1.10‌

R-6

1,000.00‌

1,026.03‌

5.06

1,000.00

1,020.21‌

5.04‌

0.99‌

Small-MidCap

Dividend

Income

Fund

Class

A

1,000.00‌

1,032.41‌

5.74

1,000.00

1,019.56‌

5.70‌

1.12‌

Class

C

1,000.00‌

1,028.20‌

9.56

1,000.00

1,015.78‌

9.50‌

1.87‌

Institutional

1,000.00‌

1,033.54‌

4.36

1,000.00

1,020.92‌

4.33‌

0.85‌

R-6

1,000.00‌

1,034.29‌

4.05

1,000.00

1,021.22‌

4.02‌

0.79‌

Shareholder

Expense

Example

Principal

Funds,

Inc.

August

31,

2023

(unaudited)

219

Actual

Hypothetical

Beginning

Account

Value

March

1,

2023

Ending

Account

Value

August

31,

2023

Expenses

Paid

During Period

March

1,

2023 to

August

31,

2023

(a)

Beginning

Account

Value

March

1,

2023

Ending

Account

Value

August

31,

2023 

Expenses

Paid

During Period

March

1,

2023 to

August

31,

2023

(a)

Annualized

Expense

Ratio

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Class

A

$

1,000.00‌

$

980.02‌

$

5.29

$

1,000.00

$

1,019.86‌

$

5.40‌

1.06‌

%

Class

C

1,000.00‌

976.11‌

9.12

1,000.00

1,015.98‌

9.30‌

1.83‌

Class

J

1,000.00‌

980.33‌

5.49

1,000.00

1,019.66‌

5.60‌

1.10‌

Institutional

1,000.00‌

981.06‌

4.09

1,000.00

1,021.07‌

4.18‌

0.82‌

R-1

1,000.00‌

977.15‌

7.87

1,000.00

1,017.24‌

8.03‌

1.58‌

R-3

1,000.00‌

980.71‌

6.34

1,000.00

1,018.80‌

6.46‌

1.27‌

R-4

1,000.00‌

979.57‌

5.39

1,000.00

1,019.76‌

5.50‌

1.08‌

R-5

1,000.00‌

980.21‌

4.79

1,000.00

1,020.37‌

4.89‌

0.96‌

R-6

1,000.00‌

982.75‌

3.55

1,000.00

1,021.63‌

3.62‌

0.71‌

(a)

Expenses

are

equal

to

a

fund's

annualized

expense

ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Principal

Funds,

Inc.

(unaudited)

220

Notification

of

Source

of

Distributions

Pursuant

to

Rule

19a-1

of

the

Investment

Company

Act

of

1940

As

noted

in

the

table

provided

below,

certain

of

the

Principal

Funds

made

distributions

for

the

months

of

June

2023

and

September

2023

for

which

a

portion

is

estimated

to

be

in

excess

of

the

Fund’s

current

and

accumulated

net

income.

As

of

these

month

ends,

the

estimated

sources

of

these

distributions

were

as

follows:

The

ultimate

composition

of

these

distributions

may

vary

from

the

estimates

provided

above

due

to

a

variety

of

factors

including

future

income

and

expenses,

and

realized

gains

and

losses

from

the

purchase

and

sale

of

securities.

Please

note

that

this

information

is

being

provided

to

satisfy

certain

notice

requirements

under

the

Investment

Company

Act

of

1940.

Tax

reporting

information

for

shareholders

of

the

Funds

will

not

be

available

until

the

end

of

the

Funds’

fiscal

year.

As

a

result,

shareholders

should

not

use

the

information

provided

in

this

notice

for

tax

reporting

purposes.

Notices

are

posted

monthly

on

our

website

at

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

.

You

may

also

request

a

copy

of

such

notices,

free

of

charge,

by

telephoning

800-222-5852.

This

material

is

not

authorized

for

distribution

unless

preceded

or

accompanied

by

a

current

prospectus

that

includes

more

information

regarding

the

risk

factors,

expenses,

policies,

and

objectives

of

the

investment.

Contact

your

financial

professional

or

call

800-222-5852

to

obtain

another

copy

of

the

prospectus.

Read

the

prospectus

carefully

before

investing.

A

mutual

fund's

share

price

and

investment

return

will

vary

with

market

conditions,

and

the

principal

value

of

an

investment

when

you

sell

your

shares

may

be

more

or

less

than

the

original

cost.

Principal

Funds

are

distributed

by

Principal

Funds

Distributor,

Inc.

June

2023

Fund

Net

Income

Realized

Gain

Capital

Sources

Diversified

Real

Asset

Fund

0.00%

0.00%

100.00%

September

2023

Fund

Net

Income

Realized

Gain

Capital

Sources

Diversified

Real

Asset

Fund

0.00%

0.00%

100.00%

221

FUND

BOARD

OF

DIRECTORS

AND

OFFICERS

The

Board

of

Directors

(the

“Board”)

has

overall

responsibility

for

overseeing

the

Fund’s

operations

in

accordance

with

the

Investment

Act

of

1940,

as

amended

(the

“1940

Act”),

other

applicable

laws,

and

the

Fund’s

charter.

Each

member

of

the

Board

(“Board

Member”)

serves

on

the

Boards

of

the

following

investment

companies:

Principal

Funds,

Inc.,

Principal

Variable

Contracts

Funds,

Inc.,

Principal

Exchange-Traded

Funds,

and

Principal

Real

Asset

Fund

which

are

collectively

referred

to

as

the

“Fund

Complex”.

Board

Members

that

are

affiliated

persons

of

any

investment

advisor,

the

principal

distributor,

or

the

principal

underwriter

of

the

Fund

Complex

are

considered

“interested

persons”

of

the

Fund

(as

defined

in

the

1940

Act)

and

are

referred

to

as

“Interested

Board

Members”.

Board

Members

who

are

not

Interested

Board

Members

are

referred

to

as

“Independent

Board

Members”.

Each

Board

Member

generally

serves

until

the

next

annual

meeting

of

shareholders

or

until

such

Board

Member’s

earlier

death,

resignation,

or

removal.

Independent

Board

Members

have

a

72-year

age

limit

and,

for

Independent

Board

Members

elected

on

or

after

September

14,

2021,

a

72-year

age

limit

or

a

15-year

term

limit,

whichever

occurs

first.

The

Board

may

waive

the

age

or

term

limits

in

the

Board’s

discretion.

The

Board

elects

officers

to

supervise

the

day-to-day

operations

of

the

Fund

Complex.

Officers

serve

at

the

pleasure

of

the

Board,

and

each

officer

has

the

same

position

with

each

investment

company

in

the

Fund

Complex.

INDEPENDENT

BOARD

MEMBERS

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Leroy

T.

Barnes,

Jr.

Board

Member

since

2012

Member,

Audit

Committee

1951

Retired

126

McClatchy

Newspapers,

Inc.

(2000-

2020);

Frontier

Communications,

Inc.

(2005-2019)

Craig

Damos

Lead

Independent

Board

Member

since

2020

Board

Member

since

2008

Member,

Nominating

and

Governance

Committee

Member,

Operations

Committee

Member,

Executive

Committee

1954

President,

C.P.

Damos

Consulting

LLC

(consulting

services)

126

None

Katharin

S.

Dyer

Board

Member

since

2023

Member,

Operations

Committee

1957

Founder

and

Chief

Executive

Officer,

PivotWise

(consulting

services)

Global

Partner,

IBM

(technology

company)

from

2016-2018

126

Liquidity

Services,

Inc.

(2020-present)

Frances

P.

Grieb

Board

Member

since

2023

Member,

Audit

Committee

1960

Retired

126

First

Interstate

BancSystems,

Inc.

(2022-present);

Great

Western

Bancorp,

Inc.

and

Great

Western

Bank

(2014-2022)

Fritz

S.

Hirsch

Board

Member

since

2005

Member,

Nominating

and

Governance

Committee

Member,

15(c)

Committee

1951

Interim

CEO,

MAM

USA

(manufacturer

of

infant

and

juvenile

products)

from

February

2020

to

October

2020

126

MAM

USA

(2011-present)

Victor

Hymes

Board

Member

since

2020

Chair,

Audit

Committee

Member,

Nominating

and

Governance

Committee

1957

Founder,

CEO,

CIO,

Legato

Capital

Management,

LLC

(investment

management

company)

126

None

Padelford

L.

Lattimer

Board

Member

since

2020

Chair,

Operations

Committee

Member,

15(c)

Committee

1961

Managing

Partner,

TBA

Management

Consulting

LLC

(management

consulting

and

staffing

company)

126

None

Karen

McMillan

Board

Member

since

2014

Member,

Operations

Committee

Chair,

15(c)

Committee

1961

Founder/Owner,

Tyche

Consulting

LLC

(consulting

services)

Managing

Director,

Patomak

Global

Partners,

LLC

(financial

services

consulting)

from

2014-2021

126

None

222

INTERESTED

BOARD

MEMBERS

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Elizabeth

A.

Nickels

Board

Member

since

2015

Member,

Audit

Committee

Chair,

Nominating

and

Governance

Committee

1962

Retired

126

SpartanNash

(2000-2022)

Mary

M.

VanDeWeghe

Board

Member

since

2018

Member,

Audit

Committee

Member,

15(c)

Committee

1959

CEO

and

President,

Forte

Consulting,

Inc.

(financial

and

management

consulting)

126

Helmerich

&

Payne

(2019-present);

Denbury

Resources

Inc.

(2019-2020)

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Kamal

Bhatia

Principal

Global

Investors,

LLC

(“PGI”)

126

None

Chair

and

Board

Member

since

2023

Chair,

Executive

Committee

Chief

Executive

Officer

and

President

1972

Director

since

2019

President-Principal

Funds

since

2019

Principal

Funds

Distributor,

Inc.

(“PFD”)

Director

since

2019

Principal

Financial

Group,

Inc.

(“PFGI”),

Principal

Financial

Services,

Inc.

(“PFSI”),

and

Principal

Life

Insurance

Company

(“PLIC”)

Senior

Executive

Managing

Director

–

Global

Head

of

Investments

–

Principal

Asset

Management

(“PAM”)

since

2023

Senior

Executive

Director

and

Chief

Operating

Officer

-

PAM

(2022-2023)

Senior

Executive

Director

and

Chief

Operating

Officer

-

PGI

(2020-2022)

President-Principal

Funds

(2019-2020)

Post

Advisory

Group,

LLC

(“Post”)

Director

since

2020

Principal

Real

Estate

Investors,

LLC

(“PREI”)

Senior

Executive

Director

and

Chief

Operating

Officer

-

PGI

since

2022

Director

since

2020

Principal

Shareholder

Services,

Inc.

(“PSS”)

Executive

Vice

President

since

2019

Director

and

Chair

(2019-2022)

Spectrum

Asset

Management

(“Spectrum”)

Director

since

2021

Origin

Asset

Management

(“Origin”)

Additional

Director

since

2022

OppenheimerFunds

Senior

Vice

President

(2011-2019)

223

Correspondence

intended

for

each

Board

Member

who

is

other

than

an

Interested

Board

Member

may

be

sent

to

655

9th

Street,

Des

Moines,

IA

50392.

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Patrick

G.

Halter

PGI

126

None

Board

Member

since

2017

Member,

Executive

Committee

1959

Chair

since

2018

Chief

Executive

Officer

and

President

since

2018

Director

since

2003

PFGI,

PFSI,

and

PLIC

President

and

Chief

Executive

Officer

–

PAM)

since

2022

President

–

Principal

Global

Asset

Management

(“PGAM”)

(2020-2022)

Post

Director

since

2017

Chair

(2017-2020)

PREI

President

-

PGAM

since

2022

Director

and

Chair

since

2004

Chief

Executive

Officer

and

President

(2018-2021)

Origin

Director

(2018-2019)

Kenneth

A.

McCullum

PGI

126

Board

Member

since

2023

1964

Director

since

2020

PFGI,

PFSI,

and

PLIC

Executive

Vice

President

and

Chief

Risk

Officer

since

2023

Senior

Vice

President

and

Chief

Risk

Officer

(2020-

2023)

Vice

President

and

Chief

Actuary

(2015-2020)

Principal

Securities,

Inc.

(“PSI”)

Director

since

2020

PSS

Director

since

2020

224

FUND

COMPLEX

OFFICERS

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Randy

D.

Bolin

Assistant

Tax

Counsel

Des

Moines,

IA

50392

1961

Vice

President/Associate

General

Counsel,

PGI

since

2016

Vice

President/Associate

General

Counsel,

PFSI

since

2013

Vice

President/Associate

General

Counsel,

PLIC

since

2013

George

Djurasovic

General

Counsel

Des

Moines,

IA

50392

1971

Vice

President/General

Counsel

PAM,

PGI

since

2022

Vice

President/General

Counsel

PAM,

PFGI

since

2022

Vice

President/General

Counsel

PAM,

PFSI

since

2022

Vice

President/General

Counsel

PAM,

PLIC

since

2022

Global

Chief

Compliance

Officer,

Artisan

Partners

Limited

Partnership

(2013-2022)

Beth

Graff

Vice

President

and

Assistant

Controller

Des

Moines,

IA

50392

1968

Director

–

Fund

Accounting,

PLIC

since

2016

Gina

L.

Graham

Treasurer

Des

Moines,

IA

50392

1965

Vice

President

and

Treasurer,

PGI

since

2016

Vice

President

and

Treasurer,

Business

Owner

Ecosystem,

Inc.

(“BOE

-

formerly,

RobustWealth,

Inc.”)

since

2018

Vice

President

and

Treasurer,

PFD

since

2016

Vice

President

and

Treasurer,

PFGI

since

2016

Vice

President

and

Treasurer,

PFSI

since

2016

Vice

President

and

Treasurer,

PLIC

since

2016

Vice

President

and

Treasurer,

PREI

since

2017

Vice

President

and

Treasurer,

PSI

since

2016

Vice

President

and

Treasurer,

PSS

since

2016

Megan

Hoffmann

Vice

President

and

Controller

Des

Moines,

IA

50392

1979

Director

–

Accounting,

PLIC

since

2020

Assistant

Director

–

Accounting,

PLIC

(2017-2020)

Laura

B.

Latham

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1986

Assistant

Counsel

and

Assistant

Secretary

–

Fund

Complex

(2018-2023)

Counsel,

PGI

since

2018

Counsel,

PLIC

since

2018

Diane

K.

Nelson

AML

Officer

Des

Moines,

IA

50392

1965

Chief

Compliance

Officer/AML

Officer,

PSS

since

2015

Tara

Parks

Vice

President

and

Assistant

Controller

Des

Moines,

IA

50392

1983

Director

–

Accounting,

PLIC

since

2019

Tax

Manager

–

ALPS

Fund

Services

(2011-2019)

Deanna

Y.

Pellack

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1987

Assistant

Counsel

and

Assistant

Secretary

–

Fund

Complex

(2022-2023)

Counsel,

PLIC

since

2022

Vice

President,

The

Northern

Trust

Company

(2019-

2022)

Second

Vice

President,

The

Northern

Trust

Company

(2014-2019)

225

The

15(c)

Committee’s

primary

purpose

is

to

assist

the

Board

in

performing

the

annual

review

of

the

Fund’s

advisory

and

sub-advisory

agreements

pursuant

to

Section

15(c)

of

the

1940

Act.

The

Committee

is

responsible

for

requesting

and

reviewing

related

materials.

The

Audit

Committee’s

primary

purpose

is

to

assist

the

Board

by

serving

as

an

independent

and

objective

party

to

monitor

the

Fund

Complex’s

accounting

policies,

financial

reporting

and

internal

control

system,

as

well

as

the

work

of

the

independent

registered

public

accountants.

The

Audit

Committee

assists

Board

oversight

of

1)

the

integrity

of

the

Fund

Complex’s

financial

statements;

2)

the

Fund

Complex’s

compliance

with

certain

legal

and

regulatory

requirements;

3)

the

independent

registered

public

accountants’

qualifications

and

independence;

and

4)

the

performance

of

the

Fund

Complex’s

independent

registered

public

accountants.

The

Audit

Committee

also

provides

an

open

avenue

of

communication

among

the

independent

registered

public

accountants,

the

Manager’s

internal

auditors,

Fund

Complex

management,

and

the

Board.

The

Executive

Committee’s

primary

purpose

is

to

exercise

certain

powers

of

the

Board

when

the

Board

is

not

in

session.

When

the

Board

is

not

in

session,

the

Committee

may

exercise

all

powers

of

the

Board

in

the

management

of

the

Fund

Complex's

business

except

the

power

to

1)

issue

stock,

except

as

permitted

by

law;

2)

recommend

to

the

shareholders

any

action

that

requires

shareholder

approval;

3)

amend

the

bylaws;

or

4)

approve

any

merger

or

share

exchange

that

does

not

require

shareholder

approval.

The

Nominating

and

Governance

Committee’s

primary

purpose

is

to

oversee

the

structure

and

efficiency

of

the

Board

and

the

committees.

The

Committee

is

responsible

for

evaluating

Board

membership

and

functions,

committee

membership

and

functions,

insurance

coverage,

and

legal

matters.

The

Committee's

nominating

functions

include

selecting

and

nominating

Independent

Board

Member

candidates

for

election

to

the

Board.

Generally,

the

Committee

requests

nominee

suggestions

from

Board

Members

and

management.

In

addition,

the

Committee

considers

candidates

recommended

by

shareholders

of

the

Fund

Complex.

Recommendations

should

be

submitted

in

writing

to

the

Principal

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Sara

L.

Reece

Vice

President

and

Chief

Operating

Officer

Des

Moines,

IA

50392

1975

Vice

President

and

Controller

–

Fund

Complex

(2016-2021)

Managing

Director

–

Global

Funds

Ops,

PLIC

since

2021

Managing

Director

–

Financial

Analysis/

Planning,

PLIC

(2021)

Director

-

Accounting,

PLIC

(2015-2021)

Teri

R.

Root

Chief

Compliance

Officer

Des

Moines,

IA

50392

1979

Interim

Chief

Compliance

Officer

–

Fund

Complex

(2018)

Vice

President,

PSS

since

2015

Michael

Scholten

Chief

Financial

Officer

Des

Moines,

IA

50392

1979

Chief

Operations

Officer,

PFD

since

2022

Chief

Financial

Officer

–

PFD

(2016-2022)

Assistant

Vice

President

and

Actuary,

PLIC

since

2021

Chief

Financial

Officer

–

Funds/Platforms,

PLIC

since

2015

Chief

Financial

Officer,

PSS

since

2015

Adam

U.

Shaikh

Assistant

General

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1972

Assistant

Counsel

–

Fund

Complex

(2006-2023)

Assistant

General

Counsel,

PGI

since

2018

Counsel,

PLIC

since

2006

John

L.

Sullivan

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1970

Assistant

Counsel

and

Assistant

Secretary

–

Fund

Complex

(2019-2023)

Counsel,

PGI

since

2020

Counsel,

PLIC

since

2019

Prior

thereto,

Attorney

in

Private

Practice

Dan

L.

Westholm

Assistant

Treasurer

Des

Moines,

IA

50392

1966

Assistant

Vice

President-Treasury,

PGI

since

2013

Assistant

Vice

President-Treasury,

PFD

since

2013

Assistant

Vice

President-Treasury,

PLIC

since

2014

Assistant

Vice

President-Treasury,

PSI

since

2013

Assistant

Vice

President-Treasury,

PSS

since

2013

Beth

C.

Wilson

Vice

President

and

Secretary

Des

Moines,

IA

50392

1956

Director

and

Secretary

–

Funds,

PLIC

since

2007

Jared

A.

Yepsen

Assistant

Tax

Counsel

Des

Moines,

IA

50392

1981

Counsel,

PGI

(2017-2019)

Counsel,

PLIC

since

2015

226

Funds

Complex

Secretary,

in

care

of

the

Principal

Funds

Complex,

711

High

Street,

Des

Moines,

IA

50392.

Such

recommendations

must

include

all

information

specified

in

the

Committee’s

charter

and

must

conform

with

the

procedures

set

forth

in

Appendix

A

thereto,

which

can

be

found

at

https://secure02.principal.com/publicvsupply/GetFile?fm=MM13013&ty=VOP&EXT=.VOP.

Examples

of

such

information

include

the

nominee’s

biographical

information;

relevant

educational

and

professional

background

of

the

nominee;

the

number

of

shares

of

each

Fund

owned

of

record

and

beneficially

by

the

nominee

and

by

the

recommending

shareholder;

any

other

information

regarding

the

nominee

that

would

be

required

to

be

disclosed

in

a

proxy

statement

or

other

filing

required

to

be

made

in

connection

with

the

solicitation

of

proxies

for

the

election

of

board

members;

whether

the

nominee

is

an

“interested

person”

of

the

Fund

as

defined

in

the

1940

Act;

and

the

written

consent

of

the

nominee

to

be

named

as

a

nominee

and

serve

as

a

board

member

if

elected.

When

evaluating

a

potential

nominee

for

Independent

Board

Member,

the

Committee

may

consider,

among

other

factors:

educational

background;

relevant

business

and

industry

experience;

whether

the

person

is

an

"interested

person"

of

the

Fund

as

defined

in

the

1940

Act;

and

whether

the

person

is

willing

to

serve,

and

willing

and

able

to

commit

the

time

necessary

to

attend

meetings

and

perform

the

duties

of

an

Independent

Board

Member. In

addition,

the

Committee

may

consider

whether

a

candidate’s

background,

experience,

skills

and

views

would

complement

the

background,

experience,

skills

and

views

of

other

Board

Members

and

would

contribute

to

the

diversity

of

the

Board. The

final

decision

is

based

on

a

combination

of

factors,

including

the

strengths

and

the

experience

an

individual

may

bring

to

the

Board. 

The

Board

does

not

regularly

use

the

services

of

professional

search

firms

to

identify

or

evaluate

potential

candidates

or

nominees.

The

Operations

Committee’s

primary

purpose

is

to

review

and

oversee

the

provision

of

administrative

and

distribution

services

to

the

Fund

Complex,

communications

with

the

Fund

Complex’s

shareholders,

and

the

Fund

Complex’s

operations.

Additional

information

about

the

Fund

is

available

in

the

Prospectuses

and

the

Statement

of

Additional

Information

dated

December

31,

2022

(and

as

supplemented).

These

documents

may

be

obtained

free

of

charge

by

writing

Principal

Funds,

Inc.,

P.O.

Box

219971,

Kansas

City,

MO

64121-9971

or

telephoning

1-800-222-5852.

The

prospectus

may

be

viewed

at

www.PrincipalAM.com/prospectuses.

227

PROXY

VOTING

POLICIES

A

description

of

the

policies

and

procedures

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

the

results

of

the

proxy

votes

for

the

most

recent

twelve

months

ended

June

30

may

be

obtained

free

of

charge

by

telephoning

1-800-222-5852,

or

on

the

SEC

website

at

www.sec.gov.

SCHEDULES

OF

INVESTMENTS

The

Fund

files

complete

schedules

of

investments

with

the

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT

reports

are available

on the

Commission’s

website

at

www.sec.gov and

www.Principalam.com.

STATEMENT

REGARDING

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

The

Board

of

Directors

of

Principal

Funds,

Inc.

(the

“Board”)

met

on

March

15,

2023

to

review

the

liquidity

risk

management

program

(the

“Program”)

applicable

to

all

series

of

the

Principal

Funds,

Inc.,

(each,

a

“Fund”),

pursuant

to

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”)

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

 At

the

meeting,

the

committee

designated

by

the

Board

to

administer

the

Program,

the

Liquidity

Risk

Management

Committee

(the

“Committee”),

addressed

the

operation,

adequacy

and

effectiveness

of

the

Program,

the

operation

of

each

Fund’s

highly

liquid

investment

minimum,

where

applicable,

and

any

material

changes

made

to

the

Program

during

the

Reporting

Period.

The

Committee

noted

key

factors

it

considered

when

assessing,

managing

and

reviewing

each

Fund’s

liquidity

risk.

Such

factors

included

each

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

,

including

(a) whether

the

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund,

(b)

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

(c)

the

use

of

borrowings

for

investment

purposes

and

use

of

leveraged

derivatives

and

financial

commitment

obligations;

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources;

and

each

Fund’s

shareholder

ownership

concentration.

There

were

no

material

changes

to

the

Program

during

the

Reporting

Period.

The

Committee

concluded,

based

on

the

operation

of

the

functions

as

described

in

the

Report,

that

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

228

BOARD

CONSIDERATION

OF

INVESTMENT

ADVISORY

CONTRACTS

During

the

period

covered

by

this

report,

the

Board

of

Directors

of

Principal

Funds,

Inc.

(“PFI”)

considered

an

amended

Sub-advisory

agreement.

Approval

of

Amended

Sub-Advisory

Agreement

for

Diversified

Real

Asset

Fund

On

July

27,

2023,

the

Board

met

to

consider

for

the

Diversified

Real

Asset

Fund

(the

“Fund”)

the

approval

of

an

amended

sub-advisory

agreement

(a

“Sub-Advisory

Agreement”)

between

Principal

Global

Investors,

LLC

(the

“Manager”)

and

BlackRock

Financial

Management,

Inc.

(the

“Sub-

Advisor”)

and

an

amended

sub-sub-advisory

agreement

(the

“Sub-Sub-Advisory

Agreement,”

and

together

with

the

Sub-Advisory

Agreement,

the

“Agreements”)

between

the

Sub-Advisor

and

BlackRock

International

Limited

(the

“Sub-Sub-Advisor,”

and

together

with

the

Sub-Advisor,

“BlackRock”)

in

connection

with

a

proposal

to

amend

the

Agreements

to

reflect

changes

to

certain

contractual

terms.

The

Board

reviewed

materials

received

from

the

Manager

regarding

the

proposed

amendment

of

the

Agreements

and

noted

that

there

were

no

proposed

changes

to

the

sub-advisory

fee

schedule

under

the

Sub-Advisory

Agreement

or

to

the

sub-sub-advisory

fee

schedule

under

the

Sub-Sub-

Advisory

Agreement.

The

Board

considered

the

Manager’s

representations

that

there

were

no

material

changes

to

the

terms

of

the

Agreements

and

that

the

amendment

would

not

reduce

the

quality

or

quantity

of

the

services

BlackRock

provides

to

the

Fund

and

that

BlackRock’s

obligations

under

the

Agreements

would

remain

the

same

in

all

material

respects.

The

Board

considered

that

they

had

last

approved

the

Agreements

for

the

Fund

during

the

annual

contract

renewal

process

that

concluded

at

the

Board

of

Directors’

September

2022

meeting.

They

noted

that

during

the

annual

contract

renewal

process,

they

had

considered

the

nature,

quality

and

extent

of

the

services

provided

by

BlackRock

under

the

Agreements

and

had

concluded,

based

upon

the

information

provided,

that

the

terms

of

the

Agreements

were

reasonable

and

that

approval

of

the

Agreements

was

in

the

best

interests

of

the

Fund.

Based

upon

all

of

the

information

considered,

the

Board

concluded

that

it

was

in

the

best

interests

of

the

Fund

to

approve

the

amended

Agreements

and,

accordingly,

recommended

the

approval

of

the

amended

Agreements.

The

Board

noted

that

the

Agreements

would

be

subject

to

review

in

connection

with

the

annual

contract

renewal

process

that

will

conclude

at

the

Board

of

Directors’

September

2023

meeting.

229

Joint

Annual

Meeting

of

Shareholders

Principal

Funds,

Inc.

Held

April

26,

2023

1.

Election

of

thirteen

Directors

as

members

of

the

Board

of

Directors

2.

Approval

of

the

ability

of

Principal

Global

Investors,

LLC

to

enter

into

and/or

materially

amend

sub-advisory

agreements

with

all

sub-

advisors,

regardless

of

the

degree

of

affiliation,

as

described

in

the

proposal,

on

behalf

of

the

Fund

without

obtaining

shareholder

approval

For

Withheld

Leroy

T.

Barnes

13,839,573,611.37

479,454,930.15

Craig

Damos

13,878,304,065.12

440,724,476.41

Katharin

S.

Dyer

13,937,299,595.16

381,722,484.94

Frances

P.

Grieb

13,951,607,276.85

367,414,803.26

Fritz

S.

Hirsch

13,838,829,975.02

480,198,566.51

Victor

L.

Hymes

13,867,683,343.74

451,338,736.37

Padelford

L.

Lattimer

13,841,002,591.84

478,019,488.27

Karen

McMillan

13,958,230,823.35

360,791,256.76

Elizabeth

A.

Nickels

13,933,231,314.81

385,790,765.30

Mary

M.

VanDeWeghe

13,953,859,290.04

365,162,790.07

Kamal

Bhatia

13,859,014,312.47

460,007,767.64

Patrick

G.

Halter

13,882,522,852.65

436,499,227.45

Kenneth

A.

McCullum

13,898,512,834.65

420,509,245.46

For

Against

Abstain

Broker

Non-Vote

Blue

Chip

Fund

177,317,790

9,007,754

4,207,907

66,973,554

Bond

Market

Index

Fund

230,601,693

21,119,983

24,507,721

1,682,207

Capital

Securities

Fund

117,098,846

98,741

26,327

2,695,436

Diversified

Real

Asset

Fund

99,410,001

9,477,797

9,706,655

30,923,668

Edge

MidCap

Fund

2,161,623

191,548

82,007

2,799,654

Global

Multi-Strategy

Fund

23,392,928

375,968

262,523

13,211,282

International

Equity

Index

Fund

87,708,025

3,632,808

246,720

2,120,641

International

Small

Company

Fund

68,418,370

973,952

471,861

3,481,091

Opportunistic

Municipal

Fund

4,139,402

128,614

63,530

4,993,871

Origin

Emerging

Markets

Fund

253,066,152

3,518,220

1,055,008

4,514,641

Small-MidCap

Dividend

Income

Fund

46,819,589

1,297,985

791,649

22,466,305

Small-MidCap

Growth

Fund

768,767

-

-

1,995

Spectrum

Preferred

and

Capital

Securities

Income

Fund

380,464,699

9,325,231

5,108,249

138,467,200

Federal

Income

Tax

Information

Principal

Funds,

Inc.

August

31,

2023

(unaudited)

230

Long-Term

Capital

Gain

Dividends.

Certain

funds

distributed

long-term

capital

gain

dividends

during

the

fiscal

year

ended

August

31,

2023

.

Details

of

designated

long-term

capital

gain

dividends

for

federal

income

tax

purposes

are

shown

in

the

Notes

to

Financial

Statements.

To

the

extent

necessary

to

distribute

such

capital

gains,

certain

funds

may

also

utilize,

and

hereby

designate,

earnings

and

profits

distributed

to

shareholders

on

redemptions

of

shares

as

part

of

the

Dividends

Paid

Deduction.

Dividends

Received

Deduction

(“DRD”).

For

corporate

shareholders,

the

funds

designate

the

following

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

DRD

eligible

for

the

calendar

year

ended

December

31,

2022

:

Qualified

Dividend

Income

(“QDI”).

Certain

dividends

paid

by

the

funds

may

be

subject

to

a

maximum

tax

rate

of

20%.

The

funds

designate

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

QDI

eligible

for

the

calendar

year

ended

December

31,

2022

:

Foreign

Taxes

Paid.

The

following

funds

elect

under

the

Internal

Revenue

Code

(“IRC”)

Section

853

to

pass

through

foreign

taxes

paid

to

their

shareholders.

The

funds

designated

the

following

for

federal

income

tax

purposes

for

distributions

made

during

the

taxable

year

ended

August

31,

2023

:

DRD

Blue

Chip

Fund

0.00%

Bond

Market

Index

Fund

0.00

Diversified

Real

Asset

Fund

8.74

Edge

MidCap

Fund

100.00

Global

Multi-Strategy

Fund

10.18

Global

Sustainable

Listed

Infrastructure

Fund

29.98

International

Equity

Index

Fund

0.00

International

Small

Company

Fund

0.00

Opportunistic

Municipal

Fund

0.00

Origin

Emerging

Markets

Fund

0.00

Small-MidCap

Dividend

Income

Fund

89.76

Spectrum

Preferred

and

Capital

Securities

Income

Fund

41.17

QDI

Blue

Chip

Fund

0.00%

Bond

Market

Index

Fund

0.00

Diversified

Real

Asset

Fund

25.51

Edge

MidCap

Fund

100.00

Global

Multi-Strategy

Fund

16.37

Global

Sustainable

Listed

Infrastructure

Fund

68.74

International

Equity

Index

Fund

100.00

International

Small

Company

Fund

100.00

Opportunistic

Municipal

Fund

0.00

Origin

Emerging

Markets

Fund

61.75

Small-MidCap

Dividend

Income

Fund

93.55

Spectrum

Preferred

and

Capital

Securities

Income

Fund

78.77

Foreign

Taxes

Per

Share

International

Equity

Index

Fund

$

0.0181

International

Small

Company

Fund

0.0145

Origin

Emerging

Markets

Fund

0.0371

Federal

Income

Tax

Information

Principal

Funds,

Inc.

August

31,

2023

(unaudited)

231

Section

163(j)

Interest

Dividends.

The

funds

below

intend

to

pass

through

Section

163(j)

Interest

Dividends

as

defined

in

Proposed

Treasury

Regulation

§1.163(j)-1(b).

The

funds

designate

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

163(j)

eligible

for

the

calendar

year

ended

December

31,

2022

:

In

early

2023,

if

applicable,

shareholders

of

record

received

the

above

information

on

QDI,

Foreign

Tax

Credit,

and

Section

199A

for

the

distribution

paid

to

them

by

the

funds

during

the

calendar

year

2022

via

Form

1099.

The

funds

will

notify

shareholders

in

early

2024

of

amounts

paid

to

them

by

the

funds,

including

QDI

and

Foreign

Tax

Credit,

if

any,

during

the

calendar

year

2023

.

This

information

is

given

to

meet

certain

requirements

of

the

IRC

and

should

not

be

used

by

shareholders

for

preparing

their

income

tax

returns.

For

tax

return

preparation

purposes,

please

refer

to

the

information

supplied

with

the

1099-DIV

form

you

will

receive

from

the

fund's

transfer

agent.

The

latest

tax

reporting

supplement

is

available

on

Principal's

Tax

Center

website.

Website:

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

Please

consult

your

tax

advisor

if

you

have

any

questions.

163(j)

Interest

Dividends

Bond

Market

Index

Fund

99.02%

Diversified

Real

Asset

Fund

21.90

Edge

MidCap

Fund

0.93

Global

Multi-Strategy

Fund

35.96

Global

Sustainable

Listed

Infrastructure

Fund

2.85

International

Equity

Index

Fund

0.03

International

Small

Company

Fund

0.70

Origin

Emerging

Markets

Fund

0.54

Small-MidCap

Dividend

Income

Fund

0.52

Spectrum

Preferred

and

Capital

Securities

Income

Fund

23.31

Principal

Funds

Distributor,

Inc.

711

High

Street

Des

Moines,

IA

50392-6370

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not

use

this

address

for

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correspondence

PrincipalAM.com

Investing

involves

risk,

including

possible

loss

of

principal.

This

shareholder

report

is

published

as

general

information

for

the

shareholders

of

Principal

Funds.

This

material

is

not

authorized

for

distribution

unless

preceded

or

accompanied

by

a

current

prospectus

or

a

summary

prospectus

that

includes

more

information

regarding

the

risk

factors,

expenses,

policies,

and

objectives

of

the

funds.

Investors

should

read

the

prospectus

or

summary

prospectus

carefully

before

investing.

To

obtain

a

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or

summary

prospectus,

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company,

in

the

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around

the

world.

©

2023

Principal

Financial

Services,

Inc.

|

FV941AR-02

|

10/2023

|

3051701

Principal

Capital

Securities

Fund

Class

S

Shares

Annual

Report

August

31,

2023

Table

of

Contents

Not

FDIC

or

NCUA

insured

May

lose

value

•

Not

a

deposit

•

No

bank

or

credit

union

guarantee

Not

insured

by

any

Federal

government

agency

Economic

&

Financial

Market

Review

1

Capital

Securities

Fund

(unaudited)

3

Financial

Statements

5

Notes

to

Financial

Statements

8

Schedules

of

Investments

14

Financial

Highlights

(includes

performance

information)

21

Report

of

Independent

Registered

Public

Accounting

Firm

23

Shareholder

Expense

Example

24

Supplemental

Information

25

1

Economic

&

Financial

Market

Review

Global

economic

growth

continued

to

slow

gradually,

but

showed

signs

of

resiliency

as

consumption

activity

remained

strong

in

many

developed

markets.

Higher

levels

of

inflation

from

a

year

ago

are

driving

year-over-year

inflation

lower

(known

as

base

effects).

Global

inflation

fell

from

6.8%

in

August

2022

to

3.7%

in

July

2023,

still

well

above

the

central

banks’

targets

of

2%—and

further

decline

will

likely

be

slower.

The

aggressive

tightening

by

global

central

banks

continued

to

weigh

heavily

on

global

financial

conditions,

with

global

policy

rates

rising

by

214

basis

points

(bps)

in

the

twelve

months

ending

August

2023.

The

United

States

Federal

Reserve

(Fed)

hiked

interest

rates

seven

times

for

a

300

bps

total

increase

since

August

2022.

The

Fed

is

taking

a

data-dependent

approach

and

may

hike

rates

further

if

inflation

pressures

remain

high.

Although

manufacturing

activity

remained

weak,

services

activity

continued

to

expand,

albeit

at

a

lower

level.

As

such,

U.S.

real

gross

domestic

product

(GDP)

grew

an

average

quarter-over-quarter

annualized

rate

of

2.5%

in

the

four

quarters

ending

June

2023.

However,

economic

activity

continues

to

slow—the

global

manufacturing

Purchasing

Manager’

Index

(PMI)

was

below

50

for

the

eleventh

consecutive

month.

1

Similarly,

developed

market

PMIs

were

below

50

again,

as

they

have

been

since

October

2022.

Emerging

market

(EM)

PMIs,

on

the

other

hand,

continued

a

streak

of

eight

consecutive

months

above

50,

albeit

only

barely.

Global

earnings

growth

continued

to

show

signs

of

resiliency,

with

the

MSCI

All

Country

World

Index

(ACWI)

trailing

12

months

earnings

per

share

(TTM

EPS)

increasing

by

2%.

The

MSCI

World

Index

TTM

EPS

increased

by

5%,

much

higher

than

the

MSCI

Emerging

Markets

Index’s

-15%.

Within

developed

markets,

the

MSCI

Europe

Index

earnings

(14%)

grew

at

a

faster

pace

than

the

U.S.

(0%).

Within

the

U.S.,

large-cap

growth

stocks,

represented

by

the

Russell

1000

Growth

Index,

delivered

the

highest

earnings

growth

(1%).

Small-cap

and

mid-cap,

represented

by

the

S&P

Small-Cap

600

Index

and

the

S&P

Mid-Cap

400

Index,

both

saw

negative

year-over-year

earnings

growth.

Large-cap

tech,

represented

by

the

NASDAQ

100

Index,

delivered

-7%

earnings

growth.

Global

equities

outperformed

global

bonds

in

the

last

twelve

months,

with

the

MSCI

ACWI

Index

recording

a

14%

gain

year-over-year,

while

the

Bloomberg

Global

Aggregate

Corporate

Index

gained

3%.

Within

equities,

developed

markets

(MSCI

World

Index)

outperformed

emerging

markets

(MSCI

Emerging

Markets

Index)

by

14%,

and

the

U.S.

(MSCI

U.S.

Index)

underperformed

developed

market

ex-U.S.

(MSCI

World

ex-U.S.

Index)

marginally

by

1%.

Among

major

markets,

the

MSCI

China

Index

was

the

worst

performer

with

an

8%

loss.

The

NASDAQ

100

Index

was

the

top

outperformer

on

the

other

hand,

with

a

27%

gain.

The

Bloomberg

U.S.

Treasury

Index

delivered

a

2%

loss

as

the

U.S.

10-year

Treasury

yield

rose

from

3.19%

to

4.11%.

Global

high

yield

bonds

outperformed

investment

grade

corporate

bonds

and

global

treasury

bonds

by

6%

and

11%

respectively.

The

DXY

Index,

a

proxy

for

USD

strength,

dropped

by

5%.

Commodity

prices,

represented

by

the

S&P

GSCI

Total

Return

Index,

fell

by

2%,

and

Nymex

crude

oil

dropped

from

89.6

to

83.6

USD/barrel

as

the

demand-supply

dynamic

improved.

Unless

otherwise

stated,

data

sources

are

Bloomberg,

FactSet,

and

Principal

Asset

Allocation.

Data

as

of

August

31,

2023.

1

In

global

PMI

readings,

a

number

above

50

means

that

manufacturing

activity

is

expanding,

and

a

number

below

50

indicates

contraction..

Index

descriptions:

MSCI

All

Country

World

Index

(ACWI)

includes

large

and

mid-cap

stocks

across

developed

and

emerging

market

countries.

MSCI

World

Index

captures

large

and

mid-cap

representation

across

23

Developed

Markets

(DM)

countries.

MSCI

World

ex-U.S.

Index

captures

large

and

mid-cap

representation

across

22

of

23

Developed

Markets

(DM)

countries--

excluding

the

United

States.

MSCI

Europe

Index

captures

large

and

mid-cap

representation

across

15

Developed

Markets

(DM)

countries

in

Europe.

MSCI

Emerging

Markets

Index

consists

of

large

and

mid-cap

companies

across

24

countries

and

represents

10%

of

the

world

market

capitalization.

The

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

of

the

24

countries.

MSCI

U.S.

Index

is

designed

to

measure

the

performance

of

the

large

and

mid-cap

segments

of

the

U.S.

market.

NASDAQ

100

Index

is

a

basket

of

the

100

largest,

most

actively

traded

U.S.

companies

listed

on

the

NASDAQ

stock

exchange.

The

index

includes

companies

from

various

industries

except

for

the

financial

industry,

like

commercial

and

investment

banks.

Russell

1000

Growth

Index

measures

the

performance

of

the

large-cap

growth

segment

of

the

U.S.

equity

universe.

Russell

1000

Value

Index

measures

the

performance

of

the

large-cap

value

segment

of

the

U.S.

equity

universe.

Bloomberg

Global

Aggregate

Index

is

a

flagship

measure

of

global

investment

grade

debt

from

24

local

currency

markets.

This

multi-currency

benchmark

includes

treasury,

2

Economic

&

Financial

Market

Review

government-related,

corporate,

and

securitized

fixed-rate

bonds

from

both

developed

and

emerging

markets

issuers.

Bloomberg

U.S.

Treasury

Index

measures

U.S.

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

U.S.

Treasury.

U.S.

Dollar

Index

(USDX,

DXY,

DX)

is

an

index

(or

measure)

of

the

value

of

the

United

States

dollar

relative

to

a

basket

of

foreign

currencies,

often

referred

to

as

a

basket

of

U.S.

trade

partners'

currencies.

Standard

&

Poor's

500

(S&P

500)

Index

is

a

market

capitalization-weighted

index

of

500

widely

held

stocks

often

used

as

a

proxy

for

the

stock

market.

S&P

Mid-Cap

400

Index,

more

commonly

known

as

the

S&P

400,

is

a

stock

market

index

from

S&P

Dow

Jones

Indices.

The

index

serves

as

a

gauge

for

the

U.S.

mid-cap

equities

sector

and

is

the

most

widely

followed

mid-cap

index.

S&P

Small-Cap

600

Index

is

a

stock

market

index

established

by

Standard

&

Poor's.

It

covers

roughly

the

small-cap

range

of

American

stocks,

using

a

capitalization-weighted

index.

S&P

GSCI

Total

Return

Index

is

an

index

of

24

exchange-traded

futures

contracts

that

represent

a

large

portion

of

the

global

commodities

market.

3

Capital

Securities

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Sub-Advisor:

Spectrum

Asset

Management,

Inc.

Investment

results

shown

represent

historical

performance

and

do

not

guarantee

future

results.

Your

investment’s

returns

and

principal

values

will

fluctuate

with

changes

in

interest

rates

and

other

market

conditions

so

the

value,

when

redeemed,

may

be

worth

more

or

less

than

original

costs.

Current

performance

may

be

lower

or

higher

than

the

performance

shown.

For

more

information,

including

the

most

recent

month-end

performance,

visit

www.PrincipalAm.com,

call

your

financial

professional,

or

call

800-222-5852

.

Average

Annual

Total

Returns*

as

of

August

31,

2023

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?***

The

investment

seeks

to

provide

current

income.

The

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

capital

securities

at

the

time

of

purchase.

It

may

invest

up

to

100%

of

its

assets

in

below

investment

grade

(sometimes

called

"junk")

preferred

securities

which

are

rated

at

the

time

of

purchase

Ba1

or

lower

by

Moody's

and

BB+

or

lower

by

S&P

Global,

provided

that

the

issuer

of

such

below

investment

grade

preferred

securities

has

senior

debt

outstanding

that

is

rated

at

the

time

of

purchase

BBB-

or

higher

by

S&P

Global

or

Baa3

or

higher

by

Moody's.

The

bond

market

has

gone

through

a

fickle

mood

of

being

convinced

that

the

Fed

is

done

raising

rates

(and

will

cut

soon)

to

thinking

that

rate

cuts

are

still

on

the

table.

This

has

made

the

U.S.

Treasury

market

somewhat

of

a

roller

coaster

ride

with

5

year

yields

rising

from

a

low

in

August

2022

of

3.28%

to

a

peak

of

4.47%

in

October

2022

and

up

and

down

throughout

the

period

to

finish

right

back

at

the

highs

during

August

2023.

The

bond

market

continues

to

anticipate

the

Fed

keeping

rates

elevated

for

longer

as

the

back

end

of

the

curve

is

cheapening

and

real

rates

are

rising,

but

the

idea

that

the

Fed

may

tolerate

an

inflation

target

higher

than

2%

was

taken

off

the

table

at

Jackson

Hole.

The

implication

of

this

is

that

more

economic

friction

will

be

required

to

slow

spending

and

labor

growth

and

that

will

likely

price

equity

lower

over

the

near-term

causing

credit

spreads

to

widen.

A

conflict

that

the

Fed

must

deal

with

is

that

the

ongoing

fiscal

backdrop

of

continued

government

excess

spending

is

not

aligned

with

the

Fed’s

disinflationary

goal.

However,

the

effect

of

fiscal

excess

may

lead

to

a

“fiscal

fit”

causing

even

higher

real

rates

on

the

term

structure

of

treasuries

if

labor

markets

don’t

cool.

This

would

result

in

a

stagflationary

economic

environment

and

limited

fiscal

flexibility

to

foster

growth.

Yet,

as

the

Fed

is

more

likely

toward

the

end

of

its

rate

hike

cycle

than

the

beginning,

the

capital

securities

sectors

have

stabilized

after

falling

precipitously

from

February

into

March.

The

price

declines

happened

primarily

in

two

stages

during

the

period:

1)

during

the

4th

quarter

of

2022,

duration

explained

most

of

the

price

declines

as

yields

rose

by

about

20

basis

points

(bps),

but

spreads

widened

by

about

100

bps

and

2)

during

the

1st

quarter

of

2023

all

of

the

spread

loss

was

recovered

only

to

be

given

back

by

two

times

when

the

deposit

crisis

hit

the

U.S.

regional

bank

system

--

prices

declined

materially

as

spreads

widened

by

190

bps

from

February

into

March.

The

differential

in

performance

between

investment

grade

and

below

investment

grade

paper

widened

noticeably

but

has

retraced

more

recently

as

the

Fed’s

Bank

Term

Funding

Program

(BTFP)

has

prevented

realized

loss

impacts

in

liquidity

portfolios

from

being

necessary.

As

a

result

of

the

BTFP’s

renewed

quantitative

easing

effect,

equity

has

rallied

throughout

the

spring

and

summer

though

inflation

is

still

a

burden

to

global

economies.

The

Fed

has

assured

markets

that

its

inflation

fighting

job

is

not

complete.

Value

of

a

$10,000

Investment*

March

14,

2014

-

August

31,

2023

1-Year

5-Year

Since

Inception

Inception

Date

Class

S

Shares

-0.52%

2.49%

3.79%

3/14/14

4

Capital

Securities

Fund

Allocations

to

Insurance

hybrids,

Trust

Preferred

Securities

floaters,

and

Corporate

hybrids

contributed

to

absolute

performance

and

allocations

to

Legacy

hybrids,

Additional

Tier

1

(AT1)

Contingent

Convertible

Bonds

and

U.S.

bank

AT1

detracted

from

absolute

performance.

The

fund

tactics

were

primarily

to

be

underweight

fixed-for-life

product

because

of

the

$25

par

Separately

Managed

Account

(SMA)

long

duration

structure

risk

and

overweight

fixed-to-refixed

product

like

Contingent

Convertible

Capital

Securities

and

U.S.

bank

AT1

of

the

sector’s

shorter

duration,

yield,

and

liquidity.

The

fund

underperformed

its

benchmark

during

the

period

primarily

because

of

moderate

exposures

to

Credit

Suisse

and

Silicon

Valley

bank.

*Performance

assumes

reinvestment

of

all

dividends

and

capital

gains.

Performance

does

not

reflect

the

impact

of

federal,

state,

or

municipal

taxes.

If

it

did,

performance

would

be

lower.

**Performance

shown

for

the

benchmark

assumes

reinvestment

of

all

dividends

and

distributions.

Indices

are

unmanaged,

and

individuals

cannot

invest

directly

in

an

index.

***Securities

described

in

the

fund

commentary

may

no

longer

be

held

in

the

fund.

Statement

of

Assets

and

Liabilities

Principal

Funds,

Inc.

August

31,

2023

5

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Capital

Securities

Fund

Investment

in

securities--at

cost

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

$

1,155,544‌

Investment

in

affiliated

Funds--at

cost

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

$

13,752‌

Assets

Investment

in

securities--at

value 

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

$

1,030,178‌

(a)

Investment

in

affiliated

Funds--at

value

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

13,752‌

Receivables:

Dividends

and

interest

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

14,848‌

Expense

reimbursement

from

Manager

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

40‌

Fund

shares

sold

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

1,091‌

Investment

securities

sold

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

5‌

Total

Assets  

1,059,914‌

Liabilities

Accrued

transfer

agent

fees

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

59‌

Accrued

directors'

expenses

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

2‌

Accrued

professional

fees

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

32‌

Accrued

other

expenses

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

6‌

Cash

overdraft

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

29‌

Payables:

Fund

shares

redeemed

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

650‌

Collateral

obligation

on

securities

loaned,

at

value

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

17,602‌

Total

Liabilities  

18,380‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

1,041,534‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

1,244,066‌

Total

distributable

earnings

(accumulated

loss)

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

(

202,532‌

)

Total

Net

Assets 

$

1,041,534‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

500,000‌

Net

Asset

Value

Per

Share:

Class

S

:

Net

Assets

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

$

1,041,534‌

Shares

Issued

and

Outstanding

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

120,653‌

Net

Asset

Value

per

share

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

$

8

.63‌

(a)

Includes

fair

market

value

of

securities

loaned,

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

Statement

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2023

6

See

accompanying

notes.

Amounts

in

thousands

Capital

Securities

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

465‌

Dividends

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

700‌

Interest

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

55,396‌

Securities

lending

-

net

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

192‌

Total

Income

56,753‌

Expenses:

Registration

fees

-

Class

S

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

37‌

Shareholder

meeting

expense

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

15‌

Shareholder

reports

-

Class

S

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

8‌

Transfer agent

fees

-

Class

S

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

335‌

Chief

compliance

officer

expenses

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

1‌

Custodian

fees

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

9‌

Directors'

expenses

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

25‌

Interest

expense

and

fees

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

13‌

Professional fees

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

38‌

Other

expenses

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

13‌

Total

Gross

Expenses

494‌

Less:

Reimbursement

from

Manager

-

Class

S

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

481‌

Total

Net

Expenses

13‌

Net

Investment

Income

(Loss)

56,740‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

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

(

57,633‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

(

7,975‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(

65,608‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

8,868‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

7

See

accompanying

notes.

Amounts

in

thousands

Capital

Securities

Fund

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Operations

Net

investment

income

(loss)

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

$

56,740‌

$

53,023‌

Net

realized

gain

(loss)

on

investments

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

(57,633‌)

1,168‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

(7,975‌)

(188,068‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(8,868‌)

(133,877‌)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(62,211‌)

(58,505‌)

Total

Dividends

and

Distributions

(62,211‌)

(58,505‌)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(31,034‌

)

168,275‌

Total

Increase

(Decrease)

in

Net

Assets

(102,113‌)

(24,107‌)

Net

Assets

Beginning

of

period

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

1,143,647‌

1,167,754‌

End

of

period

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

$

1,041,534‌

$

1,143,647‌

Class

S

Capital

Share

Transactions:

Year

Ended

August

31,

2023

Dollars:

Sold

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

$

347,019‌

Reinvested

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

38,232‌

Redeemed

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

(416,285‌)

Net

Increase

(Decrease)

$

(31,034‌)

Shares:

Sold

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

39,424‌

Reinvested

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

4,392‌

Redeemed

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

(47,533‌)

Net

Increase

(Decrease)

(3,717‌)

Year

Ended

August

31,

2022

Dollars:

Sold

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

$

453,083‌

Reinvested

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

35,848‌

Redeemed

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

(320,656‌)

Net

Increase

(Decrease)

$

168,275‌

Shares:

Sold

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

44,622‌

Reinvested

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

3,618‌

Redeemed

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

(32,400‌)

Net

Increase

(Decrease)

15,840‌

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

8

1.

Organization

Principal

Funds,

Inc.

(the

"Fund")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

as

an

open-end

management

investment

company

and

operates

as

a

series

fund

in

the

mutual

fund

industry.

The

financial

statements

for

Capital

Securities

Fund

(the

“fund”),

a

series

of

the

Fund,

are

presented

herein.

The

fund

is

an

investment

company

and

applies

specialized

accounting

and

reporting

under

Accounting

Standards

Codification

(“ASC”)

Topic

946,

Financial

Services

-

Investment

Companies

.

The

fund

has

not

provided

financial

support

and

is

not

contractually

required

to

provide

financial

support

to

any

investee.

2.

Significant

Accounting

Policies

The

preparation

of

financial

statements

in

conformity

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

the

fund:

Security

Valuation.

The

fund

may

invest

in

other

series

of

the

Fund

and

other

investment

funds,

which

may

include

closed-end

investment

companies,

exchange-traded

funds,

money

market

funds

and

other

registered

open-end

investment

companies.

Investments

in

registered

open-

end

investment

companies,

other

than

exchange-traded

funds,

are

valued

at

the

respective

fund’s

closing

net

asset

value

per

share

on

the

day

of

valuation.

The

fund

values

securities,

including

exchange-traded

funds,

for

which

market

quotations

are

readily

available

at

fair

value,

which

is

determined

using

the

last

reported

sale

price.

If

no

sales

are

reported,

as

is

regularly

the

case

for

some

securities

traded

over-the-counter,

securities

are

valued

using

the

last

reported

bid

price

or

an

evaluated

bid

price

provided

by

a

pricing

service.

Pricing

services

use

modeling

techniques

that

incorporate

security

characteristics

such

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

other

yield

and

risk

factors,

and

other

market

conditions

to

determine

an

evaluated

bid

price.

When

reliable

market

quotations

are

not

considered

to

be

readily

available,

which

may

be

the

case,

for

example,

with

respect

to

restricted

securities,

certain

debt

securities,

preferred

stocks,

and

foreign

securities,

the

investments

are

valued

at

their

fair

value

as

determined

in

good

faith

by

Principal

Global

Investors,

LLC

(the

“Manager”)

under

procedures

established

and

periodically

reviewed

by

the

Fund’s

Board

of

Directors.

Income

and

Investment

Transactions.

The

fund

records

investment

transactions

on

a

trade

date

basis.

The

identified

cost

basis

has

been

used

in

determining

the

net

realized

gain

or

loss

from

investment

transactions

and

unrealized

appreciation

or

depreciation

of

investments.

The

fund

records

dividend

income

on

the

ex-dividend

date.

Interest

income

is

recognized

on

an

accrual

basis.

Discounts

and

premiums

on

securities

are

accreted/amortized,

respectively,

on

the

level

yield

method

over

the

expected

lives

of

the

respective

securities.

Callable

debt

securities

purchased

at

a

premium

are

amortized

to

the

earliest

call

date

and

to

the

callable

amount,

if

other

than

par.

Distributions

received

from

other

series

of

the

Fund

and

other

investment

companies

(collectively,

“Underlying

Funds”)

are

recorded

in

accordance

with

the

character

of

the

distributions

as

designated

by

the

Underlying

Funds.

Distributions

received

from

Real

Estate

Investment

Trusts

(“REITs”)

may

be

characterized

as

ordinary

income,

capital

gain,

or

a

return

of

capital

to

the

fund.

The

proper

characterization

of

distributions

from

REITs

is

generally

not

known

until

after

the

end

of

each

calendar

year.

As

such,

estimates

are

used

in

reporting

the

character

of

income

and

distributions

for

financial

statement

purposes.

Expenses.

Expenses

directly

attributed

to

the

fund

are

charged

to

the

fund.

Other

expenses

not

directly

attributed

to

a

particular

fund

are

apportioned

among

the

registered

investment

companies

managed

by

the

Manager.

In

addition

to

the

expenses

that

the

fund

bears

directly,

the

fund

may

indirectly

bear

a

pro

rata

share

of

the

fees

and

expenses

of

the

other

series

of

the

Fund

and

other

investment

companies

in

which

it

invests.

Expenses

included

in

the

statement

of

operations

reflect

the

expenses

of

the

fund

and

do

not

include

any

expenses

associated

with

the

Underlying

Funds.

Dividends

and

Distributions

to

Shareholders.

Dividends

and

distributions

to

shareholders

of

the

fund

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

from

net

investment

income

and

net

realized

gain

from

investments

are

determined

in

accordance

with

federal

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

differences

are

primarily

due

to

differing

treatments

for

amortization

of

premiums

and

discounts

and

certain

preferred

securities.

Permanent

book

and

tax

basis

differences

are

reclassified

within

the

capital

accounts

based

on

federal

tax-basis

treatment;

temporary

differences

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes,

they

are

reported

as

return

of

capital

distributions.

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

9

Federal

Income

Taxes.

No

provision

for

federal

income

taxes

is

considered

necessary

because

the

fund

intends

to

qualify

as

a

“regulated

investment

company”

under

the

Internal

Revenue

Code

and

intends

to

distribute

each

year

substantially

all

of

its

net

investment

income

and

realized

capital

gains

to

shareholders.

Management

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

fund’s

tax

returns

to

determine

whether

it

is

“more

likely

than

not”

that

each

tax

position

would

be

sustained

upon

examination

by

a

taxing

authority

based

on

the

technical

merits

of

the

position.

Tax

positions

not

deemed

to

meet

the

“more

likely

than

not”

threshold

would

be

recorded

as

a

tax

benefit

or

expense

in

the

current

year.

The

fund

recognizes

interest

and

penalties,

if

any,

related

to

unrecognized

tax

positions

as

tax

expense

on

the

statement

of

operations.

During

the

year

ended

August

31,

2023,

the

fund

did

not

record

any

such

tax

benefit

or

expense

in

the

accompanying

financial

statements.

The

statute

of

limitations

remains

open

for

the

last

three

years,

once

a

return

is

filed.

No

examinations

are

in

progress

at

this

time.

Foreign

Taxes.

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Foreign

income

taxes

are

accrued

by

the

fund

as

a

reduction

of

income.

This

amount

is

shown

as

withholding

tax

on

the

statement

of

operations.

Recent

Accounting

Pronouncements.

In

March

2020,

the

Financial

Accounting

Standards

Board

("FASB")

issued

Accounting

Standards

Update

("ASU")

No.

2020-04

Reference

Rate

Reform

(Topic

848);

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting,

which

provides

optional

guidance

for

a

limited

period

of

time

to

ease

the

potential

burden

in

accounting

for

(or

recognizing

the

effects

of)

reference

rate

reform.

The

guidance

is

applicable

to

contracts

referencing

London

Interbank

Offered

Rate

("LIBOR")

or

another

reference

rate

that

is

expected

to

be

discontinued

due

to

reference

rate

reform. The

ASU

is

effective

as

of

March

12,

2020

and

generally

can

be

applied

through

December

31,

2022.

In

December

2022,

the

FASB

issued

ASU

No.

2022-06

Reference

Rate

Reform

(Topic

848):

Deferral

of

the

Sunset

Date

of

Topic

848

which

updates

and

clarifies

ASU

No.

2020-04.

The amendments

in

this ASU

defer

the

sunset

date

of

Topic

848

from

December

31,

2022,

to

December

31,

2024. Management expects

the impact

of

these

ASUs will

not

have

a

material

impact

on

the

Fund’s

financial

statements.

In

June

2022,

the

FASB

issued

ASU

No.

2022-03

Fair

Value

Measurement

(Topic

820);

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

provides

clarifying

guidance

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

ASU

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

Management

expects

the

ASU

will

not

have

a

material

impact

on

the

Fund’s

financial

statements.

3.

Operating

Policies

Borrowings.

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

(the

"SEC"),

the

fund

and

other

registered

investment

companies

managed

by

the

Manager

may

participate

in

an

interfund

lending

facility

(“Facility”).

The

Facility

allows

the Fund

to

borrow

money

from

or

loan

money

to

the

other

participants.

Loans

under

the

Facility

are

made

to

handle

unusual

and/or

unanticipated

short-

term

cash

requirements.

Interest

paid

and

received

on

borrowings

is

the

average

of

the

current

repurchase

agreement

rate

and

the

bank

loan

rate

plus

the

applicable

margin

of

1.00%.

The

bank

loan

rate

equals

the

higher

of

(

i

)

the

Federal

Funds

Rate

or

(ii)

the

Secured

Overnight

Financing

Rate

("SOFR") plus

.10%

(“Adjusted

SOFR”).

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

The

interest

income

received

is

included

in

interest

income

on

the

statement

of

operations. The

interest

expense

associated

with

these

borrowings

is

included

in

interest

expense

and

fees

on

the

statement

of

operations. There

were

no

outstanding

loans

or

borrowings

as

of

August

31,

2023.

During

the

year

ended

August

31,

2023,

the

fund’s

lending

to

the

Facility

was

as

follows

(amounts

in

thousands):

During

the

year

ended

August

31,

2023

,

the

fund’s

borrowing

from

the

Facility

was

as

follows

(amounts

in

thousands): 

In

addition,

the

fund

participates

with

other

registered

investment

companies

managed

by

the

Manager

in

an

unsecured

joint

line

of

credit

with

a

group

of

financial

institutions

which

allows

the

participants

to

borrow

up

to

$250

million,

collectively.

Borrowings

are

made

solely

to

facilitate

Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Interest

Income

Capital

Securities

Fund

$

74

4.94

%

$

4

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Interest

Expense

Capital

Securities

Fund

$

286

4.58

%

$

13

2.

Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

10

the

handling

of

unusual

and/or

unanticipated

short-term

cash

requirements. The

line

of

credit

is

available

under

a

group

of

revolving

financial

institutions

and

lending

is

carried

out

with

unaffiliated

financial

institutions.

Interest

is

charged

to

each

participant,

based

on

its

borrowings,

at

a

rate

equal

to

the

higher

of

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

plus

the

applicable

margin

of

1.00%.

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

Additionally,

a

commitment

fee

is

charged

at

an

annual

rate

of

.15%

on

the

amount

of

the

line

of

credit

which

is

allocated

to

each

participant

based

on

average

net

assets.

The

interest

expense

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statement

of

operations.

During

the

year

ended

August

31,

2023,

the

fund

did

not

borrow

against

the

line

of

credit.

Contingent

Convertible

Securities.

As

footnoted

in

the

schedule

of

investments, the

fund

invests in

contingent

convertible securities

(“

CoCos

”).

CoCos

 are

hybrid

debt

securities

that

may

convert

into

equity

or

have

their

principal

written

down

upon

the

occurrence

of

certain

“triggers.”

Although

a

contingent

convertible

security’s

equity

conversion

and

principal

write-down

features

are

tailored

to

the

particular

issuing

banking

institution

and

its

regulatory

requirements,

triggers

are

generally

linked

to

regulatory

capital

thresholds

or

regulatory

actions

calling

into

question

such

institution’s

continued

viability

as

a

going-concern.

CoCos

may

have

no

stated

maturity

and

fully

discretionary

coupons,

which

means

coupon

payments

can

be

canceled

at

the

issuing

banking

institution’s

discretion

or

at

the

request

of

the

relevant

regulatory

authority

without

causing

a

default.

To

provide

the

appropriate

regulatory

capital

treatment,

CoCos

are

usually

issued

in

the

form

of

subordinated

debt

instruments

that

rank

junior

to

the

claims

of

holders

of

more

senior

obligations

in

the

event

of

the

issuer’s

liquidation.

If

CoCos

are

converted

into

equity

securities

due

to

a

trigger

event,

holders

will

be

further

subordinated.

The

future

value

of

CoCos

is

unpredictable

and

is

influenced

by

many

factors

including,

without

limitation:

the

creditworthiness

of

the

issuer

and/or

fluctuations

in

such

issuer’s

applicable

capital

ratios;

supply

and

demand

for

CoCos

;

general

market

conditions

and

available

liquidity;

and

economic,

financial

and

political

events

that

affect

the

issuer,

its

particular

market

or

the

financial

markets

in

general.

Due

to

these

features,

CoCos

may

have

substantially

greater

risk

than

other

securities

in

times

of

financial

stress.

Because

of

the

uncertainty

regarding

whether

a

conversion

event

will

occur,

it

may

be

difficult

to

predict

when,

if

at

all,

a

contingent

convertible

security

will

be

converted

to

equity,

and

a

fund

may

suffer

losses

as

a

result.

If

the

trigger

level

is

breached,

the

issuer’s

decision

to

write

down,

write

off

or

convert

a

contingent

convertible

security

may

result

in

the

fund's

complete

loss

on

an

investment

in

CoCos

with

no

chance

of

recovery

even

if

the

issuer

remains

in

existence.

Cross

Trades. 

The

fund

may

engage

in

cross

trades.

A

cross

trade

is

a

purchase

or

sale

transaction

between

affiliated

portfolios

executed

directly

or

through

an

intermediary.

Mutual

funds

and

other

managed

portfolios

may

be

considered

affiliated

if

they

have

a

common

investment

advisor,

so

a

fund

may

be

considered

affiliated

with

any

portfolio

for

which

the

fund's

sub-advisor

acts

as

an

investment

advisor.

Such

transactions

are

permissible

provided

that

the

conditions

of

Rule

17a-7

under

the

1940

Act

are

satisfied.

For

the

year ended

August

31,

2023,

the

fund

did

not

have

material

cross

trades.

Indemnification.

Under

the

Fund’s

by-laws,

present

and

past

officers,

directors,

and

employees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

a

variety

of

contracts

that

may

contain

representations

and

warranties

which

provide

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund. 

Securities

Lending.

As

footnoted

in

the

schedule

of

investments,

the

fund

may

lend

portfolio

securities

to

approved

brokerage

firms

to

earn

additional

income.

The

fund

receives

collateral,

in

the

form

of

cash,

against

the

loaned

securities.

During

the

period

of

the

loan,

the

borrower

must

maintain

collateral

in

an

amount

not

less

than

102%

of

the

market

value

of

the

domestic

and

foreign

fixed

income

loaned

securities

and

105%

of

the

market

value

of

the

foreign

equity

loaned

securities.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

fund

and

any

additional

required

collateral

is

delivered

to

the

fund

on

the

next

business

day.

The

transactions

are

accounted

for

as

secured

borrowings

and

the

remaining

contractual

maturity

is

overnight

and

continuous

for

all

securities.

The

cash

collateral

received

is

usually

invested

in

an

SEC-registered

money

market

mutual

fund

and

the

fund

could

realize

a

loss

on

such

investments.

Further,

the

fund

could

experience

a

delay

in

recovering

their

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

Securities

lending

income,

net

of

related

fees,

is

shown

on

the

statement

of

operations.

4.

Fair

Valuation

Fair

value

is

defined

as

the

price

that

the

fund

would

receive

upon

selling

a

security

in

a

timely

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

of

the

security

at

the

measurement

date.

In

determining

fair

value,

the

fund

may

use

one

or

more

of

the

following

approaches:

market,

income

and/or

cost.

A

hierarchy

for

inputs

is

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

be

used

when

available.

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

11

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

fund.

Unobservable

inputs

are

inputs

that

reflect

the

fund’s

own

estimates

about

the

estimates

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

levels

listed

below.

Level

1

–

Quoted

prices

are

available

in

active

markets

for

identical

securities

as

of

the

reporting

date.

Investments

which

are

generally

included

in

this

category

include

listed

equities

and

exchange-traded

derivatives.

Level

2

–

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

in

this

category

include

certain

foreign

equities,

corporate

bonds,

and

U.S.

Government

and

Government

Agency

Obligations.

Level

3

–

Significant

unobservable

inputs

(including

the

fund’s

assumptions

in

determining

the

fair

value

of

investments).

Investments

which

are

generally

included

in

this

category

include

certain

corporate

bonds

or

preferred

stocks.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

market

place,

and

other

characteristics

particular

to

the

transaction.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

by

the

fund

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market

based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

fund’s

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

when

available.

Investments

which

are

included

in

the

Level

3

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

3

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3.

Valuation

models

rely

on

one

or

more

significant

unobservable

inputs.

Benchmark

pricing

procedures

set

the

base

price

of

a

security

based

on

current

market

data.

The

base

price

may

be

a

broker-dealer

quote,

transaction

price,

or

internal

value

based

on

relevant

market

data.

The

fair

values

of

these

securities

are

dependent

on

economic,

political,

and

other

considerations.

The

values

of

such

securities

may

be

affected

by

significant

changes

in

the

economic

conditions,

changes

in

government

policies,

and

other

factors

(e.g.,

natural

disasters,

pandemics,

accidents,

conflicts,

etc.).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

instruments.

The

following

is

a

summary

of

the

inputs

used

as

of

August

31,

2023

in

valuing

the

fund’s

securities

carried

at

fair

value

(amounts

in

thousands):

*For

additional

detail

regarding

sector

and/or

sub-industry

classifications,

please

see

the

schedule

of

investments

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Capital

Securities

Fund

Bonds*

$

—

$

1,019,088

$

—

$

1,019,088

Investment

Companies*

21,425

—

—

21,425

Preferred

Stocks

Financial

2,442

—

—

2,442

Government

—

975

—

975

Total

investments

in

securities

$

23,867

$

1,020,063

$

—

$

1,043,930

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

12

During

the

year

,

there

were

no

purchases,

sales,

or

transfers

into

or

out

of

Level

3.

5.

Management

Agreement

and

Transactions

with

Affiliates

The

Manager

has

contractually

agreed

to

limit

the

expenses

(excluding

interest

expense,

expenses

related

to

fund

investments,

acquired

fund

fees

and

expenses,

and

tax

reclaim

recovery

expenses

and

other

extraordinary

expenses)

for

the

fund.

The

reductions

and

reimbursements

are

in

amounts

that

maintain

total

operating

expenses

at

0.00%.

The

limit

is

expressed

as

a

percentage

of

average

daily

net

assets

on

an

annualized

basis

during

the

reporting

period.

It

is

expected

that

the

expense

limit

will

continue

permanently.

There

is

no

management

fee

charged

by

the

fund.

The

fund

is

an

integral

part

of

“wrap-fee”

programs,

including

those

sponsored

by

registered

investment

advisors

and

broker-dealers

unaffiliated

with

the

fund.

Participants

in

these

programs

pay

a

“wrap”

fee

to

the

wrap-fee

program’s

sponsor.

Amounts

owed

to

the

fund

under

the

terms

of

the

expense

limitation

agreements

are

reflected

in

the

statement

of

assets

and

liabilities

as

an

expense

reimbursement

from

Manager

and

are

settled

periodically.

Chief

Compliance

Officer

Expense

.

The

fund

pays

certain

expenses

associated

with

the

Chief

Compliance

Officer

(“CCO”).

This

expense

is

allocated

among

the

registered

investment

companies

managed

by

the

Manager

based

on

the

relative

net

assets

of

each

fund

and

is

shown

on

the

statement

of

operations.

6.

Investment

Transactions

For

the

year

ended

August

31,

2023,

the

cost

of

investment

securities

purchased

and

proceeds

from

investment

securities

sold

(not

including

short-term

investments

and

U.S.

government

securities)

by

the

fund

was

as

follows

(amounts

in

thousands):

7.

Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

distributions

paid

for

the years

ended August

31,

2023 and

August

31,

2022 were

as

follows

(amounts

in

thousands):

For

U.S.

federal

income

tax

purposes,

short-term

capital

gain

distributions

are

considered

ordinary

income

distributions.

Distributable

Earnings.

As

of August

31,

2023,

the

components

of

total

distributable

earnings

(accumulated

loss)

on

a

federal

tax

basis

were

as

follows

(amounts

in

thousands):

*Represents

book-to-tax

accounting

differences

related

to

contingent

convertible

bonds

and

perpetual

bonds.

Capital

Loss

Carryforwards.

For

federal

income

tax

purposes,

capital

loss

carryforwards

are

losses

that

can

be

used

to

offset

future

capital

gains

of

the

fund.

As

of

August

31,

2023

,

the

fund

had

approximate

net

capital

loss

carryforwards

as

follows

(amounts

in

thousands):

Capital

losses

will

be

carried

forward

with

no

expiration

and

with

the

character

of

the

loss

retained.

For

the

year

ended

August

31,

2023,

the

fund

did

not

utilize

capital

loss

carryforwards.

Late-Year

Losses.

A

regulated

investment

company

may

elect

to

treat

any

portion

of

its

qualified

late-year

loss

as

arising

on

the

first

day

of

the

next

taxable

year.

Qualified

late-year

losses

are

certain

capital

and

ordinary

losses

which

occur

during

the

portion

of

the

fund’s

taxable

year

subsequent

to

October

31

and

December

31,

respectively. As

of

August

31,

20

23,

the

fund

does

not

plan

to

defer

any

late

year

losses.

Purchases

Sales

Capital

Securities

Fund

$

153,414

$

184,745

Ordinary

Income

2023

2022

Capital

Securities

Fund

$

62,211

$

58,505

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Losses

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences*

Total

Accumulated

Earnings

(Deficit)

Capital

Securities

Fund

$

709

$

—

$

(70,672)

$

(142,796)

$

10,227

$

(202,532)

Short-Term

Long-Term

Total

Capital

Securities

Fund

$

14,065

$

56,607

$

70,672

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2023

13

Reclassification

of

Capital

Accounts.

The

fund

may

record

reclassifications

in

its

capital

accounts.

These

reclassifications

have

no

impact

on

the

total

net

assets

of

the

fund.

The

reclassifications

are

a

result

of

permanent

differences

between

U.S.

GAAP

and

tax

accounting.

Adjustments

are

made

to

reflect

the

impact

these

items

have

on

current

and

future

distributions

to

shareholders.

Therefore,

the

source

of

the

fund’s

distributions

may

be

shown

in

the

accompanying

statement

of

changes

in

net

assets

as

from

net

investment

income

and

net

realized

gain

on

investments

or

from

tax

return

of

capital

depending

on

the

type

of

book

and

tax

differences

that

exist.

For

the

year

ended

August

31,

2023,

the

fund

recorded

no

reclassifications.

Federal

Income

Tax

Basis.

At

August

31,

2023,

the

net

federal

income

tax

unrealized

appreciation

(depreciation)

and

federal

tax

cost

of

investments

held

by

the

fund

were

as

follows

(amounts

in

thousands):

8.

Subsequent

Events

Management

has

evaluated

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were issued

that

would

merit

recognition

or

disclosure

in

the

financial

statements. 

There

were

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Capital

Securities

Fund

$

3,547

$

(146,343)

$

(142,796)

$

1,186,726

7.

Federal

Tax

Information

(continued)

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2023

See

accompanying

notes.

14

INVESTMENT

COMPANIES

-

2.06%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.13%

Invesco

Preferred

ETF

(a)

121,647‌

$

1,361‌

Money

Market

Funds

-

1.93%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.23%

(b),(c)

6,312,014‌

6,312‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

(b),(c),(d)

13,752,255‌

13,752‌

$

20,064‌

TOTAL

INVESTMENT

COMPANIES

$

21,425‌

PREFERRED

STOCKS

-

0.33%

Shares

Held

Value

(000's)

Banks

-

0.16%

Cullen/Frost

Bankers

Inc

4.45%,

12/15/2025

(a),(e)

55,739‌

$

1,019‌

Fulton

Financial

Corp

5.13%,

01/15/2026

(e)

41,865‌

675‌

$

1,694‌

Diversified

Financial

Services

-

0.02%

Affiliated

Managers

Group

Inc

4.20%,

09/30/2061

9,119‌

148‌

Insurance

-

0.06%

Assurant

Inc

5.25%,

01/15/2061

30,074‌

600‌

Sovereign

-

0.09%

CoBank

ACB

6.20%,

01/01/2025

(e)

10,000‌

975‌

3

Month

USD

LIBOR

+

3.74%

TOTAL

PREFERRED

STOCKS

$

3,417‌

BONDS

-

97.84%

Principal

Amount

(000's)

Value

(000's)

Banks

-

57

.65%

Australia

&

New

Zealand

Banking

Group

Ltd/

United

Kingdom

6.75%,

06/15/2026

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

$

1,900‌

$

1,860‌

USD

Swap

Rate

NY

5

Year

+

5.17%

Banco

Bilbao

Vizcaya

Argentaria

SA

6.13%,

11/16/2027

(e),(f),(g)

600‌

513‌

USD

Swap

Semi-Annual

5

Year

+

3.87%

6.50%,

03/05/2025

(e),(f),(g)

11,400‌

10,703‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.19%

Banco

Santander

SA

4.75%,

11/12/2026

(e),(f),(g)

10,000‌

7,636‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.75%

7.50%,

02/08/2024

(e),(f),(g)

400‌

384‌

USD

Swap

Semi-Annual

5

Year

+

4.99%

Bank

of

America

Corp

6.13%,

04/27/2027

(e),(f)

13,700‌

13,289‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.23%

Bank

of

New

York

Mellon

Corp/The

3.70%,

03/20/2026

(e),(f)

25,000‌

22,156‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%

3.75%,

12/20/2026

(e),(f)

19,600‌

15,975‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.63%

4.63%,

09/20/2026

(e),(f)

7,300‌

6,550‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.39%

Bank

of

Nova

Scotia/The

3.63%,

10/27/2081

(f)

7,600‌

5,413‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.61%

4.90%,

06/04/2025

(e),(f)

24,000‌

22,138‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.55%

8.63%,

10/27/2082

(f)

3,300‌

3,364‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.39%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Barclays

PLC

4.38%,

03/15/2028

(e),(f),(g)

$

8,000‌

$

5,502‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.41%

7.75%,

09/15/2023

(e),(f),(g)

10,120‌

10,119‌

USD

Swap

Semi-Annual

5

Year

+

4.84%

8.00%,

06/15/2024

(e),(f),(g)

8,000‌

7,834‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.67%

8.00%,

03/15/2029

(e),(f),(g)

1,200‌

1,073‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.43%

BNP

Paribas

SA

4.50%,

02/25/2030

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

3,500‌

2,519‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.94%

6.63%,

03/25/2024

(e),(f),(g)

800‌

790‌

USD

SOFR

Spread-Adj.

ICE

Swap

Rate

5

Year

+

4.15%

7.38%,

08/19/2025

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

6,103‌

5,981‌

USD

Swap

Semi-Annual

5

Year

+

5.15%

8.50%,

08/14/2028

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

2,000‌

1,993‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.35%

9.25%,

11/17/2027

(e),(f),(g)

1,400‌

1,443‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%

Citigroup

Inc

3.88%,

02/18/2026

(e),(f)

16,500‌

14,438‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.42%

4.00%,

12/10/2025

(e),(f)

8,000‌

7,160‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%

6.25%,

08/15/2026

(e),(f)

1,239‌

1,219‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.78%

7.38%,

05/15/2028

(e),(f)

3,600‌

3,622‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%

Citizens

Financial

Group

Inc

4.00%,

10/06/2026

(e),(f)

3,900‌

2,950‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%

5.65%,

10/06/2025

(a),(e),(f)

8,000‌

7,388‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%

Corestates

Capital

III

6.20%,

02/15/2027

(h)

17,771‌

16,798‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.83%

Credit

Agricole

SA

7.88%,

01/23/2024

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

16,083‌

16,003‌

USD

Swap

Semi-Annual

5

Year

+

4.90%

7.88%,

01/23/2024

(e),(f),(g)

2,300‌

2,289‌

USD

Swap

Semi-Annual

5

Year

+

4.90%

8.13%,

12/23/2025

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

8,232‌

8,202‌

USD

Swap

Semi-Annual

5

Year

+

6.19%

Danske

Bank

A/S

6.13%,

03/28/2024

(e),(f),(g)

6,600‌

6,411‌

USD

Swap

Semi-Annual

7

Year

+

3.90%

7.00%,

06/26/2025

(e),(f),(g)

4,400‌

4,181‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.13%

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2023

See

accompanying

notes.

15

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Fifth

Third

Bancorp

4.50%,

09/30/2025

(e),(f)

$

2,200‌

$

2,002‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.22%

Goldman

Sachs

Group

Inc/The

3.65%,

08/10/2026

(e),(f)

6,100‌

4,984‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%

4.95%,

02/10/2025

(e),(f)

1,000‌

932‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%

5.50%,

08/10/2024

(a),(e),(f)

3,500‌

3,427‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%

HSBC

Capital

Funding

Dollar

1

LP

10.18%,

06/30/2030

(e),(f),(h)

1,700‌

2,087‌

3

Month

USD

LIBOR

+

4.98%

10.18%,

06/30/2030

(e),(f)

7,300‌

8,961‌

3

Month

USD

LIBOR

+

4.98%

HSBC

Holdings

PLC

6.00%,

05/22/2027

(e),(f),(g)

3,000‌

2,684‌

USD

Swap

Rate

NY

5

Year

+

3.75%

6.38%,

09/17/2024

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

1,300‌

1,260‌

USD

Swap

Rate

NY

5

Year

+

3.71%

6.50%,

03/23/2028

(e),(f),(g)

500‌

458‌

USD

Swap

Rate

NY

5

Year

+

3.61%

8.00%,

03/07/2028

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

5,000‌

4,987‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.86%

Huntington

Bancshares

Inc/OH

4.45%,

10/15/2027

(e),(f)

19,200‌

16,283‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.05%

5.63%,

07/15/2030

(e),(f)

8,600‌

7,826‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.95%

Huntington

Capital

II

6.18%,

06/15/2028

2,400‌

2,114‌

3

Month

USD

LIBOR

+

0.63%

Huntington

National

Bank/The

5.50%,

05/06/2030

(f)

2,000‌

1,896‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.35%

ING

Groep

NV

5.75%,

11/16/2026

(e),(f),(g)

7,000‌

6,238‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%

6.50%,

04/16/2025

(e),(f),(g)

500‌

472‌

USD

Swap

Semi-Annual

5

Year

+

4.45%

6.75%,

04/16/2024

(e),(f),(g)

10,000‌

9,757‌

USD

Swap

Rate

NY

5

Year

+

4.20%

Intesa

Sanpaolo

SpA

7.70%,

09/17/2025

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

7,000‌

6,627‌

USD

Swap

Semi-Annual

5

Year

+

5.46%

JPMorgan

Chase

&

Co

3.65%,

06/01/2026

(a),(e),(f)

21,993‌

19,434‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%

KeyCorp

5.00%,

09/15/2026

(e),(f)

3,775‌

2,927‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.87%

KeyCorp

Capital

I

6.27%,

07/01/2028

1,500‌

1,306‌

3

Month

USD

LIBOR

+

0.74%

KeyCorp

Capital

III

7.75%,

07/15/2029

1,500‌

1,378‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Lloyds

Banking

Group

PLC

7.50%,

06/27/2024

(e),(f),(g)

$

4,300‌

$

4,190‌

USD

Swap

Semi-Annual

5

Year

+

4.76%

7.50%,

09/27/2025

(e),(f),(g)

15,850‌

14,834‌

USD

Swap

Rate

NY

5

Year

+

4.50%

7.95%,

11/15/2033

(f)

1,800‌

1,928‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.75%

8.00%,

09/27/2029

(e),(f),(g)

2,000‌

1,810‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.91%

M&T

Bank

Corp

3.50%,

09/01/2026

(e),(f)

8,000‌

5,687‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%

5.13%,

11/01/2026

(e),(f)

4,000‌

3,311‌

3

Month

USD

LIBOR

+

3.52%

6.45%,

02/15/2024

(a),(e),(f)

1,300‌

1,248‌

3

Month

USD

LIBOR

+

3.61%

NatWest

Group

PLC

4.60%,

06/28/2031

(e),(f),(g)

10,000‌

6,808‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.10%

6.00%,

12/29/2025

(e),(f),(g)

8,000‌

7,352‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.63%

8.00%,

08/10/2025

(e),(f),(g)

8,000‌

7,800‌

USD

Swap

Semi-Annual

5

Year

+

5.72%

Nordea

Bank

Abp

6.13%,

09/23/2024

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

4,300‌

4,115‌

USD

Swap

Semi-Annual

5

Year

+

3.39%

6.63%,

03/26/2026

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

15,600‌

14,742‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%

PNC

Capital

Trust

C

6.07%,

06/01/2028

3,000‌

2,795‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.83%

PNC

Financial

Services

Group

Inc/The

3.40%,

09/15/2026

(e),(f)

2,300‌

1,760‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%

6.00%,

05/15/2027

(e),(f)

13,600‌

12,228‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%

6.20%,

09/15/2027

(a),(e),(f)

2,000‌

1,865‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.24%

6.25%,

03/15/2030

(e),(f)

7,500‌

6,634‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

2.81%

Regions

Financial

Corp

5.75%,

06/15/2025

(a),(e),(f)

3,500‌

3,336‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.43%

Skandinaviska

Enskilda

Banken

AB

5.13%,

05/13/2025

(e),(f),(g)

5,000‌

4,706‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.46%

Societe

Generale

SA

7.38%,

10/04/2023

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

5,500‌

5,501‌

USD

Swap

Semi-Annual

5

Year

+

4.30%

7.38%,

10/04/2023

(e),(f),(g)

3,000‌

3,000‌

USD

Swap

Semi-Annual

5

Year

+

4.30%

8.00%,

09/29/2025

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

3,500‌

3,440‌

USD

Swap

Rate

NY

5

Year

+

5.87%

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2023

See

accompanying

notes.

16

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Standard

Chartered

PLC

6.00%,

07/26/2025

(e),(f),(g)

$

1,000‌

$

950‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.66%

7.01%,

07/30/2037

(e),(f)

3,000‌

2,865‌

3

Month

USD

LIBOR

+

1.46%

7.01%,

07/30/2037

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

7,800‌

7,449‌

3

Month

USD

LIBOR

+

1.46%

Swedbank

AB

5.63%,

09/17/2024

(e),(f),(g)

1,800‌

1,722‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.13%

Toronto-Dominion

Bank/The

8.13%,

10/31/2082

(f)

6,200‌

6,231‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.08%

Truist

Financial

Corp

4.80%,

09/01/2024

(e),(f)

23,120‌

20,473‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%

4.95%,

09/01/2025

(e),(f)

8,100‌

7,526‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.61%

6.20%,

03/15/2028

(a)

2,000‌

1,810‌

3

Month

USD

LIBOR

+

0.65%

6.30%,

05/15/2027

4,500‌

4,143‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.93%

UBS

Group

AG

3.88%,

06/02/2026

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

10,000‌

8,312‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.10%

4.88%,

02/12/2027

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

12,000‌

10,008‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.40%

6.88%,

08/07/2025

(e),(f),(g)

9,200‌

8,616‌

USD

Swap

Semi-Annual

(VS

6

Month)

5

Year

+

4.59%

7.00%,

01/31/2024

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

1,400‌

1,388‌

USD

Swap

Semi-Annual

5

Year

+

4.34%

7.00%,

01/31/2024

(e),(f),(g)

5,000‌

4,958‌

USD

Swap

Semi-Annual

5

Year

+

4.34%

UniCredit

SpA

8.00%,

06/03/2024

(e),(f),(g)

10,300‌

10,120‌

USD

Swap

Semi-Annual

5

Year

+

5.18%

US

Bancorp

3.70%,

01/15/2027

(e),(f)

32,500‌

24,481‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.54%

Wells

Fargo

&

Co

3.90%,

03/15/2026

(e),(f)

12,800‌

11,347‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%

5.88%,

06/15/2025

(e)

3,000‌

2,974‌

3

Month

USD

LIBOR

+

3.99%

$

600,399‌

Diversified

Financial

Services

-

9.50%

Ally

Financial

Inc

4.70%,

05/15/2026

(e),(f)

10,500‌

7,376‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%

4.70%,

05/15/2028

(e),(f)

1,200‌

772‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

3.48%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

American

Express

Co

3.55%,

09/15/2026

(e),(f)

$

27,000‌

$

22,477‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%

Capital

One

Financial

Corp

3.95%,

09/01/2026

(a),(e),(f)

10,200‌

7,829‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%

Charles

Schwab

Corp/The

4.00%,

06/01/2026

(e),(f)

17,000‌

14,710‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%

5.38%,

06/01/2025

(e),(f)

13,207‌

12,745‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%

Depository

Trust

&

Clearing

Corp/The

3.38%,

06/20/2026

(e),(f),(h)

2,500‌

1,853‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.61%

Discover

Financial

Services

6.13%,

06/23/2025

(a),(e),(f)

22,300‌

21,428‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.78%

Voya

Financial

Inc

4.70%,

01/23/2048

(f)

10,300‌

8,395‌

3

Month

USD

LIBOR

+

2.08%

6.13%,

09/15/2023

(e),(f)

1,400‌

1,384‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.36%

$

98,969‌

Electric

-

8.60%

Algonquin

Power

&

Utilities

Corp

4.75%,

01/18/2082

(a),(f)

2,700‌

2,209‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%

American

Electric

Power

Co

Inc

3.88%,

02/15/2062

(f)

7,100‌

5,724‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%

Dominion

Energy

Inc

4.35%,

01/15/2027

(e),(f)

9,900‌

8,363‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.20%

4.65%,

12/15/2024

(e),(f)

24,300‌

22,113‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.99%

5.75%,

10/01/2054

(f)

6,625‌

6,353‌

3

Month

USD

LIBOR

+

3.06%

Duke

Energy

Corp

3.25%,

01/15/2082

(f)

5,000‌

3,683‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.32%

4.88%,

09/16/2024

(a),(e),(f)

24,960‌

24,329‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.39%

Emera

Inc

6.75%,

06/15/2076

(f)

5,700‌

5,472‌

3

Month

USD

LIBOR

+

5.44%

Enel

SpA

8.75%,

09/24/2073

(f),(h)

6,700‌

6,668‌

USD

Swap

Semi-Annual

5

Year

+

5.88%

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2023

See

accompanying

notes.

17

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

NextEra

Energy

Capital

Holdings

Inc

3.80%,

03/15/2082

(f)

$

2,000‌

$

1,679‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.55%

7.60%,

10/01/2066

3,341‌

3,012‌

3

Month

USD

LIBOR

+

2.07%

$

89,605‌

Food

-

0.43%

Dairy

Farmers

of

America

Inc

7.13%,

12/01/2026

(e),(h)

5,000‌

4,450‌

Insurance

-

12.31%

ACE

Capital

Trust

II

9.70%,

04/01/2030

2,570‌

3,036‌

Allianz

SE

3.20%,

10/30/2027

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

5,000‌

3,787‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%

Allstate

Corp/The

8.56%,

08/15/2053

6,900‌

6,805‌

3

Month

USD

LIBOR

+

2.94%

American

International

Group

Inc

5.75%,

04/01/2048

(f)

3,580‌

3,380‌

3

Month

USD

LIBOR

+

2.87%

Aon

Corp

8.21%,

01/01/2027

1,000‌

1,050‌

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

5.75%,

08/15/2050

(f)

500‌

481‌

3

Month

USD

LIBOR

+

3.59%

Argentum

Netherlands

BV

for

Zurich

Insurance

Co

Ltd

5.13%,

06/01/2048

(f)

2,000‌

1,874‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.27%

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd

5.63%,

06/24/2046

(f)

4,900‌

4,753‌

3

Month

USD

LIBOR

+

4.92%

Corebridge

Financial

Inc

6.88%,

12/15/2052

(f)

5,900‌

5,736‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.85%

Equitable

Holdings

Inc

4.95%,

09/15/2025

(a),(e),(f)

1,448‌

1,389‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.74%

Everest

Reinsurance

Holdings

Inc

8.01%,

05/01/2067

1,100‌

946‌

3

Month

USD

LIBOR

+

2.39%

Liberty

Mutual

Group

Inc

4.13%,

12/15/2051

(f),(h)

6,500‌

5,249‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%

7.80%,

03/07/2087

(h)

6,100‌

6,275‌

3

Month

USD

LIBOR

+

3.58%

Liberty

Mutual

Insurance

Co

7.70%,

10/15/2097

(h)

1,100‌

1,130‌

MetLife

Capital

Trust

IV

7.88%,

12/15/2067

(h)

2,200‌

2,306‌

MetLife

Inc

3.85%,

09/15/2025

(e),(f)

7,200‌

6,639‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.58%

6.40%,

12/15/2066

700‌

693‌

9.25%,

04/08/2068

(h)

10,372‌

12,006‌

3

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

4,300‌

5,504‌

3

Month

USD

LIBOR

+

7.55%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

5.88%,

05/23/2042

(f),(h)

$

3,600‌

$

3,534‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.98%

Nippon

Life

Insurance

Co

2.75%,

01/21/2051

(f),(h)

4,600‌

3,725‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%

2.90%,

09/16/2051

(f),(h)

10,500‌

8,460‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%

5.10%,

10/16/2044

(f)

785‌

769‌

USD

Swap

Rate

NY

5

Year

+

3.65%

Prudential

Financial

Inc

3.70%,

10/01/2050

(f)

9,500‌

8,085‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.04%

Sumitomo

Life

Insurance

Co

3.38%,

04/15/2081

(f),(h)

5,000‌

4,204‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%

Zurich

Finance

Ireland

Designated

Activity

Co

3.00%,

04/19/2051

(f)

26,800‌

20,770‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.78%

3.50%,

05/02/2052

(f)

7,200‌

5,643‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.79%

$

128,229‌

Oil

&

Gas

-

1.21%

BP

Capital

Markets

PLC

4.38%,

06/22/2025

(e),(f)

9,500‌

9,089‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%

4.88%,

03/22/2030

(e),(f)

3,900‌

3,532‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.40%

$

12,621‌

Pipelines

-

4.69%

Enbridge

Inc

5.75%,

07/15/2080

(f)

5,000‌

4,552‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%

6.00%,

01/15/2077

(f)

1,500‌

1,414‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.15%

6.25%,

03/01/2078

(f)

11,000‌

10,246‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.90%

7.63%,

01/15/2083

(f)

2,000‌

2,016‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.42%

Enterprise

Products

Operating

LLC

5.25%,

08/16/2077

(f)

9,881‌

8,694‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.29%

5.38%,

02/15/2078

(f)

1,300‌

1,079‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.83%

Transcanada

Trust

5.50%,

09/15/2079

(f)

12,500‌

10,500‌

Secured

Overnight

Financing

Rate

+

4.42%

5.60%,

03/07/2082

(f)

7,300‌

6,083‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.99%

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2023

See

accompanying

notes.

18

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

(continued)

Transcanada

Trust  

(continued)

5.63%,

05/20/2075

(f)

$

600‌

$

563‌

3

Month

USD

LIBOR

+

3.53%

5.88%,

08/15/2076

(a),(f)

4,000‌

3,689‌

3

Month

USD

LIBOR

+

4.64%

$

48,836‌

REITs

-

0.71%

Scentre

Group

Trust

2

4.75%,

09/24/2080

(f),(h)

4,000‌

3,595‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.38%

5.13%,

09/24/2080

(f),(h)

4,500‌

3,766‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.69%

$

7,361‌

Sovereign

-

0.87%

CoBank

ACB

4.25%,

01/01/2027

(e),(f)

2,000‌

1,580‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.05%

6.25%,

10/01/2026

(e),(f)

1,000‌

959‌

3

Month

USD

LIBOR

+

4.66%

6.45%,

10/01/2027

(e),(f)

5,000‌

4,765‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.49%

Farm

Credit

Bank

of

Texas

5.70%,

09/15/2025

(e),(f),(h)

1,900‌

1,757‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.42%

$

9,061‌

Telecommunications

-

1.37%

Vodafone

Group

PLC

3.25%,

06/04/2081

(f)

8,000‌

7,069‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%

4.13%,

06/04/2081

(f)

9,250‌

7,223‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.77%

$

14,292‌

Transportation

-

0.50%

BNSF

Funding

Trust

I

6.61%,

12/15/2055

(f)

5,400‌

5,265‌

3

Month

USD

LIBOR

+

2.35%

TOTAL

BONDS

$

1,019,088‌

Total

Investments

$

1,043,930‌

Other

Assets

and

Liabilities

-  (0.23)%

(2,396‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,041,534‌

(a)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$16,950

or

1.63%

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

$17,602

or

1.69%

of

net

assets.

(d)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e)

Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(f)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(g)

Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$256,078

or

24.59%

of

net

assets.

(h)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$189,790

or

18.22%

of

net

assets.

Portfolio

Summary

Sector

Percent

Financial

80.41‌%

Utilities

8.60‌%

Energy

5.90‌%

Money

Market

Funds

1.93‌%

Communications

1.37‌%

Government

0.96‌%

Industrial

0.50‌%

Consumer,

Non-cyclical

0.43‌%

Exchange-Traded

Funds

0.13‌%

Other

Assets

and

Liabilities

(0.23‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2022

Purchases

Sales

August

31,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

—‌

$

358,125‌

$

344,373‌

$

13,752‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

6,388‌

116,134‌

122,522‌

—‌

$

6,388‌

$

474,259‌

$

466,895‌

$

13,752‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.23%

$

407‌

$

—‌

$

—‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

5.18%

58‌

—‌

—‌

—‌

$

465‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Glossary

to

the

Schedule

of

Investments

August

31,

2023

See

accompanying

notes.

19

Currency

Abbreviations

USD/$

United

States

Dollar

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

21

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

CAPITAL

SECURITIES

FUND

Class

S

shares

2023

$

9

.20‌

$

0

.47‌

(

$

0

.53‌

)

(

$

0

.06‌

)

(

$

0

.51‌

)

(

$

0

.51‌

)

$

8

.63‌

2022

10

.76‌

0

.44‌

(

1

.52‌

)

(

1

.08‌

)

(

0

.48‌

)

(

0

.48‌

)

9

.20‌

2021

10

.36‌

0

.46‌

0

.43‌

0

.89‌

(

0

.49‌

)

(

0

.49‌

)

10

.76‌

2020

10

.17‌

0

.50‌

0

.23‌

0

.73‌

(

0

.54‌

)

(

0

.54‌

)

10

.36‌

2019

9

.95‌

0

.58‌

0

.21‌

0

.79‌

(

0

.57‌

)

(

0

.57‌

)

10

.17‌

(a)

(b)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

22

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

0

.52‌

)

%

$

1,041,534‌

0

.00‌

%

(b)

5

.34‌

%

14

.7‌

%

(

10

.24‌

)

1,143,647‌

0

.00‌

(b)

4

.40‌

14

.0‌

8

.77‌

1,167,754‌

0

.00‌

(b)

4

.34‌

14

.2‌

7

.42‌

846,849‌

0

.00‌

(b)

4

.95‌

14

.0‌

8

.39‌

648,432‌

0

.00‌

(b)

5

.89‌

14

.7‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Reflects

Manager's

contractual

expense

limit.

Report

of

Independent

Registered

Public

Accounting

Firm

23

To

the

Shareholders

and

the

Board

of

Directors

of

Capital

Securities

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Capital

Securities

Fund

(the

“fund”)

(one

of

the

funds

constituting

Principal

Funds,

Inc.

(the

“Fund”)),

including

the

schedule

of

investments,

as

of

August

31,

2023,

and

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

fund

(one

of

the

funds

constituting

the

Fund)

at

August

31,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended

and

its

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Fund’s

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

August

31,

2023,

by

correspondence

with

the

custodian

and

transfer

agent.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Principal

investment

companies

since

1969.

Minneapolis,

Minnesota

October

24,

2023

Shareholder

Expense

Example

Principal

Funds,

Inc.

August

31,

2023

(unaudited)

24

As

a

shareholder

of

Capital

Securities

Fund,

you

may

incur

ongoing

costs,

including

management

fees;

distribution

fees;

and

other

fund

expenses.

This

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

Principal

Funds,

Inc.

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

(

March

1,

2023

to

August

31,

2023

),

unless

otherwise

noted.

Actual

Expenses

The

first

section

of

the

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

section

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Class

S

shares

may

be

purchased

through

wrap

programs.

Such

plans

may

impose

fees

in

addition

to

those

charge

by

the

fund.

These

fees

are

not

included

in

the

table

below.

If

they

were,

the

estimate

of

expenses

you

paid

during

the

period

would

be

higher,

and

your

ending

account

value

lower,

by

this

amount.

Hypothetical

Example

for

Comparison

Purposes

The

second

section

of

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

Principal

Funds,

Inc.

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

sales

charges

on

purchase

payments,

contingent

deferred

sales

charges,

redemption

fees

or

exchange

fees.

Therefore,

the

second

section

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

Beginning

Account

Value

March

1,

2023

Ending

Account

Value

August

31,

2023

Expenses

Paid

During Period

March

1,

2023 to

August

31,

2023

(a)

Beginning

Account

Value

March

1,

2023

Ending

Account

Value

August

31,

2023 

Expenses

Paid

During Period

March

1,

2023 to

August

31,

2023

(a)

Annualized

Expense

Ratio

Capital

Securities

Fund

Class

S

$

1,000.00‌

$

972.95‌

$

0.00‌

$

1,000.00‌

$

1,025.21‌

$

0.00‌

0.00‌

%

(a)

Expenses

are

equal

to

a

fund's

annualized

expense

ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

25

FUND

BOARD

OF

DIRECTORS

AND

OFFICERS

The

Board

of

Directors

(the

“Board”)

has

overall

responsibility

for

overseeing

the

Fund’s

operations

in

accordance

with

the

Investment

Act

of

1940,

as

amended

(the

“1940

Act”),

other

applicable

laws,

and

the

Fund’s

charter.

Each

member

of

the

Board

(“Board

Member”)

serves

on

the

Boards

of

the

following

investment

companies:

Principal

Funds,

Inc.,

Principal

Variable

Contracts

Funds,

Inc.,

Principal

Exchange-Traded

Funds,

and

Principal

Real

Asset

Fund

which

are

collectively

referred

to

as

the

“Fund

Complex”.

Board

Members

that

are

affiliated

persons

of

any

investment

advisor,

the

principal

distributor,

or

the

principal

underwriter

of

the

Fund

Complex

are

considered

“interested

persons”

of

the

Fund

(as

defined

in

the

1940

Act)

and

are

referred

to

as

“Interested

Board

Members”.

Board

Members

who

are

not

Interested

Board

Members

are

referred

to

as

“Independent

Board

Members”.

Each

Board

Member

generally

serves

until

the

next

annual

meeting

of

shareholders

or

until

such

Board

Member’s

earlier

death,

resignation,

or

removal.

Independent

Board

Members

have

a

72-year

age

limit

and,

for

Independent

Board

Members

elected

on

or

after

September

14,

2021,

a

72-year

age

limit

or

a

15-year

term

limit,

whichever

occurs

first.

The

Board

may

waive

the

age

or

term

limits

in

the

Board’s

discretion.

The

Board

elects

officers

to

supervise

the

day-to-day

operations

of

the

Fund

Complex.

Officers

serve

at

the

pleasure

of

the

Board,

and

each

officer

has

the

same

position

with

each

investment

company

in

the

Fund

Complex.

INDEPENDENT

BOARD

MEMBERS

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Leroy

T.

Barnes,

Jr.

Board

Member

since

2012

Member,

Audit

Committee

1951

Retired

126

McClatchy

Newspapers,

Inc.

(2000-

2020);

Frontier

Communications,

Inc.

(2005-2019)

Craig

Damos

Lead

Independent

Board

Member

since

2020

Board

Member

since

2008

Member,

Nominating

and

Governance

Committee

Member,

Operations

Committee

Member,

Executive

Committee

1954

President,

C.P.

Damos

Consulting

LLC

(consulting

services)

126

None

Katharin

S.

Dyer

Board

Member

since

2023

Member,

Operations

Committee

1957

Founder

and

Chief

Executive

Officer,

PivotWise

(consulting

services)

Global

Partner,

IBM

(technology

company)

from

2016-2018

126

Liquidity

Services,

Inc.

(2020-present)

Frances

P.

Grieb

Board

Member

since

2023

Member,

Audit

Committee

1960

Retired

126

First

Interstate

BancSystems,

Inc.

(2022-present);

Great

Western

Bancorp,

Inc.

and

Great

Western

Bank

(2014-2022)

Fritz

S.

Hirsch

Board

Member

since

2005

Member,

Nominating

and

Governance

Committee

Member,

15(c)

Committee

1951

Interim

CEO,

MAM

USA

(manufacturer

of

infant

and

juvenile

products)

from

February

2020

to

October

2020

126

MAM

USA

(2011-present)

Victor

Hymes

Board

Member

since

2020

Chair,

Audit

Committee

Member,

Nominating

and

Governance

Committee

1957

Founder,

CEO,

CIO,

Legato

Capital

Management,

LLC

(investment

management

company)

126

None

Padelford

L.

Lattimer

Board

Member

since

2020

Chair,

Operations

Committee

Member,

15(c)

Committee

1961

Managing

Partner,

TBA

Management

Consulting

LLC

(management

consulting

and

staffing

company)

126

None

Karen

McMillan

Board

Member

since

2014

Member,

Operations

Committee

Chair,

15(c)

Committee

1961

Founder/Owner,

Tyche

Consulting

LLC

(consulting

services)

Managing

Director,

Patomak

Global

Partners,

LLC

(financial

services

consulting)

from

2014-2021

126

None

26

INTERESTED

BOARD

MEMBERS

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Elizabeth

A.

Nickels

Board

Member

since

2015

Member,

Audit

Committee

Chair,

Nominating

and

Governance

Committee

1962

Retired

126

SpartanNash

(2000-2022)

Mary

M.

VanDeWeghe

Board

Member

since

2018

Member,

Audit

Committee

Member,

15(c)

Committee

1959

CEO

and

President,

Forte

Consulting,

Inc.

(financial

and

management

consulting)

126

Helmerich

&

Payne

(2019-present);

Denbury

Resources

Inc.

(2019-2020)

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Kamal

Bhatia

Principal

Global

Investors,

LLC

(“PGI”)

126

None

Chair

and

Board

Member

since

2023

Chair,

Executive

Committee

Chief

Executive

Officer

and

President

1972

Director

since

2019

President-Principal

Funds

since

2019

Principal

Funds

Distributor,

Inc.

(“PFD”)

Director

since

2019

Principal

Financial

Group,

Inc.

(“PFGI”),

Principal

Financial

Services,

Inc.

(“PFSI”),

and

Principal

Life

Insurance

Company

(“PLIC”)

Senior

Executive

Managing

Director

–

Global

Head

of

Investments

–

Principal

Asset

Management

(“PAM”)

since

2023

Senior

Executive

Director

and

Chief

Operating

Officer

-

PAM

(2022-2023)

Senior

Executive

Director

and

Chief

Operating

Officer

-

PGI

(2020-2022)

President-Principal

Funds

(2019-2020)

Post

Advisory

Group,

LLC

(“Post”)

Director

since

2020

Principal

Real

Estate

Investors,

LLC

(“PREI”)

Senior

Executive

Director

and

Chief

Operating

Officer

-

PGI

since

2022

Director

since

2020

Principal

Shareholder

Services,

Inc.

(“PSS”)

Executive

Vice

President

since

2019

Director

and

Chair

(2019-2022)

Spectrum

Asset

Management

(“Spectrum”)

Director

since

2021

Origin

Asset

Management

(“Origin”)

Additional

Director

since

2022

OppenheimerFunds

Senior

Vice

President

(2011-2019)

27

Correspondence

intended

for

each

Board

Member

who

is

other

than

an

Interested

Board

Member

may

be

sent

to

655

9th

Street,

Des

Moines,

IA

50392.

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Patrick

G.

Halter

PGI

126

None

Board

Member

since

2017

Member,

Executive

Committee

1959

Chair

since

2018

Chief

Executive

Officer

and

President

since

2018

Director

since

2003

PFGI,

PFSI,

and

PLIC

President

and

Chief

Executive

Officer

–

PAM)

since

2022

President

–

Principal

Global

Asset

Management

(“PGAM”)

(2020-2022)

Post

Director

since

2017

Chair

(2017-2020)

PREI

President

-

PGAM

since

2022

Director

and

Chair

since

2004

Chief

Executive

Officer

and

President

(2018-2021)

Origin

Director

(2018-2019)

Kenneth

A.

McCullum

PGI

126

Board

Member

since

2023

1964

Director

since

2020

PFGI,

PFSI,

and

PLIC

Executive

Vice

President

and

Chief

Risk

Officer

since

2023

Senior

Vice

President

and

Chief

Risk

Officer

(2020-

2023)

Vice

President

and

Chief

Actuary

(2015-2020)

Principal

Securities,

Inc.

(“PSI”)

Director

since

2020

PSS

Director

since

2020

28

FUND

COMPLEX

OFFICERS

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Randy

D.

Bolin

Assistant

Tax

Counsel

Des

Moines,

IA

50392

1961

Vice

President/Associate

General

Counsel,

PGI

since

2016

Vice

President/Associate

General

Counsel,

PFSI

since

2013

Vice

President/Associate

General

Counsel,

PLIC

since

2013

George

Djurasovic

General

Counsel

Des

Moines,

IA

50392

1971

Vice

President/General

Counsel

PAM,

PGI

since

2022

Vice

President/General

Counsel

PAM,

PFGI

since

2022

Vice

President/General

Counsel

PAM,

PFSI

since

2022

Vice

President/General

Counsel

PAM,

PLIC

since

2022

Global

Chief

Compliance

Officer,

Artisan

Partners

Limited

Partnership

(2013-2022)

Beth

Graff

Vice

President

and

Assistant

Controller

Des

Moines,

IA

50392

1968

Director

–

Fund

Accounting,

PLIC

since

2016

Gina

L.

Graham

Treasurer

Des

Moines,

IA

50392

1965

Vice

President

and

Treasurer,

PGI

since

2016

Vice

President

and

Treasurer,

Business

Owner

Ecosystem,

Inc.

(“BOE

-

formerly,

RobustWealth,

Inc.”)

since

2018

Vice

President

and

Treasurer,

PFD

since

2016

Vice

President

and

Treasurer,

PFGI

since

2016

Vice

President

and

Treasurer,

PFSI

since

2016

Vice

President

and

Treasurer,

PLIC

since

2016

Vice

President

and

Treasurer,

PREI

since

2017

Vice

President

and

Treasurer,

PSI

since

2016

Vice

President

and

Treasurer,

PSS

since

2016

Megan

Hoffmann

Vice

President

and

Controller

Des

Moines,

IA

50392

1979

Director

–

Accounting,

PLIC

since

2020

Assistant

Director

–

Accounting,

PLIC

(2017-2020)

Laura

B.

Latham

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1986

Assistant

Counsel

and

Assistant

Secretary

–

Fund

Complex

(2018-2023)

Counsel,

PGI

since

2018

Counsel,

PLIC

since

2018

Diane

K.

Nelson

AML

Officer

Des

Moines,

IA

50392

1965

Chief

Compliance

Officer/AML

Officer,

PSS

since

2015

Tara

Parks

Vice

President

and

Assistant

Controller

Des

Moines,

IA

50392

1983

Director

–

Accounting,

PLIC

since

2019

Tax

Manager

–

ALPS

Fund

Services

(2011-2019)

Deanna

Y.

Pellack

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1987

Assistant

Counsel

and

Assistant

Secretary

–

Fund

Complex

(2022-2023)

Counsel,

PLIC

since

2022

Vice

President,

The

Northern

Trust

Company

(2019-

2022)

Second

Vice

President,

The

Northern

Trust

Company

(2014-2019)

29

The

15(c)

Committee’s

primary

purpose

is

to

assist

the

Board

in

performing

the

annual

review

of

the

Fund’s

advisory

and

sub-advisory

agreements

pursuant

to

Section

15(c)

of

the

1940

Act.

The

Committee

is

responsible

for

requesting

and

reviewing

related

materials.

The

Audit

Committee’s

primary

purpose

is

to

assist

the

Board

by

serving

as

an

independent

and

objective

party

to

monitor

the

Fund

Complex’s

accounting

policies,

financial

reporting

and

internal

control

system,

as

well

as

the

work

of

the

independent

registered

public

accountants.

The

Audit

Committee

assists

Board

oversight

of

1)

the

integrity

of

the

Fund

Complex’s

financial

statements;

2)

the

Fund

Complex’s

compliance

with

certain

legal

and

regulatory

requirements;

3)

the

independent

registered

public

accountants’

qualifications

and

independence;

and

4)

the

performance

of

the

Fund

Complex’s

independent

registered

public

accountants.

The

Audit

Committee

also

provides

an

open

avenue

of

communication

among

the

independent

registered

public

accountants,

the

Manager’s

internal

auditors,

Fund

Complex

management,

and

the

Board.

The

Executive

Committee’s

primary

purpose

is

to

exercise

certain

powers

of

the

Board

when

the

Board

is

not

in

session.

When

the

Board

is

not

in

session,

the

Committee

may

exercise

all

powers

of

the

Board

in

the

management

of

the

Fund

Complex's

business

except

the

power

to

1)

issue

stock,

except

as

permitted

by

law;

2)

recommend

to

the

shareholders

any

action

that

requires

shareholder

approval;

3)

amend

the

bylaws;

or

4)

approve

any

merger

or

share

exchange

that

does

not

require

shareholder

approval.

The

Nominating

and

Governance

Committee’s

primary

purpose

is

to

oversee

the

structure

and

efficiency

of

the

Board

and

the

committees.

The

Committee

is

responsible

for

evaluating

Board

membership

and

functions,

committee

membership

and

functions,

insurance

coverage,

and

legal

matters.

The

Committee's

nominating

functions

include

selecting

and

nominating

Independent

Board

Member

candidates

for

election

to

the

Board.

Generally,

the

Committee

requests

nominee

suggestions

from

Board

Members

and

management.

In

addition,

the

Committee

considers

candidates

recommended

by

shareholders

of

the

Fund

Complex.

Recommendations

should

be

submitted

in

writing

to

the

Principal

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Sara

L.

Reece

Vice

President

and

Chief

Operating

Officer

Des

Moines,

IA

50392

1975

Vice

President

and

Controller

–

Fund

Complex

(2016-2021)

Managing

Director

–

Global

Funds

Ops,

PLIC

since

2021

Managing

Director

–

Financial

Analysis/

Planning,

PLIC

(2021)

Director

-

Accounting,

PLIC

(2015-2021)

Teri

R.

Root

Chief

Compliance

Officer

Des

Moines,

IA

50392

1979

Interim

Chief

Compliance

Officer

–

Fund

Complex

(2018)

Vice

President,

PSS

since

2015

Michael

Scholten

Chief

Financial

Officer

Des

Moines,

IA

50392

1979

Chief

Operations

Officer,

PFD

since

2022

Chief

Financial

Officer

–

PFD

(2016-2022)

Assistant

Vice

President

and

Actuary,

PLIC

since

2021

Chief

Financial

Officer

–

Funds/Platforms,

PLIC

since

2015

Chief

Financial

Officer,

PSS

since

2015

Adam

U.

Shaikh

Assistant

General

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1972

Assistant

Counsel

–

Fund

Complex

(2006-2023)

Assistant

General

Counsel,

PGI

since

2018

Counsel,

PLIC

since

2006

John

L.

Sullivan

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1970

Assistant

Counsel

and

Assistant

Secretary

–

Fund

Complex

(2019-2023)

Counsel,

PGI

since

2020

Counsel,

PLIC

since

2019

Prior

thereto,

Attorney

in

Private

Practice

Dan

L.

Westholm

Assistant

Treasurer

Des

Moines,

IA

50392

1966

Assistant

Vice

President-Treasury,

PGI

since

2013

Assistant

Vice

President-Treasury,

PFD

since

2013

Assistant

Vice

President-Treasury,

PLIC

since

2014

Assistant

Vice

President-Treasury,

PSI

since

2013

Assistant

Vice

President-Treasury,

PSS

since

2013

Beth

C.

Wilson

Vice

President

and

Secretary

Des

Moines,

IA

50392

1956

Director

and

Secretary

–

Funds,

PLIC

since

2007

Jared

A.

Yepsen

Assistant

Tax

Counsel

Des

Moines,

IA

50392

1981

Counsel,

PGI

(2017-2019)

Counsel,

PLIC

since

2015

30

Funds

Complex

Secretary,

in

care

of

the

Principal

Funds

Complex,

711

High

Street,

Des

Moines,

IA

50392.

Such

recommendations

must

include

all

information

specified

in

the

Committee’s

charter

and

must

conform

with

the

procedures

set

forth

in

Appendix

A

thereto,

which

can

be

found

at

https://secure02.principal.com/publicvsupply/GetFile?fm=MM13013&ty=VOP&EXT=.VOP.

Examples

of

such

information

include

the

nominee’s

biographical

information;

relevant

educational

and

professional

background

of

the

nominee;

the

number

of

shares

of

each

Fund

owned

of

record

and

beneficially

by

the

nominee

and

by

the

recommending

shareholder;

any

other

information

regarding

the

nominee

that

would

be

required

to

be

disclosed

in

a

proxy

statement

or

other

filing

required

to

be

made

in

connection

with

the

solicitation

of

proxies

for

the

election

of

board

members;

whether

the

nominee

is

an

“interested

person”

of

the

Fund

as

defined

in

the

1940

Act;

and

the

written

consent

of

the

nominee

to

be

named

as

a

nominee

and

serve

as

a

board

member

if

elected.

When

evaluating

a

potential

nominee

for

Independent

Board

Member,

the

Committee

may

consider,

among

other

factors:

educational

background;

relevant

business

and

industry

experience;

whether

the

person

is

an

"interested

person"

of

the

Fund

as

defined

in

the

1940

Act;

and

whether

the

person

is

willing

to

serve,

and

willing

and

able

to

commit

the

time

necessary

to

attend

meetings

and

perform

the

duties

of

an

Independent

Board

Member. In

addition,

the

Committee

may

consider

whether

a

candidate’s

background,

experience,

skills

and

views

would

complement

the

background,

experience,

skills

and

views

of

other

Board

Members

and

would

contribute

to

the

diversity

of

the

Board. The

final

decision

is

based

on

a

combination

of

factors,

including

the

strengths

and

the

experience

an

individual

may

bring

to

the

Board. 

The

Board

does

not

regularly

use

the

services

of

professional

search

firms

to

identify

or

evaluate

potential

candidates

or

nominees.

The

Operations

Committee’s

primary

purpose

is

to

review

and

oversee

the

provision

of

administrative

and

distribution

services

to

the

Fund

Complex,

communications

with

the

Fund

Complex’s

shareholders,

and

the

Fund

Complex’s

operations.

Additional

information

about

the

Fund

is

available

in

the

Prospectuses

and

the

Statement

of

Additional

Information

dated

December

31,

2022

(and

as

supplemented).

These

documents

may

be

obtained

free

of

charge

by

writing

Principal

Funds,

Inc.,

P.O.

Box

219971,

Kansas

City,

MO

64121-9971

or

telephoning

1-800-222-5852.

The

prospectus

may

be

viewed

at

www.PrincipalAM.com/prospectuses.

31

PROXY

VOTING

POLICIES

A

description

of

the

policies

and

procedures

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

the

results

of

the

proxy

votes

for

the

most

recent

twelve

months

ended

June

30

may

be

obtained

free

of

charge

by

telephoning

1-800-222-5852,

or

on

the

SEC

website

at

www.sec.gov.

SCHEDULES

OF

INVESTMENTS

The

Fund

files

complete

schedules

of

investments

with

the

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT

reports

are available

on the

Commission’s

website

at

www.sec.gov and

www.Principalam.com.

STATEMENT

REGARDING

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

The

Board

of

Directors

of

Principal

Funds,

Inc.

(the

“Board”)

met

on

March

15,

2023

to

review

the

liquidity

risk

management

program

(the

“Program”)

applicable

to

all

series

of

the

Principal

Funds,

Inc.,

(each,

a

“Fund”),

pursuant

to

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”)

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

At

the

meeting,

the

committee

designated

by

the

Board

to

administer

the

Program,

the

Liquidity

Risk

Management

Committee

(the

“Committee”),

addressed

the

operation,

adequacy

and

effectiveness

of

the

Program,

the

operation

of

each

Fund’s

highly

liquid

investment

minimum,

where

applicable,

and

any

material

changes

made

to

the

Program

during

the

Reporting

Period.

The

Committee

noted

key

factors

it

considered

when

assessing,

managing

and

reviewing

each

Fund’s

liquidity

risk.

Such

factors

included

each

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

,

including

(a)

whether

the

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund,

(b)

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

(c)

the

use

of

borrowings

for

investment

purposes

and

use

of

leveraged

derivatives

and

financial

commitment

obligations;

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources;

and

each

Fund’s

shareholder

ownership

concentration.

There

were

no

material

changes

to

the

Program

during

the

Reporting

Period.

The

Committee

concluded,

based

on

the

operation

of

the

functions

as

described

in

the

Report,

that

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

32

Joint

Annual

Meeting

of

Shareholders

Principal

Funds,

Inc.

Held

April

26,

2023

1.

Election

of

thirteen

Directors

as

members

of

the

Board

of

Directors

2.

Approval

of

the

ability

of

Principal

Global

Investors,

LLC

to

enter

into

and/or

materially

amend

sub-advisory

agreements

with

all

sub-

advisors,

regardless

of

the

degree

of

affiliation,

as

described

in

the

proposal,

on

behalf

of

the

Fund

without

obtaining

shareholder

approval

For

Withheld

Leroy

T.

Barnes

13,839,573,611.37

479,454,930.15

Craig

Damos

13,878,304,065.12

440,724,476.41

Katharin

S.

Dyer

13,937,299,595.16

381,722,484.94

Frances

P.

Grieb

13,951,607,276.85

367,414,803.26

Fritz

S.

Hirsch

13,838,829,975.02

480,198,566.51

Victor

L.

Hymes

13,867,683,343.74

451,338,736.37

Padelford

L.

Lattimer

13,841,002,591.84

478,019,488.27

Karen

McMillan

13,958,230,823.35

360,791,256.76

Elizabeth

A.

Nickels

13,933,231,314.81

385,790,765.30

Mary

M.

VanDeWeghe

13,953,859,290.04

365,162,790.07

Kamal

Bhatia

13,859,014,312.47

460,007,767.64

Patrick

G.

Halter

13,882,522,852.65

436,499,227.45

Kenneth

A.

McCullum

13,898,512,834.65

420,509,245.46

For

Against

Abstain

Broker

Non-Vote

Blue

Chip

Fund

177,317,790

9,007,754

4,207,907

66,973,554

Bond

Market

Index

Fund

230,601,693

21,119,983

24,507,721

1,682,207

Capital

Securities

Fund

117,098,846

98,741

26,327

2,695,436

Diversified

Real

Asset

Fund

99,410,001

9,477,797

9,706,655

30,923,668

Edge

MidCap

Fund

2,161,623

191,548

82,007

2,799,654

Global

Multi-Strategy

Fund

23,392,928

375,968

262,523

13,211,282

International

Equity

Index

Fund

87,708,025

3,632,808

246,720

2,120,641

International

Small

Company

Fund

68,418,370

973,952

471,861

3,481,091

Opportunistic

Municipal

Fund

4,139,402

128,614

63,530

4,993,871

Origin

Emerging

Markets

Fund

253,066,152

3,518,220

1,055,008

4,514,641

Small-MidCap

Dividend

Income

Fund

46,819,589

1,297,985

791,649

22,466,305

Small-MidCap

Growth

Fund

768,767

-

-

1,995

Spectrum

Preferred

and

Capital

Securities

Income

Fund

380,464,699

9,325,231

5,108,249

138,467,200

Federal

Income

Tax

Information

Principal

Funds,

Inc.

August

31,

2023

(unaudited)

33

Dividends

Received

Deduction

(“DRD”).

For

corporate

shareholders,

the

fund

designates

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

DRD

eligible

for

the

calendar

year

ended

December

31,

2022:

Qualified

Dividend

Income

(“QDI”).

Certain

dividends

paid

by

the

fund

may

be

subject

to

a

maximum

tax

rate

of

20%.

The

fund

designates

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

QDI

eligible

for

the

calendar

year

ended

December

31,

2022:

Section

163(j)

Interest

Dividends.

The

fund

below

intends

to

pass

through

Section

163(j)

Interest

Dividends

as

defined

in

Proposed

Treasury

Regulation

§1.163(j)-1(b).The

fund

designates

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

163(j)

eligible

for

the

calendar

year

ended

December

31,

2022:

In

early

2023,

if

applicable,

shareholders

of

record

received

the

above

information

on

QDI,

Foreign

Tax

Credit,

and

Section

199A

for

the

distribution

paid

to

them

by

the

fund

during

the

calendar

year

2022

via

Form

1099.

The

fund

will

notify

shareholders

in

early

2024

of

amounts

paid

to

them

by

the

fund,

including

QDI

and

Foreign

Tax

Credit,

if

any,

during

the

calendar

year

2023.

This

information

is

given

to

meet

certain

requirements

of

the

Internal

Revenue

Code

and

should

not

be

used

by

shareholders

for

preparing

their

income

tax

returns.

For

tax

return

preparation

purposes,

please

refer

to

the

information

supplied

with

the

1099-DIV

form

you

will

receive

from

the

fund's

transfer

agent.

The

latest

tax

reporting

supplement

is

available

on

Principal's

Tax

Center

website.

Website:

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

Please

consult

your

tax

advisor

if

you

have

any

questions.

DRD

Capital

Securities

Fund

37.28%

QDI

Capital

Securities

Fund

66.90%

163(j)

Interest

Dividends

Capital

Securities

Fund

30.08%

Principal

Funds

Distributor,

Inc.

711

High

Street

Des

Moines,

IA

50392-6370

Do

not

use

this

address

for

business

correspondence

PrincipalAM.com

Investing

involves

risk,

including

possible

loss

of

principal.

This

shareholder

report

is

published

as

general

information

for

the

shareholders

of

Principal

Funds.

This

material

is

not

authorized

for

distribution

unless

preceded

or

accompanied

by

a

current

prospectus

or

a

summary

prospectus

that

includes

more

information

regarding

the

risk

factors,

expenses,

policies,

and

objectives

of

the

funds.

Investors

should

read

the

prospectus

or

summary

prospectus

carefully

before

investing.

To

obtain

a

prospectus

or

summary

prospectus,

please

contact

your

financial

professional

or

call

800-222-5852.

Principal

Funds

are

distributed

by

Principal

Funds

Distributor,

Inc.

Principal

®

,

Principal

Financial

Group

®

,

and

Principal

and

the

logomark

design

are

registered

trademarks

of

Principal

Financial

Services,

Inc.,

a

Principal

Financial

Group

company,

in

the

United

States

and

are

trademarks

and

services

marks

of

Principal

Financial

Services,

Inc.,

in

various

countries

around

the

world.

©

2023

Principal

Financial

Services,

Inc.

|

FV903-09

|

10/2023

|

3051818

ITEM 2 – CODE OF ETHICS

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

(b) Not applicable.

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

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

(e) Not applicable.

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

ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT

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

ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a) Audit Fees.

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

August 31, 2022 – $518,214

August 31, 2023 – $558,913

(b) Audit-Related Fees.

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

August 31, 2022 - $0

August 31, 2023 - $5,775

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

(c) Tax Fees.

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

August 31, 2022 - $132,411

August 31, 2023 - $178,779

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

(d) All Other Fees.

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

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

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

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

Policy on Auditor Independence

The purpose of this policy is to ensure the independence of the Principal Funds' primary independentauditor.This policy is establishedby the AuditCommittee (the "Committee") of the Boards ofDirectors ofPrincipalFunds,Inc.andPrincipalVariableContracts Funds,Inc.andthe Boards of Trustees of Principal Exchange-Traded Funds and any registered closed-end managementinvestmentcompanythatisoperatedasanintervalfundandmanagedbyPrincipal GlobalInvestors,LLC

1

(the“Funds”)(the“BoardsoftheFunds”)effectiveforallengagementsof the primary independent auditor.

1.

Theprimaryindependentauditor,itssubsidiariesandaffiliatesshallnotprovideProhibited Services to the Funds.For the purposes of this policy, Prohibited Services are:

·

Servicesthataresubjecttoauditprocedureduringafinancialstatement

audit;

·

Serviceswheretheauditorwouldactonbehalfof

management;

·

Serviceswheretheauditorisanadvocatetotheclient'spositioninanadversarial proceeding;

·

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

·

Financialinformationsystemsdesignand

implementation;

·

Appraisalorvaluationservices,fairnessopinions,orcontribution-in-kind

reports;

·

Actuarial

services;

·

Internalauditfunctionsorhuman

resources;

·

Brokerordealer,investmentadvisor,orinvestmentbanking

services;

·

Legalservicesandexpertservicesunrelatedtothe

audit;

·

Tax planning services related to listed, confidential and aggressive

transactions;

·

Personal tax planning services to individuals in a financial reporting oversight rolewithregardtotheFunds(otherthanmembersoftheBoardsoftheFunds who are not also officers of the Funds), including the immediate family members of such individuals;

·

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

·

Any other service that the International Ethics Standards Board for Accountants (IESBA) determines, by regulation, is impermissible.

2.

(A) All services the primary independent auditor, its subsidiaries and affiliates provide to the Funds, and (B) Audit services, including audits of annual financial statements, audits ofacquiredordivestedbusinessesorreviewofregulatoryfilings,anyindependentauditor provides,shallbeapprovedbytheCommitteeinadvanceinaccordancewiththefollowing

procedure:

Each quarter, Management will present to the Committee for pre-approval and pre-concurrence a detailed description of each particular service, excluding tax services, for which pre-approval and pre-concurrenceissought,andthe correspondingrangeoffeesforsuchservice.TheCommitteemay delegate pre-approval and pre-concurrence authority to one or more of its members provided such delegated member(s) shall present a report of any services so pre-approved and pre-concurred to the full Committee at its next regularly scheduled meeting.The Committee Chairperson is presently so appointed pursuant to this policy,andshall have pre-approval and pre-concurrence authority for changes to any range of fees applicable to services the Committee previously approved and for new services and the range of fees for such services that arise between regularly scheduled Committee

meetings.

Similarly, the primary independent auditor will present to the Committee for pre- approval and pre-concurrence a written description of the nature and scope of all tax services not expressly prohibited, including the fee arrangements for such services, and the potential effects of such services on the audit firm’s independence.

Inconsideringwhetherto

grant

pre-approval and pre-concurrence with respect to theprimaryindependentauditor’sprovision of non-audit services, the Committee (or the delegated member(s), as applicable) will consider whether the services are compatiblewiththemaintenanceofsuchauditor'sindependence.TheCommittee (or the delegated member(s), as applicable) will also consider whether the primary independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Funds' business, people, culture, accounting systems, risk profile and otherfactors,andwhethertheservicemightenhancetheFunds'abilitytomanage or control risk or improve audit quality.

3.

Theprovisionsofthispolicyshallapplytoallauditandnon-auditservicesprovideddirectly to the Funds.Additionally, the provisions of this policy shall apply to non-audit services provided to Principal Global Investors, LLC (“PGI”) or an affiliate of PGI that provides ongoing services to the Funds if the engagement relates directly to the operations and financial reporting of the Funds as well as any controlled subsidiary.

4.

Not less than annually, the primary independent auditor shall report to the Committee in writingallrelationshipsthatmayreasonablybethoughttobearonindependencebetween theauditorandtheFundsorpersonsinfinancialreportingoversightroles withrespectto any services provided by the auditor, its subsidiaries or affiliates as of the date of the communication, pursuant to Rule 3526 of the PCAOB.The primary independent auditor shall discuss with the Committee the potential effects of such relationships on the independence of the auditor.In addition, the primary independent auditor shall affirm, in writing, that, as of the date of the communication, it is independent within the meaning of the federal securities laws and Rule 3520 of the PCAOB.

5.

The Committee shall monitor that the lead (or coordinating) audit partners, as well as the reviewing audit partner, of the Funds' primary independent auditor are rotated at least every five years and subject upon rotation to a five year "time out" period.All other audit partners of the primary independent auditor, excluding partners who simply consult with othersontheauditengagementregardingtechnicalissues,shallrotateaftersevenyears and be subject upon rotation to a two year "time out" period.

6.

NeithertheFundsnorPGImayhireorpromoteanyformerpartner,principal,shareholder or professional employee (Former Employee) of the primary independent auditor into a financial reporting oversight role unless the Former Employee (1) has severed his/her economic interest in the independent audit firm, and (2) was not a member of the audit engagement team for the Funds during the one year period preceding the date that the auditproceduresbeganforthefiscalperiodinwhichtheFundsorPGIproposestohireor promote the Former Employee.Neither the Funds nor PGI shall, without prior written consentoftheprimaryindependentauditor,hireorpromoteanyFormerEmployeeintoa rolenotprohibitedaboveiftheFormerEmployeehadprovidedanyservicestotheFunds orPGIduringthe12monthsprecedingthedateoffilingoftheFunds'mostrecentannual report with the SEC.Upon termination of the primary independent auditor, the Funds or PGIshallnot,withoutpriorwrittenconsentoftheformerprimaryindependentauditor,hire or promote any Former Employee for a period of up to 12 months from termination.

7.

Forpersonsrecentlypromotedorhiredintoafinancialreportingoversightrole(otherthan membersoftheBoardsoftheFundswhoarenotalsoofficers

or otherwise “interested persons” (as defined in the Investment Company Act of 1940)

oftheFunds),anypersonal tax planning services pursuant to an engagement that was in progress before the hiring or promotion and provided by the primary independent auditor must be completed on or before 180 days after the hiring or promotion.

8.

The phrase "financial reporting oversight role" means a role in which a person is in a positiontoexerciseinfluenceoverthecontentsofthefinancialstatementsoranyonewho prepares them, such as a member of the board of directors or similar management or governing body, chief executive officer, president, chief operating officer, chief financial officer, counsel, controller, chief internal auditor, or any equivalent positions.

(AdoptedbytheAuditCommitteeoftheBoardsoftheFundsonJune14,

2023).

1

ThefirstsuchintervalfundisthePrincipalDiversifiedSelectRealAssetFund;Management,subjectto Board approval, may create others, each of which would be formed as a separate trust.

(End of policy)

(e) (2) Pre-Approval Waivers.

There were no services, or 0%, provided to the registrant by Ernst & Young that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Substantially all work in connection with the audit of the registrant’s financial statements was performed by full-time employees of Ernst & Young.

(g)

The aggregate non-audit fees Ernst & Young billed to the registrant, the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant for each of registrant's last two fiscal years were as follows.

August 31, 2022 - $289,623

August 31, 2023 - $417,823

(h)

The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS

(a) The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the audit committee are Leroy Barnes, Frances Grieb, Victor Hymes, Elizabeth Nickels, and Meg VanDeWeghe.

(b) Not applicable.

ITEM 6 – SCHEDULE OF INVESTMENTS

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

ITEM 7 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

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

None.

ITEM 11 – CONTROLS AND PROCEDURES

a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).

(b) There have been no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

ITEM 13 – EXHIBITS

(a)(1) Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit

99.CODE ETH

.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto as Exhibit

99.CERT

.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940 is attached hereto as Exhibit

99.906CERT

.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Principal Funds, Inc.

By /s/ Kamal Bhatia

               Kamal Bhatia, President and CEO

Date 10/10/2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/ Kamal Bhatia

              Kamal Bhatia, President and CEO

Date 10/10/2023

By /s/ Michael Scholten

              Michael Scholten, Chief Financial Officer

Date 10/10/2023