# EDGAR Filing Document

**Accession Number:** 0000898745
**File Stem:** 0000898745-25-000919
**Filing Date:** 2025-12
**Character Count:** 2991740
**Document Hash:** ff6ca05cec0101c3f5190532a786be36
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898745-25-000919.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000898745-25-000919

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 112

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRINCIPAL FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000898745

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07572
- **FILM NUMBER:** 251604717

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 515-235-9328

**MAIL ADDRESS:**
- **STREET 1:** PRINCIPAL FINANCIAL GROUP
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL FUNDS, INC
- **DATE OF NAME CHANGE:** 20211220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL FUNDS INC
- **DATE OF NAME CHANGE:** 20080616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL INVESTORS FUND INC
- **DATE OF NAME CHANGE:** 20001012

## Series and Classes Contracts Data

### Principal LifeTime 2020 Fund (Series ID: S000007207)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019742 | R-3                 | PTBMX           |
| C000019743 | R-5                 | PTBPX           |
| C000019745 | Institutional Class | PLWIX           |
| C000019746 | Class J             | PLFJX           |
| C000019747 | Class A             | PTBAX           |

### Principal LifeTime 2030 Fund (Series ID: S000007208)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019751 | R-3                 | PTCMX           |
| C000019752 | R-5                 | PTCPX           |
| C000019754 | Institutional Class | PMTIX           |
| C000019755 | Class J             | PLTJX           |
| C000019756 | Class A             | PTCAX           |

### Principal LifeTime 2040 Fund (Series ID: S000007209)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019760 | R-3                 | PTDMX           |
| C000019761 | R-5                 | PTDPX           |
| C000019763 | Institutional Class | PTDIX           |
| C000019764 | Class J             | PTDJX           |
| C000019765 | Class A             | PTDAX           |

### Principal LifeTime 2050 Fund (Series ID: S000007210)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019770 | R-3                 | PTERX           |
| C000019771 | R-5                 | PTEFX           |
| C000019773 | Institutional Class | PPLIX           |
| C000019774 | Class J             | PFLJX           |
| C000019775 | Class A             | PPEAX           |

### Principal LifeTime Strategic Income Fund (Series ID: S000007211)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019779 | R-3                 | PLSMX           |
| C000019780 | R-5                 | PLSPX           |
| C000019782 | Institutional Class | PLSIX           |
| C000019783 | Class J             | PLSJX           |
| C000019784 | Class A             | PALTX           |

### Principal Capital Appreciation Fund (fka West Coast Equity Fund) (Series ID: S000014238)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038737 | Class A             | CMNWX           |
| C000038740 | Institutional Class | PWCIX           |
| C000085760 | R-3                 | PCAOX           |
| C000085762 | R-5                 | PCAQX           |

### Principal LifeTime 2015 Fund (Series ID: S000022103)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000063423 | Institutional Class | LTINX           |
| C000063424 | R-3                 | LTAPX           |
| C000063426 | R-5                 | LTPFX           |

### Principal LifeTime 2025 Fund (Series ID: S000022104)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000063429 | Institutional Class | LTSTX           |
| C000063431 | R-3                 | LTVPX           |
| C000063433 | R-5                 | LTPDX           |

### Principal LifeTime 2035 Fund (Series ID: S000022105)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000063435 | R-3                 | LTAOX           |
| C000063437 | R-5                 | LTPEX           |
| C000063439 | Institutional Class | LTIUX           |

### Principal LifeTime 2045 Fund (Series ID: S000022106)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000063441 | R-3                 | LTRVX           |
| C000063443 | R-5                 | LTRDX           |
| C000063445 | Institutional Class | LTRIX           |

### Principal LifeTime 2055 Fund (Series ID: S000022107)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000063447 | R-3                 | LTFDX           |
| C000063449 | R-5                 | LTFPX           |
| C000063451 | Institutional Class | LTFIX           |

### Principal LifeTime 2060 Fund (Series ID: S000039873)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000123721 | Class J             | PLTAX           |
| C000123724 | R-3                 | PLTCX           |
| C000123726 | R-5                 | PLTOX           |
| C000123727 | Institutional Class | PLTZX           |

### Principal LifeTime Hybrid Income Fund (Series ID: S000046553)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000145302 | Institutional Class | PHTFX           |
| C000159884 | R-6                 | PLTYX           |
| C000199315 | Class J             | PHJFX           |

### Principal LifeTime Hybrid 2055 Fund (Series ID: S000046554)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000145305 | Institutional Class | PLTNX           |
| C000159885 | R-6                 | PLHTX           |
| C000199316 | Class J             | PHJBX           |

### Principal LifeTime Hybrid 2060 Fund (Series ID: S000046555)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000145308 | Institutional Class | PLTHX           |
| C000159886 | R-6                 | PLKTX           |
| C000199317 | Class J             | PHJGX           |

### Principal LifeTime Hybrid 2015 Fund (Series ID: S000046556)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000145311 | Institutional Class | PHTMX           |
| C000159887 | R-6                 | PLRRX           |
| C000199318 | Class J             | PHJMX           |

### Principal LifeTime Hybrid 2020 Fund (Series ID: S000046557)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000145314 | Institutional Class | PHTTX           |
| C000159888 | R-6                 | PLTTX           |
| C000199319 | Class J             | PHJTX           |

### Principal LifeTime Hybrid 2025 Fund (Series ID: S000046558)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000145317 | Institutional Class | PHTQX           |
| C000159889 | R-6                 | PLFTX           |
| C000199320 | Class J             | PHJQX           |

### Principal LifeTime Hybrid 2030 Fund (Series ID: S000046559)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000145320 | Institutional Class | PHTNX           |
| C000159890 | R-6                 | PLZTX           |
| C000199321 | Class J             | PHJNX           |

### Principal LifeTime Hybrid 2035 Fund (Series ID: S000046560)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000145323 | Institutional Class | PHTJX           |
| C000159891 | R-6                 | PLRTX           |
| C000199322 | Class J             | PHJJX           |

### Principal LifeTime Hybrid 2040 Fund (Series ID: S000046561)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000145326 | Institutional Class | PLTQX           |
| C000159892 | R-6                 | PLMTX           |
| C000199323 | Class J             | PHJEX           |

### Principal LifeTime Hybrid 2045 Fund (Series ID: S000046562)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000145329 | Institutional Class | PHTYX           |
| C000159893 | R-6                 | PLNTX           |
| C000199324 | Class J             | PHJYX           |

### Principal LifeTime Hybrid 2050 Fund (Series ID: S000046563)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000145332 | Institutional Class | PHTUX           |
| C000159894 | R-6                 | PLJTX           |
| C000199325 | Class J             | PHJUX           |

### Principal LifeTime 2065 (Series ID: S000058847)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000193001 | Institutional Class | PLJIX           |
| C000193004 | R-3                 | PLJCX           |
| C000193006 | R-5                 | PLJEX           |

### Principal LifeTime Hybrid 2065 (Series ID: S000058848)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000193007 | Institutional Class | PLHHX           |
| C000193008 | R-6                 | PLHRX           |
| C000199326 | Class J             | PHJDX           |

### Principal LifeTime Hybrid 2070 Fund (Series ID: S000079798)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000241172 | Class J             | PLKJX           |
| C000241173 | R-6                 | PLKRX           |
| C000241174 | Institutional Class | PLKSX           |

### Principal LifeTime 2070 Fund (Series ID: S000079799)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000241176 | Institutional Class | PLTGX           |
| C000241178 | R-5                 | PLTFX           |
| C000241179 | R-3                 | PLTDX           |
| C000241180 | Class J             | PLTLX           |

?xml version='1.0' encoding='ASCII'?

*Due to size/image constraints, this filing is being made in three related submissions.*

 

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 <u> 811-07572 </u>

&nbsp;&nbsp; Principal Funds, Inc.<br>

(Exact name of registrant as specified in charter)

&nbsp;&nbsp; 711 High Street, Des Moines, IA 50309<br>

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

&nbsp;&nbsp; <br>Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309<br>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u> 515-235-1719 </u>

Date of fiscal year end: <u> October 31, 2025 </u>

Date of reporting period: <u> October 31, 2025 </u>

**ITEM 1 – REPORT TO STOCKHOLDERS**

(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

(b) Not applicable.

# Class A

# CMNWX

# Principal Capital Appreciation Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal Capital Appreciation Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $80 | 0.73% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide long-term growth of capital. The Fund invests primarily in equity securities of companies with any market capitalization, but it has a greater exposure to large market capitalization companies than small or medium market capitalization companies. The managers seek to invest in securities of businesses that they believe are trading at a discount to their private market value (i.e., the value of the business if it was sold), have a competitive advantage, and/or that have barriers to entry in their respective industries. Lam Research Corporation (LRCX) is a provider of wafer fabrication equipment used in the manufacturing process of semiconductors. LRCX contributed to relative performance as the company beat expectations driven by a continued recovery in NAND flash memory and sustained demand out of China. McKesson Corporation (MCK) is a health care distribution company, focused primarily on pharmaceuticals and medical supplies. After a weak fourth quarter following the U.S. election, MCK rebounded as the company saw strong growth in its U.S. pharmaceutical segment. GE Vernova (GEV) contributed to relative performance as the company revised guidance higher and noted production slots for heavy-duty gas turbines are almost sold out through 2028. Not owning Palantir Technologies Inc. (PLTR) detracted from relative performance. Deckers Outdoor Corporation (DECK) detracted from relative performance as shares underperformed following a slowdown on Hoka sales. UnitedHealth Group Incorporated (UNH) detracted from relative performance as the company reported first and second-quarter earnings that missed analysts' expectations and slashed its full-year outlook prior to suspending its guidance in May.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i0440e05f738a1b74f0e4429b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Shares with maximum sales charge $35,585** | **Russell 1000 Index $38,358** | **Russell 3000 Index $37,343** |
| **10/15** | 9450 | 10000 | 10000 |
| **11/15** | 9571 | 10033 | 10055 |
| **12/15** | 9358 | 9853 | 9849 |
| **1/16** | 8892 | 9322 | 9293 |
| **2/16** | 8847 | 9319 | 9290 |
| **3/16** | 9417 | 9968 | 9944 |
| **4/16** | 9371 | 10022 | 10006 |
| **5/16** | 9577 | 10198 | 10185 |
| **6/16** | 9588 | 10221 | 10206 |
| **7/16** | 9943 | 10610 | 10611 |
| **8/16** | 9926 | 10624 | 10638 |
| **9/16** | 9901 | 10633 | 10655 |
| **10/16** | 9630 | 10426 | 10424 |
| **11/16** | 9975 | 10837 | 10891 |
| **12/16** | 10185 | 11040 | 11103 |
| **1/17** | 10401 | 11262 | 11312 |
| **2/17** | 10798 | 11698 | 11733 |
| **3/17** | 10789 | 11705 | 11741 |
| **4/17** | 10920 | 11829 | 11865 |
| **5/17** | 11052 | 11980 | 11987 |
| **6/17** | 11061 | 12064 | 12095 |
| **7/17** | 11296 | 12303 | 12323 |
| **8/17** | 11308 | 12341 | 12347 |
| **9/17** | 11543 | 12604 | 12648 |
| **10/17** | 11800 | 12893 | 12924 |
| **11/17** | 12182 | 13286 | 13316 |
| **12/17** | 12287 | 13434 | 13450 |
| **1/18** | 12926 | 14172 | 14158 |
| **2/18** | 12505 | 13652 | 13637 |
| **3/18** | 12207 | 13342 | 13363 |
| **4/18** | 12199 | 13387 | 13414 |
| **5/18** | 12527 | 13729 | 13792 |
| **6/18** | 12612 | 13818 | 13883 |
| **7/18** | 13073 | 14294 | 14343 |
| **8/18** | 13487 | 14787 | 14847 |
| **9/18** | 13522 | 14843 | 14871 |
| **10/18** | 12620 | 13793 | 13776 |
| **11/18** | 12986 | 14073 | 14052 |
| **12/18** | 11855 | 12792 | 12745 |
| **1/19** | 12760 | 13864 | 13838 |
| **2/19** | 13191 | 14333 | 14325 |
| **3/19** | 13431 | 14583 | 14534 |
| **4/19** | 14073 | 15172 | 15115 |
| **5/19** | 13273 | 14205 | 14137 |
| **6/19** | 14135 | 15202 | 15130 |
| **7/19** | 14516 | 15438 | 15354 |
| **8/19** | 14281 | 15155 | 15041 |
| **9/19** | 14513 | 15418 | 15305 |
| **10/19** | 14814 | 15745 | 15635 |
| **11/19** | 15248 | 16340 | 16229 |
| **12/19** | 15669 | 16812 | 16698 |
| **1/20** | 15663 | 16830 | 16680 |
| **2/20** | 14297 | 15455 | 15314 |
| **3/20** | 12619 | 13412 | 13208 |
| **4/20** | 14049 | 15185 | 14957 |
| **5/20** | 14831 | 15986 | 15757 |
| **6/20** | 15104 | 16339 | 16117 |
| **7/20** | 16213 | 17296 | 17033 |
| **8/20** | 17261 | 18565 | 18267 |
| **9/20** | 16702 | 17887 | 17601 |
| **10/20** | 16302 | 17456 | 17222 |
| **11/20** | 17887 | 19511 | 19317 |
| **12/20** | 18549 | 20336 | 20186 |
| **1/21** | 18274 | 20168 | 20096 |
| **2/21** | 18696 | 20753 | 20724 |
| **3/21** | 19389 | 21538 | 21467 |
| **4/21** | 20407 | 22698 | 22573 |
| **5/21** | 20551 | 22805 | 22676 |
| **6/21** | 21161 | 23377 | 23236 |
| **7/21** | 21747 | 23863 | 23628 |
| **8/21** | 22356 | 24553 | 24302 |
| **9/21** | 21238 | 23425 | 23212 |
| **10/21** | 22865 | 25051 | 24782 |
| **11/21** | 22764 | 24715 | 24404 |
| **12/21** | 23663 | 25716 | 25365 |
| **1/22** | 22287 | 24266 | 23873 |
| **2/22** | 21408 | 23600 | 23272 |
| **3/22** | 22247 | 24396 | 24027 |
| **4/22** | 20286 | 22222 | 21870 |
| **5/22** | 20411 | 22188 | 21841 |
| **6/22** | 18899 | 20330 | 20014 |
| **7/22** | 20547 | 22223 | 21891 |
| **8/22** | 19852 | 21370 | 21074 |
| **9/22** | 18240 | 19393 | 19120 |
| **10/22** | 19716 | 20948 | 20688 |
| **11/22** | 20974 | 22081 | 21768 |
| **12/22** | 19790 | 20797 | 20493 |
| **1/23** | 20883 | 22191 | 21905 |
| **2/23** | 20261 | 21663 | 21393 |
| **3/23** | 20946 | 22349 | 21965 |
| **4/23** | 21313 | 22626 | 22199 |
| **5/23** | 21305 | 22731 | 22285 |
| **6/23** | 22669 | 24266 | 23807 |
| **7/23** | 23417 | 25101 | 24661 |
| **8/23** | 22976 | 24662 | 24185 |
| **9/23** | 21991 | 23503 | 23033 |
| **10/23** | 21639 | 22935 | 22422 |
| **11/23** | 23576 | 25077 | 24513 |
| **12/23** | 24738 | 26314 | 25813 |
| **1/24** | 25294 | 26681 | 26099 |
| **2/24** | 26749 | 28122 | 27512 |
| **3/24** | 27701 | 29024 | 28399 |
| **4/24** | 26522 | 27789 | 27150 |
| **5/24** | 27891 | 29097 | 28432 |
| **6/24** | 28760 | 30060 | 29313 |
| **7/24** | 29100 | 30498 | 29857 |
| **8/24** | 29712 | 31221 | 30507 |
| **9/24** | 30335 | 31888 | 31138 |
| **10/24** | 30111 | 31665 | 30910 |
| **11/24** | 32092 | 33704 | 32966 |
| **12/24** | 31137 | 32764 | 31958 |
| **1/25** | 32173 | 33807 | 32967 |
| **2/25** | 31333 | 33216 | 32336 |
| **3/25** | 29362 | 31294 | 30449 |
| **4/25** | 29225 | 31107 | 30245 |
| **5/25** | 30866 | 33093 | 32162 |
| **6/25** | 32252 | 34769 | 33796 |
| **7/25** | 32990 | 35542 | 34540 |
| **8/25** | 33599 | 36290 | 35340 |
| **9/25** | 34855 | 37548 | 36559 |
| **10/25** | 35585 | 38358 | 37343 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class A Shares Excluding Sales Charge | 18.18% | 16.90% | 14.18% |
| Class A Shares Including Sales Charge | 11.68% | 15.58% | 13.53% |
| Russell 1000 Index | 21.14% | 17.05% | 14.39% |
| Russell 3000 Index | 20.81% | 16.74% | 14.08% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Effective March 1, 2025, the Fund changed its index to the Russell 1000 Index because it more closely aligns with the Fund's investment approach. Prior to March 1, 2025, the Fund's index was the Russell 3000 Index. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,182,367

* Total Number of Portfolio Holdings92

* Portfolio Turnover Rate 55.8%

* Total Advisory Fees Paid (amount in thousands)$20,138

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.62% |
| Investment Companies | 1.81% |
| Other Assets and Liabilities | (0.43)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 32.25% |
| Communications | 19.04% |
| Financial | 13.25% |
| Consumer, Non-cyclical | 9.95% |
| Consumer, Cyclical | 9.36% |
| Industrial | 7.61% |
| Energy | 3.56% |
| Utilities | 2.40% |
| Money Market Funds | 1.81% |
| Basic Materials | 1.20% |
| Other Assets and Liabilities | (0.43)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV827ARA-0

# Institutional

# PWCIX

# Principal Capital Appreciation Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal Capital Appreciation Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $49 | 0.45% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide long-term growth of capital. The Fund invests primarily in equity securities of companies with any market capitalization, but it has a greater exposure to large market capitalization companies than small or medium market capitalization companies. The managers seek to invest in securities of businesses that they believe are trading at a discount to their private market value (i.e., the value of the business if it was sold), have a competitive advantage, and/or that have barriers to entry in their respective industries. Lam Research Corporation (LRCX) is a provider of wafer fabrication equipment used in the manufacturing process of semiconductors. LRCX contributed to relative performance as the company beat expectations driven by a continued recovery in NAND flash memory and sustained demand out of China. McKesson Corporation (MCK) is a health care distribution company, focused primarily on pharmaceuticals and medical supplies. After a weak fourth quarter following the U.S. election, MCK rebounded as the company saw strong growth in its U.S. pharmaceutical segment. GE Vernova (GEV) contributed to relative performance as the company revised guidance higher and noted production slots for heavy-duty gas turbines are almost sold out through 2028. Not owning Palantir Technologies Inc. (PLTR) detracted from relative performance. Deckers Outdoor Corporation (DECK) detracted from relative performance as shares underperformed following a slowdown on Hoka sales. UnitedHealth Group Incorporated (UNH) detracted from relative performance as the company reported first and second-quarter earnings that missed analysts' expectations and slashed its full-year outlook prior to suspending its guidance in May.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](icb1693b8674c012073a8e595.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $38,944** | **Russell 1000 Index $38,358** | **Russell 3000 Index $37,343** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 10131 | 10033 | 10055 |
| **12/15** | 9908 | 9853 | 9849 |
| **1/16** | 9420 | 9322 | 9293 |
| **2/16** | 9374 | 9319 | 9290 |
| **3/16** | 9982 | 9968 | 9944 |
| **4/16** | 9936 | 10022 | 10006 |
| **5/16** | 10157 | 10198 | 10185 |
| **6/16** | 10171 | 10221 | 10206 |
| **7/16** | 10551 | 10610 | 10611 |
| **8/16** | 10537 | 10624 | 10638 |
| **9/16** | 10514 | 10633 | 10655 |
| **10/16** | 10227 | 10426 | 10424 |
| **11/16** | 10598 | 10837 | 10891 |
| **12/16** | 10824 | 11040 | 11103 |
| **1/17** | 11059 | 11262 | 11312 |
| **2/17** | 11483 | 11698 | 11733 |
| **3/17** | 11476 | 11705 | 11741 |
| **4/17** | 11619 | 11829 | 11865 |
| **5/17** | 11763 | 11980 | 11987 |
| **6/17** | 11774 | 12064 | 12095 |
| **7/17** | 12030 | 12303 | 12323 |
| **8/17** | 12046 | 12341 | 12347 |
| **9/17** | 12300 | 12604 | 12648 |
| **10/17** | 12577 | 12893 | 12924 |
| **11/17** | 12988 | 13286 | 13316 |
| **12/17** | 13104 | 13434 | 13450 |
| **1/18** | 13791 | 14172 | 14158 |
| **2/18** | 13343 | 13652 | 13637 |
| **3/18** | 13029 | 13342 | 13363 |
| **4/18** | 13025 | 13387 | 13414 |
| **5/18** | 13381 | 13729 | 13792 |
| **6/18** | 13475 | 13818 | 13883 |
| **7/18** | 13973 | 14294 | 14343 |
| **8/18** | 14418 | 14787 | 14847 |
| **9/18** | 14460 | 14843 | 14871 |
| **10/18** | 13502 | 13793 | 13776 |
| **11/18** | 13895 | 14073 | 14052 |
| **12/18** | 12692 | 12792 | 12745 |
| **1/19** | 13663 | 13864 | 13838 |
| **2/19** | 14128 | 14333 | 14325 |
| **3/19** | 14390 | 14583 | 14534 |
| **4/19** | 15084 | 15172 | 15115 |
| **5/19** | 14231 | 14205 | 14137 |
| **6/19** | 15160 | 15202 | 15130 |
| **7/19** | 15572 | 15438 | 15354 |
| **8/19** | 15328 | 15155 | 15041 |
| **9/19** | 15579 | 15418 | 15305 |
| **10/19** | 15911 | 15745 | 15635 |
| **11/19** | 16379 | 16340 | 16229 |
| **12/19** | 16841 | 16812 | 16698 |
| **1/20** | 16837 | 16830 | 16680 |
| **2/20** | 15372 | 15455 | 15314 |
| **3/20** | 13575 | 13412 | 13208 |
| **4/20** | 15117 | 15185 | 14957 |
| **5/20** | 15966 | 15986 | 15757 |
| **6/20** | 16264 | 16339 | 16117 |
| **7/20** | 17464 | 17296 | 17033 |
| **8/20** | 18598 | 18565 | 18267 |
| **9/20** | 17998 | 17887 | 17601 |
| **10/20** | 17570 | 17456 | 17222 |
| **11/20** | 19284 | 19511 | 19317 |
| **12/20** | 20008 | 20336 | 20186 |
| **1/21** | 19714 | 20168 | 20096 |
| **2/21** | 20173 | 20753 | 20724 |
| **3/21** | 20932 | 21538 | 21467 |
| **4/21** | 22033 | 22698 | 22573 |
| **5/21** | 22194 | 22805 | 22676 |
| **6/21** | 22859 | 23377 | 23236 |
| **7/21** | 23496 | 23863 | 23628 |
| **8/21** | 24164 | 24553 | 24302 |
| **9/21** | 22957 | 23425 | 23212 |
| **10/21** | 24723 | 25051 | 24782 |
| **11/21** | 24618 | 24715 | 24404 |
| **12/21** | 25601 | 25716 | 25365 |
| **1/22** | 24115 | 24266 | 23873 |
| **2/22** | 23174 | 23600 | 23272 |
| **3/22** | 24084 | 24396 | 24027 |
| **4/22** | 21967 | 22222 | 21870 |
| **5/22** | 22106 | 22188 | 21841 |
| **6/22** | 20477 | 20330 | 20014 |
| **7/22** | 22271 | 22223 | 21891 |
| **8/22** | 21522 | 21370 | 21074 |
| **9/22** | 19778 | 19393 | 19120 |
| **10/22** | 21384 | 20948 | 20688 |
| **11/22** | 22759 | 22081 | 21768 |
| **12/22** | 21475 | 20797 | 20493 |
| **1/23** | 22666 | 22191 | 21905 |
| **2/23** | 21999 | 21663 | 21393 |
| **3/23** | 22747 | 22349 | 21965 |
| **4/23** | 23151 | 22626 | 22199 |
| **5/23** | 23151 | 22731 | 22285 |
| **6/23** | 24641 | 24266 | 23807 |
| **7/23** | 25459 | 25101 | 24661 |
| **8/23** | 24986 | 24662 | 24185 |
| **9/23** | 23923 | 23503 | 23033 |
| **10/23** | 23547 | 22935 | 22422 |
| **11/23** | 25661 | 25077 | 24513 |
| **12/23** | 26933 | 26314 | 25813 |
| **1/24** | 27544 | 26681 | 26099 |
| **2/24** | 29134 | 28122 | 27512 |
| **3/24** | 30176 | 29024 | 28399 |
| **4/24** | 28903 | 27789 | 27150 |
| **5/24** | 30403 | 29097 | 28432 |
| **6/24** | 31355 | 30060 | 29313 |
| **7/24** | 31735 | 30498 | 29857 |
| **8/24** | 32409 | 31221 | 30507 |
| **9/24** | 33098 | 31888 | 31138 |
| **10/24** | 32859 | 31665 | 30910 |
| **11/24** | 35029 | 33704 | 32966 |
| **12/24** | 33995 | 32764 | 31958 |
| **1/25** | 35133 | 33807 | 32967 |
| **2/25** | 34226 | 33216 | 32336 |
| **3/25** | 32081 | 31294 | 30449 |
| **4/25** | 31937 | 31107 | 30245 |
| **5/25** | 33739 | 33093 | 32162 |
| **6/25** | 35261 | 34769 | 33796 |
| **7/25** | 36078 | 35542 | 34540 |
| **8/25** | 36754 | 36290 | 35340 |
| **9/25** | 38136 | 37548 | 36559 |
| **10/25** | 38944 | 38358 | 37343 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 18.52% | 17.26% | 14.56% |
| Russell 1000 Index | 21.14% | 17.05% | 14.39% |
| Russell 3000 Index | 20.81% | 16.74% | 14.08% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Effective March 1, 2025, the Fund changed its index to the Russell 1000 Index because it more closely aligns with the Fund's investment approach. Prior to March 1, 2025, the Fund's index was the Russell 3000 Index. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,182,367

* Total Number of Portfolio Holdings92

* Portfolio Turnover Rate 55.8%

* Total Advisory Fees Paid (amount in thousands)$20,138

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.62% |
| Investment Companies | 1.81% |
| Other Assets and Liabilities | (0.43)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 32.25% |
| Communications | 19.04% |
| Financial | 13.25% |
| Consumer, Non-cyclical | 9.95% |
| Consumer, Cyclical | 9.36% |
| Industrial | 7.61% |
| Energy | 3.56% |
| Utilities | 2.40% |
| Money Market Funds | 1.81% |
| Basic Materials | 1.20% |
| Other Assets and Liabilities | (0.43)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV827ARI-0

# R-3

# PCAOX

# Principal Capital Appreciation Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal Capital Appreciation Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $108 | 0.99% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide long-term growth of capital. The Fund invests primarily in equity securities of companies with any market capitalization, but it has a greater exposure to large market capitalization companies than small or medium market capitalization companies. The managers seek to invest in securities of businesses that they believe are trading at a discount to their private market value (i.e., the value of the business if it was sold), have a competitive advantage, and/or that have barriers to entry in their respective industries. Lam Research Corporation (LRCX) is a provider of wafer fabrication equipment used in the manufacturing process of semiconductors. LRCX contributed to relative performance as the company beat expectations driven by a continued recovery in NAND flash memory and sustained demand out of China. McKesson Corporation (MCK) is a health care distribution company, focused primarily on pharmaceuticals and medical supplies. After a weak fourth quarter following the U.S. election, MCK rebounded as the company saw strong growth in its U.S. pharmaceutical segment. GE Vernova (GEV) contributed to relative performance as the company revised guidance higher and noted production slots for heavy-duty gas turbines are almost sold out through 2028. Not owning Palantir Technologies Inc. (PLTR) detracted from relative performance. Deckers Outdoor Corporation (DECK) detracted from relative performance as shares underperformed following a slowdown on Hoka sales. UnitedHealth Group Incorporated (UNH) detracted from relative performance as the company reported first and second-quarter earnings that missed analysts' expectations and slashed its full-year outlook prior to suspending its guidance in May.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i053a402b1e9107ef26c97a0a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $36,824** | **Russell 1000 Index $38,358** | **Russell 3000 Index $37,343** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 10127 | 10033 | 10055 |
| **12/15** | 9898 | 9853 | 9849 |
| **1/16** | 9406 | 9322 | 9293 |
| **2/16** | 9356 | 9319 | 9290 |
| **3/16** | 9957 | 9968 | 9944 |
| **4/16** | 9909 | 10022 | 10006 |
| **5/16** | 10124 | 10198 | 10185 |
| **6/16** | 10135 | 10221 | 10206 |
| **7/16** | 10506 | 10610 | 10611 |
| **8/16** | 10489 | 10624 | 10638 |
| **9/16** | 10460 | 10633 | 10655 |
| **10/16** | 10170 | 10426 | 10424 |
| **11/16** | 10533 | 10837 | 10891 |
| **12/16** | 10753 | 11040 | 11103 |
| **1/17** | 10982 | 11262 | 11312 |
| **2/17** | 11398 | 11698 | 11733 |
| **3/17** | 11385 | 11705 | 11741 |
| **4/17** | 11524 | 11829 | 11865 |
| **5/17** | 11659 | 11980 | 11987 |
| **6/17** | 11666 | 12064 | 12095 |
| **7/17** | 11913 | 12303 | 12323 |
| **8/17** | 11924 | 12341 | 12347 |
| **9/17** | 12169 | 12604 | 12648 |
| **10/17** | 12439 | 12893 | 12924 |
| **11/17** | 12840 | 13286 | 13316 |
| **12/17** | 12949 | 13434 | 13450 |
| **1/18** | 13619 | 14172 | 14158 |
| **2/18** | 13172 | 13652 | 13637 |
| **3/18** | 12857 | 13342 | 13363 |
| **4/18** | 12844 | 13387 | 13414 |
| **5/18** | 13189 | 13729 | 13792 |
| **6/18** | 13277 | 13818 | 13883 |
| **7/18** | 13760 | 14294 | 14343 |
| **8/18** | 14192 | 14787 | 14847 |
| **9/18** | 14226 | 14843 | 14871 |
| **10/18** | 13277 | 13793 | 13776 |
| **11/18** | 13657 | 14073 | 14052 |
| **12/18** | 12465 | 12792 | 12745 |
| **1/19** | 13415 | 13864 | 13838 |
| **2/19** | 13866 | 14333 | 14325 |
| **3/19** | 14115 | 14583 | 14534 |
| **4/19** | 14788 | 15172 | 15115 |
| **5/19** | 13943 | 14205 | 14137 |
| **6/19** | 14850 | 15202 | 15130 |
| **7/19** | 15246 | 15438 | 15354 |
| **8/19** | 14997 | 15155 | 15041 |
| **9/19** | 15237 | 15418 | 15305 |
| **10/19** | 15553 | 15745 | 15635 |
| **11/19** | 16005 | 16340 | 16229 |
| **12/19** | 16444 | 16812 | 16698 |
| **1/20** | 16437 | 16830 | 16680 |
| **2/20** | 14998 | 15455 | 15314 |
| **3/20** | 13237 | 13412 | 13208 |
| **4/20** | 14732 | 15185 | 14957 |
| **5/20** | 15553 | 15986 | 15757 |
| **6/20** | 15836 | 16339 | 16117 |
| **7/20** | 16992 | 17296 | 17033 |
| **8/20** | 18089 | 18565 | 18267 |
| **9/20** | 17497 | 17887 | 17601 |
| **10/20** | 17072 | 17456 | 17222 |
| **11/20** | 18730 | 19511 | 19317 |
| **12/20** | 19422 | 20336 | 20186 |
| **1/21** | 19128 | 20168 | 20096 |
| **2/21** | 19569 | 20753 | 20724 |
| **3/21** | 20292 | 21538 | 21467 |
| **4/21** | 21351 | 22698 | 22573 |
| **5/21** | 21497 | 22805 | 22676 |
| **6/21** | 22130 | 23377 | 23236 |
| **7/21** | 22738 | 23863 | 23628 |
| **8/21** | 23370 | 24553 | 24302 |
| **9/21** | 22196 | 23425 | 23212 |
| **10/21** | 23891 | 25051 | 24782 |
| **11/21** | 23783 | 24715 | 24404 |
| **12/21** | 24718 | 25716 | 25365 |
| **1/22** | 23273 | 24266 | 23873 |
| **2/22** | 22353 | 23600 | 23272 |
| **3/22** | 23223 | 24396 | 24027 |
| **4/22** | 21172 | 22222 | 21870 |
| **5/22** | 21295 | 22188 | 21841 |
| **6/22** | 19715 | 20330 | 20014 |
| **7/22** | 21433 | 22223 | 21891 |
| **8/22** | 20704 | 21370 | 21074 |
| **9/22** | 19017 | 19393 | 19120 |
| **10/22** | 20551 | 20948 | 20688 |
| **11/22** | 21862 | 22081 | 21768 |
| **12/22** | 20622 | 20797 | 20493 |
| **1/23** | 21754 | 22191 | 21905 |
| **2/23** | 21107 | 21663 | 21393 |
| **3/23** | 21811 | 22349 | 21965 |
| **4/23** | 22193 | 22626 | 22199 |
| **5/23** | 22181 | 22731 | 22285 |
| **6/23** | 23594 | 24266 | 23807 |
| **7/23** | 24368 | 25101 | 24661 |
| **8/23** | 23906 | 24662 | 24185 |
| **9/23** | 22874 | 23503 | 23033 |
| **10/23** | 22504 | 22935 | 22422 |
| **11/23** | 24518 | 25077 | 24513 |
| **12/23** | 25721 | 26314 | 25813 |
| **1/24** | 26290 | 26681 | 26099 |
| **2/24** | 27796 | 28122 | 27512 |
| **3/24** | 28780 | 29024 | 28399 |
| **4/24** | 27552 | 27789 | 27150 |
| **5/24** | 28965 | 29097 | 28432 |
| **6/24** | 29864 | 30060 | 29313 |
| **7/24** | 30208 | 30498 | 29857 |
| **8/24** | 30836 | 31221 | 30507 |
| **9/24** | 31478 | 31888 | 31138 |
| **10/24** | 31238 | 31665 | 30910 |
| **11/24** | 33286 | 33704 | 32966 |
| **12/24** | 32288 | 32764 | 31958 |
| **1/25** | 33358 | 33807 | 32967 |
| **2/25** | 32479 | 33216 | 32336 |
| **3/25** | 30428 | 31294 | 30449 |
| **4/25** | 30278 | 31107 | 30245 |
| **5/25** | 31975 | 33093 | 32162 |
| **6/25** | 33403 | 34769 | 33796 |
| **7/25** | 34159 | 35542 | 34540 |
| **8/25** | 34782 | 36290 | 35340 |
| **9/25** | 36076 | 37548 | 36559 |
| **10/25** | 36824 | 38358 | 37343 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 17.88% | 16.62% | 13.92% |
| Russell 1000 Index | 21.14% | 17.05% | 14.39% |
| Russell 3000 Index | 20.81% | 16.74% | 14.08% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Effective March 1, 2025, the Fund changed its index to the Russell 1000 Index because it more closely aligns with the Fund's investment approach. Prior to March 1, 2025, the Fund's index was the Russell 3000 Index. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,182,367

* Total Number of Portfolio Holdings92

* Portfolio Turnover Rate 55.8%

* Total Advisory Fees Paid (amount in thousands)$20,138

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.62% |
| Investment Companies | 1.81% |
| Other Assets and Liabilities | (0.43)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 32.25% |
| Communications | 19.04% |
| Financial | 13.25% |
| Consumer, Non-cyclical | 9.95% |
| Consumer, Cyclical | 9.36% |
| Industrial | 7.61% |
| Energy | 3.56% |
| Utilities | 2.40% |
| Money Market Funds | 1.81% |
| Basic Materials | 1.20% |
| Other Assets and Liabilities | (0.43)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV827ARR3-0

# R-5

# PCAQX

# Principal Capital Appreciation Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal Capital Appreciation Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $74 | 0.68% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide long-term growth of capital. The Fund invests primarily in equity securities of companies with any market capitalization, but it has a greater exposure to large market capitalization companies than small or medium market capitalization companies. The managers seek to invest in securities of businesses that they believe are trading at a discount to their private market value (i.e., the value of the business if it was sold), have a competitive advantage, and/or that have barriers to entry in their respective industries. Lam Research Corporation (LRCX) is a provider of wafer fabrication equipment used in the manufacturing process of semiconductors. LRCX contributed to relative performance as the company beat expectations driven by a continued recovery in NAND flash memory and sustained demand out of China. McKesson Corporation (MCK) is a health care distribution company, focused primarily on pharmaceuticals and medical supplies. After a weak fourth quarter following the U.S. election, MCK rebounded as the company saw strong growth in its U.S. pharmaceutical segment. GE Vernova (GEV) contributed to relative performance as the company revised guidance higher and noted production slots for heavy-duty gas turbines are almost sold out through 2028. Not owning Palantir Technologies Inc. (PLTR) detracted from relative performance. Deckers Outdoor Corporation (DECK) detracted from relative performance as shares underperformed following a slowdown on Hoka sales. UnitedHealth Group Incorporated (UNH) detracted from relative performance as the company reported first and second-quarter earnings that missed analysts' expectations and slashed its full-year outlook prior to suspending its guidance in May.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i21aa51cfe84b1718a222199e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $37,979** | **Russell 1000 Index $38,358** | **Russell 3000 Index $37,343** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 10129 | 10033 | 10055 |
| **12/15** | 9903 | 9853 | 9849 |
| **1/16** | 9413 | 9322 | 9293 |
| **2/16** | 9366 | 9319 | 9290 |
| **3/16** | 9970 | 9968 | 9944 |
| **4/16** | 9925 | 10022 | 10006 |
| **5/16** | 10142 | 10198 | 10185 |
| **6/16** | 10156 | 10221 | 10206 |
| **7/16** | 10531 | 10610 | 10611 |
| **8/16** | 10515 | 10624 | 10638 |
| **9/16** | 10489 | 10633 | 10655 |
| **10/16** | 10203 | 10426 | 10424 |
| **11/16** | 10570 | 10837 | 10891 |
| **12/16** | 10792 | 11040 | 11103 |
| **1/17** | 11023 | 11262 | 11312 |
| **2/17** | 11445 | 11698 | 11733 |
| **3/17** | 11435 | 11705 | 11741 |
| **4/17** | 11577 | 11829 | 11865 |
| **5/17** | 11717 | 11980 | 11987 |
| **6/17** | 11727 | 12064 | 12095 |
| **7/17** | 11977 | 12303 | 12323 |
| **8/17** | 11991 | 12341 | 12347 |
| **9/17** | 12242 | 12604 | 12648 |
| **10/17** | 12516 | 12893 | 12924 |
| **11/17** | 12922 | 13286 | 13316 |
| **12/17** | 13035 | 13434 | 13450 |
| **1/18** | 13715 | 14172 | 14158 |
| **2/18** | 13267 | 13652 | 13637 |
| **3/18** | 12953 | 13342 | 13363 |
| **4/18** | 12945 | 13387 | 13414 |
| **5/18** | 13294 | 13729 | 13792 |
| **6/18** | 13386 | 13818 | 13883 |
| **7/18** | 13878 | 14294 | 14343 |
| **8/18** | 14317 | 14787 | 14847 |
| **9/18** | 14355 | 14843 | 14871 |
| **10/18** | 13401 | 13793 | 13776 |
| **11/18** | 13788 | 14073 | 14052 |
| **12/18** | 12589 | 12792 | 12745 |
| **1/19** | 13552 | 13864 | 13838 |
| **2/19** | 14008 | 14333 | 14325 |
| **3/19** | 14268 | 14583 | 14534 |
| **4/19** | 14950 | 15172 | 15115 |
| **5/19** | 14100 | 14205 | 14137 |
| **6/19** | 15020 | 15202 | 15130 |
| **7/19** | 15423 | 15438 | 15354 |
| **8/19** | 15176 | 15155 | 15041 |
| **9/19** | 15423 | 15418 | 15305 |
| **10/19** | 15748 | 15745 | 15635 |
| **11/19** | 16209 | 16340 | 16229 |
| **12/19** | 16657 | 16812 | 16698 |
| **1/20** | 16654 | 16830 | 16680 |
| **2/20** | 15200 | 15455 | 15314 |
| **3/20** | 13418 | 13412 | 13208 |
| **4/20** | 14938 | 15185 | 14957 |
| **5/20** | 15773 | 15986 | 15757 |
| **6/20** | 16065 | 16339 | 16117 |
| **7/20** | 17247 | 17296 | 17033 |
| **8/20** | 18363 | 18565 | 18267 |
| **9/20** | 17767 | 17887 | 17601 |
| **10/20** | 17340 | 17456 | 17222 |
| **11/20** | 19029 | 19511 | 19317 |
| **12/20** | 19734 | 20336 | 20186 |
| **1/21** | 19441 | 20168 | 20096 |
| **2/21** | 19891 | 20753 | 20724 |
| **3/21** | 20635 | 21538 | 21467 |
| **4/21** | 21716 | 22698 | 22573 |
| **5/21** | 21873 | 22805 | 22676 |
| **6/21** | 22522 | 23377 | 23236 |
| **7/21** | 23146 | 23863 | 23628 |
| **8/21** | 23799 | 24553 | 24302 |
| **9/21** | 22606 | 23425 | 23212 |
| **10/21** | 24339 | 25051 | 24782 |
| **11/21** | 24235 | 24715 | 24404 |
| **12/21** | 25195 | 25716 | 25365 |
| **1/22** | 23729 | 24266 | 23873 |
| **2/22** | 22795 | 23600 | 23272 |
| **3/22** | 23691 | 24396 | 24027 |
| **4/22** | 21601 | 22222 | 21870 |
| **5/22** | 21735 | 22188 | 21841 |
| **6/22** | 20128 | 20330 | 20014 |
| **7/22** | 21885 | 22223 | 21891 |
| **8/22** | 21146 | 21370 | 21074 |
| **9/22** | 19428 | 19393 | 19120 |
| **10/22** | 21001 | 20948 | 20688 |
| **11/22** | 22348 | 22081 | 21768 |
| **12/22** | 21084 | 20797 | 20493 |
| **1/23** | 22249 | 22191 | 21905 |
| **2/23** | 21589 | 21663 | 21393 |
| **3/23** | 22318 | 22349 | 21965 |
| **4/23** | 22711 | 22626 | 22199 |
| **5/23** | 22708 | 22731 | 22285 |
| **6/23** | 24161 | 24266 | 23807 |
| **7/23** | 24959 | 25101 | 24661 |
| **8/23** | 24493 | 24662 | 24185 |
| **9/23** | 23444 | 23503 | 23033 |
| **10/23** | 23070 | 22935 | 22422 |
| **11/23** | 25137 | 25077 | 24513 |
| **12/23** | 26380 | 26314 | 25813 |
| **1/24** | 26970 | 26681 | 26099 |
| **2/24** | 28524 | 28122 | 27512 |
| **3/24** | 29538 | 29024 | 28399 |
| **4/24** | 28287 | 27789 | 27150 |
| **5/24** | 29744 | 29097 | 28432 |
| **6/24** | 30673 | 30060 | 29313 |
| **7/24** | 31038 | 30498 | 29857 |
| **8/24** | 31691 | 31221 | 30507 |
| **9/24** | 32359 | 31888 | 31138 |
| **10/24** | 32122 | 31665 | 30910 |
| **11/24** | 34235 | 33704 | 32966 |
| **12/24** | 33217 | 32764 | 31958 |
| **1/25** | 34325 | 33807 | 32967 |
| **2/25** | 33430 | 33216 | 32336 |
| **3/25** | 31329 | 31294 | 30449 |
| **4/25** | 31182 | 31107 | 30245 |
| **5/25** | 32935 | 33093 | 32162 |
| **6/25** | 34415 | 34769 | 33796 |
| **7/25** | 35208 | 35542 | 34540 |
| **8/25** | 35858 | 36290 | 35340 |
| **9/25** | 37198 | 37548 | 36559 |
| **10/25** | 37979 | 38358 | 37343 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 18.23% | 16.98% | 14.28% |
| Russell 1000 Index | 21.14% | 17.05% | 14.39% |
| Russell 3000 Index | 20.81% | 16.74% | 14.08% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Effective March 1, 2025, the Fund changed its index to the Russell 1000 Index because it more closely aligns with the Fund's investment approach. Prior to March 1, 2025, the Fund's index was the Russell 3000 Index. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,182,367

* Total Number of Portfolio Holdings92

* Portfolio Turnover Rate 55.8%

* Total Advisory Fees Paid (amount in thousands)$20,138

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.62% |
| Investment Companies | 1.81% |
| Other Assets and Liabilities | (0.43)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 32.25% |
| Communications | 19.04% |
| Financial | 13.25% |
| Consumer, Non-cyclical | 9.95% |
| Consumer, Cyclical | 9.36% |
| Industrial | 7.61% |
| Energy | 3.56% |
| Utilities | 2.40% |
| Money Market Funds | 1.81% |
| Basic Materials | 1.20% |
| Other Assets and Liabilities | (0.43)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV827ARR5-0

# Institutional

# LTINX

# Principal LifeTime 2015 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2015 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.03% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i88edd6ebcfbb98e5a716efc3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $17,583** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2015 Index $18,094** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9981 | 9974 | 9991 |
| **12/15** | 9836 | 9941 | 9859 |
| **1/16** | 9583 | 10078 | 9649 |
| **2/16** | 9563 | 10150 | 9656 |
| **3/16** | 9937 | 10243 | 10046 |
| **4/16** | 10028 | 10282 | 10110 |
| **5/16** | 10079 | 10285 | 10165 |
| **6/16** | 10129 | 10469 | 10243 |
| **7/16** | 10352 | 10536 | 10454 |
| **8/16** | 10382 | 10524 | 10466 |
| **9/16** | 10413 | 10517 | 10493 |
| **10/16** | 10291 | 10437 | 10352 |
| **11/16** | 10291 | 10190 | 10379 |
| **12/16** | 10382 | 10205 | 10505 |
| **1/17** | 10560 | 10225 | 10629 |
| **2/17** | 10728 | 10293 | 10797 |
| **3/17** | 10780 | 10288 | 10844 |
| **4/17** | 10916 | 10367 | 10950 |
| **5/17** | 11042 | 10447 | 11062 |
| **6/17** | 11074 | 10437 | 11094 |
| **7/17** | 11241 | 10481 | 11231 |
| **8/17** | 11304 | 10575 | 11266 |
| **9/17** | 11430 | 10525 | 11377 |
| **10/17** | 11556 | 10531 | 11487 |
| **11/17** | 11661 | 10518 | 11611 |
| **12/17** | 11751 | 10566 | 11702 |
| **1/18** | 12045 | 10444 | 11911 |
| **2/18** | 11695 | 10345 | 11646 |
| **3/18** | 11650 | 10412 | 11597 |
| **4/18** | 11683 | 10334 | 11616 |
| **5/18** | 11740 | 10408 | 11714 |
| **6/18** | 11717 | 10395 | 11710 |
| **7/18** | 11898 | 10398 | 11863 |
| **8/18** | 11977 | 10464 | 11979 |
| **9/18** | 11977 | 10397 | 11956 |
| **10/18** | 11491 | 10315 | 11504 |
| **11/18** | 11559 | 10377 | 11621 |
| **12/18** | 11198 | 10567 | 11273 |
| **1/19** | 11693 | 10679 | 11749 |
| **2/19** | 11866 | 10673 | 11908 |
| **3/19** | 12027 | 10878 | 12050 |
| **4/19** | 12250 | 10881 | 12242 |
| **5/19** | 12027 | 11074 | 11988 |
| **6/19** | 12436 | 11213 | 12386 |
| **7/19** | 12485 | 11238 | 12433 |
| **8/19** | 12522 | 11529 | 12444 |
| **9/19** | 12572 | 11468 | 12539 |
| **10/19** | 12696 | 11502 | 12686 |
| **11/19** | 12844 | 11496 | 12829 |
| **12/19** | 13022 | 11488 | 13009 |
| **1/20** | 13106 | 11709 | 13047 |
| **2/20** | 12798 | 11920 | 12662 |
| **3/20** | 11780 | 11850 | 11817 |
| **4/20** | 12505 | 12061 | 12491 |
| **5/20** | 12868 | 12117 | 12782 |
| **6/20** | 13078 | 12193 | 12971 |
| **7/20** | 13482 | 12375 | 13339 |
| **8/20** | 13775 | 12275 | 13611 |
| **9/20** | 13608 | 12269 | 13434 |
| **10/20** | 13482 | 12214 | 13303 |
| **11/20** | 14236 | 12334 | 14048 |
| **12/20** | 14567 | 12351 | 14346 |
| **1/21** | 14464 | 12262 | 14305 |
| **2/21** | 14612 | 12085 | 14389 |
| **3/21** | 14729 | 11934 | 14510 |
| **4/21** | 15083 | 12028 | 14829 |
| **5/21** | 15201 | 12068 | 14946 |
| **6/21** | 15304 | 12152 | 15057 |
| **7/21** | 15436 | 12288 | 15187 |
| **8/21** | 15569 | 12265 | 15339 |
| **9/21** | 15245 | 12159 | 15036 |
| **10/21** | 15569 | 12155 | 15356 |
| **11/21** | 15363 | 12191 | 15214 |
| **12/21** | 15651 | 12160 | 15495 |
| **1/22** | 15156 | 11898 | 14999 |
| **2/22** | 14885 | 11765 | 14823 |
| **3/22** | 14805 | 11439 | 14785 |
| **4/22** | 14103 | 11005 | 14083 |
| **5/22** | 14167 | 11075 | 14128 |
| **6/22** | 13513 | 10902 | 13510 |
| **7/22** | 14119 | 11168 | 14084 |
| **8/22** | 13720 | 10853 | 13723 |
| **9/22** | 12923 | 10384 | 12939 |
| **10/22** | 13210 | 10249 | 13274 |
| **11/22** | 13784 | 10626 | 13845 |
| **12/22** | 13522 | 10578 | 13610 |
| **1/23** | 14108 | 10904 | 14175 |
| **2/23** | 13797 | 10622 | 13917 |
| **3/23** | 14056 | 10891 | 14192 |
| **4/23** | 14194 | 10957 | 14307 |
| **5/23** | 14004 | 10838 | 14166 |
| **6/23** | 14331 | 10799 | 14464 |
| **7/23** | 14521 | 10792 | 14671 |
| **8/23** | 14349 | 10723 | 14479 |
| **9/23** | 13952 | 10451 | 14079 |
| **10/23** | 13711 | 10286 | 13813 |
| **11/23** | 14469 | 10751 | 14593 |
| **12/23** | 15032 | 11163 | 15159 |
| **1/24** | 15050 | 11132 | 15176 |
| **2/24** | 15195 | 10975 | 15313 |
| **3/24** | 15483 | 11076 | 15570 |
| **4/24** | 15104 | 10797 | 15204 |
| **5/24** | 15447 | 10980 | 15581 |
| **6/24** | 15556 | 11084 | 15755 |
| **7/24** | 15880 | 11342 | 16074 |
| **8/24** | 16133 | 11505 | 16329 |
| **9/24** | 16350 | 11660 | 16584 |
| **10/24** | 16043 | 11370 | 16246 |
| **11/24** | 16404 | 11491 | 16547 |
| **12/24** | 16037 | 11303 | 16259 |
| **1/25** | 16327 | 11362 | 16507 |
| **2/25** | 16482 | 11612 | 16662 |
| **3/25** | 16231 | 11617 | 16474 |
| **4/25** | 16250 | 11663 | 16557 |
| **5/25** | 16540 | 11579 | 16839 |
| **6/25** | 16926 | 11757 | 17240 |
| **7/25** | 16984 | 11726 | 17306 |
| **8/25** | 17274 | 11866 | 17614 |
| **9/25** | 17506 | 11996 | 17915 |
| **10/25** | 17583 | 12071 | 18094 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 9.60% | 5.45% | 5.81% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2015 Index | 11.37% | 6.34% | 6.11% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2015 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$204,035

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 27.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.61% |
| Domestic Equity Funds | 24.80% |
| International Equity Funds | 11.22% |
| Specialty Funds | 0.38% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by March 1 or upon request at www.PrincipalAM.com/prospectuses.

Effective October 2, 2025, the Fund's Principal Investment Strategies and Risks related to equity securities were updated. On September 10, 2025, the Fund's Board of Directors approved the acquisition of the assets of Principal LifeTime 2015 Fund by the Principal LifeTime Strategic Income Fund. The proposed merger is expected to occur on or about June 12, 2026.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV856ARI-0

# R-3

# LTAPX

# Principal LifeTime 2015 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2015 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $61 | 0.58% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](id29be4ed018641572724e607.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $16,628** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2015 Index $18,094** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9972 | 9974 | 9991 |
| **12/15** | 9826 | 9941 | 9859 |
| **1/16** | 9568 | 10078 | 9649 |
| **2/16** | 9548 | 10150 | 9656 |
| **3/16** | 9908 | 10243 | 10046 |
| **4/16** | 10001 | 10282 | 10110 |
| **5/16** | 10052 | 10285 | 10165 |
| **6/16** | 10094 | 10469 | 10243 |
| **7/16** | 10310 | 10536 | 10454 |
| **8/16** | 10341 | 10524 | 10466 |
| **9/16** | 10361 | 10517 | 10493 |
| **10/16** | 10238 | 10437 | 10352 |
| **11/16** | 10227 | 10190 | 10379 |
| **12/16** | 10320 | 10205 | 10505 |
| **1/17** | 10490 | 10225 | 10629 |
| **2/17** | 10650 | 10293 | 10797 |
| **3/17** | 10692 | 10288 | 10844 |
| **4/17** | 10819 | 10367 | 10950 |
| **5/17** | 10947 | 10447 | 11062 |
| **6/17** | 10968 | 10437 | 11094 |
| **7/17** | 11138 | 10481 | 11231 |
| **8/17** | 11191 | 10575 | 11266 |
| **9/17** | 11308 | 10525 | 11377 |
| **10/17** | 11425 | 10531 | 11487 |
| **11/17** | 11531 | 10518 | 11611 |
| **12/17** | 11610 | 10566 | 11702 |
| **1/18** | 11895 | 10444 | 11911 |
| **2/18** | 11542 | 10345 | 11646 |
| **3/18** | 11485 | 10412 | 11597 |
| **4/18** | 11519 | 10334 | 11616 |
| **5/18** | 11576 | 10408 | 11714 |
| **6/18** | 11542 | 10395 | 11710 |
| **7/18** | 11724 | 10398 | 11863 |
| **8/18** | 11793 | 10464 | 11979 |
| **9/18** | 11781 | 10397 | 11956 |
| **10/18** | 11303 | 10315 | 11504 |
| **11/18** | 11360 | 10377 | 11621 |
| **12/18** | 11005 | 10567 | 11273 |
| **1/19** | 11489 | 10679 | 11749 |
| **2/19** | 11650 | 10673 | 11908 |
| **3/19** | 11812 | 10878 | 12050 |
| **4/19** | 12011 | 10881 | 12242 |
| **5/19** | 11799 | 11074 | 11988 |
| **6/19** | 12185 | 11213 | 12386 |
| **7/19** | 12222 | 11238 | 12433 |
| **8/19** | 12247 | 11529 | 12444 |
| **9/19** | 12296 | 11468 | 12539 |
| **10/19** | 12420 | 11502 | 12686 |
| **11/19** | 12557 | 11496 | 12829 |
| **12/19** | 12715 | 11488 | 13009 |
| **1/20** | 12799 | 11709 | 13047 |
| **2/20** | 12491 | 11920 | 12662 |
| **3/20** | 11485 | 11850 | 11817 |
| **4/20** | 12198 | 12061 | 12491 |
| **5/20** | 12547 | 12117 | 12782 |
| **6/20** | 12743 | 12193 | 12971 |
| **7/20** | 13134 | 12375 | 13339 |
| **8/20** | 13414 | 12275 | 13611 |
| **9/20** | 13232 | 12269 | 13434 |
| **10/20** | 13106 | 12214 | 13303 |
| **11/20** | 13833 | 12334 | 14048 |
| **12/20** | 14157 | 12351 | 14346 |
| **1/21** | 14054 | 12262 | 14305 |
| **2/21** | 14172 | 12085 | 14389 |
| **3/21** | 14289 | 11934 | 14510 |
| **4/21** | 14627 | 12028 | 14829 |
| **5/21** | 14730 | 12068 | 14946 |
| **6/21** | 14833 | 12152 | 15057 |
| **7/21** | 14950 | 12288 | 15187 |
| **8/21** | 15068 | 12265 | 15339 |
| **9/21** | 14745 | 12159 | 15036 |
| **10/21** | 15053 | 12155 | 15356 |
| **11/21** | 14847 | 12191 | 15214 |
| **12/21** | 15118 | 12160 | 15495 |
| **1/22** | 14627 | 11898 | 14999 |
| **2/22** | 14374 | 11765 | 14823 |
| **3/22** | 14294 | 11439 | 14785 |
| **4/22** | 13597 | 11005 | 14083 |
| **5/22** | 13660 | 11075 | 14128 |
| **6/22** | 13011 | 10902 | 13510 |
| **7/22** | 13597 | 11168 | 14084 |
| **8/22** | 13201 | 10853 | 13723 |
| **9/22** | 12440 | 10384 | 12939 |
| **10/22** | 12710 | 10249 | 13274 |
| **11/22** | 13248 | 10626 | 13845 |
| **12/22** | 12981 | 10578 | 13610 |
| **1/23** | 13560 | 10904 | 14175 |
| **2/23** | 13254 | 10622 | 13917 |
| **3/23** | 13492 | 10891 | 14192 |
| **4/23** | 13611 | 10957 | 14307 |
| **5/23** | 13424 | 10838 | 14166 |
| **6/23** | 13731 | 10799 | 14464 |
| **7/23** | 13901 | 10792 | 14671 |
| **8/23** | 13731 | 10723 | 14479 |
| **9/23** | 13356 | 10451 | 14079 |
| **10/23** | 13117 | 10286 | 13813 |
| **11/23** | 13833 | 10751 | 14593 |
| **12/23** | 14356 | 11163 | 15159 |
| **1/24** | 14374 | 11132 | 15176 |
| **2/24** | 14516 | 10975 | 15313 |
| **3/24** | 14765 | 11076 | 15570 |
| **4/24** | 14410 | 10797 | 15204 |
| **5/24** | 14730 | 10980 | 15581 |
| **6/24** | 14818 | 11084 | 15755 |
| **7/24** | 15120 | 11342 | 16074 |
| **8/24** | 15351 | 11505 | 16329 |
| **9/24** | 15547 | 11660 | 16584 |
| **10/24** | 15263 | 11370 | 16246 |
| **11/24** | 15582 | 11491 | 16547 |
| **12/24** | 15244 | 11303 | 16259 |
| **1/25** | 15510 | 11362 | 16507 |
| **2/25** | 15642 | 11612 | 16662 |
| **3/25** | 15396 | 11617 | 16474 |
| **4/25** | 15415 | 11663 | 16557 |
| **5/25** | 15680 | 11579 | 16839 |
| **6/25** | 16041 | 11757 | 17240 |
| **7/25** | 16078 | 11726 | 17306 |
| **8/25** | 16344 | 11866 | 17614 |
| **9/25** | 16553 | 11996 | 17915 |
| **10/25** | 16628 | 12071 | 18094 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 8.95% | 4.88% | 5.22% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2015 Index | 11.37% | 6.34% | 6.11% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2015 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$204,035

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 27.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.61% |
| Domestic Equity Funds | 24.80% |
| International Equity Funds | 11.22% |
| Specialty Funds | 0.38% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by March 1 or upon request at www.PrincipalAM.com/prospectuses.

Effective October 2, 2025, the Fund's Principal Investment Strategies and Risks related to equity securities were updated. On September 10, 2025, the Fund's Board of Directors approved the acquisition of the assets of Principal LifeTime 2015 Fund by the Principal LifeTime Strategic Income Fund. The proposed merger is expected to occur on or about June 12, 2026.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV856ARR3-0

# R-5

# LTPFX

# Principal LifeTime 2015 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2015 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $28 | 0.27% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i79191a84dca216581712d571.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $17,170** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2015 Index $18,094** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9981 | 9974 | 9991 |
| **12/15** | 9835 | 9941 | 9859 |
| **1/16** | 9579 | 10078 | 9649 |
| **2/16** | 9559 | 10150 | 9656 |
| **3/16** | 9927 | 10243 | 10046 |
| **4/16** | 10019 | 10282 | 10110 |
| **5/16** | 10071 | 10285 | 10165 |
| **6/16** | 10122 | 10469 | 10243 |
| **7/16** | 10337 | 10536 | 10454 |
| **8/16** | 10367 | 10524 | 10466 |
| **9/16** | 10398 | 10517 | 10493 |
| **10/16** | 10275 | 10437 | 10352 |
| **11/16** | 10265 | 10190 | 10379 |
| **12/16** | 10361 | 10205 | 10505 |
| **1/17** | 10541 | 10225 | 10629 |
| **2/17** | 10699 | 10293 | 10797 |
| **3/17** | 10742 | 10288 | 10844 |
| **4/17** | 10879 | 10367 | 10950 |
| **5/17** | 11006 | 10447 | 11062 |
| **6/17** | 11028 | 10437 | 11094 |
| **7/17** | 11197 | 10481 | 11231 |
| **8/17** | 11260 | 10575 | 11266 |
| **9/17** | 11377 | 10525 | 11377 |
| **10/17** | 11504 | 10531 | 11487 |
| **11/17** | 11610 | 10518 | 11611 |
| **12/17** | 11701 | 10566 | 11702 |
| **1/18** | 11985 | 10444 | 11911 |
| **2/18** | 11633 | 10345 | 11646 |
| **3/18** | 11587 | 10412 | 11597 |
| **4/18** | 11621 | 10334 | 11616 |
| **5/18** | 11678 | 10408 | 11714 |
| **6/18** | 11644 | 10395 | 11710 |
| **7/18** | 11826 | 10398 | 11863 |
| **8/18** | 11894 | 10464 | 11979 |
| **9/18** | 11894 | 10397 | 11956 |
| **10/18** | 11417 | 10315 | 11504 |
| **11/18** | 11485 | 10377 | 11621 |
| **12/18** | 11126 | 10567 | 11273 |
| **1/19** | 11599 | 10679 | 11749 |
| **2/19** | 11786 | 10673 | 11908 |
| **3/19** | 11935 | 10878 | 12050 |
| **4/19** | 12147 | 10881 | 12242 |
| **5/19** | 11935 | 11074 | 11988 |
| **6/19** | 12334 | 11213 | 12386 |
| **7/19** | 12371 | 11238 | 12433 |
| **8/19** | 12408 | 11529 | 12444 |
| **9/19** | 12458 | 11468 | 12539 |
| **10/19** | 12583 | 11502 | 12686 |
| **11/19** | 12719 | 11496 | 12829 |
| **12/19** | 12885 | 11488 | 13009 |
| **1/20** | 12970 | 11709 | 13047 |
| **2/20** | 12661 | 11920 | 12662 |
| **3/20** | 11652 | 11850 | 11817 |
| **4/20** | 12367 | 12061 | 12491 |
| **5/20** | 12731 | 12117 | 12782 |
| **6/20** | 12928 | 12193 | 12971 |
| **7/20** | 13334 | 12375 | 13339 |
| **8/20** | 13615 | 12275 | 13611 |
| **9/20** | 13446 | 12269 | 13434 |
| **10/20** | 13320 | 12214 | 13303 |
| **11/20** | 14063 | 12334 | 14048 |
| **12/20** | 14391 | 12351 | 14346 |
| **1/21** | 14287 | 12262 | 14305 |
| **2/21** | 14420 | 12085 | 14389 |
| **3/21** | 14539 | 11934 | 14510 |
| **4/21** | 14878 | 12028 | 14829 |
| **5/21** | 14997 | 12068 | 14946 |
| **6/21** | 15100 | 12152 | 15057 |
| **7/21** | 15233 | 12288 | 15187 |
| **8/21** | 15351 | 12265 | 15339 |
| **9/21** | 15026 | 12159 | 15036 |
| **10/21** | 15351 | 12155 | 15356 |
| **11/21** | 15130 | 12191 | 15214 |
| **12/21** | 15408 | 12160 | 15495 |
| **1/22** | 14928 | 11898 | 14999 |
| **2/22** | 14673 | 11765 | 14823 |
| **3/22** | 14593 | 11439 | 14785 |
| **4/22** | 13890 | 11005 | 14083 |
| **5/22** | 13937 | 11075 | 14128 |
| **6/22** | 13298 | 10902 | 13510 |
| **7/22** | 13890 | 11168 | 14084 |
| **8/22** | 13490 | 10853 | 13723 |
| **9/22** | 12707 | 10384 | 12939 |
| **10/22** | 12994 | 10249 | 13274 |
| **11/22** | 13554 | 10626 | 13845 |
| **12/22** | 13287 | 10578 | 13610 |
| **1/23** | 13873 | 10904 | 14175 |
| **2/23** | 13563 | 10622 | 13917 |
| **3/23** | 13804 | 10891 | 14192 |
| **4/23** | 13925 | 10957 | 14307 |
| **5/23** | 13752 | 10838 | 14166 |
| **6/23** | 14062 | 10799 | 14464 |
| **7/23** | 14252 | 10792 | 14671 |
| **8/23** | 14080 | 10723 | 14479 |
| **9/23** | 13683 | 10451 | 14079 |
| **10/23** | 13442 | 10286 | 13813 |
| **11/23** | 14183 | 10751 | 14593 |
| **12/23** | 14727 | 11163 | 15159 |
| **1/24** | 14745 | 11132 | 15176 |
| **2/24** | 14889 | 10975 | 15313 |
| **3/24** | 15159 | 11076 | 15570 |
| **4/24** | 14799 | 10797 | 15204 |
| **5/24** | 15123 | 10980 | 15581 |
| **6/24** | 15232 | 11084 | 15755 |
| **7/24** | 15538 | 11342 | 16074 |
| **8/24** | 15790 | 11505 | 16329 |
| **9/24** | 16007 | 11660 | 16584 |
| **10/24** | 15700 | 11370 | 16246 |
| **11/24** | 16043 | 11491 | 16547 |
| **12/24** | 15685 | 11303 | 16259 |
| **1/25** | 15974 | 11362 | 16507 |
| **2/25** | 16109 | 11612 | 16662 |
| **3/25** | 15858 | 11617 | 16474 |
| **4/25** | 15897 | 11663 | 16557 |
| **5/25** | 16167 | 11579 | 16839 |
| **6/25** | 16533 | 11757 | 17240 |
| **7/25** | 16591 | 11726 | 17306 |
| **8/25** | 16861 | 11866 | 17614 |
| **9/25** | 17074 | 11996 | 17915 |
| **10/25** | 17170 | 12071 | 18094 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 9.36% | 5.21% | 5.55% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2015 Index | 11.37% | 6.34% | 6.11% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2015 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$204,035

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 27.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.61% |
| Domestic Equity Funds | 24.80% |
| International Equity Funds | 11.22% |
| Specialty Funds | 0.38% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by March 1 or upon request at www.PrincipalAM.com/prospectuses.

Effective October 2, 2025, the Fund's Principal Investment Strategies and Risks related to equity securities were updated. On September 10, 2025, the Fund's Board of Directors approved the acquisition of the assets of Principal LifeTime 2015 Fund by the Principal LifeTime Strategic Income Fund. The proposed merger is expected to occur on or about June 12, 2026.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV856ARR5-0

# Class A

# PTBAX

# Principal LifeTime 2020 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $35 | 0.33% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i2623d3302f81bd1db604e12b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Shares with maximum sales charge $17,378** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2020 Index $18,872** |
| **10/15** | 9628 | 10000 | 10000 |
| **11/15** | 9608 | 9974 | 9995 |
| **12/15** | 9455 | 9941 | 9846 |
| **1/16** | 9140 | 10078 | 9585 |
| **2/16** | 9110 | 10150 | 9579 |
| **3/16** | 9521 | 10243 | 10020 |
| **4/16** | 9616 | 10282 | 10089 |
| **5/16** | 9674 | 10285 | 10153 |
| **6/16** | 9696 | 10469 | 10219 |
| **7/16** | 9945 | 10536 | 10459 |
| **8/16** | 9967 | 10524 | 10474 |
| **9/16** | 9997 | 10517 | 10504 |
| **10/16** | 9850 | 10437 | 10348 |
| **11/16** | 9865 | 10190 | 10411 |
| **12/16** | 9966 | 10205 | 10557 |
| **1/17** | 10155 | 10225 | 10699 |
| **2/17** | 10329 | 10293 | 10888 |
| **3/17** | 10382 | 10288 | 10945 |
| **4/17** | 10518 | 10367 | 11059 |
| **5/17** | 10662 | 10447 | 11184 |
| **6/17** | 10685 | 10437 | 11224 |
| **7/17** | 10874 | 10481 | 11374 |
| **8/17** | 10927 | 10575 | 11405 |
| **9/17** | 11063 | 10525 | 11539 |
| **10/17** | 11207 | 10531 | 11665 |
| **11/17** | 11336 | 10518 | 11810 |
| **12/17** | 11422 | 10566 | 11908 |
| **1/18** | 11765 | 10444 | 12161 |
| **2/18** | 11382 | 10345 | 11863 |
| **3/18** | 11311 | 10412 | 11799 |
| **4/18** | 11358 | 10334 | 11825 |
| **5/18** | 11414 | 10408 | 11936 |
| **6/18** | 11382 | 10395 | 11927 |
| **7/18** | 11590 | 10398 | 12102 |
| **8/18** | 11677 | 10464 | 12224 |
| **9/18** | 11677 | 10397 | 12205 |
| **10/18** | 11095 | 10315 | 11694 |
| **11/18** | 11175 | 10377 | 11821 |
| **12/18** | 10724 | 10567 | 11413 |
| **1/19** | 11278 | 10679 | 11941 |
| **2/19** | 11482 | 10673 | 12121 |
| **3/19** | 11635 | 10878 | 12263 |
| **4/19** | 11882 | 10881 | 12480 |
| **5/19** | 11584 | 11074 | 12172 |
| **6/19** | 12036 | 11213 | 12616 |
| **7/19** | 12078 | 11238 | 12665 |
| **8/19** | 12078 | 11529 | 12648 |
| **9/19** | 12155 | 11468 | 12764 |
| **10/19** | 12291 | 11502 | 12930 |
| **11/19** | 12462 | 11496 | 13093 |
| **12/19** | 12654 | 11488 | 13299 |
| **1/20** | 12709 | 11709 | 13317 |
| **2/20** | 12303 | 11920 | 12856 |
| **3/20** | 11178 | 11850 | 11896 |
| **4/20** | 11953 | 12061 | 12638 |
| **5/20** | 12349 | 12117 | 12963 |
| **6/20** | 12552 | 12193 | 13162 |
| **7/20** | 12986 | 12375 | 13548 |
| **8/20** | 13327 | 12275 | 13850 |
| **9/20** | 13133 | 12269 | 13654 |
| **10/20** | 12977 | 12214 | 13516 |
| **11/20** | 13843 | 12334 | 14335 |
| **12/20** | 14212 | 12351 | 14661 |
| **1/21** | 14095 | 12262 | 14616 |
| **2/21** | 14299 | 12085 | 14730 |
| **3/21** | 14455 | 11934 | 14875 |
| **4/21** | 14844 | 12028 | 15218 |
| **5/21** | 14971 | 12068 | 15341 |
| **6/21** | 15088 | 12152 | 15455 |
| **7/21** | 15224 | 12288 | 15580 |
| **8/21** | 15370 | 12265 | 15760 |
| **9/21** | 14990 | 12159 | 15418 |
| **10/21** | 15380 | 12155 | 15787 |
| **11/21** | 15136 | 12191 | 15612 |
| **12/21** | 15462 | 12160 | 15945 |
| **1/22** | 14921 | 11898 | 15392 |
| **2/22** | 14634 | 11765 | 15201 |
| **3/22** | 14581 | 11439 | 15193 |
| **4/22** | 13816 | 11005 | 14419 |
| **5/22** | 13880 | 11075 | 14470 |
| **6/22** | 13179 | 10902 | 13776 |
| **7/22** | 13816 | 11168 | 14401 |
| **8/22** | 13392 | 10853 | 14003 |
| **9/22** | 12553 | 10384 | 13144 |
| **10/22** | 12892 | 10249 | 13510 |
| **11/22** | 13498 | 10626 | 14160 |
| **12/22** | 13188 | 10578 | 13902 |
| **1/23** | 13815 | 10904 | 14537 |
| **2/23** | 13489 | 10622 | 14241 |
| **3/23** | 13733 | 10891 | 14532 |
| **4/23** | 13873 | 10957 | 14661 |
| **5/23** | 13687 | 10838 | 14497 |
| **6/23** | 14047 | 10799 | 14858 |
| **7/23** | 14267 | 10792 | 15103 |
| **8/23** | 14070 | 10723 | 14886 |
| **9/23** | 13640 | 10451 | 14452 |
| **10/23** | 13373 | 10286 | 14158 |
| **11/23** | 14163 | 10751 | 15007 |
| **12/23** | 14744 | 11163 | 15614 |
| **1/24** | 14756 | 11132 | 15633 |
| **2/24** | 14962 | 10975 | 15824 |
| **3/24** | 15254 | 11076 | 16115 |
| **4/24** | 14853 | 10797 | 15716 |
| **5/24** | 15218 | 10980 | 16132 |
| **6/24** | 15315 | 11084 | 16320 |
| **7/24** | 15631 | 11342 | 16658 |
| **8/24** | 15898 | 11505 | 16932 |
| **9/24** | 16117 | 11660 | 17206 |
| **10/24** | 15801 | 11370 | 16849 |
| **11/24** | 16190 | 11491 | 17197 |
| **12/24** | 15803 | 11303 | 16878 |
| **1/25** | 16116 | 11362 | 17162 |
| **2/25** | 16233 | 11612 | 17295 |
| **3/25** | 15934 | 11617 | 17056 |
| **4/25** | 15947 | 11663 | 17145 |
| **5/25** | 16285 | 11579 | 17499 |
| **6/25** | 16689 | 11757 | 17937 |
| **7/25** | 16754 | 11726 | 18016 |
| **8/25** | 17053 | 11866 | 18346 |
| **9/25** | 17287 | 11996 | 18675 |
| **10/25** | 17378 | 12071 | 18872 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class A Shares Excluding Sales Charge | 9.98% | 6.02% | 6.08% |
| Class A Shares Including Sales Charge | 5.83% | 5.21% | 5.68% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2020 Index | 12.01% | 6.90% | 6.56% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2020 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,016,983

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 25.6%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 57.86% |
| Domestic Equity Funds | 28.69% |
| International Equity Funds | 13.09% |
| Specialty Funds | 0.37% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV857ARA-0

# Class J

# PLFJX

# Principal LifeTime 2020 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $18 | 0.17% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](iabc7a1ed5dd3c7fb5b0fdaee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $18,406** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2020 Index $18,872** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9986 | 9974 | 9995 |
| **12/15** | 9830 | 9941 | 9846 |
| **1/16** | 9506 | 10078 | 9585 |
| **2/16** | 9468 | 10150 | 9579 |
| **3/16** | 9899 | 10243 | 10020 |
| **4/16** | 9999 | 10282 | 10089 |
| **5/16** | 10061 | 10285 | 10153 |
| **6/16** | 10091 | 10469 | 10219 |
| **7/16** | 10345 | 10536 | 10459 |
| **8/16** | 10376 | 10524 | 10474 |
| **9/16** | 10407 | 10517 | 10504 |
| **10/16** | 10253 | 10437 | 10348 |
| **11/16** | 10268 | 10190 | 10411 |
| **12/16** | 10380 | 10205 | 10557 |
| **1/17** | 10571 | 10225 | 10699 |
| **2/17** | 10762 | 10293 | 10888 |
| **3/17** | 10810 | 10288 | 10945 |
| **4/17** | 10962 | 10367 | 11059 |
| **5/17** | 11113 | 10447 | 11184 |
| **6/17** | 11137 | 10437 | 11224 |
| **7/17** | 11336 | 10481 | 11374 |
| **8/17** | 11400 | 10575 | 11405 |
| **9/17** | 11544 | 10525 | 11539 |
| **10/17** | 11687 | 10531 | 11665 |
| **11/17** | 11823 | 10518 | 11810 |
| **12/17** | 11915 | 10566 | 11908 |
| **1/18** | 12277 | 10444 | 12161 |
| **2/18** | 11881 | 10345 | 11863 |
| **3/18** | 11806 | 10412 | 11799 |
| **4/18** | 11856 | 10334 | 11825 |
| **5/18** | 11923 | 10408 | 11936 |
| **6/18** | 11890 | 10395 | 11927 |
| **7/18** | 12109 | 10398 | 12102 |
| **8/18** | 12201 | 10464 | 12224 |
| **9/18** | 12201 | 10397 | 12205 |
| **10/18** | 11603 | 10315 | 11694 |
| **11/18** | 11679 | 10377 | 11821 |
| **12/18** | 11212 | 10567 | 11413 |
| **1/19** | 11790 | 10679 | 11941 |
| **2/19** | 12007 | 10673 | 12121 |
| **3/19** | 12169 | 10878 | 12263 |
| **4/19** | 12431 | 10881 | 12480 |
| **5/19** | 12124 | 11074 | 12172 |
| **6/19** | 12602 | 11213 | 12616 |
| **7/19** | 12648 | 11238 | 12665 |
| **8/19** | 12648 | 11529 | 12648 |
| **9/19** | 12729 | 11468 | 12764 |
| **10/19** | 12873 | 11502 | 12930 |
| **11/19** | 13054 | 11496 | 13093 |
| **12/19** | 13265 | 11488 | 13299 |
| **1/20** | 13314 | 11709 | 13317 |
| **2/20** | 12902 | 11920 | 12856 |
| **3/20** | 11716 | 11850 | 11896 |
| **4/20** | 12529 | 12061 | 12638 |
| **5/20** | 12951 | 12117 | 12963 |
| **6/20** | 13167 | 12193 | 13162 |
| **7/20** | 13618 | 12375 | 13548 |
| **8/20** | 13990 | 12275 | 13850 |
| **9/20** | 13775 | 12269 | 13654 |
| **10/20** | 13628 | 12214 | 13516 |
| **11/20** | 14530 | 12334 | 14335 |
| **12/20** | 14929 | 12351 | 14661 |
| **1/21** | 14805 | 12262 | 14616 |
| **2/21** | 15012 | 12085 | 14730 |
| **3/21** | 15178 | 11934 | 14875 |
| **4/21** | 15604 | 12028 | 15218 |
| **5/21** | 15728 | 12068 | 15341 |
| **6/21** | 15853 | 12152 | 15455 |
| **7/21** | 15998 | 12288 | 15580 |
| **8/21** | 16154 | 12265 | 15760 |
| **9/21** | 15759 | 12159 | 15418 |
| **10/21** | 16174 | 12155 | 15787 |
| **11/21** | 15915 | 12191 | 15612 |
| **12/21** | 16258 | 12160 | 15945 |
| **1/22** | 15701 | 11898 | 15392 |
| **2/22** | 15395 | 11765 | 15201 |
| **3/22** | 15338 | 11439 | 15193 |
| **4/22** | 14532 | 11005 | 14419 |
| **5/22** | 14611 | 11075 | 14470 |
| **6/22** | 13874 | 10902 | 13776 |
| **7/22** | 14543 | 11168 | 14401 |
| **8/22** | 14101 | 10853 | 14003 |
| **9/22** | 13215 | 10384 | 13144 |
| **10/22** | 13578 | 10249 | 13510 |
| **11/22** | 14225 | 10626 | 14160 |
| **12/22** | 13897 | 10578 | 13902 |
| **1/23** | 14557 | 10904 | 14537 |
| **2/23** | 14221 | 10622 | 14241 |
| **3/23** | 14482 | 10891 | 14532 |
| **4/23** | 14619 | 10957 | 14661 |
| **5/23** | 14433 | 10838 | 14497 |
| **6/23** | 14819 | 10799 | 14858 |
| **7/23** | 15043 | 10792 | 15103 |
| **8/23** | 14843 | 10723 | 14886 |
| **9/23** | 14395 | 10451 | 14452 |
| **10/23** | 14109 | 10286 | 14158 |
| **11/23** | 14956 | 10751 | 15007 |
| **12/23** | 15564 | 11163 | 15614 |
| **1/24** | 15590 | 11132 | 15633 |
| **2/24** | 15799 | 10975 | 15824 |
| **3/24** | 16113 | 11076 | 16115 |
| **4/24** | 15694 | 10797 | 15716 |
| **5/24** | 16074 | 10980 | 16132 |
| **6/24** | 16191 | 11084 | 16320 |
| **7/24** | 16518 | 11342 | 16658 |
| **8/24** | 16806 | 11505 | 16932 |
| **9/24** | 17041 | 11660 | 17206 |
| **10/24** | 16714 | 11370 | 16849 |
| **11/24** | 17120 | 11491 | 17197 |
| **12/24** | 16706 | 11303 | 16878 |
| **1/25** | 17043 | 11362 | 17162 |
| **2/25** | 17170 | 11612 | 17295 |
| **3/25** | 16861 | 11617 | 17056 |
| **4/25** | 16875 | 11663 | 17145 |
| **5/25** | 17240 | 11579 | 17499 |
| **6/25** | 17676 | 11757 | 17937 |
| **7/25** | 17746 | 11726 | 18016 |
| **8/25** | 18055 | 11866 | 18346 |
| **9/25** | 18308 | 11996 | 18675 |
| **10/25** | 18406 | 12071 | 18872 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class J Shares Excluding Sales Charge | 10.12% | 6.20% | 6.29% |
| Class J Shares Including Sales Charge | 9.12% | 6.20% | 6.29% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2020 Index | 12.01% | 6.90% | 6.56% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2020 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,016,983

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 25.6%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 57.86% |
| Domestic Equity Funds | 28.69% |
| International Equity Funds | 13.09% |
| Specialty Funds | 0.37% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV857ARJ-0

# Institutional

# PLWIX

# Principal LifeTime 2020 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ic193abbcb9b7a54f602bfd81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $18,701** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2020 Index $18,872** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9979 | 9974 | 9995 |
| **12/15** | 9827 | 9941 | 9846 |
| **1/16** | 9505 | 10078 | 9585 |
| **2/16** | 9474 | 10150 | 9579 |
| **3/16** | 9903 | 10243 | 10020 |
| **4/16** | 10003 | 10282 | 10089 |
| **5/16** | 10064 | 10285 | 10153 |
| **6/16** | 10095 | 10469 | 10219 |
| **7/16** | 10356 | 10536 | 10459 |
| **8/16** | 10386 | 10524 | 10474 |
| **9/16** | 10417 | 10517 | 10504 |
| **10/16** | 10271 | 10437 | 10348 |
| **11/16** | 10287 | 10190 | 10411 |
| **12/16** | 10400 | 10205 | 10557 |
| **1/17** | 10591 | 10225 | 10699 |
| **2/17** | 10782 | 10293 | 10888 |
| **3/17** | 10837 | 10288 | 10945 |
| **4/17** | 10988 | 10367 | 11059 |
| **5/17** | 11132 | 10447 | 11184 |
| **6/17** | 11163 | 10437 | 11224 |
| **7/17** | 11362 | 10481 | 11374 |
| **8/17** | 11426 | 10575 | 11405 |
| **9/17** | 11577 | 10525 | 11539 |
| **10/17** | 11720 | 10531 | 11665 |
| **11/17** | 11855 | 10518 | 11810 |
| **12/17** | 11957 | 10566 | 11908 |
| **1/18** | 12318 | 10444 | 12161 |
| **2/18** | 11923 | 10345 | 11863 |
| **3/18** | 11856 | 10412 | 11799 |
| **4/18** | 11906 | 10334 | 11825 |
| **5/18** | 11965 | 10408 | 11936 |
| **6/18** | 11940 | 10395 | 11927 |
| **7/18** | 12159 | 10398 | 12102 |
| **8/18** | 12251 | 10464 | 12224 |
| **9/18** | 12251 | 10397 | 12205 |
| **10/18** | 11654 | 10315 | 11694 |
| **11/18** | 11738 | 10377 | 11821 |
| **12/18** | 11275 | 10567 | 11413 |
| **1/19** | 11852 | 10679 | 11941 |
| **2/19** | 12069 | 10673 | 12121 |
| **3/19** | 12231 | 10878 | 12263 |
| **4/19** | 12502 | 10881 | 12480 |
| **5/19** | 12195 | 11074 | 12172 |
| **6/19** | 12674 | 11213 | 12616 |
| **7/19** | 12719 | 11238 | 12665 |
| **8/19** | 12719 | 11529 | 12648 |
| **9/19** | 12809 | 11468 | 12764 |
| **10/19** | 12953 | 11502 | 12930 |
| **11/19** | 13134 | 11496 | 13093 |
| **12/19** | 13347 | 11488 | 13299 |
| **1/20** | 13406 | 11709 | 13317 |
| **2/20** | 12984 | 11920 | 12856 |
| **3/20** | 11796 | 11850 | 11896 |
| **4/20** | 12620 | 12061 | 12638 |
| **5/20** | 13042 | 12117 | 12963 |
| **6/20** | 13268 | 12193 | 13162 |
| **7/20** | 13720 | 12375 | 13548 |
| **8/20** | 14092 | 12275 | 13850 |
| **9/20** | 13886 | 12269 | 13654 |
| **10/20** | 13729 | 12214 | 13516 |
| **11/20** | 14642 | 12334 | 14335 |
| **12/20** | 15042 | 12351 | 14661 |
| **1/21** | 14928 | 12262 | 14616 |
| **2/21** | 15136 | 12085 | 14730 |
| **3/21** | 15302 | 11934 | 14875 |
| **4/21** | 15728 | 12028 | 15218 |
| **5/21** | 15863 | 12068 | 15341 |
| **6/21** | 15988 | 12152 | 15455 |
| **7/21** | 16133 | 12288 | 15580 |
| **8/21** | 16300 | 12265 | 15760 |
| **9/21** | 15905 | 12159 | 15418 |
| **10/21** | 16321 | 12155 | 15787 |
| **11/21** | 16071 | 12191 | 15612 |
| **12/21** | 16409 | 12160 | 15945 |
| **1/22** | 15851 | 11898 | 15392 |
| **2/22** | 15555 | 11765 | 15201 |
| **3/22** | 15498 | 11439 | 15193 |
| **4/22** | 14690 | 11005 | 14419 |
| **5/22** | 14758 | 11075 | 14470 |
| **6/22** | 14018 | 10902 | 13776 |
| **7/22** | 14701 | 11168 | 14401 |
| **8/22** | 14257 | 10853 | 14003 |
| **9/22** | 13369 | 10384 | 13144 |
| **10/22** | 13733 | 10249 | 13510 |
| **11/22** | 14382 | 10626 | 14160 |
| **12/22** | 14055 | 10578 | 13902 |
| **1/23** | 14730 | 10904 | 14537 |
| **2/23** | 14380 | 10622 | 14241 |
| **3/23** | 14655 | 10891 | 14532 |
| **4/23** | 14792 | 10957 | 14661 |
| **5/23** | 14605 | 10838 | 14497 |
| **6/23** | 14993 | 10799 | 14858 |
| **7/23** | 15230 | 10792 | 15103 |
| **8/23** | 15018 | 10723 | 14886 |
| **9/23** | 14567 | 10451 | 14452 |
| **10/23** | 14292 | 10286 | 14158 |
| **11/23** | 15143 | 10751 | 15007 |
| **12/23** | 15776 | 11163 | 15614 |
| **1/24** | 15789 | 11132 | 15633 |
| **2/24** | 16012 | 10975 | 15824 |
| **3/24** | 16328 | 11076 | 16115 |
| **4/24** | 15907 | 10797 | 15716 |
| **5/24** | 16302 | 10980 | 16132 |
| **6/24** | 16407 | 11084 | 16320 |
| **7/24** | 16749 | 11342 | 16658 |
| **8/24** | 17038 | 11505 | 16932 |
| **9/24** | 17275 | 11660 | 17206 |
| **10/24** | 16946 | 11370 | 16849 |
| **11/24** | 17367 | 11491 | 17197 |
| **12/24** | 16949 | 11303 | 16878 |
| **1/25** | 17302 | 11362 | 17162 |
| **2/25** | 17415 | 11612 | 17295 |
| **3/25** | 17104 | 11617 | 17056 |
| **4/25** | 17132 | 11663 | 17145 |
| **5/25** | 17500 | 11579 | 17499 |
| **6/25** | 17938 | 11757 | 17937 |
| **7/25** | 18009 | 11726 | 18016 |
| **8/25** | 18334 | 11866 | 18346 |
| **9/25** | 18603 | 11996 | 18675 |
| **10/25** | 18701 | 12071 | 18872 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 10.36% | 6.38% | 6.46% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2020 Index | 12.01% | 6.90% | 6.56% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2020 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,016,983

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 25.6%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 57.86% |
| Domestic Equity Funds | 28.69% |
| International Equity Funds | 13.09% |
| Specialty Funds | 0.37% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV857ARI-0

# R-3

# PTBMX

# Principal LifeTime 2020 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $60 | 0.57% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i3e2c922dbb10a358ba04f86d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $17,684** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2020 Index $18,872** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9979 | 9974 | 9995 |
| **12/15** | 9826 | 9941 | 9846 |
| **1/16** | 9494 | 10078 | 9585 |
| **2/16** | 9455 | 10150 | 9579 |
| **3/16** | 9887 | 10243 | 10020 |
| **4/16** | 9980 | 10282 | 10089 |
| **5/16** | 10042 | 10285 | 10153 |
| **6/16** | 10065 | 10469 | 10219 |
| **7/16** | 10320 | 10536 | 10459 |
| **8/16** | 10343 | 10524 | 10474 |
| **9/16** | 10366 | 10517 | 10504 |
| **10/16** | 10219 | 10437 | 10348 |
| **11/16** | 10227 | 10190 | 10411 |
| **12/16** | 10334 | 10205 | 10557 |
| **1/17** | 10525 | 10225 | 10699 |
| **2/17** | 10708 | 10293 | 10888 |
| **3/17** | 10756 | 10288 | 10945 |
| **4/17** | 10899 | 10367 | 11059 |
| **5/17** | 11043 | 10447 | 11184 |
| **6/17** | 11066 | 10437 | 11224 |
| **7/17** | 11258 | 10481 | 11374 |
| **8/17** | 11313 | 10575 | 11405 |
| **9/17** | 11457 | 10525 | 11539 |
| **10/17** | 11600 | 10531 | 11665 |
| **11/17** | 11727 | 10518 | 11810 |
| **12/17** | 11817 | 10566 | 11908 |
| **1/18** | 12169 | 10444 | 12161 |
| **2/18** | 11775 | 10345 | 11863 |
| **3/18** | 11700 | 10412 | 11799 |
| **4/18** | 11742 | 10334 | 11825 |
| **5/18** | 11800 | 10408 | 11936 |
| **6/18** | 11767 | 10395 | 11927 |
| **7/18** | 11976 | 10398 | 12102 |
| **8/18** | 12060 | 10464 | 12224 |
| **9/18** | 12060 | 10397 | 12205 |
| **10/18** | 11465 | 10315 | 11694 |
| **11/18** | 11541 | 10377 | 11821 |
| **12/18** | 11079 | 10567 | 11413 |
| **1/19** | 11642 | 10679 | 11941 |
| **2/19** | 11848 | 10673 | 12121 |
| **3/19** | 12009 | 10878 | 12263 |
| **4/19** | 12268 | 10881 | 12480 |
| **5/19** | 11955 | 11074 | 12172 |
| **6/19** | 12420 | 11213 | 12616 |
| **7/19** | 12464 | 11238 | 12665 |
| **8/19** | 12455 | 11529 | 12648 |
| **9/19** | 12536 | 11468 | 12764 |
| **10/19** | 12670 | 11502 | 12930 |
| **11/19** | 12849 | 11496 | 13093 |
| **12/19** | 13047 | 11488 | 13299 |
| **1/20** | 13095 | 11709 | 13317 |
| **2/20** | 12680 | 11920 | 12856 |
| **3/20** | 11510 | 11850 | 11896 |
| **4/20** | 12313 | 12061 | 12638 |
| **5/20** | 12709 | 12117 | 12963 |
| **6/20** | 12931 | 12193 | 13162 |
| **7/20** | 13366 | 12375 | 13548 |
| **8/20** | 13724 | 12275 | 13850 |
| **9/20** | 13511 | 12269 | 13654 |
| **10/20** | 13356 | 12214 | 13516 |
| **11/20** | 14236 | 12334 | 14335 |
| **12/20** | 14621 | 12351 | 14661 |
| **1/21** | 14499 | 12262 | 14616 |
| **2/21** | 14692 | 12085 | 14730 |
| **3/21** | 14855 | 11934 | 14875 |
| **4/21** | 15263 | 12028 | 15218 |
| **5/21** | 15385 | 12068 | 15341 |
| **6/21** | 15497 | 12152 | 15455 |
| **7/21** | 15630 | 12288 | 15580 |
| **8/21** | 15783 | 12265 | 15760 |
| **9/21** | 15395 | 12159 | 15418 |
| **10/21** | 15793 | 12155 | 15787 |
| **11/21** | 15538 | 12191 | 15612 |
| **12/21** | 15862 | 12160 | 15945 |
| **1/22** | 15307 | 11898 | 15392 |
| **2/22** | 15018 | 11765 | 15201 |
| **3/22** | 14951 | 11439 | 15193 |
| **4/22** | 14162 | 11005 | 14419 |
| **5/22** | 14229 | 11075 | 14470 |
| **6/22** | 13507 | 10902 | 13776 |
| **7/22** | 14151 | 11168 | 14401 |
| **8/22** | 13729 | 10853 | 14003 |
| **9/22** | 12863 | 10384 | 13144 |
| **10/22** | 13207 | 10249 | 13510 |
| **11/22** | 13829 | 10626 | 14160 |
| **12/22** | 13501 | 10578 | 13902 |
| **1/23** | 14144 | 10904 | 14537 |
| **2/23** | 13804 | 10622 | 14241 |
| **3/23** | 14059 | 10891 | 14532 |
| **4/23** | 14192 | 10957 | 14661 |
| **5/23** | 13998 | 10838 | 14497 |
| **6/23** | 14374 | 10799 | 14858 |
| **7/23** | 14593 | 10792 | 15103 |
| **8/23** | 14387 | 10723 | 14886 |
| **9/23** | 13938 | 10451 | 14452 |
| **10/23** | 13671 | 10286 | 14158 |
| **11/23** | 14484 | 10751 | 15007 |
| **12/23** | 15072 | 11163 | 15614 |
| **1/24** | 15085 | 11132 | 15633 |
| **2/24** | 15275 | 10975 | 15824 |
| **3/24** | 15580 | 11076 | 16115 |
| **4/24** | 15174 | 10797 | 15716 |
| **5/24** | 15529 | 10980 | 16132 |
| **6/24** | 15631 | 11084 | 16320 |
| **7/24** | 15960 | 11342 | 16658 |
| **8/24** | 16214 | 11505 | 16932 |
| **9/24** | 16430 | 11660 | 17206 |
| **10/24** | 16113 | 11370 | 16849 |
| **11/24** | 16506 | 11491 | 17197 |
| **12/24** | 16109 | 11303 | 16878 |
| **1/25** | 16421 | 11362 | 17162 |
| **2/25** | 16530 | 11612 | 17295 |
| **3/25** | 16231 | 11617 | 17056 |
| **4/25** | 16245 | 11663 | 17145 |
| **5/25** | 16584 | 11579 | 17499 |
| **6/25** | 16992 | 11757 | 17937 |
| **7/25** | 17060 | 11726 | 18016 |
| **8/25** | 17345 | 11866 | 18346 |
| **9/25** | 17589 | 11996 | 18675 |
| **10/25** | 17684 | 12071 | 18872 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 9.76% | 5.77% | 5.87% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2020 Index | 12.01% | 6.90% | 6.56% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2020 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,016,983

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 25.6%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 57.86% |
| Domestic Equity Funds | 28.69% |
| International Equity Funds | 13.09% |
| Specialty Funds | 0.37% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV857ARR3-0

# R-5

# PTBPX

# Principal LifeTime 2020 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $27 | 0.26% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i0c336ba2410b69a4acc80289.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $18,239** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2020 Index $18,872** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9986 | 9974 | 9995 |
| **12/15** | 9827 | 9941 | 9846 |
| **1/16** | 9504 | 10078 | 9585 |
| **2/16** | 9465 | 10150 | 9579 |
| **3/16** | 9896 | 10243 | 10020 |
| **4/16** | 9996 | 10282 | 10089 |
| **5/16** | 10058 | 10285 | 10153 |
| **6/16** | 10081 | 10469 | 10219 |
| **7/16** | 10343 | 10536 | 10459 |
| **8/16** | 10366 | 10524 | 10474 |
| **9/16** | 10397 | 10517 | 10504 |
| **10/16** | 10250 | 10437 | 10348 |
| **11/16** | 10266 | 10190 | 10411 |
| **12/16** | 10373 | 10205 | 10557 |
| **1/17** | 10564 | 10225 | 10699 |
| **2/17** | 10747 | 10293 | 10888 |
| **3/17** | 10803 | 10288 | 10945 |
| **4/17** | 10946 | 10367 | 11059 |
| **5/17** | 11098 | 10447 | 11184 |
| **6/17** | 11121 | 10437 | 11224 |
| **7/17** | 11320 | 10481 | 11374 |
| **8/17** | 11376 | 10575 | 11405 |
| **9/17** | 11520 | 10525 | 11539 |
| **10/17** | 11671 | 10531 | 11665 |
| **11/17** | 11798 | 10518 | 11810 |
| **12/17** | 11893 | 10566 | 11908 |
| **1/18** | 12254 | 10444 | 12161 |
| **2/18** | 11859 | 10345 | 11863 |
| **3/18** | 11783 | 10412 | 11799 |
| **4/18** | 11834 | 10334 | 11825 |
| **5/18** | 11893 | 10408 | 11936 |
| **6/18** | 11859 | 10395 | 11927 |
| **7/18** | 12077 | 10398 | 12102 |
| **8/18** | 12170 | 10464 | 12224 |
| **9/18** | 12170 | 10397 | 12205 |
| **10/18** | 11565 | 10315 | 11694 |
| **11/18** | 11649 | 10377 | 11821 |
| **12/18** | 11188 | 10567 | 11413 |
| **1/19** | 11755 | 10679 | 11941 |
| **2/19** | 11971 | 10673 | 12121 |
| **3/19** | 12133 | 10878 | 12263 |
| **4/19** | 12394 | 10881 | 12480 |
| **5/19** | 12088 | 11074 | 12172 |
| **6/19** | 12555 | 11213 | 12616 |
| **7/19** | 12600 | 11238 | 12665 |
| **8/19** | 12600 | 11529 | 12648 |
| **9/19** | 12681 | 11468 | 12764 |
| **10/19** | 12825 | 11502 | 12930 |
| **11/19** | 13005 | 11496 | 13093 |
| **12/19** | 13209 | 11488 | 13299 |
| **1/20** | 13267 | 11709 | 13317 |
| **2/20** | 12848 | 11920 | 12856 |
| **3/20** | 11667 | 11850 | 11896 |
| **4/20** | 12487 | 12061 | 12638 |
| **5/20** | 12896 | 12117 | 12963 |
| **6/20** | 13111 | 12193 | 13162 |
| **7/20** | 13560 | 12375 | 13548 |
| **8/20** | 13930 | 12275 | 13850 |
| **9/20** | 13716 | 12269 | 13654 |
| **10/20** | 13560 | 12214 | 13516 |
| **11/20** | 14457 | 12334 | 14335 |
| **12/20** | 14857 | 12351 | 14661 |
| **1/21** | 14734 | 12262 | 14616 |
| **2/21** | 14940 | 12085 | 14730 |
| **3/21** | 15105 | 11934 | 14875 |
| **4/21** | 15517 | 12028 | 15218 |
| **5/21** | 15651 | 12068 | 15341 |
| **6/21** | 15765 | 12152 | 15455 |
| **7/21** | 15909 | 12288 | 15580 |
| **8/21** | 16064 | 12265 | 15760 |
| **9/21** | 15672 | 12159 | 15418 |
| **10/21** | 16084 | 12155 | 15787 |
| **11/21** | 15826 | 12191 | 15612 |
| **12/21** | 16161 | 12160 | 15945 |
| **1/22** | 15609 | 11898 | 15392 |
| **2/22** | 15305 | 11765 | 15201 |
| **3/22** | 15248 | 11439 | 15193 |
| **4/22** | 14448 | 11005 | 14419 |
| **5/22** | 14516 | 11075 | 14470 |
| **6/22** | 13783 | 10902 | 13776 |
| **7/22** | 14448 | 11168 | 14401 |
| **8/22** | 14020 | 10853 | 14003 |
| **9/22** | 13141 | 10384 | 13144 |
| **10/22** | 13490 | 10249 | 13510 |
| **11/22** | 14133 | 10626 | 14160 |
| **12/22** | 13804 | 10578 | 13902 |
| **1/23** | 14459 | 10904 | 14537 |
| **2/23** | 14125 | 10622 | 14241 |
| **3/23** | 14384 | 10891 | 14532 |
| **4/23** | 14520 | 10957 | 14661 |
| **5/23** | 14335 | 10838 | 14497 |
| **6/23** | 14718 | 10799 | 14858 |
| **7/23** | 14940 | 10792 | 15103 |
| **8/23** | 14730 | 10723 | 14886 |
| **9/23** | 14286 | 10451 | 14452 |
| **10/23** | 14014 | 10286 | 14158 |
| **11/23** | 14841 | 10751 | 15007 |
| **12/23** | 15451 | 11163 | 15614 |
| **1/24** | 15464 | 11132 | 15633 |
| **2/24** | 15671 | 10975 | 15824 |
| **3/24** | 15995 | 11076 | 16115 |
| **4/24** | 15568 | 10797 | 15716 |
| **5/24** | 15943 | 10980 | 16132 |
| **6/24** | 16060 | 11084 | 16320 |
| **7/24** | 16384 | 11342 | 16658 |
| **8/24** | 16669 | 11505 | 16932 |
| **9/24** | 16889 | 11660 | 17206 |
| **10/24** | 16565 | 11370 | 16849 |
| **11/24** | 16980 | 11491 | 17197 |
| **12/24** | 16571 | 11303 | 16878 |
| **1/25** | 16904 | 11362 | 17162 |
| **2/25** | 17015 | 11612 | 17295 |
| **3/25** | 16710 | 11617 | 17056 |
| **4/25** | 16723 | 11663 | 17145 |
| **5/25** | 17071 | 11579 | 17499 |
| **6/25** | 17516 | 11757 | 17937 |
| **7/25** | 17571 | 11726 | 18016 |
| **8/25** | 17877 | 11866 | 18346 |
| **9/25** | 18141 | 11996 | 18675 |
| **10/25** | 18239 | 12071 | 18872 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 10.10% | 6.11% | 6.19% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2020 Index | 12.01% | 6.90% | 6.56% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2020 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,016,983

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 25.6%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 57.86% |
| Domestic Equity Funds | 28.69% |
| International Equity Funds | 13.09% |
| Specialty Funds | 0.37% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV857ARR5-0

# Institutional

# LTSTX

# Principal LifeTime 2025 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2025 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ib9d038724dd1f18790c24b8d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $19,965** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2025 Index $20,203** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9982 | 9974 | 9999 |
| **12/15** | 9821 | 9941 | 9835 |
| **1/16** | 9460 | 10078 | 9528 |
| **2/16** | 9411 | 10150 | 9511 |
| **3/16** | 9889 | 10243 | 9995 |
| **4/16** | 9986 | 10282 | 10070 |
| **5/16** | 10055 | 10285 | 10142 |
| **6/16** | 10064 | 10469 | 10195 |
| **7/16** | 10357 | 10536 | 10462 |
| **8/16** | 10386 | 10524 | 10481 |
| **9/16** | 10415 | 10517 | 10512 |
| **10/16** | 10250 | 10437 | 10344 |
| **11/16** | 10289 | 10190 | 10441 |
| **12/16** | 10411 | 10205 | 10603 |
| **1/17** | 10634 | 10225 | 10762 |
| **2/17** | 10836 | 10293 | 10970 |
| **3/17** | 10907 | 10288 | 11036 |
| **4/17** | 11068 | 10367 | 11157 |
| **5/17** | 11230 | 10447 | 11294 |
| **6/17** | 11271 | 10437 | 11344 |
| **7/17** | 11493 | 10481 | 11520 |
| **8/17** | 11554 | 10575 | 11544 |
| **9/17** | 11726 | 10525 | 11710 |
| **10/17** | 11897 | 10531 | 11860 |
| **11/17** | 12049 | 10518 | 12035 |
| **12/17** | 12156 | 10566 | 12146 |
| **1/18** | 12580 | 10444 | 12470 |
| **2/18** | 12135 | 10345 | 12122 |
| **3/18** | 12050 | 10412 | 12033 |
| **4/18** | 12114 | 10334 | 12074 |
| **5/18** | 12188 | 10408 | 12195 |
| **6/18** | 12156 | 10395 | 12182 |
| **7/18** | 12410 | 10398 | 12391 |
| **8/18** | 12516 | 10464 | 12527 |
| **9/18** | 12516 | 10397 | 12513 |
| **10/18** | 11839 | 10315 | 11904 |
| **11/18** | 11944 | 10377 | 12050 |
| **12/18** | 11378 | 10567 | 11536 |
| **1/19** | 12043 | 10679 | 12147 |
| **2/19** | 12302 | 10673 | 12363 |
| **3/19** | 12460 | 10878 | 12502 |
| **4/19** | 12775 | 10881 | 12761 |
| **5/19** | 12381 | 11074 | 12359 |
| **6/19** | 12933 | 11213 | 12875 |
| **7/19** | 12989 | 11238 | 12927 |
| **8/19** | 12956 | 11529 | 12858 |
| **9/19** | 13068 | 11468 | 13009 |
| **10/19** | 13237 | 11502 | 13208 |
| **11/19** | 13463 | 11496 | 13403 |
| **12/19** | 13709 | 11488 | 13656 |
| **1/20** | 13745 | 11709 | 13636 |
| **2/20** | 13203 | 11920 | 13042 |
| **3/20** | 11818 | 11850 | 11890 |
| **4/20** | 12745 | 12061 | 12739 |
| **5/20** | 13227 | 12117 | 13116 |
| **6/20** | 13480 | 12193 | 13346 |
| **7/20** | 13998 | 12375 | 13787 |
| **8/20** | 14444 | 12275 | 14180 |
| **9/20** | 14203 | 12269 | 13933 |
| **10/20** | 14022 | 12214 | 13771 |
| **11/20** | 15107 | 12334 | 14778 |
| **12/20** | 15587 | 12351 | 15187 |
| **1/21** | 15447 | 12262 | 15145 |
| **2/21** | 15752 | 12085 | 15334 |
| **3/21** | 15980 | 11934 | 15549 |
| **4/21** | 16487 | 12028 | 15968 |
| **5/21** | 16640 | 12068 | 16116 |
| **6/21** | 16779 | 12152 | 16239 |
| **7/21** | 16931 | 12288 | 16366 |
| **8/21** | 17134 | 12265 | 16584 |
| **9/21** | 16665 | 12159 | 16185 |
| **10/21** | 17185 | 12155 | 16625 |
| **11/21** | 16868 | 12191 | 16410 |
| **12/21** | 17293 | 12160 | 16808 |
| **1/22** | 16637 | 11898 | 16186 |
| **2/22** | 16295 | 11765 | 15964 |
| **3/22** | 16281 | 11439 | 15996 |
| **4/22** | 15352 | 11005 | 15120 |
| **5/22** | 15434 | 11075 | 15179 |
| **6/22** | 14573 | 10902 | 14388 |
| **7/22** | 15352 | 11168 | 15080 |
| **8/22** | 14860 | 10853 | 14660 |
| **9/22** | 13848 | 10384 | 13730 |
| **10/22** | 14313 | 10249 | 14187 |
| **11/22** | 15051 | 10626 | 14904 |
| **12/22** | 14660 | 10578 | 14601 |
| **1/23** | 15428 | 10904 | 15305 |
| **2/23** | 15044 | 10622 | 14997 |
| **3/23** | 15325 | 10891 | 15291 |
| **4/23** | 15487 | 10957 | 15435 |
| **5/23** | 15266 | 10838 | 15263 |
| **6/23** | 15753 | 10799 | 15675 |
| **7/23** | 16033 | 10792 | 15956 |
| **8/23** | 15782 | 10723 | 15710 |
| **9/23** | 15266 | 10451 | 15237 |
| **10/23** | 14956 | 10286 | 14910 |
| **11/23** | 15915 | 10751 | 15838 |
| **12/23** | 16612 | 11163 | 16498 |
| **1/24** | 16627 | 11132 | 16513 |
| **2/24** | 16920 | 10975 | 16742 |
| **3/24** | 17304 | 11076 | 17065 |
| **4/24** | 16812 | 10797 | 16634 |
| **5/24** | 17258 | 10980 | 17090 |
| **6/24** | 17366 | 11084 | 17288 |
| **7/24** | 17751 | 11342 | 17654 |
| **8/24** | 18074 | 11505 | 17956 |
| **9/24** | 18320 | 11660 | 18255 |
| **10/24** | 17966 | 11370 | 17859 |
| **11/24** | 18459 | 11491 | 18242 |
| **12/24** | 17968 | 11303 | 17891 |
| **1/25** | 18377 | 11362 | 18214 |
| **2/25** | 18492 | 11612 | 18339 |
| **3/25** | 18099 | 11617 | 18060 |
| **4/25** | 18132 | 11663 | 18170 |
| **5/25** | 18574 | 11579 | 18597 |
| **6/25** | 19097 | 11757 | 19106 |
| **7/25** | 19179 | 11726 | 19205 |
| **8/25** | 19539 | 11866 | 19588 |
| **9/25** | 19850 | 11996 | 19974 |
| **10/25** | 19965 | 12071 | 20203 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 11.12% | 7.32% | 7.16% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2025 Index | 13.13% | 7.97% | 7.29% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2025 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,381,132

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 30.0%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 51.12% |
| Domestic Equity Funds | 33.23% |
| International Equity Funds | 15.28% |
| Specialty Funds | 0.38% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV858ARI-0

# R-3

# LTVPX

# Principal LifeTime 2025 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2025 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $60 | 0.57% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ic3747c8da767ae7157be7e9c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $18,859** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2025 Index $20,203** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9973 | 9974 | 9999 |
| **12/15** | 9813 | 9941 | 9835 |
| **1/16** | 9437 | 10078 | 9528 |
| **2/16** | 9387 | 10150 | 9511 |
| **3/16** | 9862 | 10243 | 9995 |
| **4/16** | 9951 | 10282 | 10070 |
| **5/16** | 10020 | 10285 | 10142 |
| **6/16** | 10020 | 10469 | 10195 |
| **7/16** | 10307 | 10536 | 10462 |
| **8/16** | 10327 | 10524 | 10481 |
| **9/16** | 10357 | 10517 | 10512 |
| **10/16** | 10188 | 10437 | 10344 |
| **11/16** | 10218 | 10190 | 10441 |
| **12/16** | 10336 | 10205 | 10603 |
| **1/17** | 10550 | 10225 | 10762 |
| **2/17** | 10754 | 10293 | 10970 |
| **3/17** | 10805 | 10288 | 11036 |
| **4/17** | 10969 | 10367 | 11157 |
| **5/17** | 11122 | 10447 | 11294 |
| **6/17** | 11162 | 10437 | 11344 |
| **7/17** | 11366 | 10481 | 11520 |
| **8/17** | 11428 | 10575 | 11544 |
| **9/17** | 11591 | 10525 | 11710 |
| **10/17** | 11754 | 10531 | 11860 |
| **11/17** | 11907 | 10518 | 12035 |
| **12/17** | 12003 | 10566 | 12146 |
| **1/18** | 12418 | 10444 | 12470 |
| **2/18** | 11971 | 10345 | 12122 |
| **3/18** | 11886 | 10412 | 12033 |
| **4/18** | 11939 | 10334 | 12074 |
| **5/18** | 12003 | 10408 | 12195 |
| **6/18** | 11960 | 10395 | 12182 |
| **7/18** | 12216 | 10398 | 12391 |
| **8/18** | 12311 | 10464 | 12527 |
| **9/18** | 12311 | 10397 | 12513 |
| **10/18** | 11641 | 10315 | 11904 |
| **11/18** | 11726 | 10377 | 12050 |
| **12/18** | 11173 | 10567 | 11536 |
| **1/19** | 11815 | 10679 | 12147 |
| **2/19** | 12063 | 10673 | 12363 |
| **3/19** | 12221 | 10878 | 12502 |
| **4/19** | 12525 | 10881 | 12761 |
| **5/19** | 12131 | 11074 | 12359 |
| **6/19** | 12660 | 11213 | 12875 |
| **7/19** | 12705 | 11238 | 12927 |
| **8/19** | 12671 | 11529 | 12858 |
| **9/19** | 12773 | 11468 | 13009 |
| **10/19** | 12930 | 11502 | 13208 |
| **11/19** | 13144 | 11496 | 13403 |
| **12/19** | 13387 | 11488 | 13656 |
| **1/20** | 13411 | 11709 | 13636 |
| **2/20** | 12871 | 11920 | 13042 |
| **3/20** | 11516 | 11850 | 11890 |
| **4/20** | 12415 | 12061 | 12739 |
| **5/20** | 12883 | 12117 | 13116 |
| **6/20** | 13123 | 12193 | 13346 |
| **7/20** | 13615 | 12375 | 13787 |
| **8/20** | 14047 | 12275 | 14180 |
| **9/20** | 13807 | 12269 | 13933 |
| **10/20** | 13615 | 12214 | 13771 |
| **11/20** | 14670 | 12334 | 14778 |
| **12/20** | 15131 | 12351 | 15187 |
| **1/21** | 14993 | 12262 | 15145 |
| **2/21** | 15270 | 12085 | 15334 |
| **3/21** | 15483 | 11934 | 15549 |
| **4/21** | 15974 | 12028 | 15968 |
| **5/21** | 16125 | 12068 | 16116 |
| **6/21** | 16238 | 12152 | 16239 |
| **7/21** | 16389 | 12288 | 16366 |
| **8/21** | 16578 | 12265 | 16584 |
| **9/21** | 16112 | 12159 | 16185 |
| **10/21** | 16603 | 12155 | 16625 |
| **11/21** | 16301 | 12191 | 16410 |
| **12/21** | 16694 | 12160 | 16808 |
| **1/22** | 16059 | 11898 | 16186 |
| **2/22** | 15722 | 11765 | 15964 |
| **3/22** | 15695 | 11439 | 15996 |
| **4/22** | 14790 | 11005 | 15120 |
| **5/22** | 14871 | 11075 | 15179 |
| **6/22** | 14033 | 10902 | 14388 |
| **7/22** | 14763 | 11168 | 15080 |
| **8/22** | 14290 | 10853 | 14660 |
| **9/22** | 13304 | 10384 | 13730 |
| **10/22** | 13750 | 10249 | 14187 |
| **11/22** | 14452 | 10626 | 14904 |
| **12/22** | 14059 | 10578 | 14601 |
| **1/23** | 14800 | 10904 | 15305 |
| **2/23** | 14422 | 10622 | 14997 |
| **3/23** | 14684 | 10891 | 15291 |
| **4/23** | 14829 | 10957 | 15435 |
| **5/23** | 14626 | 10838 | 15263 |
| **6/23** | 15076 | 10799 | 15675 |
| **7/23** | 15337 | 10792 | 15956 |
| **8/23** | 15090 | 10723 | 15710 |
| **9/23** | 14597 | 10451 | 15237 |
| **10/23** | 14277 | 10286 | 14910 |
| **11/23** | 15207 | 10751 | 15838 |
| **12/23** | 15849 | 11163 | 16498 |
| **1/24** | 15865 | 11132 | 16513 |
| **2/24** | 16136 | 10975 | 16742 |
| **3/24** | 16483 | 11076 | 17065 |
| **4/24** | 16015 | 10797 | 16634 |
| **5/24** | 16423 | 10980 | 17090 |
| **6/24** | 16528 | 11084 | 17288 |
| **7/24** | 16890 | 11342 | 17654 |
| **8/24** | 17177 | 11505 | 17956 |
| **9/24** | 17418 | 11660 | 18255 |
| **10/24** | 17056 | 11370 | 17859 |
| **11/24** | 17523 | 11491 | 18242 |
| **12/24** | 17054 | 11303 | 17891 |
| **1/25** | 17437 | 11362 | 18214 |
| **2/25** | 17533 | 11612 | 18339 |
| **3/25** | 17166 | 11617 | 18060 |
| **4/25** | 17166 | 11663 | 18170 |
| **5/25** | 17581 | 11579 | 18597 |
| **6/25** | 18060 | 11757 | 19106 |
| **7/25** | 18140 | 11726 | 19205 |
| **8/25** | 18475 | 11866 | 19588 |
| **9/25** | 18747 | 11996 | 19974 |
| **10/25** | 18859 | 12071 | 20203 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 10.57% | 6.73% | 6.55% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2025 Index | 13.13% | 7.97% | 7.29% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2025 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,381,132

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 30.0%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 51.12% |
| Domestic Equity Funds | 33.23% |
| International Equity Funds | 15.28% |
| Specialty Funds | 0.38% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV858ARR3-0

# R-5

# LTPDX

# Principal LifeTime 2025 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2025 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $27 | 0.26% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i2cc1650376961cba899db644.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $19,457** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2025 Index $20,203** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9982 | 9974 | 9999 |
| **12/15** | 9811 | 9941 | 9835 |
| **1/16** | 9449 | 10078 | 9528 |
| **2/16** | 9400 | 10150 | 9511 |
| **3/16** | 9870 | 10243 | 9995 |
| **4/16** | 9968 | 10282 | 10070 |
| **5/16** | 10037 | 10285 | 10142 |
| **6/16** | 10046 | 10469 | 10195 |
| **7/16** | 10330 | 10536 | 10462 |
| **8/16** | 10360 | 10524 | 10481 |
| **9/16** | 10389 | 10517 | 10512 |
| **10/16** | 10223 | 10437 | 10344 |
| **11/16** | 10262 | 10190 | 10441 |
| **12/16** | 10381 | 10205 | 10603 |
| **1/17** | 10594 | 10225 | 10762 |
| **2/17** | 10796 | 10293 | 10970 |
| **3/17** | 10857 | 10288 | 11036 |
| **4/17** | 11019 | 10367 | 11157 |
| **5/17** | 11181 | 10447 | 11294 |
| **6/17** | 11222 | 10437 | 11344 |
| **7/17** | 11434 | 10481 | 11520 |
| **8/17** | 11495 | 10575 | 11544 |
| **9/17** | 11657 | 10525 | 11710 |
| **10/17** | 11829 | 10531 | 11860 |
| **11/17** | 11981 | 10518 | 12035 |
| **12/17** | 12090 | 10566 | 12146 |
| **1/18** | 12503 | 10444 | 12470 |
| **2/18** | 12059 | 10345 | 12122 |
| **3/18** | 11974 | 10412 | 12033 |
| **4/18** | 12038 | 10334 | 12074 |
| **5/18** | 12101 | 10408 | 12195 |
| **6/18** | 12069 | 10395 | 12182 |
| **7/18** | 12313 | 10398 | 12391 |
| **8/18** | 12419 | 10464 | 12527 |
| **9/18** | 12419 | 10397 | 12513 |
| **10/18** | 11752 | 10315 | 11904 |
| **11/18** | 11847 | 10377 | 12050 |
| **12/18** | 11282 | 10567 | 11536 |
| **1/19** | 11934 | 10679 | 12147 |
| **2/19** | 12192 | 10673 | 12363 |
| **3/19** | 12350 | 10878 | 12502 |
| **4/19** | 12653 | 10881 | 12761 |
| **5/19** | 12271 | 11074 | 12359 |
| **6/19** | 12810 | 11213 | 12875 |
| **7/19** | 12855 | 11238 | 12927 |
| **8/19** | 12822 | 11529 | 12858 |
| **9/19** | 12934 | 11468 | 13009 |
| **10/19** | 13102 | 11502 | 13208 |
| **11/19** | 13316 | 11496 | 13403 |
| **12/19** | 13559 | 11488 | 13656 |
| **1/20** | 13595 | 11709 | 13636 |
| **2/20** | 13044 | 11920 | 13042 |
| **3/20** | 11677 | 11850 | 11890 |
| **4/20** | 12588 | 12061 | 12739 |
| **5/20** | 13068 | 12117 | 13116 |
| **6/20** | 13307 | 12193 | 13346 |
| **7/20** | 13823 | 12375 | 13787 |
| **8/20** | 14266 | 12275 | 14180 |
| **9/20** | 14015 | 12269 | 13933 |
| **10/20** | 13835 | 12214 | 13771 |
| **11/20** | 14914 | 12334 | 14778 |
| **12/20** | 15382 | 12351 | 15187 |
| **1/21** | 15243 | 12262 | 15145 |
| **2/21** | 15533 | 12085 | 15334 |
| **3/21** | 15747 | 11934 | 15549 |
| **4/21** | 16251 | 12028 | 15968 |
| **5/21** | 16402 | 12068 | 16116 |
| **6/21** | 16528 | 12152 | 16239 |
| **7/21** | 16679 | 12288 | 16366 |
| **8/21** | 16881 | 12265 | 16584 |
| **9/21** | 16415 | 12159 | 16185 |
| **10/21** | 16906 | 12155 | 16625 |
| **11/21** | 16604 | 12191 | 16410 |
| **12/21** | 17023 | 12160 | 16808 |
| **1/22** | 16372 | 11898 | 16186 |
| **2/22** | 16034 | 11765 | 15964 |
| **3/22** | 16006 | 11439 | 15996 |
| **4/22** | 15085 | 11005 | 15120 |
| **5/22** | 15180 | 11075 | 15179 |
| **6/22** | 14326 | 10902 | 14388 |
| **7/22** | 15085 | 11168 | 15080 |
| **8/22** | 14597 | 10853 | 14660 |
| **9/22** | 13594 | 10384 | 13730 |
| **10/22** | 14041 | 10249 | 14187 |
| **11/22** | 14773 | 10626 | 14904 |
| **12/22** | 14375 | 10578 | 14601 |
| **1/23** | 15134 | 10904 | 15305 |
| **2/23** | 14754 | 10622 | 14997 |
| **3/23** | 15032 | 10891 | 15291 |
| **4/23** | 15193 | 10957 | 15435 |
| **5/23** | 14974 | 10838 | 15263 |
| **6/23** | 15441 | 10799 | 15675 |
| **7/23** | 15719 | 10792 | 15956 |
| **8/23** | 15470 | 10723 | 15710 |
| **9/23** | 14959 | 10451 | 15237 |
| **10/23** | 14638 | 10286 | 14910 |
| **11/23** | 15587 | 10751 | 15838 |
| **12/23** | 16265 | 11163 | 16498 |
| **1/24** | 16280 | 11132 | 16513 |
| **2/24** | 16553 | 10975 | 16742 |
| **3/24** | 16918 | 11076 | 17065 |
| **4/24** | 16447 | 10797 | 16634 |
| **5/24** | 16873 | 10980 | 17090 |
| **6/24** | 16979 | 11084 | 17288 |
| **7/24** | 17344 | 11342 | 17654 |
| **8/24** | 17663 | 11505 | 17956 |
| **9/24** | 17906 | 11660 | 18255 |
| **10/24** | 17542 | 11370 | 17859 |
| **11/24** | 18028 | 11491 | 18242 |
| **12/24** | 17553 | 11303 | 17891 |
| **1/25** | 17940 | 11362 | 18214 |
| **2/25** | 18053 | 11612 | 18339 |
| **3/25** | 17666 | 11617 | 18060 |
| **4/25** | 17682 | 11663 | 18170 |
| **5/25** | 18118 | 11579 | 18597 |
| **6/25** | 18618 | 11757 | 19106 |
| **7/25** | 18699 | 11726 | 19205 |
| **8/25** | 19037 | 11866 | 19588 |
| **9/25** | 19344 | 11996 | 19974 |
| **10/25** | 19457 | 12071 | 20203 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 10.92% | 7.06% | 6.88% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2025 Index | 13.13% | 7.97% | 7.29% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2025 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,381,132

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 30.0%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 51.12% |
| Domestic Equity Funds | 33.23% |
| International Equity Funds | 15.28% |
| Specialty Funds | 0.38% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV858ARR5-0

# Class A

# PTCAX

# Principal LifeTime 2030 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $34 | 0.32% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i1b05399200805eb2b0985cea.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Shares with maximum sales charge $19,610** | **S&P 1500 Index $37,877** | **S&P Target Date 2030 Index $21,806** |
| **10/15** | 9627 | 10000 | 10000 |
| **11/15** | 9607 | 10045 | 10003 |
| **12/15** | 9450 | 9857 | 9824 |
| **1/16** | 9043 | 9359 | 9477 |
| **2/16** | 8985 | 9360 | 9450 |
| **3/16** | 9465 | 10011 | 9973 |
| **4/16** | 9552 | 10058 | 10052 |
| **5/16** | 9617 | 10242 | 10131 |
| **6/16** | 9610 | 10271 | 10174 |
| **7/16** | 9901 | 10659 | 10464 |
| **8/16** | 9923 | 10680 | 10485 |
| **9/16** | 9952 | 10679 | 10519 |
| **10/16** | 9770 | 10469 | 10339 |
| **11/16** | 9843 | 10918 | 10466 |
| **12/16** | 9961 | 11141 | 10643 |
| **1/17** | 10180 | 11342 | 10817 |
| **2/17** | 10391 | 11772 | 11042 |
| **3/17** | 10458 | 11780 | 11117 |
| **4/17** | 10624 | 11899 | 11245 |
| **5/17** | 10782 | 12037 | 11390 |
| **6/17** | 10827 | 12129 | 11451 |
| **7/17** | 11053 | 12364 | 11649 |
| **8/17** | 11121 | 12375 | 11666 |
| **9/17** | 11294 | 12667 | 11864 |
| **10/17** | 11475 | 12957 | 12037 |
| **11/17** | 11648 | 13362 | 12243 |
| **12/17** | 11756 | 13495 | 12366 |
| **1/18** | 12225 | 14227 | 12760 |
| **2/18** | 11764 | 13695 | 12362 |
| **3/18** | 11661 | 13398 | 12250 |
| **4/18** | 11717 | 13446 | 12305 |
| **5/18** | 11796 | 13802 | 12440 |
| **6/18** | 11748 | 13887 | 12421 |
| **7/18** | 12018 | 14383 | 12669 |
| **8/18** | 12122 | 14858 | 12820 |
| **9/18** | 12130 | 14908 | 12812 |
| **10/18** | 11367 | 13845 | 12095 |
| **11/18** | 11470 | 14135 | 12259 |
| **12/18** | 10844 | 12825 | 11626 |
| **1/19** | 11537 | 13883 | 12328 |
| **2/19** | 11811 | 14342 | 12582 |
| **3/19** | 11965 | 14575 | 12717 |
| **4/19** | 12290 | 15164 | 13024 |
| **5/19** | 11828 | 14175 | 12518 |
| **6/19** | 12410 | 15181 | 13111 |
| **7/19** | 12461 | 15396 | 13165 |
| **8/19** | 12393 | 15114 | 13036 |
| **9/19** | 12513 | 15414 | 13226 |
| **10/19** | 12709 | 15737 | 13458 |
| **11/19** | 12958 | 16299 | 13690 |
| **12/19** | 13225 | 16789 | 13994 |
| **1/20** | 13216 | 16738 | 13931 |
| **2/20** | 12598 | 15341 | 13190 |
| **3/20** | 11136 | 13335 | 11842 |
| **4/20** | 12098 | 15053 | 12799 |
| **5/20** | 12607 | 15790 | 13232 |
| **6/20** | 12852 | 16104 | 13493 |
| **7/20** | 13406 | 16997 | 13983 |
| **8/20** | 13879 | 18171 | 14466 |
| **9/20** | 13606 | 17483 | 14170 |
| **10/20** | 13406 | 17084 | 13983 |
| **11/20** | 14587 | 19015 | 15171 |
| **12/20** | 15106 | 19797 | 15661 |
| **1/21** | 14961 | 19664 | 15619 |
| **2/21** | 15308 | 20279 | 15880 |
| **3/21** | 15568 | 21165 | 16168 |
| **4/21** | 16117 | 22265 | 16662 |
| **5/21** | 16281 | 22422 | 16837 |
| **6/21** | 16416 | 22888 | 16962 |
| **7/21** | 16570 | 23375 | 17089 |
| **8/21** | 16792 | 24065 | 17356 |
| **9/21** | 16271 | 22969 | 16885 |
| **10/21** | 16849 | 24542 | 17418 |
| **11/21** | 16503 | 24330 | 17143 |
| **12/21** | 16982 | 25429 | 17635 |
| **1/22** | 16249 | 24071 | 16919 |
| **2/22** | 15830 | 23430 | 16672 |
| **3/22** | 15841 | 24249 | 16766 |
| **4/22** | 14825 | 22162 | 15767 |
| **5/22** | 14899 | 22218 | 15831 |
| **6/22** | 13988 | 20366 | 14885 |
| **7/22** | 14815 | 22266 | 15696 |
| **8/22** | 14281 | 21369 | 15218 |
| **9/22** | 13234 | 19397 | 14144 |
| **10/22** | 13736 | 21015 | 14720 |
| **11/22** | 14522 | 22188 | 15548 |
| **12/22** | 14069 | 20908 | 15172 |
| **1/23** | 14906 | 22274 | 15990 |
| **2/23** | 14493 | 21746 | 15645 |
| **3/23** | 14757 | 22405 | 15958 |
| **4/23** | 14929 | 22700 | 16123 |
| **5/23** | 14700 | 22741 | 15926 |
| **6/23** | 15262 | 24284 | 16468 |
| **7/23** | 15560 | 25090 | 16825 |
| **8/23** | 15274 | 24656 | 16528 |
| **9/23** | 14700 | 23467 | 15977 |
| **10/23** | 14344 | 22909 | 15596 |
| **11/23** | 15388 | 24988 | 16667 |
| **12/23** | 16143 | 26232 | 17417 |
| **1/24** | 16131 | 26582 | 17431 |
| **2/24** | 16477 | 27997 | 17772 |
| **3/24** | 16871 | 28936 | 18159 |
| **4/24** | 16322 | 27711 | 17651 |
| **5/24** | 16799 | 29077 | 18194 |
| **6/24** | 16918 | 29996 | 18419 |
| **7/24** | 17312 | 30503 | 18831 |
| **8/24** | 17657 | 31170 | 19182 |
| **9/24** | 17908 | 31808 | 19519 |
| **10/24** | 17538 | 31510 | 19085 |
| **11/24** | 18075 | 33451 | 19564 |
| **12/24** | 17542 | 32515 | 19141 |
| **1/25** | 17996 | 33440 | 19534 |
| **2/25** | 18059 | 32911 | 19620 |
| **3/25** | 17618 | 31056 | 19238 |
| **4/25** | 17630 | 30792 | 19352 |
| **5/25** | 18135 | 32708 | 19925 |
| **6/25** | 18689 | 34338 | 20512 |
| **7/25** | 18790 | 35087 | 20636 |
| **8/25** | 19169 | 35864 | 21089 |
| **9/25** | 19497 | 37090 | 21543 |
| **10/25** | 19610 | 37877 | 21806 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class A Shares Excluding Sales Charge | 11.81% | 7.90% | 7.37% |
| Class A Shares Including Sales Charge | 7.64% | 7.07% | 6.97% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2030 Index | 14.26% | 9.29% | 8.11% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2030 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,212,534

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 32.1%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 42.28% |
| Domestic Equity Funds | 39.14% |
| International Equity Funds | 18.12% |
| Specialty Funds | 0.47% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV859ARA-0

# Class J

# PLTJX

# Principal LifeTime 2030 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $18 | 0.17% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ib681dfa75866bba5ad077bd4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $20,771** | **S&P 1500 Index $37,877** | **S&P Target Date 2030 Index $21,806** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9986 | 10045 | 10003 |
| **12/15** | 9818 | 9857 | 9824 |
| **1/16** | 9400 | 9359 | 9477 |
| **2/16** | 9339 | 9360 | 9450 |
| **3/16** | 9841 | 10011 | 9973 |
| **4/16** | 9932 | 10058 | 10052 |
| **5/16** | 10000 | 10242 | 10131 |
| **6/16** | 9993 | 10271 | 10174 |
| **7/16** | 10297 | 10659 | 10464 |
| **8/16** | 10320 | 10680 | 10485 |
| **9/16** | 10350 | 10679 | 10519 |
| **10/16** | 10168 | 10469 | 10339 |
| **11/16** | 10244 | 10918 | 10466 |
| **12/16** | 10370 | 11141 | 10643 |
| **1/17** | 10599 | 11342 | 10817 |
| **2/17** | 10828 | 11772 | 11042 |
| **3/17** | 10891 | 11780 | 11117 |
| **4/17** | 11064 | 11899 | 11245 |
| **5/17** | 11238 | 12037 | 11390 |
| **6/17** | 11285 | 12129 | 11451 |
| **7/17** | 11522 | 12364 | 11649 |
| **8/17** | 11593 | 12375 | 11666 |
| **9/17** | 11782 | 12667 | 11864 |
| **10/17** | 11971 | 12957 | 12037 |
| **11/17** | 12153 | 13362 | 12243 |
| **12/17** | 12259 | 13495 | 12366 |
| **1/18** | 12759 | 14227 | 12760 |
| **2/18** | 12276 | 13695 | 12362 |
| **3/18** | 12167 | 13398 | 12250 |
| **4/18** | 12234 | 13446 | 12305 |
| **5/18** | 12317 | 13802 | 12440 |
| **6/18** | 12276 | 13887 | 12421 |
| **7/18** | 12551 | 14383 | 12669 |
| **8/18** | 12659 | 14858 | 12820 |
| **9/18** | 12668 | 14908 | 12812 |
| **10/18** | 11875 | 13845 | 12095 |
| **11/18** | 11992 | 14135 | 12259 |
| **12/18** | 11335 | 12825 | 11626 |
| **1/19** | 12065 | 13883 | 12328 |
| **2/19** | 12353 | 14342 | 12582 |
| **3/19** | 12515 | 14575 | 12717 |
| **4/19** | 12857 | 15164 | 13024 |
| **5/19** | 12371 | 14175 | 12518 |
| **6/19** | 12993 | 15181 | 13111 |
| **7/19** | 13047 | 15396 | 13165 |
| **8/19** | 12975 | 15114 | 13036 |
| **9/19** | 13101 | 15414 | 13226 |
| **10/19** | 13308 | 15737 | 13458 |
| **11/19** | 13569 | 16299 | 13690 |
| **12/19** | 13848 | 16789 | 13994 |
| **1/20** | 13848 | 16738 | 13931 |
| **2/20** | 13206 | 15341 | 13190 |
| **3/20** | 11673 | 13335 | 11842 |
| **4/20** | 12689 | 15053 | 12799 |
| **5/20** | 13216 | 15790 | 13232 |
| **6/20** | 13474 | 16104 | 13493 |
| **7/20** | 14059 | 16997 | 13983 |
| **8/20** | 14557 | 18171 | 14466 |
| **9/20** | 14280 | 17483 | 14170 |
| **10/20** | 14059 | 17084 | 13983 |
| **11/20** | 15315 | 19015 | 15171 |
| **12/20** | 15860 | 19797 | 15661 |
| **1/21** | 15708 | 19664 | 15619 |
| **2/21** | 16074 | 20279 | 15880 |
| **3/21** | 16349 | 21165 | 16168 |
| **4/21** | 16930 | 22265 | 16662 |
| **5/21** | 17103 | 22422 | 16837 |
| **6/21** | 17246 | 22888 | 16962 |
| **7/21** | 17419 | 23375 | 17089 |
| **8/21** | 17653 | 24065 | 17356 |
| **9/21** | 17103 | 22969 | 16885 |
| **10/21** | 17714 | 24542 | 17418 |
| **11/21** | 17348 | 24330 | 17143 |
| **12/21** | 17862 | 25429 | 17635 |
| **1/22** | 17086 | 24071 | 16919 |
| **2/22** | 16653 | 23430 | 16672 |
| **3/22** | 16664 | 24249 | 16766 |
| **4/22** | 15599 | 22162 | 15767 |
| **5/22** | 15688 | 22218 | 15831 |
| **6/22** | 14723 | 20366 | 14885 |
| **7/22** | 15599 | 22266 | 15696 |
| **8/22** | 15033 | 21369 | 15218 |
| **9/22** | 13935 | 19397 | 14144 |
| **10/22** | 14467 | 21015 | 14720 |
| **11/22** | 15300 | 22188 | 15548 |
| **12/22** | 14826 | 20908 | 15172 |
| **1/23** | 15717 | 22274 | 15990 |
| **2/23** | 15278 | 21746 | 15645 |
| **3/23** | 15558 | 22405 | 15958 |
| **4/23** | 15741 | 22700 | 16123 |
| **5/23** | 15497 | 22741 | 15926 |
| **6/23** | 16095 | 24284 | 16468 |
| **7/23** | 16412 | 25090 | 16825 |
| **8/23** | 16119 | 24656 | 16528 |
| **9/23** | 15509 | 23467 | 15977 |
| **10/23** | 15131 | 22909 | 15596 |
| **11/23** | 16253 | 24988 | 16667 |
| **12/23** | 17041 | 26232 | 17417 |
| **1/24** | 17041 | 26582 | 17431 |
| **2/24** | 17409 | 27997 | 17772 |
| **3/24** | 17828 | 28936 | 18159 |
| **4/24** | 17244 | 27711 | 17651 |
| **5/24** | 17752 | 29077 | 18194 |
| **6/24** | 17879 | 29996 | 18419 |
| **7/24** | 18298 | 30503 | 18831 |
| **8/24** | 18666 | 31170 | 19182 |
| **9/24** | 18946 | 31808 | 19519 |
| **10/24** | 18539 | 31510 | 19085 |
| **11/24** | 19111 | 33451 | 19564 |
| **12/24** | 18563 | 32515 | 19141 |
| **1/25** | 19034 | 33440 | 19534 |
| **2/25** | 19115 | 32911 | 19620 |
| **3/25** | 18644 | 31056 | 19238 |
| **4/25** | 18657 | 30792 | 19352 |
| **5/25** | 19196 | 32708 | 19925 |
| **6/25** | 19788 | 34338 | 20512 |
| **7/25** | 19896 | 35087 | 20636 |
| **8/25** | 20299 | 35864 | 21089 |
| **9/25** | 20636 | 37090 | 21543 |
| **10/25** | 20771 | 37877 | 21806 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class J Shares Excluding Sales Charge | 12.03% | 8.12% | 7.58% |
| Class J Shares Including Sales Charge | 11.03% | 8.12% | 7.58% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2030 Index | 14.26% | 9.29% | 8.11% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2030 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,212,534

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 32.1%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 42.28% |
| Domestic Equity Funds | 39.14% |
| International Equity Funds | 18.12% |
| Specialty Funds | 0.47% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV859ARJ-0

# Institutional

# PMTIX

# Principal LifeTime 2030 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i5cbb3522e122e21fa7054e72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $21,117** | **S&P 1500 Index $37,877** | **S&P Target Date 2030 Index $21,806** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9979 | 10045 | 10003 |
| **12/15** | 9816 | 9857 | 9824 |
| **1/16** | 9399 | 9359 | 9477 |
| **2/16** | 9346 | 9360 | 9450 |
| **3/16** | 9846 | 10011 | 9973 |
| **4/16** | 9937 | 10058 | 10052 |
| **5/16** | 10013 | 10242 | 10131 |
| **6/16** | 10006 | 10271 | 10174 |
| **7/16** | 10309 | 10659 | 10464 |
| **8/16** | 10339 | 10680 | 10485 |
| **9/16** | 10370 | 10679 | 10519 |
| **10/16** | 10188 | 10469 | 10339 |
| **11/16** | 10264 | 10918 | 10466 |
| **12/16** | 10394 | 11141 | 10643 |
| **1/17** | 10623 | 11342 | 10817 |
| **2/17** | 10851 | 11772 | 11042 |
| **3/17** | 10922 | 11780 | 11117 |
| **4/17** | 11096 | 11899 | 11245 |
| **5/17** | 11269 | 12037 | 11390 |
| **6/17** | 11317 | 12129 | 11451 |
| **7/17** | 11553 | 12364 | 11649 |
| **8/17** | 11624 | 12375 | 11666 |
| **9/17** | 11821 | 12667 | 11864 |
| **10/17** | 12011 | 12957 | 12037 |
| **11/17** | 12192 | 13362 | 12243 |
| **12/17** | 12309 | 13495 | 12366 |
| **1/18** | 12810 | 14227 | 12760 |
| **2/18** | 12325 | 13695 | 12362 |
| **3/18** | 12217 | 13398 | 12250 |
| **4/18** | 12284 | 13446 | 12305 |
| **5/18** | 12367 | 13802 | 12440 |
| **6/18** | 12325 | 13887 | 12421 |
| **7/18** | 12609 | 14383 | 12669 |
| **8/18** | 12726 | 14858 | 12820 |
| **9/18** | 12735 | 14908 | 12812 |
| **10/18** | 11933 | 13845 | 12095 |
| **11/18** | 12058 | 14135 | 12259 |
| **12/18** | 11395 | 12825 | 11626 |
| **1/19** | 12136 | 13883 | 12328 |
| **2/19** | 12425 | 14342 | 12582 |
| **3/19** | 12588 | 14575 | 12717 |
| **4/19** | 12931 | 15164 | 13024 |
| **5/19** | 12452 | 14175 | 12518 |
| **6/19** | 13067 | 15181 | 13111 |
| **7/19** | 13130 | 15396 | 13165 |
| **8/19** | 13058 | 15114 | 13036 |
| **9/19** | 13193 | 15414 | 13226 |
| **10/19** | 13401 | 15737 | 13458 |
| **11/19** | 13663 | 16299 | 13690 |
| **12/19** | 13947 | 16789 | 13994 |
| **1/20** | 13947 | 16738 | 13931 |
| **2/20** | 13302 | 15341 | 13190 |
| **3/20** | 11762 | 13335 | 11842 |
| **4/20** | 12782 | 15053 | 12799 |
| **5/20** | 13311 | 15790 | 13232 |
| **6/20** | 13590 | 16104 | 13493 |
| **7/20** | 14168 | 16997 | 13983 |
| **8/20** | 14678 | 18171 | 14466 |
| **9/20** | 14399 | 17483 | 14170 |
| **10/20** | 14178 | 17084 | 13983 |
| **11/20** | 15438 | 19015 | 15171 |
| **12/20** | 15999 | 19797 | 15661 |
| **1/21** | 15845 | 19664 | 15619 |
| **2/21** | 16224 | 20279 | 15880 |
| **3/21** | 16500 | 21165 | 16168 |
| **4/21** | 17084 | 22265 | 16662 |
| **5/21** | 17258 | 22422 | 16837 |
| **6/21** | 17412 | 22888 | 16962 |
| **7/21** | 17586 | 23375 | 17089 |
| **8/21** | 17822 | 24065 | 17356 |
| **9/21** | 17279 | 22969 | 16885 |
| **10/21** | 17893 | 24542 | 17418 |
| **11/21** | 17525 | 24330 | 17143 |
| **12/21** | 18040 | 25429 | 17635 |
| **1/22** | 17269 | 24071 | 16919 |
| **2/22** | 16833 | 23430 | 16672 |
| **3/22** | 16845 | 24249 | 16766 |
| **4/22** | 15772 | 22162 | 15767 |
| **5/22** | 15862 | 22218 | 15831 |
| **6/22** | 14890 | 20366 | 14885 |
| **7/22** | 15772 | 22266 | 15696 |
| **8/22** | 15214 | 21369 | 15218 |
| **9/22** | 14097 | 19397 | 14144 |
| **10/22** | 14633 | 21015 | 14720 |
| **11/22** | 15482 | 22188 | 15548 |
| **12/22** | 15010 | 20908 | 15172 |
| **1/23** | 15907 | 22274 | 15990 |
| **2/23** | 15464 | 21746 | 15645 |
| **3/23** | 15759 | 22405 | 15958 |
| **4/23** | 15944 | 22700 | 16123 |
| **5/23** | 15698 | 22741 | 15926 |
| **6/23** | 16300 | 24284 | 16468 |
| **7/23** | 16620 | 25090 | 16825 |
| **8/23** | 16325 | 24656 | 16528 |
| **9/23** | 15723 | 23467 | 15977 |
| **10/23** | 15341 | 22909 | 15596 |
| **11/23** | 16472 | 24988 | 16667 |
| **12/23** | 17281 | 26232 | 17417 |
| **1/24** | 17281 | 26582 | 17431 |
| **2/24** | 17652 | 27997 | 17772 |
| **3/24** | 18075 | 28936 | 18159 |
| **4/24** | 17486 | 27711 | 17651 |
| **5/24** | 18011 | 29077 | 18194 |
| **6/24** | 18139 | 29996 | 18419 |
| **7/24** | 18575 | 30503 | 18831 |
| **8/24** | 18934 | 31170 | 19182 |
| **9/24** | 19216 | 31808 | 19519 |
| **10/24** | 18819 | 31510 | 19085 |
| **11/24** | 19409 | 33451 | 19564 |
| **12/24** | 18845 | 32515 | 19141 |
| **1/25** | 19334 | 33440 | 19534 |
| **2/25** | 19402 | 32911 | 19620 |
| **3/25** | 18926 | 31056 | 19238 |
| **4/25** | 18953 | 30792 | 19352 |
| **5/25** | 19511 | 32708 | 19925 |
| **6/25** | 20110 | 34338 | 20512 |
| **7/25** | 20219 | 35087 | 20636 |
| **8/25** | 20627 | 35864 | 21089 |
| **9/25** | 20981 | 37090 | 21543 |
| **10/25** | 21117 | 37877 | 21806 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 12.21% | 8.29% | 7.76% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2030 Index | 14.26% | 9.29% | 8.11% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2030 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,212,534

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 32.1%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 42.28% |
| Domestic Equity Funds | 39.14% |
| International Equity Funds | 18.12% |
| Specialty Funds | 0.47% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV859ARI-0

# R-3

# PTCMX

# Principal LifeTime 2030 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $60 | 0.57% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](id2fea639ce20d8caad2ecfd0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $19,964** | **S&P 1500 Index $37,877** | **S&P Target Date 2030 Index $21,806** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9979 | 10045 | 10003 |
| **12/15** | 9808 | 9857 | 9824 |
| **1/16** | 9390 | 9359 | 9477 |
| **2/16** | 9330 | 9360 | 9450 |
| **3/16** | 9823 | 10011 | 9973 |
| **4/16** | 9915 | 10058 | 10052 |
| **5/16** | 9983 | 10242 | 10131 |
| **6/16** | 9968 | 10271 | 10174 |
| **7/16** | 10272 | 10659 | 10464 |
| **8/16** | 10287 | 10680 | 10485 |
| **9/16** | 10317 | 10679 | 10519 |
| **10/16** | 10135 | 10469 | 10339 |
| **11/16** | 10203 | 10918 | 10466 |
| **12/16** | 10321 | 11141 | 10643 |
| **1/17** | 10549 | 11342 | 10817 |
| **2/17** | 10769 | 11772 | 11042 |
| **3/17** | 10832 | 11780 | 11117 |
| **4/17** | 11005 | 11899 | 11245 |
| **5/17** | 11170 | 12037 | 11390 |
| **6/17** | 11209 | 12129 | 11451 |
| **7/17** | 11444 | 12364 | 11649 |
| **8/17** | 11507 | 12375 | 11666 |
| **9/17** | 11696 | 12667 | 11864 |
| **10/17** | 11877 | 12957 | 12037 |
| **11/17** | 12049 | 13362 | 12243 |
| **12/17** | 12160 | 13495 | 12366 |
| **1/18** | 12648 | 14227 | 12760 |
| **2/18** | 12168 | 13695 | 12362 |
| **3/18** | 12061 | 13398 | 12250 |
| **4/18** | 12119 | 13446 | 12305 |
| **5/18** | 12193 | 13802 | 12440 |
| **6/18** | 12143 | 13887 | 12421 |
| **7/18** | 12416 | 14383 | 12669 |
| **8/18** | 12524 | 14858 | 12820 |
| **9/18** | 12524 | 14908 | 12812 |
| **10/18** | 11738 | 13845 | 12095 |
| **11/18** | 11846 | 14135 | 12259 |
| **12/18** | 11198 | 12825 | 11626 |
| **1/19** | 11919 | 13883 | 12328 |
| **2/19** | 12194 | 14342 | 12582 |
| **3/19** | 12345 | 14575 | 12717 |
| **4/19** | 12683 | 15164 | 13024 |
| **5/19** | 12203 | 14175 | 12518 |
| **6/19** | 12808 | 15181 | 13111 |
| **7/19** | 12852 | 15396 | 13165 |
| **8/19** | 12781 | 15114 | 13036 |
| **9/19** | 12906 | 15414 | 13226 |
| **10/19** | 13102 | 15737 | 13458 |
| **11/19** | 13351 | 16299 | 13690 |
| **12/19** | 13625 | 16789 | 13994 |
| **1/20** | 13616 | 16738 | 13931 |
| **2/20** | 12984 | 15341 | 13190 |
| **3/20** | 11467 | 13335 | 11842 |
| **4/20** | 12466 | 15053 | 12799 |
| **5/20** | 12975 | 15790 | 13232 |
| **6/20** | 13239 | 16104 | 13493 |
| **7/20** | 13795 | 16997 | 13983 |
| **8/20** | 14285 | 18171 | 14466 |
| **9/20** | 14002 | 17483 | 14170 |
| **10/20** | 13785 | 17084 | 13983 |
| **11/20** | 15010 | 19015 | 15171 |
| **12/20** | 15539 | 19797 | 15661 |
| **1/21** | 15389 | 19664 | 15619 |
| **2/21** | 15739 | 20279 | 15880 |
| **3/21** | 16008 | 21165 | 16168 |
| **4/21** | 16567 | 22265 | 16662 |
| **5/21** | 16727 | 22422 | 16837 |
| **6/21** | 16866 | 22888 | 16962 |
| **7/21** | 17026 | 23375 | 17089 |
| **8/21** | 17246 | 24065 | 17356 |
| **9/21** | 16707 | 22969 | 16885 |
| **10/21** | 17296 | 24542 | 17418 |
| **11/21** | 16936 | 24330 | 17143 |
| **12/21** | 17426 | 25429 | 17635 |
| **1/22** | 16668 | 24071 | 16919 |
| **2/22** | 16246 | 23430 | 16672 |
| **3/22** | 16257 | 24249 | 16766 |
| **4/22** | 15206 | 22162 | 15767 |
| **5/22** | 15282 | 22218 | 15831 |
| **6/22** | 14340 | 20366 | 14885 |
| **7/22** | 15184 | 22266 | 15696 |
| **8/22** | 14643 | 21369 | 15218 |
| **9/22** | 13560 | 19397 | 14144 |
| **10/22** | 14069 | 21015 | 14720 |
| **11/22** | 14881 | 22188 | 15548 |
| **12/22** | 14411 | 20908 | 15172 |
| **1/23** | 15264 | 22274 | 15990 |
| **2/23** | 14849 | 21746 | 15645 |
| **3/23** | 15110 | 22405 | 15958 |
| **4/23** | 15276 | 22700 | 16123 |
| **5/23** | 15051 | 22741 | 15926 |
| **6/23** | 15608 | 24284 | 16468 |
| **7/23** | 15916 | 25090 | 16825 |
| **8/23** | 15619 | 24656 | 16528 |
| **9/23** | 15039 | 23467 | 15977 |
| **10/23** | 14659 | 22909 | 15596 |
| **11/23** | 15738 | 24988 | 16667 |
| **12/23** | 16501 | 26232 | 17417 |
| **1/24** | 16489 | 26582 | 17431 |
| **2/24** | 16846 | 27997 | 17772 |
| **3/24** | 17239 | 28936 | 18159 |
| **4/24** | 16673 | 27711 | 17651 |
| **5/24** | 17153 | 29077 | 18194 |
| **6/24** | 17276 | 29996 | 18419 |
| **7/24** | 17682 | 30503 | 18831 |
| **8/24** | 18026 | 31170 | 19182 |
| **9/24** | 18284 | 31808 | 19519 |
| **10/24** | 17891 | 31510 | 19085 |
| **11/24** | 18432 | 33451 | 19564 |
| **12/24** | 17898 | 32515 | 19141 |
| **1/25** | 18340 | 33440 | 19534 |
| **2/25** | 18418 | 32911 | 19620 |
| **3/25** | 17950 | 31056 | 19238 |
| **4/25** | 17963 | 30792 | 19352 |
| **5/25** | 18483 | 32708 | 19925 |
| **6/25** | 19041 | 34338 | 20512 |
| **7/25** | 19145 | 35087 | 20636 |
| **8/25** | 19509 | 35864 | 21089 |
| **9/25** | 19834 | 37090 | 21543 |
| **10/25** | 19964 | 37877 | 21806 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 11.59% | 7.69% | 7.16% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2030 Index | 14.26% | 9.29% | 8.11% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2030 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,212,534

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 32.1%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 42.28% |
| Domestic Equity Funds | 39.14% |
| International Equity Funds | 18.12% |
| Specialty Funds | 0.47% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV859ARR3-0

# R-5

# PTCPX

# Principal LifeTime 2030 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $28 | 0.26% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i2c9a8da3d128e6d071a69340.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $20,590** | **S&P 1500 Index $37,877** | **S&P Target Date 2030 Index $21,806** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9986 | 10045 | 10003 |
| **12/15** | 9817 | 9857 | 9824 |
| **1/16** | 9400 | 9359 | 9477 |
| **2/16** | 9339 | 9360 | 9450 |
| **3/16** | 9840 | 10011 | 9973 |
| **4/16** | 9931 | 10058 | 10052 |
| **5/16** | 9999 | 10242 | 10131 |
| **6/16** | 9992 | 10271 | 10174 |
| **7/16** | 10295 | 10659 | 10464 |
| **8/16** | 10318 | 10680 | 10485 |
| **9/16** | 10348 | 10679 | 10519 |
| **10/16** | 10166 | 10469 | 10339 |
| **11/16** | 10242 | 10918 | 10466 |
| **12/16** | 10359 | 11141 | 10643 |
| **1/17** | 10595 | 11342 | 10817 |
| **2/17** | 10815 | 11772 | 11042 |
| **3/17** | 10886 | 11780 | 11117 |
| **4/17** | 11059 | 11899 | 11245 |
| **5/17** | 11224 | 12037 | 11390 |
| **6/17** | 11271 | 12129 | 11451 |
| **7/17** | 11507 | 12364 | 11649 |
| **8/17** | 11578 | 12375 | 11666 |
| **9/17** | 11767 | 12667 | 11864 |
| **10/17** | 11948 | 12957 | 12037 |
| **11/17** | 12129 | 13362 | 12243 |
| **12/17** | 12245 | 13495 | 12366 |
| **1/18** | 12735 | 14227 | 12760 |
| **2/18** | 12253 | 13695 | 12362 |
| **3/18** | 12145 | 13398 | 12250 |
| **4/18** | 12212 | 13446 | 12305 |
| **5/18** | 12287 | 13802 | 12440 |
| **6/18** | 12245 | 13887 | 12421 |
| **7/18** | 12519 | 14383 | 12669 |
| **8/18** | 12636 | 14858 | 12820 |
| **9/18** | 12644 | 14908 | 12812 |
| **10/18** | 11846 | 13845 | 12095 |
| **11/18** | 11963 | 14135 | 12259 |
| **12/18** | 11306 | 12825 | 11626 |
| **1/19** | 12032 | 13883 | 12328 |
| **2/19** | 12319 | 14342 | 12582 |
| **3/19** | 12480 | 14575 | 12717 |
| **4/19** | 12821 | 15164 | 13024 |
| **5/19** | 12337 | 14175 | 12518 |
| **6/19** | 12947 | 15181 | 13111 |
| **7/19** | 13009 | 15396 | 13165 |
| **8/19** | 12929 | 15114 | 13036 |
| **9/19** | 13063 | 15414 | 13226 |
| **10/19** | 13260 | 15737 | 13458 |
| **11/19** | 13520 | 16299 | 13690 |
| **12/19** | 13803 | 16789 | 13994 |
| **1/20** | 13793 | 16738 | 13931 |
| **2/20** | 13155 | 15341 | 13190 |
| **3/20** | 11631 | 13335 | 11842 |
| **4/20** | 12641 | 15053 | 12799 |
| **5/20** | 13164 | 15790 | 13232 |
| **6/20** | 13431 | 16104 | 13493 |
| **7/20** | 14003 | 16997 | 13983 |
| **8/20** | 14508 | 18171 | 14466 |
| **9/20** | 14222 | 17483 | 14170 |
| **10/20** | 14003 | 17084 | 13983 |
| **11/20** | 15241 | 19015 | 15171 |
| **12/20** | 15787 | 19797 | 15661 |
| **1/21** | 15635 | 19664 | 15619 |
| **2/21** | 15999 | 20279 | 15880 |
| **3/21** | 16282 | 21165 | 16168 |
| **4/21** | 16848 | 22265 | 16662 |
| **5/21** | 17020 | 22422 | 16837 |
| **6/21** | 17162 | 22888 | 16962 |
| **7/21** | 17334 | 23375 | 17089 |
| **8/21** | 17566 | 24065 | 17356 |
| **9/21** | 17020 | 22969 | 16885 |
| **10/21** | 17627 | 24542 | 17418 |
| **11/21** | 17263 | 24330 | 17143 |
| **12/21** | 17769 | 25429 | 17635 |
| **1/22** | 16999 | 24071 | 16919 |
| **2/22** | 16559 | 23430 | 16672 |
| **3/22** | 16581 | 24249 | 16766 |
| **4/22** | 15514 | 22162 | 15767 |
| **5/22** | 15602 | 22218 | 15831 |
| **6/22** | 14644 | 20366 | 14885 |
| **7/22** | 15503 | 22266 | 15696 |
| **8/22** | 14952 | 21369 | 15218 |
| **9/22** | 13852 | 19397 | 14144 |
| **10/22** | 14380 | 21015 | 14720 |
| **11/22** | 15206 | 22188 | 15548 |
| **12/22** | 14736 | 20908 | 15172 |
| **1/23** | 15618 | 22274 | 15990 |
| **2/23** | 15183 | 21746 | 15645 |
| **3/23** | 15461 | 22405 | 15958 |
| **4/23** | 15642 | 22700 | 16123 |
| **5/23** | 15401 | 22741 | 15926 |
| **6/23** | 15993 | 24284 | 16468 |
| **7/23** | 16307 | 25090 | 16825 |
| **8/23** | 16005 | 24656 | 16528 |
| **9/23** | 15413 | 23467 | 15977 |
| **10/23** | 15026 | 22909 | 15596 |
| **11/23** | 16138 | 24988 | 16667 |
| **12/23** | 16925 | 26232 | 17417 |
| **1/24** | 16925 | 26582 | 17431 |
| **2/24** | 17277 | 27997 | 17772 |
| **3/24** | 17692 | 28936 | 18159 |
| **4/24** | 17114 | 27711 | 17651 |
| **5/24** | 17616 | 29077 | 18194 |
| **6/24** | 17754 | 29996 | 18419 |
| **7/24** | 18169 | 30503 | 18831 |
| **8/24** | 18521 | 31170 | 19182 |
| **9/24** | 18797 | 31808 | 19519 |
| **10/24** | 18395 | 31510 | 19085 |
| **11/24** | 18961 | 33451 | 19564 |
| **12/24** | 18407 | 32515 | 19141 |
| **1/25** | 18873 | 33440 | 19534 |
| **2/25** | 18953 | 32911 | 19620 |
| **3/25** | 18487 | 31056 | 19238 |
| **4/25** | 18501 | 30792 | 19352 |
| **5/25** | 19033 | 32708 | 19925 |
| **6/25** | 19619 | 34338 | 20512 |
| **7/25** | 19725 | 35087 | 20636 |
| **8/25** | 20124 | 35864 | 21089 |
| **9/25** | 20457 | 37090 | 21543 |
| **10/25** | 20590 | 37877 | 21806 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 11.93% | 8.02% | 7.49% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2030 Index | 14.26% | 9.29% | 8.11% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2030 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,212,534

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 32.1%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 42.28% |
| Domestic Equity Funds | 39.14% |
| International Equity Funds | 18.12% |
| Specialty Funds | 0.47% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV859ARR5-0

# Institutional

# LTIUX

# Principal LifeTime 2035 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2035 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i92f02c868c6e8191aaddd719.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $22,384** | **S&P 1500 Index $37,877** | **S&P Target Date 2035 Index $23,657** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9983 | 10045 | 10006 |
| **12/15** | 9817 | 9857 | 9814 |
| **1/16** | 9350 | 9359 | 9431 |
| **2/16** | 9286 | 9360 | 9394 |
| **3/16** | 9799 | 10011 | 9951 |
| **4/16** | 9891 | 10058 | 10034 |
| **5/16** | 9964 | 10242 | 10120 |
| **6/16** | 9937 | 10271 | 10151 |
| **7/16** | 10257 | 10659 | 10463 |
| **8/16** | 10276 | 10680 | 10489 |
| **9/16** | 10303 | 10679 | 10523 |
| **10/16** | 10111 | 10469 | 10333 |
| **11/16** | 10221 | 10918 | 10491 |
| **12/16** | 10341 | 11141 | 10683 |
| **1/17** | 10589 | 11342 | 10871 |
| **2/17** | 10819 | 11772 | 11113 |
| **3/17** | 10895 | 11780 | 11197 |
| **4/17** | 11077 | 11899 | 11331 |
| **5/17** | 11249 | 12037 | 11486 |
| **6/17** | 11316 | 12129 | 11557 |
| **7/17** | 11564 | 12364 | 11777 |
| **8/17** | 11631 | 12375 | 11789 |
| **9/17** | 11851 | 12667 | 12017 |
| **10/17** | 12061 | 12957 | 12213 |
| **11/17** | 12272 | 13362 | 12446 |
| **12/17** | 12378 | 13495 | 12581 |
| **1/18** | 12923 | 14227 | 13046 |
| **2/18** | 12439 | 13695 | 12600 |
| **3/18** | 12328 | 13398 | 12463 |
| **4/18** | 12389 | 13446 | 12534 |
| **5/18** | 12499 | 13802 | 12677 |
| **6/18** | 12459 | 13887 | 12652 |
| **7/18** | 12751 | 14383 | 12935 |
| **8/18** | 12913 | 14858 | 13100 |
| **9/18** | 12913 | 14908 | 13097 |
| **10/18** | 12066 | 13845 | 12279 |
| **11/18** | 12197 | 14135 | 12461 |
| **12/18** | 11470 | 12825 | 11716 |
| **1/19** | 12273 | 13883 | 12500 |
| **2/19** | 12588 | 14342 | 12791 |
| **3/19** | 12740 | 14575 | 12919 |
| **4/19** | 13110 | 15164 | 13270 |
| **5/19** | 12567 | 14175 | 12664 |
| **6/19** | 13229 | 15181 | 13330 |
| **7/19** | 13294 | 15396 | 13387 |
| **8/19** | 13207 | 15114 | 13199 |
| **9/19** | 13349 | 15414 | 13427 |
| **10/19** | 13566 | 15737 | 13693 |
| **11/19** | 13859 | 16299 | 13959 |
| **12/19** | 14161 | 16789 | 14314 |
| **1/20** | 14115 | 16738 | 14208 |
| **2/20** | 13369 | 15341 | 13322 |
| **3/20** | 11702 | 13335 | 11781 |
| **4/20** | 12821 | 15053 | 12838 |
| **5/20** | 13415 | 15790 | 13319 |
| **6/20** | 13707 | 16104 | 13613 |
| **7/20** | 14336 | 16997 | 14157 |
| **8/20** | 14895 | 18171 | 14742 |
| **9/20** | 14592 | 17483 | 14389 |
| **10/20** | 14383 | 17084 | 14177 |
| **11/20** | 15758 | 19015 | 15564 |
| **12/20** | 16385 | 19797 | 16145 |
| **1/21** | 16250 | 19664 | 16105 |
| **2/21** | 16680 | 20279 | 16455 |
| **3/21** | 16999 | 21165 | 16827 |
| **4/21** | 17650 | 22265 | 17407 |
| **5/21** | 17834 | 22422 | 17611 |
| **6/21** | 18006 | 22888 | 17744 |
| **7/21** | 18191 | 23375 | 17867 |
| **8/21** | 18485 | 24065 | 18200 |
| **9/21** | 17847 | 22969 | 17636 |
| **10/21** | 18547 | 24542 | 18292 |
| **11/21** | 18105 | 24330 | 17944 |
| **12/21** | 18698 | 25429 | 18555 |
| **1/22** | 17816 | 24071 | 17727 |
| **2/22** | 17342 | 23430 | 17441 |
| **3/22** | 17421 | 24249 | 17622 |
| **4/22** | 16222 | 22162 | 16472 |
| **5/22** | 16301 | 22218 | 16542 |
| **6/22** | 15222 | 20366 | 15411 |
| **7/22** | 16209 | 22266 | 16359 |
| **8/22** | 15603 | 21369 | 15810 |
| **9/22** | 14379 | 19397 | 14564 |
| **10/22** | 15050 | 21015 | 15273 |
| **11/22** | 15985 | 22188 | 16236 |
| **12/22** | 15431 | 20908 | 15774 |
| **1/23** | 16422 | 22274 | 16732 |
| **2/23** | 15955 | 21746 | 16337 |
| **3/23** | 16238 | 22405 | 16670 |
| **4/23** | 16450 | 22700 | 16863 |
| **5/23** | 16196 | 22741 | 16634 |
| **6/23** | 16918 | 24284 | 17318 |
| **7/23** | 17300 | 25090 | 17763 |
| **8/23** | 16960 | 24656 | 17405 |
| **9/23** | 16295 | 23467 | 16774 |
| **10/23** | 15884 | 22909 | 16334 |
| **11/23** | 17130 | 24988 | 17562 |
| **12/23** | 17981 | 26232 | 18398 |
| **1/24** | 17981 | 26582 | 18421 |
| **2/24** | 18468 | 27997 | 18894 |
| **3/24** | 18955 | 28936 | 19359 |
| **4/24** | 18321 | 27711 | 18779 |
| **5/24** | 18896 | 29077 | 19417 |
| **6/24** | 19043 | 29996 | 19665 |
| **7/24** | 19501 | 30503 | 20115 |
| **8/24** | 19899 | 31170 | 20512 |
| **9/24** | 20209 | 31808 | 20895 |
| **10/24** | 19781 | 31510 | 20413 |
| **11/24** | 20460 | 33451 | 20976 |
| **12/24** | 19807 | 32515 | 20492 |
| **1/25** | 20369 | 33440 | 20969 |
| **2/25** | 20416 | 32911 | 21006 |
| **3/25** | 19838 | 31056 | 20523 |
| **4/25** | 19853 | 30792 | 20664 |
| **5/25** | 20525 | 32708 | 21407 |
| **6/25** | 21212 | 34338 | 22104 |
| **7/25** | 21353 | 35087 | 22267 |
| **8/25** | 21806 | 35864 | 22800 |
| **9/25** | 22212 | 37090 | 23343 |
| **10/25** | 22384 | 37877 | 23657 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 13.16% | 9.25% | 8.39% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2035 Index | 15.89% | 10.78% | 8.99% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2035 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,032,001

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 37.2%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 45.41% |
| Fixed Income Funds | 33.67% |
| International Equity Funds | 20.93% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV860ARI-0

# R-3

# LTAOX

# Principal LifeTime 2035 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2035 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $61 | 0.57% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i139bf0921af771cfebc6ba57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $21,162** | **S&P 1500 Index $37,877** | **S&P Target Date 2035 Index $23,657** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9982 | 10045 | 10006 |
| **12/15** | 9815 | 9857 | 9814 |
| **1/16** | 9343 | 9359 | 9431 |
| **2/16** | 9268 | 9360 | 9394 |
| **3/16** | 9778 | 10011 | 9951 |
| **4/16** | 9862 | 10058 | 10034 |
| **5/16** | 9936 | 10242 | 10120 |
| **6/16** | 9899 | 10271 | 10151 |
| **7/16** | 10214 | 10659 | 10463 |
| **8/16** | 10223 | 10680 | 10489 |
| **9/16** | 10251 | 10679 | 10523 |
| **10/16** | 10056 | 10469 | 10333 |
| **11/16** | 10158 | 10918 | 10491 |
| **12/16** | 10280 | 11141 | 10683 |
| **1/17** | 10511 | 11342 | 10871 |
| **2/17** | 10742 | 11772 | 11113 |
| **3/17** | 10819 | 11780 | 11197 |
| **4/17** | 10992 | 11899 | 11331 |
| **5/17** | 11155 | 12037 | 11486 |
| **6/17** | 11213 | 12129 | 11557 |
| **7/17** | 11453 | 12364 | 11777 |
| **8/17** | 11511 | 12375 | 11789 |
| **9/17** | 11723 | 12667 | 12017 |
| **10/17** | 11925 | 12957 | 12213 |
| **11/17** | 12127 | 13362 | 12446 |
| **12/17** | 12238 | 13495 | 12581 |
| **1/18** | 12763 | 14227 | 13046 |
| **2/18** | 12279 | 13695 | 12600 |
| **3/18** | 12167 | 13398 | 12463 |
| **4/18** | 12218 | 13446 | 12534 |
| **5/18** | 12329 | 13802 | 12677 |
| **6/18** | 12279 | 13887 | 12652 |
| **7/18** | 12561 | 14383 | 12935 |
| **8/18** | 12713 | 14858 | 13100 |
| **9/18** | 12713 | 14908 | 13097 |
| **10/18** | 11875 | 13845 | 12279 |
| **11/18** | 11996 | 14135 | 12461 |
| **12/18** | 11266 | 12825 | 11716 |
| **1/19** | 12056 | 13883 | 12500 |
| **2/19** | 12359 | 14342 | 12791 |
| **3/19** | 12511 | 14575 | 12919 |
| **4/19** | 12857 | 15164 | 13270 |
| **5/19** | 12327 | 14175 | 12664 |
| **6/19** | 12965 | 15181 | 13330 |
| **7/19** | 13030 | 15396 | 13387 |
| **8/19** | 12922 | 15114 | 13199 |
| **9/19** | 13063 | 15414 | 13427 |
| **10/19** | 13268 | 15737 | 13693 |
| **11/19** | 13550 | 16299 | 13959 |
| **12/19** | 13844 | 16789 | 14314 |
| **1/20** | 13786 | 16738 | 14208 |
| **2/20** | 13057 | 15341 | 13322 |
| **3/20** | 11427 | 13335 | 11781 |
| **4/20** | 12514 | 15053 | 12838 |
| **5/20** | 13080 | 15790 | 13319 |
| **6/20** | 13358 | 16104 | 13613 |
| **7/20** | 13971 | 16997 | 14157 |
| **8/20** | 14503 | 18171 | 14742 |
| **9/20** | 14202 | 17483 | 14389 |
| **10/20** | 13983 | 17084 | 14177 |
| **11/20** | 15313 | 19015 | 15564 |
| **12/20** | 15927 | 19797 | 16145 |
| **1/21** | 15781 | 19664 | 16105 |
| **2/21** | 16194 | 20279 | 16455 |
| **3/21** | 16497 | 21165 | 16827 |
| **4/21** | 17116 | 22265 | 17407 |
| **5/21** | 17286 | 22422 | 17611 |
| **6/21** | 17444 | 22888 | 17744 |
| **7/21** | 17614 | 23375 | 17867 |
| **8/21** | 17893 | 24065 | 18200 |
| **9/21** | 17274 | 22969 | 17636 |
| **10/21** | 17942 | 24542 | 18292 |
| **11/21** | 17505 | 24330 | 17944 |
| **12/21** | 18069 | 25429 | 18555 |
| **1/22** | 17213 | 24071 | 17727 |
| **2/22** | 16747 | 23430 | 17441 |
| **3/22** | 16798 | 24249 | 17622 |
| **4/22** | 15645 | 22162 | 16472 |
| **5/22** | 15723 | 22218 | 16542 |
| **6/22** | 14660 | 20366 | 15411 |
| **7/22** | 15619 | 22266 | 16359 |
| **8/22** | 15023 | 21369 | 15810 |
| **9/22** | 13830 | 19397 | 14564 |
| **10/22** | 14478 | 21015 | 15273 |
| **11/22** | 15360 | 22188 | 16236 |
| **12/22** | 14819 | 20908 | 15774 |
| **1/23** | 15763 | 22274 | 16732 |
| **2/23** | 15319 | 21746 | 16337 |
| **3/23** | 15583 | 22405 | 16670 |
| **4/23** | 15777 | 22700 | 16863 |
| **5/23** | 15527 | 22741 | 16634 |
| **6/23** | 16207 | 24284 | 17318 |
| **7/23** | 16568 | 25090 | 17763 |
| **8/23** | 16235 | 24656 | 17405 |
| **9/23** | 15597 | 23467 | 16774 |
| **10/23** | 15194 | 22909 | 16334 |
| **11/23** | 16374 | 24988 | 17562 |
| **12/23** | 17173 | 26232 | 18398 |
| **1/24** | 17173 | 26582 | 18421 |
| **2/24** | 17620 | 27997 | 18894 |
| **3/24** | 18080 | 28936 | 19359 |
| **4/24** | 17461 | 27711 | 18779 |
| **5/24** | 18008 | 29077 | 19417 |
| **6/24** | 18138 | 29996 | 19665 |
| **7/24** | 18555 | 30503 | 20115 |
| **8/24** | 18944 | 31170 | 20512 |
| **9/24** | 19217 | 31808 | 20895 |
| **10/24** | 18800 | 31510 | 20413 |
| **11/24** | 19433 | 33451 | 20976 |
| **12/24** | 18809 | 32515 | 20492 |
| **1/25** | 19340 | 33440 | 20969 |
| **2/25** | 19385 | 32911 | 21006 |
| **3/25** | 18824 | 31056 | 20523 |
| **4/25** | 18824 | 30792 | 20664 |
| **5/25** | 19461 | 32708 | 21407 |
| **6/25** | 20099 | 34338 | 22104 |
| **7/25** | 20220 | 35087 | 22267 |
| **8/25** | 20645 | 35864 | 22800 |
| **9/25** | 21025 | 37090 | 23343 |
| **10/25** | 21162 | 37877 | 23657 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 12.56% | 8.64% | 7.78% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2035 Index | 15.89% | 10.78% | 8.99% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2035 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,032,001

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 37.2%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 45.41% |
| Fixed Income Funds | 33.67% |
| International Equity Funds | 20.93% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV860ARR3-0

# R-5

# LTPEX

# Principal LifeTime 2035 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2035 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $28 | 0.26% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i6df6516bbd5962c59f375658.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $21,822** | **S&P 1500 Index $37,877** | **S&P Target Date 2035 Index $23,657** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9991 | 10045 | 10006 |
| **12/15** | 9825 | 9857 | 9814 |
| **1/16** | 9347 | 9359 | 9431 |
| **2/16** | 9283 | 9360 | 9394 |
| **3/16** | 9798 | 10011 | 9951 |
| **4/16** | 9881 | 10058 | 10034 |
| **5/16** | 9954 | 10242 | 10120 |
| **6/16** | 9927 | 10271 | 10151 |
| **7/16** | 10239 | 10659 | 10463 |
| **8/16** | 10258 | 10680 | 10489 |
| **9/16** | 10285 | 10679 | 10523 |
| **10/16** | 10092 | 10469 | 10333 |
| **11/16** | 10193 | 10918 | 10491 |
| **12/16** | 10317 | 11141 | 10683 |
| **1/17** | 10556 | 11342 | 10871 |
| **2/17** | 10786 | 11772 | 11113 |
| **3/17** | 10862 | 11780 | 11197 |
| **4/17** | 11044 | 11899 | 11331 |
| **5/17** | 11216 | 12037 | 11486 |
| **6/17** | 11274 | 12129 | 11557 |
| **7/17** | 11523 | 12364 | 11777 |
| **8/17** | 11580 | 12375 | 11789 |
| **9/17** | 11800 | 12667 | 12017 |
| **10/17** | 12001 | 12957 | 12213 |
| **11/17** | 12212 | 13362 | 12446 |
| **12/17** | 12319 | 13495 | 12581 |
| **1/18** | 12853 | 14227 | 13046 |
| **2/18** | 12370 | 13695 | 12600 |
| **3/18** | 12259 | 13398 | 12463 |
| **4/18** | 12319 | 13446 | 12534 |
| **5/18** | 12430 | 13802 | 12677 |
| **6/18** | 12390 | 13887 | 12652 |
| **7/18** | 12672 | 14383 | 12935 |
| **8/18** | 12823 | 14858 | 13100 |
| **9/18** | 12833 | 14908 | 13097 |
| **10/18** | 11987 | 13845 | 12279 |
| **11/18** | 12108 | 14135 | 12461 |
| **12/18** | 11381 | 12825 | 11716 |
| **1/19** | 12182 | 13883 | 12500 |
| **2/19** | 12496 | 14342 | 12791 |
| **3/19** | 12648 | 14575 | 12919 |
| **4/19** | 13005 | 15164 | 13270 |
| **5/19** | 12464 | 14175 | 12664 |
| **6/19** | 13113 | 15181 | 13330 |
| **7/19** | 13178 | 15396 | 13387 |
| **8/19** | 13081 | 15114 | 13199 |
| **9/19** | 13222 | 15414 | 13427 |
| **10/19** | 13438 | 15737 | 13693 |
| **11/19** | 13720 | 16299 | 13959 |
| **12/19** | 14027 | 16789 | 14314 |
| **1/20** | 13980 | 16738 | 14208 |
| **2/20** | 13239 | 15341 | 13322 |
| **3/20** | 11581 | 13335 | 11781 |
| **4/20** | 12682 | 15053 | 12838 |
| **5/20** | 13262 | 15790 | 13319 |
| **6/20** | 13552 | 16104 | 13613 |
| **7/20** | 14178 | 16997 | 14157 |
| **8/20** | 14722 | 18171 | 14742 |
| **9/20** | 14421 | 17483 | 14389 |
| **10/20** | 14212 | 17084 | 14177 |
| **11/20** | 15569 | 19015 | 15564 |
| **12/20** | 16182 | 19797 | 16145 |
| **1/21** | 16047 | 19664 | 16105 |
| **2/21** | 16474 | 20279 | 16455 |
| **3/21** | 16779 | 21165 | 16827 |
| **4/21** | 17413 | 22265 | 17407 |
| **5/21** | 17584 | 22422 | 17611 |
| **6/21** | 17755 | 22888 | 17744 |
| **7/21** | 17938 | 23375 | 17867 |
| **8/21** | 18230 | 24065 | 18200 |
| **9/21** | 17596 | 22969 | 17636 |
| **10/21** | 18279 | 24542 | 18292 |
| **11/21** | 17840 | 24330 | 17944 |
| **12/21** | 18422 | 25429 | 18555 |
| **1/22** | 17548 | 24071 | 17727 |
| **2/22** | 17078 | 23430 | 17441 |
| **3/22** | 17143 | 24249 | 17622 |
| **4/22** | 15956 | 22162 | 16472 |
| **5/22** | 16047 | 22218 | 16542 |
| **6/22** | 14964 | 20366 | 15411 |
| **7/22** | 15943 | 22266 | 16359 |
| **8/22** | 15343 | 21369 | 15810 |
| **9/22** | 14143 | 19397 | 14564 |
| **10/22** | 14795 | 21015 | 15273 |
| **11/22** | 15708 | 22188 | 16236 |
| **12/22** | 15159 | 20908 | 15774 |
| **1/23** | 16125 | 22274 | 16732 |
| **2/23** | 15677 | 21746 | 16337 |
| **3/23** | 15943 | 22405 | 16670 |
| **4/23** | 16153 | 22700 | 16863 |
| **5/23** | 15901 | 22741 | 16634 |
| **6/23** | 16601 | 24284 | 17318 |
| **7/23** | 16965 | 25090 | 17763 |
| **8/23** | 16643 | 24656 | 17405 |
| **9/23** | 15985 | 23467 | 16774 |
| **10/23** | 15579 | 22909 | 16334 |
| **11/23** | 16783 | 24988 | 17562 |
| **12/23** | 17625 | 26232 | 18398 |
| **1/24** | 17625 | 26582 | 18421 |
| **2/24** | 18091 | 27997 | 18894 |
| **3/24** | 18571 | 28936 | 19359 |
| **4/24** | 17931 | 27711 | 18779 |
| **5/24** | 18498 | 29077 | 19417 |
| **6/24** | 18629 | 29996 | 19665 |
| **7/24** | 19081 | 30503 | 20115 |
| **8/24** | 19474 | 31170 | 20512 |
| **9/24** | 19765 | 31808 | 20895 |
| **10/24** | 19343 | 31510 | 20413 |
| **11/24** | 19997 | 33451 | 20976 |
| **12/24** | 19360 | 32515 | 20492 |
| **1/25** | 19898 | 33440 | 20969 |
| **2/25** | 19960 | 32911 | 21006 |
| **3/25** | 19375 | 31056 | 20523 |
| **4/25** | 19391 | 30792 | 20664 |
| **5/25** | 20052 | 32708 | 21407 |
| **6/25** | 20714 | 34338 | 22104 |
| **7/25** | 20853 | 35087 | 22267 |
| **8/25** | 21283 | 35864 | 22800 |
| **9/25** | 21684 | 37090 | 23343 |
| **10/25** | 21822 | 37877 | 23657 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 12.82% | 8.95% | 8.12% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2035 Index | 15.89% | 10.78% | 8.99% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2035 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,032,001

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 37.2%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 45.41% |
| Fixed Income Funds | 33.67% |
| International Equity Funds | 20.93% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV860ARR5-0

# Class A

# PTDAX

# Principal LifeTime 2040 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $36 | 0.34% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i5c45a8c1ca6abbdd3b6f3b63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Shares with maximum sales charge $21,658** | **S&P 1500 Index $37,877** | **S&P Target Date 2040 Index $25,253** |
| **10/15** | 9452 | 10000 | 10000 |
| **11/15** | 9433 | 10045 | 10008 |
| **12/15** | 9274 | 9857 | 9806 |
| **1/16** | 8794 | 9359 | 9397 |
| **2/16** | 8719 | 9360 | 9353 |
| **3/16** | 9233 | 10011 | 9936 |
| **4/16** | 9315 | 10058 | 10021 |
| **5/16** | 9384 | 10242 | 10112 |
| **6/16** | 9343 | 10271 | 10135 |
| **7/16** | 9658 | 10659 | 10463 |
| **8/16** | 9672 | 10680 | 10491 |
| **9/16** | 9700 | 10679 | 10527 |
| **10/16** | 9507 | 10469 | 10329 |
| **11/16** | 9624 | 10918 | 10509 |
| **12/16** | 9741 | 11141 | 10711 |
| **1/17** | 9977 | 11342 | 10910 |
| **2/17** | 10207 | 11772 | 11163 |
| **3/17** | 10278 | 11780 | 11253 |
| **4/17** | 10451 | 11899 | 11391 |
| **5/17** | 10616 | 12037 | 11554 |
| **6/17** | 10680 | 12129 | 11632 |
| **7/17** | 10924 | 12364 | 11866 |
| **8/17** | 10981 | 12375 | 11871 |
| **9/17** | 11197 | 12667 | 12121 |
| **10/17** | 11397 | 12957 | 12333 |
| **11/17** | 11605 | 13362 | 12588 |
| **12/17** | 11713 | 13495 | 12731 |
| **1/18** | 12259 | 14227 | 13241 |
| **2/18** | 11773 | 13695 | 12763 |
| **3/18** | 11667 | 13398 | 12611 |
| **4/18** | 11720 | 13446 | 12692 |
| **5/18** | 11834 | 13802 | 12846 |
| **6/18** | 11789 | 13887 | 12818 |
| **7/18** | 12077 | 14383 | 13123 |
| **8/18** | 12229 | 14858 | 13294 |
| **9/18** | 12236 | 14908 | 13295 |
| **10/18** | 11379 | 13845 | 12410 |
| **11/18** | 11508 | 14135 | 12602 |
| **12/18** | 10751 | 12825 | 11788 |
| **1/19** | 11554 | 13883 | 12625 |
| **2/19** | 11869 | 14342 | 12938 |
| **3/19** | 12010 | 14575 | 13064 |
| **4/19** | 12374 | 15164 | 13442 |
| **5/19** | 11803 | 14175 | 12775 |
| **6/19** | 12465 | 15181 | 13491 |
| **7/19** | 12523 | 15396 | 13549 |
| **8/19** | 12399 | 15114 | 13318 |
| **9/19** | 12548 | 15414 | 13572 |
| **10/19** | 12771 | 15737 | 13860 |
| **11/19** | 13077 | 16299 | 14152 |
| **12/19** | 13384 | 16789 | 14543 |
| **1/20** | 13313 | 16738 | 14405 |
| **2/20** | 12524 | 15341 | 13417 |
| **3/20** | 10858 | 13335 | 11745 |
| **4/20** | 11957 | 15053 | 12869 |
| **5/20** | 12533 | 15790 | 13387 |
| **6/20** | 12808 | 16104 | 13702 |
| **7/20** | 13428 | 16997 | 14281 |
| **8/20** | 13987 | 18171 | 14934 |
| **9/20** | 13676 | 17483 | 14544 |
| **10/20** | 13473 | 17084 | 14318 |
| **11/20** | 14838 | 19015 | 15839 |
| **12/20** | 15473 | 19797 | 16487 |
| **1/21** | 15341 | 19664 | 16454 |
| **2/21** | 15792 | 20279 | 16867 |
| **3/21** | 16130 | 21165 | 17300 |
| **4/21** | 16768 | 22265 | 17939 |
| **5/21** | 16955 | 22422 | 18166 |
| **6/21** | 17115 | 22888 | 18301 |
| **7/21** | 17284 | 23375 | 18423 |
| **8/21** | 17584 | 24065 | 18803 |
| **9/21** | 16937 | 22969 | 18174 |
| **10/21** | 17650 | 24542 | 18919 |
| **11/21** | 17171 | 24330 | 18516 |
| **12/21** | 17787 | 25429 | 19215 |
| **1/22** | 16898 | 24071 | 18306 |
| **2/22** | 16407 | 23430 | 18000 |
| **3/22** | 16529 | 24249 | 18248 |
| **4/22** | 15302 | 22162 | 16993 |
| **5/22** | 15394 | 22218 | 17064 |
| **6/22** | 14259 | 20366 | 15784 |
| **7/22** | 15271 | 22266 | 16834 |
| **8/22** | 14668 | 21369 | 16239 |
| **9/22** | 13430 | 19397 | 14863 |
| **10/22** | 14177 | 21015 | 15685 |
| **11/22** | 15118 | 22188 | 16751 |
| **12/22** | 14512 | 20908 | 16226 |
| **1/23** | 15510 | 22274 | 17284 |
| **2/23** | 15055 | 21746 | 16860 |
| **3/23** | 15321 | 22405 | 17212 |
| **4/23** | 15521 | 22700 | 17423 |
| **5/23** | 15277 | 22741 | 17169 |
| **6/23** | 16065 | 24284 | 17981 |
| **7/23** | 16464 | 25090 | 18509 |
| **8/23** | 16109 | 24656 | 18095 |
| **9/23** | 15443 | 23467 | 17399 |
| **10/23** | 15022 | 22909 | 16905 |
| **11/23** | 16276 | 24988 | 18262 |
| **12/23** | 17112 | 26232 | 19173 |
| **1/24** | 17112 | 26582 | 19199 |
| **2/24** | 17678 | 27997 | 19794 |
| **3/24** | 18187 | 28936 | 20328 |
| **4/24** | 17540 | 27711 | 19690 |
| **5/24** | 18129 | 29077 | 20410 |
| **6/24** | 18256 | 29996 | 20687 |
| **7/24** | 18696 | 30503 | 21174 |
| **8/24** | 19089 | 31170 | 21612 |
| **9/24** | 19389 | 31808 | 22031 |
| **10/24** | 18973 | 31510 | 21519 |
| **11/24** | 19702 | 33451 | 22190 |
| **12/24** | 19021 | 32515 | 21641 |
| **1/25** | 19628 | 33440 | 22196 |
| **2/25** | 19616 | 32911 | 22174 |
| **3/25** | 18960 | 31056 | 21571 |
| **4/25** | 18960 | 30792 | 21719 |
| **5/25** | 19727 | 32708 | 22629 |
| **6/25** | 20457 | 34338 | 23435 |
| **7/25** | 20606 | 35087 | 23642 |
| **8/25** | 21076 | 35864 | 24250 |
| **9/25** | 21497 | 37090 | 24886 |
| **10/25** | 21658 | 37877 | 25253 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class A Shares Excluding Sales Charge | 14.15% | 9.96% | 8.64% |
| Class A Shares Including Sales Charge | 7.84% | 8.73% | 8.03% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2040 Index | 17.35% | 12.02% | 9.71% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2040 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,757,833

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 38.9%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 53.03% |
| International Equity Funds | 24.64% |
| Fixed Income Funds | 22.34% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV861ARA-0

# Class J

# PTDJX

# Principal LifeTime 2040 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $19 | 0.18% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ic741750e0d5264881ec12c0e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $23,338** | **S&P 1500 Index $37,877** | **S&P Target Date 2040 Index $25,253** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9986 | 10045 | 10008 |
| **12/15** | 9819 | 9857 | 9806 |
| **1/16** | 9314 | 9359 | 9397 |
| **2/16** | 9235 | 9360 | 9353 |
| **3/16** | 9783 | 10011 | 9936 |
| **4/16** | 9869 | 10058 | 10021 |
| **5/16** | 9941 | 10242 | 10112 |
| **6/16** | 9898 | 10271 | 10135 |
| **7/16** | 10229 | 10659 | 10463 |
| **8/16** | 10251 | 10680 | 10491 |
| **9/16** | 10280 | 10679 | 10527 |
| **10/16** | 10078 | 10469 | 10329 |
| **11/16** | 10200 | 10918 | 10509 |
| **12/16** | 10330 | 11141 | 10711 |
| **1/17** | 10578 | 11342 | 10910 |
| **2/17** | 10820 | 11772 | 11163 |
| **3/17** | 10903 | 11780 | 11253 |
| **4/17** | 11091 | 11899 | 11391 |
| **5/17** | 11264 | 12037 | 11554 |
| **6/17** | 11332 | 12129 | 11632 |
| **7/17** | 11596 | 12364 | 11866 |
| **8/17** | 11657 | 12375 | 11871 |
| **9/17** | 11883 | 12667 | 12121 |
| **10/17** | 12109 | 12957 | 12333 |
| **11/17** | 12328 | 13362 | 12588 |
| **12/17** | 12440 | 13495 | 12731 |
| **1/18** | 13024 | 14227 | 13241 |
| **2/18** | 12512 | 13695 | 12763 |
| **3/18** | 12400 | 13398 | 12611 |
| **4/18** | 12464 | 13446 | 12692 |
| **5/18** | 12576 | 13802 | 12846 |
| **6/18** | 12536 | 13887 | 12818 |
| **7/18** | 12840 | 14383 | 13123 |
| **8/18** | 13008 | 14858 | 13294 |
| **9/18** | 13016 | 14908 | 13295 |
| **10/18** | 12105 | 13845 | 12410 |
| **11/18** | 12249 | 14135 | 12602 |
| **12/18** | 11443 | 12825 | 11788 |
| **1/19** | 12307 | 13883 | 12625 |
| **2/19** | 12638 | 14342 | 12938 |
| **3/19** | 12786 | 14575 | 13064 |
| **4/19** | 13179 | 15164 | 13442 |
| **5/19** | 12577 | 14175 | 12775 |
| **6/19** | 13275 | 15181 | 13491 |
| **7/19** | 13344 | 15396 | 13549 |
| **8/19** | 13214 | 15114 | 13318 |
| **9/19** | 13379 | 15414 | 13572 |
| **10/19** | 13615 | 15737 | 13860 |
| **11/19** | 13937 | 16299 | 14152 |
| **12/19** | 14266 | 16789 | 14543 |
| **1/20** | 14191 | 16738 | 14405 |
| **2/20** | 13359 | 15341 | 13417 |
| **3/20** | 11583 | 13335 | 11745 |
| **4/20** | 12751 | 15053 | 12869 |
| **5/20** | 13368 | 15790 | 13387 |
| **6/20** | 13677 | 16104 | 13702 |
| **7/20** | 14331 | 16997 | 14281 |
| **8/20** | 14929 | 18171 | 14934 |
| **9/20** | 14612 | 17483 | 14544 |
| **10/20** | 14387 | 17084 | 14318 |
| **11/20** | 15855 | 19015 | 15839 |
| **12/20** | 16533 | 19797 | 16487 |
| **1/21** | 16394 | 19664 | 16454 |
| **2/21** | 16879 | 20279 | 16867 |
| **3/21** | 17236 | 21165 | 17300 |
| **4/21** | 17929 | 22265 | 17939 |
| **5/21** | 18127 | 22422 | 18166 |
| **6/21** | 18296 | 22888 | 18301 |
| **7/21** | 18484 | 23375 | 18423 |
| **8/21** | 18811 | 24065 | 18803 |
| **9/21** | 18118 | 22969 | 18174 |
| **10/21** | 18890 | 24542 | 18919 |
| **11/21** | 18375 | 24330 | 18516 |
| **12/21** | 19037 | 25429 | 19215 |
| **1/22** | 18086 | 24071 | 18306 |
| **2/22** | 17567 | 23430 | 18000 |
| **3/22** | 17697 | 24249 | 18248 |
| **4/22** | 16390 | 22162 | 16993 |
| **5/22** | 16487 | 22218 | 17064 |
| **6/22** | 15266 | 20366 | 15784 |
| **7/22** | 16357 | 22266 | 16834 |
| **8/22** | 15720 | 21369 | 16239 |
| **9/22** | 14391 | 19397 | 14863 |
| **10/22** | 15201 | 21015 | 15685 |
| **11/22** | 16206 | 22188 | 16751 |
| **12/22** | 15561 | 20908 | 16226 |
| **1/23** | 16640 | 22274 | 17284 |
| **2/23** | 16159 | 21746 | 16860 |
| **3/23** | 16441 | 22405 | 17212 |
| **4/23** | 16652 | 22700 | 17423 |
| **5/23** | 16394 | 22741 | 17169 |
| **6/23** | 17238 | 24284 | 17981 |
| **7/23** | 17684 | 25090 | 18509 |
| **8/23** | 17297 | 24656 | 18095 |
| **9/23** | 16582 | 23467 | 17399 |
| **10/23** | 16136 | 22909 | 16905 |
| **11/23** | 17484 | 24988 | 18262 |
| **12/23** | 18378 | 26232 | 19173 |
| **1/24** | 18390 | 26582 | 19199 |
| **2/24** | 19002 | 27997 | 19794 |
| **3/24** | 19552 | 28936 | 20328 |
| **4/24** | 18855 | 27711 | 19690 |
| **5/24** | 19491 | 29077 | 20410 |
| **6/24** | 19638 | 29996 | 20687 |
| **7/24** | 20103 | 30503 | 21174 |
| **8/24** | 20544 | 31170 | 21612 |
| **9/24** | 20862 | 31808 | 22031 |
| **10/24** | 20421 | 31510 | 21519 |
| **11/24** | 21204 | 33451 | 22190 |
| **12/24** | 20468 | 32515 | 21641 |
| **1/25** | 21137 | 33440 | 22196 |
| **2/25** | 21123 | 32911 | 22174 |
| **3/25** | 20416 | 31056 | 21571 |
| **4/25** | 20416 | 30792 | 21719 |
| **5/25** | 21254 | 32708 | 22629 |
| **6/25** | 22041 | 34338 | 23435 |
| **7/25** | 22211 | 35087 | 23642 |
| **8/25** | 22709 | 35864 | 24250 |
| **9/25** | 23168 | 37090 | 24886 |
| **10/25** | 23338 | 37877 | 25253 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class J Shares Excluding Sales Charge | 14.28% | 10.16% | 8.84% |
| Class J Shares Including Sales Charge | 13.28% | 10.16% | 8.84% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2040 Index | 17.35% | 12.02% | 9.71% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2040 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,757,833

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 38.9%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 53.03% |
| International Equity Funds | 24.64% |
| Fixed Income Funds | 22.34% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV861ARJ-0

# Institutional

# PTDIX

# Principal LifeTime 2040 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ie0676d723fe306a57b084069.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $23,757** | **S&P 1500 Index $37,877** | **S&P Target Date 2040 Index $25,253** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9987 | 10045 | 10008 |
| **12/15** | 9822 | 9857 | 9806 |
| **1/16** | 9313 | 9359 | 9397 |
| **2/16** | 9242 | 9360 | 9353 |
| **3/16** | 9786 | 10011 | 9936 |
| **4/16** | 9879 | 10058 | 10021 |
| **5/16** | 9958 | 10242 | 10112 |
| **6/16** | 9915 | 10271 | 10135 |
| **7/16** | 10251 | 10659 | 10463 |
| **8/16** | 10266 | 10680 | 10491 |
| **9/16** | 10301 | 10679 | 10527 |
| **10/16** | 10094 | 10469 | 10329 |
| **11/16** | 10223 | 10918 | 10509 |
| **12/16** | 10357 | 11141 | 10711 |
| **1/17** | 10605 | 11342 | 10910 |
| **2/17** | 10852 | 11772 | 11163 |
| **3/17** | 10935 | 11780 | 11253 |
| **4/17** | 11123 | 11899 | 11391 |
| **5/17** | 11303 | 12037 | 11554 |
| **6/17** | 11378 | 12129 | 11632 |
| **7/17** | 11633 | 12364 | 11866 |
| **8/17** | 11700 | 12375 | 11871 |
| **9/17** | 11933 | 12667 | 12121 |
| **10/17** | 12158 | 12957 | 12333 |
| **11/17** | 12376 | 13362 | 12588 |
| **12/17** | 12501 | 13495 | 12731 |
| **1/18** | 13082 | 14227 | 13241 |
| **2/18** | 12572 | 13695 | 12763 |
| **3/18** | 12453 | 13398 | 12611 |
| **4/18** | 12525 | 13446 | 12692 |
| **5/18** | 12644 | 13802 | 12846 |
| **6/18** | 12604 | 13887 | 12818 |
| **7/18** | 12907 | 14383 | 13123 |
| **8/18** | 13082 | 14858 | 13294 |
| **9/18** | 13090 | 14908 | 13295 |
| **10/18** | 12174 | 13845 | 12410 |
| **11/18** | 12326 | 14135 | 12602 |
| **12/18** | 11513 | 12825 | 11788 |
| **1/19** | 12383 | 13883 | 12625 |
| **2/19** | 12713 | 14342 | 12938 |
| **3/19** | 12870 | 14575 | 13064 |
| **4/19** | 13262 | 15164 | 13442 |
| **5/19** | 12661 | 14175 | 12775 |
| **6/19** | 13366 | 15181 | 13491 |
| **7/19** | 13436 | 15396 | 13549 |
| **8/19** | 13314 | 15114 | 13318 |
| **9/19** | 13479 | 15414 | 13572 |
| **10/19** | 13723 | 15737 | 13860 |
| **11/19** | 14045 | 16299 | 14152 |
| **12/19** | 14378 | 16789 | 14543 |
| **1/20** | 14313 | 16738 | 14405 |
| **2/20** | 13472 | 15341 | 13417 |
| **3/20** | 11680 | 13335 | 11745 |
| **4/20** | 12866 | 15053 | 12869 |
| **5/20** | 13482 | 15790 | 13387 |
| **6/20** | 13790 | 16104 | 13702 |
| **7/20** | 14462 | 16997 | 14281 |
| **8/20** | 15069 | 18171 | 14934 |
| **9/20** | 14742 | 17483 | 14544 |
| **10/20** | 14518 | 17084 | 14318 |
| **11/20** | 16003 | 19015 | 15839 |
| **12/20** | 16684 | 19797 | 16487 |
| **1/21** | 16546 | 19664 | 16454 |
| **2/21** | 17041 | 20279 | 16867 |
| **3/21** | 17417 | 21165 | 17300 |
| **4/21** | 18110 | 22265 | 17939 |
| **5/21** | 18308 | 22422 | 18166 |
| **6/21** | 18486 | 22888 | 18301 |
| **7/21** | 18685 | 23375 | 18423 |
| **8/21** | 19011 | 24065 | 18803 |
| **9/21** | 18318 | 22969 | 18174 |
| **10/21** | 19100 | 24542 | 18919 |
| **11/21** | 18576 | 24330 | 18516 |
| **12/21** | 19258 | 25429 | 19215 |
| **1/22** | 18296 | 24071 | 18306 |
| **2/22** | 17767 | 23430 | 18000 |
| **3/22** | 17907 | 24249 | 18248 |
| **4/22** | 16589 | 22162 | 16993 |
| **5/22** | 16686 | 22218 | 17064 |
| **6/22** | 15454 | 20366 | 15784 |
| **7/22** | 16567 | 22266 | 16834 |
| **8/22** | 15919 | 21369 | 16239 |
| **9/22** | 14579 | 19397 | 14863 |
| **10/22** | 15389 | 21015 | 15685 |
| **11/22** | 16416 | 22188 | 16751 |
| **12/22** | 15767 | 20908 | 16226 |
| **1/23** | 16859 | 22274 | 17284 |
| **2/23** | 16378 | 21746 | 16860 |
| **3/23** | 16660 | 22405 | 17212 |
| **4/23** | 16883 | 22700 | 17423 |
| **5/23** | 16624 | 22741 | 17169 |
| **6/23** | 17481 | 24284 | 17981 |
| **7/23** | 17939 | 25090 | 18509 |
| **8/23** | 17552 | 24656 | 18095 |
| **9/23** | 16824 | 23467 | 17399 |
| **10/23** | 16378 | 22909 | 16905 |
| **11/23** | 17740 | 24988 | 18262 |
| **12/23** | 18663 | 26232 | 19173 |
| **1/24** | 18675 | 26582 | 19199 |
| **2/24** | 19288 | 27997 | 19794 |
| **3/24** | 19852 | 28936 | 20328 |
| **4/24** | 19153 | 27711 | 19690 |
| **5/24** | 19803 | 29077 | 20410 |
| **6/24** | 19950 | 29996 | 20687 |
| **7/24** | 20429 | 30503 | 21174 |
| **8/24** | 20870 | 31170 | 21612 |
| **9/24** | 21201 | 31808 | 22031 |
| **10/24** | 20747 | 31510 | 21519 |
| **11/24** | 21557 | 33451 | 22190 |
| **12/24** | 20814 | 32515 | 21641 |
| **1/25** | 21484 | 33440 | 22196 |
| **2/25** | 21471 | 32911 | 22174 |
| **3/25** | 20761 | 31056 | 21571 |
| **4/25** | 20761 | 30792 | 21719 |
| **5/25** | 21615 | 32708 | 22629 |
| **6/25** | 22417 | 34338 | 23435 |
| **7/25** | 22601 | 35087 | 23642 |
| **8/25** | 23113 | 35864 | 24250 |
| **9/25** | 23573 | 37090 | 24886 |
| **10/25** | 23757 | 37877 | 25253 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 14.50% | 10.35% | 9.04% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2040 Index | 17.35% | 12.02% | 9.71% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2040 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,757,833

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 38.9%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 53.03% |
| International Equity Funds | 24.64% |
| Fixed Income Funds | 22.34% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV861ARI-0

# R-3

# PTDMX

# Principal LifeTime 2040 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $61 | 0.57% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i7168f953dc5cd0bbabe4140a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $22,454** | **S&P 1500 Index $37,877** | **S&P Target Date 2040 Index $25,253** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9986 | 10045 | 10008 |
| **12/15** | 9812 | 9857 | 9806 |
| **1/16** | 9306 | 9359 | 9397 |
| **2/16** | 9220 | 9360 | 9353 |
| **3/16** | 9768 | 10011 | 9936 |
| **4/16** | 9848 | 10058 | 10021 |
| **5/16** | 9920 | 10242 | 10112 |
| **6/16** | 9877 | 10271 | 10135 |
| **7/16** | 10202 | 10659 | 10463 |
| **8/16** | 10216 | 10680 | 10491 |
| **9/16** | 10245 | 10679 | 10527 |
| **10/16** | 10036 | 10469 | 10329 |
| **11/16** | 10158 | 10918 | 10509 |
| **12/16** | 10288 | 11141 | 10711 |
| **1/17** | 10529 | 11342 | 10910 |
| **2/17** | 10770 | 11772 | 11163 |
| **3/17** | 10853 | 11780 | 11253 |
| **4/17** | 11034 | 11899 | 11391 |
| **5/17** | 11199 | 12037 | 11554 |
| **6/17** | 11267 | 12129 | 11632 |
| **7/17** | 11523 | 12364 | 11866 |
| **8/17** | 11576 | 12375 | 11871 |
| **9/17** | 11802 | 12667 | 12121 |
| **10/17** | 12020 | 12957 | 12333 |
| **11/17** | 12231 | 13362 | 12588 |
| **12/17** | 12341 | 13495 | 12731 |
| **1/18** | 12914 | 14227 | 13241 |
| **2/18** | 12405 | 13695 | 12763 |
| **3/18** | 12286 | 13398 | 12611 |
| **4/18** | 12349 | 13446 | 12692 |
| **5/18** | 12461 | 13802 | 12846 |
| **6/18** | 12413 | 13887 | 12818 |
| **7/18** | 12707 | 14383 | 13123 |
| **8/18** | 12874 | 14858 | 13294 |
| **9/18** | 12874 | 14908 | 13295 |
| **10/18** | 11975 | 13845 | 12410 |
| **11/18** | 12111 | 14135 | 12602 |
| **12/18** | 11305 | 12825 | 11788 |
| **1/19** | 12152 | 13883 | 12625 |
| **2/19** | 12480 | 14342 | 12938 |
| **3/19** | 12618 | 14575 | 13064 |
| **4/19** | 12999 | 15164 | 13442 |
| **5/19** | 12402 | 14175 | 12775 |
| **6/19** | 13094 | 15181 | 13491 |
| **7/19** | 13154 | 15396 | 13549 |
| **8/19** | 13024 | 15114 | 13318 |
| **9/19** | 13180 | 15414 | 13572 |
| **10/19** | 13413 | 15737 | 13860 |
| **11/19** | 13724 | 16299 | 14152 |
| **12/19** | 14049 | 16789 | 14543 |
| **1/20** | 13966 | 16738 | 14405 |
| **2/20** | 13144 | 15341 | 13417 |
| **3/20** | 11390 | 13335 | 11745 |
| **4/20** | 12544 | 15053 | 12869 |
| **5/20** | 13144 | 15790 | 13387 |
| **6/20** | 13430 | 16104 | 13702 |
| **7/20** | 14076 | 16997 | 14281 |
| **8/20** | 14658 | 18171 | 14934 |
| **9/20** | 14335 | 17483 | 14544 |
| **10/20** | 14113 | 17084 | 14318 |
| **11/20** | 15553 | 19015 | 15839 |
| **12/20** | 16209 | 19797 | 16487 |
| **1/21** | 16072 | 19664 | 16454 |
| **2/21** | 16540 | 20279 | 16867 |
| **3/21** | 16891 | 21165 | 17300 |
| **4/21** | 17554 | 22265 | 17939 |
| **5/21** | 17750 | 22422 | 18166 |
| **6/21** | 17906 | 22888 | 18301 |
| **7/21** | 18081 | 23375 | 18423 |
| **8/21** | 18403 | 24065 | 18803 |
| **9/21** | 17710 | 22969 | 18174 |
| **10/21** | 18461 | 24542 | 18919 |
| **11/21** | 17954 | 24330 | 18516 |
| **12/21** | 18597 | 25429 | 19215 |
| **1/22** | 17664 | 24071 | 18306 |
| **2/22** | 17145 | 23430 | 18000 |
| **3/22** | 17272 | 24249 | 18248 |
| **4/22** | 15989 | 22162 | 16993 |
| **5/22** | 16074 | 22218 | 17064 |
| **6/22** | 14886 | 20366 | 15784 |
| **7/22** | 15947 | 22266 | 16834 |
| **8/22** | 15311 | 21369 | 16239 |
| **9/22** | 14017 | 19397 | 14863 |
| **10/22** | 14791 | 21015 | 15685 |
| **11/22** | 15777 | 22188 | 16751 |
| **12/22** | 15148 | 20908 | 16226 |
| **1/23** | 16180 | 22274 | 17284 |
| **2/23** | 15710 | 21746 | 16860 |
| **3/23** | 15974 | 22405 | 17212 |
| **4/23** | 16192 | 22700 | 17423 |
| **5/23** | 15928 | 22741 | 17169 |
| **6/23** | 16742 | 24284 | 17981 |
| **7/23** | 17166 | 25090 | 18509 |
| **8/23** | 16788 | 24656 | 18095 |
| **9/23** | 16089 | 23467 | 17399 |
| **10/23** | 15653 | 22909 | 16905 |
| **11/23** | 16949 | 24988 | 18262 |
| **12/23** | 17819 | 26232 | 19173 |
| **1/24** | 17819 | 26582 | 19199 |
| **2/24** | 18403 | 27997 | 19794 |
| **3/24** | 18940 | 28936 | 20328 |
| **4/24** | 18248 | 27711 | 19690 |
| **5/24** | 18869 | 29077 | 20410 |
| **6/24** | 19000 | 29996 | 20687 |
| **7/24** | 19441 | 30503 | 21174 |
| **8/24** | 19858 | 31170 | 21612 |
| **9/24** | 20157 | 31808 | 22031 |
| **10/24** | 19715 | 31510 | 21519 |
| **11/24** | 20479 | 33451 | 22190 |
| **12/24** | 19754 | 32515 | 21641 |
| **1/25** | 20391 | 33440 | 22196 |
| **2/25** | 20378 | 32911 | 22174 |
| **3/25** | 19690 | 31056 | 21571 |
| **4/25** | 19678 | 30792 | 21719 |
| **5/25** | 20480 | 32708 | 22629 |
| **6/25** | 21231 | 34338 | 23435 |
| **7/25** | 21384 | 35087 | 23642 |
| **8/25** | 21868 | 35864 | 24250 |
| **9/25** | 22288 | 37090 | 24886 |
| **10/25** | 22454 | 37877 | 25253 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 13.89% | 9.73% | 8.43% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2040 Index | 17.35% | 12.02% | 9.71% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2040 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,757,833

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 38.9%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 53.03% |
| International Equity Funds | 24.64% |
| Fixed Income Funds | 22.34% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV861ARR3-0

# R-5

# PTDPX

# Principal LifeTime 2040 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $28 | 0.26% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i13b471cdcc490bed361e519b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $23,159** | **S&P 1500 Index $37,877** | **S&P Target Date 2040 Index $25,253** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9987 | 10045 | 10008 |
| **12/15** | 9815 | 9857 | 9806 |
| **1/16** | 9305 | 9359 | 9397 |
| **2/16** | 9233 | 9360 | 9353 |
| **3/16** | 9779 | 10011 | 9936 |
| **4/16** | 9865 | 10058 | 10021 |
| **5/16** | 9937 | 10242 | 10112 |
| **6/16** | 9894 | 10271 | 10135 |
| **7/16** | 10224 | 10659 | 10463 |
| **8/16** | 10245 | 10680 | 10491 |
| **9/16** | 10274 | 10679 | 10527 |
| **10/16** | 10066 | 10469 | 10329 |
| **11/16** | 10195 | 10918 | 10509 |
| **12/16** | 10323 | 11141 | 10711 |
| **1/17** | 10570 | 11342 | 10910 |
| **2/17** | 10811 | 11772 | 11163 |
| **3/17** | 10893 | 11780 | 11253 |
| **4/17** | 11081 | 11899 | 11391 |
| **5/17** | 11254 | 12037 | 11554 |
| **6/17** | 11321 | 12129 | 11632 |
| **7/17** | 11584 | 12364 | 11866 |
| **8/17** | 11644 | 12375 | 11871 |
| **9/17** | 11869 | 12667 | 12121 |
| **10/17** | 12087 | 12957 | 12333 |
| **11/17** | 12312 | 13362 | 12588 |
| **12/17** | 12428 | 13495 | 12731 |
| **1/18** | 13001 | 14227 | 13241 |
| **2/18** | 12492 | 13695 | 12763 |
| **3/18** | 12373 | 13398 | 12611 |
| **4/18** | 12436 | 13446 | 12692 |
| **5/18** | 12556 | 13802 | 12846 |
| **6/18** | 12516 | 13887 | 12818 |
| **7/18** | 12818 | 14383 | 13123 |
| **8/18** | 12985 | 14858 | 13294 |
| **9/18** | 12993 | 14908 | 13295 |
| **10/18** | 12079 | 13845 | 12410 |
| **11/18** | 12222 | 14135 | 12602 |
| **12/18** | 11419 | 12825 | 11788 |
| **1/19** | 12277 | 13883 | 12625 |
| **2/19** | 12606 | 14342 | 12938 |
| **3/19** | 12754 | 14575 | 13064 |
| **4/19** | 13143 | 15164 | 13442 |
| **5/19** | 12546 | 14175 | 12775 |
| **6/19** | 13239 | 15181 | 13491 |
| **7/19** | 13308 | 15396 | 13549 |
| **8/19** | 13178 | 15114 | 13318 |
| **9/19** | 13343 | 15414 | 13572 |
| **10/19** | 13577 | 15737 | 13860 |
| **11/19** | 13897 | 16299 | 14152 |
| **12/19** | 14229 | 16789 | 14543 |
| **1/20** | 14155 | 16738 | 14405 |
| **2/20** | 13320 | 15341 | 13417 |
| **3/20** | 11548 | 13335 | 11745 |
| **4/20** | 12717 | 15053 | 12869 |
| **5/20** | 13329 | 15790 | 13387 |
| **6/20** | 13626 | 16104 | 13702 |
| **7/20** | 14285 | 16997 | 14281 |
| **8/20** | 14878 | 18171 | 14934 |
| **9/20** | 14554 | 17483 | 14544 |
| **10/20** | 14331 | 17084 | 14318 |
| **11/20** | 15796 | 19015 | 15839 |
| **12/20** | 16464 | 19797 | 16487 |
| **1/21** | 16327 | 19664 | 16454 |
| **2/21** | 16808 | 20279 | 16867 |
| **3/21** | 17171 | 21165 | 17300 |
| **4/21** | 17858 | 22265 | 17939 |
| **5/21** | 18055 | 22422 | 18166 |
| **6/21** | 18222 | 22888 | 18301 |
| **7/21** | 18408 | 23375 | 18423 |
| **8/21** | 18732 | 24065 | 18803 |
| **9/21** | 18035 | 22969 | 18174 |
| **10/21** | 18801 | 24542 | 18919 |
| **11/21** | 18290 | 24330 | 18516 |
| **12/21** | 18951 | 25429 | 19215 |
| **1/22** | 17999 | 24071 | 18306 |
| **2/22** | 17486 | 23430 | 18000 |
| **3/22** | 17614 | 24249 | 18248 |
| **4/22** | 16310 | 22162 | 16993 |
| **5/22** | 16406 | 22218 | 17064 |
| **6/22** | 15197 | 20366 | 15784 |
| **7/22** | 16277 | 22266 | 16834 |
| **8/22** | 15636 | 21369 | 16239 |
| **9/22** | 14320 | 19397 | 14863 |
| **10/22** | 15112 | 21015 | 15685 |
| **11/22** | 16117 | 22188 | 16751 |
| **12/22** | 15479 | 20908 | 16226 |
| **1/23** | 16546 | 22274 | 17284 |
| **2/23** | 16071 | 21746 | 16860 |
| **3/23** | 16349 | 22405 | 17212 |
| **4/23** | 16558 | 22700 | 17423 |
| **5/23** | 16303 | 22741 | 17169 |
| **6/23** | 17138 | 24284 | 17981 |
| **7/23** | 17578 | 25090 | 18509 |
| **8/23** | 17196 | 24656 | 18095 |
| **9/23** | 16477 | 23467 | 17399 |
| **10/23** | 16036 | 22909 | 16905 |
| **11/23** | 17370 | 24988 | 18262 |
| **12/23** | 18271 | 26232 | 19173 |
| **1/24** | 18271 | 26582 | 19199 |
| **2/24** | 18876 | 27997 | 19794 |
| **3/24** | 19431 | 28936 | 20328 |
| **4/24** | 18731 | 27711 | 19690 |
| **5/24** | 19371 | 29077 | 20410 |
| **6/24** | 19504 | 29996 | 20687 |
| **7/24** | 19975 | 30503 | 21174 |
| **8/24** | 20398 | 31170 | 21612 |
| **9/24** | 20712 | 31808 | 22031 |
| **10/24** | 20277 | 31510 | 21519 |
| **11/24** | 21051 | 33451 | 22190 |
| **12/24** | 20327 | 32515 | 21641 |
| **1/25** | 20986 | 33440 | 22196 |
| **2/25** | 20961 | 32911 | 22174 |
| **3/25** | 20262 | 31056 | 21571 |
| **4/25** | 20262 | 30792 | 21719 |
| **5/25** | 21090 | 32708 | 22629 |
| **6/25** | 21866 | 34338 | 23435 |
| **7/25** | 22034 | 35087 | 23642 |
| **8/25** | 22538 | 35864 | 24250 |
| **9/25** | 22978 | 37090 | 24886 |
| **10/25** | 23159 | 37877 | 25253 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 14.21% | 10.07% | 8.76% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2040 Index | 17.35% | 12.02% | 9.71% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2040 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,757,833

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 38.9%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 53.03% |
| International Equity Funds | 24.64% |
| Fixed Income Funds | 22.34% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV861ARR5-0

# Institutional

# LTRIX

# Principal LifeTime 2045 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2045 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i36a3e32c2faeb5569a151739.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $24,817** | **S&P 1500 Index $37,877** | **S&P Target Date 2045 Index $26,319** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9991 | 10045 | 10010 |
| **12/15** | 9817 | 9857 | 9800 |
| **1/16** | 9288 | 9359 | 9369 |
| **2/16** | 9198 | 9360 | 9320 |
| **3/16** | 9772 | 10011 | 9923 |
| **4/16** | 9862 | 10058 | 10011 |
| **5/16** | 9942 | 10242 | 10104 |
| **6/16** | 9898 | 10271 | 10121 |
| **7/16** | 10238 | 10659 | 10462 |
| **8/16** | 10256 | 10680 | 10492 |
| **9/16** | 10292 | 10679 | 10530 |
| **10/16** | 10086 | 10469 | 10327 |
| **11/16** | 10229 | 10918 | 10525 |
| **12/16** | 10364 | 11141 | 10735 |
| **1/17** | 10627 | 11342 | 10943 |
| **2/17** | 10879 | 11772 | 11207 |
| **3/17** | 10964 | 11780 | 11302 |
| **4/17** | 11160 | 11899 | 11444 |
| **5/17** | 11338 | 12037 | 11612 |
| **6/17** | 11413 | 12129 | 11692 |
| **7/17** | 11685 | 12364 | 11936 |
| **8/17** | 11750 | 12375 | 11940 |
| **9/17** | 11994 | 12667 | 12201 |
| **10/17** | 12228 | 12957 | 12421 |
| **11/17** | 12462 | 13362 | 12686 |
| **12/17** | 12582 | 13495 | 12835 |
| **1/18** | 13199 | 14227 | 13373 |
| **2/18** | 12670 | 13695 | 12876 |
| **3/18** | 12543 | 13398 | 12715 |
| **4/18** | 12621 | 13446 | 12802 |
| **5/18** | 12738 | 13802 | 12957 |
| **6/18** | 12699 | 13887 | 12925 |
| **7/18** | 13022 | 14383 | 13242 |
| **8/18** | 13199 | 14858 | 13417 |
| **9/18** | 13208 | 14908 | 13418 |
| **10/18** | 12249 | 13845 | 12494 |
| **11/18** | 12405 | 14135 | 12693 |
| **12/18** | 11537 | 12825 | 11841 |
| **1/19** | 12442 | 13883 | 12706 |
| **2/19** | 12800 | 14342 | 13031 |
| **3/19** | 12947 | 14575 | 13155 |
| **4/19** | 13368 | 15164 | 13548 |
| **5/19** | 12715 | 14175 | 12845 |
| **6/19** | 13452 | 15181 | 13591 |
| **7/19** | 13526 | 15396 | 13649 |
| **8/19** | 13379 | 15114 | 13393 |
| **9/19** | 13558 | 15414 | 13663 |
| **10/19** | 13810 | 15737 | 13967 |
| **11/19** | 14158 | 16299 | 14271 |
| **12/19** | 14512 | 16789 | 14685 |
| **1/20** | 14422 | 16738 | 14529 |
| **2/20** | 13510 | 15341 | 13478 |
| **3/20** | 11619 | 13335 | 11726 |
| **4/20** | 12846 | 15053 | 12887 |
| **5/20** | 13499 | 15790 | 13423 |
| **6/20** | 13814 | 16104 | 13754 |
| **7/20** | 14512 | 16997 | 14355 |
| **8/20** | 15165 | 18171 | 15052 |
| **9/20** | 14816 | 17483 | 14639 |
| **10/20** | 14580 | 17084 | 14402 |
| **11/20** | 16156 | 19015 | 16004 |
| **12/20** | 16883 | 19797 | 16691 |
| **1/21** | 16742 | 19664 | 16662 |
| **2/21** | 17295 | 20279 | 17111 |
| **3/21** | 17696 | 21165 | 17582 |
| **4/21** | 18450 | 22265 | 18258 |
| **5/21** | 18662 | 22422 | 18501 |
| **6/21** | 18851 | 22888 | 18637 |
| **7/21** | 19039 | 23375 | 18759 |
| **8/21** | 19404 | 24065 | 19167 |
| **9/21** | 18650 | 22969 | 18497 |
| **10/21** | 19510 | 24542 | 19299 |
| **11/21** | 18921 | 24330 | 18864 |
| **12/21** | 19686 | 25429 | 19615 |
| **1/22** | 18653 | 24071 | 18660 |
| **2/22** | 18086 | 23430 | 18341 |
| **3/22** | 18275 | 24249 | 18630 |
| **4/22** | 16865 | 22162 | 17312 |
| **5/22** | 16978 | 22218 | 17384 |
| **6/22** | 15656 | 20366 | 16000 |
| **7/22** | 16839 | 22266 | 17116 |
| **8/22** | 16159 | 21369 | 16496 |
| **9/22** | 14724 | 19397 | 15039 |
| **10/22** | 15656 | 21015 | 15948 |
| **11/22** | 16751 | 22188 | 17079 |
| **12/22** | 16040 | 20908 | 16508 |
| **1/23** | 17191 | 22274 | 17632 |
| **2/23** | 16684 | 21746 | 17198 |
| **3/23** | 16986 | 22405 | 17553 |
| **4/23** | 17218 | 22700 | 17778 |
| **5/23** | 16945 | 22741 | 17509 |
| **6/23** | 17903 | 24284 | 18407 |
| **7/23** | 18410 | 25090 | 18992 |
| **8/23** | 17986 | 24656 | 18535 |
| **9/23** | 17218 | 23467 | 17794 |
| **10/23** | 16739 | 22909 | 17263 |
| **11/23** | 18205 | 24988 | 18708 |
| **12/23** | 19158 | 26232 | 19668 |
| **1/24** | 19187 | 26582 | 19695 |
| **2/24** | 19901 | 27997 | 20376 |
| **3/24** | 20530 | 28936 | 20957 |
| **4/24** | 19773 | 27711 | 20279 |
| **5/24** | 20473 | 29077 | 21057 |
| **6/24** | 20630 | 29996 | 21340 |
| **7/24** | 21130 | 30503 | 21849 |
| **8/24** | 21602 | 31170 | 22315 |
| **9/24** | 21944 | 31808 | 22768 |
| **10/24** | 21473 | 31510 | 22216 |
| **11/24** | 22373 | 33451 | 22924 |
| **12/24** | 21559 | 32515 | 22338 |
| **1/25** | 22328 | 33440 | 22952 |
| **2/25** | 22268 | 32911 | 22898 |
| **3/25** | 21453 | 31056 | 22239 |
| **4/25** | 21453 | 30792 | 22417 |
| **5/25** | 22449 | 32708 | 23442 |
| **6/25** | 23324 | 34338 | 24321 |
| **7/25** | 23535 | 35087 | 24553 |
| **8/25** | 24108 | 35864 | 25224 |
| **9/25** | 24621 | 37090 | 25919 |
| **10/25** | 24817 | 37877 | 26319 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 15.58% | 11.22% | 9.52% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2045 Index | 18.47% | 12.82% | 10.16% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2045 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,791,353

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 44.6%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 59.29% |
| International Equity Funds | 27.67% |
| Fixed Income Funds | 13.05% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV862ARI-0

# R-3

# LTRVX

# Principal LifeTime 2045 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2045 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $61 | 0.57% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i79b2ce3ebc4c0c3667a7ce16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $23,452** | **S&P 1500 Index $37,877** | **S&P Target Date 2045 Index $26,319** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9983 | 10045 | 10010 |
| **12/15** | 9807 | 9857 | 9800 |
| **1/16** | 9269 | 9359 | 9369 |
| **2/16** | 9178 | 9360 | 9320 |
| **3/16** | 9743 | 10011 | 9923 |
| **4/16** | 9834 | 10058 | 10011 |
| **5/16** | 9907 | 10242 | 10104 |
| **6/16** | 9853 | 10271 | 10121 |
| **7/16** | 10190 | 10659 | 10462 |
| **8/16** | 10208 | 10680 | 10492 |
| **9/16** | 10236 | 10679 | 10530 |
| **10/16** | 10026 | 10469 | 10327 |
| **11/16** | 10163 | 10918 | 10525 |
| **12/16** | 10295 | 11141 | 10735 |
| **1/17** | 10541 | 11342 | 10943 |
| **2/17** | 10788 | 11772 | 11207 |
| **3/17** | 10873 | 11780 | 11302 |
| **4/17** | 11063 | 11899 | 11444 |
| **5/17** | 11234 | 12037 | 11612 |
| **6/17** | 11300 | 12129 | 11692 |
| **7/17** | 11566 | 12364 | 11936 |
| **8/17** | 11623 | 12375 | 11940 |
| **9/17** | 11860 | 12667 | 12201 |
| **10/17** | 12078 | 12957 | 12421 |
| **11/17** | 12306 | 13362 | 12686 |
| **12/17** | 12424 | 13495 | 12835 |
| **1/18** | 13026 | 14227 | 13373 |
| **2/18** | 12493 | 13695 | 12876 |
| **3/18** | 12374 | 13398 | 12715 |
| **4/18** | 12433 | 13446 | 12802 |
| **5/18** | 12552 | 13802 | 12957 |
| **6/18** | 12503 | 13887 | 12925 |
| **7/18** | 12819 | 14383 | 13242 |
| **8/18** | 12987 | 14858 | 13417 |
| **9/18** | 12997 | 14908 | 13418 |
| **10/18** | 12038 | 13845 | 12494 |
| **11/18** | 12186 | 14135 | 12693 |
| **12/18** | 11329 | 12825 | 11841 |
| **1/19** | 12207 | 13883 | 12706 |
| **2/19** | 12556 | 14342 | 13031 |
| **3/19** | 12694 | 14575 | 13155 |
| **4/19** | 13096 | 15164 | 13548 |
| **5/19** | 12451 | 14175 | 12845 |
| **6/19** | 13181 | 15181 | 13591 |
| **7/19** | 13244 | 15396 | 13649 |
| **8/19** | 13085 | 15114 | 13393 |
| **9/19** | 13255 | 15414 | 13663 |
| **10/19** | 13498 | 15737 | 13967 |
| **11/19** | 13826 | 16299 | 14271 |
| **12/19** | 14173 | 16789 | 14685 |
| **1/20** | 14071 | 16738 | 14529 |
| **2/20** | 13180 | 15341 | 13478 |
| **3/20** | 11331 | 13335 | 11726 |
| **4/20** | 12526 | 15053 | 12887 |
| **5/20** | 13158 | 15790 | 13423 |
| **6/20** | 13451 | 16104 | 13754 |
| **7/20** | 14116 | 16997 | 14355 |
| **8/20** | 14748 | 18171 | 15052 |
| **9/20** | 14409 | 17483 | 14639 |
| **10/20** | 14173 | 17084 | 14402 |
| **11/20** | 15695 | 19015 | 16004 |
| **12/20** | 16400 | 19797 | 16691 |
| **1/21** | 16247 | 19664 | 16662 |
| **2/21** | 16776 | 20279 | 17111 |
| **3/21** | 17164 | 21165 | 17582 |
| **4/21** | 17881 | 22265 | 18258 |
| **5/21** | 18081 | 22422 | 18501 |
| **6/21** | 18246 | 22888 | 18637 |
| **7/21** | 18422 | 23375 | 18759 |
| **8/21** | 18775 | 24065 | 19167 |
| **9/21** | 18034 | 22969 | 18497 |
| **10/21** | 18845 | 24542 | 19299 |
| **11/21** | 18281 | 24330 | 18864 |
| **12/21** | 19002 | 25429 | 19615 |
| **1/22** | 18000 | 24071 | 18660 |
| **2/22** | 17449 | 23430 | 18341 |
| **3/22** | 17624 | 24249 | 18630 |
| **4/22** | 16259 | 22162 | 17312 |
| **5/22** | 16359 | 22218 | 17384 |
| **6/22** | 15069 | 20366 | 16000 |
| **7/22** | 16196 | 22266 | 17116 |
| **8/22** | 15532 | 21369 | 16496 |
| **9/22** | 14154 | 19397 | 15039 |
| **10/22** | 15044 | 21015 | 15948 |
| **11/22** | 16083 | 22188 | 17079 |
| **12/22** | 15387 | 20908 | 16508 |
| **1/23** | 16501 | 22274 | 17632 |
| **2/23** | 16012 | 21746 | 17198 |
| **3/23** | 16284 | 22405 | 17553 |
| **4/23** | 16501 | 22700 | 17778 |
| **5/23** | 16229 | 22741 | 17509 |
| **6/23** | 17139 | 24284 | 18407 |
| **7/23** | 17615 | 25090 | 18992 |
| **8/23** | 17207 | 24656 | 18535 |
| **9/23** | 16460 | 23467 | 17794 |
| **10/23** | 15999 | 22909 | 17263 |
| **11/23** | 17384 | 24988 | 18708 |
| **12/23** | 18290 | 26232 | 19668 |
| **1/24** | 18304 | 26582 | 19695 |
| **2/24** | 18982 | 27997 | 20376 |
| **3/24** | 19575 | 28936 | 20957 |
| **4/24** | 18841 | 27711 | 20279 |
| **5/24** | 19504 | 29077 | 21057 |
| **6/24** | 19631 | 29996 | 21340 |
| **7/24** | 20097 | 30503 | 21849 |
| **8/24** | 20534 | 31170 | 22315 |
| **9/24** | 20859 | 31808 | 22768 |
| **10/24** | 20407 | 31510 | 22216 |
| **11/24** | 21254 | 33451 | 22924 |
| **12/24** | 20466 | 32515 | 22338 |
| **1/25** | 21179 | 33440 | 22952 |
| **2/25** | 21120 | 32911 | 22898 |
| **3/25** | 20333 | 31056 | 22239 |
| **4/25** | 20318 | 30792 | 22417 |
| **5/25** | 21254 | 32708 | 23442 |
| **6/25** | 22085 | 34338 | 24321 |
| **7/25** | 22278 | 35087 | 24553 |
| **8/25** | 22798 | 35864 | 25224 |
| **9/25** | 23274 | 37090 | 25919 |
| **10/25** | 23452 | 37877 | 26319 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 14.92% | 10.60% | 8.90% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2045 Index | 18.47% | 12.82% | 10.16% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2045 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,791,353

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 44.6%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 59.29% |
| International Equity Funds | 27.67% |
| Fixed Income Funds | 13.05% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV862ARR3-0

# R-5

# LTRDX

# Principal LifeTime 2045 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2045 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $28 | 0.26% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](id30aaec944643f2719cc552d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $24,180** | **S&P 1500 Index $37,877** | **S&P Target Date 2045 Index $26,319** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9983 | 10045 | 10010 |
| **12/15** | 9814 | 9857 | 9800 |
| **1/16** | 9280 | 9359 | 9369 |
| **2/16** | 9189 | 9360 | 9320 |
| **3/16** | 9760 | 10011 | 9923 |
| **4/16** | 9850 | 10058 | 10011 |
| **5/16** | 9923 | 10242 | 10104 |
| **6/16** | 9878 | 10271 | 10121 |
| **7/16** | 10222 | 10659 | 10462 |
| **8/16** | 10231 | 10680 | 10492 |
| **9/16** | 10267 | 10679 | 10530 |
| **10/16** | 10050 | 10469 | 10327 |
| **11/16** | 10195 | 10918 | 10525 |
| **12/16** | 10328 | 11141 | 10735 |
| **1/17** | 10583 | 11342 | 10943 |
| **2/17** | 10838 | 11772 | 11207 |
| **3/17** | 10923 | 11780 | 11302 |
| **4/17** | 11112 | 11899 | 11444 |
| **5/17** | 11291 | 12037 | 11612 |
| **6/17** | 11357 | 12129 | 11692 |
| **7/17** | 11631 | 12364 | 11936 |
| **8/17** | 11688 | 12375 | 11940 |
| **9/17** | 11924 | 12667 | 12201 |
| **10/17** | 12160 | 12957 | 12421 |
| **11/17** | 12386 | 13362 | 12686 |
| **12/17** | 12508 | 13495 | 12835 |
| **1/18** | 13119 | 14227 | 13373 |
| **2/18** | 12587 | 13695 | 12876 |
| **3/18** | 12458 | 13398 | 12715 |
| **4/18** | 12537 | 13446 | 12802 |
| **5/18** | 12656 | 13802 | 12957 |
| **6/18** | 12606 | 13887 | 12925 |
| **7/18** | 12922 | 14383 | 13242 |
| **8/18** | 13099 | 14858 | 13417 |
| **9/18** | 13109 | 14908 | 13418 |
| **10/18** | 12153 | 13845 | 12494 |
| **11/18** | 12301 | 14135 | 12693 |
| **12/18** | 11436 | 12825 | 11841 |
| **1/19** | 12335 | 13883 | 12706 |
| **2/19** | 12684 | 14342 | 13031 |
| **3/19** | 12832 | 14575 | 13155 |
| **4/19** | 13245 | 15164 | 13548 |
| **5/19** | 12589 | 14175 | 12845 |
| **6/19** | 13329 | 15181 | 13591 |
| **7/19** | 13393 | 15396 | 13649 |
| **8/19** | 13234 | 15114 | 13393 |
| **9/19** | 13414 | 15414 | 13663 |
| **10/19** | 13668 | 15737 | 13967 |
| **11/19** | 14006 | 16299 | 14271 |
| **12/19** | 14358 | 16789 | 14685 |
| **1/20** | 14256 | 16738 | 14529 |
| **2/20** | 13353 | 15341 | 13478 |
| **3/20** | 11489 | 13335 | 11726 |
| **4/20** | 12697 | 15053 | 12887 |
| **5/20** | 13341 | 15790 | 13423 |
| **6/20** | 13646 | 16104 | 13754 |
| **7/20** | 14324 | 16997 | 14355 |
| **8/20** | 14968 | 18171 | 15052 |
| **9/20** | 14629 | 17483 | 14639 |
| **10/20** | 14392 | 17084 | 14402 |
| **11/20** | 15940 | 19015 | 16004 |
| **12/20** | 16657 | 19797 | 16691 |
| **1/21** | 16515 | 19664 | 16662 |
| **2/21** | 17047 | 20279 | 17111 |
| **3/21** | 17448 | 21165 | 17582 |
| **4/21** | 18180 | 22265 | 18258 |
| **5/21** | 18392 | 22422 | 18501 |
| **6/21** | 18569 | 22888 | 18637 |
| **7/21** | 18758 | 23375 | 18759 |
| **8/21** | 19112 | 24065 | 19167 |
| **9/21** | 18369 | 22969 | 18497 |
| **10/21** | 19195 | 24542 | 19299 |
| **11/21** | 18628 | 24330 | 18864 |
| **12/21** | 19372 | 25429 | 19615 |
| **1/22** | 18339 | 24071 | 18660 |
| **2/22** | 17784 | 23430 | 18341 |
| **3/22** | 17973 | 24249 | 18630 |
| **4/22** | 16587 | 22162 | 17312 |
| **5/22** | 16687 | 22218 | 17384 |
| **6/22** | 15377 | 20366 | 16000 |
| **7/22** | 16536 | 22266 | 17116 |
| **8/22** | 15868 | 21369 | 16496 |
| **9/22** | 14457 | 19397 | 15039 |
| **10/22** | 15377 | 21015 | 15948 |
| **11/22** | 16448 | 22188 | 17079 |
| **12/22** | 15734 | 20908 | 16508 |
| **1/23** | 16870 | 22274 | 17632 |
| **2/23** | 16378 | 21746 | 17198 |
| **3/23** | 16651 | 22405 | 17553 |
| **4/23** | 16884 | 22700 | 17778 |
| **5/23** | 16610 | 22741 | 17509 |
| **6/23** | 17555 | 24284 | 18407 |
| **7/23** | 18048 | 25090 | 18992 |
| **8/23** | 17624 | 24656 | 18535 |
| **9/23** | 16857 | 23467 | 17794 |
| **10/23** | 16391 | 22909 | 17263 |
| **11/23** | 17815 | 24988 | 18708 |
| **12/23** | 18753 | 26232 | 19668 |
| **1/24** | 18768 | 26582 | 19695 |
| **2/24** | 19466 | 27997 | 20376 |
| **3/24** | 20080 | 28936 | 20957 |
| **4/24** | 19338 | 27711 | 20279 |
| **5/24** | 20022 | 29077 | 21057 |
| **6/24** | 20165 | 29996 | 21340 |
| **7/24** | 20650 | 30503 | 21849 |
| **8/24** | 21106 | 31170 | 22315 |
| **9/24** | 21434 | 31808 | 22768 |
| **10/24** | 20978 | 31510 | 22216 |
| **11/24** | 21848 | 33451 | 22924 |
| **12/24** | 21050 | 32515 | 22338 |
| **1/25** | 21787 | 33440 | 22952 |
| **2/25** | 21727 | 32911 | 22898 |
| **3/25** | 20930 | 31056 | 22239 |
| **4/25** | 20915 | 30792 | 22417 |
| **5/25** | 21893 | 32708 | 23442 |
| **6/25** | 22750 | 34338 | 24321 |
| **7/25** | 22946 | 35087 | 24553 |
| **8/25** | 23503 | 35864 | 25224 |
| **9/25** | 23984 | 37090 | 25919 |
| **10/25** | 24180 | 37877 | 26319 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 15.26% | 10.93% | 9.23% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2045 Index | 18.47% | 12.82% | 10.16% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2045 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,791,353

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 44.6%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 59.29% |
| International Equity Funds | 27.67% |
| Fixed Income Funds | 13.05% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV862ARR5-0

# Class A

# PPEAX

# Principal LifeTime 2050 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $41 | 0.38% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i84e6a3abede235ca195d5366.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Shares with maximum sales charge $23,373** | **S&P 1500 Index $37,877** | **S&P Target Date 2050 Index $26,918** |
| **10/15** | 9453 | 10000 | 10000 |
| **11/15** | 9440 | 10045 | 10014 |
| **12/15** | 9274 | 9857 | 9798 |
| **1/16** | 8750 | 9359 | 9346 |
| **2/16** | 8668 | 9360 | 9290 |
| **3/16** | 9212 | 10011 | 9913 |
| **4/16** | 9294 | 10058 | 10001 |
| **5/16** | 9370 | 10242 | 10097 |
| **6/16** | 9315 | 10271 | 10105 |
| **7/16** | 9645 | 10659 | 10460 |
| **8/16** | 9659 | 10680 | 10489 |
| **9/16** | 9694 | 10679 | 10527 |
| **10/16** | 9487 | 10469 | 10319 |
| **11/16** | 9632 | 10918 | 10536 |
| **12/16** | 9756 | 11141 | 10753 |
| **1/17** | 10007 | 11342 | 10971 |
| **2/17** | 10245 | 11772 | 11243 |
| **3/17** | 10331 | 11780 | 11345 |
| **4/17** | 10518 | 11899 | 11490 |
| **5/17** | 10683 | 12037 | 11663 |
| **6/17** | 10755 | 12129 | 11746 |
| **7/17** | 11014 | 12364 | 11995 |
| **8/17** | 11071 | 12375 | 11997 |
| **9/17** | 11301 | 12667 | 12267 |
| **10/17** | 11524 | 12957 | 12495 |
| **11/17** | 11754 | 13362 | 12771 |
| **12/17** | 11869 | 13495 | 12922 |
| **1/18** | 12464 | 14227 | 13479 |
| **2/18** | 11952 | 13695 | 12967 |
| **3/18** | 11824 | 13398 | 12801 |
| **4/18** | 11899 | 13446 | 12892 |
| **5/18** | 12012 | 13802 | 13054 |
| **6/18** | 11967 | 13887 | 13021 |
| **7/18** | 12276 | 14383 | 13347 |
| **8/18** | 12441 | 14858 | 13524 |
| **9/18** | 12456 | 14908 | 13525 |
| **10/18** | 11507 | 13845 | 12572 |
| **11/18** | 11658 | 14135 | 12778 |
| **12/18** | 10793 | 12825 | 11895 |
| **1/19** | 11672 | 13883 | 12782 |
| **2/19** | 12023 | 14342 | 13116 |
| **3/19** | 12153 | 14575 | 13238 |
| **4/19** | 12552 | 15164 | 13642 |
| **5/19** | 11909 | 14175 | 12912 |
| **6/19** | 12625 | 15181 | 13677 |
| **7/19** | 12691 | 15396 | 13735 |
| **8/19** | 12528 | 15114 | 13463 |
| **9/19** | 12699 | 15414 | 13741 |
| **10/19** | 12943 | 15737 | 14052 |
| **11/19** | 13277 | 16299 | 14366 |
| **12/19** | 13624 | 16789 | 14792 |
| **1/20** | 13511 | 16738 | 14624 |
| **2/20** | 12615 | 15341 | 13541 |
| **3/20** | 10779 | 13335 | 11751 |
| **4/20** | 11954 | 15053 | 12934 |
| **5/20** | 12580 | 15790 | 13483 |
| **6/20** | 12876 | 16104 | 13820 |
| **7/20** | 13528 | 16997 | 14428 |
| **8/20** | 14163 | 18171 | 15148 |
| **9/20** | 13824 | 17483 | 14723 |
| **10/20** | 13598 | 17084 | 14481 |
| **11/20** | 15120 | 19015 | 16131 |
| **12/20** | 15817 | 19797 | 16843 |
| **1/21** | 15680 | 19664 | 16817 |
| **2/21** | 16219 | 20279 | 17289 |
| **3/21** | 16611 | 21165 | 17782 |
| **4/21** | 17323 | 22265 | 18479 |
| **5/21** | 17524 | 22422 | 18730 |
| **6/21** | 17688 | 22888 | 18864 |
| **7/21** | 17862 | 23375 | 18984 |
| **8/21** | 18218 | 24065 | 19409 |
| **9/21** | 17487 | 22969 | 18713 |
| **10/21** | 18309 | 24542 | 19548 |
| **11/21** | 17734 | 24330 | 19092 |
| **12/21** | 18466 | 25429 | 19874 |
| **1/22** | 17462 | 24071 | 18890 |
| **2/22** | 16921 | 23430 | 18565 |
| **3/22** | 17108 | 24249 | 18877 |
| **4/22** | 15749 | 22162 | 17521 |
| **5/22** | 15848 | 22218 | 17593 |
| **6/22** | 14568 | 20366 | 16161 |
| **7/22** | 15700 | 22266 | 17308 |
| **8/22** | 15040 | 21369 | 16675 |
| **9/22** | 13672 | 19397 | 15180 |
| **10/22** | 14588 | 21015 | 16126 |
| **11/22** | 15641 | 22188 | 17288 |
| **12/22** | 14935 | 20908 | 16699 |
| **1/23** | 16041 | 22274 | 17855 |
| **2/23** | 15558 | 21746 | 17415 |
| **3/23** | 15826 | 22405 | 17769 |
| **4/23** | 16051 | 22700 | 17998 |
| **5/23** | 15783 | 22741 | 17721 |
| **6/23** | 16738 | 24284 | 18667 |
| **7/23** | 17232 | 25090 | 19286 |
| **8/23** | 16813 | 24656 | 18805 |
| **9/23** | 16062 | 23467 | 18040 |
| **10/23** | 15601 | 22909 | 17488 |
| **11/23** | 17006 | 24988 | 18981 |
| **12/23** | 17913 | 26232 | 19970 |
| **1/24** | 17925 | 26582 | 19996 |
| **2/24** | 18662 | 27997 | 20723 |
| **3/24** | 19276 | 28936 | 21332 |
| **4/24** | 18539 | 27711 | 20633 |
| **5/24** | 19220 | 29077 | 21442 |
| **6/24** | 19354 | 29996 | 21748 |
| **7/24** | 19812 | 30503 | 22272 |
| **8/24** | 20270 | 31170 | 22748 |
| **9/24** | 20583 | 31808 | 23215 |
| **10/24** | 20147 | 31510 | 22669 |
| **11/24** | 21029 | 33451 | 23446 |
| **12/24** | 20219 | 32515 | 22826 |
| **1/25** | 20990 | 33440 | 23464 |
| **2/25** | 20883 | 32911 | 23376 |
| **3/25** | 20053 | 31056 | 22654 |
| **4/25** | 20041 | 30792 | 22807 |
| **5/25** | 21049 | 32708 | 23889 |
| **6/25** | 21915 | 34338 | 24814 |
| **7/25** | 22128 | 35087 | 25071 |
| **8/25** | 22686 | 35864 | 25768 |
| **9/25** | 23172 | 37090 | 26498 |
| **10/25** | 23373 | 37877 | 26918 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class A Shares Excluding Sales Charge | 16.01% | 11.44% | 9.48% |
| Class A Shares Including Sales Charge | 9.63% | 10.19% | 8.86% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2050 Index | 18.74% | 13.20% | 10.41% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2050 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,420,693

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 44.7%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 64.49% |
| International Equity Funds | 30.20% |
| Fixed Income Funds | 5.32% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV863ARA-0

# Class J

# PFLJX

# Principal LifeTime 2050 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $22 | 0.20% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i545a634a1bd1f3e731d668c2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $25,090** | **S&P 1500 Index $37,877** | **S&P Target Date 2050 Index $26,918** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9986 | 10045 | 10014 |
| **12/15** | 9809 | 9857 | 9798 |
| **1/16** | 9261 | 9359 | 9346 |
| **2/16** | 9171 | 9360 | 9290 |
| **3/16** | 9749 | 10011 | 9913 |
| **4/16** | 9839 | 10058 | 10001 |
| **5/16** | 9914 | 10242 | 10097 |
| **6/16** | 9854 | 10271 | 10105 |
| **7/16** | 10206 | 10659 | 10460 |
| **8/16** | 10221 | 10680 | 10489 |
| **9/16** | 10259 | 10679 | 10527 |
| **10/16** | 10041 | 10469 | 10319 |
| **11/16** | 10191 | 10918 | 10536 |
| **12/16** | 10323 | 11141 | 10753 |
| **1/17** | 10590 | 11342 | 10971 |
| **2/17** | 10849 | 11772 | 11243 |
| **3/17** | 10944 | 11780 | 11345 |
| **4/17** | 11132 | 11899 | 11490 |
| **5/17** | 11320 | 12037 | 11663 |
| **6/17** | 11391 | 12129 | 11746 |
| **7/17** | 11666 | 12364 | 11995 |
| **8/17** | 11729 | 12375 | 11997 |
| **9/17** | 11980 | 12667 | 12267 |
| **10/17** | 12215 | 12957 | 12495 |
| **11/17** | 12459 | 13362 | 12771 |
| **12/17** | 12580 | 13495 | 12922 |
| **1/18** | 13223 | 14227 | 13479 |
| **2/18** | 12679 | 13695 | 12967 |
| **3/18** | 12547 | 13398 | 12801 |
| **4/18** | 12621 | 13446 | 12892 |
| **5/18** | 12745 | 13802 | 13054 |
| **6/18** | 12704 | 13887 | 13021 |
| **7/18** | 13025 | 14383 | 13347 |
| **8/18** | 13207 | 14858 | 13524 |
| **9/18** | 13223 | 14908 | 13525 |
| **10/18** | 12217 | 13845 | 12572 |
| **11/18** | 12374 | 14135 | 12778 |
| **12/18** | 11462 | 12825 | 11895 |
| **1/19** | 12394 | 13883 | 12782 |
| **2/19** | 12770 | 14342 | 13116 |
| **3/19** | 12905 | 14575 | 13238 |
| **4/19** | 13335 | 15164 | 13642 |
| **5/19** | 12645 | 14175 | 12912 |
| **6/19** | 13416 | 15181 | 13677 |
| **7/19** | 13487 | 15396 | 13735 |
| **8/19** | 13308 | 15114 | 13463 |
| **9/19** | 13496 | 15414 | 13741 |
| **10/19** | 13756 | 15737 | 14052 |
| **11/19** | 14115 | 16299 | 14366 |
| **12/19** | 14488 | 16789 | 14792 |
| **1/20** | 14373 | 16738 | 14624 |
| **2/20** | 13412 | 15341 | 13541 |
| **3/20** | 11471 | 13335 | 11751 |
| **4/20** | 12720 | 15053 | 12934 |
| **5/20** | 13383 | 15790 | 13483 |
| **6/20** | 13700 | 16104 | 13820 |
| **7/20** | 14402 | 16997 | 14428 |
| **8/20** | 15074 | 18171 | 15148 |
| **9/20** | 14719 | 17483 | 14723 |
| **10/20** | 14469 | 17084 | 14481 |
| **11/20** | 16093 | 19015 | 16131 |
| **12/20** | 16849 | 19797 | 16843 |
| **1/21** | 16697 | 19664 | 16817 |
| **2/21** | 17274 | 20279 | 17289 |
| **3/21** | 17688 | 21165 | 17782 |
| **4/21** | 18457 | 22265 | 18479 |
| **5/21** | 18669 | 22422 | 18730 |
| **6/21** | 18851 | 22888 | 18864 |
| **7/21** | 19043 | 23375 | 18984 |
| **8/21** | 19418 | 24065 | 19409 |
| **9/21** | 18649 | 22969 | 18713 |
| **10/21** | 19519 | 24542 | 19548 |
| **11/21** | 18912 | 24330 | 19092 |
| **12/21** | 19703 | 25429 | 19874 |
| **1/22** | 18629 | 24071 | 18890 |
| **2/22** | 18048 | 23430 | 18565 |
| **3/22** | 18267 | 24249 | 18877 |
| **4/22** | 16810 | 22162 | 17521 |
| **5/22** | 16920 | 22218 | 17593 |
| **6/22** | 15550 | 20366 | 16161 |
| **7/22** | 16766 | 22266 | 17308 |
| **8/22** | 16065 | 21369 | 16675 |
| **9/22** | 14607 | 19397 | 15180 |
| **10/22** | 15583 | 21015 | 16126 |
| **11/22** | 16711 | 22188 | 17288 |
| **12/22** | 15962 | 20908 | 16699 |
| **1/23** | 17139 | 22274 | 17855 |
| **2/23** | 16635 | 21746 | 17415 |
| **3/23** | 16911 | 22405 | 17769 |
| **4/23** | 17163 | 22700 | 17998 |
| **5/23** | 16875 | 22741 | 17721 |
| **6/23** | 17896 | 24284 | 18667 |
| **7/23** | 18425 | 25090 | 19286 |
| **8/23** | 17980 | 24656 | 18805 |
| **9/23** | 17175 | 23467 | 18040 |
| **10/23** | 16695 | 22909 | 17488 |
| **11/23** | 18196 | 24988 | 18981 |
| **12/23** | 19170 | 26232 | 19970 |
| **1/24** | 19182 | 26582 | 19996 |
| **2/24** | 19973 | 27997 | 20723 |
| **3/24** | 20637 | 28936 | 21332 |
| **4/24** | 19847 | 27711 | 20633 |
| **5/24** | 20587 | 29077 | 21442 |
| **6/24** | 20738 | 29996 | 21748 |
| **7/24** | 21227 | 30503 | 22272 |
| **8/24** | 21716 | 31170 | 22748 |
| **9/24** | 22055 | 31808 | 23215 |
| **10/24** | 21591 | 31510 | 22669 |
| **11/24** | 22544 | 33451 | 23446 |
| **12/24** | 21676 | 32515 | 22826 |
| **1/25** | 22506 | 33440 | 23464 |
| **2/25** | 22399 | 32911 | 23376 |
| **3/25** | 21502 | 31056 | 22654 |
| **4/25** | 21502 | 30792 | 22807 |
| **5/25** | 22587 | 32708 | 23889 |
| **6/25** | 23524 | 34338 | 24814 |
| **7/25** | 23751 | 35087 | 25071 |
| **8/25** | 24354 | 35864 | 25768 |
| **9/25** | 24876 | 37090 | 26498 |
| **10/25** | 25090 | 37877 | 26918 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class J Shares Excluding Sales Charge | 16.21% | 11.64% | 9.64% |
| Class J Shares Including Sales Charge | 15.21% | 11.64% | 9.64% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2050 Index | 18.74% | 13.20% | 10.41% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2050 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,420,693

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 44.7%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 64.49% |
| International Equity Funds | 30.20% |
| Fixed Income Funds | 5.32% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV863ARJ-0

# Institutional

# PPLIX

# Principal LifeTime 2050 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](idfae6f77508bbfcba6ed3a9a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $25,657** | **S&P 1500 Index $37,877** | **S&P Target Date 2050 Index $26,918** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9993 | 10045 | 10014 |
| **12/15** | 9816 | 9857 | 9798 |
| **1/16** | 9266 | 9359 | 9346 |
| **2/16** | 9178 | 9360 | 9290 |
| **3/16** | 9757 | 10011 | 9913 |
| **4/16** | 9853 | 10058 | 10001 |
| **5/16** | 9933 | 10242 | 10097 |
| **6/16** | 9874 | 10271 | 10105 |
| **7/16** | 10234 | 10659 | 10460 |
| **8/16** | 10248 | 10680 | 10489 |
| **9/16** | 10285 | 10679 | 10527 |
| **10/16** | 10072 | 10469 | 10319 |
| **11/16** | 10226 | 10918 | 10536 |
| **12/16** | 10363 | 11141 | 10753 |
| **1/17** | 10632 | 11342 | 10971 |
| **2/17** | 10893 | 11772 | 11243 |
| **3/17** | 10986 | 11780 | 11345 |
| **4/17** | 11185 | 11899 | 11490 |
| **5/17** | 11370 | 12037 | 11663 |
| **6/17** | 11447 | 12129 | 11746 |
| **7/17** | 11723 | 12364 | 11995 |
| **8/17** | 11785 | 12375 | 11997 |
| **9/17** | 12046 | 12667 | 12267 |
| **10/17** | 12284 | 12957 | 12495 |
| **11/17** | 12530 | 13362 | 12771 |
| **12/17** | 12656 | 13495 | 12922 |
| **1/18** | 13302 | 14227 | 13479 |
| **2/18** | 12753 | 13695 | 12967 |
| **3/18** | 12624 | 13398 | 12801 |
| **4/18** | 12705 | 13446 | 12892 |
| **5/18** | 12826 | 13802 | 13054 |
| **6/18** | 12786 | 13887 | 13021 |
| **7/18** | 13117 | 14383 | 13347 |
| **8/18** | 13302 | 14858 | 13524 |
| **9/18** | 13319 | 14908 | 13525 |
| **10/18** | 12309 | 13845 | 12572 |
| **11/18** | 12471 | 14135 | 12778 |
| **12/18** | 11557 | 12825 | 11895 |
| **1/19** | 12504 | 13883 | 12782 |
| **2/19** | 12873 | 14342 | 13116 |
| **3/19** | 13022 | 14575 | 13238 |
| **4/19** | 13452 | 15164 | 13642 |
| **5/19** | 12759 | 14175 | 12912 |
| **6/19** | 13540 | 15181 | 13677 |
| **7/19** | 13610 | 15396 | 13735 |
| **8/19** | 13435 | 15114 | 13463 |
| **9/19** | 13628 | 15414 | 13741 |
| **10/19** | 13900 | 15737 | 14052 |
| **11/19** | 14259 | 16299 | 14366 |
| **12/19** | 14636 | 16789 | 14792 |
| **1/20** | 14523 | 16738 | 14624 |
| **2/20** | 13554 | 15341 | 13541 |
| **3/20** | 11589 | 13335 | 11751 |
| **4/20** | 12858 | 15053 | 12934 |
| **5/20** | 13536 | 15790 | 13483 |
| **6/20** | 13865 | 16104 | 13820 |
| **7/20** | 14570 | 16997 | 14428 |
| **8/20** | 15257 | 18171 | 15148 |
| **9/20** | 14890 | 17483 | 14723 |
| **10/20** | 14646 | 17084 | 14481 |
| **11/20** | 16292 | 19015 | 16131 |
| **12/20** | 17060 | 19797 | 16843 |
| **1/21** | 16912 | 19664 | 16817 |
| **2/21** | 17496 | 20279 | 17289 |
| **3/21** | 17922 | 21165 | 17782 |
| **4/21** | 18704 | 22265 | 18479 |
| **5/21** | 18922 | 22422 | 18730 |
| **6/21** | 19110 | 22888 | 18864 |
| **7/21** | 19308 | 23375 | 18984 |
| **8/21** | 19684 | 24065 | 19409 |
| **9/21** | 18902 | 22969 | 18713 |
| **10/21** | 19793 | 24542 | 19548 |
| **11/21** | 19189 | 24330 | 19092 |
| **12/21** | 19980 | 25429 | 19874 |
| **1/22** | 18908 | 24071 | 18890 |
| **2/22** | 18319 | 23430 | 18565 |
| **3/22** | 18533 | 24249 | 18877 |
| **4/22** | 17064 | 22162 | 17521 |
| **5/22** | 17182 | 22218 | 17593 |
| **6/22** | 15789 | 20366 | 16161 |
| **7/22** | 17022 | 22266 | 17308 |
| **8/22** | 16325 | 21369 | 16675 |
| **9/22** | 14835 | 19397 | 15180 |
| **10/22** | 15842 | 21015 | 16126 |
| **11/22** | 16979 | 22188 | 17288 |
| **12/22** | 16226 | 20908 | 16699 |
| **1/23** | 17434 | 22274 | 17855 |
| **2/23** | 16918 | 21746 | 17415 |
| **3/23** | 17199 | 22405 | 17769 |
| **4/23** | 17457 | 22700 | 17998 |
| **5/23** | 17176 | 22741 | 17721 |
| **6/23** | 18220 | 24284 | 18667 |
| **7/23** | 18760 | 25090 | 19286 |
| **8/23** | 18302 | 24656 | 18805 |
| **9/23** | 17493 | 23467 | 18040 |
| **10/23** | 17000 | 22909 | 17488 |
| **11/23** | 18537 | 24988 | 18981 |
| **12/23** | 19535 | 26232 | 19970 |
| **1/24** | 19548 | 26582 | 19996 |
| **2/24** | 20357 | 27997 | 20723 |
| **3/24** | 21031 | 28936 | 21332 |
| **4/24** | 20234 | 27711 | 20633 |
| **5/24** | 20994 | 29077 | 21442 |
| **6/24** | 21141 | 29996 | 21748 |
| **7/24** | 21656 | 30503 | 22272 |
| **8/24** | 22146 | 31170 | 22748 |
| **9/24** | 22501 | 31808 | 23215 |
| **10/24** | 22036 | 31510 | 22669 |
| **11/24** | 23004 | 33451 | 23446 |
| **12/24** | 22130 | 32515 | 22826 |
| **1/25** | 22966 | 33440 | 23464 |
| **2/25** | 22861 | 32911 | 23376 |
| **3/25** | 21960 | 31056 | 22654 |
| **4/25** | 21960 | 30792 | 22807 |
| **5/25** | 23070 | 32708 | 23889 |
| **6/25** | 24037 | 34338 | 24814 |
| **7/25** | 24272 | 35087 | 25071 |
| **8/25** | 24886 | 35864 | 25768 |
| **9/25** | 25422 | 37090 | 26498 |
| **10/25** | 25657 | 37877 | 26918 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 16.43% | 11.87% | 9.88% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2050 Index | 18.74% | 13.20% | 10.41% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2050 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,420,693

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 44.7%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 64.49% |
| International Equity Funds | 30.20% |
| Fixed Income Funds | 5.32% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV863ARI-0

# R-3

# PTERX

# Principal LifeTime 2050 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $62 | 0.57% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i8ffd9b5cda8a956f65825a27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $24,242** | **S&P 1500 Index $37,877** | **S&P Target Date 2050 Index $26,918** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9979 | 10045 | 10014 |
| **12/15** | 9803 | 9857 | 9798 |
| **1/16** | 9249 | 9359 | 9346 |
| **2/16** | 9160 | 9360 | 9290 |
| **3/16** | 9729 | 10011 | 9913 |
| **4/16** | 9817 | 10058 | 10001 |
| **5/16** | 9898 | 10242 | 10097 |
| **6/16** | 9832 | 10271 | 10105 |
| **7/16** | 10186 | 10659 | 10460 |
| **8/16** | 10201 | 10680 | 10489 |
| **9/16** | 10231 | 10679 | 10527 |
| **10/16** | 10009 | 10469 | 10319 |
| **11/16** | 10164 | 10918 | 10536 |
| **12/16** | 10294 | 11141 | 10753 |
| **1/17** | 10555 | 11342 | 10971 |
| **2/17** | 10809 | 11772 | 11243 |
| **3/17** | 10894 | 11780 | 11345 |
| **4/17** | 11087 | 11899 | 11490 |
| **5/17** | 11264 | 12037 | 11663 |
| **6/17** | 11341 | 12129 | 11746 |
| **7/17** | 11610 | 12364 | 11995 |
| **8/17** | 11664 | 12375 | 11997 |
| **9/17** | 11910 | 12667 | 12267 |
| **10/17** | 12141 | 12957 | 12495 |
| **11/17** | 12380 | 13362 | 12771 |
| **12/17** | 12496 | 13495 | 12922 |
| **1/18** | 13124 | 14227 | 13479 |
| **2/18** | 12585 | 13695 | 12967 |
| **3/18** | 12448 | 13398 | 12801 |
| **4/18** | 12520 | 13446 | 12892 |
| **5/18** | 12641 | 13802 | 13054 |
| **6/18** | 12593 | 13887 | 13021 |
| **7/18** | 12915 | 14383 | 13347 |
| **8/18** | 13084 | 14858 | 13524 |
| **9/18** | 13100 | 14908 | 13525 |
| **10/18** | 12101 | 13845 | 12572 |
| **11/18** | 12254 | 14135 | 12778 |
| **12/18** | 11345 | 12825 | 11895 |
| **1/19** | 12268 | 13883 | 12782 |
| **2/19** | 12633 | 14342 | 13116 |
| **3/19** | 12764 | 14575 | 13238 |
| **4/19** | 13191 | 15164 | 13642 |
| **5/19** | 12503 | 14175 | 12912 |
| **6/19** | 13260 | 15181 | 13677 |
| **7/19** | 13321 | 15396 | 13735 |
| **8/19** | 13147 | 15114 | 13463 |
| **9/19** | 13330 | 15414 | 13741 |
| **10/19** | 13582 | 15737 | 14052 |
| **11/19** | 13931 | 16299 | 14366 |
| **12/19** | 14300 | 16789 | 14792 |
| **1/20** | 14179 | 16738 | 14624 |
| **2/20** | 13231 | 15341 | 13541 |
| **3/20** | 11308 | 13335 | 11751 |
| **4/20** | 12534 | 15053 | 12934 |
| **5/20** | 13185 | 15790 | 13483 |
| **6/20** | 13501 | 16104 | 13820 |
| **7/20** | 14179 | 16997 | 14428 |
| **8/20** | 14848 | 18171 | 15148 |
| **9/20** | 14485 | 17483 | 14723 |
| **10/20** | 14244 | 17084 | 14481 |
| **11/20** | 15833 | 19015 | 16131 |
| **12/20** | 16562 | 19797 | 16843 |
| **1/21** | 16416 | 19664 | 16817 |
| **2/21** | 16971 | 20279 | 17289 |
| **3/21** | 17380 | 21165 | 17782 |
| **4/21** | 18131 | 22265 | 18479 |
| **5/21** | 18335 | 22422 | 18730 |
| **6/21** | 18510 | 22888 | 18864 |
| **7/21** | 18686 | 23375 | 18984 |
| **8/21** | 19046 | 24065 | 19409 |
| **9/21** | 18286 | 22969 | 18713 |
| **10/21** | 19134 | 24542 | 19548 |
| **11/21** | 18540 | 24330 | 19092 |
| **12/21** | 19305 | 25429 | 19874 |
| **1/22** | 18244 | 24071 | 18890 |
| **2/22** | 17677 | 23430 | 18565 |
| **3/22** | 17876 | 24249 | 18877 |
| **4/22** | 16448 | 22162 | 17521 |
| **5/22** | 16553 | 22218 | 17593 |
| **6/22** | 15209 | 20366 | 16161 |
| **7/22** | 16385 | 22266 | 17308 |
| **8/22** | 15702 | 21369 | 16675 |
| **9/22** | 14274 | 19397 | 15180 |
| **10/22** | 15230 | 21015 | 16126 |
| **11/22** | 16311 | 22188 | 17288 |
| **12/22** | 15580 | 20908 | 16699 |
| **1/23** | 16736 | 22274 | 17855 |
| **2/23** | 16232 | 21746 | 17415 |
| **3/23** | 16495 | 22405 | 17769 |
| **4/23** | 16736 | 22700 | 17998 |
| **5/23** | 16450 | 22741 | 17721 |
| **6/23** | 17446 | 24284 | 18667 |
| **7/23** | 17949 | 25090 | 19286 |
| **8/23** | 17514 | 24656 | 18805 |
| **9/23** | 16724 | 23467 | 18040 |
| **10/23** | 16255 | 22909 | 17488 |
| **11/23** | 17709 | 24988 | 18981 |
| **12/23** | 18648 | 26232 | 19970 |
| **1/24** | 18659 | 26582 | 19996 |
| **2/24** | 19422 | 27997 | 20723 |
| **3/24** | 20065 | 28936 | 21332 |
| **4/24** | 19279 | 27711 | 20633 |
| **5/24** | 19993 | 29077 | 21442 |
| **6/24** | 20136 | 29996 | 21748 |
| **7/24** | 20600 | 30503 | 22272 |
| **8/24** | 21065 | 31170 | 22748 |
| **9/24** | 21398 | 31808 | 23215 |
| **10/24** | 20934 | 31510 | 22669 |
| **11/24** | 21851 | 33451 | 23446 |
| **12/24** | 21018 | 32515 | 22826 |
| **1/25** | 21802 | 33440 | 23464 |
| **2/25** | 21688 | 32911 | 23376 |
| **3/25** | 20828 | 31056 | 22654 |
| **4/25** | 20803 | 30792 | 22807 |
| **5/25** | 21852 | 32708 | 23889 |
| **6/25** | 22750 | 34338 | 24814 |
| **7/25** | 22965 | 35087 | 25071 |
| **8/25** | 23534 | 35864 | 25768 |
| **9/25** | 24040 | 37090 | 26498 |
| **10/25** | 24242 | 37877 | 26918 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 15.80% | 11.22% | 9.26% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2050 Index | 18.74% | 13.20% | 10.41% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2050 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,420,693

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 44.7%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 64.49% |
| International Equity Funds | 30.20% |
| Fixed Income Funds | 5.32% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV863ARR3-0

# R-5

# PTEFX

# Principal LifeTime 2050 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $28 | 0.26% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](id937ad18b134851a684d96bd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $24,998** | **S&P 1500 Index $37,877** | **S&P Target Date 2050 Index $26,918** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9986 | 10045 | 10014 |
| **12/15** | 9810 | 9857 | 9798 |
| **1/16** | 9259 | 9359 | 9346 |
| **2/16** | 9170 | 9360 | 9290 |
| **3/16** | 9743 | 10011 | 9913 |
| **4/16** | 9839 | 10058 | 10001 |
| **5/16** | 9920 | 10242 | 10097 |
| **6/16** | 9854 | 10271 | 10105 |
| **7/16** | 10206 | 10659 | 10460 |
| **8/16** | 10228 | 10680 | 10489 |
| **9/16** | 10258 | 10679 | 10527 |
| **10/16** | 10045 | 10469 | 10319 |
| **11/16** | 10199 | 10918 | 10536 |
| **12/16** | 10333 | 11141 | 10753 |
| **1/17** | 10601 | 11342 | 10971 |
| **2/17** | 10855 | 11772 | 11243 |
| **3/17** | 10947 | 11780 | 11345 |
| **4/17** | 11139 | 11899 | 11490 |
| **5/17** | 11323 | 12037 | 11663 |
| **6/17** | 11400 | 12129 | 11746 |
| **7/17** | 11668 | 12364 | 11995 |
| **8/17** | 11730 | 12375 | 11997 |
| **9/17** | 11983 | 12667 | 12267 |
| **10/17** | 12221 | 12957 | 12495 |
| **11/17** | 12459 | 13362 | 12771 |
| **12/17** | 12578 | 13495 | 12922 |
| **1/18** | 13223 | 14227 | 13479 |
| **2/18** | 12675 | 13695 | 12967 |
| **3/18** | 12546 | 13398 | 12801 |
| **4/18** | 12619 | 13446 | 12892 |
| **5/18** | 12739 | 13802 | 13054 |
| **6/18** | 12699 | 13887 | 13021 |
| **7/18** | 13021 | 14383 | 13347 |
| **8/18** | 13206 | 14858 | 13524 |
| **9/18** | 13214 | 14908 | 13525 |
| **10/18** | 12216 | 13845 | 12572 |
| **11/18** | 12369 | 14135 | 12778 |
| **12/18** | 11460 | 12825 | 11895 |
| **1/19** | 12394 | 13883 | 12782 |
| **2/19** | 12760 | 14342 | 13116 |
| **3/19** | 12900 | 14575 | 13238 |
| **4/19** | 13336 | 15164 | 13642 |
| **5/19** | 12647 | 14175 | 12912 |
| **6/19** | 13406 | 15181 | 13677 |
| **7/19** | 13485 | 15396 | 13735 |
| **8/19** | 13310 | 15114 | 13463 |
| **9/19** | 13493 | 15414 | 13741 |
| **10/19** | 13755 | 15737 | 14052 |
| **11/19** | 14113 | 16299 | 14366 |
| **12/19** | 14479 | 16789 | 14792 |
| **1/20** | 14367 | 16738 | 14624 |
| **2/20** | 13405 | 15341 | 13541 |
| **3/20** | 11463 | 13335 | 11751 |
| **4/20** | 12714 | 15053 | 12934 |
| **5/20** | 13377 | 15790 | 13483 |
| **6/20** | 13694 | 16104 | 13820 |
| **7/20** | 14395 | 16997 | 14428 |
| **8/20** | 15067 | 18171 | 15148 |
| **9/20** | 14712 | 17483 | 14723 |
| **10/20** | 14460 | 17084 | 14481 |
| **11/20** | 16084 | 19015 | 16131 |
| **12/20** | 16830 | 19797 | 16843 |
| **1/21** | 16683 | 19664 | 16817 |
| **2/21** | 17252 | 20279 | 17289 |
| **3/21** | 17673 | 21165 | 17782 |
| **4/21** | 18438 | 22265 | 18479 |
| **5/21** | 18654 | 22422 | 18730 |
| **6/21** | 18831 | 22888 | 18864 |
| **7/21** | 19027 | 23375 | 18984 |
| **8/21** | 19399 | 24065 | 19409 |
| **9/21** | 18625 | 22969 | 18713 |
| **10/21** | 19497 | 24542 | 19548 |
| **11/21** | 18889 | 24330 | 19092 |
| **12/21** | 19674 | 25429 | 19874 |
| **1/22** | 18604 | 24071 | 18890 |
| **2/22** | 18021 | 23430 | 18565 |
| **3/22** | 18233 | 24249 | 18877 |
| **4/22** | 16782 | 22162 | 17521 |
| **5/22** | 16898 | 22218 | 17593 |
| **6/22** | 15521 | 20366 | 16161 |
| **7/22** | 16729 | 22266 | 17308 |
| **8/22** | 16040 | 21369 | 16675 |
| **9/22** | 14578 | 19397 | 15180 |
| **10/22** | 15564 | 21015 | 16126 |
| **11/22** | 16676 | 22188 | 17288 |
| **12/22** | 15924 | 20908 | 16699 |
| **1/23** | 17116 | 22274 | 17855 |
| **2/23** | 16595 | 21746 | 17415 |
| **3/23** | 16884 | 22405 | 17769 |
| **4/23** | 17127 | 22700 | 17998 |
| **5/23** | 16838 | 22741 | 17721 |
| **6/23** | 17856 | 24284 | 18667 |
| **7/23** | 18389 | 25090 | 19286 |
| **8/23** | 17937 | 24656 | 18805 |
| **9/23** | 17139 | 23467 | 18040 |
| **10/23** | 16653 | 22909 | 17488 |
| **11/23** | 18157 | 24988 | 18981 |
| **12/23** | 19132 | 26232 | 19970 |
| **1/24** | 19144 | 26582 | 19996 |
| **2/24** | 19928 | 27997 | 20723 |
| **3/24** | 20592 | 28936 | 21332 |
| **4/24** | 19795 | 27711 | 20633 |
| **5/24** | 20531 | 29077 | 21442 |
| **6/24** | 20676 | 29996 | 21748 |
| **7/24** | 21171 | 30503 | 22272 |
| **8/24** | 21653 | 31170 | 22748 |
| **9/24** | 22003 | 31808 | 23215 |
| **10/24** | 21532 | 31510 | 22669 |
| **11/24** | 22473 | 33451 | 23446 |
| **12/24** | 21621 | 32515 | 22826 |
| **1/25** | 22430 | 33440 | 23464 |
| **2/25** | 22328 | 32911 | 23376 |
| **3/25** | 21442 | 31056 | 22654 |
| **4/25** | 21429 | 30792 | 22807 |
| **5/25** | 22520 | 32708 | 23889 |
| **6/25** | 23445 | 34338 | 24814 |
| **7/25** | 23676 | 35087 | 25071 |
| **8/25** | 24266 | 35864 | 25768 |
| **9/25** | 24793 | 37090 | 26498 |
| **10/25** | 24998 | 37877 | 26918 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 16.09% | 11.57% | 9.59% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2050 Index | 18.74% | 13.20% | 10.41% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2050 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,420,693

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 44.7%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 64.49% |
| International Equity Funds | 30.20% |
| Fixed Income Funds | 5.32% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV863ARR5-0

# Institutional

# LTFIX

# Principal LifeTime 2055 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2055 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ia71999c1c0080be428b72687.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $25,938** | **S&P 1500 Index $37,877** | **S&P Target Date 2055 Index $27,200** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9992 | 10045 | 10014 |
| **12/15** | 9809 | 9857 | 9793 |
| **1/16** | 9245 | 9359 | 9329 |
| **2/16** | 9158 | 9360 | 9269 |
| **3/16** | 9748 | 10011 | 9903 |
| **4/16** | 9844 | 10058 | 9993 |
| **5/16** | 9922 | 10242 | 10090 |
| **6/16** | 9861 | 10271 | 10093 |
| **7/16** | 10226 | 10659 | 10455 |
| **8/16** | 10243 | 10680 | 10487 |
| **9/16** | 10278 | 10679 | 10525 |
| **10/16** | 10061 | 10469 | 10314 |
| **11/16** | 10226 | 10918 | 10545 |
| **12/16** | 10370 | 11141 | 10766 |
| **1/17** | 10650 | 11342 | 10990 |
| **2/17** | 10911 | 11772 | 11269 |
| **3/17** | 11002 | 11780 | 11374 |
| **4/17** | 11209 | 11899 | 11521 |
| **5/17** | 11399 | 12037 | 11697 |
| **6/17** | 11471 | 12129 | 11781 |
| **7/17** | 11760 | 12364 | 12033 |
| **8/17** | 11823 | 12375 | 12035 |
| **9/17** | 12085 | 12667 | 12309 |
| **10/17** | 12328 | 12957 | 12540 |
| **11/17** | 12581 | 13362 | 12817 |
| **12/17** | 12706 | 13495 | 12970 |
| **1/18** | 13369 | 14227 | 13538 |
| **2/18** | 12809 | 13695 | 13023 |
| **3/18** | 12678 | 13398 | 12853 |
| **4/18** | 12762 | 13446 | 12945 |
| **5/18** | 12893 | 13802 | 13106 |
| **6/18** | 12846 | 13887 | 13072 |
| **7/18** | 13192 | 14383 | 13401 |
| **8/18** | 13369 | 14858 | 13578 |
| **9/18** | 13388 | 14908 | 13579 |
| **10/18** | 12351 | 13845 | 12618 |
| **11/18** | 12519 | 14135 | 12825 |
| **12/18** | 11562 | 12825 | 11936 |
| **1/19** | 12538 | 13883 | 12829 |
| **2/19** | 12927 | 14342 | 13164 |
| **3/19** | 13066 | 14575 | 13286 |
| **4/19** | 13514 | 15164 | 13692 |
| **5/19** | 12787 | 14175 | 12957 |
| **6/19** | 13584 | 15181 | 13729 |
| **7/19** | 13664 | 15396 | 13786 |
| **8/19** | 13475 | 15114 | 13509 |
| **9/19** | 13664 | 15414 | 13793 |
| **10/19** | 13943 | 15737 | 14109 |
| **11/19** | 14321 | 16299 | 14425 |
| **12/19** | 14712 | 16789 | 14859 |
| **1/20** | 14586 | 16738 | 14686 |
| **2/20** | 13582 | 15341 | 13582 |
| **3/20** | 11554 | 13335 | 11762 |
| **4/20** | 12843 | 15053 | 12956 |
| **5/20** | 13530 | 15790 | 13508 |
| **6/20** | 13857 | 16104 | 13851 |
| **7/20** | 14575 | 16997 | 14467 |
| **8/20** | 15272 | 18171 | 15201 |
| **9/20** | 14903 | 17483 | 14768 |
| **10/20** | 14649 | 17084 | 14521 |
| **11/20** | 16349 | 19015 | 16195 |
| **12/20** | 17136 | 19797 | 16918 |
| **1/21** | 16982 | 19664 | 16892 |
| **2/21** | 17597 | 20279 | 17373 |
| **3/21** | 18047 | 21165 | 17877 |
| **4/21** | 18848 | 22265 | 18587 |
| **5/21** | 19079 | 22422 | 18843 |
| **6/21** | 19265 | 22888 | 18977 |
| **7/21** | 19463 | 23375 | 19096 |
| **8/21** | 19869 | 24065 | 19526 |
| **9/21** | 19057 | 22969 | 18824 |
| **10/21** | 19979 | 24542 | 19666 |
| **11/21** | 19364 | 24330 | 19205 |
| **12/21** | 20180 | 25429 | 19995 |
| **1/22** | 19087 | 24071 | 19003 |
| **2/22** | 18494 | 23430 | 18676 |
| **3/22** | 18715 | 24249 | 18993 |
| **4/22** | 17237 | 22162 | 17626 |
| **5/22** | 17354 | 22218 | 17698 |
| **6/22** | 15946 | 20366 | 16245 |
| **7/22** | 17191 | 22266 | 17404 |
| **8/22** | 16481 | 21369 | 16769 |
| **9/22** | 14981 | 19397 | 15259 |
| **10/22** | 15993 | 21015 | 16221 |
| **11/22** | 17144 | 22188 | 17397 |
| **12/22** | 16377 | 20908 | 16802 |
| **1/23** | 17603 | 22274 | 17971 |
| **2/23** | 17085 | 21746 | 17529 |
| **3/23** | 17375 | 22405 | 17881 |
| **4/23** | 17628 | 22700 | 18113 |
| **5/23** | 17337 | 22741 | 17831 |
| **6/23** | 18386 | 24284 | 18785 |
| **7/23** | 18942 | 25090 | 19410 |
| **8/23** | 18487 | 24656 | 18925 |
| **9/23** | 17666 | 23467 | 18153 |
| **10/23** | 17173 | 22909 | 17597 |
| **11/23** | 18715 | 24988 | 19102 |
| **12/23** | 19715 | 26232 | 20098 |
| **1/24** | 19741 | 26582 | 20126 |
| **2/24** | 20544 | 27997 | 20859 |
| **3/24** | 21242 | 28936 | 21473 |
| **4/24** | 20426 | 27711 | 20769 |
| **5/24** | 21190 | 29077 | 21585 |
| **6/24** | 21348 | 29996 | 21891 |
| **7/24** | 21861 | 30503 | 22423 |
| **8/24** | 22362 | 31170 | 22909 |
| **9/24** | 22730 | 31808 | 23385 |
| **10/24** | 22243 | 31510 | 22822 |
| **11/24** | 23231 | 33451 | 23608 |
| **12/24** | 22341 | 32515 | 22976 |
| **1/25** | 23199 | 33440 | 23635 |
| **2/25** | 23088 | 32911 | 23540 |
| **3/25** | 22175 | 31056 | 22802 |
| **4/25** | 22161 | 30792 | 22969 |
| **5/25** | 23309 | 32708 | 24090 |
| **6/25** | 24291 | 34338 | 25038 |
| **7/25** | 24527 | 35087 | 25303 |
| **8/25** | 25163 | 35864 | 26017 |
| **9/25** | 25716 | 37090 | 26768 |
| **10/25** | 25938 | 37877 | 27200 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 16.61% | 12.10% | 10.00% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2055 Index | 19.18% | 13.37% | 10.52% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2055 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,215,774

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 48.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.06% |
| International Equity Funds | 30.93% |
| Fixed Income Funds | 3.02% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV864ARI-0

# R-3

# LTFDX

# Principal LifeTime 2055 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2055 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $63 | 0.58% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i55aac62b2a71897bf0fbd383.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $24,547** | **S&P 1500 Index $37,877** | **S&P Target Date 2055 Index $27,200** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9992 | 10045 | 10014 |
| **12/15** | 9812 | 9857 | 9793 |
| **1/16** | 9237 | 9359 | 9329 |
| **2/16** | 9140 | 9360 | 9269 |
| **3/16** | 9732 | 10011 | 9903 |
| **4/16** | 9821 | 10058 | 9993 |
| **5/16** | 9901 | 10242 | 10090 |
| **6/16** | 9830 | 10271 | 10093 |
| **7/16** | 10192 | 10659 | 10455 |
| **8/16** | 10201 | 10680 | 10487 |
| **9/16** | 10237 | 10679 | 10525 |
| **10/16** | 10016 | 10469 | 10314 |
| **11/16** | 10175 | 10918 | 10545 |
| **12/16** | 10312 | 11141 | 10766 |
| **1/17** | 10578 | 11342 | 10990 |
| **2/17** | 10834 | 11772 | 11269 |
| **3/17** | 10926 | 11780 | 11374 |
| **4/17** | 11118 | 11899 | 11521 |
| **5/17** | 11302 | 12037 | 11697 |
| **6/17** | 11375 | 12129 | 11781 |
| **7/17** | 11650 | 12364 | 12033 |
| **8/17** | 11705 | 12375 | 12035 |
| **9/17** | 11962 | 12667 | 12309 |
| **10/17** | 12200 | 12957 | 12540 |
| **11/17** | 12438 | 13362 | 12817 |
| **12/17** | 12563 | 13495 | 12970 |
| **1/18** | 13215 | 14227 | 13538 |
| **2/18** | 12657 | 13695 | 13023 |
| **3/18** | 12516 | 13398 | 12853 |
| **4/18** | 12591 | 13446 | 12945 |
| **5/18** | 12714 | 13802 | 13106 |
| **6/18** | 12667 | 13887 | 13072 |
| **7/18** | 12998 | 14383 | 13401 |
| **8/18** | 13168 | 14858 | 13578 |
| **9/18** | 13177 | 14908 | 13579 |
| **10/18** | 12156 | 13845 | 12618 |
| **11/18** | 12308 | 14135 | 12825 |
| **12/18** | 11367 | 12825 | 11936 |
| **1/19** | 12320 | 13883 | 12829 |
| **2/19** | 12691 | 14342 | 13164 |
| **3/19** | 12822 | 14575 | 13286 |
| **4/19** | 13263 | 15164 | 13692 |
| **5/19** | 12551 | 14175 | 12957 |
| **6/19** | 13323 | 15181 | 13729 |
| **7/19** | 13384 | 15396 | 13786 |
| **8/19** | 13193 | 15114 | 13509 |
| **9/19** | 13374 | 15414 | 13793 |
| **10/19** | 13644 | 15737 | 14109 |
| **11/19** | 14016 | 16299 | 14425 |
| **12/19** | 14390 | 16789 | 14859 |
| **1/20** | 14252 | 16738 | 14686 |
| **2/20** | 13266 | 15341 | 13582 |
| **3/20** | 11283 | 13335 | 11762 |
| **4/20** | 12524 | 15053 | 12956 |
| **5/20** | 13192 | 15790 | 13508 |
| **6/20** | 13510 | 16104 | 13851 |
| **7/20** | 14199 | 16997 | 14467 |
| **8/20** | 14878 | 18171 | 15201 |
| **9/20** | 14507 | 17483 | 14768 |
| **10/20** | 14263 | 17084 | 14521 |
| **11/20** | 15896 | 19015 | 16195 |
| **12/20** | 16651 | 19797 | 16918 |
| **1/21** | 16497 | 19664 | 16892 |
| **2/21** | 17090 | 20279 | 17373 |
| **3/21** | 17518 | 21165 | 17877 |
| **4/21** | 18287 | 22265 | 18587 |
| **5/21** | 18507 | 22422 | 18843 |
| **6/21** | 18672 | 22888 | 18977 |
| **7/21** | 18858 | 23375 | 19096 |
| **8/21** | 19243 | 24065 | 19526 |
| **9/21** | 18441 | 22969 | 18824 |
| **10/21** | 19331 | 24542 | 19666 |
| **11/21** | 18737 | 24330 | 19205 |
| **12/21** | 19499 | 25429 | 19995 |
| **1/22** | 18443 | 24071 | 19003 |
| **2/22** | 17863 | 23430 | 18676 |
| **3/22** | 18072 | 24249 | 18993 |
| **4/22** | 16634 | 22162 | 17626 |
| **5/22** | 16738 | 22218 | 17698 |
| **6/22** | 15369 | 20366 | 16245 |
| **7/22** | 16564 | 22266 | 17404 |
| **8/22** | 15868 | 21369 | 16769 |
| **9/22** | 14418 | 19397 | 15259 |
| **10/22** | 15393 | 21015 | 16221 |
| **11/22** | 16495 | 22188 | 17397 |
| **12/22** | 15748 | 20908 | 16802 |
| **1/23** | 16916 | 22274 | 17971 |
| **2/23** | 16401 | 21746 | 17529 |
| **3/23** | 16678 | 22405 | 17881 |
| **4/23** | 16916 | 22700 | 18113 |
| **5/23** | 16627 | 22741 | 17831 |
| **6/23** | 17633 | 24284 | 18785 |
| **7/23** | 18148 | 25090 | 19410 |
| **8/23** | 17696 | 24656 | 18925 |
| **9/23** | 16904 | 23467 | 18153 |
| **10/23** | 16426 | 22909 | 17597 |
| **11/23** | 17897 | 24988 | 19102 |
| **12/23** | 18850 | 26232 | 20098 |
| **1/24** | 18863 | 26582 | 20126 |
| **2/24** | 19621 | 27997 | 20859 |
| **3/24** | 20273 | 28936 | 21473 |
| **4/24** | 19490 | 27711 | 20769 |
| **5/24** | 20208 | 29077 | 21585 |
| **6/24** | 20352 | 29996 | 21891 |
| **7/24** | 20835 | 30503 | 22423 |
| **8/24** | 21292 | 31170 | 22909 |
| **9/24** | 21631 | 31808 | 23385 |
| **10/24** | 21161 | 31510 | 22822 |
| **11/24** | 22101 | 33451 | 23608 |
| **12/24** | 21240 | 32515 | 22976 |
| **1/25** | 22046 | 33440 | 23635 |
| **2/25** | 21923 | 32911 | 23540 |
| **3/25** | 21048 | 31056 | 22802 |
| **4/25** | 21035 | 30792 | 22969 |
| **5/25** | 22101 | 32708 | 24090 |
| **6/25** | 23016 | 34338 | 25038 |
| **7/25** | 23249 | 35087 | 25303 |
| **8/25** | 23823 | 35864 | 26017 |
| **9/25** | 24342 | 37090 | 26768 |
| **10/25** | 24547 | 37877 | 27200 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 16.00% | 11.47% | 9.40% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2055 Index | 19.18% | 13.37% | 10.52% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2055 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,215,774

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 48.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.06% |
| International Equity Funds | 30.93% |
| Fixed Income Funds | 3.02% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV864ARR3-0

# R-5

# LTFPX

# Principal LifeTime 2055 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2055 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $29 | 0.27% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i8e4ec0ea7dfe4c5c873b05c4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $25,319** | **S&P 1500 Index $37,877** | **S&P Target Date 2055 Index $27,200** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9992 | 10045 | 10014 |
| **12/15** | 9816 | 9857 | 9793 |
| **1/16** | 9246 | 9359 | 9329 |
| **2/16** | 9150 | 9360 | 9269 |
| **3/16** | 9746 | 10011 | 9903 |
| **4/16** | 9834 | 10058 | 9993 |
| **5/16** | 9922 | 10242 | 10090 |
| **6/16** | 9851 | 10271 | 10093 |
| **7/16** | 10211 | 10659 | 10455 |
| **8/16** | 10229 | 10680 | 10487 |
| **9/16** | 10264 | 10679 | 10525 |
| **10/16** | 10044 | 10469 | 10314 |
| **11/16** | 10211 | 10918 | 10545 |
| **12/16** | 10345 | 11141 | 10766 |
| **1/17** | 10618 | 11342 | 10990 |
| **2/17** | 10882 | 11772 | 11269 |
| **3/17** | 10973 | 11780 | 11374 |
| **4/17** | 11173 | 11899 | 11521 |
| **5/17** | 11355 | 12037 | 11697 |
| **6/17** | 11437 | 12129 | 11781 |
| **7/17** | 11710 | 12364 | 12033 |
| **8/17** | 11774 | 12375 | 12035 |
| **9/17** | 12029 | 12667 | 12309 |
| **10/17** | 12274 | 12957 | 12540 |
| **11/17** | 12520 | 13362 | 12817 |
| **12/17** | 12648 | 13495 | 12970 |
| **1/18** | 13306 | 14227 | 13538 |
| **2/18** | 12751 | 13695 | 13023 |
| **3/18** | 12610 | 13398 | 12853 |
| **4/18** | 12695 | 13446 | 12945 |
| **5/18** | 12817 | 13802 | 13106 |
| **6/18** | 12770 | 13887 | 13072 |
| **7/18** | 13108 | 14383 | 13401 |
| **8/18** | 13287 | 14858 | 13578 |
| **9/18** | 13306 | 14908 | 13579 |
| **10/18** | 12272 | 13845 | 12618 |
| **11/18** | 12431 | 14135 | 12825 |
| **12/18** | 11480 | 12825 | 11936 |
| **1/19** | 12441 | 13883 | 12829 |
| **2/19** | 12821 | 14342 | 13164 |
| **3/19** | 12962 | 14575 | 13286 |
| **4/19** | 13402 | 15164 | 13692 |
| **5/19** | 12691 | 14175 | 12957 |
| **6/19** | 13472 | 15181 | 13729 |
| **7/19** | 13542 | 15396 | 13786 |
| **8/19** | 13352 | 15114 | 13509 |
| **9/19** | 13542 | 15414 | 13793 |
| **10/19** | 13812 | 15737 | 14109 |
| **11/19** | 14193 | 16299 | 14425 |
| **12/19** | 14572 | 16789 | 14859 |
| **1/20** | 14444 | 16738 | 14686 |
| **2/20** | 13438 | 15341 | 13582 |
| **3/20** | 11435 | 13335 | 11762 |
| **4/20** | 12706 | 15053 | 12956 |
| **5/20** | 13385 | 15790 | 13508 |
| **6/20** | 13703 | 16104 | 13851 |
| **7/20** | 14413 | 16997 | 14467 |
| **8/20** | 15102 | 18171 | 15201 |
| **9/20** | 14731 | 17483 | 14768 |
| **10/20** | 14476 | 17084 | 14521 |
| **11/20** | 16151 | 19015 | 16195 |
| **12/20** | 16928 | 19797 | 16918 |
| **1/21** | 16774 | 19664 | 16892 |
| **2/21** | 17379 | 20279 | 17373 |
| **3/21** | 17819 | 21165 | 17877 |
| **4/21** | 18600 | 22265 | 18587 |
| **5/21** | 18831 | 22422 | 18843 |
| **6/21** | 19007 | 22888 | 18977 |
| **7/21** | 19205 | 23375 | 19096 |
| **8/21** | 19590 | 24065 | 19526 |
| **9/21** | 18787 | 22969 | 18824 |
| **10/21** | 19700 | 24542 | 19666 |
| **11/21** | 19095 | 24330 | 19205 |
| **12/21** | 19875 | 25429 | 19995 |
| **1/22** | 18805 | 24071 | 19003 |
| **2/22** | 18223 | 23430 | 18676 |
| **3/22** | 18432 | 24249 | 18993 |
| **4/22** | 16966 | 22162 | 17626 |
| **5/22** | 17083 | 22218 | 17698 |
| **6/22** | 15698 | 20366 | 16245 |
| **7/22** | 16920 | 22266 | 17404 |
| **8/22** | 16210 | 21369 | 16769 |
| **9/22** | 14732 | 19397 | 15259 |
| **10/22** | 15733 | 21015 | 16221 |
| **11/22** | 16861 | 22188 | 17397 |
| **12/22** | 16102 | 20908 | 16802 |
| **1/23** | 17301 | 22274 | 17971 |
| **2/23** | 16784 | 21746 | 17529 |
| **3/23** | 17061 | 22405 | 17881 |
| **4/23** | 17314 | 22700 | 18113 |
| **5/23** | 17024 | 22741 | 17831 |
| **6/23** | 18059 | 24284 | 18785 |
| **7/23** | 18590 | 25090 | 19410 |
| **8/23** | 18135 | 24656 | 18925 |
| **9/23** | 17327 | 23467 | 18153 |
| **10/23** | 16834 | 22909 | 17597 |
| **11/23** | 18350 | 24988 | 19102 |
| **12/23** | 19330 | 26232 | 20098 |
| **1/24** | 19357 | 26582 | 20126 |
| **2/24** | 20145 | 27997 | 20859 |
| **3/24** | 20815 | 28936 | 21473 |
| **4/24** | 20014 | 27711 | 20769 |
| **5/24** | 20763 | 29077 | 21585 |
| **6/24** | 20907 | 29996 | 21891 |
| **7/24** | 21407 | 30503 | 22423 |
| **8/24** | 21893 | 31170 | 22909 |
| **9/24** | 22248 | 31808 | 23385 |
| **10/24** | 21761 | 31510 | 22822 |
| **11/24** | 22734 | 33451 | 23608 |
| **12/24** | 21858 | 32515 | 22976 |
| **1/25** | 22685 | 33440 | 23635 |
| **2/25** | 22575 | 32911 | 23540 |
| **3/25** | 21665 | 31056 | 22802 |
| **4/25** | 21665 | 30792 | 22969 |
| **5/25** | 22782 | 32708 | 24090 |
| **6/25** | 23719 | 34338 | 25038 |
| **7/25** | 23954 | 35087 | 25303 |
| **8/25** | 24561 | 35864 | 26017 |
| **9/25** | 25098 | 37090 | 26768 |
| **10/25** | 25319 | 37877 | 27200 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 16.35% | 11.83% | 9.73% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2055 Index | 19.18% | 13.37% | 10.52% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2055 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,215,774

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 48.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.06% |
| International Equity Funds | 30.93% |
| Fixed Income Funds | 3.02% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV864ARR5-0

# Class J

# PLTAX

# Principal LifeTime 2060 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2060 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $38 | 0.35% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i60c9f3d594b339d296f8bd87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $25,180** | **S&P 1500 Index $37,877** | **S&P Target Date 2060 Index $27,370** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9984 | 10045 | 10014 |
| **12/15** | 9806 | 9857 | 9790 |
| **1/16** | 9239 | 9359 | 9316 |
| **2/16** | 9146 | 9360 | 9255 |
| **3/16** | 9730 | 10011 | 9896 |
| **4/16** | 9823 | 10058 | 9987 |
| **5/16** | 9899 | 10242 | 10084 |
| **6/16** | 9840 | 10271 | 10083 |
| **7/16** | 10195 | 10659 | 10450 |
| **8/16** | 10212 | 10680 | 10483 |
| **9/16** | 10245 | 10679 | 10523 |
| **10/16** | 10026 | 10469 | 10310 |
| **11/16** | 10186 | 10918 | 10552 |
| **12/16** | 10326 | 11141 | 10776 |
| **1/17** | 10596 | 11342 | 11005 |
| **2/17** | 10858 | 11772 | 11287 |
| **3/17** | 10954 | 11780 | 11396 |
| **4/17** | 11146 | 11899 | 11543 |
| **5/17** | 11338 | 12037 | 11721 |
| **6/17** | 11407 | 12129 | 11804 |
| **7/17** | 11687 | 12364 | 12058 |
| **8/17** | 11748 | 12375 | 12061 |
| **9/17** | 12009 | 12667 | 12337 |
| **10/17** | 12253 | 12957 | 12573 |
| **11/17** | 12498 | 13362 | 12857 |
| **12/17** | 12626 | 13495 | 13012 |
| **1/18** | 13288 | 14227 | 13593 |
| **2/18** | 12725 | 13695 | 13073 |
| **3/18** | 12582 | 13398 | 12894 |
| **4/18** | 12662 | 13446 | 12987 |
| **5/18** | 12787 | 13802 | 13153 |
| **6/18** | 12743 | 13887 | 13122 |
| **7/18** | 13073 | 14383 | 13456 |
| **8/18** | 13261 | 14858 | 13641 |
| **9/18** | 13270 | 14908 | 13645 |
| **10/18** | 12224 | 13845 | 12674 |
| **11/18** | 12385 | 14135 | 12883 |
| **12/18** | 11431 | 12825 | 11977 |
| **1/19** | 12401 | 13883 | 12880 |
| **2/19** | 12777 | 14342 | 13221 |
| **3/19** | 12909 | 14575 | 13345 |
| **4/19** | 13361 | 15164 | 13758 |
| **5/19** | 12627 | 14175 | 13011 |
| **6/19** | 13418 | 15181 | 13794 |
| **7/19** | 13484 | 15396 | 13854 |
| **8/19** | 13286 | 15114 | 13571 |
| **9/19** | 13484 | 15414 | 13857 |
| **10/19** | 13757 | 15737 | 14176 |
| **11/19** | 14133 | 16299 | 14500 |
| **12/19** | 14520 | 16789 | 14939 |
| **1/20** | 14381 | 16738 | 14766 |
| **2/20** | 13366 | 15341 | 13651 |
| **3/20** | 11337 | 13335 | 11824 |
| **4/20** | 12610 | 15053 | 13034 |
| **5/20** | 13287 | 15790 | 13596 |
| **6/20** | 13615 | 16104 | 13943 |
| **7/20** | 14321 | 16997 | 14561 |
| **8/20** | 15017 | 18171 | 15298 |
| **9/20** | 14649 | 17483 | 14865 |
| **10/20** | 14390 | 17084 | 14616 |
| **11/20** | 16081 | 19015 | 16300 |
| **12/20** | 16865 | 19797 | 17029 |
| **1/21** | 16701 | 19664 | 17003 |
| **2/21** | 17317 | 20279 | 17484 |
| **3/21** | 17770 | 21165 | 17984 |
| **4/21** | 18571 | 22265 | 18693 |
| **5/21** | 18787 | 22422 | 18954 |
| **6/21** | 18972 | 22888 | 19086 |
| **7/21** | 19157 | 23375 | 19201 |
| **8/21** | 19558 | 24065 | 19634 |
| **9/21** | 18736 | 22969 | 18928 |
| **10/21** | 19661 | 24542 | 19774 |
| **11/21** | 19054 | 24330 | 19304 |
| **12/21** | 19841 | 25429 | 20102 |
| **1/22** | 18772 | 24071 | 19101 |
| **2/22** | 18189 | 23430 | 18775 |
| **3/22** | 18394 | 24249 | 19093 |
| **4/22** | 16936 | 22162 | 17717 |
| **5/22** | 17044 | 22218 | 17790 |
| **6/22** | 15651 | 20366 | 16328 |
| **7/22** | 16871 | 22266 | 17493 |
| **8/22** | 16169 | 21369 | 16853 |
| **9/22** | 14700 | 19397 | 15333 |
| **10/22** | 15683 | 21015 | 16301 |
| **11/22** | 16806 | 22188 | 17484 |
| **12/22** | 16050 | 20908 | 16885 |
| **1/23** | 17242 | 22274 | 18059 |
| **2/23** | 16728 | 21746 | 17614 |
| **3/23** | 17008 | 22405 | 17975 |
| **4/23** | 17253 | 22700 | 18210 |
| **5/23** | 16973 | 22741 | 17931 |
| **6/23** | 17989 | 24284 | 18896 |
| **7/23** | 18527 | 25090 | 19528 |
| **8/23** | 18071 | 24656 | 19036 |
| **9/23** | 17265 | 23467 | 18259 |
| **10/23** | 16774 | 22909 | 17694 |
| **11/23** | 18270 | 24988 | 19210 |
| **12/23** | 19254 | 26232 | 20217 |
| **1/24** | 19266 | 26582 | 20240 |
| **2/24** | 20054 | 27997 | 20981 |
| **3/24** | 20722 | 28936 | 21601 |
| **4/24** | 19921 | 27711 | 20892 |
| **5/24** | 20661 | 29077 | 21712 |
| **6/24** | 20807 | 29996 | 22022 |
| **7/24** | 21304 | 30503 | 22565 |
| **8/24** | 21789 | 31170 | 23050 |
| **9/24** | 22129 | 31808 | 23536 |
| **10/24** | 21668 | 31510 | 22974 |
| **11/24** | 22626 | 33451 | 23784 |
| **12/24** | 21746 | 32515 | 23136 |
| **1/25** | 22569 | 33440 | 23801 |
| **2/25** | 22468 | 32911 | 23689 |
| **3/25** | 21568 | 31056 | 22931 |
| **4/25** | 21556 | 30792 | 23086 |
| **5/25** | 22658 | 32708 | 24226 |
| **6/25** | 23596 | 34338 | 25184 |
| **7/25** | 23837 | 35087 | 25458 |
| **8/25** | 24432 | 35864 | 26173 |
| **9/25** | 24965 | 37090 | 26934 |
| **10/25** | 25180 | 37877 | 27370 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class J Shares Excluding Sales Charge | 16.21% | 11.84% | 9.67% |
| Class J Shares Including Sales Charge | 15.21% | 11.84% | 9.67% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2060 Index | 19.13% | 13.37% | 10.59% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2060 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,194,619

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 47.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.07% |
| International Equity Funds | 30.92% |
| Fixed Income Funds | 3.02% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV865ARJ-0

# Institutional

# PLTZX

# Principal LifeTime 2060 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2060 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i63a173bc51f4607c9522c310.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $26,074** | **S&P 1500 Index $37,877** | **S&P Target Date 2060 Index $27,370** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9984 | 10045 | 10014 |
| **12/15** | 9807 | 9857 | 9790 |
| **1/16** | 9242 | 9359 | 9316 |
| **2/16** | 9158 | 9360 | 9255 |
| **3/16** | 9748 | 10011 | 9896 |
| **4/16** | 9832 | 10058 | 9987 |
| **5/16** | 9916 | 10242 | 10084 |
| **6/16** | 9858 | 10271 | 10083 |
| **7/16** | 10220 | 10659 | 10450 |
| **8/16** | 10237 | 10680 | 10483 |
| **9/16** | 10279 | 10679 | 10523 |
| **10/16** | 10051 | 10469 | 10310 |
| **11/16** | 10220 | 10918 | 10552 |
| **12/16** | 10364 | 11141 | 10776 |
| **1/17** | 10643 | 11342 | 11005 |
| **2/17** | 10905 | 11772 | 11287 |
| **3/17** | 11001 | 11780 | 11396 |
| **4/17** | 11201 | 11899 | 11543 |
| **5/17** | 11393 | 12037 | 11721 |
| **6/17** | 11471 | 12129 | 11804 |
| **7/17** | 11759 | 12364 | 12058 |
| **8/17** | 11820 | 12375 | 12061 |
| **9/17** | 12082 | 12667 | 12337 |
| **10/17** | 12326 | 12957 | 12573 |
| **11/17** | 12587 | 13362 | 12857 |
| **12/17** | 12716 | 13495 | 13012 |
| **1/18** | 13379 | 14227 | 13593 |
| **2/18** | 12824 | 13695 | 13073 |
| **3/18** | 12680 | 13398 | 12894 |
| **4/18** | 12770 | 13446 | 12987 |
| **5/18** | 12895 | 13802 | 13153 |
| **6/18** | 12850 | 13887 | 13122 |
| **7/18** | 13200 | 14383 | 13456 |
| **8/18** | 13379 | 14858 | 13641 |
| **9/18** | 13397 | 14908 | 13645 |
| **10/18** | 12349 | 13845 | 12674 |
| **11/18** | 12519 | 14135 | 12883 |
| **12/18** | 11544 | 12825 | 11977 |
| **1/19** | 12529 | 13883 | 12880 |
| **2/19** | 12917 | 14342 | 13221 |
| **3/19** | 13059 | 14575 | 13345 |
| **4/19** | 13514 | 15164 | 13758 |
| **5/19** | 12784 | 14175 | 13011 |
| **6/19** | 13580 | 15181 | 13794 |
| **7/19** | 13656 | 15396 | 13854 |
| **8/19** | 13457 | 15114 | 13571 |
| **9/19** | 13656 | 15414 | 13857 |
| **10/19** | 13940 | 15737 | 14176 |
| **11/19** | 14328 | 16299 | 14500 |
| **12/19** | 14720 | 16789 | 14939 |
| **1/20** | 14580 | 16738 | 14766 |
| **2/20** | 13557 | 15341 | 13651 |
| **3/20** | 11512 | 13335 | 11824 |
| **4/20** | 12805 | 15053 | 13034 |
| **5/20** | 13497 | 15790 | 13596 |
| **6/20** | 13828 | 16104 | 13943 |
| **7/20** | 14560 | 16997 | 14561 |
| **8/20** | 15272 | 18171 | 15298 |
| **9/20** | 14901 | 17483 | 14865 |
| **10/20** | 14640 | 17084 | 14616 |
| **11/20** | 16365 | 19015 | 16300 |
| **12/20** | 17165 | 19797 | 17029 |
| **1/21** | 17009 | 19664 | 17003 |
| **2/21** | 17643 | 20279 | 17484 |
| **3/21** | 18100 | 21165 | 17984 |
| **4/21** | 18921 | 22265 | 18693 |
| **5/21** | 19160 | 22422 | 18954 |
| **6/21** | 19347 | 22888 | 19086 |
| **7/21** | 19544 | 23375 | 19201 |
| **8/21** | 19949 | 24065 | 19634 |
| **9/21** | 19128 | 22969 | 18928 |
| **10/21** | 20074 | 24542 | 19774 |
| **11/21** | 19461 | 24330 | 19304 |
| **12/21** | 20280 | 25429 | 20102 |
| **1/22** | 19185 | 24071 | 19101 |
| **2/22** | 18594 | 23430 | 18775 |
| **3/22** | 18813 | 24249 | 19093 |
| **4/22** | 17323 | 22162 | 17717 |
| **5/22** | 17433 | 22218 | 17790 |
| **6/22** | 16020 | 20366 | 16328 |
| **7/22** | 17280 | 22266 | 17493 |
| **8/22** | 16568 | 21369 | 16853 |
| **9/22** | 15057 | 19397 | 15333 |
| **10/22** | 16075 | 21015 | 16301 |
| **11/22** | 17236 | 22188 | 17484 |
| **12/22** | 16464 | 20908 | 16885 |
| **1/23** | 17688 | 22274 | 18059 |
| **2/23** | 17165 | 21746 | 17614 |
| **3/23** | 17462 | 22405 | 17975 |
| **4/23** | 17711 | 22700 | 18210 |
| **5/23** | 17426 | 22741 | 17931 |
| **6/23** | 18484 | 24284 | 18896 |
| **7/23** | 19030 | 25090 | 19528 |
| **8/23** | 18579 | 24656 | 19036 |
| **9/23** | 17747 | 23467 | 18259 |
| **10/23** | 17248 | 22909 | 17694 |
| **11/23** | 18804 | 24988 | 19210 |
| **12/23** | 19823 | 26232 | 20217 |
| **1/24** | 19836 | 26582 | 20240 |
| **2/24** | 20652 | 27997 | 20981 |
| **3/24** | 21345 | 28936 | 21601 |
| **4/24** | 20529 | 27711 | 20892 |
| **5/24** | 21296 | 29077 | 21712 |
| **6/24** | 21457 | 29996 | 22022 |
| **7/24** | 21976 | 30503 | 22565 |
| **8/24** | 22471 | 31170 | 23050 |
| **9/24** | 22843 | 31808 | 23536 |
| **10/24** | 22360 | 31510 | 22974 |
| **11/24** | 23350 | 33451 | 23784 |
| **12/24** | 22459 | 32515 | 23136 |
| **1/25** | 23314 | 33440 | 23801 |
| **2/25** | 23197 | 32911 | 23689 |
| **3/25** | 22277 | 31056 | 22931 |
| **4/25** | 22277 | 30792 | 23086 |
| **5/25** | 23431 | 32708 | 24226 |
| **6/25** | 24402 | 34338 | 25184 |
| **7/25** | 24649 | 35087 | 25458 |
| **8/25** | 25284 | 35864 | 26173 |
| **9/25** | 25841 | 37090 | 26934 |
| **10/25** | 26074 | 37877 | 27370 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 16.61% | 12.24% | 10.06% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2060 Index | 19.13% | 13.37% | 10.59% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2060 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,194,619

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 47.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.07% |
| International Equity Funds | 30.92% |
| Fixed Income Funds | 3.02% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV865ARI-0

# R-3

# PLTCX

# Principal LifeTime 2060 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2060 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $63 | 0.58% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](id25c58f893f5221462ebf0da.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $24,665** | **S&P 1500 Index $37,877** | **S&P Target Date 2060 Index $27,370** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9984 | 10045 | 10014 |
| **12/15** | 9804 | 9857 | 9790 |
| **1/16** | 9236 | 9359 | 9316 |
| **2/16** | 9143 | 9360 | 9255 |
| **3/16** | 9727 | 10011 | 9896 |
| **4/16** | 9812 | 10058 | 9987 |
| **5/16** | 9888 | 10242 | 10084 |
| **6/16** | 9820 | 10271 | 10083 |
| **7/16** | 10176 | 10659 | 10450 |
| **8/16** | 10193 | 10680 | 10483 |
| **9/16** | 10227 | 10679 | 10523 |
| **10/16** | 10007 | 10469 | 10310 |
| **11/16** | 10159 | 10918 | 10552 |
| **12/16** | 10295 | 11141 | 10776 |
| **1/17** | 10565 | 11342 | 11005 |
| **2/17** | 10827 | 11772 | 11287 |
| **3/17** | 10923 | 11780 | 11396 |
| **4/17** | 11115 | 11899 | 11543 |
| **5/17** | 11298 | 12037 | 11721 |
| **6/17** | 11368 | 12129 | 11804 |
| **7/17** | 11647 | 12364 | 12058 |
| **8/17** | 11699 | 12375 | 12061 |
| **9/17** | 11961 | 12667 | 12337 |
| **10/17** | 12197 | 12957 | 12573 |
| **11/17** | 12441 | 13362 | 12857 |
| **12/17** | 12570 | 13495 | 13012 |
| **1/18** | 13221 | 14227 | 13593 |
| **2/18** | 12659 | 13695 | 13073 |
| **3/18** | 12525 | 13398 | 12894 |
| **4/18** | 12596 | 13446 | 12987 |
| **5/18** | 12721 | 13802 | 13153 |
| **6/18** | 12668 | 13887 | 13122 |
| **7/18** | 12998 | 14383 | 13456 |
| **8/18** | 13177 | 14858 | 13641 |
| **9/18** | 13185 | 14908 | 13645 |
| **10/18** | 12150 | 13845 | 12674 |
| **11/18** | 12311 | 14135 | 12883 |
| **12/18** | 11348 | 12825 | 11977 |
| **1/19** | 12316 | 13883 | 12880 |
| **2/19** | 12692 | 14342 | 13221 |
| **3/19** | 12823 | 14575 | 13345 |
| **4/19** | 13265 | 15164 | 13758 |
| **5/19** | 12532 | 14175 | 13011 |
| **6/19** | 13312 | 15181 | 13794 |
| **7/19** | 13377 | 15396 | 13854 |
| **8/19** | 13180 | 15114 | 13571 |
| **9/19** | 13368 | 15414 | 13857 |
| **10/19** | 13640 | 15737 | 14176 |
| **11/19** | 14016 | 16299 | 14500 |
| **12/19** | 14397 | 16789 | 14939 |
| **1/20** | 14248 | 16738 | 14766 |
| **2/20** | 13237 | 15341 | 13651 |
| **3/20** | 11236 | 13335 | 11824 |
| **4/20** | 12494 | 15053 | 13034 |
| **5/20** | 13168 | 15790 | 13596 |
| **6/20** | 13485 | 16104 | 13943 |
| **7/20** | 14189 | 16997 | 14561 |
| **8/20** | 14872 | 18171 | 15298 |
| **9/20** | 14506 | 17483 | 14865 |
| **10/20** | 14248 | 17084 | 14616 |
| **11/20** | 15913 | 19015 | 16300 |
| **12/20** | 16690 | 19797 | 17029 |
| **1/21** | 16527 | 19664 | 17003 |
| **2/21** | 17140 | 20279 | 17484 |
| **3/21** | 17580 | 21165 | 17984 |
| **4/21** | 18368 | 22265 | 18693 |
| **5/21** | 18582 | 22422 | 18954 |
| **6/21** | 18756 | 22888 | 19086 |
| **7/21** | 18940 | 23375 | 19201 |
| **8/21** | 19329 | 24065 | 19634 |
| **9/21** | 18521 | 22969 | 18928 |
| **10/21** | 19431 | 24542 | 19774 |
| **11/21** | 18828 | 24330 | 19304 |
| **12/21** | 19607 | 25429 | 20102 |
| **1/22** | 18534 | 24071 | 19101 |
| **2/22** | 17954 | 23430 | 18775 |
| **3/22** | 18158 | 24249 | 19093 |
| **4/22** | 16720 | 22162 | 17717 |
| **5/22** | 16817 | 22218 | 17790 |
| **6/22** | 15454 | 20366 | 16328 |
| **7/22** | 16645 | 22266 | 17493 |
| **8/22** | 15958 | 21369 | 16853 |
| **9/22** | 14499 | 19397 | 15333 |
| **10/22** | 15464 | 21015 | 16301 |
| **11/22** | 16581 | 22188 | 17484 |
| **12/22** | 15830 | 20908 | 16885 |
| **1/23** | 17001 | 22274 | 18059 |
| **2/23** | 16491 | 21746 | 17614 |
| **3/23** | 16757 | 22405 | 17975 |
| **4/23** | 17001 | 22700 | 18210 |
| **5/23** | 16711 | 22741 | 17931 |
| **6/23** | 17720 | 24284 | 18896 |
| **7/23** | 18242 | 25090 | 19528 |
| **8/23** | 17789 | 24656 | 19036 |
| **9/23** | 17001 | 23467 | 18259 |
| **10/23** | 16514 | 22909 | 17694 |
| **11/23** | 17987 | 24988 | 19210 |
| **12/23** | 18952 | 26232 | 20217 |
| **1/24** | 18964 | 26582 | 20240 |
| **2/24** | 19722 | 27997 | 20981 |
| **3/24** | 20384 | 28936 | 21601 |
| **4/24** | 19590 | 27711 | 20892 |
| **5/24** | 20312 | 29077 | 21712 |
| **6/24** | 20456 | 29996 | 22022 |
| **7/24** | 20937 | 30503 | 22565 |
| **8/24** | 21407 | 31170 | 23050 |
| **9/24** | 21744 | 31808 | 23536 |
| **10/24** | 21274 | 31510 | 22974 |
| **11/24** | 22213 | 33451 | 23784 |
| **12/24** | 21351 | 32515 | 23136 |
| **1/25** | 22155 | 33440 | 23801 |
| **2/25** | 22042 | 32911 | 23689 |
| **3/25** | 21151 | 31056 | 22931 |
| **4/25** | 21138 | 30792 | 23086 |
| **5/25** | 22218 | 32708 | 24226 |
| **6/25** | 23134 | 34338 | 25184 |
| **7/25** | 23360 | 35087 | 25458 |
| **8/25** | 23950 | 35864 | 26173 |
| **9/25** | 24464 | 37090 | 26934 |
| **10/25** | 24665 | 37877 | 27370 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 15.94% | 11.60% | 9.45% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2060 Index | 19.13% | 13.37% | 10.59% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2060 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,194,619

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 47.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.07% |
| International Equity Funds | 30.92% |
| Fixed Income Funds | 3.02% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV865ARR3-0

# R-5

# PLTOX

# Principal LifeTime 2060 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2060 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $29 | 0.27% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i829a15f15e60d9651261d8e2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $25,435** | **S&P 1500 Index $37,877** | **S&P Target Date 2060 Index $27,370** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9992 | 10045 | 10014 |
| **12/15** | 9811 | 9857 | 9790 |
| **1/16** | 9244 | 9359 | 9316 |
| **2/16** | 9151 | 9360 | 9255 |
| **3/16** | 9735 | 10011 | 9896 |
| **4/16** | 9819 | 10058 | 9987 |
| **5/16** | 9904 | 10242 | 10084 |
| **6/16** | 9845 | 10271 | 10083 |
| **7/16** | 10200 | 10659 | 10450 |
| **8/16** | 10217 | 10680 | 10483 |
| **9/16** | 10259 | 10679 | 10523 |
| **10/16** | 10031 | 10469 | 10310 |
| **11/16** | 10200 | 10918 | 10552 |
| **12/16** | 10332 | 11141 | 10776 |
| **1/17** | 10612 | 11342 | 11005 |
| **2/17** | 10874 | 11772 | 11287 |
| **3/17** | 10970 | 11780 | 11396 |
| **4/17** | 11162 | 11899 | 11543 |
| **5/17** | 11354 | 12037 | 11721 |
| **6/17** | 11433 | 12129 | 11804 |
| **7/17** | 11712 | 12364 | 12058 |
| **8/17** | 11773 | 12375 | 12061 |
| **9/17** | 12035 | 12667 | 12337 |
| **10/17** | 12271 | 12957 | 12573 |
| **11/17** | 12524 | 13362 | 12857 |
| **12/17** | 12647 | 13495 | 13012 |
| **1/18** | 13319 | 14227 | 13593 |
| **2/18** | 12754 | 13695 | 13073 |
| **3/18** | 12620 | 13398 | 12894 |
| **4/18** | 12692 | 13446 | 12987 |
| **5/18** | 12817 | 13802 | 13153 |
| **6/18** | 12772 | 13887 | 13122 |
| **7/18** | 13113 | 14383 | 13456 |
| **8/18** | 13292 | 14858 | 13641 |
| **9/18** | 13310 | 14908 | 13645 |
| **10/18** | 12262 | 13845 | 12674 |
| **11/18** | 12423 | 14135 | 12883 |
| **12/18** | 11465 | 12825 | 11977 |
| **1/19** | 12439 | 13883 | 12880 |
| **2/19** | 12817 | 14342 | 13221 |
| **3/19** | 12959 | 14575 | 13345 |
| **4/19** | 13403 | 15164 | 13758 |
| **5/19** | 12675 | 14175 | 13011 |
| **6/19** | 13469 | 15181 | 13794 |
| **7/19** | 13535 | 15396 | 13854 |
| **8/19** | 13337 | 15114 | 13571 |
| **9/19** | 13535 | 15414 | 13857 |
| **10/19** | 13809 | 15737 | 14176 |
| **11/19** | 14187 | 16299 | 14500 |
| **12/19** | 14576 | 16789 | 14939 |
| **1/20** | 14437 | 16738 | 14766 |
| **2/20** | 13418 | 15341 | 13651 |
| **3/20** | 11389 | 13335 | 11824 |
| **4/20** | 12668 | 15053 | 13034 |
| **5/20** | 13358 | 15790 | 13596 |
| **6/20** | 13677 | 16104 | 13943 |
| **7/20** | 14397 | 16997 | 14561 |
| **8/20** | 15096 | 18171 | 15298 |
| **9/20** | 14726 | 17483 | 14865 |
| **10/20** | 14467 | 17084 | 14616 |
| **11/20** | 16165 | 19015 | 16300 |
| **12/20** | 16949 | 19797 | 17029 |
| **1/21** | 16794 | 19664 | 17003 |
| **2/21** | 17415 | 20279 | 17484 |
| **3/21** | 17869 | 21165 | 17984 |
| **4/21** | 18675 | 22265 | 18693 |
| **5/21** | 18903 | 22422 | 18954 |
| **6/21** | 19089 | 22888 | 19086 |
| **7/21** | 19275 | 23375 | 19201 |
| **8/21** | 19678 | 24065 | 19634 |
| **9/21** | 18851 | 22969 | 18928 |
| **10/21** | 19781 | 24542 | 19774 |
| **11/21** | 19182 | 24330 | 19304 |
| **12/21** | 19981 | 25429 | 20102 |
| **1/22** | 18894 | 24071 | 19101 |
| **2/22** | 18306 | 23430 | 18775 |
| **3/22** | 18524 | 24249 | 19093 |
| **4/22** | 17045 | 22162 | 17717 |
| **5/22** | 17165 | 22218 | 17790 |
| **6/22** | 15774 | 20366 | 16328 |
| **7/22** | 16991 | 22266 | 17493 |
| **8/22** | 16295 | 21369 | 16853 |
| **9/22** | 14806 | 19397 | 15333 |
| **10/22** | 15806 | 21015 | 16301 |
| **11/22** | 16937 | 22188 | 17484 |
| **12/22** | 16179 | 20908 | 16885 |
| **1/23** | 17380 | 22274 | 18059 |
| **2/23** | 16861 | 21746 | 17614 |
| **3/23** | 17144 | 22405 | 17975 |
| **4/23** | 17391 | 22700 | 18210 |
| **5/23** | 17109 | 22741 | 17931 |
| **6/23** | 18145 | 24284 | 18896 |
| **7/23** | 18675 | 25090 | 19528 |
| **8/23** | 18227 | 24656 | 19036 |
| **9/23** | 17415 | 23467 | 18259 |
| **10/23** | 16920 | 22909 | 17694 |
| **11/23** | 18439 | 24988 | 19210 |
| **12/23** | 19424 | 26232 | 20217 |
| **1/24** | 19449 | 26582 | 20240 |
| **2/24** | 20232 | 27997 | 20981 |
| **3/24** | 20905 | 28936 | 21601 |
| **4/24** | 20110 | 27711 | 20892 |
| **5/24** | 20856 | 29077 | 21712 |
| **6/24** | 21003 | 29996 | 22022 |
| **7/24** | 21505 | 30503 | 22565 |
| **8/24** | 21994 | 31170 | 23050 |
| **9/24** | 22349 | 31808 | 23536 |
| **10/24** | 21872 | 31510 | 22974 |
| **11/24** | 22839 | 33451 | 23784 |
| **12/24** | 21953 | 32515 | 23136 |
| **1/25** | 22785 | 33440 | 23801 |
| **2/25** | 22683 | 32911 | 23689 |
| **3/25** | 21774 | 31056 | 22931 |
| **4/25** | 21761 | 30792 | 23086 |
| **5/25** | 22887 | 32708 | 24226 |
| **6/25** | 23835 | 34338 | 25184 |
| **7/25** | 24065 | 35087 | 25458 |
| **8/25** | 24680 | 35864 | 26173 |
| **9/25** | 25217 | 37090 | 26934 |
| **10/25** | 25435 | 37877 | 27370 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 16.29% | 11.95% | 9.78% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2060 Index | 19.13% | 13.37% | 10.59% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2060 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,194,619

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 47.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.07% |
| International Equity Funds | 30.92% |
| Fixed Income Funds | 3.02% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV865ARR5-0

# Institutional

# PLJIX

# Principal LifeTime 2065 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2065 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.03% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](if41fef200a64727f07dc7a05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $22,064** | **S&P 1500 Index $30,688** | **S&P Target Date 2065+ Index $22,886** |
| **9/17** | 10000 | 10000 | 10000 |
| **9/17** | 10240 | 10263 | 10229 |
| **10/17** | 10450 | 10497 | 10425 |
| **11/17** | 10670 | 10825 | 10661 |
| **12/17** | 10778 | 10933 | 10789 |
| **1/18** | 11328 | 11527 | 11270 |
| **2/18** | 10850 | 11095 | 10839 |
| **3/18** | 10738 | 10854 | 10691 |
| **4/18** | 10809 | 10893 | 10768 |
| **5/18** | 10911 | 11182 | 10907 |
| **6/18** | 10880 | 11251 | 10881 |
| **7/18** | 11165 | 11653 | 11158 |
| **8/18** | 11318 | 12038 | 11310 |
| **9/18** | 11339 | 12078 | 11313 |
| **10/18** | 10442 | 11217 | 10509 |
| **11/18** | 10585 | 11452 | 10682 |
| **12/18** | 9770 | 10391 | 9931 |
| **1/19** | 10602 | 11248 | 10679 |
| **2/19** | 10928 | 11620 | 10962 |
| **3/19** | 11044 | 11809 | 11065 |
| **4/19** | 11423 | 12286 | 11408 |
| **5/19** | 10812 | 11484 | 10788 |
| **6/19** | 11486 | 12299 | 11437 |
| **7/19** | 11539 | 12473 | 11487 |
| **8/19** | 11370 | 12245 | 11253 |
| **9/19** | 11539 | 12488 | 11489 |
| **10/19** | 11781 | 12750 | 11754 |
| **11/19** | 12107 | 13205 | 12023 |
| **12/19** | 12442 | 13602 | 12387 |
| **1/20** | 12321 | 13561 | 12244 |
| **2/20** | 11447 | 12429 | 11319 |
| **3/20** | 9708 | 10803 | 9804 |
| **4/20** | 10813 | 12196 | 10807 |
| **5/20** | 11414 | 12793 | 11273 |
| **6/20** | 11698 | 13047 | 11561 |
| **7/20** | 12310 | 13771 | 12074 |
| **8/20** | 12923 | 14722 | 12685 |
| **9/20** | 12606 | 14164 | 12326 |
| **10/20** | 12387 | 13841 | 12119 |
| **11/20** | 13863 | 15406 | 13516 |
| **12/20** | 14540 | 16040 | 14120 |
| **1/21** | 14406 | 15931 | 14099 |
| **2/21** | 14954 | 16430 | 14497 |
| **3/21** | 15347 | 17148 | 14912 |
| **4/21** | 16041 | 18039 | 15499 |
| **5/21** | 16243 | 18166 | 15716 |
| **6/21** | 16399 | 18543 | 15831 |
| **7/21** | 16568 | 18938 | 15928 |
| **8/21** | 16915 | 19497 | 16292 |
| **9/21** | 16209 | 18609 | 15704 |
| **10/21** | 17016 | 19883 | 16412 |
| **11/21** | 16500 | 19712 | 16028 |
| **12/21** | 17186 | 20602 | 16685 |
| **1/22** | 16255 | 19502 | 15861 |
| **2/22** | 15755 | 18983 | 15584 |
| **3/22** | 15941 | 19646 | 15854 |
| **4/22** | 14684 | 17955 | 14707 |
| **5/22** | 14778 | 18001 | 14773 |
| **6/22** | 13579 | 16500 | 13565 |
| **7/22** | 14638 | 18040 | 14532 |
| **8/22** | 14033 | 17312 | 14005 |
| **9/22** | 12765 | 15715 | 12745 |
| **10/22** | 13626 | 17026 | 13546 |
| **11/22** | 14603 | 17977 | 14525 |
| **12/22** | 13950 | 16939 | 14023 |
| **1/23** | 14992 | 18046 | 14996 |
| **2/23** | 14545 | 17618 | 14626 |
| **3/23** | 14793 | 18152 | 14922 |
| **4/23** | 15004 | 18391 | 15113 |
| **5/23** | 14768 | 18425 | 14883 |
| **6/23** | 15661 | 19675 | 15696 |
| **7/23** | 16132 | 20328 | 16226 |
| **8/23** | 15736 | 19976 | 15818 |
| **9/23** | 15041 | 19013 | 15168 |
| **10/23** | 14620 | 18560 | 14703 |
| **11/23** | 15934 | 20245 | 15969 |
| **12/23** | 16782 | 21253 | 16805 |
| **1/24** | 16808 | 21537 | 16832 |
| **2/24** | 17489 | 22683 | 17464 |
| **3/24** | 18080 | 23443 | 17983 |
| **4/24** | 17386 | 22451 | 17388 |
| **5/24** | 18042 | 23558 | 18080 |
| **6/24** | 18170 | 24302 | 18353 |
| **7/24** | 18607 | 24713 | 18795 |
| **8/24** | 19031 | 25253 | 19205 |
| **9/24** | 19340 | 25771 | 19611 |
| **10/24** | 18928 | 25529 | 19147 |
| **11/24** | 19777 | 27101 | 19835 |
| **12/24** | 19009 | 26343 | 19300 |
| **1/25** | 19743 | 27093 | 19861 |
| **2/25** | 19649 | 26664 | 19763 |
| **3/25** | 18862 | 25161 | 19111 |
| **4/25** | 18862 | 24947 | 19241 |
| **5/25** | 19836 | 26500 | 20211 |
| **6/25** | 20663 | 27820 | 21027 |
| **7/25** | 20877 | 28427 | 21269 |
| **8/25** | 21410 | 29056 | 21860 |
| **9/25** | 21877 | 30050 | 22512 |
| **10/25** | 22064 | 30688 | 22886 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| Institutional Shares | 16.57% | 12.24% | 10.20% |
| S&P 1500 Index | 20.21% | 17.26% | 14.75% |
| S&P Target Date 2065+ Index | 19.53% | 13.56% | 10.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from September 6, 2017, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$283,730

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 48.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.09% |
| International Equity Funds | 30.89% |
| Fixed Income Funds | 3.03% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV919ARI-0

# R-3

# PLJCX

# Principal LifeTime 2065 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2065 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $63 | 0.58% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i619344cfa87671e56cec1afe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $21,142** | **S&P 1500 Index $30,688** | **S&P Target Date 2065+ Index $22,886** |
| **9/17** | 10000 | 10000 | 10000 |
| **9/17** | 10230 | 10263 | 10229 |
| **10/17** | 10440 | 10497 | 10425 |
| **11/17** | 10660 | 10825 | 10661 |
| **12/17** | 10758 | 10933 | 10789 |
| **1/18** | 11308 | 11527 | 11270 |
| **2/18** | 10830 | 11095 | 10839 |
| **3/18** | 10707 | 10854 | 10691 |
| **4/18** | 10779 | 10893 | 10768 |
| **5/18** | 10881 | 11182 | 10907 |
| **6/18** | 10840 | 11251 | 10881 |
| **7/18** | 11125 | 11653 | 11158 |
| **8/18** | 11268 | 12038 | 11310 |
| **9/18** | 11278 | 12078 | 11313 |
| **10/18** | 10392 | 11217 | 10509 |
| **11/18** | 10524 | 11452 | 10682 |
| **12/18** | 9705 | 10391 | 9931 |
| **1/19** | 10534 | 11248 | 10679 |
| **2/19** | 10849 | 11620 | 10962 |
| **3/19** | 10965 | 11809 | 11065 |
| **4/19** | 11332 | 12286 | 11408 |
| **5/19** | 10713 | 11484 | 10788 |
| **6/19** | 11374 | 12299 | 11437 |
| **7/19** | 11427 | 12473 | 11487 |
| **8/19** | 11259 | 12245 | 11253 |
| **9/19** | 11427 | 12488 | 11489 |
| **10/19** | 11658 | 12750 | 11754 |
| **11/19** | 11973 | 13205 | 12023 |
| **12/19** | 12297 | 13602 | 12387 |
| **1/20** | 12167 | 13561 | 12244 |
| **2/20** | 11308 | 12429 | 11319 |
| **3/20** | 9590 | 10803 | 9804 |
| **4/20** | 10677 | 12196 | 10807 |
| **5/20** | 11253 | 12793 | 11273 |
| **6/20** | 11525 | 13047 | 11561 |
| **7/20** | 12123 | 13771 | 12074 |
| **8/20** | 12732 | 14722 | 12685 |
| **9/20** | 12406 | 14164 | 12326 |
| **10/20** | 12188 | 13841 | 12119 |
| **11/20** | 13634 | 15406 | 13516 |
| **12/20** | 14301 | 16040 | 14120 |
| **1/21** | 14168 | 15931 | 14099 |
| **2/21** | 14689 | 16430 | 14497 |
| **3/21** | 15077 | 17148 | 14912 |
| **4/21** | 15753 | 18039 | 15499 |
| **5/21** | 15941 | 18166 | 15716 |
| **6/21** | 16085 | 18543 | 15831 |
| **7/21** | 16240 | 18938 | 15928 |
| **8/21** | 16572 | 19497 | 16292 |
| **9/21** | 15874 | 18609 | 15704 |
| **10/21** | 16661 | 19883 | 16412 |
| **11/21** | 16140 | 19712 | 16028 |
| **12/21** | 16811 | 20602 | 16685 |
| **1/22** | 15894 | 19502 | 15861 |
| **2/22** | 15401 | 18983 | 15584 |
| **3/22** | 15573 | 19646 | 15854 |
| **4/22** | 14334 | 17955 | 14707 |
| **5/22** | 14426 | 18001 | 14773 |
| **6/22** | 13245 | 16500 | 13565 |
| **7/22** | 14277 | 18040 | 14532 |
| **8/22** | 13681 | 17312 | 14005 |
| **9/22** | 12431 | 15715 | 12745 |
| **10/22** | 13268 | 17026 | 13546 |
| **11/22** | 14220 | 17977 | 14525 |
| **12/22** | 13566 | 16939 | 14023 |
| **1/23** | 14576 | 18046 | 14996 |
| **2/23** | 14138 | 17618 | 14626 |
| **3/23** | 14369 | 18152 | 14922 |
| **4/23** | 14576 | 18391 | 15113 |
| **5/23** | 14333 | 18425 | 14883 |
| **6/23** | 15197 | 19675 | 15696 |
| **7/23** | 15635 | 20328 | 16226 |
| **8/23** | 15257 | 19976 | 15818 |
| **9/23** | 14576 | 19013 | 15168 |
| **10/23** | 14150 | 18560 | 14703 |
| **11/23** | 15416 | 20245 | 15969 |
| **12/23** | 16238 | 21253 | 16805 |
| **1/24** | 16251 | 21537 | 16832 |
| **2/24** | 16904 | 22683 | 17464 |
| **3/24** | 17469 | 23443 | 17983 |
| **4/24** | 16791 | 22451 | 17388 |
| **5/24** | 17419 | 23558 | 18080 |
| **6/24** | 17532 | 24302 | 18353 |
| **7/24** | 17946 | 24713 | 18795 |
| **8/24** | 18348 | 25253 | 19205 |
| **9/24** | 18637 | 25771 | 19611 |
| **10/24** | 18235 | 25529 | 19147 |
| **11/24** | 19039 | 27101 | 19835 |
| **12/24** | 18300 | 26343 | 19300 |
| **1/25** | 18988 | 27093 | 19861 |
| **2/25** | 18884 | 26664 | 19763 |
| **3/25** | 18131 | 25161 | 19111 |
| **4/25** | 18118 | 24947 | 19241 |
| **5/25** | 19040 | 26500 | 20211 |
| **6/25** | 19832 | 27820 | 21027 |
| **7/25** | 20026 | 28427 | 21269 |
| **8/25** | 20519 | 29056 | 21860 |
| **9/25** | 20961 | 30050 | 22512 |
| **10/25** | 21142 | 30688 | 22886 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| R-3 Shares | 15.94% | 11.65% | 9.62% |
| S&P 1500 Index | 20.21% | 17.26% | 14.75% |
| S&P Target Date 2065+ Index | 19.53% | 13.56% | 10.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from September 6, 2017, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$283,730

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 48.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.09% |
| International Equity Funds | 30.89% |
| Fixed Income Funds | 3.03% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV919ARR3-0

# R-5

# PLJEX

# Principal LifeTime 2065 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2065 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $29 | 0.27% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](iedfc0e3cdcb105664cc299ee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $21,683** | **S&P 1500 Index $30,688** | **S&P Target Date 2065+ Index $22,886** |
| **9/17** | 10000 | 10000 | 10000 |
| **9/17** | 10240 | 10263 | 10229 |
| **10/17** | 10440 | 10497 | 10425 |
| **11/17** | 10660 | 10825 | 10661 |
| **12/17** | 10768 | 10933 | 10789 |
| **1/18** | 11329 | 11527 | 11270 |
| **2/18** | 10850 | 11095 | 10839 |
| **3/18** | 10728 | 10854 | 10691 |
| **4/18** | 10799 | 10893 | 10768 |
| **5/18** | 10911 | 11182 | 10907 |
| **6/18** | 10870 | 11251 | 10881 |
| **7/18** | 11155 | 11653 | 11158 |
| **8/18** | 11308 | 12038 | 11310 |
| **9/18** | 11329 | 12078 | 11313 |
| **10/18** | 10432 | 11217 | 10509 |
| **11/18** | 10575 | 11452 | 10682 |
| **12/18** | 9757 | 10391 | 9931 |
| **1/19** | 10578 | 11248 | 10679 |
| **2/19** | 10905 | 11620 | 10962 |
| **3/19** | 11020 | 11809 | 11065 |
| **4/19** | 11399 | 12286 | 11408 |
| **5/19** | 10778 | 11484 | 10788 |
| **6/19** | 11452 | 12299 | 11437 |
| **7/19** | 11505 | 12473 | 11487 |
| **8/19** | 11336 | 12245 | 11253 |
| **9/19** | 11505 | 12488 | 11489 |
| **10/19** | 11747 | 12750 | 11754 |
| **11/19** | 12062 | 13205 | 12023 |
| **12/19** | 12399 | 13602 | 12387 |
| **1/20** | 12268 | 13561 | 12244 |
| **2/20** | 11394 | 12429 | 11319 |
| **3/20** | 9668 | 10803 | 9804 |
| **4/20** | 10772 | 12196 | 10807 |
| **5/20** | 11351 | 12793 | 11273 |
| **6/20** | 11635 | 13047 | 11561 |
| **7/20** | 12246 | 13771 | 12074 |
| **8/20** | 12858 | 14722 | 12685 |
| **9/20** | 12531 | 14164 | 12326 |
| **10/20** | 12312 | 13841 | 12119 |
| **11/20** | 13776 | 15406 | 13516 |
| **12/20** | 14452 | 16040 | 14120 |
| **1/21** | 14318 | 15931 | 14099 |
| **2/21** | 14855 | 16430 | 14497 |
| **3/21** | 15246 | 17148 | 14912 |
| **4/21** | 15939 | 18039 | 15499 |
| **5/21** | 16129 | 18166 | 15716 |
| **6/21** | 16286 | 18543 | 15831 |
| **7/21** | 16442 | 18938 | 15928 |
| **8/21** | 16789 | 19497 | 16292 |
| **9/21** | 16084 | 18609 | 15704 |
| **10/21** | 16878 | 19883 | 16412 |
| **11/21** | 16364 | 19712 | 16028 |
| **12/21** | 17043 | 20602 | 16685 |
| **1/22** | 16116 | 19502 | 15861 |
| **2/22** | 15617 | 18983 | 15584 |
| **3/22** | 15803 | 19646 | 15854 |
| **4/22** | 14551 | 17955 | 14707 |
| **5/22** | 14643 | 18001 | 14773 |
| **6/22** | 13449 | 16500 | 13565 |
| **7/22** | 14504 | 18040 | 14532 |
| **8/22** | 13901 | 17312 | 14005 |
| **9/22** | 12637 | 15715 | 12745 |
| **10/22** | 13484 | 17026 | 13546 |
| **11/22** | 14458 | 17977 | 14525 |
| **12/22** | 13804 | 16939 | 14023 |
| **1/23** | 14828 | 18046 | 14996 |
| **2/23** | 14384 | 17618 | 14626 |
| **3/23** | 14630 | 18152 | 14922 |
| **4/23** | 14840 | 18391 | 15113 |
| **5/23** | 14593 | 18425 | 14883 |
| **6/23** | 15481 | 19675 | 15696 |
| **7/23** | 15938 | 20328 | 16226 |
| **8/23** | 15543 | 19976 | 15818 |
| **9/23** | 14852 | 19013 | 15168 |
| **10/23** | 14433 | 18560 | 14703 |
| **11/23** | 15728 | 20245 | 15969 |
| **12/23** | 16576 | 21253 | 16805 |
| **1/24** | 16589 | 21537 | 16832 |
| **2/24** | 17265 | 22683 | 17464 |
| **3/24** | 17839 | 23443 | 17983 |
| **4/24** | 17150 | 22451 | 17388 |
| **5/24** | 17788 | 23558 | 18080 |
| **6/24** | 17916 | 24302 | 18353 |
| **7/24** | 18337 | 24713 | 18795 |
| **8/24** | 18758 | 25253 | 19205 |
| **9/24** | 19051 | 25771 | 19611 |
| **10/24** | 18643 | 25529 | 19147 |
| **11/24** | 19473 | 27101 | 19835 |
| **12/24** | 18720 | 26343 | 19300 |
| **1/25** | 19434 | 27093 | 19861 |
| **2/25** | 19341 | 26664 | 19763 |
| **3/25** | 18561 | 25161 | 19111 |
| **4/25** | 18561 | 24947 | 19241 |
| **5/25** | 19513 | 26500 | 20211 |
| **6/25** | 20320 | 27820 | 21027 |
| **7/25** | 20519 | 28427 | 21269 |
| **8/25** | 21048 | 29056 | 21860 |
| **9/25** | 21498 | 30050 | 22512 |
| **10/25** | 21683 | 30688 | 22886 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| R-5 Shares | 16.31% | 11.98% | 9.96% |
| S&P 1500 Index | 20.21% | 17.26% | 14.75% |
| S&P Target Date 2065+ Index | 19.53% | 13.56% | 10.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from September 6, 2017, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$283,730

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 48.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.09% |
| International Equity Funds | 30.89% |
| Fixed Income Funds | 3.03% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV919ARR5-0

# Class J

# PLTLX

# Principal LifeTime 2070 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2070 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $32 | 0.30% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](id63924cedb45280d027ac626.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $15,170** | **S&P 1500 Index $17,489** | **S&P Target Date 2065+ Index $15,662** |
| **3/23** | 10000 | 10000 | 10000 |
| **3/23** | 10180 | 10345 | 10211 |
| **4/23** | 10340 | 10481 | 10342 |
| **5/23** | 10200 | 10500 | 10185 |
| **6/23** | 10840 | 11213 | 10741 |
| **7/23** | 11160 | 11585 | 11104 |
| **8/23** | 10880 | 11385 | 10825 |
| **9/23** | 10400 | 10836 | 10380 |
| **10/23** | 10090 | 10578 | 10061 |
| **11/23** | 11000 | 11538 | 10928 |
| **12/23** | 11601 | 12112 | 11500 |
| **1/24** | 11611 | 12274 | 11519 |
| **2/24** | 12078 | 12927 | 11951 |
| **3/24** | 12484 | 13361 | 12306 |
| **4/24** | 12007 | 12795 | 11899 |
| **5/24** | 12453 | 13426 | 12373 |
| **6/24** | 12534 | 13850 | 12560 |
| **7/24** | 12839 | 14084 | 12862 |
| **8/24** | 13133 | 14392 | 13143 |
| **9/24** | 13336 | 14687 | 13420 |
| **10/24** | 13052 | 14549 | 13103 |
| **11/24** | 13631 | 15445 | 13574 |
| **12/24** | 13107 | 15013 | 13207 |
| **1/25** | 13596 | 15440 | 13591 |
| **2/25** | 13534 | 15196 | 13524 |
| **3/25** | 12992 | 14339 | 13078 |
| **4/25** | 12992 | 14218 | 13167 |
| **5/25** | 13659 | 15102 | 13831 |
| **6/25** | 14222 | 15855 | 14389 |
| **7/25** | 14367 | 16201 | 14555 |
| **8/25** | 14732 | 16559 | 14959 |
| **9/25** | 15045 | 17126 | 15406 |
| **10/25** | 15170 | 17489 | 15662 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| **Name** | **1-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 16.22% | 16.90% |
| Class J Shares Including Sales Charge | 15.22% | 16.90% |
| S&P 1500 Index | 20.21% | 23.30% |
| S&P Target Date 2065+ Index | 19.53% | 18.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from March 1, 2023, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$92,259

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 47.9%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.17% |
| International Equity Funds | 30.76% |
| Fixed Income Funds | 3.09% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV947ARJ-0

# Institutional

# PLTGX

# Principal LifeTime 2070 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2070 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i3c9ccc4a5a4a88455fee29f0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $15,180** | **S&P 1500 Index $17,489** | **S&P Target Date 2065+ Index $15,662** |
| **3/23** | 10000 | 10000 | 10000 |
| **3/23** | 10180 | 10345 | 10211 |
| **4/23** | 10330 | 10481 | 10342 |
| **5/23** | 10150 | 10500 | 10185 |
| **6/23** | 10790 | 11213 | 10741 |
| **7/23** | 11110 | 11585 | 11104 |
| **8/23** | 10840 | 11385 | 10825 |
| **9/23** | 10360 | 10836 | 10380 |
| **10/23** | 10060 | 10578 | 10061 |
| **11/23** | 10960 | 11538 | 10928 |
| **12/23** | 11551 | 12112 | 11500 |
| **1/24** | 11561 | 12274 | 11519 |
| **2/24** | 12038 | 12927 | 11951 |
| **3/24** | 12434 | 13361 | 12306 |
| **4/24** | 11967 | 12795 | 11899 |
| **5/24** | 12413 | 13426 | 12373 |
| **6/24** | 12505 | 13850 | 12560 |
| **7/24** | 12799 | 14084 | 12862 |
| **8/24** | 13093 | 14392 | 13143 |
| **9/24** | 13307 | 14687 | 13420 |
| **10/24** | 13022 | 14549 | 13103 |
| **11/24** | 13601 | 15445 | 13574 |
| **12/24** | 13081 | 15013 | 13207 |
| **1/25** | 13582 | 15440 | 13591 |
| **2/25** | 13520 | 15196 | 13524 |
| **3/25** | 12977 | 14339 | 13078 |
| **4/25** | 12977 | 14218 | 13167 |
| **5/25** | 13645 | 15102 | 13831 |
| **6/25** | 14219 | 15855 | 14389 |
| **7/25** | 14365 | 16201 | 14555 |
| **8/25** | 14731 | 16559 | 14959 |
| **9/25** | 15044 | 17126 | 15406 |
| **10/25** | 15180 | 17489 | 15662 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| **Name** | **1-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| Institutional Shares | 16.57% | 16.93% |
| S&P 1500 Index | 20.21% | 23.30% |
| S&P Target Date 2065+ Index | 19.53% | 18.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from March 1, 2023, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$92,259

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 47.9%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.17% |
| International Equity Funds | 30.76% |
| Fixed Income Funds | 3.09% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV947ARI-0

# R-3

# PLTDX

# Principal LifeTime 2070 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2070 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $66 | 0.61% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ib8061ec58ed01d94dc74880e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $14,954** | **S&P 1500 Index $17,489** | **S&P Target Date 2065+ Index $15,662** |
| **3/23** | 10000 | 10000 | 10000 |
| **3/23** | 10170 | 10345 | 10211 |
| **4/23** | 10330 | 10481 | 10342 |
| **5/23** | 10140 | 10500 | 10185 |
| **6/23** | 10770 | 11213 | 10741 |
| **7/23** | 11090 | 11585 | 11104 |
| **8/23** | 10810 | 11385 | 10825 |
| **9/23** | 10330 | 10836 | 10380 |
| **10/23** | 10020 | 10578 | 10061 |
| **11/23** | 10910 | 11538 | 10928 |
| **12/23** | 11501 | 12112 | 11500 |
| **1/24** | 11501 | 12274 | 11519 |
| **2/24** | 11968 | 12927 | 11951 |
| **3/24** | 12363 | 13361 | 12306 |
| **4/24** | 11886 | 12795 | 11899 |
| **5/24** | 12323 | 13426 | 12373 |
| **6/24** | 12404 | 13850 | 12560 |
| **7/24** | 12698 | 14084 | 12862 |
| **8/24** | 12983 | 14392 | 13143 |
| **9/24** | 13186 | 14687 | 13420 |
| **10/24** | 12901 | 14549 | 13103 |
| **11/24** | 13470 | 15445 | 13574 |
| **12/24** | 12944 | 15013 | 13207 |
| **1/25** | 13433 | 15440 | 13591 |
| **2/25** | 13360 | 15196 | 13524 |
| **3/25** | 12829 | 14339 | 13078 |
| **4/25** | 12819 | 14218 | 13167 |
| **5/25** | 13475 | 15102 | 13831 |
| **6/25** | 14027 | 15855 | 14389 |
| **7/25** | 14162 | 16201 | 14555 |
| **8/25** | 14516 | 16559 | 14959 |
| **9/25** | 14829 | 17126 | 15406 |
| **10/25** | 14954 | 17489 | 15662 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| **Name** | **1-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| R-3 Shares | 15.91% | 16.27% |
| S&P 1500 Index | 20.21% | 23.30% |
| S&P Target Date 2065+ Index | 19.53% | 18.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from March 1, 2023, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$92,259

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 47.9%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.17% |
| International Equity Funds | 30.76% |
| Fixed Income Funds | 3.09% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV947ARR3-0

# R-5

# PLTFX

# Principal LifeTime 2070 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime 2070 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $32 | 0.30% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i0006b899bb422593495ef8f8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $15,082** | **S&P 1500 Index $17,489** | **S&P Target Date 2065+ Index $15,662** |
| **3/23** | 10000 | 10000 | 10000 |
| **3/23** | 10170 | 10345 | 10211 |
| **4/23** | 10330 | 10481 | 10342 |
| **5/23** | 10150 | 10500 | 10185 |
| **6/23** | 10780 | 11213 | 10741 |
| **7/23** | 11100 | 11585 | 11104 |
| **8/23** | 10830 | 11385 | 10825 |
| **9/23** | 10350 | 10836 | 10380 |
| **10/23** | 10040 | 10578 | 10061 |
| **11/23** | 10940 | 11538 | 10928 |
| **12/23** | 11531 | 12112 | 11500 |
| **1/24** | 11541 | 12274 | 11519 |
| **2/24** | 12008 | 12927 | 11951 |
| **3/24** | 12404 | 13361 | 12306 |
| **4/24** | 11927 | 12795 | 11899 |
| **5/24** | 12373 | 13426 | 12373 |
| **6/24** | 12464 | 13850 | 12560 |
| **7/24** | 12759 | 14084 | 12862 |
| **8/24** | 13053 | 14392 | 13143 |
| **9/24** | 13256 | 14687 | 13420 |
| **10/24** | 12972 | 14549 | 13103 |
| **11/24** | 13551 | 15445 | 13574 |
| **12/24** | 13027 | 15013 | 13207 |
| **1/25** | 13517 | 15440 | 13591 |
| **2/25** | 13455 | 15196 | 13524 |
| **3/25** | 12912 | 14339 | 13078 |
| **4/25** | 12912 | 14218 | 13167 |
| **5/25** | 13580 | 15102 | 13831 |
| **6/25** | 14143 | 15855 | 14389 |
| **7/25** | 14279 | 16201 | 14555 |
| **8/25** | 14644 | 16559 | 14959 |
| **9/25** | 14956 | 17126 | 15406 |
| **10/25** | 15082 | 17489 | 15662 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| **Name** | **1-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| R-5 Shares | 16.26% | 16.65% |
| S&P 1500 Index | 20.21% | 23.30% |
| S&P Target Date 2065+ Index | 19.53% | 18.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from March 1, 2023, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$92,259

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate 47.9%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.17% |
| International Equity Funds | 30.76% |
| Fixed Income Funds | 3.09% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV947ARR5-0

# Class J

# PHJMX

# Principal LifeTime Hybrid 2015 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2015 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $18 | 0.17% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i6fcd403927541b498f267926.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $17,385** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2015 Index $18,094** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9988 | 9974 | 9991 |
| **12/15** | 9848 | 9941 | 9859 |
| **1/16** | 9640 | 10078 | 9649 |
| **2/16** | 9638 | 10150 | 9656 |
| **3/16** | 10017 | 10243 | 10046 |
| **4/16** | 10097 | 10282 | 10110 |
| **5/16** | 10147 | 10285 | 10165 |
| **6/16** | 10217 | 10469 | 10243 |
| **7/16** | 10441 | 10536 | 10454 |
| **8/16** | 10449 | 10524 | 10466 |
| **9/16** | 10478 | 10517 | 10493 |
| **10/16** | 10342 | 10437 | 10352 |
| **11/16** | 10350 | 10190 | 10379 |
| **12/16** | 10450 | 10205 | 10505 |
| **1/17** | 10605 | 10225 | 10629 |
| **2/17** | 10760 | 10293 | 10797 |
| **3/17** | 10800 | 10288 | 10844 |
| **4/17** | 10902 | 10367 | 10950 |
| **5/17** | 11015 | 10447 | 11062 |
| **6/17** | 11044 | 10437 | 11094 |
| **7/17** | 11199 | 10481 | 11231 |
| **8/17** | 11259 | 10575 | 11266 |
| **9/17** | 11362 | 10525 | 11377 |
| **10/17** | 11464 | 10531 | 11487 |
| **11/17** | 11566 | 10518 | 11611 |
| **12/17** | 11652 | 10566 | 11702 |
| **1/18** | 11874 | 10444 | 11911 |
| **2/18** | 11572 | 10345 | 11646 |
| **3/18** | 11540 | 10412 | 11597 |
| **4/18** | 11551 | 10334 | 11616 |
| **5/18** | 11647 | 10408 | 11714 |
| **6/18** | 11604 | 10395 | 11710 |
| **7/18** | 11775 | 10398 | 11863 |
| **8/18** | 11871 | 10464 | 11979 |
| **9/18** | 11839 | 10397 | 11956 |
| **10/18** | 11369 | 10315 | 11504 |
| **11/18** | 11433 | 10377 | 11621 |
| **12/18** | 11098 | 10567 | 11273 |
| **1/19** | 11568 | 10679 | 11749 |
| **2/19** | 11710 | 10673 | 11908 |
| **3/19** | 11863 | 10878 | 12050 |
| **4/19** | 12048 | 10881 | 12242 |
| **5/19** | 11819 | 11074 | 11988 |
| **6/19** | 12201 | 11213 | 12386 |
| **7/19** | 12223 | 11238 | 12433 |
| **8/19** | 12245 | 11529 | 12444 |
| **9/19** | 12321 | 11468 | 12539 |
| **10/19** | 12442 | 11502 | 12686 |
| **11/19** | 12573 | 11496 | 12829 |
| **12/19** | 12764 | 11488 | 13009 |
| **1/20** | 12820 | 11709 | 13047 |
| **2/20** | 12528 | 11920 | 12662 |
| **3/20** | 11684 | 11850 | 11817 |
| **4/20** | 12337 | 12061 | 12491 |
| **5/20** | 12652 | 12117 | 12782 |
| **6/20** | 12831 | 12193 | 12971 |
| **7/20** | 13225 | 12375 | 13339 |
| **8/20** | 13506 | 12275 | 13611 |
| **9/20** | 13338 | 12269 | 13434 |
| **10/20** | 13214 | 12214 | 13303 |
| **11/20** | 13900 | 12334 | 14048 |
| **12/20** | 14228 | 12351 | 14346 |
| **1/21** | 14192 | 12262 | 14305 |
| **2/21** | 14275 | 12085 | 14389 |
| **3/21** | 14428 | 11934 | 14510 |
| **4/21** | 14746 | 12028 | 14829 |
| **5/21** | 14840 | 12068 | 14946 |
| **6/21** | 14935 | 12152 | 15057 |
| **7/21** | 15064 | 12288 | 15187 |
| **8/21** | 15205 | 12265 | 15339 |
| **9/21** | 14876 | 12159 | 15036 |
| **10/21** | 15205 | 12155 | 15356 |
| **11/21** | 15064 | 12191 | 15214 |
| **12/21** | 15354 | 12160 | 15495 |
| **1/22** | 14868 | 11898 | 14999 |
| **2/22** | 14644 | 11765 | 14823 |
| **3/22** | 14582 | 11439 | 14785 |
| **4/22** | 13884 | 11005 | 14083 |
| **5/22** | 13922 | 11075 | 14128 |
| **6/22** | 13287 | 10902 | 13510 |
| **7/22** | 13884 | 11168 | 14084 |
| **8/22** | 13486 | 10853 | 13723 |
| **9/22** | 12702 | 10384 | 12939 |
| **10/22** | 13000 | 10249 | 13274 |
| **11/22** | 13548 | 10626 | 13845 |
| **12/22** | 13243 | 10578 | 13610 |
| **1/23** | 13819 | 10904 | 14175 |
| **2/23** | 13531 | 10622 | 13917 |
| **3/23** | 13792 | 10891 | 14192 |
| **4/23** | 13897 | 10957 | 14307 |
| **5/23** | 13766 | 10838 | 14166 |
| **6/23** | 14054 | 10799 | 14464 |
| **7/23** | 14237 | 10792 | 14671 |
| **8/23** | 14067 | 10723 | 14479 |
| **9/23** | 13675 | 10451 | 14079 |
| **10/23** | 13426 | 10286 | 13813 |
| **11/23** | 14146 | 10751 | 14593 |
| **12/23** | 14693 | 11163 | 15159 |
| **1/24** | 14706 | 11132 | 15176 |
| **2/24** | 14868 | 10975 | 15313 |
| **3/24** | 15153 | 11076 | 15570 |
| **4/24** | 14787 | 10797 | 15204 |
| **5/24** | 15166 | 10980 | 15581 |
| **6/24** | 15288 | 11084 | 15755 |
| **7/24** | 15599 | 11342 | 16074 |
| **8/24** | 15829 | 11505 | 16329 |
| **9/24** | 16059 | 11660 | 16584 |
| **10/24** | 15748 | 11370 | 16246 |
| **11/24** | 16073 | 11491 | 16547 |
| **12/24** | 15777 | 11303 | 16259 |
| **1/25** | 16014 | 11362 | 16507 |
| **2/25** | 16168 | 11612 | 16662 |
| **3/25** | 15916 | 11617 | 16474 |
| **4/25** | 15930 | 11663 | 16557 |
| **5/25** | 16224 | 11579 | 16839 |
| **6/25** | 16602 | 11757 | 17240 |
| **7/25** | 16658 | 11726 | 17306 |
| **8/25** | 16951 | 11866 | 17614 |
| **9/25** | 17245 | 11996 | 17915 |
| **10/25** | 17385 | 12071 | 18094 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 10.40% | 5.64% | 5.69% |
| Class J Shares Including Sales Charge | 9.40% | 5.64% | 5.69% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2015 Index | 11.37% | 6.34% | 6.11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 30, 2014. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2015 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$472,156

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 19.5%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.60% |
| Domestic Equity Funds | 24.91% |
| International Equity Funds | 11.08% |
| Specialty Funds | 0.43% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by March 1 or upon request at www.PrincipalAM.com/prospectuses.

Effective October 2, 2025, the Fund's Principal Investment Strategies and Risks related to equity securities were updated. On September 10, 2025, the Fund's Board of Directors approved the acquisition of the assets of Principal LifeTime Hybrid 2015 Fund by the Principal LifeTime Hybrid Income Fund. The proposed merger is expected to occur on or about June 12, 2026.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV867ARJ-0

# Institutional

# PHTMX

# Principal LifeTime Hybrid 2015 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2015 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i61af62d3a8ef3353a5fdf934.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $17,728** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2015 Index $18,094** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9990 | 9974 | 9991 |
| **12/15** | 9852 | 9941 | 9859 |
| **1/16** | 9646 | 10078 | 9649 |
| **2/16** | 9646 | 10150 | 9656 |
| **3/16** | 10027 | 10243 | 10046 |
| **4/16** | 10109 | 10282 | 10110 |
| **5/16** | 10161 | 10285 | 10165 |
| **6/16** | 10233 | 10469 | 10243 |
| **7/16** | 10460 | 10536 | 10454 |
| **8/16** | 10470 | 10524 | 10466 |
| **9/16** | 10501 | 10517 | 10493 |
| **10/16** | 10367 | 10437 | 10352 |
| **11/16** | 10377 | 10190 | 10379 |
| **12/16** | 10479 | 10205 | 10505 |
| **1/17** | 10637 | 10225 | 10629 |
| **2/17** | 10795 | 10293 | 10797 |
| **3/17** | 10837 | 10288 | 10844 |
| **4/17** | 10942 | 10367 | 10950 |
| **5/17** | 11057 | 10447 | 11062 |
| **6/17** | 11089 | 10437 | 11094 |
| **7/17** | 11246 | 10481 | 11231 |
| **8/17** | 11310 | 10575 | 11266 |
| **9/17** | 11415 | 10525 | 11377 |
| **10/17** | 11520 | 10531 | 11487 |
| **11/17** | 11625 | 10518 | 11611 |
| **12/17** | 11713 | 10566 | 11702 |
| **1/18** | 11939 | 10444 | 11911 |
| **2/18** | 11638 | 10345 | 11646 |
| **3/18** | 11606 | 10412 | 11597 |
| **4/18** | 11617 | 10334 | 11616 |
| **5/18** | 11713 | 10408 | 11714 |
| **6/18** | 11681 | 10395 | 11710 |
| **7/18** | 11842 | 10398 | 11863 |
| **8/18** | 11950 | 10464 | 11979 |
| **9/18** | 11918 | 10397 | 11956 |
| **10/18** | 11455 | 10315 | 11504 |
| **11/18** | 11520 | 10377 | 11621 |
| **12/18** | 11184 | 10567 | 11273 |
| **1/19** | 11646 | 10679 | 11749 |
| **2/19** | 11800 | 10673 | 11908 |
| **3/19** | 11954 | 10878 | 12050 |
| **4/19** | 12152 | 10881 | 12242 |
| **5/19** | 11910 | 11074 | 11988 |
| **6/19** | 12306 | 11213 | 12386 |
| **7/19** | 12339 | 11238 | 12433 |
| **8/19** | 12361 | 11529 | 12444 |
| **9/19** | 12438 | 11468 | 12539 |
| **10/19** | 12559 | 11502 | 12686 |
| **11/19** | 12691 | 11496 | 12829 |
| **12/19** | 12882 | 11488 | 13009 |
| **1/20** | 12939 | 11709 | 13047 |
| **2/20** | 12655 | 11920 | 12662 |
| **3/20** | 11816 | 11850 | 11817 |
| **4/20** | 12462 | 12061 | 12491 |
| **5/20** | 12791 | 12117 | 12782 |
| **6/20** | 12973 | 12193 | 12971 |
| **7/20** | 13370 | 12375 | 13339 |
| **8/20** | 13664 | 12275 | 13611 |
| **9/20** | 13494 | 12269 | 13434 |
| **10/20** | 13381 | 12214 | 13303 |
| **11/20** | 14073 | 12334 | 14048 |
| **12/20** | 14405 | 12351 | 14346 |
| **1/21** | 14370 | 12262 | 14305 |
| **2/21** | 14453 | 12085 | 14389 |
| **3/21** | 14607 | 11934 | 14510 |
| **4/21** | 14929 | 12028 | 14829 |
| **5/21** | 15036 | 12068 | 14946 |
| **6/21** | 15131 | 12152 | 15057 |
| **7/21** | 15262 | 12288 | 15187 |
| **8/21** | 15416 | 12265 | 15339 |
| **9/21** | 15083 | 12159 | 15036 |
| **10/21** | 15416 | 12155 | 15356 |
| **11/21** | 15274 | 12191 | 15214 |
| **12/21** | 15571 | 12160 | 15495 |
| **1/22** | 15080 | 11898 | 14999 |
| **2/22** | 14866 | 11765 | 14823 |
| **3/22** | 14803 | 11439 | 14785 |
| **4/22** | 14086 | 11005 | 14083 |
| **5/22** | 14136 | 11075 | 14128 |
| **6/22** | 13482 | 10902 | 13510 |
| **7/22** | 14098 | 11168 | 14084 |
| **8/22** | 13696 | 10853 | 13723 |
| **9/22** | 12903 | 10384 | 12939 |
| **10/22** | 13205 | 10249 | 13274 |
| **11/22** | 13759 | 10626 | 13845 |
| **12/22** | 13453 | 10578 | 13610 |
| **1/23** | 14048 | 10904 | 14175 |
| **2/23** | 13744 | 10622 | 13917 |
| **3/23** | 14022 | 10891 | 14192 |
| **4/23** | 14128 | 10957 | 14307 |
| **5/23** | 13982 | 10838 | 14166 |
| **6/23** | 14287 | 10799 | 14464 |
| **7/23** | 14485 | 10792 | 14671 |
| **8/23** | 14300 | 10723 | 14479 |
| **9/23** | 13903 | 10451 | 14079 |
| **10/23** | 13664 | 10286 | 13813 |
| **11/23** | 14393 | 10751 | 14593 |
| **12/23** | 14945 | 11163 | 15159 |
| **1/24** | 14959 | 11132 | 15176 |
| **2/24** | 15137 | 10975 | 15313 |
| **3/24** | 15424 | 11076 | 15570 |
| **4/24** | 15041 | 10797 | 15204 |
| **5/24** | 15438 | 10980 | 15581 |
| **6/24** | 15561 | 11084 | 15755 |
| **7/24** | 15877 | 11342 | 16074 |
| **8/24** | 16123 | 11505 | 16329 |
| **9/24** | 16342 | 11660 | 16584 |
| **10/24** | 16041 | 11370 | 16246 |
| **11/24** | 16370 | 11491 | 16547 |
| **12/24** | 16056 | 11303 | 16259 |
| **1/25** | 16311 | 11362 | 16507 |
| **2/25** | 16467 | 11612 | 16662 |
| **3/25** | 16212 | 11617 | 16474 |
| **4/25** | 16240 | 11663 | 16557 |
| **5/25** | 16538 | 11579 | 16839 |
| **6/25** | 16920 | 11757 | 17240 |
| **7/25** | 16977 | 11726 | 17306 |
| **8/25** | 17289 | 11866 | 17614 |
| **9/25** | 17572 | 11996 | 17915 |
| **10/25** | 17728 | 12071 | 18094 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 10.52% | 5.79% | 5.89% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2015 Index | 11.37% | 6.34% | 6.11% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2015 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$472,156

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 19.5%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.60% |
| Domestic Equity Funds | 24.91% |
| International Equity Funds | 11.08% |
| Specialty Funds | 0.43% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by March 1 or upon request at www.PrincipalAM.com/prospectuses.

Effective October 2, 2025, the Fund's Principal Investment Strategies and Risks related to equity securities were updated. On September 10, 2025, the Fund's Board of Directors approved the acquisition of the assets of Principal LifeTime Hybrid 2015 Fund by the Principal LifeTime Hybrid Income Fund. The proposed merger is expected to occur on or about June 12, 2026.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV867ARI-0

# R-6

# PLRRX

# Principal LifeTime Hybrid 2015 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2015 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $2 | 0.02% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i182ffe64da3ff8d67ce76778.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $17,792** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2015 Index $18,094** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9990 | 9974 | 9991 |
| **12/15** | 9852 | 9941 | 9859 |
| **1/16** | 9646 | 10078 | 9649 |
| **2/16** | 9656 | 10150 | 9656 |
| **3/16** | 10037 | 10243 | 10046 |
| **4/16** | 10109 | 10282 | 10110 |
| **5/16** | 10161 | 10285 | 10165 |
| **6/16** | 10233 | 10469 | 10243 |
| **7/16** | 10460 | 10536 | 10454 |
| **8/16** | 10480 | 10524 | 10466 |
| **9/16** | 10511 | 10517 | 10493 |
| **10/16** | 10367 | 10437 | 10352 |
| **11/16** | 10387 | 10190 | 10379 |
| **12/16** | 10490 | 10205 | 10505 |
| **1/17** | 10647 | 10225 | 10629 |
| **2/17** | 10805 | 10293 | 10797 |
| **3/17** | 10847 | 10288 | 10844 |
| **4/17** | 10962 | 10367 | 10950 |
| **5/17** | 11068 | 10447 | 11062 |
| **6/17** | 11099 | 10437 | 11094 |
| **7/17** | 11257 | 10481 | 11231 |
| **8/17** | 11320 | 10575 | 11266 |
| **9/17** | 11435 | 10525 | 11377 |
| **10/17** | 11541 | 10531 | 11487 |
| **11/17** | 11646 | 10518 | 11611 |
| **12/17** | 11734 | 10566 | 11702 |
| **1/18** | 11960 | 10444 | 11911 |
| **2/18** | 11659 | 10345 | 11646 |
| **3/18** | 11627 | 10412 | 11597 |
| **4/18** | 11637 | 10334 | 11616 |
| **5/18** | 11734 | 10408 | 11714 |
| **6/18** | 11691 | 10395 | 11710 |
| **7/18** | 11863 | 10398 | 11863 |
| **8/18** | 11971 | 10464 | 11979 |
| **9/18** | 11939 | 10397 | 11956 |
| **10/18** | 11465 | 10315 | 11504 |
| **11/18** | 11541 | 10377 | 11621 |
| **12/18** | 11206 | 10567 | 11273 |
| **1/19** | 11668 | 10679 | 11749 |
| **2/19** | 11811 | 10673 | 11908 |
| **3/19** | 11976 | 10878 | 12050 |
| **4/19** | 12174 | 10881 | 12242 |
| **5/19** | 11932 | 11074 | 11988 |
| **6/19** | 12328 | 11213 | 12386 |
| **7/19** | 12361 | 11238 | 12433 |
| **8/19** | 12383 | 11529 | 12444 |
| **9/19** | 12460 | 11468 | 12539 |
| **10/19** | 12581 | 11502 | 12686 |
| **11/19** | 12713 | 11496 | 12829 |
| **12/19** | 12906 | 11488 | 13009 |
| **1/20** | 12974 | 11709 | 13047 |
| **2/20** | 12679 | 11920 | 12662 |
| **3/20** | 11840 | 11850 | 11817 |
| **4/20** | 12487 | 12061 | 12491 |
| **5/20** | 12816 | 12117 | 12782 |
| **6/20** | 12997 | 12193 | 12971 |
| **7/20** | 13405 | 12375 | 13339 |
| **8/20** | 13689 | 12275 | 13611 |
| **9/20** | 13530 | 12269 | 13434 |
| **10/20** | 13405 | 12214 | 13303 |
| **11/20** | 14097 | 12334 | 14048 |
| **12/20** | 14433 | 12351 | 14346 |
| **1/21** | 14398 | 12262 | 14305 |
| **2/21** | 14481 | 12085 | 14389 |
| **3/21** | 14647 | 11934 | 14510 |
| **4/21** | 14969 | 12028 | 14829 |
| **5/21** | 15076 | 12068 | 14946 |
| **6/21** | 15171 | 12152 | 15057 |
| **7/21** | 15302 | 12288 | 15187 |
| **8/21** | 15457 | 12265 | 15339 |
| **9/21** | 15123 | 12159 | 15036 |
| **10/21** | 15445 | 12155 | 15356 |
| **11/21** | 15314 | 12191 | 15214 |
| **12/21** | 15617 | 12160 | 15495 |
| **1/22** | 15113 | 11898 | 14999 |
| **2/22** | 14899 | 11765 | 14823 |
| **3/22** | 14836 | 11439 | 14785 |
| **4/22** | 14118 | 11005 | 14083 |
| **5/22** | 14168 | 11075 | 14128 |
| **6/22** | 13513 | 10902 | 13510 |
| **7/22** | 14131 | 11168 | 14084 |
| **8/22** | 13728 | 10853 | 13723 |
| **9/22** | 12934 | 10384 | 12939 |
| **10/22** | 13236 | 10249 | 13274 |
| **11/22** | 13803 | 10626 | 13845 |
| **12/22** | 13489 | 10578 | 13610 |
| **1/23** | 14085 | 10904 | 14175 |
| **2/23** | 13780 | 10622 | 13917 |
| **3/23** | 14058 | 10891 | 14192 |
| **4/23** | 14164 | 10957 | 14307 |
| **5/23** | 14032 | 10838 | 14166 |
| **6/23** | 14337 | 10799 | 14464 |
| **7/23** | 14522 | 10792 | 14671 |
| **8/23** | 14350 | 10723 | 14479 |
| **9/23** | 13939 | 10451 | 14079 |
| **10/23** | 13701 | 10286 | 13813 |
| **11/23** | 14443 | 10751 | 14593 |
| **12/23** | 14987 | 11163 | 15159 |
| **1/24** | 15014 | 11132 | 15176 |
| **2/24** | 15179 | 10975 | 15313 |
| **3/24** | 15467 | 11076 | 15570 |
| **4/24** | 15096 | 10797 | 15204 |
| **5/24** | 15480 | 10980 | 15581 |
| **6/24** | 15617 | 11084 | 15755 |
| **7/24** | 15933 | 11342 | 16074 |
| **8/24** | 16166 | 11505 | 16329 |
| **9/24** | 16399 | 11660 | 16584 |
| **10/24** | 16084 | 11370 | 16246 |
| **11/24** | 16426 | 11491 | 16547 |
| **12/24** | 16117 | 11303 | 16259 |
| **1/25** | 16373 | 11362 | 16507 |
| **2/25** | 16515 | 11612 | 16662 |
| **3/25** | 16274 | 11617 | 16474 |
| **4/25** | 16288 | 11663 | 16557 |
| **5/25** | 16586 | 11579 | 16839 |
| **6/25** | 16983 | 11757 | 17240 |
| **7/25** | 17040 | 11726 | 17306 |
| **8/25** | 17338 | 11866 | 17614 |
| **9/25** | 17636 | 11996 | 17915 |
| **10/25** | 17792 | 12071 | 18094 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-6 Shares | 10.62% | 5.82% | 5.93% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2015 Index | 11.37% | 6.34% | 6.11% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2015 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$472,156

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 19.5%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.60% |
| Domestic Equity Funds | 24.91% |
| International Equity Funds | 11.08% |
| Specialty Funds | 0.43% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by March 1 or upon request at www.PrincipalAM.com/prospectuses.

Effective October 2, 2025, the Fund's Principal Investment Strategies and Risks related to equity securities were updated. On September 10, 2025, the Fund's Board of Directors approved the acquisition of the assets of Principal LifeTime Hybrid 2015 Fund by the Principal LifeTime Hybrid Income Fund. The proposed merger is expected to occur on or about June 12, 2026.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV867ARR6-0

# Class J

# PHJTX

# Principal LifeTime Hybrid 2020 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2020 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $18 | 0.17% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i34bfc483e48d0eeba1e66a5a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $18,648** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2020 Index $18,872** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9988 | 9974 | 9995 |
| **12/15** | 9832 | 9941 | 9846 |
| **1/16** | 9564 | 10078 | 9585 |
| **2/16** | 9552 | 10150 | 9579 |
| **3/16** | 10000 | 10243 | 10020 |
| **4/16** | 10070 | 10282 | 10089 |
| **5/16** | 10139 | 10285 | 10153 |
| **6/16** | 10199 | 10469 | 10219 |
| **7/16** | 10452 | 10536 | 10459 |
| **8/16** | 10470 | 10524 | 10474 |
| **9/16** | 10499 | 10517 | 10504 |
| **10/16** | 10323 | 10437 | 10348 |
| **11/16** | 10372 | 10190 | 10411 |
| **12/16** | 10497 | 10205 | 10557 |
| **1/17** | 10661 | 10225 | 10699 |
| **2/17** | 10837 | 10293 | 10888 |
| **3/17** | 10886 | 10288 | 10945 |
| **4/17** | 11009 | 10367 | 11059 |
| **5/17** | 11121 | 10447 | 11184 |
| **6/17** | 11161 | 10437 | 11224 |
| **7/17** | 11346 | 10481 | 11374 |
| **8/17** | 11395 | 10575 | 11405 |
| **9/17** | 11539 | 10525 | 11539 |
| **10/17** | 11661 | 10531 | 11665 |
| **11/17** | 11784 | 10518 | 11810 |
| **12/17** | 11886 | 10566 | 11908 |
| **1/18** | 12182 | 10444 | 12161 |
| **2/18** | 11828 | 10345 | 11863 |
| **3/18** | 11753 | 10412 | 11799 |
| **4/18** | 11774 | 10334 | 11825 |
| **5/18** | 11881 | 10408 | 11936 |
| **6/18** | 11838 | 10395 | 11927 |
| **7/18** | 12041 | 10398 | 12102 |
| **8/18** | 12169 | 10464 | 12224 |
| **9/18** | 12137 | 10397 | 12205 |
| **10/18** | 11561 | 10315 | 11694 |
| **11/18** | 11646 | 10377 | 11821 |
| **12/18** | 11197 | 10567 | 11413 |
| **1/19** | 11747 | 10679 | 11941 |
| **2/19** | 11912 | 10673 | 12121 |
| **3/19** | 12078 | 10878 | 12263 |
| **4/19** | 12309 | 10881 | 12480 |
| **5/19** | 11989 | 11074 | 12172 |
| **6/19** | 12441 | 11213 | 12616 |
| **7/19** | 12474 | 11238 | 12665 |
| **8/19** | 12452 | 11529 | 12648 |
| **9/19** | 12551 | 11468 | 12764 |
| **10/19** | 12705 | 11502 | 12930 |
| **11/19** | 12870 | 11496 | 13093 |
| **12/19** | 13108 | 11488 | 13299 |
| **1/20** | 13130 | 11709 | 13317 |
| **2/20** | 12733 | 11920 | 12856 |
| **3/20** | 11747 | 11850 | 11896 |
| **4/20** | 12484 | 12061 | 12638 |
| **5/20** | 12835 | 12117 | 12963 |
| **6/20** | 13040 | 12193 | 13162 |
| **7/20** | 13493 | 12375 | 13548 |
| **8/20** | 13856 | 12275 | 13850 |
| **9/20** | 13663 | 12269 | 13654 |
| **10/20** | 13516 | 12214 | 13516 |
| **11/20** | 14343 | 12334 | 14335 |
| **12/20** | 14732 | 12351 | 14661 |
| **1/21** | 14696 | 12262 | 14616 |
| **2/21** | 14839 | 12085 | 14730 |
| **3/21** | 15052 | 11934 | 14875 |
| **4/21** | 15432 | 12028 | 15218 |
| **5/21** | 15551 | 12068 | 15341 |
| **6/21** | 15646 | 12152 | 15455 |
| **7/21** | 15788 | 12288 | 15580 |
| **8/21** | 15978 | 12265 | 15760 |
| **9/21** | 15575 | 12159 | 15418 |
| **10/21** | 15990 | 12155 | 15787 |
| **11/21** | 15824 | 12191 | 15612 |
| **12/21** | 16180 | 12160 | 15945 |
| **1/22** | 15614 | 11898 | 15392 |
| **2/22** | 15374 | 11765 | 15201 |
| **3/22** | 15337 | 11439 | 15193 |
| **4/22** | 14532 | 11005 | 14419 |
| **5/22** | 14582 | 11075 | 14470 |
| **6/22** | 13840 | 10902 | 13776 |
| **7/22** | 14532 | 11168 | 14401 |
| **8/22** | 14091 | 10853 | 14003 |
| **9/22** | 13198 | 10384 | 13144 |
| **10/22** | 13588 | 10249 | 13510 |
| **11/22** | 14204 | 10626 | 14160 |
| **12/22** | 13845 | 10578 | 13902 |
| **1/23** | 14490 | 10904 | 14537 |
| **2/23** | 14167 | 10622 | 14241 |
| **3/23** | 14463 | 10891 | 14532 |
| **4/23** | 14571 | 10957 | 14661 |
| **5/23** | 14423 | 10838 | 14497 |
| **6/23** | 14800 | 10799 | 14858 |
| **7/23** | 15029 | 10792 | 15103 |
| **8/23** | 14813 | 10723 | 14886 |
| **9/23** | 14356 | 10451 | 14452 |
| **10/23** | 14073 | 10286 | 14158 |
| **11/23** | 14894 | 10751 | 15007 |
| **12/23** | 15500 | 11163 | 15614 |
| **1/24** | 15513 | 11132 | 15633 |
| **2/24** | 15764 | 10975 | 15824 |
| **3/24** | 16084 | 11076 | 16115 |
| **4/24** | 15667 | 10797 | 15716 |
| **5/24** | 16112 | 10980 | 16132 |
| **6/24** | 16251 | 11084 | 16320 |
| **7/24** | 16585 | 11342 | 16658 |
| **8/24** | 16835 | 11505 | 16932 |
| **9/24** | 17086 | 11660 | 17206 |
| **10/24** | 16752 | 11370 | 16849 |
| **11/24** | 17141 | 11491 | 17197 |
| **12/24** | 16780 | 11303 | 16878 |
| **1/25** | 17082 | 11362 | 17162 |
| **2/25** | 17211 | 11612 | 17295 |
| **3/25** | 16895 | 11617 | 17056 |
| **4/25** | 16895 | 11663 | 17145 |
| **5/25** | 17269 | 11579 | 17499 |
| **6/25** | 17729 | 11757 | 17937 |
| **7/25** | 17786 | 11726 | 18016 |
| **8/25** | 18131 | 11866 | 18346 |
| **9/25** | 18476 | 11996 | 18675 |
| **10/25** | 18648 | 12071 | 18872 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 11.32% | 6.65% | 6.43% |
| Class J Shares Including Sales Charge | 10.32% | 6.65% | 6.43% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2020 Index | 12.01% | 6.90% | 6.56% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 30, 2014. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2020 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$606,144

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 28.1%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 57.78% |
| Domestic Equity Funds | 28.80% |
| International Equity Funds | 13.02% |
| Specialty Funds | 0.41% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV868ARJ-0

# Institutional

# PHTTX

# Principal LifeTime Hybrid 2020 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2020 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ic8ce0a94f4ac99f5d605ec8a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $18,978** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2020 Index $18,872** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9990 | 9974 | 9995 |
| **12/15** | 9836 | 9941 | 9846 |
| **1/16** | 9570 | 10078 | 9585 |
| **2/16** | 9560 | 10150 | 9579 |
| **3/16** | 10010 | 10243 | 10020 |
| **4/16** | 10082 | 10282 | 10089 |
| **5/16** | 10154 | 10285 | 10153 |
| **6/16** | 10215 | 10469 | 10219 |
| **7/16** | 10471 | 10536 | 10459 |
| **8/16** | 10491 | 10524 | 10474 |
| **9/16** | 10522 | 10517 | 10504 |
| **10/16** | 10348 | 10437 | 10348 |
| **11/16** | 10399 | 10190 | 10411 |
| **12/16** | 10526 | 10205 | 10557 |
| **1/17** | 10694 | 10225 | 10699 |
| **2/17** | 10871 | 10293 | 10888 |
| **3/17** | 10924 | 10288 | 10945 |
| **4/17** | 11049 | 10367 | 11059 |
| **5/17** | 11164 | 10447 | 11184 |
| **6/17** | 11206 | 10437 | 11224 |
| **7/17** | 11394 | 10481 | 11374 |
| **8/17** | 11446 | 10575 | 11405 |
| **9/17** | 11593 | 10525 | 11539 |
| **10/17** | 11718 | 10531 | 11665 |
| **11/17** | 11844 | 10518 | 11810 |
| **12/17** | 11949 | 10566 | 11908 |
| **1/18** | 12249 | 10444 | 12161 |
| **2/18** | 11895 | 10345 | 11863 |
| **3/18** | 11831 | 10412 | 11799 |
| **4/18** | 11852 | 10334 | 11825 |
| **5/18** | 11970 | 10408 | 11936 |
| **6/18** | 11927 | 10395 | 11927 |
| **7/18** | 12131 | 10398 | 12102 |
| **8/18** | 12260 | 10464 | 12224 |
| **9/18** | 12227 | 10397 | 12205 |
| **10/18** | 11659 | 10315 | 11694 |
| **11/18** | 11734 | 10377 | 11821 |
| **12/18** | 11299 | 10567 | 11413 |
| **1/19** | 11841 | 10679 | 11941 |
| **2/19** | 12019 | 10673 | 12121 |
| **3/19** | 12185 | 10878 | 12263 |
| **4/19** | 12417 | 10881 | 12480 |
| **5/19** | 12096 | 11074 | 12172 |
| **6/19** | 12561 | 11213 | 12616 |
| **7/19** | 12595 | 11238 | 12665 |
| **8/19** | 12573 | 11529 | 12648 |
| **9/19** | 12683 | 11468 | 12764 |
| **10/19** | 12838 | 11502 | 12930 |
| **11/19** | 13005 | 11496 | 13093 |
| **12/19** | 13239 | 11488 | 13299 |
| **1/20** | 13273 | 11709 | 13317 |
| **2/20** | 12873 | 11920 | 12856 |
| **3/20** | 11868 | 11850 | 11896 |
| **4/20** | 12622 | 12061 | 12638 |
| **5/20** | 12976 | 12117 | 12963 |
| **6/20** | 13193 | 12193 | 13162 |
| **7/20** | 13650 | 12375 | 13548 |
| **8/20** | 14016 | 12275 | 13850 |
| **9/20** | 13821 | 12269 | 13654 |
| **10/20** | 13673 | 12214 | 13516 |
| **11/20** | 14507 | 12334 | 14335 |
| **12/20** | 14909 | 12351 | 14661 |
| **1/21** | 14874 | 12262 | 14616 |
| **2/21** | 15017 | 12085 | 14730 |
| **3/21** | 15233 | 11934 | 14875 |
| **4/21** | 15627 | 12028 | 15218 |
| **5/21** | 15747 | 12068 | 15341 |
| **6/21** | 15855 | 12152 | 15455 |
| **7/21** | 15998 | 12288 | 15580 |
| **8/21** | 16190 | 12265 | 15760 |
| **9/21** | 15783 | 12159 | 15418 |
| **10/21** | 16202 | 12155 | 15787 |
| **11/21** | 16034 | 12191 | 15612 |
| **12/21** | 16394 | 12160 | 15945 |
| **1/22** | 15836 | 11898 | 15392 |
| **2/22** | 15582 | 11765 | 15201 |
| **3/22** | 15544 | 11439 | 15193 |
| **4/22** | 14732 | 11005 | 14419 |
| **5/22** | 14783 | 11075 | 14470 |
| **6/22** | 14034 | 10902 | 13776 |
| **7/22** | 14732 | 11168 | 14401 |
| **8/22** | 14288 | 10853 | 14003 |
| **9/22** | 13400 | 10384 | 13144 |
| **10/22** | 13780 | 10249 | 13510 |
| **11/22** | 14415 | 10626 | 14160 |
| **12/22** | 14042 | 10578 | 13902 |
| **1/23** | 14708 | 10904 | 14537 |
| **2/23** | 14382 | 10622 | 14241 |
| **3/23** | 14680 | 10891 | 14532 |
| **4/23** | 14789 | 10957 | 14661 |
| **5/23** | 14640 | 10838 | 14497 |
| **6/23** | 15020 | 10799 | 14858 |
| **7/23** | 15251 | 10792 | 15103 |
| **8/23** | 15047 | 10723 | 14886 |
| **9/23** | 14585 | 10451 | 14452 |
| **10/23** | 14300 | 10286 | 14158 |
| **11/23** | 15128 | 10751 | 15007 |
| **12/23** | 15738 | 11163 | 15614 |
| **1/24** | 15766 | 11132 | 15633 |
| **2/24** | 16005 | 10975 | 15824 |
| **3/24** | 16342 | 11076 | 16115 |
| **4/24** | 15920 | 10797 | 15716 |
| **5/24** | 16370 | 10980 | 16132 |
| **6/24** | 16511 | 11084 | 16320 |
| **7/24** | 16848 | 11342 | 16658 |
| **8/24** | 17115 | 11505 | 16932 |
| **9/24** | 17368 | 11660 | 17206 |
| **10/24** | 17031 | 11370 | 16849 |
| **11/24** | 17424 | 11491 | 17197 |
| **12/24** | 17076 | 11303 | 16878 |
| **1/25** | 17366 | 11362 | 17162 |
| **2/25** | 17497 | 11612 | 17295 |
| **3/25** | 17177 | 11617 | 17056 |
| **4/25** | 17192 | 11663 | 17145 |
| **5/25** | 17569 | 11579 | 17499 |
| **6/25** | 18034 | 11757 | 17937 |
| **7/25** | 18107 | 11726 | 18016 |
| **8/25** | 18455 | 11866 | 18346 |
| **9/25** | 18804 | 11996 | 18675 |
| **10/25** | 18978 | 12071 | 18872 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 11.43% | 6.78% | 6.62% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2020 Index | 12.01% | 6.90% | 6.56% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2020 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$606,144

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 28.1%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 57.78% |
| Domestic Equity Funds | 28.80% |
| International Equity Funds | 13.02% |
| Specialty Funds | 0.41% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV868ARI-0

# R-6

# PLTTX

# Principal LifeTime Hybrid 2020 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2020 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $2 | 0.02% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i81e2f0a8442b27211ada469a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $19,045** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2020 Index $18,872** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9990 | 9974 | 9995 |
| **12/15** | 9846 | 9941 | 9846 |
| **1/16** | 9580 | 10078 | 9585 |
| **2/16** | 9570 | 10150 | 9579 |
| **3/16** | 10020 | 10243 | 10020 |
| **4/16** | 10092 | 10282 | 10089 |
| **5/16** | 10154 | 10285 | 10153 |
| **6/16** | 10215 | 10469 | 10219 |
| **7/16** | 10481 | 10536 | 10459 |
| **8/16** | 10492 | 10524 | 10474 |
| **9/16** | 10533 | 10517 | 10504 |
| **10/16** | 10358 | 10437 | 10348 |
| **11/16** | 10410 | 10190 | 10411 |
| **12/16** | 10537 | 10205 | 10557 |
| **1/17** | 10705 | 10225 | 10699 |
| **2/17** | 10893 | 10293 | 10888 |
| **3/17** | 10935 | 10288 | 10945 |
| **4/17** | 11060 | 10367 | 11059 |
| **5/17** | 11186 | 10447 | 11184 |
| **6/17** | 11228 | 10437 | 11224 |
| **7/17** | 11406 | 10481 | 11374 |
| **8/17** | 11468 | 10575 | 11405 |
| **9/17** | 11615 | 10525 | 11539 |
| **10/17** | 11740 | 10531 | 11665 |
| **11/17** | 11866 | 10518 | 11810 |
| **12/17** | 11963 | 10566 | 11908 |
| **1/18** | 12264 | 10444 | 12161 |
| **2/18** | 11910 | 10345 | 11863 |
| **3/18** | 11856 | 10412 | 11799 |
| **4/18** | 11878 | 10334 | 11825 |
| **5/18** | 11985 | 10408 | 11936 |
| **6/18** | 11942 | 10395 | 11927 |
| **7/18** | 12156 | 10398 | 12102 |
| **8/18** | 12285 | 10464 | 12224 |
| **9/18** | 12253 | 10397 | 12205 |
| **10/18** | 11674 | 10315 | 11694 |
| **11/18** | 11759 | 10377 | 11821 |
| **12/18** | 11317 | 10567 | 11413 |
| **1/19** | 11861 | 10679 | 11941 |
| **2/19** | 12039 | 10673 | 12121 |
| **3/19** | 12205 | 10878 | 12263 |
| **4/19** | 12438 | 10881 | 12480 |
| **5/19** | 12116 | 11074 | 12172 |
| **6/19** | 12582 | 11213 | 12616 |
| **7/19** | 12616 | 11238 | 12665 |
| **8/19** | 12593 | 11529 | 12648 |
| **9/19** | 12704 | 11468 | 12764 |
| **10/19** | 12860 | 11502 | 12930 |
| **11/19** | 13026 | 11496 | 13093 |
| **12/19** | 13265 | 11488 | 13299 |
| **1/20** | 13299 | 11709 | 13317 |
| **2/20** | 12898 | 11920 | 12856 |
| **3/20** | 11891 | 11850 | 11896 |
| **4/20** | 12647 | 12061 | 12638 |
| **5/20** | 13001 | 12117 | 12963 |
| **6/20** | 13219 | 12193 | 13162 |
| **7/20** | 13677 | 12375 | 13548 |
| **8/20** | 14054 | 12275 | 13850 |
| **9/20** | 13848 | 12269 | 13654 |
| **10/20** | 13699 | 12214 | 13516 |
| **11/20** | 14546 | 12334 | 14335 |
| **12/20** | 14944 | 12351 | 14661 |
| **1/21** | 14908 | 12262 | 14616 |
| **2/21** | 15051 | 12085 | 14730 |
| **3/21** | 15279 | 11934 | 14875 |
| **4/21** | 15663 | 12028 | 15218 |
| **5/21** | 15783 | 12068 | 15341 |
| **6/21** | 15891 | 12152 | 15455 |
| **7/21** | 16035 | 12288 | 15580 |
| **8/21** | 16227 | 12265 | 15760 |
| **9/21** | 15819 | 12159 | 15418 |
| **10/21** | 16239 | 12155 | 15787 |
| **11/21** | 16083 | 12191 | 15612 |
| **12/21** | 16438 | 12160 | 15945 |
| **1/22** | 15878 | 11898 | 15392 |
| **2/22** | 15623 | 11765 | 15201 |
| **3/22** | 15598 | 11439 | 15193 |
| **4/22** | 14771 | 11005 | 14419 |
| **5/22** | 14822 | 11075 | 14470 |
| **6/22** | 14071 | 10902 | 13776 |
| **7/22** | 14784 | 11168 | 14401 |
| **8/22** | 14326 | 10853 | 14003 |
| **9/22** | 13435 | 10384 | 13144 |
| **10/22** | 13817 | 10249 | 13510 |
| **11/22** | 14453 | 10626 | 14160 |
| **12/22** | 14084 | 10578 | 13902 |
| **1/23** | 14751 | 10904 | 14537 |
| **2/23** | 14424 | 10622 | 14241 |
| **3/23** | 14724 | 10891 | 14532 |
| **4/23** | 14833 | 10957 | 14661 |
| **5/23** | 14683 | 10838 | 14497 |
| **6/23** | 15078 | 10799 | 14858 |
| **7/23** | 15310 | 10792 | 15103 |
| **8/23** | 15092 | 10723 | 14886 |
| **9/23** | 14629 | 10451 | 14452 |
| **10/23** | 14343 | 10286 | 14158 |
| **11/23** | 15173 | 10751 | 15007 |
| **12/23** | 15803 | 11163 | 15614 |
| **1/24** | 15817 | 11132 | 15633 |
| **2/24** | 16057 | 10975 | 15824 |
| **3/24** | 16409 | 11076 | 16115 |
| **4/24** | 15972 | 10797 | 15716 |
| **5/24** | 16423 | 10980 | 16132 |
| **6/24** | 16564 | 11084 | 16320 |
| **7/24** | 16917 | 11342 | 16658 |
| **8/24** | 17171 | 11505 | 16932 |
| **9/24** | 17424 | 11660 | 17206 |
| **10/24** | 17086 | 11370 | 16849 |
| **11/24** | 17495 | 11491 | 17197 |
| **12/24** | 17137 | 11303 | 16878 |
| **1/25** | 17428 | 11362 | 17162 |
| **2/25** | 17574 | 11612 | 17295 |
| **3/25** | 17239 | 11617 | 17056 |
| **4/25** | 17253 | 11663 | 17145 |
| **5/25** | 17632 | 11579 | 17499 |
| **6/25** | 18098 | 11757 | 17937 |
| **7/25** | 18171 | 11726 | 18016 |
| **8/25** | 18521 | 11866 | 18346 |
| **9/25** | 18871 | 11996 | 18675 |
| **10/25** | 19045 | 12071 | 18872 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-6 Shares | 11.47% | 6.81% | 6.65% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2020 Index | 12.01% | 6.90% | 6.56% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2020 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$606,144

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 28.1%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 57.78% |
| Domestic Equity Funds | 28.80% |
| International Equity Funds | 13.02% |
| Specialty Funds | 0.41% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV868ARR6-0

# Class J

# PHJQX

# Principal LifeTime Hybrid 2025 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2025 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $17 | 0.16% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ib706a94b86d93761ece5150e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $19,951** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2025 Index $20,203** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9978 | 9974 | 9999 |
| **12/15** | 9818 | 9941 | 9835 |
| **1/16** | 9499 | 10078 | 9528 |
| **2/16** | 9487 | 10150 | 9511 |
| **3/16** | 9975 | 10243 | 9995 |
| **4/16** | 10044 | 10282 | 10070 |
| **5/16** | 10124 | 10285 | 10142 |
| **6/16** | 10173 | 10469 | 10195 |
| **7/16** | 10456 | 10536 | 10462 |
| **8/16** | 10474 | 10524 | 10481 |
| **9/16** | 10503 | 10517 | 10512 |
| **10/16** | 10307 | 10437 | 10344 |
| **11/16** | 10397 | 10190 | 10441 |
| **12/16** | 10529 | 10205 | 10603 |
| **1/17** | 10714 | 10225 | 10762 |
| **2/17** | 10909 | 10293 | 10970 |
| **3/17** | 10958 | 10288 | 11036 |
| **4/17** | 11101 | 10367 | 11157 |
| **5/17** | 11223 | 10447 | 11294 |
| **6/17** | 11273 | 10437 | 11344 |
| **7/17** | 11478 | 10481 | 11520 |
| **8/17** | 11537 | 10575 | 11544 |
| **9/17** | 11701 | 10525 | 11710 |
| **10/17** | 11843 | 10531 | 11860 |
| **11/17** | 11996 | 10518 | 12035 |
| **12/17** | 12103 | 10566 | 12146 |
| **1/18** | 12461 | 10444 | 12470 |
| **2/18** | 12056 | 10345 | 12122 |
| **3/18** | 11982 | 10412 | 12033 |
| **4/18** | 12014 | 10334 | 12074 |
| **5/18** | 12130 | 10408 | 12195 |
| **6/18** | 12088 | 10395 | 12182 |
| **7/18** | 12321 | 10398 | 12391 |
| **8/18** | 12458 | 10464 | 12527 |
| **9/18** | 12426 | 10397 | 12513 |
| **10/18** | 11749 | 10315 | 11904 |
| **11/18** | 11844 | 10377 | 12050 |
| **12/18** | 11290 | 10567 | 11536 |
| **1/19** | 11913 | 10679 | 12147 |
| **2/19** | 12121 | 10673 | 12363 |
| **3/19** | 12274 | 10878 | 12502 |
| **4/19** | 12548 | 10881 | 12761 |
| **5/19** | 12143 | 11074 | 12359 |
| **6/19** | 12668 | 11213 | 12875 |
| **7/19** | 12701 | 11238 | 12927 |
| **8/19** | 12646 | 11529 | 12858 |
| **9/19** | 12777 | 11468 | 13009 |
| **10/19** | 12952 | 11502 | 13208 |
| **11/19** | 13160 | 11496 | 13403 |
| **12/19** | 13426 | 11488 | 13656 |
| **1/20** | 13437 | 11709 | 13636 |
| **2/20** | 12917 | 11920 | 13042 |
| **3/20** | 11743 | 11850 | 11890 |
| **4/20** | 12590 | 12061 | 12739 |
| **5/20** | 12985 | 12117 | 13116 |
| **6/20** | 13222 | 12193 | 13346 |
| **7/20** | 13742 | 12375 | 13787 |
| **8/20** | 14193 | 12275 | 14180 |
| **9/20** | 13945 | 12269 | 13933 |
| **10/20** | 13776 | 12214 | 13771 |
| **11/20** | 14769 | 12334 | 14778 |
| **12/20** | 15232 | 12351 | 15187 |
| **1/21** | 15185 | 12262 | 15145 |
| **2/21** | 15397 | 12085 | 15334 |
| **3/21** | 15680 | 11934 | 15549 |
| **4/21** | 16127 | 12028 | 15968 |
| **5/21** | 16268 | 12068 | 16116 |
| **6/21** | 16386 | 12152 | 16239 |
| **7/21** | 16527 | 12288 | 16366 |
| **8/21** | 16763 | 12265 | 16584 |
| **9/21** | 16280 | 12159 | 16185 |
| **10/21** | 16798 | 12155 | 16625 |
| **11/21** | 16598 | 12191 | 16410 |
| **12/21** | 17033 | 12160 | 16808 |
| **1/22** | 16389 | 11898 | 16186 |
| **2/22** | 16092 | 11765 | 15964 |
| **3/22** | 16116 | 11439 | 15996 |
| **4/22** | 15175 | 11005 | 15120 |
| **5/22** | 15237 | 11075 | 15179 |
| **6/22** | 14382 | 10902 | 14388 |
| **7/22** | 15175 | 11168 | 15080 |
| **8/22** | 14680 | 10853 | 14660 |
| **9/22** | 13688 | 10384 | 13730 |
| **10/22** | 14159 | 10249 | 14187 |
| **11/22** | 14865 | 10626 | 14904 |
| **12/22** | 14426 | 10578 | 14601 |
| **1/23** | 15166 | 10904 | 15305 |
| **2/23** | 14809 | 10622 | 14997 |
| **3/23** | 15126 | 10891 | 15291 |
| **4/23** | 15245 | 10957 | 15435 |
| **5/23** | 15086 | 10838 | 15263 |
| **6/23** | 15549 | 10799 | 15675 |
| **7/23** | 15813 | 10792 | 15956 |
| **8/23** | 15562 | 10723 | 15710 |
| **9/23** | 15047 | 10451 | 15237 |
| **10/23** | 14730 | 10286 | 14910 |
| **11/23** | 15655 | 10751 | 15838 |
| **12/23** | 16322 | 11163 | 16498 |
| **1/24** | 16335 | 11132 | 16513 |
| **2/24** | 16663 | 10975 | 16742 |
| **3/24** | 17046 | 11076 | 17065 |
| **4/24** | 16554 | 10797 | 16634 |
| **5/24** | 17073 | 10980 | 17090 |
| **6/24** | 17224 | 11084 | 17288 |
| **7/24** | 17579 | 11342 | 17654 |
| **8/24** | 17866 | 11505 | 17956 |
| **9/24** | 18140 | 11660 | 18255 |
| **10/24** | 17771 | 11370 | 17859 |
| **11/24** | 18222 | 11491 | 18242 |
| **12/24** | 17819 | 11303 | 17891 |
| **1/25** | 18172 | 11362 | 18214 |
| **2/25** | 18285 | 11612 | 18339 |
| **3/25** | 17889 | 11617 | 18060 |
| **4/25** | 17889 | 11663 | 18170 |
| **5/25** | 18355 | 11579 | 18597 |
| **6/25** | 18878 | 11757 | 19106 |
| **7/25** | 18962 | 11726 | 19205 |
| **8/25** | 19358 | 11866 | 19588 |
| **9/25** | 19767 | 11996 | 19974 |
| **10/25** | 19951 | 12071 | 20203 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 12.27% | 7.69% | 7.15% |
| Class J Shares Including Sales Charge | 11.27% | 7.69% | 7.15% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2025 Index | 13.13% | 7.97% | 7.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 30, 2014. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2025 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,128,759

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 24.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 51.05% |
| Domestic Equity Funds | 33.37% |
| International Equity Funds | 15.17% |
| Specialty Funds | 0.42% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV869ARJ-0

# Institutional

# PHTQX

# Principal LifeTime Hybrid 2025 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2025 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](idfe1ed10070e4cfdad1aa9cf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $20,291** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2025 Index $20,203** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9980 | 9974 | 9999 |
| **12/15** | 9821 | 9941 | 9835 |
| **1/16** | 9505 | 10078 | 9528 |
| **2/16** | 9495 | 10150 | 9511 |
| **3/16** | 9985 | 10243 | 9995 |
| **4/16** | 10056 | 10282 | 10070 |
| **5/16** | 10138 | 10285 | 10142 |
| **6/16** | 10189 | 10469 | 10195 |
| **7/16** | 10475 | 10536 | 10462 |
| **8/16** | 10495 | 10524 | 10481 |
| **9/16** | 10526 | 10517 | 10512 |
| **10/16** | 10332 | 10437 | 10344 |
| **11/16** | 10424 | 10190 | 10441 |
| **12/16** | 10559 | 10205 | 10603 |
| **1/17** | 10746 | 10225 | 10762 |
| **2/17** | 10944 | 10293 | 10970 |
| **3/17** | 10996 | 10288 | 11036 |
| **4/17** | 11142 | 10367 | 11157 |
| **5/17** | 11266 | 10447 | 11294 |
| **6/17** | 11318 | 10437 | 11344 |
| **7/17** | 11526 | 10481 | 11520 |
| **8/17** | 11589 | 10575 | 11544 |
| **9/17** | 11755 | 10525 | 11710 |
| **10/17** | 11901 | 10531 | 11860 |
| **11/17** | 12057 | 10518 | 12035 |
| **12/17** | 12167 | 10566 | 12146 |
| **1/18** | 12529 | 10444 | 12470 |
| **2/18** | 12125 | 10345 | 12122 |
| **3/18** | 12050 | 10412 | 12033 |
| **4/18** | 12082 | 10334 | 12074 |
| **5/18** | 12210 | 10408 | 12195 |
| **6/18** | 12157 | 10395 | 12182 |
| **7/18** | 12402 | 10398 | 12391 |
| **8/18** | 12540 | 10464 | 12527 |
| **9/18** | 12508 | 10397 | 12513 |
| **10/18** | 11837 | 10315 | 11904 |
| **11/18** | 11933 | 10377 | 12050 |
| **12/18** | 11371 | 10567 | 11536 |
| **1/19** | 12010 | 10679 | 12147 |
| **2/19** | 12219 | 10673 | 12363 |
| **3/19** | 12373 | 10878 | 12502 |
| **4/19** | 12659 | 10881 | 12761 |
| **5/19** | 12241 | 11074 | 12359 |
| **6/19** | 12780 | 11213 | 12875 |
| **7/19** | 12814 | 11238 | 12927 |
| **8/19** | 12758 | 11529 | 12858 |
| **9/19** | 12891 | 11468 | 13009 |
| **10/19** | 13078 | 11502 | 13208 |
| **11/19** | 13276 | 11496 | 13403 |
| **12/19** | 13559 | 11488 | 13656 |
| **1/20** | 13559 | 11709 | 13636 |
| **2/20** | 13047 | 11920 | 13042 |
| **3/20** | 11864 | 11850 | 11890 |
| **4/20** | 12717 | 12061 | 12739 |
| **5/20** | 13115 | 12117 | 13116 |
| **6/20** | 13354 | 12193 | 13346 |
| **7/20** | 13877 | 12375 | 13787 |
| **8/20** | 14344 | 12275 | 14180 |
| **9/20** | 14094 | 12269 | 13933 |
| **10/20** | 13923 | 12214 | 13771 |
| **11/20** | 14924 | 12334 | 14778 |
| **12/20** | 15404 | 12351 | 15187 |
| **1/21** | 15368 | 12262 | 15145 |
| **2/21** | 15570 | 12085 | 15334 |
| **3/21** | 15867 | 11934 | 15549 |
| **4/21** | 16318 | 12028 | 15968 |
| **5/21** | 16460 | 12068 | 16116 |
| **6/21** | 16579 | 12152 | 16239 |
| **7/21** | 16733 | 12288 | 16366 |
| **8/21** | 16970 | 12265 | 16584 |
| **9/21** | 16484 | 12159 | 16185 |
| **10/21** | 17006 | 12155 | 16625 |
| **11/21** | 16804 | 12191 | 16410 |
| **12/21** | 17247 | 12160 | 16808 |
| **1/22** | 16597 | 11898 | 16186 |
| **2/22** | 16309 | 11765 | 15964 |
| **3/22** | 16322 | 11439 | 15996 |
| **4/22** | 15372 | 11005 | 15120 |
| **5/22** | 15447 | 11075 | 15179 |
| **6/22** | 14572 | 10902 | 14388 |
| **7/22** | 15372 | 11168 | 15080 |
| **8/22** | 14872 | 10853 | 14660 |
| **9/22** | 13872 | 10384 | 13730 |
| **10/22** | 14347 | 10249 | 14187 |
| **11/22** | 15072 | 10626 | 14904 |
| **12/22** | 14630 | 10578 | 14601 |
| **1/23** | 15377 | 10904 | 15305 |
| **2/23** | 15017 | 10622 | 14997 |
| **3/23** | 15337 | 10891 | 15291 |
| **4/23** | 15457 | 10957 | 15435 |
| **5/23** | 15297 | 10838 | 15263 |
| **6/23** | 15777 | 10799 | 15675 |
| **7/23** | 16044 | 10792 | 15956 |
| **8/23** | 15791 | 10723 | 15710 |
| **9/23** | 15271 | 10451 | 15237 |
| **10/23** | 14951 | 10286 | 14910 |
| **11/23** | 15884 | 10751 | 15838 |
| **12/23** | 16568 | 11163 | 16498 |
| **1/24** | 16582 | 11132 | 16513 |
| **2/24** | 16913 | 10975 | 16742 |
| **3/24** | 17300 | 11076 | 17065 |
| **4/24** | 16817 | 10797 | 16634 |
| **5/24** | 17327 | 10980 | 17090 |
| **6/24** | 17479 | 11084 | 17288 |
| **7/24** | 17866 | 11342 | 17654 |
| **8/24** | 18142 | 11505 | 17956 |
| **9/24** | 18418 | 11660 | 18255 |
| **10/24** | 18045 | 11370 | 17859 |
| **11/24** | 18515 | 11491 | 18242 |
| **12/24** | 18108 | 11303 | 17891 |
| **1/25** | 18450 | 11362 | 18214 |
| **2/25** | 18579 | 11612 | 18339 |
| **3/25** | 18179 | 11617 | 18060 |
| **4/25** | 18179 | 11663 | 18170 |
| **5/25** | 18665 | 11579 | 18597 |
| **6/25** | 19193 | 11757 | 19106 |
| **7/25** | 19278 | 11726 | 19205 |
| **8/25** | 19678 | 11866 | 19588 |
| **9/25** | 20091 | 11996 | 19974 |
| **10/25** | 20291 | 12071 | 20203 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 12.45% | 7.82% | 7.33% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2025 Index | 13.13% | 7.97% | 7.29% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2025 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,128,759

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 24.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 51.05% |
| Domestic Equity Funds | 33.37% |
| International Equity Funds | 15.17% |
| Specialty Funds | 0.42% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV869ARI-0

# R-6

# PLFTX

# Principal LifeTime Hybrid 2025 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2025 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $2 | 0.02% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i4839bfd0398b99ed2c579da2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $20,348** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date 2025 Index $20,203** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9990 | 9974 | 9999 |
| **12/15** | 9832 | 9941 | 9835 |
| **1/16** | 9515 | 10078 | 9528 |
| **2/16** | 9495 | 10150 | 9511 |
| **3/16** | 9995 | 10243 | 9995 |
| **4/16** | 10066 | 10282 | 10070 |
| **5/16** | 10148 | 10285 | 10142 |
| **6/16** | 10199 | 10469 | 10195 |
| **7/16** | 10485 | 10536 | 10462 |
| **8/16** | 10505 | 10524 | 10481 |
| **9/16** | 10536 | 10517 | 10512 |
| **10/16** | 10342 | 10437 | 10344 |
| **11/16** | 10434 | 10190 | 10441 |
| **12/16** | 10569 | 10205 | 10603 |
| **1/17** | 10756 | 10225 | 10762 |
| **2/17** | 10954 | 10293 | 10970 |
| **3/17** | 11016 | 10288 | 11036 |
| **4/17** | 11152 | 10367 | 11157 |
| **5/17** | 11276 | 10447 | 11294 |
| **6/17** | 11328 | 10437 | 11344 |
| **7/17** | 11526 | 10481 | 11520 |
| **8/17** | 11588 | 10575 | 11544 |
| **9/17** | 11765 | 10525 | 11710 |
| **10/17** | 11911 | 10531 | 11860 |
| **11/17** | 12067 | 10518 | 12035 |
| **12/17** | 12167 | 10566 | 12146 |
| **1/18** | 12529 | 10444 | 12470 |
| **2/18** | 12136 | 10345 | 12122 |
| **3/18** | 12061 | 10412 | 12033 |
| **4/18** | 12093 | 10334 | 12074 |
| **5/18** | 12221 | 10408 | 12195 |
| **6/18** | 12167 | 10395 | 12182 |
| **7/18** | 12412 | 10398 | 12391 |
| **8/18** | 12551 | 10464 | 12527 |
| **9/18** | 12519 | 10397 | 12513 |
| **10/18** | 11848 | 10315 | 11904 |
| **11/18** | 11944 | 10377 | 12050 |
| **12/18** | 11387 | 10567 | 11536 |
| **1/19** | 12015 | 10679 | 12147 |
| **2/19** | 12224 | 10673 | 12363 |
| **3/19** | 12389 | 10878 | 12502 |
| **4/19** | 12665 | 10881 | 12761 |
| **5/19** | 12257 | 11074 | 12359 |
| **6/19** | 12797 | 11213 | 12875 |
| **7/19** | 12830 | 11238 | 12927 |
| **8/19** | 12764 | 11529 | 12858 |
| **9/19** | 12907 | 11468 | 13009 |
| **10/19** | 13094 | 11502 | 13208 |
| **11/19** | 13292 | 11496 | 13403 |
| **12/19** | 13568 | 11488 | 13656 |
| **1/20** | 13579 | 11709 | 13636 |
| **2/20** | 13056 | 11920 | 13042 |
| **3/20** | 11872 | 11850 | 11890 |
| **4/20** | 12737 | 12061 | 12739 |
| **5/20** | 13136 | 12117 | 13116 |
| **6/20** | 13375 | 12193 | 13346 |
| **7/20** | 13898 | 12375 | 13787 |
| **8/20** | 14354 | 12275 | 14180 |
| **9/20** | 14114 | 12269 | 13933 |
| **10/20** | 13944 | 12214 | 13771 |
| **11/20** | 14945 | 12334 | 14778 |
| **12/20** | 15430 | 12351 | 15187 |
| **1/21** | 15383 | 12262 | 15145 |
| **2/21** | 15596 | 12085 | 15334 |
| **3/21** | 15882 | 11934 | 15549 |
| **4/21** | 16345 | 12028 | 15968 |
| **5/21** | 16487 | 12068 | 16116 |
| **6/21** | 16606 | 12152 | 16239 |
| **7/21** | 16749 | 12288 | 16366 |
| **8/21** | 16998 | 12265 | 16584 |
| **9/21** | 16511 | 12159 | 16185 |
| **10/21** | 17034 | 12155 | 16625 |
| **11/21** | 16832 | 12191 | 16410 |
| **12/21** | 17280 | 12160 | 16808 |
| **1/22** | 16629 | 11898 | 16186 |
| **2/22** | 16329 | 11765 | 15964 |
| **3/22** | 16354 | 11439 | 15996 |
| **4/22** | 15403 | 11005 | 15120 |
| **5/22** | 15465 | 11075 | 15179 |
| **6/22** | 14602 | 10902 | 14388 |
| **7/22** | 15403 | 11168 | 15080 |
| **8/22** | 14902 | 10853 | 14660 |
| **9/22** | 13901 | 10384 | 13730 |
| **10/22** | 14377 | 10249 | 14187 |
| **11/22** | 15103 | 10626 | 14904 |
| **12/22** | 14652 | 10578 | 14601 |
| **1/23** | 15414 | 10904 | 15305 |
| **2/23** | 15053 | 10622 | 14997 |
| **3/23** | 15374 | 10891 | 15291 |
| **4/23** | 15494 | 10957 | 15435 |
| **5/23** | 15334 | 10838 | 15263 |
| **6/23** | 15814 | 10799 | 15675 |
| **7/23** | 16081 | 10792 | 15956 |
| **8/23** | 15828 | 10723 | 15710 |
| **9/23** | 15293 | 10451 | 15237 |
| **10/23** | 14973 | 10286 | 14910 |
| **11/23** | 15921 | 10751 | 15838 |
| **12/23** | 16598 | 11163 | 16498 |
| **1/24** | 16626 | 11132 | 16513 |
| **2/24** | 16944 | 10975 | 16742 |
| **3/24** | 17345 | 11076 | 17065 |
| **4/24** | 16847 | 10797 | 16634 |
| **5/24** | 17372 | 10980 | 17090 |
| **6/24** | 17525 | 11084 | 17288 |
| **7/24** | 17898 | 11342 | 17654 |
| **8/24** | 18189 | 11505 | 17956 |
| **9/24** | 18465 | 11660 | 18255 |
| **10/24** | 18092 | 11370 | 17859 |
| **11/24** | 18562 | 11491 | 18242 |
| **12/24** | 18146 | 11303 | 17891 |
| **1/25** | 18504 | 11362 | 18214 |
| **2/25** | 18618 | 11612 | 18339 |
| **3/25** | 18232 | 11617 | 18060 |
| **4/25** | 18232 | 11663 | 18170 |
| **5/25** | 18704 | 11579 | 18597 |
| **6/25** | 19247 | 11757 | 19106 |
| **7/25** | 19333 | 11726 | 19205 |
| **8/25** | 19733 | 11866 | 19588 |
| **9/25** | 20148 | 11996 | 19974 |
| **10/25** | 20348 | 12071 | 20203 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-6 Shares | 12.47% | 7.85% | 7.36% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date 2025 Index | 13.13% | 7.97% | 7.29% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2025 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,128,759

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 24.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 51.05% |
| Domestic Equity Funds | 33.37% |
| International Equity Funds | 15.17% |
| Specialty Funds | 0.42% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV869ARR6-0

# Class J

# PHJNX

# Principal LifeTime Hybrid 2030 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2030 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $18 | 0.17% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i236c0a38d8351d6499f302cf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $21,322** | **S&P 1500 Index $37,877** | **S&P Target Date 2030 Index $21,806** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9988 | 10045 | 10003 |
| **12/15** | 9828 | 9857 | 9824 |
| **1/16** | 9470 | 9359 | 9477 |
| **2/16** | 9448 | 9360 | 9450 |
| **3/16** | 9975 | 10011 | 9973 |
| **4/16** | 10044 | 10058 | 10052 |
| **5/16** | 10134 | 10242 | 10131 |
| **6/16** | 10162 | 10271 | 10174 |
| **7/16** | 10475 | 10659 | 10464 |
| **8/16** | 10493 | 10680 | 10485 |
| **9/16** | 10522 | 10679 | 10519 |
| **10/16** | 10317 | 10469 | 10339 |
| **11/16** | 10436 | 10918 | 10466 |
| **12/16** | 10579 | 11141 | 10643 |
| **1/17** | 10784 | 11342 | 10817 |
| **2/17** | 11000 | 11772 | 11042 |
| **3/17** | 11060 | 11780 | 11117 |
| **4/17** | 11203 | 11899 | 11245 |
| **5/17** | 11335 | 12037 | 11390 |
| **6/17** | 11405 | 12129 | 11451 |
| **7/17** | 11621 | 12364 | 11649 |
| **8/17** | 11680 | 12375 | 11666 |
| **9/17** | 11875 | 12667 | 11864 |
| **10/17** | 12038 | 12957 | 12037 |
| **11/17** | 12212 | 13362 | 12243 |
| **12/17** | 12326 | 13495 | 12366 |
| **1/18** | 12759 | 14227 | 12760 |
| **2/18** | 12311 | 13695 | 12362 |
| **3/18** | 12215 | 13398 | 12250 |
| **4/18** | 12247 | 13446 | 12305 |
| **5/18** | 12385 | 13802 | 12440 |
| **6/18** | 12321 | 13887 | 12421 |
| **7/18** | 12587 | 14383 | 12669 |
| **8/18** | 12746 | 14858 | 12820 |
| **9/18** | 12703 | 14908 | 12812 |
| **10/18** | 11939 | 13845 | 12095 |
| **11/18** | 12045 | 14135 | 12259 |
| **12/18** | 11394 | 12825 | 11626 |
| **1/19** | 12099 | 13883 | 12328 |
| **2/19** | 12319 | 14342 | 12582 |
| **3/19** | 12484 | 14575 | 12717 |
| **4/19** | 12792 | 15164 | 13024 |
| **5/19** | 12308 | 14175 | 12518 |
| **6/19** | 12902 | 15181 | 13111 |
| **7/19** | 12935 | 15396 | 13165 |
| **8/19** | 12836 | 15114 | 13036 |
| **9/19** | 12990 | 15414 | 13226 |
| **10/19** | 13200 | 15737 | 13458 |
| **11/19** | 13420 | 16299 | 13690 |
| **12/19** | 13740 | 16789 | 13994 |
| **1/20** | 13717 | 16738 | 13931 |
| **2/20** | 13090 | 15341 | 13190 |
| **3/20** | 11756 | 13335 | 11842 |
| **4/20** | 12713 | 15053 | 12799 |
| **5/20** | 13158 | 15790 | 13232 |
| **6/20** | 13420 | 16104 | 13493 |
| **7/20** | 14002 | 16997 | 13983 |
| **8/20** | 14526 | 18171 | 14466 |
| **9/20** | 14241 | 17483 | 14170 |
| **10/20** | 14048 | 17084 | 13983 |
| **11/20** | 15188 | 19015 | 15171 |
| **12/20** | 15723 | 19797 | 15661 |
| **1/21** | 15675 | 19664 | 15619 |
| **2/21** | 15949 | 20279 | 15880 |
| **3/21** | 16294 | 21165 | 16168 |
| **4/21** | 16806 | 22265 | 16662 |
| **5/21** | 16973 | 22422 | 16837 |
| **6/21** | 17092 | 22888 | 16962 |
| **7/21** | 17247 | 23375 | 17089 |
| **8/21** | 17532 | 24065 | 17356 |
| **9/21** | 16973 | 22969 | 16885 |
| **10/21** | 17592 | 24542 | 17418 |
| **11/21** | 17354 | 24330 | 17143 |
| **12/21** | 17893 | 25429 | 17635 |
| **1/22** | 17115 | 24071 | 16919 |
| **2/22** | 16739 | 23430 | 16672 |
| **3/22** | 16802 | 24249 | 16766 |
| **4/22** | 15723 | 22162 | 15767 |
| **5/22** | 15773 | 22218 | 15831 |
| **6/22** | 14794 | 20366 | 14885 |
| **7/22** | 15710 | 22266 | 15696 |
| **8/22** | 15133 | 21369 | 15218 |
| **9/22** | 14029 | 19397 | 14144 |
| **10/22** | 14593 | 21015 | 14720 |
| **11/22** | 15409 | 22188 | 15548 |
| **12/22** | 14874 | 20908 | 15172 |
| **1/23** | 15741 | 22274 | 15990 |
| **2/23** | 15349 | 21746 | 15645 |
| **3/23** | 15660 | 22405 | 15958 |
| **4/23** | 15796 | 22700 | 16123 |
| **5/23** | 15633 | 22741 | 15926 |
| **6/23** | 16202 | 24284 | 16468 |
| **7/23** | 16514 | 25090 | 16825 |
| **8/23** | 16216 | 24656 | 16528 |
| **9/23** | 15592 | 23467 | 15977 |
| **10/23** | 15213 | 22909 | 15596 |
| **11/23** | 16297 | 24988 | 16667 |
| **12/23** | 17085 | 26232 | 17417 |
| **1/24** | 17085 | 26582 | 17431 |
| **2/24** | 17491 | 27997 | 17772 |
| **3/24** | 17939 | 28936 | 18159 |
| **4/24** | 17351 | 27711 | 17651 |
| **5/24** | 17953 | 29077 | 18194 |
| **6/24** | 18135 | 29996 | 18419 |
| **7/24** | 18556 | 30503 | 18831 |
| **8/24** | 18878 | 31170 | 19182 |
| **9/24** | 19186 | 31808 | 19519 |
| **10/24** | 18766 | 31510 | 19085 |
| **11/24** | 19326 | 33451 | 19564 |
| **12/24** | 18839 | 32515 | 19141 |
| **1/25** | 19258 | 33440 | 19534 |
| **2/25** | 19344 | 32911 | 19620 |
| **3/25** | 18854 | 31056 | 19238 |
| **4/25** | 18839 | 30792 | 19352 |
| **5/25** | 19431 | 32708 | 19925 |
| **6/25** | 20052 | 34338 | 20512 |
| **7/25** | 20167 | 35087 | 20636 |
| **8/25** | 20600 | 35864 | 21089 |
| **9/25** | 21091 | 37090 | 21543 |
| **10/25** | 21322 | 37877 | 21806 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 13.62% | 8.70% | 7.87% |
| Class J Shares Including Sales Charge | 12.62% | 8.70% | 7.87% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2030 Index | 14.26% | 9.29% | 8.11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 30, 2014. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2030 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,391,156

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 25.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 42.20% |
| Domestic Equity Funds | 39.35% |
| International Equity Funds | 17.99% |
| Specialty Funds | 0.47% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV870ARJ-0

# Institutional

# PHTNX

# Principal LifeTime Hybrid 2030 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2030 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i7d9931d46f0130718b5403d4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $21,736** | **S&P 1500 Index $37,877** | **S&P Target Date 2030 Index $21,806** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9990 | 10045 | 10003 |
| **12/15** | 9832 | 9857 | 9824 |
| **1/16** | 9476 | 9359 | 9477 |
| **2/16** | 9456 | 9360 | 9450 |
| **3/16** | 9985 | 10011 | 9973 |
| **4/16** | 10056 | 10058 | 10052 |
| **5/16** | 10148 | 10242 | 10131 |
| **6/16** | 10178 | 10271 | 10174 |
| **7/16** | 10494 | 10659 | 10464 |
| **8/16** | 10514 | 10680 | 10485 |
| **9/16** | 10545 | 10679 | 10519 |
| **10/16** | 10341 | 10469 | 10339 |
| **11/16** | 10463 | 10918 | 10466 |
| **12/16** | 10608 | 11141 | 10643 |
| **1/17** | 10816 | 11342 | 10817 |
| **2/17** | 11035 | 11772 | 11042 |
| **3/17** | 11097 | 11780 | 11117 |
| **4/17** | 11243 | 11899 | 11245 |
| **5/17** | 11379 | 12037 | 11390 |
| **6/17** | 11451 | 12129 | 11451 |
| **7/17** | 11670 | 12364 | 11649 |
| **8/17** | 11733 | 12375 | 11666 |
| **9/17** | 11930 | 12667 | 11864 |
| **10/17** | 12097 | 12957 | 12037 |
| **11/17** | 12274 | 13362 | 12243 |
| **12/17** | 12392 | 13495 | 12366 |
| **1/18** | 12829 | 14227 | 12760 |
| **2/18** | 12381 | 13695 | 12362 |
| **3/18** | 12296 | 13398 | 12250 |
| **4/18** | 12328 | 13446 | 12305 |
| **5/18** | 12466 | 13802 | 12440 |
| **6/18** | 12402 | 13887 | 12421 |
| **7/18** | 12680 | 14383 | 12669 |
| **8/18** | 12840 | 14858 | 12820 |
| **9/18** | 12808 | 14908 | 12812 |
| **10/18** | 12029 | 13845 | 12095 |
| **11/18** | 12135 | 14135 | 12259 |
| **12/18** | 11487 | 12825 | 11626 |
| **1/19** | 12196 | 13883 | 12328 |
| **2/19** | 12429 | 14342 | 12582 |
| **3/19** | 12595 | 14575 | 12717 |
| **4/19** | 12916 | 15164 | 13024 |
| **5/19** | 12418 | 14175 | 12518 |
| **6/19** | 13027 | 15181 | 13111 |
| **7/19** | 13060 | 15396 | 13165 |
| **8/19** | 12961 | 15114 | 13036 |
| **9/19** | 13127 | 15414 | 13226 |
| **10/19** | 13337 | 15737 | 13458 |
| **11/19** | 13570 | 16299 | 13690 |
| **12/19** | 13889 | 16789 | 13994 |
| **1/20** | 13866 | 16738 | 13931 |
| **2/20** | 13235 | 15341 | 13190 |
| **3/20** | 11890 | 13335 | 11842 |
| **4/20** | 12855 | 15053 | 12799 |
| **5/20** | 13315 | 15790 | 13232 |
| **6/20** | 13579 | 16104 | 13493 |
| **7/20** | 14165 | 16997 | 13983 |
| **8/20** | 14705 | 18171 | 14466 |
| **9/20** | 14418 | 17483 | 14170 |
| **10/20** | 14223 | 17084 | 13983 |
| **11/20** | 15371 | 19015 | 15171 |
| **12/20** | 15936 | 19797 | 15661 |
| **1/21** | 15888 | 19664 | 15619 |
| **2/21** | 16164 | 20279 | 15880 |
| **3/21** | 16512 | 21165 | 16168 |
| **4/21** | 17040 | 22265 | 16662 |
| **5/21** | 17196 | 22422 | 16837 |
| **6/21** | 17328 | 22888 | 16962 |
| **7/21** | 17496 | 23375 | 17089 |
| **8/21** | 17784 | 24065 | 17356 |
| **9/21** | 17208 | 22969 | 16885 |
| **10/21** | 17832 | 24542 | 17418 |
| **11/21** | 17604 | 24330 | 17143 |
| **12/21** | 18153 | 25429 | 17635 |
| **1/22** | 17368 | 24071 | 16919 |
| **2/22** | 16988 | 23430 | 16672 |
| **3/22** | 17051 | 24249 | 16766 |
| **4/22** | 15950 | 22162 | 15767 |
| **5/22** | 16001 | 22218 | 15831 |
| **6/22** | 15013 | 20366 | 14885 |
| **7/22** | 15950 | 22266 | 15696 |
| **8/22** | 15368 | 21369 | 15218 |
| **9/22** | 14254 | 19397 | 14144 |
| **10/22** | 14824 | 21015 | 14720 |
| **11/22** | 15659 | 22188 | 15548 |
| **12/22** | 15112 | 20908 | 15172 |
| **1/23** | 16001 | 22274 | 15990 |
| **2/23** | 15591 | 21746 | 15645 |
| **3/23** | 15919 | 22405 | 15958 |
| **4/23** | 16056 | 22700 | 16123 |
| **5/23** | 15878 | 22741 | 15926 |
| **6/23** | 16480 | 24284 | 16468 |
| **7/23** | 16794 | 25090 | 16825 |
| **8/23** | 16494 | 24656 | 16528 |
| **9/23** | 15865 | 23467 | 15977 |
| **10/23** | 15468 | 22909 | 15596 |
| **11/23** | 16576 | 24988 | 16667 |
| **12/23** | 17369 | 26232 | 17417 |
| **1/24** | 17369 | 26582 | 17431 |
| **2/24** | 17794 | 27997 | 17772 |
| **3/24** | 18260 | 28936 | 18159 |
| **4/24** | 17652 | 27711 | 17651 |
| **5/24** | 18274 | 29077 | 18194 |
| **6/24** | 18458 | 29996 | 18419 |
| **7/24** | 18883 | 30503 | 18831 |
| **8/24** | 19222 | 31170 | 19182 |
| **9/24** | 19519 | 31808 | 19519 |
| **10/24** | 19109 | 31510 | 19085 |
| **11/24** | 19661 | 33451 | 19564 |
| **12/24** | 19183 | 32515 | 19141 |
| **1/25** | 19606 | 33440 | 19534 |
| **2/25** | 19693 | 32911 | 19620 |
| **3/25** | 19197 | 31056 | 19238 |
| **4/25** | 19197 | 30792 | 19352 |
| **5/25** | 19795 | 32708 | 19925 |
| **6/25** | 20423 | 34338 | 20512 |
| **7/25** | 20539 | 35087 | 20636 |
| **8/25** | 20992 | 35864 | 21089 |
| **9/25** | 21488 | 37090 | 21543 |
| **10/25** | 21736 | 37877 | 21806 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 13.74% | 8.85% | 8.07% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2030 Index | 14.26% | 9.29% | 8.11% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2030 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,391,156

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 25.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 42.20% |
| Domestic Equity Funds | 39.35% |
| International Equity Funds | 17.99% |
| Specialty Funds | 0.47% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV870ARI-0

# R-6

# PLZTX

# Principal LifeTime Hybrid 2030 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2030 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $1 | 0.01% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i7691715084983373a71fda97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $21,778** | **S&P 1500 Index $37,877** | **S&P Target Date 2030 Index $21,806** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9990 | 10045 | 10003 |
| **12/15** | 9832 | 9857 | 9824 |
| **1/16** | 9476 | 9359 | 9477 |
| **2/16** | 9456 | 9360 | 9450 |
| **3/16** | 9985 | 10011 | 9973 |
| **4/16** | 10056 | 10058 | 10052 |
| **5/16** | 10148 | 10242 | 10131 |
| **6/16** | 10178 | 10271 | 10174 |
| **7/16** | 10494 | 10659 | 10464 |
| **8/16** | 10514 | 10680 | 10485 |
| **9/16** | 10555 | 10679 | 10519 |
| **10/16** | 10341 | 10469 | 10339 |
| **11/16** | 10463 | 10918 | 10466 |
| **12/16** | 10618 | 11141 | 10643 |
| **1/17** | 10816 | 11342 | 10817 |
| **2/17** | 11045 | 11772 | 11042 |
| **3/17** | 11108 | 11780 | 11117 |
| **4/17** | 11243 | 11899 | 11245 |
| **5/17** | 11389 | 12037 | 11390 |
| **6/17** | 11441 | 12129 | 11451 |
| **7/17** | 11670 | 12364 | 11649 |
| **8/17** | 11732 | 12375 | 11666 |
| **9/17** | 11930 | 12667 | 11864 |
| **10/17** | 12097 | 12957 | 12037 |
| **11/17** | 12274 | 13362 | 12243 |
| **12/17** | 12393 | 13495 | 12366 |
| **1/18** | 12820 | 14227 | 12760 |
| **2/18** | 12383 | 13695 | 12362 |
| **3/18** | 12287 | 13398 | 12250 |
| **4/18** | 12319 | 13446 | 12305 |
| **5/18** | 12458 | 13802 | 12440 |
| **6/18** | 12404 | 13887 | 12421 |
| **7/18** | 12671 | 14383 | 12669 |
| **8/18** | 12831 | 14858 | 12820 |
| **9/18** | 12799 | 14908 | 12812 |
| **10/18** | 12031 | 13845 | 12095 |
| **11/18** | 12137 | 14135 | 12259 |
| **12/18** | 11483 | 12825 | 11626 |
| **1/19** | 12192 | 13883 | 12328 |
| **2/19** | 12425 | 14342 | 12582 |
| **3/19** | 12602 | 14575 | 12717 |
| **4/19** | 12913 | 15164 | 13024 |
| **5/19** | 12414 | 14175 | 12518 |
| **6/19** | 13024 | 15181 | 13111 |
| **7/19** | 13057 | 15396 | 13165 |
| **8/19** | 12957 | 15114 | 13036 |
| **9/19** | 13123 | 15414 | 13226 |
| **10/19** | 13334 | 15737 | 13458 |
| **11/19** | 13567 | 16299 | 13690 |
| **12/19** | 13890 | 16789 | 13994 |
| **1/20** | 13867 | 16738 | 13931 |
| **2/20** | 13235 | 15341 | 13190 |
| **3/20** | 11889 | 13335 | 11842 |
| **4/20** | 12867 | 15053 | 12799 |
| **5/20** | 13315 | 15790 | 13232 |
| **6/20** | 13579 | 16104 | 13493 |
| **7/20** | 14177 | 16997 | 13983 |
| **8/20** | 14706 | 18171 | 14466 |
| **9/20** | 14419 | 17483 | 14170 |
| **10/20** | 14223 | 17084 | 13983 |
| **11/20** | 15385 | 19015 | 15171 |
| **12/20** | 15943 | 19797 | 15661 |
| **1/21** | 15895 | 19664 | 15619 |
| **2/21** | 16171 | 20279 | 15880 |
| **3/21** | 16520 | 21165 | 16168 |
| **4/21** | 17048 | 22265 | 16662 |
| **5/21** | 17204 | 22422 | 16837 |
| **6/21** | 17337 | 22888 | 16962 |
| **7/21** | 17505 | 23375 | 17089 |
| **8/21** | 17793 | 24065 | 17356 |
| **9/21** | 17216 | 22969 | 16885 |
| **10/21** | 17853 | 24542 | 17418 |
| **11/21** | 17613 | 24330 | 17143 |
| **12/21** | 18168 | 25429 | 17635 |
| **1/22** | 17382 | 24071 | 16919 |
| **2/22** | 17001 | 23430 | 16672 |
| **3/22** | 17065 | 24249 | 16766 |
| **4/22** | 15962 | 22162 | 15767 |
| **5/22** | 16025 | 22218 | 15831 |
| **6/22** | 15036 | 20366 | 14885 |
| **7/22** | 15962 | 22266 | 15696 |
| **8/22** | 15391 | 21369 | 15218 |
| **9/22** | 14263 | 19397 | 14144 |
| **10/22** | 14846 | 21015 | 14720 |
| **11/22** | 15670 | 22188 | 15548 |
| **12/22** | 15128 | 20908 | 15172 |
| **1/23** | 16019 | 22274 | 15990 |
| **2/23** | 15608 | 21746 | 15645 |
| **3/23** | 15937 | 22405 | 15958 |
| **4/23** | 16074 | 22700 | 16123 |
| **5/23** | 15909 | 22741 | 15926 |
| **6/23** | 16499 | 24284 | 16468 |
| **7/23** | 16814 | 25090 | 16825 |
| **8/23** | 16512 | 24656 | 16528 |
| **9/23** | 15882 | 23467 | 15977 |
| **10/23** | 15498 | 22909 | 15596 |
| **11/23** | 16594 | 24988 | 16667 |
| **12/23** | 17395 | 26232 | 17417 |
| **1/24** | 17395 | 26582 | 17431 |
| **2/24** | 17820 | 27997 | 17772 |
| **3/24** | 18288 | 28936 | 18159 |
| **4/24** | 17678 | 27711 | 17651 |
| **5/24** | 18288 | 29077 | 18194 |
| **6/24** | 18486 | 29996 | 18419 |
| **7/24** | 18911 | 30503 | 18831 |
| **8/24** | 19252 | 31170 | 19182 |
| **9/24** | 19549 | 31808 | 19519 |
| **10/24** | 19138 | 31510 | 19085 |
| **11/24** | 19705 | 33451 | 19564 |
| **12/24** | 19219 | 32515 | 19141 |
| **1/25** | 19643 | 33440 | 19534 |
| **2/25** | 19731 | 32911 | 19620 |
| **3/25** | 19234 | 31056 | 19238 |
| **4/25** | 19219 | 30792 | 19352 |
| **5/25** | 19833 | 32708 | 19925 |
| **6/25** | 20462 | 34338 | 20512 |
| **7/25** | 20579 | 35087 | 20636 |
| **8/25** | 21033 | 35864 | 21089 |
| **9/25** | 21530 | 37090 | 21543 |
| **10/25** | 21778 | 37877 | 21806 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-6 Shares | 13.80% | 8.89% | 8.09% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2030 Index | 14.26% | 9.29% | 8.11% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2030 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,391,156

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 25.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 42.20% |
| Domestic Equity Funds | 39.35% |
| International Equity Funds | 17.99% |
| Specialty Funds | 0.47% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV870ARR6-0

# Class J

# PHJJX

# Principal LifeTime Hybrid 2035 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2035 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $18 | 0.17% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](if4cc9284037d6c79efb849b5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $22,792** | **S&P 1500 Index $37,877** | **S&P Target Date 2035 Index $23,657** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9988 | 10045 | 10006 |
| **12/15** | 9818 | 9857 | 9814 |
| **1/16** | 9431 | 9359 | 9431 |
| **2/16** | 9388 | 9360 | 9394 |
| **3/16** | 9954 | 10011 | 9951 |
| **4/16** | 10023 | 10058 | 10034 |
| **5/16** | 10123 | 10242 | 10120 |
| **6/16** | 10141 | 10271 | 10151 |
| **7/16** | 10473 | 10659 | 10463 |
| **8/16** | 10491 | 10680 | 10489 |
| **9/16** | 10530 | 10679 | 10523 |
| **10/16** | 10305 | 10469 | 10333 |
| **11/16** | 10454 | 10918 | 10491 |
| **12/16** | 10608 | 11141 | 10683 |
| **1/17** | 10823 | 11342 | 10871 |
| **2/17** | 11058 | 11772 | 11113 |
| **3/17** | 11128 | 11780 | 11197 |
| **4/17** | 11270 | 11899 | 11331 |
| **5/17** | 11412 | 12037 | 11486 |
| **6/17** | 11492 | 12129 | 11557 |
| **7/17** | 11737 | 12364 | 11777 |
| **8/17** | 11786 | 12375 | 11789 |
| **9/17** | 12000 | 12667 | 12017 |
| **10/17** | 12183 | 12957 | 12213 |
| **11/17** | 12386 | 13362 | 12446 |
| **12/17** | 12502 | 13495 | 12581 |
| **1/18** | 12962 | 14227 | 13046 |
| **2/18** | 12486 | 13695 | 12600 |
| **3/18** | 12381 | 13398 | 12463 |
| **4/18** | 12412 | 13446 | 12534 |
| **5/18** | 12570 | 13802 | 12677 |
| **6/18** | 12518 | 13887 | 12652 |
| **7/18** | 12802 | 14383 | 12935 |
| **8/18** | 12991 | 14858 | 13100 |
| **9/18** | 12949 | 14908 | 13097 |
| **10/18** | 12096 | 13845 | 12279 |
| **11/18** | 12223 | 14135 | 12461 |
| **12/18** | 11471 | 12825 | 11716 |
| **1/19** | 12248 | 13883 | 12500 |
| **2/19** | 12511 | 14342 | 12791 |
| **3/19** | 12675 | 14575 | 12919 |
| **4/19** | 13015 | 15164 | 13270 |
| **5/19** | 12456 | 14175 | 12664 |
| **6/19** | 13102 | 15181 | 13330 |
| **7/19** | 13146 | 15396 | 13387 |
| **8/19** | 13015 | 15114 | 13199 |
| **9/19** | 13212 | 15414 | 13427 |
| **10/19** | 13441 | 15737 | 13693 |
| **11/19** | 13693 | 16299 | 13959 |
| **12/19** | 14036 | 16789 | 14314 |
| **1/20** | 13991 | 16738 | 14208 |
| **2/20** | 13254 | 15341 | 13322 |
| **3/20** | 11757 | 13335 | 11781 |
| **4/20** | 12789 | 15053 | 12838 |
| **5/20** | 13277 | 15790 | 13319 |
| **6/20** | 13560 | 16104 | 13613 |
| **7/20** | 14195 | 16997 | 14157 |
| **8/20** | 14773 | 18171 | 14742 |
| **9/20** | 14456 | 17483 | 14389 |
| **10/20** | 14240 | 17084 | 14177 |
| **11/20** | 15510 | 19015 | 15564 |
| **12/20** | 16114 | 19797 | 16145 |
| **1/21** | 16079 | 19664 | 16105 |
| **2/21** | 16409 | 20279 | 16455 |
| **3/21** | 16809 | 21165 | 16827 |
| **4/21** | 17386 | 22265 | 17407 |
| **5/21** | 17563 | 22422 | 17611 |
| **6/21** | 17704 | 22888 | 17744 |
| **7/21** | 17881 | 23375 | 17867 |
| **8/21** | 18199 | 24065 | 18200 |
| **9/21** | 17551 | 22969 | 17636 |
| **10/21** | 18258 | 24542 | 18292 |
| **11/21** | 17975 | 24330 | 17944 |
| **12/21** | 18621 | 25429 | 18555 |
| **1/22** | 17743 | 24071 | 17727 |
| **2/22** | 17335 | 23430 | 17441 |
| **3/22** | 17459 | 24249 | 17622 |
| **4/22** | 16259 | 22162 | 16472 |
| **5/22** | 16309 | 22218 | 16542 |
| **6/22** | 15184 | 20366 | 15411 |
| **7/22** | 16210 | 22266 | 16359 |
| **8/22** | 15604 | 21369 | 15810 |
| **9/22** | 14392 | 19397 | 14564 |
| **10/22** | 15085 | 21015 | 15273 |
| **11/22** | 15987 | 22188 | 16236 |
| **12/22** | 15355 | 20908 | 15774 |
| **1/23** | 16320 | 22274 | 16732 |
| **2/23** | 15905 | 21746 | 16337 |
| **3/23** | 16239 | 22405 | 16670 |
| **4/23** | 16373 | 22700 | 16863 |
| **5/23** | 16199 | 22741 | 16634 |
| **6/23** | 16896 | 24284 | 17318 |
| **7/23** | 17271 | 25090 | 17763 |
| **8/23** | 16936 | 24656 | 17405 |
| **9/23** | 16253 | 23467 | 16774 |
| **10/23** | 15838 | 22909 | 16334 |
| **11/23** | 17030 | 24988 | 17562 |
| **12/23** | 17872 | 26232 | 18398 |
| **1/24** | 17872 | 26582 | 18421 |
| **2/24** | 18412 | 27997 | 18894 |
| **3/24** | 18938 | 28936 | 19359 |
| **4/24** | 18273 | 27711 | 18779 |
| **5/24** | 18965 | 29077 | 19417 |
| **6/24** | 19159 | 29996 | 19665 |
| **7/24** | 19602 | 30503 | 20115 |
| **8/24** | 19962 | 31170 | 20512 |
| **9/24** | 20294 | 31808 | 20895 |
| **10/24** | 19837 | 31510 | 20413 |
| **11/24** | 20488 | 33451 | 20976 |
| **12/24** | 19948 | 32515 | 20492 |
| **1/25** | 20420 | 33440 | 20969 |
| **2/25** | 20491 | 32911 | 21006 |
| **3/25** | 19877 | 31056 | 20523 |
| **4/25** | 19862 | 30792 | 20664 |
| **5/25** | 20577 | 32708 | 21407 |
| **6/25** | 21291 | 34338 | 22104 |
| **7/25** | 21434 | 35087 | 22267 |
| **8/25** | 21934 | 35864 | 22800 |
| **9/25** | 22520 | 37090 | 23343 |
| **10/25** | 22792 | 37877 | 23657 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 14.89% | 9.86% | 8.59% |
| Class J Shares Including Sales Charge | 13.89% | 9.86% | 8.59% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2035 Index | 15.89% | 10.78% | 8.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 30, 2014. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2035 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$957,771

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 28.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 45.61% |
| Fixed Income Funds | 33.60% |
| International Equity Funds | 20.80% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV871ARJ-0

# Institutional

# PHTJX

# Principal LifeTime Hybrid 2035 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2035 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i649c9751fe073409eeaf2ee1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $23,235** | **S&P 1500 Index $37,877** | **S&P Target Date 2035 Index $23,657** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9990 | 10045 | 10006 |
| **12/15** | 9822 | 9857 | 9814 |
| **1/16** | 9436 | 9359 | 9431 |
| **2/16** | 9396 | 9360 | 9394 |
| **3/16** | 9964 | 10011 | 9951 |
| **4/16** | 10035 | 10058 | 10034 |
| **5/16** | 10137 | 10242 | 10120 |
| **6/16** | 10157 | 10271 | 10151 |
| **7/16** | 10492 | 10659 | 10463 |
| **8/16** | 10512 | 10680 | 10489 |
| **9/16** | 10553 | 10679 | 10523 |
| **10/16** | 10329 | 10469 | 10333 |
| **11/16** | 10482 | 10918 | 10491 |
| **12/16** | 10638 | 11141 | 10683 |
| **1/17** | 10855 | 11342 | 10871 |
| **2/17** | 11093 | 11772 | 11113 |
| **3/17** | 11166 | 11780 | 11197 |
| **4/17** | 11311 | 11899 | 11331 |
| **5/17** | 11456 | 12037 | 11486 |
| **6/17** | 11538 | 12129 | 11557 |
| **7/17** | 11787 | 12364 | 11777 |
| **8/17** | 11839 | 12375 | 11789 |
| **9/17** | 12056 | 12667 | 12017 |
| **10/17** | 12242 | 12957 | 12213 |
| **11/17** | 12449 | 13362 | 12446 |
| **12/17** | 12568 | 13495 | 12581 |
| **1/18** | 13034 | 14227 | 13046 |
| **2/18** | 12557 | 13695 | 12600 |
| **3/18** | 12462 | 13398 | 12463 |
| **4/18** | 12494 | 13446 | 12534 |
| **5/18** | 12653 | 13802 | 12677 |
| **6/18** | 12600 | 13887 | 12652 |
| **7/18** | 12886 | 14383 | 12935 |
| **8/18** | 13076 | 14858 | 13100 |
| **9/18** | 13044 | 14908 | 13097 |
| **10/18** | 12187 | 13845 | 12279 |
| **11/18** | 12314 | 14135 | 12461 |
| **12/18** | 11563 | 12825 | 11716 |
| **1/19** | 12356 | 13883 | 12500 |
| **2/19** | 12621 | 14342 | 12791 |
| **3/19** | 12786 | 14575 | 12919 |
| **4/19** | 13138 | 15164 | 13270 |
| **5/19** | 12577 | 14175 | 12664 |
| **6/19** | 13226 | 15181 | 13330 |
| **7/19** | 13270 | 15396 | 13387 |
| **8/19** | 13149 | 15114 | 13199 |
| **9/19** | 13348 | 15414 | 13427 |
| **10/19** | 13579 | 15737 | 13693 |
| **11/19** | 13843 | 16299 | 13959 |
| **12/19** | 14186 | 16789 | 14314 |
| **1/20** | 14152 | 16738 | 14208 |
| **2/20** | 13398 | 15341 | 13322 |
| **3/20** | 11890 | 13335 | 11781 |
| **4/20** | 12930 | 15053 | 12838 |
| **5/20** | 13421 | 15790 | 13319 |
| **6/20** | 13718 | 16104 | 13613 |
| **7/20** | 14357 | 16997 | 14157 |
| **8/20** | 14951 | 18171 | 14742 |
| **9/20** | 14631 | 17483 | 14389 |
| **10/20** | 14414 | 17084 | 14177 |
| **11/20** | 15694 | 19015 | 15564 |
| **12/20** | 16331 | 19797 | 16145 |
| **1/21** | 16284 | 19664 | 16105 |
| **2/21** | 16616 | 20279 | 16455 |
| **3/21** | 17032 | 21165 | 16827 |
| **4/21** | 17626 | 22265 | 17407 |
| **5/21** | 17804 | 22422 | 17611 |
| **6/21** | 17935 | 22888 | 17744 |
| **7/21** | 18125 | 23375 | 17867 |
| **8/21** | 18457 | 24065 | 18200 |
| **9/21** | 17792 | 22969 | 17636 |
| **10/21** | 18517 | 24542 | 18292 |
| **11/21** | 18232 | 24330 | 17944 |
| **12/21** | 18879 | 25429 | 18555 |
| **1/22** | 18005 | 24071 | 17727 |
| **2/22** | 17581 | 23430 | 17441 |
| **3/22** | 17718 | 24249 | 17622 |
| **4/22** | 16495 | 22162 | 16472 |
| **5/22** | 16558 | 22218 | 16542 |
| **6/22** | 15422 | 20366 | 15411 |
| **7/22** | 16458 | 22266 | 16359 |
| **8/22** | 15847 | 21369 | 15810 |
| **9/22** | 14611 | 19397 | 14564 |
| **10/22** | 15323 | 21015 | 15273 |
| **11/22** | 16246 | 22188 | 16236 |
| **12/22** | 15602 | 20908 | 15774 |
| **1/23** | 16590 | 22274 | 16732 |
| **2/23** | 16170 | 21746 | 16337 |
| **3/23** | 16495 | 22405 | 16670 |
| **4/23** | 16644 | 22700 | 16863 |
| **5/23** | 16468 | 22741 | 16634 |
| **6/23** | 17185 | 24284 | 17318 |
| **7/23** | 17564 | 25090 | 17763 |
| **8/23** | 17212 | 24656 | 17405 |
| **9/23** | 16522 | 23467 | 16774 |
| **10/23** | 16103 | 22909 | 16334 |
| **11/23** | 17307 | 24988 | 17562 |
| **12/23** | 18171 | 26232 | 18398 |
| **1/24** | 18185 | 26582 | 18421 |
| **2/24** | 18731 | 27997 | 18894 |
| **3/24** | 19263 | 28936 | 19359 |
| **4/24** | 18605 | 27711 | 18779 |
| **5/24** | 19305 | 29077 | 19417 |
| **6/24** | 19500 | 29996 | 19665 |
| **7/24** | 19948 | 30503 | 20115 |
| **8/24** | 20326 | 31170 | 20512 |
| **9/24** | 20661 | 31808 | 20895 |
| **10/24** | 20200 | 31510 | 20413 |
| **11/24** | 20871 | 33451 | 20976 |
| **12/24** | 20316 | 32515 | 20492 |
| **1/25** | 20793 | 33440 | 20969 |
| **2/25** | 20865 | 32911 | 21006 |
| **3/25** | 20258 | 31056 | 20523 |
| **4/25** | 20229 | 30792 | 20664 |
| **5/25** | 20966 | 32708 | 21407 |
| **6/25** | 21703 | 34338 | 22104 |
| **7/25** | 21848 | 35087 | 22267 |
| **8/25** | 22354 | 35864 | 22800 |
| **9/25** | 22946 | 37090 | 23343 |
| **10/25** | 23235 | 37877 | 23657 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 15.03% | 10.02% | 8.80% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2035 Index | 15.89% | 10.78% | 8.99% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2035 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$957,771

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 28.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 45.61% |
| Fixed Income Funds | 33.60% |
| International Equity Funds | 20.80% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV871ARI-0

# R-6

# PLRTX

# Principal LifeTime Hybrid 2035 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2035 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $2 | 0.02% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](id59fdd1d6a20cc6197938b9b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $23,302** | **S&P 1500 Index $37,877** | **S&P Target Date 2035 Index $23,657** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9990 | 10045 | 10006 |
| **12/15** | 9822 | 9857 | 9814 |
| **1/16** | 9436 | 9359 | 9431 |
| **2/16** | 9406 | 9360 | 9394 |
| **3/16** | 9964 | 10011 | 9951 |
| **4/16** | 10035 | 10058 | 10034 |
| **5/16** | 10137 | 10242 | 10120 |
| **6/16** | 10157 | 10271 | 10151 |
| **7/16** | 10492 | 10659 | 10463 |
| **8/16** | 10512 | 10680 | 10489 |
| **9/16** | 10553 | 10679 | 10523 |
| **10/16** | 10329 | 10469 | 10333 |
| **11/16** | 10492 | 10918 | 10491 |
| **12/16** | 10648 | 11141 | 10683 |
| **1/17** | 10855 | 11342 | 10871 |
| **2/17** | 11104 | 11772 | 11113 |
| **3/17** | 11166 | 11780 | 11197 |
| **4/17** | 11321 | 11899 | 11331 |
| **5/17** | 11466 | 12037 | 11486 |
| **6/17** | 11549 | 12129 | 11557 |
| **7/17** | 11787 | 12364 | 11777 |
| **8/17** | 11849 | 12375 | 11789 |
| **9/17** | 12066 | 12667 | 12017 |
| **10/17** | 12252 | 12957 | 12213 |
| **11/17** | 12449 | 13362 | 12446 |
| **12/17** | 12568 | 13495 | 12581 |
| **1/18** | 13044 | 14227 | 13046 |
| **2/18** | 12578 | 13695 | 12600 |
| **3/18** | 12472 | 13398 | 12463 |
| **4/18** | 12504 | 13446 | 12534 |
| **5/18** | 12663 | 13802 | 12677 |
| **6/18** | 12610 | 13887 | 12652 |
| **7/18** | 12906 | 14383 | 12935 |
| **8/18** | 13097 | 14858 | 13100 |
| **9/18** | 13055 | 14908 | 13097 |
| **10/18** | 12208 | 13845 | 12279 |
| **11/18** | 12335 | 14135 | 12461 |
| **12/18** | 11578 | 12825 | 11716 |
| **1/19** | 12371 | 13883 | 12500 |
| **2/19** | 12635 | 14342 | 12791 |
| **3/19** | 12801 | 14575 | 12919 |
| **4/19** | 13153 | 15164 | 13270 |
| **5/19** | 12591 | 14175 | 12664 |
| **6/19** | 13252 | 15181 | 13330 |
| **7/19** | 13296 | 15396 | 13387 |
| **8/19** | 13164 | 15114 | 13199 |
| **9/19** | 13362 | 15414 | 13427 |
| **10/19** | 13605 | 15737 | 13693 |
| **11/19** | 13858 | 16299 | 13959 |
| **12/19** | 14216 | 16789 | 14314 |
| **1/20** | 14170 | 16738 | 14208 |
| **2/20** | 13416 | 15341 | 13322 |
| **3/20** | 11908 | 13335 | 11781 |
| **4/20** | 12959 | 15053 | 12838 |
| **5/20** | 13450 | 15790 | 13319 |
| **6/20** | 13736 | 16104 | 13613 |
| **7/20** | 14387 | 16997 | 14157 |
| **8/20** | 14970 | 18171 | 14742 |
| **9/20** | 14650 | 17483 | 14389 |
| **10/20** | 14444 | 17084 | 14177 |
| **11/20** | 15724 | 19015 | 15564 |
| **12/20** | 16355 | 19797 | 16145 |
| **1/21** | 16319 | 19664 | 16105 |
| **2/21** | 16652 | 20279 | 16455 |
| **3/21** | 17056 | 21165 | 16827 |
| **4/21** | 17651 | 22265 | 17407 |
| **5/21** | 17829 | 22422 | 17611 |
| **6/21** | 17972 | 22888 | 17744 |
| **7/21** | 18150 | 23375 | 17867 |
| **8/21** | 18483 | 24065 | 18200 |
| **9/21** | 17829 | 22969 | 17636 |
| **10/21** | 18554 | 24542 | 18292 |
| **11/21** | 18269 | 24330 | 17944 |
| **12/21** | 18921 | 25429 | 18555 |
| **1/22** | 18034 | 24071 | 17727 |
| **2/22** | 17622 | 23430 | 17441 |
| **3/22** | 17759 | 24249 | 17622 |
| **4/22** | 16535 | 22162 | 16472 |
| **5/22** | 16585 | 22218 | 16542 |
| **6/22** | 15449 | 20366 | 15411 |
| **7/22** | 16498 | 22266 | 16359 |
| **8/22** | 15886 | 21369 | 15810 |
| **9/22** | 14650 | 19397 | 14564 |
| **10/22** | 15362 | 21015 | 15273 |
| **11/22** | 16273 | 22188 | 16236 |
| **12/22** | 15647 | 20908 | 15774 |
| **1/23** | 16622 | 22274 | 16732 |
| **2/23** | 16202 | 21746 | 16337 |
| **3/23** | 16541 | 22405 | 16670 |
| **4/23** | 16690 | 22700 | 16863 |
| **5/23** | 16514 | 22741 | 16634 |
| **6/23** | 17232 | 24284 | 17318 |
| **7/23** | 17611 | 25090 | 17763 |
| **8/23** | 17259 | 24656 | 17405 |
| **9/23** | 16568 | 23467 | 16774 |
| **10/23** | 16148 | 22909 | 16334 |
| **11/23** | 17354 | 24988 | 17562 |
| **12/23** | 18224 | 26232 | 18398 |
| **1/24** | 18224 | 26582 | 18421 |
| **2/24** | 18784 | 27997 | 18894 |
| **3/24** | 19316 | 28936 | 19359 |
| **4/24** | 18644 | 27711 | 18779 |
| **5/24** | 19344 | 29077 | 19417 |
| **6/24** | 19555 | 29996 | 19665 |
| **7/24** | 20003 | 30503 | 20115 |
| **8/24** | 20381 | 31170 | 20512 |
| **9/24** | 20717 | 31808 | 20895 |
| **10/24** | 20255 | 31510 | 20413 |
| **11/24** | 20927 | 33451 | 20976 |
| **12/24** | 20378 | 32515 | 20492 |
| **1/25** | 20856 | 33440 | 20969 |
| **2/25** | 20928 | 32911 | 21006 |
| **3/25** | 20320 | 31056 | 20523 |
| **4/25** | 20291 | 30792 | 20664 |
| **5/25** | 21029 | 32708 | 21407 |
| **6/25** | 21768 | 34338 | 22104 |
| **7/25** | 21912 | 35087 | 22267 |
| **8/25** | 22433 | 35864 | 22800 |
| **9/25** | 23027 | 37090 | 23343 |
| **10/25** | 23302 | 37877 | 23657 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-6 Shares | 15.04% | 10.04% | 8.83% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2035 Index | 15.89% | 10.78% | 8.99% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2035 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$957,771

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 28.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 45.61% |
| Fixed Income Funds | 33.60% |
| International Equity Funds | 20.80% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV871ARR6-0

# Class J

# PHJEX

# Principal LifeTime Hybrid 2040 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2040 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $19 | 0.18% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](iba1bf778ddbad3ad2fb5c177.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $24,318** | **S&P 1500 Index $37,877** | **S&P Target Date 2040 Index $25,253** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9998 | 10045 | 10008 |
| **12/15** | 9817 | 9857 | 9806 |
| **1/16** | 9400 | 9359 | 9397 |
| **2/16** | 9358 | 9360 | 9353 |
| **3/16** | 9943 | 10011 | 9936 |
| **4/16** | 10012 | 10058 | 10021 |
| **5/16** | 10121 | 10242 | 10112 |
| **6/16** | 10129 | 10271 | 10135 |
| **7/16** | 10481 | 10659 | 10463 |
| **8/16** | 10499 | 10680 | 10491 |
| **9/16** | 10537 | 10679 | 10527 |
| **10/16** | 10303 | 10469 | 10329 |
| **11/16** | 10482 | 10918 | 10509 |
| **12/16** | 10643 | 11141 | 10711 |
| **1/17** | 10868 | 11342 | 10910 |
| **2/17** | 11124 | 11772 | 11163 |
| **3/17** | 11194 | 11780 | 11253 |
| **4/17** | 11346 | 11899 | 11391 |
| **5/17** | 11488 | 12037 | 11554 |
| **6/17** | 11579 | 12129 | 11632 |
| **7/17** | 11834 | 12364 | 11866 |
| **8/17** | 11883 | 12375 | 11871 |
| **9/17** | 12118 | 12667 | 12121 |
| **10/17** | 12312 | 12957 | 12333 |
| **11/17** | 12526 | 13362 | 12588 |
| **12/17** | 12651 | 13495 | 12731 |
| **1/18** | 13165 | 14227 | 13241 |
| **2/18** | 12656 | 13695 | 12763 |
| **3/18** | 12540 | 13398 | 12611 |
| **4/18** | 12572 | 13446 | 12692 |
| **5/18** | 12730 | 13802 | 12846 |
| **6/18** | 12677 | 13887 | 12818 |
| **7/18** | 12983 | 14383 | 13123 |
| **8/18** | 13183 | 14858 | 13294 |
| **9/18** | 13141 | 14908 | 13295 |
| **10/18** | 12224 | 13845 | 12410 |
| **11/18** | 12361 | 14135 | 12602 |
| **12/18** | 11531 | 12825 | 11788 |
| **1/19** | 12357 | 13883 | 12625 |
| **2/19** | 12632 | 14342 | 12938 |
| **3/19** | 12797 | 14575 | 13064 |
| **4/19** | 13172 | 15164 | 13442 |
| **5/19** | 12544 | 14175 | 12775 |
| **6/19** | 13249 | 15181 | 13491 |
| **7/19** | 13293 | 15396 | 13549 |
| **8/19** | 13117 | 15114 | 13318 |
| **9/19** | 13337 | 15414 | 13572 |
| **10/19** | 13590 | 15737 | 13860 |
| **11/19** | 13865 | 16299 | 14152 |
| **12/19** | 14244 | 16789 | 14543 |
| **1/20** | 14164 | 16738 | 14405 |
| **2/20** | 13342 | 15341 | 13417 |
| **3/20** | 11720 | 13335 | 11745 |
| **4/20** | 12816 | 15053 | 12869 |
| **5/20** | 13330 | 15790 | 13387 |
| **6/20** | 13639 | 16104 | 13702 |
| **7/20** | 14301 | 16997 | 14281 |
| **8/20** | 14941 | 18171 | 14934 |
| **9/20** | 14598 | 17483 | 14544 |
| **10/20** | 14370 | 17084 | 14318 |
| **11/20** | 15729 | 19015 | 15839 |
| **12/20** | 16390 | 19797 | 16487 |
| **1/21** | 16343 | 19664 | 16454 |
| **2/21** | 16722 | 20279 | 16867 |
| **3/21** | 17184 | 21165 | 17300 |
| **4/21** | 17824 | 22265 | 17939 |
| **5/21** | 18002 | 22422 | 18166 |
| **6/21** | 18144 | 22888 | 18301 |
| **7/21** | 18322 | 23375 | 18423 |
| **8/21** | 18690 | 24065 | 18803 |
| **9/21** | 17978 | 22969 | 18174 |
| **10/21** | 18772 | 24542 | 18919 |
| **11/21** | 18429 | 24330 | 18516 |
| **12/21** | 19167 | 25429 | 19215 |
| **1/22** | 18209 | 24071 | 18306 |
| **2/22** | 17748 | 23430 | 18000 |
| **3/22** | 17960 | 24249 | 18248 |
| **4/22** | 16641 | 22162 | 16993 |
| **5/22** | 16691 | 22218 | 17064 |
| **6/22** | 15421 | 20366 | 15784 |
| **7/22** | 16566 | 22266 | 16834 |
| **8/22** | 15919 | 21369 | 16239 |
| **9/22** | 14587 | 19397 | 14863 |
| **10/22** | 15446 | 21015 | 15685 |
| **11/22** | 16429 | 22188 | 16751 |
| **12/22** | 15709 | 20908 | 16226 |
| **1/23** | 16766 | 22274 | 17284 |
| **2/23** | 16332 | 21746 | 16860 |
| **3/23** | 16658 | 22405 | 17212 |
| **4/23** | 16820 | 22700 | 17423 |
| **5/23** | 16630 | 22741 | 17169 |
| **6/23** | 17471 | 24284 | 17981 |
| **7/23** | 17918 | 25090 | 18509 |
| **8/23** | 17525 | 24656 | 18095 |
| **9/23** | 16780 | 23467 | 17399 |
| **10/23** | 16332 | 22909 | 16905 |
| **11/23** | 17633 | 24988 | 18262 |
| **12/23** | 18542 | 26232 | 19173 |
| **1/24** | 18542 | 26582 | 19199 |
| **2/24** | 19241 | 27997 | 19794 |
| **3/24** | 19842 | 28936 | 20328 |
| **4/24** | 19129 | 27711 | 19690 |
| **5/24** | 19912 | 29077 | 20410 |
| **6/24** | 20121 | 29996 | 20687 |
| **7/24** | 20583 | 30503 | 21174 |
| **8/24** | 20988 | 31170 | 21612 |
| **9/24** | 21337 | 31808 | 22031 |
| **10/24** | 20862 | 31510 | 21519 |
| **11/24** | 21631 | 33451 | 22190 |
| **12/24** | 21017 | 32515 | 21641 |
| **1/25** | 21594 | 33440 | 22196 |
| **2/25** | 21594 | 32911 | 22174 |
| **3/25** | 20844 | 31056 | 21571 |
| **4/25** | 20801 | 30792 | 21719 |
| **5/25** | 21723 | 32708 | 22629 |
| **6/25** | 22545 | 34338 | 23435 |
| **7/25** | 22732 | 35087 | 23642 |
| **8/25** | 23323 | 35864 | 24250 |
| **9/25** | 24001 | 37090 | 24886 |
| **10/25** | 24318 | 37877 | 25253 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 16.57% | 11.10% | 9.29% |
| Class J Shares Including Sales Charge | 15.57% | 11.10% | 9.29% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2040 Index | 17.35% | 12.02% | 9.71% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 30, 2014. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2040 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,191,302

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 29.8%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 53.26% |
| International Equity Funds | 24.47% |
| Fixed Income Funds | 22.28% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV872ARJ-0

# Institutional

# PLTQX

# Principal LifeTime Hybrid 2040 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2040 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i3c715906dd1857bdb3fdc328.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $24,824** | **S&P 1500 Index $37,877** | **S&P Target Date 2040 Index $25,253** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 10000 | 10045 | 10008 |
| **12/15** | 9821 | 9857 | 9806 |
| **1/16** | 9406 | 9359 | 9397 |
| **2/16** | 9365 | 9360 | 9353 |
| **3/16** | 9953 | 10011 | 9936 |
| **4/16** | 10024 | 10058 | 10021 |
| **5/16** | 10135 | 10242 | 10112 |
| **6/16** | 10145 | 10271 | 10135 |
| **7/16** | 10499 | 10659 | 10463 |
| **8/16** | 10520 | 10680 | 10491 |
| **9/16** | 10560 | 10679 | 10527 |
| **10/16** | 10327 | 10469 | 10329 |
| **11/16** | 10510 | 10918 | 10509 |
| **12/16** | 10672 | 11141 | 10711 |
| **1/17** | 10900 | 11342 | 10910 |
| **2/17** | 11159 | 11772 | 11163 |
| **3/17** | 11232 | 11780 | 11253 |
| **4/17** | 11387 | 11899 | 11391 |
| **5/17** | 11532 | 12037 | 11554 |
| **6/17** | 11626 | 12129 | 11632 |
| **7/17** | 11885 | 12364 | 11866 |
| **8/17** | 11937 | 12375 | 11871 |
| **9/17** | 12175 | 12667 | 12121 |
| **10/17** | 12372 | 12957 | 12333 |
| **11/17** | 12589 | 13362 | 12588 |
| **12/17** | 12718 | 13495 | 12731 |
| **1/18** | 13237 | 14227 | 13241 |
| **2/18** | 12728 | 13695 | 12763 |
| **3/18** | 12612 | 13398 | 12611 |
| **4/18** | 12654 | 13446 | 12692 |
| **5/18** | 12824 | 13802 | 12846 |
| **6/18** | 12771 | 13887 | 12818 |
| **7/18** | 13078 | 14383 | 13123 |
| **8/18** | 13280 | 14858 | 13294 |
| **9/18** | 13248 | 14908 | 13295 |
| **10/18** | 12325 | 13845 | 12410 |
| **11/18** | 12463 | 14135 | 12602 |
| **12/18** | 11625 | 12825 | 11788 |
| **1/19** | 12467 | 13883 | 12625 |
| **2/19** | 12755 | 14342 | 12938 |
| **3/19** | 12921 | 14575 | 13064 |
| **4/19** | 13298 | 15164 | 13442 |
| **5/19** | 12666 | 14175 | 12775 |
| **6/19** | 13376 | 15181 | 13491 |
| **7/19** | 13420 | 15396 | 13549 |
| **8/19** | 13254 | 15114 | 13318 |
| **9/19** | 13475 | 15414 | 13572 |
| **10/19** | 13741 | 15737 | 13860 |
| **11/19** | 14018 | 16299 | 14152 |
| **12/19** | 14397 | 16789 | 14543 |
| **1/20** | 14328 | 16738 | 14405 |
| **2/20** | 13488 | 15341 | 13417 |
| **3/20** | 11854 | 13335 | 11745 |
| **4/20** | 12970 | 15053 | 12869 |
| **5/20** | 13488 | 15790 | 13387 |
| **6/20** | 13799 | 16104 | 13702 |
| **7/20** | 14478 | 16997 | 14281 |
| **8/20** | 15134 | 18171 | 14934 |
| **9/20** | 14777 | 17483 | 14544 |
| **10/20** | 14547 | 17084 | 14318 |
| **11/20** | 15928 | 19015 | 15839 |
| **12/20** | 16615 | 19797 | 16487 |
| **1/21** | 16567 | 19664 | 16454 |
| **2/21** | 16950 | 20279 | 16867 |
| **3/21** | 17428 | 21165 | 17300 |
| **4/21** | 18061 | 22265 | 17939 |
| **5/21** | 18265 | 22422 | 18166 |
| **6/21** | 18408 | 22888 | 18301 |
| **7/21** | 18587 | 23375 | 18423 |
| **8/21** | 18958 | 24065 | 18803 |
| **9/21** | 18241 | 22969 | 18174 |
| **10/21** | 19041 | 24542 | 18919 |
| **11/21** | 18695 | 24330 | 18516 |
| **12/21** | 19460 | 25429 | 19215 |
| **1/22** | 18480 | 24071 | 18306 |
| **2/22** | 18028 | 23430 | 18000 |
| **3/22** | 18241 | 24249 | 18248 |
| **4/22** | 16897 | 22162 | 16993 |
| **5/22** | 16947 | 22218 | 17064 |
| **6/22** | 15666 | 20366 | 15784 |
| **7/22** | 16834 | 22266 | 16834 |
| **8/22** | 16168 | 21369 | 16239 |
| **9/22** | 14824 | 19397 | 14863 |
| **10/22** | 15703 | 21015 | 15685 |
| **11/22** | 16708 | 22188 | 16751 |
| **12/22** | 15976 | 20908 | 16226 |
| **1/23** | 17043 | 22274 | 17284 |
| **2/23** | 16605 | 21746 | 16860 |
| **3/23** | 16948 | 22405 | 17212 |
| **4/23** | 17112 | 22700 | 17423 |
| **5/23** | 16920 | 22741 | 17169 |
| **6/23** | 17783 | 24284 | 17981 |
| **7/23** | 18234 | 25090 | 18509 |
| **8/23** | 17837 | 24656 | 18095 |
| **9/23** | 17084 | 23467 | 17399 |
| **10/23** | 16619 | 22909 | 16905 |
| **11/23** | 17947 | 24988 | 18262 |
| **12/23** | 18880 | 26232 | 19173 |
| **1/24** | 18880 | 26582 | 19199 |
| **2/24** | 19601 | 27997 | 19794 |
| **3/24** | 20208 | 28936 | 20328 |
| **4/24** | 19488 | 27711 | 19690 |
| **5/24** | 20293 | 29077 | 20410 |
| **6/24** | 20504 | 29996 | 20687 |
| **7/24** | 20970 | 30503 | 21174 |
| **8/24** | 21380 | 31170 | 21612 |
| **9/24** | 21747 | 31808 | 22031 |
| **10/24** | 21267 | 31510 | 21519 |
| **11/24** | 22044 | 33451 | 22190 |
| **12/24** | 21427 | 32515 | 21641 |
| **1/25** | 22010 | 33440 | 22196 |
| **2/25** | 22010 | 32911 | 22174 |
| **3/25** | 21252 | 31056 | 21571 |
| **4/25** | 21209 | 30792 | 21719 |
| **5/25** | 22156 | 32708 | 22629 |
| **6/25** | 23002 | 34338 | 23435 |
| **7/25** | 23191 | 35087 | 23642 |
| **8/25** | 23789 | 35864 | 24250 |
| **9/25** | 24488 | 37090 | 24886 |
| **10/25** | 24824 | 37877 | 25253 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 16.72% | 11.28% | 9.52% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2040 Index | 17.35% | 12.02% | 9.71% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2040 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,191,302

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 29.8%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 53.26% |
| International Equity Funds | 24.47% |
| Fixed Income Funds | 22.28% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV872ARI-0

# R-6

# PLMTX

# Principal LifeTime Hybrid 2040 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2040 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $2 | 0.02% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ib49382f9a4b7b5794fb868d6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $24,907** | **S&P 1500 Index $37,877** | **S&P Target Date 2040 Index $25,253** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 10000 | 10045 | 10008 |
| **12/15** | 9821 | 9857 | 9806 |
| **1/16** | 9406 | 9359 | 9397 |
| **2/16** | 9365 | 9360 | 9353 |
| **3/16** | 9963 | 10011 | 9936 |
| **4/16** | 10034 | 10058 | 10021 |
| **5/16** | 10135 | 10242 | 10112 |
| **6/16** | 10145 | 10271 | 10135 |
| **7/16** | 10499 | 10659 | 10463 |
| **8/16** | 10530 | 10680 | 10491 |
| **9/16** | 10570 | 10679 | 10527 |
| **10/16** | 10327 | 10469 | 10329 |
| **11/16** | 10520 | 10918 | 10509 |
| **12/16** | 10683 | 11141 | 10711 |
| **1/17** | 10900 | 11342 | 10910 |
| **2/17** | 11159 | 11772 | 11163 |
| **3/17** | 11242 | 11780 | 11253 |
| **4/17** | 11397 | 11899 | 11391 |
| **5/17** | 11543 | 12037 | 11554 |
| **6/17** | 11636 | 12129 | 11632 |
| **7/17** | 11895 | 12364 | 11866 |
| **8/17** | 11947 | 12375 | 11871 |
| **9/17** | 12185 | 12667 | 12121 |
| **10/17** | 12392 | 12957 | 12333 |
| **11/17** | 12610 | 13362 | 12588 |
| **12/17** | 12728 | 13495 | 12731 |
| **1/18** | 13258 | 14227 | 13241 |
| **2/18** | 12749 | 13695 | 12763 |
| **3/18** | 12633 | 13398 | 12611 |
| **4/18** | 12675 | 13446 | 12692 |
| **5/18** | 12834 | 13802 | 12846 |
| **6/18** | 12781 | 13887 | 12818 |
| **7/18** | 13099 | 14383 | 13123 |
| **8/18** | 13301 | 14858 | 13294 |
| **9/18** | 13258 | 14908 | 13295 |
| **10/18** | 12336 | 13845 | 12410 |
| **11/18** | 12473 | 14135 | 12602 |
| **12/18** | 11639 | 12825 | 11788 |
| **1/19** | 12493 | 13883 | 12625 |
| **2/19** | 12770 | 14342 | 12938 |
| **3/19** | 12947 | 14575 | 13064 |
| **4/19** | 13324 | 15164 | 13442 |
| **5/19** | 12692 | 14175 | 12775 |
| **6/19** | 13402 | 15181 | 13491 |
| **7/19** | 13446 | 15396 | 13549 |
| **8/19** | 13280 | 15114 | 13318 |
| **9/19** | 13501 | 15414 | 13572 |
| **10/19** | 13756 | 15737 | 13860 |
| **11/19** | 14045 | 16299 | 14152 |
| **12/19** | 14427 | 16789 | 14543 |
| **1/20** | 14358 | 16738 | 14405 |
| **2/20** | 13518 | 15341 | 13417 |
| **3/20** | 11883 | 13335 | 11745 |
| **4/20** | 13000 | 15053 | 12869 |
| **5/20** | 13518 | 15790 | 13387 |
| **6/20** | 13829 | 16104 | 13702 |
| **7/20** | 14508 | 16997 | 14281 |
| **8/20** | 15164 | 18171 | 14934 |
| **9/20** | 14807 | 17483 | 14544 |
| **10/20** | 14577 | 17084 | 14318 |
| **11/20** | 15959 | 19015 | 15839 |
| **12/20** | 16651 | 19797 | 16487 |
| **1/21** | 16603 | 19664 | 16454 |
| **2/21** | 16986 | 20279 | 16867 |
| **3/21** | 17464 | 21165 | 17300 |
| **4/21** | 18110 | 22265 | 17939 |
| **5/21** | 18302 | 22422 | 18166 |
| **6/21** | 18445 | 22888 | 18301 |
| **7/21** | 18625 | 23375 | 18423 |
| **8/21** | 18995 | 24065 | 18803 |
| **9/21** | 18278 | 22969 | 18174 |
| **10/21** | 19091 | 24542 | 18919 |
| **11/21** | 18744 | 24330 | 18516 |
| **12/21** | 19502 | 25429 | 19215 |
| **1/22** | 18522 | 24071 | 18306 |
| **2/22** | 18069 | 23430 | 18000 |
| **3/22** | 18283 | 24249 | 18248 |
| **4/22** | 16937 | 22162 | 16993 |
| **5/22** | 17000 | 22218 | 17064 |
| **6/22** | 15705 | 20366 | 15784 |
| **7/22** | 16874 | 22266 | 16834 |
| **8/22** | 16221 | 21369 | 16239 |
| **9/22** | 14863 | 19397 | 14863 |
| **10/22** | 15743 | 21015 | 15685 |
| **11/22** | 16749 | 22188 | 16751 |
| **12/22** | 16007 | 20908 | 16226 |
| **1/23** | 17090 | 22274 | 17284 |
| **2/23** | 16651 | 21746 | 16860 |
| **3/23** | 16994 | 22405 | 17212 |
| **4/23** | 17158 | 22700 | 17423 |
| **5/23** | 16966 | 22741 | 17169 |
| **6/23** | 17830 | 24284 | 17981 |
| **7/23** | 18296 | 25090 | 18509 |
| **8/23** | 17885 | 24656 | 18095 |
| **9/23** | 17131 | 23467 | 17399 |
| **10/23** | 16665 | 22909 | 16905 |
| **11/23** | 17994 | 24988 | 18262 |
| **12/23** | 18934 | 26232 | 19173 |
| **1/24** | 18948 | 26582 | 19199 |
| **2/24** | 19655 | 27997 | 19794 |
| **3/24** | 20277 | 28936 | 20328 |
| **4/24** | 19542 | 27711 | 19690 |
| **5/24** | 20348 | 29077 | 20410 |
| **6/24** | 20560 | 29996 | 20687 |
| **7/24** | 21041 | 30503 | 21174 |
| **8/24** | 21451 | 31170 | 21612 |
| **9/24** | 21818 | 31808 | 22031 |
| **10/24** | 21323 | 31510 | 21519 |
| **11/24** | 22115 | 33451 | 22190 |
| **12/24** | 21505 | 32515 | 21641 |
| **1/25** | 22074 | 33440 | 22196 |
| **2/25** | 22089 | 32911 | 22174 |
| **3/25** | 21330 | 31056 | 21571 |
| **4/25** | 21286 | 30792 | 21719 |
| **5/25** | 22220 | 32708 | 22629 |
| **6/25** | 23082 | 34338 | 23435 |
| **7/25** | 23272 | 35087 | 23642 |
| **8/25** | 23870 | 35864 | 24250 |
| **9/25** | 24585 | 37090 | 24886 |
| **10/25** | 24907 | 37877 | 25253 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-6 Shares | 16.80% | 11.31% | 9.55% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2040 Index | 17.35% | 12.02% | 9.71% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2040 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,191,302

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 29.8%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 53.26% |
| International Equity Funds | 24.47% |
| Fixed Income Funds | 22.28% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV872ARR6-0

# Class J

# PHJYX

# Principal LifeTime Hybrid 2045 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2045 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $21 | 0.19% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i97c9cbd2233f99412e95b496.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $25,598** | **S&P 1500 Index $37,877** | **S&P Target Date 2045 Index $26,319** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9998 | 10045 | 10010 |
| **12/15** | 9807 | 9857 | 9800 |
| **1/16** | 9360 | 9359 | 9369 |
| **2/16** | 9317 | 9360 | 9320 |
| **3/16** | 9933 | 10011 | 9923 |
| **4/16** | 10002 | 10058 | 10011 |
| **5/16** | 10111 | 10242 | 10104 |
| **6/16** | 10109 | 10271 | 10121 |
| **7/16** | 10482 | 10659 | 10462 |
| **8/16** | 10500 | 10680 | 10492 |
| **9/16** | 10538 | 10679 | 10530 |
| **10/16** | 10293 | 10469 | 10327 |
| **11/16** | 10493 | 10918 | 10525 |
| **12/16** | 10670 | 11141 | 10735 |
| **1/17** | 10895 | 11342 | 10943 |
| **2/17** | 11161 | 11772 | 11207 |
| **3/17** | 11231 | 11780 | 11302 |
| **4/17** | 11393 | 11899 | 11444 |
| **5/17** | 11535 | 12037 | 11612 |
| **6/17** | 11625 | 12129 | 11692 |
| **7/17** | 11890 | 12364 | 11936 |
| **8/17** | 11939 | 12375 | 11940 |
| **9/17** | 12194 | 12667 | 12201 |
| **10/17** | 12397 | 12957 | 12421 |
| **11/17** | 12631 | 13362 | 12686 |
| **12/17** | 12754 | 13495 | 12835 |
| **1/18** | 13308 | 14227 | 13373 |
| **2/18** | 12780 | 13695 | 12876 |
| **3/18** | 12643 | 13398 | 12715 |
| **4/18** | 12685 | 13446 | 12802 |
| **5/18** | 12854 | 13802 | 12957 |
| **6/18** | 12791 | 13887 | 12925 |
| **7/18** | 13127 | 14383 | 13242 |
| **8/18** | 13327 | 14858 | 13417 |
| **9/18** | 13295 | 14908 | 13418 |
| **10/18** | 12318 | 13845 | 12494 |
| **11/18** | 12465 | 14135 | 12693 |
| **12/18** | 11564 | 12825 | 11841 |
| **1/19** | 12444 | 13883 | 12706 |
| **2/19** | 12741 | 14342 | 13031 |
| **3/19** | 12894 | 14575 | 13155 |
| **4/19** | 13301 | 15164 | 13548 |
| **5/19** | 12620 | 14175 | 12845 |
| **6/19** | 13345 | 15181 | 13591 |
| **7/19** | 13400 | 15396 | 13649 |
| **8/19** | 13191 | 15114 | 13393 |
| **9/19** | 13422 | 15414 | 13663 |
| **10/19** | 13697 | 15737 | 13967 |
| **11/19** | 14005 | 16299 | 14271 |
| **12/19** | 14405 | 16789 | 14685 |
| **1/20** | 14314 | 16738 | 14529 |
| **2/20** | 13404 | 15341 | 13478 |
| **3/20** | 11674 | 13335 | 11726 |
| **4/20** | 12835 | 15053 | 12887 |
| **5/20** | 13369 | 15790 | 13423 |
| **6/20** | 13688 | 16104 | 13754 |
| **7/20** | 14393 | 16997 | 14355 |
| **8/20** | 15076 | 18171 | 15052 |
| **9/20** | 14701 | 17483 | 14639 |
| **10/20** | 14462 | 17084 | 14402 |
| **11/20** | 15918 | 19015 | 16004 |
| **12/20** | 16635 | 19797 | 16691 |
| **1/21** | 16588 | 19664 | 16662 |
| **2/21** | 17012 | 20279 | 17111 |
| **3/21** | 17517 | 21165 | 17582 |
| **4/21** | 18199 | 22265 | 18258 |
| **5/21** | 18399 | 22422 | 18501 |
| **6/21** | 18540 | 22888 | 18637 |
| **7/21** | 18716 | 23375 | 18759 |
| **8/21** | 19116 | 24065 | 19167 |
| **9/21** | 18352 | 22969 | 18497 |
| **10/21** | 19222 | 24542 | 19299 |
| **11/21** | 18822 | 24330 | 18864 |
| **12/21** | 19658 | 25429 | 19615 |
| **1/22** | 18624 | 24071 | 18660 |
| **2/22** | 18132 | 23430 | 18341 |
| **3/22** | 18415 | 24249 | 18630 |
| **4/22** | 16999 | 22162 | 17312 |
| **5/22** | 17048 | 22218 | 17384 |
| **6/22** | 15657 | 20366 | 16000 |
| **7/22** | 16901 | 22266 | 17116 |
| **8/22** | 16211 | 21369 | 16496 |
| **9/22** | 14808 | 19397 | 15039 |
| **10/22** | 15780 | 21015 | 15948 |
| **11/22** | 16827 | 22188 | 17079 |
| **12/22** | 16028 | 20908 | 16508 |
| **1/23** | 17161 | 22274 | 17632 |
| **2/23** | 16716 | 21746 | 17198 |
| **3/23** | 17053 | 22405 | 17553 |
| **4/23** | 17215 | 22700 | 17778 |
| **5/23** | 17026 | 22741 | 17509 |
| **6/23** | 17971 | 24284 | 18407 |
| **7/23** | 18483 | 25090 | 18992 |
| **8/23** | 18038 | 24656 | 18535 |
| **9/23** | 17242 | 23467 | 17794 |
| **10/23** | 16756 | 22909 | 17263 |
| **11/23** | 18159 | 24988 | 18708 |
| **12/23** | 19117 | 26232 | 19668 |
| **1/24** | 19131 | 26582 | 19695 |
| **2/24** | 19951 | 27997 | 20376 |
| **3/24** | 20618 | 28936 | 20957 |
| **4/24** | 19854 | 27711 | 20279 |
| **5/24** | 20715 | 29077 | 21057 |
| **6/24** | 20937 | 29996 | 21340 |
| **7/24** | 21410 | 30503 | 21849 |
| **8/24** | 21826 | 31170 | 22315 |
| **9/24** | 22216 | 31808 | 22768 |
| **10/24** | 21715 | 31510 | 22216 |
| **11/24** | 22577 | 33451 | 22924 |
| **12/24** | 21915 | 32515 | 22338 |
| **1/25** | 22560 | 33440 | 22952 |
| **2/25** | 22503 | 32911 | 22898 |
| **3/25** | 21643 | 31056 | 22239 |
| **4/25** | 21585 | 30792 | 22417 |
| **5/25** | 22675 | 32708 | 23442 |
| **6/25** | 23592 | 34338 | 24321 |
| **7/25** | 23821 | 35087 | 24553 |
| **8/25** | 24480 | 35864 | 25224 |
| **9/25** | 25254 | 37090 | 25919 |
| **10/25** | 25598 | 37877 | 26319 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 17.88% | 12.10% | 9.86% |
| Class J Shares Including Sales Charge | 16.88% | 12.10% | 9.86% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2045 Index | 18.47% | 12.82% | 10.16% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 30, 2014. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2045 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$641,892

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 35.2%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 59.49% |
| International Equity Funds | 27.51% |
| Fixed Income Funds | 13.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV873ARJ-0

# Institutional

# PHTYX

# Principal LifeTime Hybrid 2045 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2045 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](id3f6d86f90111bd6da8b92de.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $26,132** | **S&P 1500 Index $37,877** | **S&P Target Date 2045 Index $26,319** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 10000 | 10045 | 10010 |
| **12/15** | 9811 | 9857 | 9800 |
| **1/16** | 9365 | 9359 | 9369 |
| **2/16** | 9325 | 9360 | 9320 |
| **3/16** | 9943 | 10011 | 9923 |
| **4/16** | 10014 | 10058 | 10011 |
| **5/16** | 10125 | 10242 | 10104 |
| **6/16** | 10125 | 10271 | 10121 |
| **7/16** | 10500 | 10659 | 10462 |
| **8/16** | 10521 | 10680 | 10492 |
| **9/16** | 10561 | 10679 | 10530 |
| **10/16** | 10318 | 10469 | 10327 |
| **11/16** | 10521 | 10918 | 10525 |
| **12/16** | 10700 | 11141 | 10735 |
| **1/17** | 10928 | 11342 | 10943 |
| **2/17** | 11197 | 11772 | 11207 |
| **3/17** | 11269 | 11780 | 11302 |
| **4/17** | 11434 | 11899 | 11444 |
| **5/17** | 11579 | 12037 | 11612 |
| **6/17** | 11672 | 12129 | 11692 |
| **7/17** | 11941 | 12364 | 11936 |
| **8/17** | 11993 | 12375 | 11940 |
| **9/17** | 12251 | 12667 | 12201 |
| **10/17** | 12458 | 12957 | 12421 |
| **11/17** | 12696 | 13362 | 12686 |
| **12/17** | 12821 | 13495 | 12835 |
| **1/18** | 13382 | 14227 | 13373 |
| **2/18** | 12853 | 13695 | 12876 |
| **3/18** | 12726 | 13398 | 12715 |
| **4/18** | 12768 | 13446 | 12802 |
| **5/18** | 12938 | 13802 | 12957 |
| **6/18** | 12885 | 13887 | 12925 |
| **7/18** | 13212 | 14383 | 13242 |
| **8/18** | 13424 | 14858 | 13417 |
| **9/18** | 13392 | 14908 | 13418 |
| **10/18** | 12409 | 13845 | 12494 |
| **11/18** | 12557 | 14135 | 12693 |
| **12/18** | 11660 | 12825 | 11841 |
| **1/19** | 12545 | 13883 | 12706 |
| **2/19** | 12844 | 14342 | 13031 |
| **3/19** | 13010 | 14575 | 13155 |
| **4/19** | 13419 | 15164 | 13548 |
| **5/19** | 12733 | 14175 | 12845 |
| **6/19** | 13475 | 15181 | 13591 |
| **7/19** | 13519 | 15396 | 13649 |
| **8/19** | 13331 | 15114 | 13393 |
| **9/19** | 13563 | 15414 | 13663 |
| **10/19** | 13840 | 15737 | 13967 |
| **11/19** | 14149 | 16299 | 14271 |
| **12/19** | 14550 | 16789 | 14685 |
| **1/20** | 14458 | 16738 | 14529 |
| **2/20** | 13553 | 15341 | 13478 |
| **3/20** | 11810 | 13335 | 11726 |
| **4/20** | 12979 | 15053 | 12887 |
| **5/20** | 13530 | 15790 | 13423 |
| **6/20** | 13851 | 16104 | 13754 |
| **7/20** | 14562 | 16997 | 14355 |
| **8/20** | 15250 | 18171 | 15052 |
| **9/20** | 14883 | 17483 | 14639 |
| **10/20** | 14642 | 17084 | 14402 |
| **11/20** | 16121 | 19015 | 16004 |
| **12/20** | 16845 | 19797 | 16691 |
| **1/21** | 16810 | 19664 | 16662 |
| **2/21** | 17237 | 20279 | 17111 |
| **3/21** | 17759 | 21165 | 17582 |
| **4/21** | 18447 | 22265 | 18258 |
| **5/21** | 18648 | 22422 | 18501 |
| **6/21** | 18791 | 22888 | 18637 |
| **7/21** | 18980 | 23375 | 18759 |
| **8/21** | 19384 | 24065 | 19167 |
| **9/21** | 18625 | 22969 | 18497 |
| **10/21** | 19502 | 24542 | 19299 |
| **11/21** | 19099 | 24330 | 18864 |
| **12/21** | 19945 | 25429 | 19615 |
| **1/22** | 18900 | 24071 | 18660 |
| **2/22** | 18415 | 23430 | 18341 |
| **3/22** | 18701 | 24249 | 18630 |
| **4/22** | 17259 | 22162 | 17312 |
| **5/22** | 17309 | 22218 | 17384 |
| **6/22** | 15904 | 20366 | 16000 |
| **7/22** | 17160 | 22266 | 17116 |
| **8/22** | 16476 | 21369 | 16496 |
| **9/22** | 15046 | 19397 | 15039 |
| **10/22** | 16040 | 21015 | 15948 |
| **11/22** | 17110 | 22188 | 17079 |
| **12/22** | 16302 | 20908 | 16508 |
| **1/23** | 17447 | 22274 | 17632 |
| **2/23** | 16997 | 21746 | 17198 |
| **3/23** | 17338 | 22405 | 17553 |
| **4/23** | 17516 | 22700 | 17778 |
| **5/23** | 17325 | 22741 | 17509 |
| **6/23** | 18293 | 24284 | 18407 |
| **7/23** | 18812 | 25090 | 18992 |
| **8/23** | 18361 | 24656 | 18535 |
| **9/23** | 17557 | 23467 | 17794 |
| **10/23** | 17066 | 22909 | 17263 |
| **11/23** | 18484 | 24988 | 18708 |
| **12/23** | 19460 | 26232 | 19668 |
| **1/24** | 19474 | 26582 | 19695 |
| **2/24** | 20318 | 27997 | 20376 |
| **3/24** | 20993 | 28936 | 20957 |
| **4/24** | 20219 | 27711 | 20279 |
| **5/24** | 21105 | 29077 | 21057 |
| **6/24** | 21330 | 29996 | 21340 |
| **7/24** | 21822 | 30503 | 21849 |
| **8/24** | 22244 | 31170 | 22315 |
| **9/24** | 22638 | 31808 | 22768 |
| **10/24** | 22132 | 31510 | 22216 |
| **11/24** | 23018 | 33451 | 22924 |
| **12/24** | 22343 | 32515 | 22338 |
| **1/25** | 22996 | 33440 | 22952 |
| **2/25** | 22953 | 32911 | 22898 |
| **3/25** | 22067 | 31056 | 22239 |
| **4/25** | 22024 | 30792 | 22417 |
| **5/25** | 23127 | 32708 | 23442 |
| **6/25** | 24071 | 34338 | 24321 |
| **7/25** | 24317 | 35087 | 24553 |
| **8/25** | 24971 | 35864 | 25224 |
| **9/25** | 25769 | 37090 | 25919 |
| **10/25** | 26132 | 37877 | 26319 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 18.08% | 12.28% | 10.08% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2045 Index | 18.47% | 12.82% | 10.16% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2045 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$641,892

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 35.2%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 59.49% |
| International Equity Funds | 27.51% |
| Fixed Income Funds | 13.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV873ARI-0

# R-6

# PLNTX

# Principal LifeTime Hybrid 2045 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2045 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $2 | 0.02% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i0fd7f2c3e7d6e01932342bf1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $26,210** | **S&P 1500 Index $37,877** | **S&P Target Date 2045 Index $26,319** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9990 | 10045 | 10010 |
| **12/15** | 9811 | 9857 | 9800 |
| **1/16** | 9365 | 9359 | 9369 |
| **2/16** | 9325 | 9360 | 9320 |
| **3/16** | 9943 | 10011 | 9923 |
| **4/16** | 10014 | 10058 | 10011 |
| **5/16** | 10125 | 10242 | 10104 |
| **6/16** | 10125 | 10271 | 10121 |
| **7/16** | 10500 | 10659 | 10462 |
| **8/16** | 10521 | 10680 | 10492 |
| **9/16** | 10561 | 10679 | 10530 |
| **10/16** | 10318 | 10469 | 10327 |
| **11/16** | 10521 | 10918 | 10525 |
| **12/16** | 10700 | 11141 | 10735 |
| **1/17** | 10938 | 11342 | 10943 |
| **2/17** | 11197 | 11772 | 11207 |
| **3/17** | 11279 | 11780 | 11302 |
| **4/17** | 11434 | 11899 | 11444 |
| **5/17** | 11589 | 12037 | 11612 |
| **6/17** | 11682 | 12129 | 11692 |
| **7/17** | 11951 | 12364 | 11936 |
| **8/17** | 12003 | 12375 | 11940 |
| **9/17** | 12261 | 12667 | 12201 |
| **10/17** | 12468 | 12957 | 12421 |
| **11/17** | 12696 | 13362 | 12686 |
| **12/17** | 12832 | 13495 | 12835 |
| **1/18** | 13392 | 14227 | 13373 |
| **2/18** | 12863 | 13695 | 12876 |
| **3/18** | 12737 | 13398 | 12715 |
| **4/18** | 12779 | 13446 | 12802 |
| **5/18** | 12948 | 13802 | 12957 |
| **6/18** | 12895 | 13887 | 12925 |
| **7/18** | 13223 | 14383 | 13242 |
| **8/18** | 13434 | 14858 | 13417 |
| **9/18** | 13402 | 14908 | 13418 |
| **10/18** | 12419 | 13845 | 12494 |
| **11/18** | 12567 | 14135 | 12693 |
| **12/18** | 11672 | 12825 | 11841 |
| **1/19** | 12557 | 13883 | 12706 |
| **2/19** | 12856 | 14342 | 13031 |
| **3/19** | 13022 | 14575 | 13155 |
| **4/19** | 13432 | 15164 | 13548 |
| **5/19** | 12746 | 14175 | 12845 |
| **6/19** | 13487 | 15181 | 13591 |
| **7/19** | 13542 | 15396 | 13649 |
| **8/19** | 13343 | 15114 | 13393 |
| **9/19** | 13575 | 15414 | 13663 |
| **10/19** | 13863 | 15737 | 13967 |
| **11/19** | 14162 | 16299 | 14271 |
| **12/19** | 14565 | 16789 | 14685 |
| **1/20** | 14473 | 16738 | 14529 |
| **2/20** | 13567 | 15341 | 13478 |
| **3/20** | 11824 | 13335 | 11726 |
| **4/20** | 12994 | 15053 | 12887 |
| **5/20** | 13544 | 15790 | 13423 |
| **6/20** | 13865 | 16104 | 13754 |
| **7/20** | 14576 | 16997 | 14355 |
| **8/20** | 15276 | 18171 | 15052 |
| **9/20** | 14909 | 17483 | 14639 |
| **10/20** | 14668 | 17084 | 14402 |
| **11/20** | 16148 | 19015 | 16004 |
| **12/20** | 16876 | 19797 | 16691 |
| **1/21** | 16829 | 19664 | 16662 |
| **2/21** | 17268 | 20279 | 17111 |
| **3/21** | 17778 | 21165 | 17582 |
| **4/21** | 18478 | 22265 | 18258 |
| **5/21** | 18680 | 22422 | 18501 |
| **6/21** | 18823 | 22888 | 18637 |
| **7/21** | 19013 | 23375 | 18759 |
| **8/21** | 19428 | 24065 | 19167 |
| **9/21** | 18657 | 22969 | 18497 |
| **10/21** | 19535 | 24542 | 19299 |
| **11/21** | 19143 | 24330 | 18864 |
| **12/21** | 19982 | 25429 | 19615 |
| **1/22** | 18937 | 24071 | 18660 |
| **2/22** | 18439 | 23430 | 18341 |
| **3/22** | 18738 | 24249 | 18630 |
| **4/22** | 17295 | 22162 | 17312 |
| **5/22** | 17345 | 22218 | 17384 |
| **6/22** | 15939 | 20366 | 16000 |
| **7/22** | 17195 | 22266 | 17116 |
| **8/22** | 16511 | 21369 | 16496 |
| **9/22** | 15080 | 19397 | 15039 |
| **10/22** | 16075 | 21015 | 15948 |
| **11/22** | 17145 | 22188 | 17079 |
| **12/22** | 16329 | 20908 | 16508 |
| **1/23** | 17489 | 22274 | 17632 |
| **2/23** | 17039 | 21746 | 17198 |
| **3/23** | 17380 | 22405 | 17553 |
| **4/23** | 17544 | 22700 | 17778 |
| **5/23** | 17366 | 22741 | 17509 |
| **6/23** | 18336 | 24284 | 18407 |
| **7/23** | 18854 | 25090 | 18992 |
| **8/23** | 18404 | 24656 | 18535 |
| **9/23** | 17598 | 23467 | 17794 |
| **10/23** | 17107 | 22909 | 17263 |
| **11/23** | 18527 | 24988 | 18708 |
| **12/23** | 19509 | 26232 | 19668 |
| **1/24** | 19523 | 26582 | 19695 |
| **2/24** | 20368 | 27997 | 20376 |
| **3/24** | 21057 | 28936 | 20957 |
| **4/24** | 20269 | 27711 | 20279 |
| **5/24** | 21156 | 29077 | 21057 |
| **6/24** | 21381 | 29996 | 21340 |
| **7/24** | 21874 | 30503 | 21849 |
| **8/24** | 22310 | 31170 | 22315 |
| **9/24** | 22690 | 31808 | 22768 |
| **10/24** | 22197 | 31510 | 22216 |
| **11/24** | 23084 | 33451 | 22924 |
| **12/24** | 22401 | 32515 | 22338 |
| **1/25** | 23055 | 33440 | 22952 |
| **2/25** | 23012 | 32911 | 22898 |
| **3/25** | 22140 | 31056 | 22239 |
| **4/25** | 22082 | 30792 | 22417 |
| **5/25** | 23186 | 32708 | 23442 |
| **6/25** | 24146 | 34338 | 24321 |
| **7/25** | 24378 | 35087 | 24553 |
| **8/25** | 25047 | 35864 | 25224 |
| **9/25** | 25847 | 37090 | 25919 |
| **10/25** | 26210 | 37877 | 26319 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-6 Shares | 18.08% | 12.31% | 10.12% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2045 Index | 18.47% | 12.82% | 10.16% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2045 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$641,892

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 35.2%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 59.49% |
| International Equity Funds | 27.51% |
| Fixed Income Funds | 13.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV873ARR6-0

# Class J

# PHJUX

# Principal LifeTime Hybrid 2050 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2050 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $23 | 0.21% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ic33bd923bd2cef4809f305aa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $26,593** | **S&P 1500 Index $37,877** | **S&P Target Date 2050 Index $26,918** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9998 | 10045 | 10014 |
| **12/15** | 9807 | 9857 | 9798 |
| **1/16** | 9340 | 9359 | 9346 |
| **2/16** | 9298 | 9360 | 9290 |
| **3/16** | 9932 | 10011 | 9913 |
| **4/16** | 10001 | 10058 | 10001 |
| **5/16** | 10110 | 10242 | 10097 |
| **6/16** | 10108 | 10271 | 10105 |
| **7/16** | 10479 | 10659 | 10460 |
| **8/16** | 10507 | 10680 | 10489 |
| **9/16** | 10545 | 10679 | 10527 |
| **10/16** | 10291 | 10469 | 10319 |
| **11/16** | 10511 | 10918 | 10536 |
| **12/16** | 10692 | 11141 | 10753 |
| **1/17** | 10927 | 11342 | 10971 |
| **2/17** | 11193 | 11772 | 11243 |
| **3/17** | 11273 | 11780 | 11345 |
| **4/17** | 11436 | 11899 | 11490 |
| **5/17** | 11588 | 12037 | 11663 |
| **6/17** | 11679 | 12129 | 11746 |
| **7/17** | 11954 | 12364 | 11995 |
| **8/17** | 12003 | 12375 | 11997 |
| **9/17** | 12269 | 12667 | 12267 |
| **10/17** | 12483 | 12957 | 12495 |
| **11/17** | 12717 | 13362 | 12771 |
| **12/17** | 12851 | 13495 | 12922 |
| **1/18** | 13428 | 14227 | 13479 |
| **2/18** | 12878 | 13695 | 12967 |
| **3/18** | 12751 | 13398 | 12801 |
| **4/18** | 12814 | 13446 | 12892 |
| **5/18** | 12983 | 13802 | 13054 |
| **6/18** | 12920 | 13887 | 13021 |
| **7/18** | 13267 | 14383 | 13347 |
| **8/18** | 13478 | 14858 | 13524 |
| **9/18** | 13436 | 14908 | 13525 |
| **10/18** | 12424 | 13845 | 12572 |
| **11/18** | 12572 | 14135 | 12778 |
| **12/18** | 11621 | 12825 | 11895 |
| **1/19** | 12534 | 13883 | 12782 |
| **2/19** | 12842 | 14342 | 13116 |
| **3/19** | 13007 | 14575 | 13238 |
| **4/19** | 13425 | 15164 | 13642 |
| **5/19** | 12699 | 14175 | 12912 |
| **6/19** | 13458 | 15181 | 13677 |
| **7/19** | 13513 | 15396 | 13735 |
| **8/19** | 13282 | 15114 | 13463 |
| **9/19** | 13535 | 15414 | 13741 |
| **10/19** | 13822 | 15737 | 14052 |
| **11/19** | 14130 | 16299 | 14366 |
| **12/19** | 14551 | 16789 | 14792 |
| **1/20** | 14437 | 16738 | 14624 |
| **2/20** | 13476 | 15341 | 13541 |
| **3/20** | 11669 | 13335 | 11751 |
| **4/20** | 12870 | 15053 | 12934 |
| **5/20** | 13430 | 15790 | 13483 |
| **6/20** | 13762 | 16104 | 13820 |
| **7/20** | 14471 | 16997 | 14428 |
| **8/20** | 15192 | 18171 | 15148 |
| **9/20** | 14814 | 17483 | 14723 |
| **10/20** | 14563 | 17084 | 14481 |
| **11/20** | 16073 | 19015 | 16131 |
| **12/20** | 16824 | 19797 | 16843 |
| **1/21** | 16788 | 19664 | 16817 |
| **2/21** | 17237 | 20279 | 17289 |
| **3/21** | 17768 | 21165 | 17782 |
| **4/21** | 18477 | 22265 | 18479 |
| **5/21** | 18689 | 22422 | 18730 |
| **6/21** | 18831 | 22888 | 18864 |
| **7/21** | 19008 | 23375 | 18984 |
| **8/21** | 19433 | 24065 | 19409 |
| **9/21** | 18642 | 22969 | 18713 |
| **10/21** | 19539 | 24542 | 19548 |
| **11/21** | 19126 | 24330 | 19092 |
| **12/21** | 19995 | 25429 | 19874 |
| **1/22** | 18921 | 24071 | 18890 |
| **2/22** | 18415 | 23430 | 18565 |
| **3/22** | 18736 | 24249 | 18877 |
| **4/22** | 17255 | 22162 | 17521 |
| **5/22** | 17304 | 22218 | 17593 |
| **6/22** | 15835 | 20366 | 16161 |
| **7/22** | 17131 | 22266 | 17308 |
| **8/22** | 16428 | 21369 | 16675 |
| **9/22** | 14959 | 19397 | 15180 |
| **10/22** | 16020 | 21015 | 16126 |
| **11/22** | 17119 | 22188 | 17288 |
| **12/22** | 16269 | 20908 | 16699 |
| **1/23** | 17443 | 22274 | 17855 |
| **2/23** | 16998 | 21746 | 17415 |
| **3/23** | 17322 | 22405 | 17769 |
| **4/23** | 17497 | 22700 | 17998 |
| **5/23** | 17308 | 22741 | 17721 |
| **6/23** | 18334 | 24284 | 18667 |
| **7/23** | 18874 | 25090 | 19286 |
| **8/23** | 18415 | 24656 | 18805 |
| **9/23** | 17578 | 23467 | 18040 |
| **10/23** | 17065 | 22909 | 17488 |
| **11/23** | 18523 | 24988 | 18981 |
| **12/23** | 19537 | 26232 | 19970 |
| **1/24** | 19551 | 26582 | 19996 |
| **2/24** | 20453 | 27997 | 20723 |
| **3/24** | 21189 | 28936 | 21332 |
| **4/24** | 20370 | 27711 | 20633 |
| **5/24** | 21314 | 29077 | 21442 |
| **6/24** | 21536 | 29996 | 21748 |
| **7/24** | 22022 | 30503 | 22272 |
| **8/24** | 22467 | 31170 | 22748 |
| **9/24** | 22856 | 31808 | 23215 |
| **10/24** | 22356 | 31510 | 22669 |
| **11/24** | 23300 | 33451 | 23446 |
| **12/24** | 22585 | 32515 | 22826 |
| **1/25** | 23287 | 33440 | 23464 |
| **2/25** | 23186 | 32911 | 23376 |
| **3/25** | 22242 | 31056 | 22654 |
| **4/25** | 22170 | 30792 | 22807 |
| **5/25** | 23387 | 32708 | 23889 |
| **6/25** | 24389 | 34338 | 24814 |
| **7/25** | 24661 | 35087 | 25071 |
| **8/25** | 25362 | 35864 | 25768 |
| **9/25** | 26206 | 37090 | 26498 |
| **10/25** | 26593 | 37877 | 26918 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 18.95% | 12.80% | 10.27% |
| Class J Shares Including Sales Charge | 17.95% | 12.80% | 10.27% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2050 Index | 18.74% | 13.20% | 10.41% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 30, 2014. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2050 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$607,222

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 33.7%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 64.70% |
| International Equity Funds | 30.01% |
| Fixed Income Funds | 5.30% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV874ARJ-0

# Institutional

# PHTUX

# Principal LifeTime Hybrid 2050 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2050 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ibe69b67f16c52bb16737517a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $27,163** | **S&P 1500 Index $37,877** | **S&P Target Date 2050 Index $26,918** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 10000 | 10045 | 10014 |
| **12/15** | 9810 | 9857 | 9798 |
| **1/16** | 9346 | 9359 | 9346 |
| **2/16** | 9305 | 9360 | 9290 |
| **3/16** | 9942 | 10011 | 9913 |
| **4/16** | 10013 | 10058 | 10001 |
| **5/16** | 10124 | 10242 | 10097 |
| **6/16** | 10124 | 10271 | 10105 |
| **7/16** | 10497 | 10659 | 10460 |
| **8/16** | 10528 | 10680 | 10489 |
| **9/16** | 10568 | 10679 | 10527 |
| **10/16** | 10316 | 10469 | 10319 |
| **11/16** | 10538 | 10918 | 10536 |
| **12/16** | 10722 | 11141 | 10753 |
| **1/17** | 10960 | 11342 | 10971 |
| **2/17** | 11229 | 11772 | 11243 |
| **3/17** | 11312 | 11780 | 11345 |
| **4/17** | 11477 | 11899 | 11490 |
| **5/17** | 11633 | 12037 | 11663 |
| **6/17** | 11726 | 12129 | 11746 |
| **7/17** | 12005 | 12364 | 11995 |
| **8/17** | 12057 | 12375 | 11997 |
| **9/17** | 12326 | 12667 | 12267 |
| **10/17** | 12543 | 12957 | 12495 |
| **11/17** | 12782 | 13362 | 12771 |
| **12/17** | 12919 | 13495 | 12922 |
| **1/18** | 13502 | 14227 | 13479 |
| **2/18** | 12951 | 13695 | 12967 |
| **3/18** | 12824 | 13398 | 12801 |
| **4/18** | 12877 | 13446 | 12892 |
| **5/18** | 13046 | 13802 | 13054 |
| **6/18** | 12993 | 13887 | 13021 |
| **7/18** | 13332 | 14383 | 13347 |
| **8/18** | 13555 | 14858 | 13524 |
| **9/18** | 13523 | 14908 | 13525 |
| **10/18** | 12495 | 13845 | 12572 |
| **11/18** | 12644 | 14135 | 12778 |
| **12/18** | 11696 | 12825 | 11895 |
| **1/19** | 12616 | 13883 | 12782 |
| **2/19** | 12937 | 14342 | 13116 |
| **3/19** | 13103 | 14575 | 13238 |
| **4/19** | 13524 | 15164 | 13642 |
| **5/19** | 12793 | 14175 | 12912 |
| **6/19** | 13568 | 15181 | 13677 |
| **7/19** | 13613 | 15396 | 13735 |
| **8/19** | 13391 | 15114 | 13463 |
| **9/19** | 13646 | 15414 | 13741 |
| **10/19** | 13945 | 15737 | 14052 |
| **11/19** | 14255 | 16299 | 14366 |
| **12/19** | 14688 | 16789 | 14792 |
| **1/20** | 14573 | 16738 | 14624 |
| **2/20** | 13605 | 15341 | 13541 |
| **3/20** | 11783 | 13335 | 11751 |
| **4/20** | 13005 | 15053 | 12934 |
| **5/20** | 13570 | 15790 | 13483 |
| **6/20** | 13904 | 16104 | 13820 |
| **7/20** | 14631 | 16997 | 14428 |
| **8/20** | 15369 | 18171 | 15148 |
| **9/20** | 14977 | 17483 | 14723 |
| **10/20** | 14723 | 17084 | 14481 |
| **11/20** | 16268 | 19015 | 16131 |
| **12/20** | 17029 | 19797 | 16843 |
| **1/21** | 16993 | 19664 | 16817 |
| **2/21** | 17458 | 20279 | 17289 |
| **3/21** | 17994 | 21165 | 17782 |
| **4/21** | 18709 | 22265 | 18479 |
| **5/21** | 18923 | 22422 | 18730 |
| **6/21** | 19078 | 22888 | 18864 |
| **7/21** | 19269 | 23375 | 18984 |
| **8/21** | 19686 | 24065 | 19409 |
| **9/21** | 18888 | 22969 | 18713 |
| **10/21** | 19817 | 24542 | 19548 |
| **11/21** | 19388 | 24330 | 19092 |
| **12/21** | 20284 | 25429 | 19874 |
| **1/22** | 19186 | 24071 | 18890 |
| **2/22** | 18687 | 23430 | 18565 |
| **3/22** | 19011 | 24249 | 18877 |
| **4/22** | 17502 | 22162 | 17521 |
| **5/22** | 17564 | 22218 | 17593 |
| **6/22** | 16080 | 20366 | 16161 |
| **7/22** | 17402 | 22266 | 17308 |
| **8/22** | 16691 | 21369 | 16675 |
| **9/22** | 15194 | 19397 | 15180 |
| **10/22** | 16279 | 21015 | 16126 |
| **11/22** | 17389 | 22188 | 17288 |
| **12/22** | 16534 | 20908 | 16699 |
| **1/23** | 17736 | 22274 | 17855 |
| **2/23** | 17271 | 21746 | 17415 |
| **3/23** | 17613 | 22405 | 17769 |
| **4/23** | 17791 | 22700 | 17998 |
| **5/23** | 17599 | 22741 | 17721 |
| **6/23** | 18652 | 24284 | 18667 |
| **7/23** | 19212 | 25090 | 19286 |
| **8/23** | 18734 | 24656 | 18805 |
| **9/23** | 17886 | 23467 | 18040 |
| **10/23** | 17367 | 22909 | 17488 |
| **11/23** | 18857 | 24988 | 18981 |
| **12/23** | 19894 | 26232 | 19970 |
| **1/24** | 19908 | 26582 | 19996 |
| **2/24** | 20836 | 27997 | 20723 |
| **3/24** | 21582 | 28936 | 21332 |
| **4/24** | 20752 | 27711 | 20633 |
| **5/24** | 21709 | 29077 | 21442 |
| **6/24** | 21948 | 29996 | 21748 |
| **7/24** | 22440 | 30503 | 22272 |
| **8/24** | 22905 | 31170 | 22748 |
| **9/24** | 23298 | 31808 | 23215 |
| **10/24** | 22792 | 31510 | 22669 |
| **11/24** | 23749 | 33451 | 23446 |
| **12/24** | 23040 | 32515 | 22826 |
| **1/25** | 23751 | 33440 | 23464 |
| **2/25** | 23649 | 32911 | 23376 |
| **3/25** | 22691 | 31056 | 22654 |
| **4/25** | 22619 | 30792 | 22807 |
| **5/25** | 23867 | 32708 | 23889 |
| **6/25** | 24898 | 34338 | 24814 |
| **7/25** | 25174 | 35087 | 25071 |
| **8/25** | 25885 | 35864 | 25768 |
| **9/25** | 26756 | 37090 | 26498 |
| **10/25** | 27163 | 37877 | 26918 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 19.18% | 13.03% | 10.51% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2050 Index | 18.74% | 13.20% | 10.41% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2050 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$607,222

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 33.7%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 64.70% |
| International Equity Funds | 30.01% |
| Fixed Income Funds | 5.30% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV874ARI-0

# R-6

# PLJTX

# Principal LifeTime Hybrid 2050 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2050 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $2 | 0.02% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i3ad1454d589f78750044c707.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $27,222** | **S&P 1500 Index $37,877** | **S&P Target Date 2050 Index $26,918** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 10000 | 10045 | 10014 |
| **12/15** | 9810 | 9857 | 9798 |
| **1/16** | 9346 | 9359 | 9346 |
| **2/16** | 9295 | 9360 | 9290 |
| **3/16** | 9932 | 10011 | 9913 |
| **4/16** | 10002 | 10058 | 10001 |
| **5/16** | 10124 | 10242 | 10097 |
| **6/16** | 10124 | 10271 | 10105 |
| **7/16** | 10497 | 10659 | 10460 |
| **8/16** | 10528 | 10680 | 10489 |
| **9/16** | 10568 | 10679 | 10527 |
| **10/16** | 10316 | 10469 | 10319 |
| **11/16** | 10538 | 10918 | 10536 |
| **12/16** | 10712 | 11141 | 10753 |
| **1/17** | 10960 | 11342 | 10971 |
| **2/17** | 11229 | 11772 | 11243 |
| **3/17** | 11312 | 11780 | 11345 |
| **4/17** | 11478 | 11899 | 11490 |
| **5/17** | 11633 | 12037 | 11663 |
| **6/17** | 11726 | 12129 | 11746 |
| **7/17** | 12006 | 12364 | 11995 |
| **8/17** | 12057 | 12375 | 11997 |
| **9/17** | 12326 | 12667 | 12267 |
| **10/17** | 12544 | 12957 | 12495 |
| **11/17** | 12782 | 13362 | 12771 |
| **12/17** | 12919 | 13495 | 12922 |
| **1/18** | 13502 | 14227 | 13479 |
| **2/18** | 12962 | 13695 | 12967 |
| **3/18** | 12824 | 13398 | 12801 |
| **4/18** | 12877 | 13446 | 12892 |
| **5/18** | 13057 | 13802 | 13054 |
| **6/18** | 12994 | 13887 | 13021 |
| **7/18** | 13343 | 14383 | 13347 |
| **8/18** | 13555 | 14858 | 13524 |
| **9/18** | 13523 | 14908 | 13525 |
| **10/18** | 12506 | 13845 | 12572 |
| **11/18** | 12654 | 14135 | 12778 |
| **12/18** | 11698 | 12825 | 11895 |
| **1/19** | 12617 | 13883 | 12782 |
| **2/19** | 12938 | 14342 | 13116 |
| **3/19** | 13104 | 14575 | 13238 |
| **4/19** | 13525 | 15164 | 13642 |
| **5/19** | 12805 | 14175 | 12912 |
| **6/19** | 13570 | 15181 | 13677 |
| **7/19** | 13625 | 15396 | 13735 |
| **8/19** | 13404 | 15114 | 13463 |
| **9/19** | 13658 | 15414 | 13741 |
| **10/19** | 13946 | 15737 | 14052 |
| **11/19** | 14268 | 16299 | 14366 |
| **12/19** | 14692 | 16789 | 14792 |
| **1/20** | 14588 | 16738 | 14624 |
| **2/20** | 13608 | 15341 | 13541 |
| **3/20** | 11798 | 13335 | 11751 |
| **4/20** | 13009 | 15053 | 12934 |
| **5/20** | 13574 | 15790 | 13483 |
| **6/20** | 13920 | 16104 | 13820 |
| **7/20** | 14646 | 16997 | 14428 |
| **8/20** | 15373 | 18171 | 15148 |
| **9/20** | 14992 | 17483 | 14723 |
| **10/20** | 14738 | 17084 | 14481 |
| **11/20** | 16272 | 19015 | 16131 |
| **12/20** | 17038 | 19797 | 16843 |
| **1/21** | 17002 | 19664 | 16817 |
| **2/21** | 17467 | 20279 | 17289 |
| **3/21** | 18015 | 21165 | 17782 |
| **4/21** | 18731 | 22265 | 18479 |
| **5/21** | 18945 | 22422 | 18730 |
| **6/21** | 19088 | 22888 | 18864 |
| **7/21** | 19279 | 23375 | 18984 |
| **8/21** | 19708 | 24065 | 19409 |
| **9/21** | 18909 | 22969 | 18713 |
| **10/21** | 19828 | 24542 | 19548 |
| **11/21** | 19410 | 24330 | 19092 |
| **12/21** | 20299 | 25429 | 19874 |
| **1/22** | 19213 | 24071 | 18890 |
| **2/22** | 18701 | 23430 | 18565 |
| **3/22** | 19026 | 24249 | 18877 |
| **4/22** | 17528 | 22162 | 17521 |
| **5/22** | 17578 | 22218 | 17593 |
| **6/22** | 16105 | 20366 | 16161 |
| **7/22** | 17416 | 22266 | 17308 |
| **8/22** | 16704 | 21369 | 16675 |
| **9/22** | 15218 | 19397 | 15180 |
| **10/22** | 16292 | 21015 | 16126 |
| **11/22** | 17416 | 22188 | 17288 |
| **12/22** | 16552 | 20908 | 16699 |
| **1/23** | 17756 | 22274 | 17855 |
| **2/23** | 17304 | 21746 | 17415 |
| **3/23** | 17646 | 22405 | 17769 |
| **4/23** | 17810 | 22700 | 17998 |
| **5/23** | 17633 | 22741 | 17721 |
| **6/23** | 18672 | 24284 | 18667 |
| **7/23** | 19233 | 25090 | 19286 |
| **8/23** | 18768 | 24656 | 18805 |
| **9/23** | 17906 | 23467 | 18040 |
| **10/23** | 17400 | 22909 | 17488 |
| **11/23** | 18891 | 24988 | 18981 |
| **12/23** | 19921 | 26232 | 19970 |
| **1/24** | 19935 | 26582 | 19996 |
| **2/24** | 20865 | 27997 | 20723 |
| **3/24** | 21626 | 28936 | 21332 |
| **4/24** | 20794 | 27711 | 20633 |
| **5/24** | 21738 | 29077 | 21442 |
| **6/24** | 21978 | 29996 | 21748 |
| **7/24** | 22485 | 30503 | 22272 |
| **8/24** | 22936 | 31170 | 22748 |
| **9/24** | 23344 | 31808 | 23215 |
| **10/24** | 22823 | 31510 | 22669 |
| **11/24** | 23795 | 33451 | 23446 |
| **12/24** | 23078 | 32515 | 22826 |
| **1/25** | 23790 | 33440 | 23464 |
| **2/25** | 23703 | 32911 | 23376 |
| **3/25** | 22729 | 31056 | 22654 |
| **4/25** | 22671 | 30792 | 22807 |
| **5/25** | 23907 | 32708 | 23889 |
| **6/25** | 24954 | 34338 | 24814 |
| **7/25** | 25215 | 35087 | 25071 |
| **8/25** | 25942 | 35864 | 25768 |
| **9/25** | 26815 | 37090 | 26498 |
| **10/25** | 27222 | 37877 | 26918 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-6 Shares | 19.27% | 13.06% | 10.53% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2050 Index | 18.74% | 13.20% | 10.41% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2050 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$607,222

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 33.7%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 64.70% |
| International Equity Funds | 30.01% |
| Fixed Income Funds | 5.30% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV874ARR6-0

# Class J

# PHJBX

# Principal LifeTime Hybrid 2055 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2055 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $28 | 0.26% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i1a7de8d5dacc132111244193.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $26,842** | **S&P 1500 Index $37,877** | **S&P Target Date 2055 Index $27,200** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9998 | 10045 | 10014 |
| **12/15** | 9806 | 9857 | 9793 |
| **1/16** | 9329 | 9359 | 9329 |
| **2/16** | 9277 | 9360 | 9269 |
| **3/16** | 9921 | 10011 | 9903 |
| **4/16** | 10000 | 10058 | 9993 |
| **5/16** | 10119 | 10242 | 10090 |
| **6/16** | 10107 | 10271 | 10093 |
| **7/16** | 10488 | 10659 | 10455 |
| **8/16** | 10516 | 10680 | 10487 |
| **9/16** | 10554 | 10679 | 10525 |
| **10/16** | 10300 | 10469 | 10314 |
| **11/16** | 10530 | 10918 | 10545 |
| **12/16** | 10706 | 11141 | 10766 |
| **1/17** | 10950 | 11342 | 10990 |
| **2/17** | 11225 | 11772 | 11269 |
| **3/17** | 11315 | 11780 | 11374 |
| **4/17** | 11467 | 11899 | 11521 |
| **5/17** | 11629 | 12037 | 11697 |
| **6/17** | 11719 | 12129 | 11781 |
| **7/17** | 12004 | 12364 | 12033 |
| **8/17** | 12052 | 12375 | 12035 |
| **9/17** | 12327 | 12667 | 12309 |
| **10/17** | 12539 | 12957 | 12540 |
| **11/17** | 12793 | 13362 | 12817 |
| **12/17** | 12926 | 13495 | 12970 |
| **1/18** | 13520 | 14227 | 13538 |
| **2/18** | 12963 | 13695 | 13023 |
| **3/18** | 12816 | 13398 | 12853 |
| **4/18** | 12879 | 13446 | 12945 |
| **5/18** | 13057 | 13802 | 13106 |
| **6/18** | 12994 | 13887 | 13072 |
| **7/18** | 13340 | 14383 | 13401 |
| **8/18** | 13560 | 14858 | 13578 |
| **9/18** | 13528 | 14908 | 13579 |
| **10/18** | 12471 | 13845 | 12618 |
| **11/18** | 12617 | 14135 | 12825 |
| **12/18** | 11622 | 12825 | 11936 |
| **1/19** | 12575 | 13883 | 12829 |
| **2/19** | 12893 | 14342 | 13164 |
| **3/19** | 13046 | 14575 | 13286 |
| **4/19** | 13484 | 15164 | 13692 |
| **5/19** | 12728 | 14175 | 12957 |
| **6/19** | 13517 | 15181 | 13729 |
| **7/19** | 13561 | 15396 | 13786 |
| **8/19** | 13320 | 15114 | 13509 |
| **9/19** | 13572 | 15414 | 13793 |
| **10/19** | 13878 | 15737 | 14109 |
| **11/19** | 14196 | 16299 | 14425 |
| **12/19** | 14639 | 16789 | 14859 |
| **1/20** | 14515 | 16738 | 14686 |
| **2/20** | 13507 | 15341 | 13582 |
| **3/20** | 11628 | 13335 | 11762 |
| **4/20** | 12850 | 15053 | 12956 |
| **5/20** | 13417 | 15790 | 13508 |
| **6/20** | 13745 | 16104 | 13851 |
| **7/20** | 14470 | 16997 | 14467 |
| **8/20** | 15205 | 18171 | 15201 |
| **9/20** | 14809 | 17483 | 14768 |
| **10/20** | 14560 | 17084 | 14521 |
| **11/20** | 16123 | 19015 | 16195 |
| **12/20** | 16904 | 19797 | 16918 |
| **1/21** | 16857 | 19664 | 16892 |
| **2/21** | 17335 | 20279 | 17373 |
| **3/21** | 17895 | 21165 | 17877 |
| **4/21** | 18629 | 22265 | 18587 |
| **5/21** | 18839 | 22422 | 18843 |
| **6/21** | 18979 | 22888 | 18977 |
| **7/21** | 19165 | 23375 | 19096 |
| **8/21** | 19597 | 24065 | 19526 |
| **9/21** | 18780 | 22969 | 18824 |
| **10/21** | 19725 | 24542 | 19666 |
| **11/21** | 19305 | 24330 | 19205 |
| **12/21** | 20194 | 25429 | 19995 |
| **1/22** | 19101 | 24071 | 19003 |
| **2/22** | 18591 | 23430 | 18676 |
| **3/22** | 18907 | 24249 | 18993 |
| **4/22** | 17414 | 22162 | 17626 |
| **5/22** | 17462 | 22218 | 17698 |
| **6/22** | 15993 | 20366 | 16245 |
| **7/22** | 17292 | 22266 | 17404 |
| **8/22** | 16588 | 21369 | 16769 |
| **9/22** | 15094 | 19397 | 15259 |
| **10/22** | 16163 | 21015 | 16221 |
| **11/22** | 17268 | 22188 | 17397 |
| **12/22** | 16410 | 20908 | 16802 |
| **1/23** | 17601 | 22274 | 17971 |
| **2/23** | 17151 | 21746 | 17529 |
| **3/23** | 17482 | 22405 | 17881 |
| **4/23** | 17654 | 22700 | 18113 |
| **5/23** | 17456 | 22741 | 17831 |
| **6/23** | 18488 | 24284 | 18785 |
| **7/23** | 19044 | 25090 | 19410 |
| **8/23** | 18567 | 24656 | 18925 |
| **9/23** | 17720 | 23467 | 18153 |
| **10/23** | 17204 | 22909 | 17597 |
| **11/23** | 18686 | 24988 | 19102 |
| **12/23** | 19694 | 26232 | 20098 |
| **1/24** | 19708 | 26582 | 20126 |
| **2/24** | 20632 | 27997 | 20859 |
| **3/24** | 21366 | 28936 | 21473 |
| **4/24** | 20537 | 27711 | 20769 |
| **5/24** | 21475 | 29077 | 21585 |
| **6/24** | 21706 | 29996 | 21891 |
| **7/24** | 22209 | 30503 | 22423 |
| **8/24** | 22644 | 31170 | 22909 |
| **9/24** | 23038 | 31808 | 23385 |
| **10/24** | 22521 | 31510 | 22822 |
| **11/24** | 23486 | 33451 | 23608 |
| **12/24** | 22768 | 32515 | 22976 |
| **1/25** | 23468 | 33440 | 23635 |
| **2/25** | 23370 | 32911 | 23540 |
| **3/25** | 22404 | 31056 | 22802 |
| **4/25** | 22334 | 30792 | 22969 |
| **5/25** | 23566 | 32708 | 24090 |
| **6/25** | 24602 | 34338 | 25038 |
| **7/25** | 24868 | 35087 | 25303 |
| **8/25** | 25582 | 35864 | 26017 |
| **9/25** | 26436 | 37090 | 26768 |
| **10/25** | 26842 | 37877 | 27200 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 19.19% | 13.01% | 10.38% |
| Class J Shares Including Sales Charge | 18.19% | 13.01% | 10.38% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2055 Index | 19.18% | 13.37% | 10.52% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 30, 2014. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2055 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$389,712

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 33.7%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.25% |
| International Equity Funds | 30.75% |
| Fixed Income Funds | 3.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV875ARJ-0

# Institutional

# PLTNX

# Principal LifeTime Hybrid 2055 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2055 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ib8f20adb7de1f71c4fc46752.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $27,499** | **S&P 1500 Index $37,877** | **S&P Target Date 2055 Index $27,200** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 10000 | 10045 | 10014 |
| **12/15** | 9809 | 9857 | 9793 |
| **1/16** | 9335 | 9359 | 9329 |
| **2/16** | 9284 | 9360 | 9269 |
| **3/16** | 9931 | 10011 | 9903 |
| **4/16** | 10011 | 10058 | 9993 |
| **5/16** | 10133 | 10242 | 10090 |
| **6/16** | 10123 | 10271 | 10093 |
| **7/16** | 10507 | 10659 | 10455 |
| **8/16** | 10537 | 10680 | 10487 |
| **9/16** | 10577 | 10679 | 10525 |
| **10/16** | 10325 | 10469 | 10314 |
| **11/16** | 10557 | 10918 | 10545 |
| **12/16** | 10736 | 11141 | 10766 |
| **1/17** | 10983 | 11342 | 10990 |
| **2/17** | 11261 | 11772 | 11269 |
| **3/17** | 11354 | 11780 | 11374 |
| **4/17** | 11509 | 11899 | 11521 |
| **5/17** | 11673 | 12037 | 11697 |
| **6/17** | 11766 | 12129 | 11781 |
| **7/17** | 12055 | 12364 | 12033 |
| **8/17** | 12106 | 12375 | 12035 |
| **9/17** | 12384 | 12667 | 12309 |
| **10/17** | 12601 | 12957 | 12540 |
| **11/17** | 12858 | 13362 | 12817 |
| **12/17** | 12995 | 13495 | 12970 |
| **1/18** | 13595 | 14227 | 13538 |
| **2/18** | 13037 | 13695 | 13023 |
| **3/18** | 12900 | 13398 | 12853 |
| **4/18** | 12953 | 13446 | 12945 |
| **5/18** | 13132 | 13802 | 13106 |
| **6/18** | 13068 | 13887 | 13072 |
| **7/18** | 13426 | 14383 | 13401 |
| **8/18** | 13648 | 14858 | 13578 |
| **9/18** | 13616 | 14908 | 13579 |
| **10/18** | 12563 | 13845 | 12618 |
| **11/18** | 12710 | 14135 | 12825 |
| **12/18** | 11718 | 12825 | 11936 |
| **1/19** | 12666 | 13883 | 12829 |
| **2/19** | 12997 | 14342 | 13164 |
| **3/19** | 13162 | 14575 | 13286 |
| **4/19** | 13592 | 15164 | 13692 |
| **5/19** | 12843 | 14175 | 12957 |
| **6/19** | 13636 | 15181 | 13729 |
| **7/19** | 13680 | 15396 | 13786 |
| **8/19** | 13438 | 15114 | 13509 |
| **9/19** | 13702 | 15414 | 13793 |
| **10/19** | 14011 | 15737 | 14109 |
| **11/19** | 14342 | 16299 | 14425 |
| **12/19** | 14784 | 16789 | 14859 |
| **1/20** | 14658 | 16738 | 14686 |
| **2/20** | 13643 | 15341 | 13582 |
| **3/20** | 11749 | 13335 | 11762 |
| **4/20** | 12981 | 15053 | 12956 |
| **5/20** | 13563 | 15790 | 13508 |
| **6/20** | 13905 | 16104 | 13851 |
| **7/20** | 14635 | 16997 | 14467 |
| **8/20** | 15388 | 18171 | 15201 |
| **9/20** | 14989 | 17483 | 14768 |
| **10/20** | 14738 | 17084 | 14521 |
| **11/20** | 16324 | 19015 | 16195 |
| **12/20** | 17115 | 19797 | 16918 |
| **1/21** | 17068 | 19664 | 16892 |
| **2/21** | 17562 | 20279 | 17373 |
| **3/21** | 18139 | 21165 | 17877 |
| **4/21** | 18880 | 22265 | 18587 |
| **5/21** | 19103 | 22422 | 18843 |
| **6/21** | 19244 | 22888 | 18977 |
| **7/21** | 19433 | 23375 | 19096 |
| **8/21** | 19880 | 24065 | 19526 |
| **9/21** | 19056 | 22969 | 18824 |
| **10/21** | 20009 | 24542 | 19666 |
| **11/21** | 19597 | 24330 | 19205 |
| **12/21** | 20492 | 25429 | 19995 |
| **1/22** | 19388 | 24071 | 19003 |
| **2/22** | 18885 | 23430 | 18676 |
| **3/22** | 19204 | 24249 | 18993 |
| **4/22** | 17694 | 22162 | 17626 |
| **5/22** | 17743 | 22218 | 17698 |
| **6/22** | 16246 | 20366 | 16245 |
| **7/22** | 17584 | 22266 | 17404 |
| **8/22** | 16860 | 21369 | 16769 |
| **9/22** | 15363 | 19397 | 15259 |
| **10/22** | 16443 | 21015 | 16221 |
| **11/22** | 17572 | 22188 | 17397 |
| **12/22** | 16700 | 20908 | 16802 |
| **1/23** | 17919 | 22274 | 17971 |
| **2/23** | 17464 | 21746 | 17529 |
| **3/23** | 17798 | 22405 | 17881 |
| **4/23** | 17972 | 22700 | 18113 |
| **5/23** | 17785 | 22741 | 17831 |
| **6/23** | 18843 | 24284 | 18785 |
| **7/23** | 19405 | 25090 | 19410 |
| **8/23** | 18937 | 24656 | 18925 |
| **9/23** | 18066 | 23467 | 18153 |
| **10/23** | 17544 | 22909 | 17597 |
| **11/23** | 19057 | 24988 | 19102 |
| **12/23** | 20099 | 26232 | 20098 |
| **1/24** | 20113 | 26582 | 20126 |
| **2/24** | 21049 | 27997 | 20859 |
| **3/24** | 21807 | 28936 | 21473 |
| **4/24** | 20967 | 27711 | 20769 |
| **5/24** | 21931 | 29077 | 21585 |
| **6/24** | 22179 | 29996 | 21891 |
| **7/24** | 22689 | 30503 | 22423 |
| **8/24** | 23143 | 31170 | 22909 |
| **9/24** | 23543 | 31808 | 23385 |
| **10/24** | 23019 | 31510 | 22822 |
| **11/24** | 24011 | 33451 | 23608 |
| **12/24** | 23278 | 32515 | 22976 |
| **1/25** | 24003 | 33440 | 23635 |
| **2/25** | 23903 | 32911 | 23540 |
| **3/25** | 22908 | 31056 | 22802 |
| **4/25** | 22852 | 30792 | 22969 |
| **5/25** | 24131 | 32708 | 24090 |
| **6/25** | 25182 | 34338 | 25038 |
| **7/25** | 25452 | 35087 | 25303 |
| **8/25** | 26191 | 35864 | 26017 |
| **9/25** | 27087 | 37090 | 26768 |
| **10/25** | 27499 | 37877 | 27200 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 19.46% | 13.29% | 10.64% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2055 Index | 19.18% | 13.37% | 10.52% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2055 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$389,712

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 33.7%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.25% |
| International Equity Funds | 30.75% |
| Fixed Income Funds | 3.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV875ARI-0

# R-6

# PLHTX

# Principal LifeTime Hybrid 2055 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2055 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $2 | 0.02% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](id9f76b21dd1800af57a6e2db.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $27,571** | **S&P 1500 Index $37,877** | **S&P Target Date 2055 Index $27,200** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 10010 | 10045 | 10014 |
| **12/15** | 9809 | 9857 | 9793 |
| **1/16** | 9335 | 9359 | 9329 |
| **2/16** | 9294 | 9360 | 9269 |
| **3/16** | 9941 | 10011 | 9903 |
| **4/16** | 10011 | 10058 | 9993 |
| **5/16** | 10133 | 10242 | 10090 |
| **6/16** | 10123 | 10271 | 10093 |
| **7/16** | 10507 | 10659 | 10455 |
| **8/16** | 10537 | 10680 | 10487 |
| **9/16** | 10587 | 10679 | 10525 |
| **10/16** | 10335 | 10469 | 10314 |
| **11/16** | 10567 | 10918 | 10545 |
| **12/16** | 10746 | 11141 | 10766 |
| **1/17** | 10993 | 11342 | 10990 |
| **2/17** | 11271 | 11772 | 11269 |
| **3/17** | 11354 | 11780 | 11374 |
| **4/17** | 11529 | 11899 | 11521 |
| **5/17** | 11683 | 12037 | 11697 |
| **6/17** | 11776 | 12129 | 11781 |
| **7/17** | 12065 | 12364 | 12033 |
| **8/17** | 12116 | 12375 | 12035 |
| **9/17** | 12394 | 12667 | 12309 |
| **10/17** | 12611 | 12957 | 12540 |
| **11/17** | 12868 | 13362 | 12817 |
| **12/17** | 13005 | 13495 | 12970 |
| **1/18** | 13605 | 14227 | 13538 |
| **2/18** | 13047 | 13695 | 13023 |
| **3/18** | 12910 | 13398 | 12853 |
| **4/18** | 12963 | 13446 | 12945 |
| **5/18** | 13142 | 13802 | 13106 |
| **6/18** | 13078 | 13887 | 13072 |
| **7/18** | 13437 | 14383 | 13401 |
| **8/18** | 13668 | 14858 | 13578 |
| **9/18** | 13626 | 14908 | 13579 |
| **10/18** | 12573 | 13845 | 12618 |
| **11/18** | 12731 | 14135 | 12825 |
| **12/18** | 11728 | 12825 | 11936 |
| **1/19** | 12676 | 13883 | 12829 |
| **2/19** | 13007 | 14342 | 13164 |
| **3/19** | 13172 | 14575 | 13286 |
| **4/19** | 13613 | 15164 | 13692 |
| **5/19** | 12853 | 14175 | 12957 |
| **6/19** | 13646 | 15181 | 13729 |
| **7/19** | 13701 | 15396 | 13786 |
| **8/19** | 13459 | 15114 | 13509 |
| **9/19** | 13723 | 15414 | 13793 |
| **10/19** | 14021 | 15737 | 14109 |
| **11/19** | 14352 | 16299 | 14425 |
| **12/19** | 14805 | 16789 | 14859 |
| **1/20** | 14679 | 16738 | 14686 |
| **2/20** | 13664 | 15341 | 13582 |
| **3/20** | 11759 | 13335 | 11762 |
| **4/20** | 13002 | 15053 | 12956 |
| **5/20** | 13584 | 15790 | 13508 |
| **6/20** | 13926 | 16104 | 13851 |
| **7/20** | 14656 | 16997 | 14467 |
| **8/20** | 15409 | 18171 | 15201 |
| **9/20** | 15010 | 17483 | 14768 |
| **10/20** | 14759 | 17084 | 14521 |
| **11/20** | 16344 | 19015 | 16195 |
| **12/20** | 17136 | 19797 | 16918 |
| **1/21** | 17101 | 19664 | 16892 |
| **2/21** | 17595 | 20279 | 17373 |
| **3/21** | 18160 | 21165 | 17877 |
| **4/21** | 18901 | 22265 | 18587 |
| **5/21** | 19136 | 22422 | 18843 |
| **6/21** | 19277 | 22888 | 18977 |
| **7/21** | 19465 | 23375 | 19096 |
| **8/21** | 19912 | 24065 | 19526 |
| **9/21** | 19089 | 22969 | 18824 |
| **10/21** | 20041 | 24542 | 19666 |
| **11/21** | 19630 | 24330 | 19205 |
| **12/21** | 20529 | 25429 | 19995 |
| **1/22** | 19424 | 24071 | 19003 |
| **2/22** | 18909 | 23430 | 18676 |
| **3/22** | 19240 | 24249 | 18993 |
| **4/22** | 17719 | 22162 | 17626 |
| **5/22** | 17780 | 22218 | 17698 |
| **6/22** | 16283 | 20366 | 16245 |
| **7/22** | 17608 | 22266 | 17404 |
| **8/22** | 16897 | 21369 | 16769 |
| **9/22** | 15387 | 19397 | 15259 |
| **10/22** | 16479 | 21015 | 16221 |
| **11/22** | 17608 | 22188 | 17397 |
| **12/22** | 16743 | 20908 | 16802 |
| **1/23** | 17948 | 22274 | 17971 |
| **2/23** | 17493 | 21746 | 17529 |
| **3/23** | 17841 | 22405 | 17881 |
| **4/23** | 18015 | 22700 | 18113 |
| **5/23** | 17828 | 22741 | 17831 |
| **6/23** | 18886 | 24284 | 18785 |
| **7/23** | 19448 | 25090 | 19410 |
| **8/23** | 18979 | 24656 | 18925 |
| **9/23** | 18109 | 23467 | 18153 |
| **10/23** | 17586 | 22909 | 17597 |
| **11/23** | 19100 | 24988 | 19102 |
| **12/23** | 20147 | 26232 | 20098 |
| **1/24** | 20161 | 26582 | 20126 |
| **2/24** | 21098 | 27997 | 20859 |
| **3/24** | 21856 | 28936 | 21473 |
| **4/24** | 21029 | 27711 | 20769 |
| **5/24** | 21993 | 29077 | 21585 |
| **6/24** | 22228 | 29996 | 21891 |
| **7/24** | 22738 | 30503 | 22423 |
| **8/24** | 23192 | 31170 | 22909 |
| **9/24** | 23606 | 31808 | 23385 |
| **10/24** | 23082 | 31510 | 22822 |
| **11/24** | 24074 | 33451 | 23608 |
| **12/24** | 23334 | 32515 | 22976 |
| **1/25** | 24073 | 33440 | 23635 |
| **2/25** | 23959 | 32911 | 23540 |
| **3/25** | 22978 | 31056 | 22802 |
| **4/25** | 22907 | 30792 | 22969 |
| **5/25** | 24187 | 32708 | 24090 |
| **6/25** | 25253 | 34338 | 25038 |
| **7/25** | 25523 | 35087 | 25303 |
| **8/25** | 26263 | 35864 | 26017 |
| **9/25** | 27158 | 37090 | 26768 |
| **10/25** | 27571 | 37877 | 27200 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-6 Shares | 19.45% | 13.31% | 10.67% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2055 Index | 19.18% | 13.37% | 10.52% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2055 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$389,712

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 33.7%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.25% |
| International Equity Funds | 30.75% |
| Fixed Income Funds | 3.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV875ARR6-0

# Class J

# PHJGX

# Principal LifeTime Hybrid 2060 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2060 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $33 | 0.30% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i4a0b6557c51c4c80c88dd09a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $27,085** | **S&P 1500 Index $37,877** | **S&P Target Date 2060 Index $27,370** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 10008 | 10045 | 10014 |
| **12/15** | 9808 | 9857 | 9790 |
| **1/16** | 9331 | 9359 | 9316 |
| **2/16** | 9279 | 9360 | 9255 |
| **3/16** | 9933 | 10011 | 9896 |
| **4/16** | 10002 | 10058 | 9987 |
| **5/16** | 10121 | 10242 | 10084 |
| **6/16** | 10109 | 10271 | 10083 |
| **7/16** | 10490 | 10659 | 10450 |
| **8/16** | 10518 | 10680 | 10483 |
| **9/16** | 10566 | 10679 | 10523 |
| **10/16** | 10302 | 10469 | 10310 |
| **11/16** | 10542 | 10918 | 10552 |
| **12/16** | 10730 | 11141 | 10776 |
| **1/17** | 10975 | 11342 | 11005 |
| **2/17** | 11261 | 11772 | 11287 |
| **3/17** | 11341 | 11780 | 11396 |
| **4/17** | 11503 | 11899 | 11543 |
| **5/17** | 11665 | 12037 | 11721 |
| **6/17** | 11766 | 12129 | 11804 |
| **7/17** | 12051 | 12364 | 12058 |
| **8/17** | 12100 | 12375 | 12061 |
| **9/17** | 12375 | 12667 | 12337 |
| **10/17** | 12598 | 12957 | 12573 |
| **11/17** | 12853 | 13362 | 12857 |
| **12/17** | 12986 | 13495 | 13012 |
| **1/18** | 13603 | 14227 | 13593 |
| **2/18** | 13033 | 13695 | 13073 |
| **3/18** | 12876 | 13398 | 12894 |
| **4/18** | 12939 | 13446 | 12987 |
| **5/18** | 13117 | 13802 | 13153 |
| **6/18** | 13054 | 13887 | 13122 |
| **7/18** | 13412 | 14383 | 13456 |
| **8/18** | 13632 | 14858 | 13641 |
| **9/18** | 13590 | 14908 | 13645 |
| **10/18** | 12518 | 13845 | 12674 |
| **11/18** | 12676 | 14135 | 12883 |
| **12/18** | 11660 | 12825 | 11977 |
| **1/19** | 12617 | 13883 | 12880 |
| **2/19** | 12943 | 14342 | 13221 |
| **3/19** | 13096 | 14575 | 13345 |
| **4/19** | 13542 | 15164 | 13758 |
| **5/19** | 12769 | 14175 | 13011 |
| **6/19** | 13563 | 15181 | 13794 |
| **7/19** | 13618 | 15396 | 13854 |
| **8/19** | 13368 | 15114 | 13571 |
| **9/19** | 13629 | 15414 | 13857 |
| **10/19** | 13933 | 15737 | 14176 |
| **11/19** | 14260 | 16299 | 14500 |
| **12/19** | 14715 | 16789 | 14939 |
| **1/20** | 14580 | 16738 | 14766 |
| **2/20** | 13543 | 15341 | 13651 |
| **3/20** | 11626 | 13335 | 11824 |
| **4/20** | 12877 | 15053 | 13034 |
| **5/20** | 13452 | 15790 | 13596 |
| **6/20** | 13791 | 16104 | 13943 |
| **7/20** | 14535 | 16997 | 14561 |
| **8/20** | 15279 | 18171 | 15298 |
| **9/20** | 14885 | 17483 | 14865 |
| **10/20** | 14625 | 17084 | 14616 |
| **11/20** | 16226 | 19015 | 16300 |
| **12/20** | 17021 | 19797 | 17029 |
| **1/21** | 16986 | 19664 | 17003 |
| **2/21** | 17485 | 20279 | 17484 |
| **3/21** | 18053 | 21165 | 17984 |
| **4/21** | 18795 | 22265 | 18693 |
| **5/21** | 19027 | 22422 | 18954 |
| **6/21** | 19166 | 22888 | 19086 |
| **7/21** | 19340 | 23375 | 19201 |
| **8/21** | 19792 | 24065 | 19634 |
| **9/21** | 18946 | 22969 | 18928 |
| **10/21** | 19920 | 24542 | 19774 |
| **11/21** | 19502 | 24330 | 19304 |
| **12/21** | 20398 | 25429 | 20102 |
| **1/22** | 19290 | 24071 | 19101 |
| **2/22** | 18773 | 23430 | 18775 |
| **3/22** | 19086 | 24249 | 19093 |
| **4/22** | 17582 | 22162 | 17717 |
| **5/22** | 17630 | 22218 | 17790 |
| **6/22** | 16150 | 20366 | 16328 |
| **7/22** | 17461 | 22266 | 17493 |
| **8/22** | 16739 | 21369 | 16853 |
| **9/22** | 15247 | 19397 | 15333 |
| **10/22** | 16318 | 21015 | 16301 |
| **11/22** | 17437 | 22188 | 17484 |
| **12/22** | 16569 | 20908 | 16885 |
| **1/23** | 17775 | 22274 | 18059 |
| **2/23** | 17321 | 21746 | 17614 |
| **3/23** | 17659 | 22405 | 17975 |
| **4/23** | 17827 | 22700 | 18210 |
| **5/23** | 17633 | 22741 | 17931 |
| **6/23** | 18671 | 24284 | 18896 |
| **7/23** | 19229 | 25090 | 19528 |
| **8/23** | 18748 | 24656 | 19036 |
| **9/23** | 17892 | 23467 | 18259 |
| **10/23** | 17373 | 22909 | 17694 |
| **11/23** | 18865 | 24988 | 19210 |
| **12/23** | 19893 | 26232 | 20217 |
| **1/24** | 19906 | 26582 | 20240 |
| **2/24** | 20825 | 27997 | 20981 |
| **3/24** | 21571 | 28936 | 21601 |
| **4/24** | 20732 | 27711 | 20892 |
| **5/24** | 21691 | 29077 | 21712 |
| **6/24** | 21917 | 29996 | 22022 |
| **7/24** | 22410 | 30503 | 22565 |
| **8/24** | 22862 | 31170 | 23050 |
| **9/24** | 23262 | 31808 | 23536 |
| **10/24** | 22742 | 31510 | 22974 |
| **11/24** | 23701 | 33451 | 23784 |
| **12/24** | 22973 | 32515 | 23136 |
| **1/25** | 23686 | 33440 | 23801 |
| **2/25** | 23590 | 32911 | 23689 |
| **3/25** | 22603 | 31056 | 22931 |
| **4/25** | 22534 | 30792 | 23086 |
| **5/25** | 23795 | 32708 | 24226 |
| **6/25** | 24823 | 34338 | 25184 |
| **7/25** | 25097 | 35087 | 25458 |
| **8/25** | 25810 | 35864 | 26173 |
| **9/25** | 26687 | 37090 | 26934 |
| **10/25** | 27085 | 37877 | 27370 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 19.09% | 13.12% | 10.48% |
| Class J Shares Including Sales Charge | 18.09% | 13.12% | 10.48% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2060 Index | 19.13% | 13.37% | 10.59% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 30, 2014. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2060 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$220,620

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 33.5%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.26% |
| International Equity Funds | 30.73% |
| Fixed Income Funds | 3.03% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV876ARJ-0

# Institutional

# PLTHX

# Principal LifeTime Hybrid 2060 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2060 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i4594cddaee6e528f1a8d399c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $27,797** | **S&P 1500 Index $37,877** | **S&P Target Date 2060 Index $27,370** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 10010 | 10045 | 10014 |
| **12/15** | 9811 | 9857 | 9790 |
| **1/16** | 9337 | 9359 | 9316 |
| **2/16** | 9286 | 9360 | 9255 |
| **3/16** | 9943 | 10011 | 9896 |
| **4/16** | 10014 | 10058 | 9987 |
| **5/16** | 10135 | 10242 | 10084 |
| **6/16** | 10125 | 10271 | 10083 |
| **7/16** | 10509 | 10659 | 10450 |
| **8/16** | 10539 | 10680 | 10483 |
| **9/16** | 10589 | 10679 | 10523 |
| **10/16** | 10327 | 10469 | 10310 |
| **11/16** | 10569 | 10918 | 10552 |
| **12/16** | 10760 | 11141 | 10776 |
| **1/17** | 11008 | 11342 | 11005 |
| **2/17** | 11297 | 11772 | 11287 |
| **3/17** | 11380 | 11780 | 11396 |
| **4/17** | 11545 | 11899 | 11543 |
| **5/17** | 11710 | 12037 | 11721 |
| **6/17** | 11813 | 12129 | 11804 |
| **7/17** | 12102 | 12364 | 12058 |
| **8/17** | 12154 | 12375 | 12061 |
| **9/17** | 12433 | 12667 | 12337 |
| **10/17** | 12660 | 12957 | 12573 |
| **11/17** | 12918 | 13362 | 12857 |
| **12/17** | 13055 | 13495 | 13012 |
| **1/18** | 13678 | 14227 | 13593 |
| **2/18** | 13108 | 13695 | 13073 |
| **3/18** | 12960 | 13398 | 12894 |
| **4/18** | 13023 | 13446 | 12987 |
| **5/18** | 13203 | 13802 | 13153 |
| **6/18** | 13150 | 13887 | 13122 |
| **7/18** | 13509 | 14383 | 13456 |
| **8/18** | 13731 | 14858 | 13641 |
| **9/18** | 13700 | 14908 | 13645 |
| **10/18** | 12621 | 13845 | 12674 |
| **11/18** | 12780 | 14135 | 12883 |
| **12/18** | 11758 | 12825 | 11977 |
| **1/19** | 12721 | 13883 | 12880 |
| **2/19** | 13060 | 14342 | 13221 |
| **3/19** | 13224 | 14575 | 13345 |
| **4/19** | 13661 | 15164 | 13758 |
| **5/19** | 12885 | 14175 | 13011 |
| **6/19** | 13694 | 15181 | 13794 |
| **7/19** | 13749 | 15396 | 13854 |
| **8/19** | 13497 | 15114 | 13571 |
| **9/19** | 13771 | 15414 | 13857 |
| **10/19** | 14077 | 15737 | 14176 |
| **11/19** | 14416 | 16299 | 14500 |
| **12/19** | 14868 | 16789 | 14939 |
| **1/20** | 14743 | 16738 | 14766 |
| **2/20** | 13700 | 15341 | 13651 |
| **3/20** | 11760 | 13335 | 11824 |
| **4/20** | 13031 | 15053 | 13034 |
| **5/20** | 13609 | 15790 | 13596 |
| **6/20** | 13961 | 16104 | 13943 |
| **7/20** | 14709 | 16997 | 14561 |
| **8/20** | 15480 | 18171 | 15298 |
| **9/20** | 15072 | 17483 | 14865 |
| **10/20** | 14823 | 17084 | 14616 |
| **11/20** | 16444 | 19015 | 16300 |
| **12/20** | 17262 | 19797 | 17029 |
| **1/21** | 17215 | 19664 | 17003 |
| **2/21** | 17729 | 20279 | 17484 |
| **3/21** | 18313 | 21165 | 17984 |
| **4/21** | 19071 | 22265 | 18693 |
| **5/21** | 19305 | 22422 | 18954 |
| **6/21** | 19445 | 22888 | 19086 |
| **7/21** | 19643 | 23375 | 19201 |
| **8/21** | 20098 | 24065 | 19634 |
| **9/21** | 19246 | 22969 | 18928 |
| **10/21** | 20227 | 24542 | 19774 |
| **11/21** | 19818 | 24330 | 19304 |
| **12/21** | 20726 | 25429 | 20102 |
| **1/22** | 19610 | 24071 | 19101 |
| **2/22** | 19089 | 23430 | 18775 |
| **3/22** | 19416 | 24249 | 19093 |
| **4/22** | 17888 | 22162 | 17717 |
| **5/22** | 17937 | 22218 | 17790 |
| **6/22** | 16433 | 20366 | 16328 |
| **7/22** | 17767 | 22266 | 17493 |
| **8/22** | 17051 | 21369 | 16853 |
| **9/22** | 15523 | 19397 | 15333 |
| **10/22** | 16627 | 21015 | 16301 |
| **11/22** | 17767 | 22188 | 17484 |
| **12/22** | 16887 | 20908 | 16885 |
| **1/23** | 18117 | 22274 | 18059 |
| **2/23** | 17659 | 21746 | 17614 |
| **3/23** | 17999 | 22405 | 17975 |
| **4/23** | 18183 | 22700 | 18210 |
| **5/23** | 17986 | 22741 | 17931 |
| **6/23** | 19060 | 24284 | 18896 |
| **7/23** | 19622 | 25090 | 19528 |
| **8/23** | 19138 | 24656 | 19036 |
| **9/23** | 18274 | 23467 | 18259 |
| **10/23** | 17737 | 22909 | 17694 |
| **11/23** | 19269 | 24988 | 19210 |
| **12/23** | 20315 | 26232 | 20217 |
| **1/24** | 20341 | 26582 | 20240 |
| **2/24** | 21283 | 27997 | 20981 |
| **3/24** | 22050 | 28936 | 21601 |
| **4/24** | 21202 | 27711 | 20892 |
| **5/24** | 22171 | 29077 | 21712 |
| **6/24** | 22413 | 29996 | 22022 |
| **7/24** | 22924 | 30503 | 22565 |
| **8/24** | 23395 | 31170 | 23050 |
| **9/24** | 23812 | 31808 | 23536 |
| **10/24** | 23274 | 31510 | 22974 |
| **11/24** | 24270 | 33451 | 23784 |
| **12/24** | 23525 | 32515 | 23136 |
| **1/25** | 24260 | 33440 | 23801 |
| **2/25** | 24163 | 32911 | 23689 |
| **3/25** | 23164 | 31056 | 22931 |
| **4/25** | 23095 | 30792 | 23086 |
| **5/25** | 24385 | 32708 | 24226 |
| **6/25** | 25453 | 34338 | 25184 |
| **7/25** | 25730 | 35087 | 25458 |
| **8/25** | 26479 | 35864 | 26173 |
| **9/25** | 27381 | 37090 | 26934 |
| **10/25** | 27797 | 37877 | 27370 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 19.43% | 13.40% | 10.76% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2060 Index | 19.13% | 13.37% | 10.59% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2060 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$220,620

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 33.5%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.26% |
| International Equity Funds | 30.73% |
| Fixed Income Funds | 3.03% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV876ARI-0

# R-6

# PLKTX

# Principal LifeTime Hybrid 2060 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2060 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $2 | 0.02% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i4480517dde744face96ce172.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $27,886** | **S&P 1500 Index $37,877** | **S&P Target Date 2060 Index $27,370** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 10010 | 10045 | 10014 |
| **12/15** | 9821 | 9857 | 9790 |
| **1/16** | 9336 | 9359 | 9316 |
| **2/16** | 9296 | 9360 | 9255 |
| **3/16** | 9943 | 10011 | 9896 |
| **4/16** | 10023 | 10058 | 9987 |
| **5/16** | 10145 | 10242 | 10084 |
| **6/16** | 10135 | 10271 | 10083 |
| **7/16** | 10519 | 10659 | 10450 |
| **8/16** | 10549 | 10680 | 10483 |
| **9/16** | 10599 | 10679 | 10523 |
| **10/16** | 10337 | 10469 | 10310 |
| **11/16** | 10579 | 10918 | 10552 |
| **12/16** | 10770 | 11141 | 10776 |
| **1/17** | 11018 | 11342 | 11005 |
| **2/17** | 11307 | 11772 | 11287 |
| **3/17** | 11389 | 11780 | 11396 |
| **4/17** | 11555 | 11899 | 11543 |
| **5/17** | 11720 | 12037 | 11721 |
| **6/17** | 11823 | 12129 | 11804 |
| **7/17** | 12112 | 12364 | 12058 |
| **8/17** | 12164 | 12375 | 12061 |
| **9/17** | 12453 | 12667 | 12337 |
| **10/17** | 12680 | 12957 | 12573 |
| **11/17** | 12938 | 13362 | 12857 |
| **12/17** | 13075 | 13495 | 13012 |
| **1/18** | 13699 | 14227 | 13593 |
| **2/18** | 13117 | 13695 | 13073 |
| **3/18** | 12980 | 13398 | 12894 |
| **4/18** | 13043 | 13446 | 12987 |
| **5/18** | 13223 | 13802 | 13153 |
| **6/18** | 13160 | 13887 | 13122 |
| **7/18** | 13529 | 14383 | 13456 |
| **8/18** | 13751 | 14858 | 13641 |
| **9/18** | 13720 | 14908 | 13645 |
| **10/18** | 12631 | 13845 | 12674 |
| **11/18** | 12790 | 14135 | 12883 |
| **12/18** | 11768 | 12825 | 11977 |
| **1/19** | 12741 | 13883 | 12880 |
| **2/19** | 13080 | 14342 | 13221 |
| **3/19** | 13233 | 14575 | 13345 |
| **4/19** | 13682 | 15164 | 13758 |
| **5/19** | 12905 | 14175 | 13011 |
| **6/19** | 13715 | 15181 | 13794 |
| **7/19** | 13769 | 15396 | 13854 |
| **8/19** | 13518 | 15114 | 13571 |
| **9/19** | 13780 | 15414 | 13857 |
| **10/19** | 14097 | 15737 | 14176 |
| **11/19** | 14436 | 16299 | 14500 |
| **12/19** | 14899 | 16789 | 14939 |
| **1/20** | 14763 | 16738 | 14766 |
| **2/20** | 13720 | 15341 | 13651 |
| **3/20** | 11781 | 13335 | 11824 |
| **4/20** | 13051 | 15053 | 13034 |
| **5/20** | 13629 | 15790 | 13596 |
| **6/20** | 13992 | 16104 | 13943 |
| **7/20** | 14740 | 16997 | 14561 |
| **8/20** | 15500 | 18171 | 15298 |
| **9/20** | 15103 | 17483 | 14865 |
| **10/20** | 14843 | 17084 | 14616 |
| **11/20** | 16475 | 19015 | 16300 |
| **12/20** | 17293 | 19797 | 17029 |
| **1/21** | 17246 | 19664 | 17003 |
| **2/21** | 17760 | 20279 | 17484 |
| **3/21** | 18343 | 21165 | 17984 |
| **4/21** | 19113 | 22265 | 18693 |
| **5/21** | 19347 | 22422 | 18954 |
| **6/21** | 19487 | 22888 | 19086 |
| **7/21** | 19673 | 23375 | 19201 |
| **8/21** | 20140 | 24065 | 19634 |
| **9/21** | 19288 | 22969 | 18928 |
| **10/21** | 20268 | 24542 | 19774 |
| **11/21** | 19848 | 24330 | 19304 |
| **12/21** | 20768 | 25429 | 20102 |
| **1/22** | 19652 | 24071 | 19101 |
| **2/22** | 19131 | 23430 | 18775 |
| **3/22** | 19458 | 24249 | 19093 |
| **4/22** | 17931 | 22162 | 17717 |
| **5/22** | 17979 | 22218 | 17790 |
| **6/22** | 16464 | 20366 | 16328 |
| **7/22** | 17810 | 22266 | 17493 |
| **8/22** | 17082 | 21369 | 16853 |
| **9/22** | 15567 | 19397 | 15333 |
| **10/22** | 16658 | 21015 | 16301 |
| **11/22** | 17810 | 22188 | 17484 |
| **12/22** | 16931 | 20908 | 16885 |
| **1/23** | 18161 | 22274 | 18059 |
| **2/23** | 17690 | 21746 | 17614 |
| **3/23** | 18043 | 22405 | 17975 |
| **4/23** | 18226 | 22700 | 18210 |
| **5/23** | 18030 | 22741 | 17931 |
| **6/23** | 19103 | 24284 | 18896 |
| **7/23** | 19678 | 25090 | 19528 |
| **8/23** | 19194 | 24656 | 19036 |
| **9/23** | 18318 | 23467 | 18259 |
| **10/23** | 17781 | 22909 | 17694 |
| **11/23** | 19312 | 24988 | 19210 |
| **12/23** | 20373 | 26232 | 20217 |
| **1/24** | 20386 | 26582 | 20240 |
| **2/24** | 21341 | 27997 | 20981 |
| **3/24** | 22107 | 28936 | 21601 |
| **4/24** | 21260 | 27711 | 20892 |
| **5/24** | 22242 | 29077 | 21712 |
| **6/24** | 22484 | 29996 | 22022 |
| **7/24** | 22995 | 30503 | 22565 |
| **8/24** | 23452 | 31170 | 23050 |
| **9/24** | 23869 | 31808 | 23536 |
| **10/24** | 23344 | 31510 | 22974 |
| **11/24** | 24339 | 33451 | 23784 |
| **12/24** | 23601 | 32515 | 23136 |
| **1/25** | 24336 | 33440 | 23801 |
| **2/25** | 24239 | 32911 | 23689 |
| **3/25** | 23240 | 31056 | 22931 |
| **4/25** | 23171 | 30792 | 23086 |
| **5/25** | 24460 | 32708 | 24226 |
| **6/25** | 25528 | 34338 | 25184 |
| **7/25** | 25819 | 35087 | 25458 |
| **8/25** | 26554 | 35864 | 26173 |
| **9/25** | 27456 | 37090 | 26934 |
| **10/25** | 27886 | 37877 | 27370 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-6 Shares | 19.45% | 13.44% | 10.80% |
| S&P 1500 Index | 20.21% | 17.26% | 14.25% |
| S&P Target Date 2060 Index | 19.13% | 13.37% | 10.59% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2060 Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$220,620

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 33.5%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.26% |
| International Equity Funds | 30.73% |
| Fixed Income Funds | 3.03% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV876ARR6-0

# Class J

# PHJDX

# Principal LifeTime Hybrid 2065 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2065 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $33 | 0.30% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i22299d63e5a5bda1234f882a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $22,597** | **S&P 1500 Index $30,688** | **S&P Target Date 2065+ Index $22,886** |
| **9/17** | 10000 | 10000 | 10000 |
| **9/17** | 10248 | 10263 | 10229 |
| **10/17** | 10436 | 10497 | 10425 |
| **11/17** | 10654 | 10825 | 10661 |
| **12/17** | 10769 | 10933 | 10789 |
| **1/18** | 11276 | 11527 | 11270 |
| **2/18** | 10805 | 11095 | 10839 |
| **3/18** | 10683 | 10854 | 10691 |
| **4/18** | 10734 | 10893 | 10768 |
| **5/18** | 10876 | 11182 | 10907 |
| **6/18** | 10826 | 11251 | 10881 |
| **7/18** | 11121 | 11653 | 11158 |
| **8/18** | 11304 | 12038 | 11310 |
| **9/18** | 11273 | 12078 | 11313 |
| **10/18** | 10378 | 11217 | 10509 |
| **11/18** | 10510 | 11452 | 10682 |
| **12/18** | 9646 | 10391 | 9931 |
| **1/19** | 10446 | 11248 | 10679 |
| **2/19** | 10731 | 11620 | 10962 |
| **3/19** | 10857 | 11809 | 11065 |
| **4/19** | 11226 | 12286 | 11408 |
| **5/19** | 10583 | 11484 | 10788 |
| **6/19** | 11247 | 12299 | 11437 |
| **7/19** | 11289 | 12473 | 11487 |
| **8/19** | 11089 | 12245 | 11253 |
| **9/19** | 11299 | 12488 | 11489 |
| **10/19** | 11563 | 12750 | 11754 |
| **11/19** | 11847 | 13205 | 12023 |
| **12/19** | 12215 | 13602 | 12387 |
| **1/20** | 12108 | 13561 | 12244 |
| **2/20** | 11241 | 12429 | 11319 |
| **3/20** | 9635 | 10803 | 9804 |
| **4/20** | 10684 | 12196 | 10807 |
| **5/20** | 11166 | 12793 | 11273 |
| **6/20** | 11466 | 13047 | 11561 |
| **7/20** | 12076 | 13771 | 12074 |
| **8/20** | 12718 | 14722 | 12685 |
| **9/20** | 12376 | 14164 | 12326 |
| **10/20** | 12162 | 13841 | 12119 |
| **11/20** | 13521 | 15406 | 13516 |
| **12/20** | 14197 | 16040 | 14120 |
| **1/21** | 14165 | 15931 | 14099 |
| **2/21** | 14569 | 16430 | 14497 |
| **3/21** | 15060 | 17148 | 14912 |
| **4/21** | 15693 | 18039 | 15499 |
| **5/21** | 15879 | 18166 | 15716 |
| **6/21** | 15988 | 18543 | 15831 |
| **7/21** | 16141 | 18938 | 15928 |
| **8/21** | 16523 | 19497 | 16292 |
| **9/21** | 15814 | 18609 | 15704 |
| **10/21** | 16622 | 19883 | 16412 |
| **11/21** | 16272 | 19712 | 16028 |
| **12/21** | 17018 | 20602 | 16685 |
| **1/22** | 16102 | 19502 | 15861 |
| **2/22** | 15678 | 18983 | 15584 |
| **3/22** | 15946 | 19646 | 15854 |
| **4/22** | 14673 | 17955 | 14707 |
| **5/22** | 14717 | 18001 | 14773 |
| **6/22** | 13478 | 16500 | 13565 |
| **7/22** | 14583 | 18040 | 14532 |
| **8/22** | 13980 | 17312 | 14005 |
| **9/22** | 12730 | 15715 | 12745 |
| **10/22** | 13623 | 17026 | 13546 |
| **11/22** | 14550 | 17977 | 14525 |
| **12/22** | 13821 | 16939 | 14023 |
| **1/23** | 14826 | 18046 | 14996 |
| **2/23** | 14443 | 17618 | 14626 |
| **3/23** | 14730 | 18152 | 14922 |
| **4/23** | 14874 | 18391 | 15113 |
| **5/23** | 14706 | 18425 | 14883 |
| **6/23** | 15579 | 19675 | 15696 |
| **7/23** | 16045 | 20328 | 16226 |
| **8/23** | 15639 | 19976 | 15818 |
| **9/23** | 14933 | 19013 | 15168 |
| **10/23** | 14491 | 18560 | 14703 |
| **11/23** | 15734 | 20245 | 15969 |
| **12/23** | 16591 | 21253 | 16805 |
| **1/24** | 16603 | 21537 | 16832 |
| **2/24** | 17376 | 22683 | 17464 |
| **3/24** | 18001 | 23443 | 17983 |
| **4/24** | 17302 | 22451 | 17388 |
| **5/24** | 18087 | 23558 | 18080 |
| **6/24** | 18283 | 24302 | 18353 |
| **7/24** | 18700 | 24713 | 18795 |
| **8/24** | 19068 | 25253 | 19205 |
| **9/24** | 19399 | 25771 | 19611 |
| **10/24** | 18970 | 25529 | 19147 |
| **11/24** | 19779 | 27101 | 19835 |
| **12/24** | 19167 | 26343 | 19300 |
| **1/25** | 19760 | 27093 | 19861 |
| **2/25** | 19671 | 26664 | 19763 |
| **3/25** | 18864 | 25161 | 19111 |
| **4/25** | 18801 | 24947 | 19241 |
| **5/25** | 19848 | 26500 | 20211 |
| **6/25** | 20718 | 27820 | 21027 |
| **7/25** | 20932 | 28427 | 21269 |
| **8/25** | 21538 | 29056 | 21860 |
| **9/25** | 22256 | 30050 | 22512 |
| **10/25** | 22597 | 30688 | 22886 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 19.12% | 13.19% | 10.52% |
| Class J Shares Including Sales Charge | 18.12% | 13.19% | 10.52% |
| S&P 1500 Index | 20.21% | 17.26% | 14.75% |
| S&P Target Date 2065+ Index | 19.53% | 13.56% | 10.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 6, 2017. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$81,827

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 34.6%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.04% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.31% |
| International Equity Funds | 30.69% |
| Fixed Income Funds | 3.04% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV920ARJ-0

# Institutional

# PLHHX

# Principal LifeTime Hybrid 2065 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2065 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i2c2ed2859c33cee5f10419e4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $23,096** | **S&P 1500 Index $30,688** | **S&P Target Date 2065+ Index $22,886** |
| **9/17** | 10000 | 10000 | 10000 |
| **9/17** | 10250 | 10263 | 10229 |
| **10/17** | 10440 | 10497 | 10425 |
| **11/17** | 10660 | 10825 | 10661 |
| **12/17** | 10777 | 10933 | 10789 |
| **1/18** | 11287 | 11527 | 11270 |
| **2/18** | 10818 | 11095 | 10839 |
| **3/18** | 10706 | 10854 | 10691 |
| **4/18** | 10757 | 10893 | 10768 |
| **5/18** | 10900 | 11182 | 10907 |
| **6/18** | 10849 | 11251 | 10881 |
| **7/18** | 11144 | 11653 | 11158 |
| **8/18** | 11328 | 12038 | 11310 |
| **9/18** | 11307 | 12078 | 11313 |
| **10/18** | 10411 | 11217 | 10509 |
| **11/18** | 10543 | 11452 | 10682 |
| **12/18** | 9678 | 10391 | 9931 |
| **1/19** | 10490 | 11248 | 10679 |
| **2/19** | 10775 | 11620 | 10962 |
| **3/19** | 10901 | 11809 | 11065 |
| **4/19** | 11270 | 12286 | 11408 |
| **5/19** | 10627 | 11484 | 10788 |
| **6/19** | 11302 | 12299 | 11437 |
| **7/19** | 11344 | 12473 | 11487 |
| **8/19** | 11144 | 12245 | 11253 |
| **9/19** | 11365 | 12488 | 11489 |
| **10/19** | 11628 | 12750 | 11754 |
| **11/19** | 11913 | 13205 | 12023 |
| **12/19** | 12292 | 13602 | 12387 |
| **1/20** | 12185 | 13561 | 12244 |
| **2/20** | 11317 | 12429 | 11319 |
| **3/20** | 9699 | 10803 | 9804 |
| **4/20** | 10760 | 12196 | 10807 |
| **5/20** | 11253 | 12793 | 11273 |
| **6/20** | 11553 | 13047 | 11561 |
| **7/20** | 12174 | 13771 | 12074 |
| **8/20** | 12817 | 14722 | 12685 |
| **9/20** | 12485 | 14164 | 12326 |
| **10/20** | 12271 | 13841 | 12119 |
| **11/20** | 13632 | 15406 | 13516 |
| **12/20** | 14319 | 16040 | 14120 |
| **1/21** | 14287 | 15931 | 14099 |
| **2/21** | 14713 | 16430 | 14497 |
| **3/21** | 15205 | 17148 | 14912 |
| **4/21** | 15850 | 18039 | 15499 |
| **5/21** | 16035 | 18166 | 15716 |
| **6/21** | 16156 | 18543 | 15831 |
| **7/21** | 16320 | 18938 | 15928 |
| **8/21** | 16702 | 19497 | 16292 |
| **9/21** | 15992 | 18609 | 15704 |
| **10/21** | 16812 | 19883 | 16412 |
| **11/21** | 16462 | 19712 | 16028 |
| **12/21** | 17226 | 20602 | 16685 |
| **1/22** | 16298 | 19502 | 15861 |
| **2/22** | 15862 | 18983 | 15584 |
| **3/22** | 16142 | 19646 | 15854 |
| **4/22** | 14868 | 17955 | 14707 |
| **5/22** | 14912 | 18001 | 14773 |
| **6/22** | 13649 | 16500 | 13565 |
| **7/22** | 14778 | 18040 | 14532 |
| **8/22** | 14174 | 17312 | 14005 |
| **9/22** | 12911 | 15715 | 12745 |
| **10/22** | 13817 | 17026 | 13546 |
| **11/22** | 14767 | 17977 | 14525 |
| **12/22** | 14032 | 16939 | 14023 |
| **1/23** | 15062 | 18046 | 14996 |
| **2/23** | 14667 | 17618 | 14626 |
| **3/23** | 14954 | 18152 | 14922 |
| **4/23** | 15110 | 18391 | 15113 |
| **5/23** | 14942 | 18425 | 14883 |
| **6/23** | 15840 | 19675 | 15696 |
| **7/23** | 16307 | 20328 | 16226 |
| **8/23** | 15912 | 19976 | 15818 |
| **9/23** | 15182 | 19013 | 15168 |
| **10/23** | 14739 | 18560 | 14703 |
| **11/23** | 16008 | 20245 | 15969 |
| **12/23** | 16887 | 21253 | 16805 |
| **1/24** | 16900 | 21537 | 16832 |
| **2/24** | 17686 | 22683 | 17464 |
| **3/24** | 18325 | 23443 | 17983 |
| **4/24** | 17625 | 22451 | 17388 |
| **5/24** | 18436 | 23558 | 18080 |
| **6/24** | 18633 | 24302 | 18353 |
| **7/24** | 19063 | 24713 | 18795 |
| **8/24** | 19444 | 25253 | 19205 |
| **9/24** | 19788 | 25771 | 19611 |
| **10/24** | 19345 | 25529 | 19147 |
| **11/24** | 20169 | 27101 | 19835 |
| **12/24** | 19552 | 26343 | 19300 |
| **1/25** | 20160 | 27093 | 19861 |
| **2/25** | 20084 | 26664 | 19763 |
| **3/25** | 19249 | 25161 | 19111 |
| **4/25** | 19198 | 24947 | 19241 |
| **5/25** | 20274 | 26500 | 20211 |
| **6/25** | 21160 | 27820 | 21027 |
| **7/25** | 21387 | 28427 | 21269 |
| **8/25** | 22008 | 29056 | 21860 |
| **9/25** | 22754 | 30050 | 22512 |
| **10/25** | 23096 | 30688 | 22886 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| Institutional Shares | 19.39% | 13.48% | 10.82% |
| S&P 1500 Index | 20.21% | 17.26% | 14.75% |
| S&P Target Date 2065+ Index | 19.53% | 13.56% | 10.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from September 6, 2017, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$81,827

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 34.6%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.04% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.31% |
| International Equity Funds | 30.69% |
| Fixed Income Funds | 3.04% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV920ARI-0

# R-6

# PLHRX

# Principal LifeTime Hybrid 2065 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2065 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $2 | 0.02% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i5b6a9276eb1c90a2386781ee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $23,170** | **S&P 1500 Index $30,688** | **S&P Target Date 2065+ Index $22,886** |
| **9/17** | 10000 | 10000 | 10000 |
| **9/17** | 10250 | 10263 | 10229 |
| **10/17** | 10440 | 10497 | 10425 |
| **11/17** | 10660 | 10825 | 10661 |
| **12/17** | 10777 | 10933 | 10789 |
| **1/18** | 11287 | 11527 | 11270 |
| **2/18** | 10818 | 11095 | 10839 |
| **3/18** | 10706 | 10854 | 10691 |
| **4/18** | 10757 | 10893 | 10768 |
| **5/18** | 10900 | 11182 | 10907 |
| **6/18** | 10849 | 11251 | 10881 |
| **7/18** | 11144 | 11653 | 11158 |
| **8/18** | 11338 | 12038 | 11310 |
| **9/18** | 11307 | 12078 | 11313 |
| **10/18** | 10411 | 11217 | 10509 |
| **11/18** | 10543 | 11452 | 10682 |
| **12/18** | 9362 | 10391 | 9931 |
| **1/19** | 10143 | 11248 | 10679 |
| **2/19** | 10418 | 11620 | 10962 |
| **3/19** | 10544 | 11809 | 11065 |
| **4/19** | 10903 | 12286 | 11408 |
| **5/19** | 10639 | 11484 | 10788 |
| **6/19** | 11315 | 12299 | 11437 |
| **7/19** | 11357 | 12473 | 11487 |
| **8/19** | 11157 | 12245 | 11253 |
| **9/19** | 11378 | 12488 | 11489 |
| **10/19** | 11642 | 12750 | 11754 |
| **11/19** | 11927 | 13205 | 12023 |
| **12/19** | 12307 | 13602 | 12387 |
| **1/20** | 12199 | 13561 | 12244 |
| **2/20** | 11330 | 12429 | 11319 |
| **3/20** | 9710 | 10803 | 9804 |
| **4/20** | 10772 | 12196 | 10807 |
| **5/20** | 11266 | 12793 | 11273 |
| **6/20** | 11566 | 13047 | 11561 |
| **7/20** | 12189 | 13771 | 12074 |
| **8/20** | 12832 | 14722 | 12685 |
| **9/20** | 12500 | 14164 | 12326 |
| **10/20** | 12285 | 13841 | 12119 |
| **11/20** | 13659 | 15406 | 13516 |
| **12/20** | 14347 | 16040 | 14120 |
| **1/21** | 14303 | 15931 | 14099 |
| **2/21** | 14741 | 16430 | 14497 |
| **3/21** | 15233 | 17148 | 14912 |
| **4/21** | 15868 | 18039 | 15499 |
| **5/21** | 16065 | 18166 | 15716 |
| **6/21** | 16185 | 18543 | 15831 |
| **7/21** | 16350 | 18938 | 15928 |
| **8/21** | 16722 | 19497 | 16292 |
| **9/21** | 16021 | 18609 | 15704 |
| **10/21** | 16842 | 19883 | 16412 |
| **11/21** | 16492 | 19712 | 16028 |
| **12/21** | 17246 | 20602 | 16685 |
| **1/22** | 16317 | 19502 | 15861 |
| **2/22** | 15892 | 18983 | 15584 |
| **3/22** | 16172 | 19646 | 15854 |
| **4/22** | 14885 | 17955 | 14707 |
| **5/22** | 14930 | 18001 | 14773 |
| **6/22** | 13676 | 16500 | 13565 |
| **7/22** | 14795 | 18040 | 14532 |
| **8/22** | 14202 | 17312 | 14005 |
| **9/22** | 12926 | 15715 | 12745 |
| **10/22** | 13844 | 17026 | 13546 |
| **11/22** | 14795 | 17977 | 14525 |
| **12/22** | 14060 | 16939 | 14023 |
| **1/23** | 15091 | 18046 | 14996 |
| **2/23** | 14695 | 17618 | 14626 |
| **3/23** | 14983 | 18152 | 14922 |
| **4/23** | 15139 | 18391 | 15113 |
| **5/23** | 14971 | 18425 | 14883 |
| **6/23** | 15870 | 19675 | 15696 |
| **7/23** | 16337 | 20328 | 16226 |
| **8/23** | 15942 | 19976 | 15818 |
| **9/23** | 15211 | 19013 | 15168 |
| **10/23** | 14779 | 18560 | 14703 |
| **11/23** | 16050 | 20245 | 15969 |
| **12/23** | 16918 | 21253 | 16805 |
| **1/24** | 16942 | 21537 | 16832 |
| **2/24** | 17730 | 22683 | 17464 |
| **3/24** | 18370 | 23443 | 17983 |
| **4/24** | 17656 | 22451 | 17388 |
| **5/24** | 18480 | 23558 | 18080 |
| **6/24** | 18677 | 24302 | 18353 |
| **7/24** | 19108 | 24713 | 18795 |
| **8/24** | 19489 | 25253 | 19205 |
| **9/24** | 19834 | 25771 | 19611 |
| **10/24** | 19391 | 25529 | 19147 |
| **11/24** | 20228 | 27101 | 19835 |
| **12/24** | 19611 | 26343 | 19300 |
| **1/25** | 20219 | 27093 | 19861 |
| **2/25** | 20130 | 26664 | 19763 |
| **3/25** | 19307 | 25161 | 19111 |
| **4/25** | 19256 | 24947 | 19241 |
| **5/25** | 20333 | 26500 | 20211 |
| **6/25** | 21220 | 27820 | 21027 |
| **7/25** | 21448 | 28427 | 21269 |
| **8/25** | 22068 | 29056 | 21860 |
| **9/25** | 22816 | 30050 | 22512 |
| **10/25** | 23170 | 30688 | 22886 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| R-6 Shares | 19.49% | 13.53% | 10.86% |
| S&P 1500 Index | 20.21% | 17.26% | 14.75% |
| S&P Target Date 2065+ Index | 19.53% | 13.56% | 10.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from September 6, 2017, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$81,827

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 34.6%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.04% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.31% |
| International Equity Funds | 30.69% |
| Fixed Income Funds | 3.04% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV920ARR6-0

# Class J

# PLKJX

# Principal LifeTime Hybrid 2070 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2070 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $33 | 0.30% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i01a9140b4b09ad12572d7fb6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $15,885** | **S&P 1500 Index $17,489** | **S&P Target Date 2065+ Index $15,662** |
| **3/23** | 10000 | 10000 | 10000 |
| **3/23** | 10200 | 10345 | 10211 |
| **4/23** | 10320 | 10481 | 10342 |
| **5/23** | 10160 | 10500 | 10185 |
| **6/23** | 10920 | 11213 | 10741 |
| **7/23** | 11250 | 11585 | 11104 |
| **8/23** | 10960 | 11385 | 10825 |
| **9/23** | 10460 | 10836 | 10380 |
| **10/23** | 10150 | 10578 | 10061 |
| **11/23** | 11040 | 11538 | 10928 |
| **12/23** | 11651 | 12112 | 11500 |
| **1/24** | 11651 | 12274 | 11519 |
| **2/24** | 12221 | 12927 | 11951 |
| **3/24** | 12659 | 13361 | 12306 |
| **4/24** | 12170 | 12795 | 11899 |
| **5/24** | 12731 | 13426 | 12373 |
| **6/24** | 12863 | 13850 | 12560 |
| **7/24** | 13158 | 14084 | 12862 |
| **8/24** | 13413 | 14392 | 13143 |
| **9/24** | 13657 | 14687 | 13420 |
| **10/24** | 13342 | 14549 | 13103 |
| **11/24** | 13912 | 15445 | 13574 |
| **12/24** | 13482 | 15013 | 13207 |
| **1/25** | 13910 | 15440 | 13591 |
| **2/25** | 13848 | 15196 | 13524 |
| **3/25** | 13262 | 14339 | 13078 |
| **4/25** | 13231 | 14218 | 13167 |
| **5/25** | 13962 | 15102 | 13831 |
| **6/25** | 14569 | 15855 | 14389 |
| **7/25** | 14725 | 16201 | 14555 |
| **8/25** | 15143 | 16559 | 14959 |
| **9/25** | 15656 | 17126 | 15406 |
| **10/25** | 15885 | 17489 | 15662 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| **Name** | **1-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 19.07% | 18.94% |
| Class J Shares Including Sales Charge | 18.07% | 18.94% |
| S&P 1500 Index | 20.21% | 23.30% |
| S&P Target Date 2065+ Index | 19.53% | 18.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from March 1, 2023, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$12,317

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 49.5%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.06% |
| Other Assets and Liabilities | (0.06)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.44% |
| International Equity Funds | 30.51% |
| Fixed Income Funds | 3.11% |
| Other Assets and Liabilities | (0.06)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV948ARJ-0

# Institutional

# PLKSX

# Principal LifeTime Hybrid 2070 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2070 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i9c0fc374d011b630f7356ede.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $15,797** | **S&P 1500 Index $17,489** | **S&P Target Date 2065+ Index $15,662** |
| **3/23** | 10000 | 10000 | 10000 |
| **3/23** | 10200 | 10345 | 10211 |
| **4/23** | 10310 | 10481 | 10342 |
| **5/23** | 10170 | 10500 | 10185 |
| **6/23** | 10820 | 11213 | 10741 |
| **7/23** | 11150 | 11585 | 11104 |
| **8/23** | 10860 | 11385 | 10825 |
| **9/23** | 10370 | 10836 | 10380 |
| **10/23** | 10060 | 10578 | 10061 |
| **11/23** | 10950 | 11538 | 10928 |
| **12/23** | 11551 | 12112 | 11500 |
| **1/24** | 11561 | 12274 | 11519 |
| **2/24** | 12101 | 12927 | 11951 |
| **3/24** | 12529 | 13361 | 12306 |
| **4/24** | 12050 | 12795 | 11899 |
| **5/24** | 12600 | 13426 | 12373 |
| **6/24** | 12743 | 13850 | 12560 |
| **7/24** | 13038 | 14084 | 12862 |
| **8/24** | 13293 | 14392 | 13143 |
| **9/24** | 13537 | 14687 | 13420 |
| **10/24** | 13232 | 14549 | 13103 |
| **11/24** | 13802 | 15445 | 13574 |
| **12/24** | 13372 | 15013 | 13207 |
| **1/25** | 13800 | 15440 | 13591 |
| **2/25** | 13738 | 15196 | 13524 |
| **3/25** | 13163 | 14339 | 13078 |
| **4/25** | 13131 | 14218 | 13167 |
| **5/25** | 13863 | 15102 | 13831 |
| **6/25** | 14470 | 15855 | 14389 |
| **7/25** | 14626 | 16201 | 14555 |
| **8/25** | 15045 | 16559 | 14959 |
| **9/25** | 15557 | 17126 | 15406 |
| **10/25** | 15797 | 17489 | 15662 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| **Name** | **1-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| Institutional Shares | 19.39% | 18.69% |
| S&P 1500 Index | 20.21% | 23.30% |
| S&P Target Date 2065+ Index | 19.53% | 18.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from March 1, 2023, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$12,317

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 49.5%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.06% |
| Other Assets and Liabilities | (0.06)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.44% |
| International Equity Funds | 30.51% |
| Fixed Income Funds | 3.11% |
| Other Assets and Liabilities | (0.06)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV948ARI-0

# R-6

# PLKRX

# Principal LifeTime Hybrid 2070 Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid 2070 Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $2 | 0.02% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a total return consisting of long-term growth of capital and current income. The Fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund's name. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i67051cd32ee35d968ab7deb8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $15,807** | **S&P 1500 Index $17,489** | **S&P Target Date 2065+ Index $15,662** |
| **3/23** | 10000 | 10000 | 10000 |
| **3/23** | 10200 | 10345 | 10211 |
| **4/23** | 10320 | 10481 | 10342 |
| **5/23** | 10170 | 10500 | 10185 |
| **6/23** | 10820 | 11213 | 10741 |
| **7/23** | 11160 | 11585 | 11104 |
| **8/23** | 10870 | 11385 | 10825 |
| **9/23** | 10370 | 10836 | 10380 |
| **10/23** | 10070 | 10578 | 10061 |
| **11/23** | 10960 | 11538 | 10928 |
| **12/23** | 11561 | 12112 | 11500 |
| **1/24** | 11571 | 12274 | 11519 |
| **2/24** | 12111 | 12927 | 11951 |
| **3/24** | 12539 | 13361 | 12306 |
| **4/24** | 12060 | 12795 | 11899 |
| **5/24** | 12610 | 13426 | 12373 |
| **6/24** | 12753 | 13850 | 12560 |
| **7/24** | 13048 | 14084 | 12862 |
| **8/24** | 13313 | 14392 | 13143 |
| **9/24** | 13547 | 14687 | 13420 |
| **10/24** | 13242 | 14549 | 13103 |
| **11/24** | 13812 | 15445 | 13574 |
| **12/24** | 13392 | 15013 | 13207 |
| **1/25** | 13810 | 15440 | 13591 |
| **2/25** | 13758 | 15196 | 13524 |
| **3/25** | 13183 | 14339 | 13078 |
| **4/25** | 13141 | 14218 | 13167 |
| **5/25** | 13873 | 15102 | 13831 |
| **6/25** | 14479 | 15855 | 14389 |
| **7/25** | 14636 | 16201 | 14555 |
| **8/25** | 15065 | 16559 | 14959 |
| **9/25** | 15577 | 17126 | 15406 |
| **10/25** | 15807 | 17489 | 15662 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| **Name** | **1-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| R-6 Shares | 19.37% | 18.72% |
| S&P 1500 Index | 20.21% | 23.30% |
| S&P Target Date 2065+ Index | 19.53% | 18.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from March 1, 2023, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The S&P 1500 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$12,317

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate 49.5%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.06% |
| Other Assets and Liabilities | (0.06)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.44% |
| International Equity Funds | 30.51% |
| Fixed Income Funds | 3.11% |
| Other Assets and Liabilities | (0.06)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV948ARR6-0

# Class J

# PHJFX

# Principal LifeTime Hybrid Income Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $20 | 0.19% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks current income, and as a secondary objective, capital appreciation. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The Fund's asset allocation is designed for investors who are approximately 10 years beyond the normal retirement age of 65. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Retirement Income Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets Index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i1f78632c61b95f4e2688d4b9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $15,643** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date Retirement Income Index $16,484** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9978 | 9974 | 9981 |
| **12/15** | 9879 | 9941 | 9887 |
| **1/16** | 9815 | 10078 | 9798 |
| **2/16** | 9844 | 10150 | 9835 |
| **3/16** | 10090 | 10243 | 10103 |
| **4/16** | 10150 | 10282 | 10155 |
| **5/16** | 10169 | 10285 | 10185 |
| **6/16** | 10280 | 10469 | 10291 |
| **7/16** | 10423 | 10536 | 10435 |
| **8/16** | 10431 | 10524 | 10438 |
| **9/16** | 10449 | 10517 | 10462 |
| **10/16** | 10354 | 10437 | 10357 |
| **11/16** | 10259 | 10190 | 10301 |
| **12/16** | 10318 | 10205 | 10383 |
| **1/17** | 10410 | 10225 | 10466 |
| **2/17** | 10523 | 10293 | 10586 |
| **3/17** | 10541 | 10288 | 10611 |
| **4/17** | 10623 | 10367 | 10699 |
| **5/17** | 10704 | 10447 | 10783 |
| **6/17** | 10712 | 10437 | 10801 |
| **7/17** | 10815 | 10481 | 10907 |
| **8/17** | 10875 | 10575 | 10953 |
| **9/17** | 10914 | 10525 | 11023 |
| **10/17** | 10964 | 10531 | 11106 |
| **11/17** | 11014 | 10518 | 11192 |
| **12/17** | 11077 | 10566 | 11269 |
| **1/18** | 11170 | 10444 | 11404 |
| **2/18** | 10965 | 10345 | 11205 |
| **3/18** | 10965 | 10412 | 11179 |
| **4/18** | 10955 | 10334 | 11180 |
| **5/18** | 11019 | 10408 | 11261 |
| **6/18** | 10997 | 10395 | 11257 |
| **7/18** | 11093 | 10398 | 11367 |
| **8/18** | 11157 | 10464 | 11456 |
| **9/18** | 11125 | 10397 | 11431 |
| **10/18** | 10848 | 10315 | 11097 |
| **11/18** | 10891 | 10377 | 11190 |
| **12/18** | 10748 | 10567 | 10983 |
| **1/19** | 11064 | 10679 | 11342 |
| **2/19** | 11140 | 10673 | 11454 |
| **3/19** | 11292 | 10878 | 11595 |
| **4/19** | 11401 | 10881 | 11734 |
| **5/19** | 11336 | 11074 | 11593 |
| **6/19** | 11586 | 11213 | 11922 |
| **7/19** | 11608 | 11238 | 11964 |
| **8/19** | 11706 | 11529 | 12019 |
| **9/19** | 11728 | 11468 | 12079 |
| **10/19** | 11804 | 11502 | 12196 |
| **11/19** | 11880 | 11496 | 12309 |
| **12/19** | 11998 | 11488 | 12447 |
| **1/20** | 12099 | 11709 | 12516 |
| **2/20** | 11987 | 11920 | 12261 |
| **3/20** | 11427 | 11850 | 11615 |
| **4/20** | 11898 | 12061 | 12174 |
| **5/20** | 12133 | 12117 | 12412 |
| **6/20** | 12267 | 12193 | 12565 |
| **7/20** | 12558 | 12375 | 12863 |
| **8/20** | 12703 | 12275 | 13023 |
| **9/20** | 12603 | 12269 | 12908 |
| **10/20** | 12513 | 12214 | 12811 |
| **11/20** | 12972 | 12334 | 13338 |
| **12/20** | 13170 | 12351 | 13544 |
| **1/21** | 13135 | 12262 | 13503 |
| **2/21** | 13123 | 12085 | 13510 |
| **3/21** | 13194 | 11934 | 13548 |
| **4/21** | 13405 | 12028 | 13776 |
| **5/21** | 13475 | 12068 | 13862 |
| **6/21** | 13557 | 12152 | 13963 |
| **7/21** | 13663 | 12288 | 14079 |
| **8/21** | 13745 | 12265 | 14174 |
| **9/21** | 13534 | 12159 | 13959 |
| **10/21** | 13710 | 12155 | 14154 |
| **11/21** | 13581 | 12191 | 14067 |
| **12/21** | 13814 | 12160 | 14236 |
| **1/22** | 13394 | 11898 | 13855 |
| **2/22** | 13208 | 11765 | 13707 |
| **3/22** | 13134 | 11439 | 13592 |
| **4/22** | 12528 | 11005 | 13037 |
| **5/22** | 12565 | 11075 | 13082 |
| **6/22** | 12021 | 10902 | 12601 |
| **7/22** | 12528 | 11168 | 13043 |
| **8/22** | 12182 | 10853 | 12741 |
| **9/22** | 11489 | 10384 | 12101 |
| **10/22** | 11737 | 10249 | 12305 |
| **11/22** | 12219 | 10626 | 12801 |
| **12/22** | 11965 | 10578 | 12645 |
| **1/23** | 12472 | 10904 | 13116 |
| **2/23** | 12199 | 10622 | 12882 |
| **3/23** | 12446 | 10891 | 13132 |
| **4/23** | 12537 | 10957 | 13234 |
| **5/23** | 12407 | 10838 | 13107 |
| **6/23** | 12667 | 10799 | 13341 |
| **7/23** | 12823 | 10792 | 13507 |
| **8/23** | 12667 | 10723 | 13345 |
| **9/23** | 12329 | 10451 | 12993 |
| **10/23** | 12121 | 10286 | 12762 |
| **11/23** | 12758 | 10751 | 13452 |
| **12/23** | 13236 | 11163 | 13954 |
| **1/24** | 13249 | 11132 | 13969 |
| **2/24** | 13397 | 10975 | 14058 |
| **3/24** | 13639 | 11076 | 14278 |
| **4/24** | 13317 | 10797 | 13955 |
| **5/24** | 13653 | 10980 | 14282 |
| **6/24** | 13761 | 11084 | 14438 |
| **7/24** | 14043 | 11342 | 14720 |
| **8/24** | 14245 | 11505 | 14953 |
| **9/24** | 14447 | 11660 | 15183 |
| **10/24** | 14177 | 11370 | 14872 |
| **11/24** | 14460 | 11491 | 15117 |
| **12/24** | 14186 | 11303 | 14866 |
| **1/25** | 14408 | 11362 | 15082 |
| **2/25** | 14533 | 11612 | 15248 |
| **3/25** | 14325 | 11617 | 15106 |
| **4/25** | 14339 | 11663 | 15190 |
| **5/25** | 14589 | 11579 | 15411 |
| **6/25** | 14935 | 11757 | 15754 |
| **7/25** | 14991 | 11726 | 15807 |
| **8/25** | 15254 | 11866 | 16067 |
| **9/25** | 15518 | 11996 | 16326 |
| **10/25** | 15643 | 12071 | 16484 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 10.33% | 4.57% | 4.58% |
| Class J Shares Including Sales Charge | 9.33% | 4.57% | 4.58% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date Retirement Income Index | 10.83% | 5.17% | 5.12% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 30, 2014. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date Retirement Income Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$187,875

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 27.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.56% |
| Domestic Equity Funds | 24.90% |
| International Equity Funds | 11.12% |
| Specialty Funds | 0.44% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV877ARJ-0

# Institutional

# PHTFX

# Principal LifeTime Hybrid Income Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks current income, and as a secondary objective, capital appreciation. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The Fund's asset allocation is designed for investors who are approximately 10 years beyond the normal retirement age of 65. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Retirement Income Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets Index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ifb01b8421ec0d51191aaa1af.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $15,963** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date Retirement Income Index $16,484** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9980 | 9974 | 9981 |
| **12/15** | 9883 | 9941 | 9887 |
| **1/16** | 9821 | 10078 | 9798 |
| **2/16** | 9852 | 10150 | 9835 |
| **3/16** | 10100 | 10243 | 10103 |
| **4/16** | 10162 | 10282 | 10155 |
| **5/16** | 10183 | 10285 | 10185 |
| **6/16** | 10297 | 10469 | 10291 |
| **7/16** | 10441 | 10536 | 10435 |
| **8/16** | 10452 | 10524 | 10438 |
| **9/16** | 10472 | 10517 | 10462 |
| **10/16** | 10379 | 10437 | 10357 |
| **11/16** | 10286 | 10190 | 10301 |
| **12/16** | 10347 | 10205 | 10383 |
| **1/17** | 10441 | 10225 | 10466 |
| **2/17** | 10557 | 10293 | 10586 |
| **3/17** | 10578 | 10288 | 10611 |
| **4/17** | 10661 | 10367 | 10699 |
| **5/17** | 10745 | 10447 | 10783 |
| **6/17** | 10756 | 10437 | 10801 |
| **7/17** | 10861 | 10481 | 10907 |
| **8/17** | 10924 | 10575 | 10953 |
| **9/17** | 10965 | 10525 | 11023 |
| **10/17** | 11018 | 10531 | 11106 |
| **11/17** | 11070 | 10518 | 11192 |
| **12/17** | 11135 | 10566 | 11269 |
| **1/18** | 11232 | 10444 | 11404 |
| **2/18** | 11028 | 10345 | 11205 |
| **3/18** | 11028 | 10412 | 11179 |
| **4/18** | 11017 | 10334 | 11180 |
| **5/18** | 11093 | 10408 | 11261 |
| **6/18** | 11060 | 10395 | 11257 |
| **7/18** | 11157 | 10398 | 11367 |
| **8/18** | 11232 | 10464 | 11456 |
| **9/18** | 11200 | 10397 | 11431 |
| **10/18** | 10921 | 10315 | 11097 |
| **11/18** | 10964 | 10377 | 11190 |
| **12/18** | 10829 | 10567 | 10983 |
| **1/19** | 11147 | 10679 | 11342 |
| **2/19** | 11224 | 10673 | 11454 |
| **3/19** | 11388 | 10878 | 11595 |
| **4/19** | 11498 | 10881 | 11734 |
| **5/19** | 11432 | 11074 | 11593 |
| **6/19** | 11695 | 11213 | 11922 |
| **7/19** | 11717 | 11238 | 11964 |
| **8/19** | 11816 | 11529 | 12019 |
| **9/19** | 11837 | 11468 | 12079 |
| **10/19** | 11925 | 11502 | 12196 |
| **11/19** | 11991 | 11496 | 12309 |
| **12/19** | 12109 | 11488 | 12447 |
| **1/20** | 12211 | 11709 | 12516 |
| **2/20** | 12109 | 11920 | 12261 |
| **3/20** | 11545 | 11850 | 11615 |
| **4/20** | 12030 | 12061 | 12174 |
| **5/20** | 12267 | 12117 | 12412 |
| **6/20** | 12402 | 12193 | 12565 |
| **7/20** | 12696 | 12375 | 12863 |
| **8/20** | 12843 | 12275 | 13023 |
| **9/20** | 12741 | 12269 | 12908 |
| **10/20** | 12673 | 12214 | 12811 |
| **11/20** | 13125 | 12334 | 13338 |
| **12/20** | 13333 | 12351 | 13544 |
| **1/21** | 13297 | 12262 | 13503 |
| **2/21** | 13297 | 12085 | 13510 |
| **3/21** | 13357 | 11934 | 13548 |
| **4/21** | 13582 | 12028 | 13776 |
| **5/21** | 13653 | 12068 | 13862 |
| **6/21** | 13736 | 12152 | 13963 |
| **7/21** | 13854 | 12288 | 14079 |
| **8/21** | 13937 | 12265 | 14174 |
| **9/21** | 13724 | 12159 | 13959 |
| **10/21** | 13901 | 12155 | 14154 |
| **11/21** | 13771 | 12191 | 14067 |
| **12/21** | 14020 | 12160 | 14236 |
| **1/22** | 13594 | 11898 | 13855 |
| **2/22** | 13407 | 11765 | 13707 |
| **3/22** | 13332 | 11439 | 13592 |
| **4/22** | 12719 | 11005 | 13037 |
| **5/22** | 12769 | 11075 | 13082 |
| **6/22** | 12206 | 10902 | 12601 |
| **7/22** | 12744 | 11168 | 13043 |
| **8/22** | 12381 | 10853 | 12741 |
| **9/22** | 11681 | 10384 | 12101 |
| **10/22** | 11931 | 10249 | 12305 |
| **11/22** | 12431 | 10626 | 12801 |
| **12/22** | 12169 | 10578 | 12645 |
| **1/23** | 12682 | 10904 | 13116 |
| **2/23** | 12418 | 10622 | 12882 |
| **3/23** | 12668 | 10891 | 13132 |
| **4/23** | 12761 | 10957 | 13234 |
| **5/23** | 12642 | 10838 | 13107 |
| **6/23** | 12892 | 10799 | 13341 |
| **7/23** | 13063 | 10792 | 13507 |
| **8/23** | 12905 | 10723 | 13345 |
| **9/23** | 12550 | 10451 | 12993 |
| **10/23** | 12340 | 10286 | 12762 |
| **11/23** | 12984 | 10751 | 13452 |
| **12/23** | 13479 | 11163 | 13954 |
| **1/24** | 13493 | 11132 | 13969 |
| **2/24** | 13643 | 10975 | 14058 |
| **3/24** | 13902 | 11076 | 14278 |
| **4/24** | 13561 | 10797 | 13955 |
| **5/24** | 13915 | 10980 | 14282 |
| **6/24** | 14024 | 11084 | 14438 |
| **7/24** | 14311 | 11342 | 14720 |
| **8/24** | 14529 | 11505 | 14953 |
| **9/24** | 14733 | 11660 | 15183 |
| **10/24** | 14447 | 11370 | 14872 |
| **11/24** | 14747 | 11491 | 15117 |
| **12/24** | 14473 | 11303 | 14866 |
| **1/25** | 14698 | 11362 | 15082 |
| **2/25** | 14838 | 11612 | 15248 |
| **3/25** | 14613 | 11617 | 15106 |
| **4/25** | 14627 | 11663 | 15190 |
| **5/25** | 14894 | 11579 | 15411 |
| **6/25** | 15246 | 11757 | 15754 |
| **7/25** | 15288 | 11726 | 15807 |
| **8/25** | 15570 | 11866 | 16067 |
| **9/25** | 15837 | 11996 | 16326 |
| **10/25** | 15963 | 12071 | 16484 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 10.50% | 4.72% | 4.79% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date Retirement Income Index | 10.83% | 5.17% | 5.12% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date Retirement Income Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$187,875

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 27.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.56% |
| Domestic Equity Funds | 24.90% |
| International Equity Funds | 11.12% |
| Specialty Funds | 0.44% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV877ARI-0

# R-6

# PLTYX

# Principal LifeTime Hybrid Income Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Hybrid Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $2 | 0.02% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks current income, and as a secondary objective, capital appreciation. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc., with a majority of the Fund's assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The Fund's asset allocation is designed for investors who are approximately 10 years beyond the normal retirement age of 65. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Retirement Income Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the MSCI Emerging Markets Index, the investment index within the emerging markets space, outperformed the S&P Emerging Markets Index. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year. The High Yield investment option along with active management within the non-U.S. equity asset class underperformed for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ib8b972f53c96da43a7b9f2d0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $16,018** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date Retirement Income Index $16,484** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9980 | 9974 | 9981 |
| **12/15** | 9883 | 9941 | 9887 |
| **1/16** | 9831 | 10078 | 9798 |
| **2/16** | 9862 | 10150 | 9835 |
| **3/16** | 10110 | 10243 | 10103 |
| **4/16** | 10172 | 10282 | 10155 |
| **5/16** | 10193 | 10285 | 10185 |
| **6/16** | 10307 | 10469 | 10291 |
| **7/16** | 10452 | 10536 | 10435 |
| **8/16** | 10462 | 10524 | 10438 |
| **9/16** | 10483 | 10517 | 10462 |
| **10/16** | 10390 | 10437 | 10357 |
| **11/16** | 10297 | 10190 | 10301 |
| **12/16** | 10357 | 10205 | 10383 |
| **1/17** | 10452 | 10225 | 10466 |
| **2/17** | 10557 | 10293 | 10586 |
| **3/17** | 10577 | 10288 | 10611 |
| **4/17** | 10672 | 10367 | 10699 |
| **5/17** | 10756 | 10447 | 10783 |
| **6/17** | 10756 | 10437 | 10801 |
| **7/17** | 10861 | 10481 | 10907 |
| **8/17** | 10934 | 10575 | 10953 |
| **9/17** | 10965 | 10525 | 11023 |
| **10/17** | 11028 | 10531 | 11106 |
| **11/17** | 11070 | 10518 | 11192 |
| **12/17** | 11146 | 10566 | 11269 |
| **1/18** | 11242 | 10444 | 11404 |
| **2/18** | 11028 | 10345 | 11205 |
| **3/18** | 11038 | 10412 | 11179 |
| **4/18** | 11028 | 10334 | 11180 |
| **5/18** | 11092 | 10408 | 11261 |
| **6/18** | 11071 | 10395 | 11257 |
| **7/18** | 11167 | 10398 | 11367 |
| **8/18** | 11242 | 10464 | 11456 |
| **9/18** | 11210 | 10397 | 11431 |
| **10/18** | 10931 | 10315 | 11097 |
| **11/18** | 10974 | 10377 | 11190 |
| **12/18** | 10839 | 10567 | 10983 |
| **1/19** | 11157 | 10679 | 11342 |
| **2/19** | 11234 | 10673 | 11454 |
| **3/19** | 11398 | 10878 | 11595 |
| **4/19** | 11508 | 10881 | 11734 |
| **5/19** | 11442 | 11074 | 11593 |
| **6/19** | 11705 | 11213 | 11922 |
| **7/19** | 11727 | 11238 | 11964 |
| **8/19** | 11826 | 11529 | 12019 |
| **9/19** | 11848 | 11468 | 12079 |
| **10/19** | 11935 | 11502 | 12196 |
| **11/19** | 12001 | 11496 | 12309 |
| **12/19** | 12131 | 11488 | 12447 |
| **1/20** | 12232 | 11709 | 12516 |
| **2/20** | 12131 | 11920 | 12261 |
| **3/20** | 11566 | 11850 | 11615 |
| **4/20** | 12040 | 12061 | 12174 |
| **5/20** | 12277 | 12117 | 12412 |
| **6/20** | 12413 | 12193 | 12565 |
| **7/20** | 12717 | 12375 | 12863 |
| **8/20** | 12864 | 12275 | 13023 |
| **9/20** | 12763 | 12269 | 12908 |
| **10/20** | 12684 | 12214 | 12811 |
| **11/20** | 13146 | 12334 | 13338 |
| **12/20** | 13356 | 12351 | 13544 |
| **1/21** | 13321 | 12262 | 13503 |
| **2/21** | 13309 | 12085 | 13510 |
| **3/21** | 13380 | 11934 | 13548 |
| **4/21** | 13605 | 12028 | 13776 |
| **5/21** | 13676 | 12068 | 13862 |
| **6/21** | 13759 | 12152 | 13963 |
| **7/21** | 13877 | 12288 | 14079 |
| **8/21** | 13960 | 12265 | 14174 |
| **9/21** | 13747 | 12159 | 13959 |
| **10/21** | 13925 | 12155 | 14154 |
| **11/21** | 13794 | 12191 | 14067 |
| **12/21** | 14046 | 12160 | 14236 |
| **1/22** | 13621 | 11898 | 13855 |
| **2/22** | 13433 | 11765 | 13707 |
| **3/22** | 13358 | 11439 | 13592 |
| **4/22** | 12745 | 11005 | 13037 |
| **5/22** | 12795 | 11075 | 13082 |
| **6/22** | 12232 | 10902 | 12601 |
| **7/22** | 12758 | 11168 | 13043 |
| **8/22** | 12407 | 10853 | 12741 |
| **9/22** | 11707 | 10384 | 12101 |
| **10/22** | 11957 | 10249 | 12305 |
| **11/22** | 12457 | 10626 | 12801 |
| **12/22** | 12199 | 10578 | 12645 |
| **1/23** | 12712 | 10904 | 13116 |
| **2/23** | 12449 | 10622 | 12882 |
| **3/23** | 12699 | 10891 | 13132 |
| **4/23** | 12791 | 10957 | 13234 |
| **5/23** | 12660 | 10838 | 13107 |
| **6/23** | 12923 | 10799 | 13341 |
| **7/23** | 13081 | 10792 | 13507 |
| **8/23** | 12936 | 10723 | 13345 |
| **9/23** | 12581 | 10451 | 12993 |
| **10/23** | 12370 | 10286 | 12762 |
| **11/23** | 13015 | 10751 | 13452 |
| **12/23** | 13514 | 11163 | 13954 |
| **1/24** | 13527 | 11132 | 13969 |
| **2/24** | 13677 | 10975 | 14058 |
| **3/24** | 13923 | 11076 | 14278 |
| **4/24** | 13596 | 10797 | 13955 |
| **5/24** | 13937 | 10980 | 14282 |
| **6/24** | 14059 | 11084 | 14438 |
| **7/24** | 14346 | 11342 | 14720 |
| **8/24** | 14564 | 11505 | 14953 |
| **9/24** | 14768 | 11660 | 15183 |
| **10/24** | 14482 | 11370 | 14872 |
| **11/24** | 14782 | 11491 | 15117 |
| **12/24** | 14512 | 11303 | 14866 |
| **1/25** | 14738 | 11362 | 15082 |
| **2/25** | 14864 | 11612 | 15248 |
| **3/25** | 14653 | 11617 | 15106 |
| **4/25** | 14667 | 11663 | 15190 |
| **5/25** | 14935 | 11579 | 15411 |
| **6/25** | 15287 | 11757 | 15754 |
| **7/25** | 15343 | 11726 | 15807 |
| **8/25** | 15610 | 11866 | 16067 |
| **9/25** | 15878 | 11996 | 16326 |
| **10/25** | 16018 | 12071 | 16484 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-6 Shares | 10.61% | 4.78% | 4.82% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date Retirement Income Index | 10.83% | 5.17% | 5.12% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date Retirement Income Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$187,875

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate 27.3%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.56% |
| Domestic Equity Funds | 24.90% |
| International Equity Funds | 11.12% |
| Specialty Funds | 0.44% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV877ARR6-0

# Class A

# PALTX

# Principal LifeTime Strategic Income Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $40 | 0.38% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks current income, and as a secondary objective, capital appreciation. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. Its asset allocation is designed for investors who are approximately 10 years beyond the normal retirement age of 65. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Retirement Income Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i6c08a938ea708f1e42e3fb92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Shares with maximum sales charge $14,794** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date Retirement Income Index $16,484** |
| **10/15** | 9626 | 10000 | 10000 |
| **11/15** | 9602 | 9974 | 9981 |
| **12/15** | 9499 | 9941 | 9887 |
| **1/16** | 9410 | 10078 | 9798 |
| **2/16** | 9426 | 10150 | 9835 |
| **3/16** | 9661 | 10243 | 10103 |
| **4/16** | 9734 | 10282 | 10155 |
| **5/16** | 9758 | 10285 | 10185 |
| **6/16** | 9839 | 10469 | 10291 |
| **7/16** | 9985 | 10536 | 10435 |
| **8/16** | 10009 | 10524 | 10438 |
| **9/16** | 10026 | 10517 | 10462 |
| **10/16** | 9953 | 10437 | 10357 |
| **11/16** | 9864 | 10190 | 10301 |
| **12/16** | 9925 | 10205 | 10383 |
| **1/17** | 10032 | 10225 | 10466 |
| **2/17** | 10140 | 10293 | 10586 |
| **3/17** | 10165 | 10288 | 10611 |
| **4/17** | 10256 | 10367 | 10699 |
| **5/17** | 10346 | 10447 | 10783 |
| **6/17** | 10346 | 10437 | 10801 |
| **7/17** | 10462 | 10481 | 10907 |
| **8/17** | 10520 | 10575 | 10953 |
| **9/17** | 10570 | 10525 | 11023 |
| **10/17** | 10636 | 10531 | 11106 |
| **11/17** | 10685 | 10518 | 11192 |
| **12/17** | 10746 | 10566 | 11269 |
| **1/18** | 10884 | 10444 | 11404 |
| **2/18** | 10643 | 10345 | 11205 |
| **3/18** | 10634 | 10412 | 11179 |
| **4/18** | 10643 | 10334 | 11180 |
| **5/18** | 10677 | 10408 | 11261 |
| **6/18** | 10651 | 10395 | 11257 |
| **7/18** | 10772 | 10398 | 11367 |
| **8/18** | 10815 | 10464 | 11456 |
| **9/18** | 10807 | 10397 | 11431 |
| **10/18** | 10505 | 10315 | 11097 |
| **11/18** | 10539 | 10377 | 11190 |
| **12/18** | 10374 | 10567 | 10983 |
| **1/19** | 10688 | 10679 | 11342 |
| **2/19** | 10799 | 10673 | 11454 |
| **3/19** | 10947 | 10878 | 11595 |
| **4/19** | 11085 | 10881 | 11734 |
| **5/19** | 11011 | 11074 | 11593 |
| **6/19** | 11270 | 11213 | 11922 |
| **7/19** | 11307 | 11238 | 11964 |
| **8/19** | 11399 | 11529 | 12019 |
| **9/19** | 11409 | 11468 | 12079 |
| **10/19** | 11482 | 11502 | 12196 |
| **11/19** | 11556 | 11496 | 12309 |
| **12/19** | 11662 | 11488 | 12447 |
| **1/20** | 11778 | 11709 | 12516 |
| **2/20** | 11662 | 11920 | 12261 |
| **3/20** | 10973 | 11850 | 11615 |
| **4/20** | 11487 | 12061 | 12174 |
| **5/20** | 11730 | 12117 | 12412 |
| **6/20** | 11885 | 12193 | 12565 |
| **7/20** | 12186 | 12375 | 12863 |
| **8/20** | 12322 | 12275 | 13023 |
| **9/20** | 12225 | 12269 | 12908 |
| **10/20** | 12137 | 12214 | 12811 |
| **11/20** | 12593 | 12334 | 13338 |
| **12/20** | 12793 | 12351 | 13544 |
| **1/21** | 12713 | 12262 | 13503 |
| **2/21** | 12733 | 12085 | 13510 |
| **3/21** | 12763 | 11934 | 13548 |
| **4/21** | 12994 | 12028 | 13776 |
| **5/21** | 13064 | 12068 | 13862 |
| **6/21** | 13145 | 12152 | 13963 |
| **7/21** | 13255 | 12288 | 14079 |
| **8/21** | 13315 | 12265 | 14174 |
| **9/21** | 13124 | 12159 | 13959 |
| **10/21** | 13285 | 12155 | 14154 |
| **11/21** | 13104 | 12191 | 14067 |
| **12/21** | 13322 | 12160 | 14236 |
| **1/22** | 12912 | 11898 | 13855 |
| **2/22** | 12707 | 11765 | 13707 |
| **3/22** | 12621 | 11439 | 13592 |
| **4/22** | 12050 | 11005 | 13037 |
| **5/22** | 12093 | 11075 | 13082 |
| **6/22** | 11554 | 10902 | 12601 |
| **7/22** | 12050 | 11168 | 13043 |
| **8/22** | 11716 | 10853 | 12741 |
| **9/22** | 11058 | 10384 | 12101 |
| **10/22** | 11274 | 10249 | 12305 |
| **11/22** | 11748 | 10626 | 12801 |
| **12/22** | 11531 | 10578 | 12645 |
| **1/23** | 12016 | 10904 | 13116 |
| **2/23** | 11757 | 10622 | 12882 |
| **3/23** | 11971 | 10891 | 13132 |
| **4/23** | 12073 | 10957 | 13234 |
| **5/23** | 11915 | 10838 | 13107 |
| **6/23** | 12163 | 10799 | 13341 |
| **7/23** | 12321 | 10792 | 13507 |
| **8/23** | 12186 | 10723 | 13345 |
| **9/23** | 11847 | 10451 | 12993 |
| **10/23** | 11644 | 10286 | 12762 |
| **11/23** | 12265 | 10751 | 13452 |
| **12/23** | 12740 | 11163 | 13954 |
| **1/24** | 12752 | 11132 | 13969 |
| **2/24** | 12867 | 10975 | 14058 |
| **3/24** | 13098 | 11076 | 14278 |
| **4/24** | 12786 | 10797 | 13955 |
| **5/24** | 13063 | 10980 | 14282 |
| **6/24** | 13144 | 11084 | 14438 |
| **7/24** | 13410 | 11342 | 14720 |
| **8/24** | 13629 | 11505 | 14953 |
| **9/24** | 13803 | 11660 | 15183 |
| **10/24** | 13548 | 11370 | 14872 |
| **11/24** | 13837 | 11491 | 15117 |
| **12/24** | 13541 | 11303 | 14866 |
| **1/25** | 13782 | 11362 | 15082 |
| **2/25** | 13891 | 11612 | 15248 |
| **3/25** | 13686 | 11617 | 15106 |
| **4/25** | 13710 | 11663 | 15190 |
| **5/25** | 13939 | 11579 | 15411 |
| **6/25** | 14264 | 11757 | 15754 |
| **7/25** | 14300 | 11726 | 15807 |
| **8/25** | 14541 | 11866 | 16067 |
| **9/25** | 14722 | 11996 | 16326 |
| **10/25** | 14794 | 12071 | 16484 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class A Shares Excluding Sales Charge | 9.19% | 4.04% | 4.39% |
| Class A Shares Including Sales Charge | 5.07% | 3.24% | 3.99% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date Retirement Income Index | 10.83% | 5.17% | 5.12% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date Retirement Income Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$724,781

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 24.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.63% |
| Domestic Equity Funds | 24.79% |
| International Equity Funds | 11.19% |
| Specialty Funds | 0.40% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV866ARA-0

# Class J

# PLSJX

# Principal LifeTime Strategic Income Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $19 | 0.18% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks current income, and as a secondary objective, capital appreciation. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. Its asset allocation is designed for investors who are approximately 10 years beyond the normal retirement age of 65. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Retirement Income Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i86e01da2ef3e7c2c25453796.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $15,617** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date Retirement Income Index $16,484** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9975 | 9974 | 9981 |
| **12/15** | 9865 | 9941 | 9887 |
| **1/16** | 9780 | 10078 | 9798 |
| **2/16** | 9797 | 10150 | 9835 |
| **3/16** | 10044 | 10243 | 10103 |
| **4/16** | 10112 | 10282 | 10155 |
| **5/16** | 10137 | 10285 | 10185 |
| **6/16** | 10231 | 10469 | 10291 |
| **7/16** | 10384 | 10536 | 10435 |
| **8/16** | 10401 | 10524 | 10438 |
| **9/16** | 10427 | 10517 | 10462 |
| **10/16** | 10342 | 10437 | 10357 |
| **11/16** | 10257 | 10190 | 10301 |
| **12/16** | 10317 | 10205 | 10383 |
| **1/17** | 10431 | 10225 | 10466 |
| **2/17** | 10552 | 10293 | 10586 |
| **3/17** | 10570 | 10288 | 10611 |
| **4/17** | 10674 | 10367 | 10699 |
| **5/17** | 10770 | 10447 | 10783 |
| **6/17** | 10770 | 10437 | 10801 |
| **7/17** | 10892 | 10481 | 10907 |
| **8/17** | 10953 | 10575 | 10953 |
| **9/17** | 11005 | 10525 | 11023 |
| **10/17** | 11084 | 10531 | 11106 |
| **11/17** | 11136 | 10518 | 11192 |
| **12/17** | 11200 | 10566 | 11269 |
| **1/18** | 11336 | 10444 | 11404 |
| **2/18** | 11091 | 10345 | 11205 |
| **3/18** | 11081 | 10412 | 11179 |
| **4/18** | 11091 | 10334 | 11180 |
| **5/18** | 11127 | 10408 | 11261 |
| **6/18** | 11109 | 10395 | 11257 |
| **7/18** | 11227 | 10398 | 11367 |
| **8/18** | 11282 | 10464 | 11456 |
| **9/18** | 11273 | 10397 | 11431 |
| **10/18** | 10954 | 10315 | 11097 |
| **11/18** | 11000 | 10377 | 11190 |
| **12/18** | 10823 | 10567 | 10983 |
| **1/19** | 11156 | 10679 | 11342 |
| **2/19** | 11273 | 10673 | 11454 |
| **3/19** | 11430 | 10878 | 11595 |
| **4/19** | 11577 | 10881 | 11734 |
| **5/19** | 11498 | 11074 | 11593 |
| **6/19** | 11772 | 11213 | 11922 |
| **7/19** | 11811 | 11238 | 11964 |
| **8/19** | 11909 | 11529 | 12019 |
| **9/19** | 11919 | 11468 | 12079 |
| **10/19** | 11997 | 11502 | 12196 |
| **11/19** | 12076 | 11496 | 12309 |
| **12/19** | 12187 | 11488 | 12447 |
| **1/20** | 12310 | 11709 | 12516 |
| **2/20** | 12197 | 11920 | 12261 |
| **3/20** | 11476 | 11850 | 11615 |
| **4/20** | 12011 | 12061 | 12174 |
| **5/20** | 12269 | 12117 | 12412 |
| **6/20** | 12423 | 12193 | 12565 |
| **7/20** | 12743 | 12375 | 12863 |
| **8/20** | 12887 | 12275 | 13023 |
| **9/20** | 12794 | 12269 | 12908 |
| **10/20** | 12702 | 12214 | 12811 |
| **11/20** | 13186 | 12334 | 13338 |
| **12/20** | 13388 | 12351 | 13544 |
| **1/21** | 13313 | 12262 | 13503 |
| **2/21** | 13334 | 12085 | 13510 |
| **3/21** | 13366 | 11934 | 13548 |
| **4/21** | 13601 | 12028 | 13776 |
| **5/21** | 13687 | 12068 | 13862 |
| **6/21** | 13772 | 12152 | 13963 |
| **7/21** | 13890 | 12288 | 14079 |
| **8/21** | 13954 | 12265 | 14174 |
| **9/21** | 13751 | 12159 | 13959 |
| **10/21** | 13922 | 12155 | 14154 |
| **11/21** | 13729 | 12191 | 14067 |
| **12/21** | 13969 | 12160 | 14236 |
| **1/22** | 13543 | 11898 | 13855 |
| **2/22** | 13325 | 11765 | 13707 |
| **3/22** | 13244 | 11439 | 13592 |
| **4/22** | 12635 | 11005 | 13037 |
| **5/22** | 12681 | 11075 | 13082 |
| **6/22** | 12129 | 10902 | 12601 |
| **7/22** | 12647 | 11168 | 13043 |
| **8/22** | 12290 | 10853 | 12741 |
| **9/22** | 11600 | 10384 | 12101 |
| **10/22** | 11830 | 10249 | 12305 |
| **11/22** | 12336 | 10626 | 12801 |
| **12/22** | 12103 | 10578 | 12645 |
| **1/23** | 12623 | 10904 | 13116 |
| **2/23** | 12345 | 10622 | 12882 |
| **3/23** | 12574 | 10891 | 13132 |
| **4/23** | 12683 | 10957 | 13234 |
| **5/23** | 12526 | 10838 | 13107 |
| **6/23** | 12780 | 10799 | 13341 |
| **7/23** | 12949 | 10792 | 13507 |
| **8/23** | 12804 | 10723 | 13345 |
| **9/23** | 12454 | 10451 | 12993 |
| **10/23** | 12248 | 10286 | 12762 |
| **11/23** | 12901 | 10751 | 13452 |
| **12/23** | 13395 | 11163 | 13954 |
| **1/24** | 13420 | 11132 | 13969 |
| **2/24** | 13543 | 10975 | 14058 |
| **3/24** | 13779 | 11076 | 14278 |
| **4/24** | 13457 | 10797 | 13955 |
| **5/24** | 13754 | 10980 | 14282 |
| **6/24** | 13840 | 11084 | 14438 |
| **7/24** | 14125 | 11342 | 14720 |
| **8/24** | 14360 | 11505 | 14953 |
| **9/24** | 14546 | 11660 | 15183 |
| **10/24** | 14274 | 11370 | 14872 |
| **11/24** | 14583 | 11491 | 15117 |
| **12/24** | 14271 | 11303 | 14866 |
| **1/25** | 14530 | 11362 | 15082 |
| **2/25** | 14646 | 11612 | 15248 |
| **3/25** | 14426 | 11617 | 15106 |
| **4/25** | 14452 | 11663 | 15190 |
| **5/25** | 14698 | 11579 | 15411 |
| **6/25** | 15048 | 11757 | 15754 |
| **7/25** | 15086 | 11726 | 15807 |
| **8/25** | 15333 | 11866 | 16067 |
| **9/25** | 15540 | 11996 | 16326 |
| **10/25** | 15617 | 12071 | 16484 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class J Shares Excluding Sales Charge | 9.41% | 4.22% | 4.56% |
| Class J Shares Including Sales Charge | 8.41% | 4.22% | 4.56% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date Retirement Income Index | 10.83% | 5.17% | 5.12% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date Retirement Income Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$724,781

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 24.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.63% |
| Domestic Equity Funds | 24.79% |
| International Equity Funds | 11.19% |
| Specialty Funds | 0.40% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV866ARJ-0

# Institutional

# PLSIX

# Principal LifeTime Strategic Income Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $0 | 0.00% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks current income, and as a secondary objective, capital appreciation. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. Its asset allocation is designed for investors who are approximately 10 years beyond the normal retirement age of 65. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Retirement Income Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ifc4234dd922ad8b18ae74b07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $15,934** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date Retirement Income Index $16,484** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9975 | 9974 | 9981 |
| **12/15** | 9871 | 9941 | 9887 |
| **1/16** | 9778 | 10078 | 9798 |
| **2/16** | 9804 | 10150 | 9835 |
| **3/16** | 10049 | 10243 | 10103 |
| **4/16** | 10126 | 10282 | 10155 |
| **5/16** | 10151 | 10285 | 10185 |
| **6/16** | 10244 | 10469 | 10291 |
| **7/16** | 10397 | 10536 | 10435 |
| **8/16** | 10423 | 10524 | 10438 |
| **9/16** | 10448 | 10517 | 10462 |
| **10/16** | 10363 | 10437 | 10357 |
| **11/16** | 10278 | 10190 | 10301 |
| **12/16** | 10344 | 10205 | 10383 |
| **1/17** | 10457 | 10225 | 10466 |
| **2/17** | 10579 | 10293 | 10586 |
| **3/17** | 10605 | 10288 | 10611 |
| **4/17** | 10701 | 10367 | 10699 |
| **5/17** | 10805 | 10447 | 10783 |
| **6/17** | 10805 | 10437 | 10801 |
| **7/17** | 10927 | 10481 | 10907 |
| **8/17** | 10996 | 10575 | 10953 |
| **9/17** | 11048 | 10525 | 11023 |
| **10/17** | 11127 | 10531 | 11106 |
| **11/17** | 11179 | 10518 | 11192 |
| **12/17** | 11247 | 10566 | 11269 |
| **1/18** | 11393 | 10444 | 11404 |
| **2/18** | 11147 | 10345 | 11205 |
| **3/18** | 11138 | 10412 | 11179 |
| **4/18** | 11147 | 10334 | 11180 |
| **5/18** | 11192 | 10408 | 11261 |
| **6/18** | 11165 | 10395 | 11257 |
| **7/18** | 11293 | 10398 | 11367 |
| **8/18** | 11347 | 10464 | 11456 |
| **9/18** | 11338 | 10397 | 11431 |
| **10/18** | 11029 | 10315 | 11097 |
| **11/18** | 11065 | 10377 | 11190 |
| **12/18** | 10893 | 10567 | 10983 |
| **1/19** | 11237 | 10679 | 11342 |
| **2/19** | 11344 | 10673 | 11454 |
| **3/19** | 11511 | 10878 | 11595 |
| **4/19** | 11658 | 10881 | 11734 |
| **5/19** | 11580 | 11074 | 11593 |
| **6/19** | 11864 | 11213 | 11922 |
| **7/19** | 11903 | 11238 | 11964 |
| **8/19** | 12001 | 11529 | 12019 |
| **9/19** | 12011 | 11468 | 12079 |
| **10/19** | 12099 | 11502 | 12196 |
| **11/19** | 12168 | 11496 | 12309 |
| **12/19** | 12284 | 11488 | 12447 |
| **1/20** | 12419 | 11709 | 12516 |
| **2/20** | 12305 | 11920 | 12261 |
| **3/20** | 11581 | 11850 | 11615 |
| **4/20** | 12119 | 12061 | 12174 |
| **5/20** | 12388 | 12117 | 12412 |
| **6/20** | 12543 | 12193 | 12565 |
| **7/20** | 12864 | 12375 | 12863 |
| **8/20** | 13019 | 12275 | 13023 |
| **9/20** | 12915 | 12269 | 12908 |
| **10/20** | 12833 | 12214 | 12811 |
| **11/20** | 13319 | 12334 | 13338 |
| **12/20** | 13536 | 12351 | 13544 |
| **1/21** | 13450 | 12262 | 13503 |
| **2/21** | 13482 | 12085 | 13510 |
| **3/21** | 13515 | 11934 | 13548 |
| **4/21** | 13761 | 12028 | 13776 |
| **5/21** | 13837 | 12068 | 13862 |
| **6/21** | 13933 | 12152 | 13963 |
| **7/21** | 14051 | 12288 | 14079 |
| **8/21** | 14116 | 12265 | 14174 |
| **9/21** | 13922 | 12159 | 13959 |
| **10/21** | 14094 | 12155 | 14154 |
| **11/21** | 13901 | 12191 | 14067 |
| **12/21** | 14135 | 12160 | 14236 |
| **1/22** | 13718 | 11898 | 13855 |
| **2/22** | 13498 | 11765 | 13707 |
| **3/22** | 13417 | 11439 | 13592 |
| **4/22** | 12804 | 11005 | 13037 |
| **5/22** | 12850 | 11075 | 13082 |
| **6/22** | 12294 | 10902 | 12601 |
| **7/22** | 12815 | 11168 | 13043 |
| **8/22** | 12468 | 10853 | 12741 |
| **9/22** | 11762 | 10384 | 12101 |
| **10/22** | 12005 | 10249 | 12305 |
| **11/22** | 12514 | 10626 | 12801 |
| **12/22** | 12284 | 10578 | 12645 |
| **1/23** | 12808 | 10904 | 13116 |
| **2/23** | 12527 | 10622 | 12882 |
| **3/23** | 12759 | 10891 | 13132 |
| **4/23** | 12881 | 10957 | 13234 |
| **5/23** | 12722 | 10838 | 13107 |
| **6/23** | 12990 | 10799 | 13341 |
| **7/23** | 13161 | 10792 | 13507 |
| **8/23** | 13015 | 10723 | 13345 |
| **9/23** | 12661 | 10451 | 12993 |
| **10/23** | 12442 | 10286 | 12762 |
| **11/23** | 13112 | 10751 | 13452 |
| **12/23** | 13627 | 11163 | 13954 |
| **1/24** | 13639 | 11132 | 13969 |
| **2/24** | 13764 | 10975 | 14058 |
| **3/24** | 14014 | 11076 | 14278 |
| **4/24** | 13689 | 10797 | 13955 |
| **5/24** | 13989 | 10980 | 14282 |
| **6/24** | 14089 | 11084 | 14438 |
| **7/24** | 14377 | 11342 | 14720 |
| **8/24** | 14602 | 11505 | 14953 |
| **9/24** | 14802 | 11660 | 15183 |
| **10/24** | 14527 | 11370 | 14872 |
| **11/24** | 14852 | 11491 | 15117 |
| **12/24** | 14533 | 11303 | 14866 |
| **1/25** | 14795 | 11362 | 15082 |
| **2/25** | 14913 | 11612 | 15248 |
| **3/25** | 14704 | 11617 | 15106 |
| **4/25** | 14730 | 11663 | 15190 |
| **5/25** | 14979 | 11579 | 15411 |
| **6/25** | 15332 | 11757 | 15754 |
| **7/25** | 15385 | 11726 | 15807 |
| **8/25** | 15633 | 11866 | 16067 |
| **9/25** | 15843 | 11996 | 16326 |
| **10/25** | 15934 | 12071 | 16484 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 9.69% | 4.43% | 4.77% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date Retirement Income Index | 10.83% | 5.17% | 5.12% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date Retirement Income Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$724,781

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 24.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.63% |
| Domestic Equity Funds | 24.79% |
| International Equity Funds | 11.19% |
| Specialty Funds | 0.40% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV866ARI-0

# R-3

# PLSMX

# Principal LifeTime Strategic Income Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $61 | 0.58% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks current income, and as a secondary objective, capital appreciation. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. Its asset allocation is designed for investors who are approximately 10 years beyond the normal retirement age of 65. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Retirement Income Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](iedc1a800bd3e88a17c43243e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $15,063** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date Retirement Income Index $16,484** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9975 | 9974 | 9981 |
| **12/15** | 9859 | 9941 | 9887 |
| **1/16** | 9774 | 10078 | 9798 |
| **2/16** | 9782 | 10150 | 9835 |
| **3/16** | 10029 | 10243 | 10103 |
| **4/16** | 10098 | 10282 | 10155 |
| **5/16** | 10123 | 10285 | 10185 |
| **6/16** | 10208 | 10469 | 10291 |
| **7/16** | 10362 | 10536 | 10435 |
| **8/16** | 10379 | 10524 | 10438 |
| **9/16** | 10396 | 10517 | 10462 |
| **10/16** | 10311 | 10437 | 10357 |
| **11/16** | 10217 | 10190 | 10301 |
| **12/16** | 10275 | 10205 | 10383 |
| **1/17** | 10388 | 10225 | 10466 |
| **2/17** | 10501 | 10293 | 10586 |
| **3/17** | 10519 | 10288 | 10611 |
| **4/17** | 10614 | 10367 | 10699 |
| **5/17** | 10710 | 10447 | 10783 |
| **6/17** | 10710 | 10437 | 10801 |
| **7/17** | 10823 | 10481 | 10907 |
| **8/17** | 10884 | 10575 | 10953 |
| **9/17** | 10936 | 10525 | 11023 |
| **10/17** | 11006 | 10531 | 11106 |
| **11/17** | 11049 | 10518 | 11192 |
| **12/17** | 11113 | 10566 | 11269 |
| **1/18** | 11249 | 10444 | 11404 |
| **2/18** | 11004 | 10345 | 11205 |
| **3/18** | 10995 | 10412 | 11179 |
| **4/18** | 10995 | 10334 | 11180 |
| **5/18** | 11032 | 10408 | 11261 |
| **6/18** | 11004 | 10395 | 11257 |
| **7/18** | 11122 | 10398 | 11367 |
| **8/18** | 11167 | 10464 | 11456 |
| **9/18** | 11158 | 10397 | 11431 |
| **10/18** | 10841 | 10315 | 11097 |
| **11/18** | 10878 | 10377 | 11190 |
| **12/18** | 10706 | 10567 | 10983 |
| **1/19** | 11036 | 10679 | 11342 |
| **2/19** | 11143 | 10673 | 11454 |
| **3/19** | 11288 | 10878 | 11595 |
| **4/19** | 11434 | 10881 | 11734 |
| **5/19** | 11356 | 11074 | 11593 |
| **6/19** | 11628 | 11213 | 11922 |
| **7/19** | 11657 | 11238 | 11964 |
| **8/19** | 11744 | 11529 | 12019 |
| **9/19** | 11754 | 11468 | 12079 |
| **10/19** | 11831 | 11502 | 12196 |
| **11/19** | 11899 | 11496 | 12309 |
| **12/19** | 12008 | 11488 | 12447 |
| **1/20** | 12130 | 11709 | 12516 |
| **2/20** | 12008 | 11920 | 12261 |
| **3/20** | 11296 | 11850 | 11615 |
| **4/20** | 11825 | 12061 | 12174 |
| **5/20** | 12079 | 12117 | 12412 |
| **6/20** | 12232 | 12193 | 12565 |
| **7/20** | 12537 | 12375 | 12863 |
| **8/20** | 12679 | 12275 | 13023 |
| **9/20** | 12567 | 12269 | 12908 |
| **10/20** | 12476 | 12214 | 12811 |
| **11/20** | 12954 | 12334 | 13338 |
| **12/20** | 13155 | 12351 | 13544 |
| **1/21** | 13071 | 12262 | 13503 |
| **2/21** | 13092 | 12085 | 13510 |
| **3/21** | 13123 | 11934 | 13548 |
| **4/21** | 13344 | 12028 | 13776 |
| **5/21** | 13417 | 12068 | 13862 |
| **6/21** | 13501 | 12152 | 13963 |
| **7/21** | 13617 | 12288 | 14079 |
| **8/21** | 13669 | 12265 | 14174 |
| **9/21** | 13470 | 12159 | 13959 |
| **10/21** | 13638 | 12155 | 14154 |
| **11/21** | 13449 | 12191 | 14067 |
| **12/21** | 13660 | 12160 | 14236 |
| **1/22** | 13255 | 11898 | 13855 |
| **2/22** | 13030 | 11765 | 13707 |
| **3/22** | 12940 | 11439 | 13592 |
| **4/22** | 12354 | 11005 | 13037 |
| **5/22** | 12399 | 11075 | 13082 |
| **6/22** | 11847 | 10902 | 12601 |
| **7/22** | 12343 | 11168 | 13043 |
| **8/22** | 12005 | 10853 | 12741 |
| **9/22** | 11329 | 10384 | 12101 |
| **10/22** | 11543 | 10249 | 12305 |
| **11/22** | 12027 | 10626 | 12801 |
| **12/22** | 11808 | 10578 | 12645 |
| **1/23** | 12303 | 10904 | 13116 |
| **2/23** | 12032 | 10622 | 12882 |
| **3/23** | 12244 | 10891 | 13132 |
| **4/23** | 12350 | 10957 | 13234 |
| **5/23** | 12197 | 10838 | 13107 |
| **6/23** | 12445 | 10799 | 13341 |
| **7/23** | 12610 | 10792 | 13507 |
| **8/23** | 12456 | 10723 | 13345 |
| **9/23** | 12115 | 10451 | 12993 |
| **10/23** | 11903 | 10286 | 12762 |
| **11/23** | 12539 | 10751 | 13452 |
| **12/23** | 13015 | 11163 | 13954 |
| **1/24** | 13027 | 11132 | 13969 |
| **2/24** | 13148 | 10975 | 14058 |
| **3/24** | 13376 | 11076 | 14278 |
| **4/24** | 13051 | 10797 | 13955 |
| **5/24** | 13340 | 10980 | 14282 |
| **6/24** | 13424 | 11084 | 14438 |
| **7/24** | 13689 | 11342 | 14720 |
| **8/24** | 13906 | 11505 | 14953 |
| **9/24** | 14087 | 11660 | 15183 |
| **10/24** | 13822 | 11370 | 14872 |
| **11/24** | 14123 | 11491 | 15117 |
| **12/24** | 13808 | 11303 | 14866 |
| **1/25** | 14046 | 11362 | 15082 |
| **2/25** | 14159 | 11612 | 15248 |
| **3/25** | 13946 | 11617 | 15106 |
| **4/25** | 13971 | 11663 | 15190 |
| **5/25** | 14197 | 11579 | 15411 |
| **6/25** | 14523 | 11757 | 15754 |
| **7/25** | 14561 | 11726 | 15807 |
| **8/25** | 14799 | 11866 | 16067 |
| **9/25** | 14988 | 11996 | 16326 |
| **10/25** | 15063 | 12071 | 16484 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 8.98% | 3.84% | 4.18% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date Retirement Income Index | 10.83% | 5.17% | 5.12% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date Retirement Income Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$724,781

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 24.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.63% |
| Domestic Equity Funds | 24.79% |
| International Equity Funds | 11.19% |
| Specialty Funds | 0.40% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV866ARR3-0

# R-5

# PLSPX

# Principal LifeTime Strategic Income Fund
![Image](i954a7d77b50955c711a794da.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $28 | 0.27% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks current income, and as a secondary objective, capital appreciation. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds and Principal Funds, Inc. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. Its asset allocation is designed for investors who are approximately 10 years beyond the normal retirement age of 65. An underweight to fixed income and an overweight to equity relative to the S&P Target Date Retirement Income Index ("Index") was a positive contributor for the year. An overweight to high yield bonds contributed positively to performance for the year. The Global Emerging Markets and Real Estate Securities investment options contributed to performance as they outperformed their respective indices for the year. Style selection contributed for the year as the underlying investment indices outperformed the Index's investments within the U.S. equities and emerging markets asset classes. Active management within the U.S. equity asset class was the largest detractor from performance for the year as all investment options in the space underperformed their respective indices. An underweight to non-U.S. equity relative to the Index hurt performance as it was one of the strongest performing asset classes for the year. An overweight to U.S. small capitalization equities also detracted from performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i81dd7f43e1107830fc089855.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $15,541** | **Bloomberg US Aggregate Index $12,071** | **S&P Target Date Retirement Income Index $16,484** |
| **10/15** | 10000 | 10000 | 10000 |
| **11/15** | 9975 | 9974 | 9981 |
| **12/15** | 9868 | 9941 | 9887 |
| **1/16** | 9775 | 10078 | 9798 |
| **2/16** | 9792 | 10150 | 9835 |
| **3/16** | 10038 | 10243 | 10103 |
| **4/16** | 10114 | 10282 | 10155 |
| **5/16** | 10131 | 10285 | 10185 |
| **6/16** | 10224 | 10469 | 10291 |
| **7/16** | 10377 | 10536 | 10435 |
| **8/16** | 10402 | 10524 | 10438 |
| **9/16** | 10419 | 10517 | 10462 |
| **10/16** | 10343 | 10437 | 10357 |
| **11/16** | 10250 | 10190 | 10301 |
| **12/16** | 10313 | 10205 | 10383 |
| **1/17** | 10425 | 10225 | 10466 |
| **2/17** | 10538 | 10293 | 10586 |
| **3/17** | 10564 | 10288 | 10611 |
| **4/17** | 10659 | 10367 | 10699 |
| **5/17** | 10763 | 10447 | 10783 |
| **6/17** | 10763 | 10437 | 10801 |
| **7/17** | 10885 | 10481 | 10907 |
| **8/17** | 10945 | 10575 | 10953 |
| **9/17** | 10997 | 10525 | 11023 |
| **10/17** | 11067 | 10531 | 11106 |
| **11/17** | 11119 | 10518 | 11192 |
| **12/17** | 11189 | 10566 | 11269 |
| **1/18** | 11325 | 10444 | 11404 |
| **2/18** | 11081 | 10345 | 11205 |
| **3/18** | 11072 | 10412 | 11179 |
| **4/18** | 11081 | 10334 | 11180 |
| **5/18** | 11117 | 10408 | 11261 |
| **6/18** | 11090 | 10395 | 11257 |
| **7/18** | 11216 | 10398 | 11367 |
| **8/18** | 11271 | 10464 | 11456 |
| **9/18** | 11262 | 10397 | 11431 |
| **10/18** | 10945 | 10315 | 11097 |
| **11/18** | 10981 | 10377 | 11190 |
| **12/18** | 10809 | 10567 | 10983 |
| **1/19** | 11139 | 10679 | 11342 |
| **2/19** | 11256 | 10673 | 11454 |
| **3/19** | 11412 | 10878 | 11595 |
| **4/19** | 11557 | 10881 | 11734 |
| **5/19** | 11480 | 11074 | 11593 |
| **6/19** | 11752 | 11213 | 11922 |
| **7/19** | 11791 | 11238 | 11964 |
| **8/19** | 11888 | 11529 | 12019 |
| **9/19** | 11898 | 11468 | 12079 |
| **10/19** | 11975 | 11502 | 12196 |
| **11/19** | 12053 | 11496 | 12309 |
| **12/19** | 12158 | 11488 | 12447 |
| **1/20** | 12291 | 11709 | 12516 |
| **2/20** | 12168 | 11920 | 12261 |
| **3/20** | 11452 | 11850 | 11615 |
| **4/20** | 11984 | 12061 | 12174 |
| **5/20** | 12240 | 12117 | 12412 |
| **6/20** | 12403 | 12193 | 12565 |
| **7/20** | 12720 | 12375 | 12863 |
| **8/20** | 12864 | 12275 | 13023 |
| **9/20** | 12761 | 12269 | 12908 |
| **10/20** | 12669 | 12214 | 12811 |
| **11/20** | 13150 | 12334 | 13338 |
| **12/20** | 13361 | 12351 | 13544 |
| **1/21** | 13277 | 12262 | 13503 |
| **2/21** | 13298 | 12085 | 13510 |
| **3/21** | 13340 | 11934 | 13548 |
| **4/21** | 13573 | 12028 | 13776 |
| **5/21** | 13647 | 12068 | 13862 |
| **6/21** | 13743 | 12152 | 13963 |
| **7/21** | 13848 | 12288 | 14079 |
| **8/21** | 13912 | 12265 | 14174 |
| **9/21** | 13711 | 12159 | 13959 |
| **10/21** | 13891 | 12155 | 14154 |
| **11/21** | 13700 | 12191 | 14067 |
| **12/21** | 13927 | 12160 | 14236 |
| **1/22** | 13506 | 11898 | 13855 |
| **2/22** | 13289 | 11765 | 13707 |
| **3/22** | 13198 | 11439 | 13592 |
| **4/22** | 12595 | 11005 | 13037 |
| **5/22** | 12652 | 11075 | 13082 |
| **6/22** | 12082 | 10902 | 12601 |
| **7/22** | 12606 | 11168 | 13043 |
| **8/22** | 12253 | 10853 | 12741 |
| **9/22** | 11570 | 10384 | 12101 |
| **10/22** | 11798 | 10249 | 12305 |
| **11/22** | 12287 | 10626 | 12801 |
| **12/22** | 12061 | 10578 | 12645 |
| **1/23** | 12575 | 10904 | 13116 |
| **2/23** | 12312 | 10622 | 12882 |
| **3/23** | 12527 | 10891 | 13132 |
| **4/23** | 12635 | 10957 | 13234 |
| **5/23** | 12479 | 10838 | 13107 |
| **6/23** | 12742 | 10799 | 13341 |
| **7/23** | 12910 | 10792 | 13507 |
| **8/23** | 12754 | 10723 | 13345 |
| **9/23** | 12408 | 10451 | 12993 |
| **10/23** | 12192 | 10286 | 12762 |
| **11/23** | 12850 | 10751 | 13452 |
| **12/23** | 13352 | 11163 | 13954 |
| **1/24** | 13364 | 11132 | 13969 |
| **2/24** | 13486 | 10975 | 14058 |
| **3/24** | 13731 | 11076 | 14278 |
| **4/24** | 13401 | 10797 | 13955 |
| **5/24** | 13694 | 10980 | 14282 |
| **6/24** | 13780 | 11084 | 14438 |
| **7/24** | 14062 | 11342 | 14720 |
| **8/24** | 14294 | 11505 | 14953 |
| **9/24** | 14478 | 11660 | 15183 |
| **10/24** | 14208 | 11370 | 14872 |
| **11/24** | 14514 | 11491 | 15117 |
| **12/24** | 14198 | 11303 | 14866 |
| **1/25** | 14454 | 11362 | 15082 |
| **2/25** | 14569 | 11612 | 15248 |
| **3/25** | 14352 | 11617 | 15106 |
| **4/25** | 14377 | 11663 | 15190 |
| **5/25** | 14620 | 11579 | 15411 |
| **6/25** | 14966 | 11757 | 15754 |
| **7/25** | 15004 | 11726 | 15807 |
| **8/25** | 15260 | 11866 | 16067 |
| **9/25** | 15452 | 11996 | 16326 |
| **10/25** | 15541 | 12071 | 16484 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 9.38% | 4.17% | 4.51% |
| Bloomberg US Aggregate Index | 6.16% | -0.24% | 1.90% |
| S&P Target Date Retirement Income Index | 10.83% | 5.17% | 5.12% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg US Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The S&P Target Date Retirement Income Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$724,781

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate 24.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

#### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.63% |
| Domestic Equity Funds | 24.79% |
| International Equity Funds | 11.19% |
| Specialty Funds | 0.40% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period November 1, 2024 to October 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV866ARR5-0

#### 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 Frances Grieb, 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
<u>(a) Audit Fees.</u> 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.

October 31, 2024 – $1,433,086

October 31, 2025 – $1,097,521

<u>(b) Audit-Related Fees.</u> 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.

October 31, 2024 - $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025 - $29,067

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.

<u>(c) Tax Fees.</u> 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.

October 31, 2024 - $1,982,834

October 31, 2025 - $1,840,215

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.

<u>(d) All Other Fees.</u> 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.

<u>(e) (1) Audit Committee Pre-Approval Policy.</u> The audit committee of the registrant has adopted the following pre-approval policy:

The Principal Funds Policy on Auditor Independence

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

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

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

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services where the auditor would act on behalf of management;

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

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

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial information systems design and implementation;

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

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuarial services;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal audit functions or human resources;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broker or dealer, investment advisor, or investment banking services;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal services and expert services unrelated to the audit;

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

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

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any other service that the Public Company Accounting Oversight Board (PCAOB) determines, by regulation, is impermissible; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any other service that the International Ethics Standards Board for Accountants (IESBA) determines, by regulation, is impermissible.

2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) All services the primary independent auditor, its subsidiaries and affiliates provide to the Funds, and (B) Audit services, including audits of annual financial statements, audits of acquired or divested businesses or review of regulatory filings, any independent auditor provides, shall be approved by the Committee in advance in accordance with the following procedure:

Each quarter, Management will present to the Committee for pre-approval and pre-concurrence a detailed description of each particular service, excluding tax services, for which pre-approval and pre-concurrence is sought, and the corresponding range of fees for such service. The Committee may 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, and shall 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.

In considering whether to grant pre-approval and pre-concurrence with respect to the primary independent auditor's provision of non-audit services, the Committee (or the delegated member(s), as applicable) will consider whether the services are compatible with the maintenance of such auditor's independence. The Committee (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 other factors, and whether the service might enhance the Funds' ability to manage or control risk or improve audit quality.

3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The provisions of this policy shall apply to all audit and non-audit services provided directly to the Funds. Additionally, the provisions of this policy shall apply to non-audit services provided to Principal Global Investors, LLC ("PGI") or an affiliate of PGI that provides ongoing services to the Funds if the engagement relates directly to the operations and financial reporting of the Funds as well as any controlled subsidiary.

4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not less than annually, the primary independent auditor shall report to the Committee in writing all relationships that may reasonably be thought to bear on independence between the auditor and the Funds or persons in financial reporting oversight roles with respect to any services provided by the auditor, its subsidiaries or affiliates as of the date of the communication, pursuant to Rule 3526 of the PCAOB. The primary independent auditor shall discuss with the Committee the potential effects of such relationships on the independence of the auditor. In addition, the primary independent auditor shall affirm, in writing, that, as of the date of the communication, it is independent within the meaning of the federal securities laws and Rule 3520 of the PCAOB.

5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 others on the audit engagement regarding technical issues, shall rotate after seven years and be subject upon rotation to a two year "time out" period.

6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither the Funds nor PGI may hire or promote any former partner, principal, shareholder or professional employee (Former Employee) of the primary independent auditor into a financial reporting oversight role unless the Former Employee (1) has severed his/her economic interest in the independent audit firm, and (2) was not a member of the audit engagement team for the Funds during the one year period preceding the date that the audit procedures began for the fiscal period in which the Funds or PGI proposes to hire or promote the Former Employee. Neither the Funds nor PGI shall, without prior written consent of the primary independent auditor, hire or promote any Former Employee into a role not prohibited above if the Former Employee had provided any services to the Funds or PGI during the 12 months preceding the date of filing of the Funds' most recent annual report with the SEC. Upon termination of the primary independent auditor, the Funds or PGI shall not, without prior written consent of the former primary independent auditor, hire or promote any Former Employee for a period of up to 12 months from termination.

7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For persons recently promoted or hired into a financial reporting oversight role (other than members of the Boards of the Funds who are not also officers or otherwise "interested persons" (as defined in the Investment Company Act of 1940) of the Funds), any personal tax planning services pursuant to an engagement that was in progress before the hiring or promotion and provided by the primary independent auditor must be completed on or before 180 days after the hiring or promotion.

8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The phrase "financial reporting oversight role" means a role in which a person is in a position to exercise influence over the contents of the financial statements or anyone who prepares them, such as a member of the board of directors or similar management or governing body, chief executive officer, president, chief operating officer, chief financial officer, counsel, controller, chief internal auditor, or any equivalent positions.

(Adopted by the Audit Committee of the Boards of the Funds on June 10, 2025).

<u>(e) (2) Pre-Approval Waivers.</u> 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.

<u>(f)</u> Substantially all work in connection with the audit of the registrant's financial statements was performed by full-time employees of Ernst & Young.

<u>(g)</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2024 - $2,218,446

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025 - $2,081,322

<u>(h)</u> 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.

(i) The registrant has not been identified by the Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position of authority in that jurisdiction.

(j) the registrant is not a foreign issuer.

#### ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) Not applicable.

(b) Not applicable.

#### ITEM 6 – INVESTMENTS
Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this form.

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

(a) Financial Statements

(b) Financial Highlights

Principal

Funds

Annual

Financial

Statements

and

Additional

Information

October

31,

2025

Table

of

Contents

#### Not

#### FDIC

#### or

#### NCUA

#### insured

#### May

#### lose

#### value
• #### Not

#### a

#### deposit
• #### No

#### bank

#### or

#### credit

#### union

#### guarantee

#### Not

#### insured

#### by

#### any

#### Federal

#### government

#### agency
Financial

Statements

(N-CSR

Item

7)

Notes

to

Financial

Statements

Schedules

of

Investments

Financial

Highlights

(includes

performance

information)

Report

of

Independent

Registered

Public

Accounting

Firm

524

Unaudited

Supplemental

Information

526

Changes

in

and

Disagreements

with

Accountants

(N-CSR

Item

8)

533

Proxy

Disclosures

(N-CSR

Item

9)

534

Remuneration

Paid

to

Directors,

Officers

and

Others

(N-CSR

Item

10)

535

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

536

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

California

Municipal

Fund

Core

Fixed

Income

Fund

Core

Plus

Bond

Fund

Investment

in

securities--at

cost

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

$

658,691

$

11,323,033

$

528,564

Investment

in

affiliated

Funds--at

cost

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

$

–

$

97,792

$

24,598

Assets

Investment

in

securities--at

value

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

$

663,724

$

10,555,313

(a) $

526,515

(a) Investment

in

affiliated

Funds--at

value

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

–

97,792

24,598

Cash

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

–

Receivables:

Dividends

and

interest

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

9,971

87,032

3,777

Expense

reimbursement

from

Manager

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

Fund

shares

sold

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

3,477

37,555

Investment

securities

sold

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

–

–

4,787

Variation

margin

on

futures

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

–

Other

assets

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

–

–

Total

Assets

677,428

10,777,898

560,207

Liabilities

Accrued

management

and

investment

advisory

fees

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

2,960

Accrued

administrative

service

fees

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

–

Accrued

distribution

fees

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

Accrued

service

fees

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

–

Accrued

transfer

agent

fees

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

Accrued

chief

compliance

officer

fees

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

–

–

Accrued

directors'

expenses

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

–

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Dividends

payable

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

1,961

33,343

–

Fund

shares

redeemed

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

1,245

4,663

692

Interest

expense

and

fees

payable

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

–

–

Investment

securities

purchased

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

5,239

–

30,771

Variation

margin

on

futures

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

–

4,033

9,680

Floating

rate

notes

issued

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

23,385

–

–

Total

Liabilities

32,580

45,340

41,631

Net

Assets

Applicable

to

Outstanding

Shares

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

$

644,848

$

10,732,558

$

518,576

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

690,714

$

11,861,405

$

620,601

Total

distributable

earnings

(accumulated

loss)

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

(45,866)

(1,128,847)

(102,025)

Total

Net

Assets

$

644,848

$

10,732,558

$

518,576

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

450,000

2,550,000

985,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

335,447

$

194,772

$

63,683

Shares

Issued

and

Outstanding

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

34,123

22,333

6,925

Net

Asset

Value

per

share

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

$

.83

(b) $

.72

(b) $

.20

(b) Maximum

Offering

Price

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

$

.21

$

.92

$

.56

Class

C

:

Net

Assets

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

$

16,019

N/A

N/A

Shares

Issued

and

Outstanding

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

1,626

Net

Asset

Value

per

share

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

$

.85

(b) Class

J

:

Net

Assets

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

N/A

$

79,136

$

94,654

Shares

Issued

and

Outstanding

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

9,050

10,198

Net

Asset

Value

per

share

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

$

.74

(b) $

.28

(b) Institutional

:

Net

Assets

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

$

293,382

$

603,826

$

322,956

Shares

Issued

and

Outstanding

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

29,818

68,987

35,144

Net

Asset

Value

per

share

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

$

.84

$

.75

$

.19

:

Net

Assets

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

N/A

$

16,453

$

16,579

Shares

Issued

and

Outstanding

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

1,876

1,819

Net

Asset

Value

per

share

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

$

.78

$

.11

:

Net

Assets

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

N/A

$

21,689

$

20,704

Shares

Issued

and

Outstanding

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

2,480

2,267

Net

Asset

Value

per

share

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

$

.74

$

.13

:

Net

Assets

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

N/A

$

9,816,682

N/A

Shares

Issued

and

Outstanding

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

1,122,800

Net

Asset

Value

per

share

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

$

.74

(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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Diversified

Income

Fund

Diversified

International

Fund

Equity

Income

Fund

Investment

in

securities--at

cost

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

$

2,315,352

$

1,042,508

$

3,930,341

Investment

in

affiliated

Funds--at

cost

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

$

136,493

$

4,062

$

37,248

Foreign

currency--at

cost

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

$

2,381

$

–

$

–

Assets

Investment

in

securities--at

value

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

$

2,308,748

(a) $

1,185,789

(a) $

8,416,462

(a) Investment

in

affiliated

Funds--at

value

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

136,493

4,062

37,248

Foreign

currency--at

value

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

2,382

–

–

Deposits

with

counterparty

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

1,985

–

–

Receivables:

Dividends

and

interest

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

28,369

6,159

14,917

Expense

reimbursement

from

Manager

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

Foreign

currency

contracts

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

–

–

Fund

shares

sold

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

6,467

587

4,498

Investment

securities

sold

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

27,730

5,724

10,202

OTC

swap

agreements--at

value

(premiums

paid

$

2,074

,

$

and

$

,

net)

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

2,970

–

–

Variation

margin

on

futures

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

–

–

Other

assets

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

Prepaid

directors'

expenses

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

–

–

Total

Assets

2,515,669

1,202,391

8,483,434

Liabilities

Accrued

management

and

investment

advisory

fees

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

1,345

798

3,728

Accrued

administrative

service

fees

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

–

Accrued

distribution

fees

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

Accrued

service

fees

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

–

Accrued

transfer

agent

fees

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

711

Accrued

directors'

expenses

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

–

Accrued

foreign

tax

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

–

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Cash

overdraft

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

1,568

–

Deposits

from

counterparty

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

1,580

–

–

Payables:

Foreign

currency

contracts

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

–

–

Fund

shares

redeemed

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

2,317

3,172

2,159

Investment

securities

purchased

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

71,069

3,917

–

Short

sales

(proceeds

received

$

3,227

,

$

and

$

0)

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

3,223

–

–

OTC

swap

agreements--at

value

(premiums

received

$

,

$

and

$

,

net)

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

–

–

Unrealized

loss

on

unfunded

commitments

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

–

–

Variation

margin

on

futures

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

37,846

8,190

Total

Liabilities

118,869

9,961

15,305

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,396,800

$

1,192,430

$

8,468,129

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

3,534,279

$

1,050,724

$

3,305,199

Total

distributable

earnings

(accumulated

loss)

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

(1,137,479)

141,706

5,162,930

Total

Net

Assets

$

2,396,800

$

1,192,430

$

8,468,129

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Diversified

Income

Fund

Diversified

International

Fund

Equity

Income

Fund

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

2,150,000

3,875,000

1,600,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

881,096

$

249,627

$

1,255,226

Shares

Issued

and

Outstanding

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

73,147

14,912

29,301

Net

Asset

Value

per

share

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

$

.05

(b) $

.74

(b) $

.84

(b) Maximum

Offering

Price

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

$

.52

$

.71

$

.33

Class

C

:

Net

Assets

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

$

83,393

N/A

$

66,019

Shares

Issued

and

Outstanding

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

6,968

1,599

Net

Asset

Value

per

share

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

$

.97

(b) $

.29

(b) Class

J

:

Net

Assets

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

N/A

$

183,313

$

91,168

Shares

Issued

and

Outstanding

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

11,127

2,125

Net

Asset

Value

per

share

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

$

.47

(b) $

.90

(b) Institutional

:

Net

Assets

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

$

1,361,939

$

165,766

$

6,860,500

Shares

Issued

and

Outstanding

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

113,843

9,956

159,851

Net

Asset

Value

per

share

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

$

.96

$

.65

$

.92

:

Net

Assets

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

N/A

$

14,816

$

29,054

Shares

Issued

and

Outstanding

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

889

681

Net

Asset

Value

per

share

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

$

.66

$

.65

:

Net

Assets

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

N/A

$

24,228

$

166,162

Shares

Issued

and

Outstanding

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

1,432

3,878

Net

Asset

Value

per

share

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

$

.92

$

.84

:

Net

Assets

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

$

70,372

$

554,680

N/A

Shares

Issued

and

Outstanding

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

5,884

33,319

Net

Asset

Value

per

share

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

$

.96

$

.65

(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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Global

Emerging

Markets

Fund

Global

Real

Estate

Securities

Fund

Investment

in

securities--at

cost

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

$

686,823

$

4,653,013

$

1,231,109

Investment

in

affiliated

Funds--at

cost

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

$

82,233

$

245,061

$

20,825

Foreign

currency--at

cost

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

$

5,220

$

181,247

$

–

Assets

Investment

in

securities--at

value

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

$

718,736

(a) $

5,421,477

(a) $

1,575,215

Investment

in

affiliated

Funds--at

value

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

82,233

245,061

20,825

Foreign

currency--at

value

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

5,216

181,048

–

Deposits

with

counterparty

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

10,191

–

–

Receivables:

Dividends

and

interest

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

14,787

1,900

1,670

Expense

reimbursement

from

Manager

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

–

Foreign

currency

contracts

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

1,264

–

–

Foreign

tax

refund

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

–

731

–

Fund

shares

sold

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

651

1,223

2,042

Interfund

lending

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

–

14,705

–

Investment

securities

sold

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

6,716

59,156

11,255

OTC

swap

agreements--at

value

(premiums

paid

$

,

$

and

$

,

net)

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

1,997

–

–

Other

assets

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

–

Total

Assets

841,917

5,925,377

1,611,009

Liabilities

Accrued

management

and

investment

advisory

fees

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

3,896

1,203

Accrued

distribution

fees

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

–

Accrued

service

fees

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

–

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

Accrued

foreign

tax

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

10,186

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Cash

overdraft

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

–

2,347

Payables:

Foreign

currency

contracts

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

502

–

–

Fund

shares

redeemed

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

802

1,051

Investment

securities

purchased

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

19,993

350,704

6,070

OTC

swap

agreements--at

value

(premiums

received

$

618

,

$

and

$

,

net)

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

840

–

–

Variation

margin

on

futures

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

8,829

19,319

–

Total

Liabilities

31,853

385,410

11,020

Net

Assets

Applicable

to

Outstanding

Shares

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

$

810,064

$

5,539,967

$

1,599,989

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

865,425

$

4,662,649

$

1,318,191

Total

distributable

earnings

(accumulated

loss)

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

(55,361)

877,318

281,798

Total

Net

Assets

$

810,064

$

5,539,967

$

1,599,989

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

100,000

1,025,000

1,500,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

N/A

$

81,802

$

48,016

Shares

Issued

and

Outstanding

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

2,321

5,359

Net

Asset

Value

per

share

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

$

.24

(b) $

.96

(b) Maximum

Offering

Price

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

$

.29

$

.48

Class

J

:

Net

Assets

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

N/A

$

94,926

N/A

Shares

Issued

and

Outstanding

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

2,815

Net

Asset

Value

per

share

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

$

.72

(b) Institutional

:

Net

Assets

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

$

810,064

$

51,112

$

1,015,951

Shares

Issued

and

Outstanding

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

84,192

1,466

103,661

Net

Asset

Value

per

share

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

$

.62

$

.86

$

.80

:

Net

Assets

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

N/A

$

6,676

$

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

.70

$

.68

:

Net

Assets

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

N/A

$

6,200

$

10,798

Shares

Issued

and

Outstanding

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

1,106

Net

Asset

Value

per

share

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

$

.07

$

.76

:

Net

Assets

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

N/A

$

5,299,251

$

524,726

Shares

Issued

and

Outstanding

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

151,653

53,512

Net

Asset

Value

per

share

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

$

.94

$

.81

(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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Government

&

High

Quality

Bond

Fund

Government

Money

Market

Fund

High

Yield

Fund

Investment

in

securities--at

cost

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

$

689,202

$

3,584,810

$

6,501,284

Investment

in

affiliated

Funds--at

cost

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

$

11,601

$

–

$

260,621

Repurchase

agreements--at

cost

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

$

–

$

1,310,000

$

–

Assets

Investment

in

securities--at

value

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

$

675,177

$

3,584,810

$

6,419,842

(a) Investment

in

affiliated

Funds--at

value

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

11,601

–

260,621

Repurchase

agreements--at

value

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

–

1,310,000

–

Cash

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

70,543

Deposits

with

counterparty

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

640

–

–

Receivables:

Dividends

and

interest

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

2,341

2,357

99,979

Expense

reimbursement

from

Manager

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

Foreign

currency

contracts

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

–

–

Fund

shares

sold

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

2,148

41,920

Investment

securities

sold

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

21,689

–

10,041

Variation

margin

on

futures

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

–

–

Other

assets

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

–

–

Total

Assets

713,630

4,968,033

6,832,890

Liabilities

Accrued

management

and

investment

advisory

fees

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

562

2,769

Accrued

distribution

fees

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

–

Accrued

service

fees

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

–

–

Accrued

transfer

agent

fees

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

551

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Accrued

other

expenses

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

Cash

overdraft

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

–

–

2,503

Payables:

Dividends

payable

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

1,767

14,930

39,118

Fund

shares

redeemed

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

543

1,317

6,222

Investment

securities

purchased

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

86,397

70,169

62,976

Variation

margin

on

futures

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

–

–

59,108

Total

Liabilities

89,136

87,260

173,496

Net

Assets

Applicable

to

Outstanding

Shares

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

$

624,494

$

4,880,773

$

6,659,394

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

859,609

$

4,880,773

$

7,648,304

Total

distributable

earnings

(accumulated

loss)

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

(235,115)

–

(988,910)

Total

Net

Assets

$

624,494

$

4,880,773

$

6,659,394

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,025,000

20,400,000

3,150,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

134,176

N/A

$

398,406

Shares

Issued

and

Outstanding

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

14,656

58,664

Net

Asset

Value

per

share

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

$

.16

(b) $

.79

(b) Maximum

Offering

Price

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

$

.37

$

.05

Class

C

:

Net

Assets

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

N/A

N/A

$

19,944

Shares

Issued

and

Outstanding

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

2,891

Net

Asset

Value

per

share

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

$

.90

(b) Class

J

:

Net

Assets

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

$

68,322

N/A

N/A

Shares

Issued

and

Outstanding

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

7,441

Net

Asset

Value

per

share

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

$

.18

(b) Institutional

:

Net

Assets

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

$

410,206

$

746,786

$

1,413,016

Shares

Issued

and

Outstanding

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

44,715

746,786

210,254

Net

Asset

Value

per

share

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

$

.17

$

.00

$

.72

:

Net

Assets

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

$

3,816

N/A

N/A

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

.18

:

Net

Assets

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

$

7,974

N/A

N/A

Shares

Issued

and

Outstanding

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

868

Net

Asset

Value

per

share

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

$

.19

:

Net

Assets

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

N/A

$

4,133,987

$

4,828,028

Shares

Issued

and

Outstanding

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

4,133,987

718,593

Net

Asset

Value

per

share

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

$

.00

$

.72

(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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Inflation

Protection

Fund

International

Equity

Fund

LargeCap

Growth

Fund

I

Investment

in

securities--at

cost

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

$

2,460,087

$

5,660,245

$

4,581,710

Investment

in

affiliated

Funds--at

cost

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

$

38,852

$

2,296

$

154,085

Foreign

currency--at

cost

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

$

912

$

–

$

–

Assets

Investment

in

securities--at

value

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

$

2,455,810

$

6,499,762

$

8,299,070

(a) Investment

in

affiliated

Funds--at

value

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

38,852

2,296

154,085

Foreign

currency--at

value

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

910

–

–

Cash

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

–

–

Deposits

with

counterparty

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

10,101

–

3,216

Receivables:

Dividends

and

interest

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

6,287

14,201

1,546

Expense

reimbursement

from

Manager

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

–

–

Foreign

currency

contracts

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

–

–

Fund

shares

sold

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

2,442

1,211

Investment

securities

sold

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

110,248

78,248

6,973

Variation

margin

on

futures

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

–

Other

assets

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

–

Total

Assets

2,623,271

6,596,949

8,466,395

Liabilities

Accrued

management

and

investment

advisory

fees

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

732

3,375

4,473

Accrued

administrative

service

fees

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

–

–

Accrued

distribution

fees

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

Accrued

service

fees

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

Accrued

transfer

agent

fees

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

Accrued

chief

compliance

officer

fees

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

–

–

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Accrued

other

expenses

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

Cash

overdraft

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

–

36,861

–

Deposits

from

counterparty

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

–

–

Payables:

Foreign

currency

contracts

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

–

–

Fund

shares

redeemed

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

720

556

5,741

Interfund

borrowing

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

–

14,705

–

Investment

securities

purchased

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

236,144

10,444

8,318

Options

and

swaptions

contracts

written

(premiums

received

$

570

,

$

and

$

0)

...........

–

–

Variation

margin

on

futures

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

–

–

Total

Liabilities

238,798

66,448

19,636

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,384,473

$

6,530,501

$

8,446,759

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

2,469,419

$

5,446,458

$

3,813,498

Total

distributable

earnings

(accumulated

loss)

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

(84,946)

1,084,043

4,633,261

Total

Net

Assets

$

2,384,473

$

6,530,501

$

8,446,759

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

850,000

600,000

1,895,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

N/A

N/A

$

569,409

Shares

Issued

and

Outstanding

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

33,297

Net

Asset

Value

per

share

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

$

.10

(b) Maximum

Offering

Price

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

$

.10

Class

J

:

Net

Assets

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

$

11,859

N/A

$

454,528

Shares

Issued

and

Outstanding

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

1,572

40,275

Net

Asset

Value

per

share

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

$

.54

(b) $

.29

(b) Institutional

:

Net

Assets

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

$

2,364,710

$

19,871

$

487,852

Shares

Issued

and

Outstanding

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

293,428

1,216

25,728

Net

Asset

Value

per

share

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

$

.06

$

.34

$

.96

:

Net

Assets

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

$

4,557

$

2,879

$

76,190

Shares

Issued

and

Outstanding

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

601

5,346

Net

Asset

Value

per

share

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

$

.59

$

.25

$

.25

:

Net

Assets

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

$

3,347

$

3,473

$

154,277

Shares

Issued

and

Outstanding

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

9,035

Net

Asset

Value

per

share

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

$

.86

$

.33

$

.08

:

Net

Assets

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

N/A

$

6,504,278

$

6,704,503

Shares

Issued

and

Outstanding

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

398,798

351,822

Net

Asset

Value

per

share

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

$

.31

$

.06

(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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

LargeCap

S&P

500

Index

Fund

LargeCap

Value

Fund

III

MidCap

Fund

Investment

in

securities--at

cost

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

$

3,833,985

$

2,545,857

$

18,297,313

Investment

in

affiliated

Funds--at

cost

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

$

273,435

$

46,181

$

122,581

Investment

in

affiliated

securities--at

cost

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

$

–

$

–

$

86,841

Assets

Investment

in

securities--at

value

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

$

10,532,960

(a) $

2,822,993

(a) $

31,380,913

(a) Investment

in

affiliated

Funds--at

value

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

273,435

46,181

122,581

Investment

in

affiliated

securities--at

value

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

–

–

191,086

Deposits

with

counterparty

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

17,912

1,448

–

Receivables:

Dividends

and

interest

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

5,397

1,583

4,388

Expense

reimbursement

from

Manager

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

–

–

Fund

shares

sold

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

18,235

1,009

45,574

Variation

margin

on

futures

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

775

–

Other

assets

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

–

Total

Assets

10,848,716

2,873,386

31,744,548

Liabilities

Accrued

management

and

investment

advisory

fees

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

688

1,869

15,307

Accrued

administrative

service

fees

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

Accrued

distribution

fees

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

538

Accrued

service

fees

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

Accrued

transfer

agent

fees

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

3,564

Accrued

chief

compliance

officer

fees

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

–

–

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Accrued

other

expenses

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

761

Cash

overdraft

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

–

–

Payables:

Fund

shares

redeemed

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

3,886

895

77,857

Investment

securities

purchased

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

–

1,234

6,301

Variation

margin

on

futures

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

529

113,740

Total

Liabilities

5,802

4,667

218,245

Net

Assets

Applicable

to

Outstanding

Shares

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

$

10,842,914

$

2,868,719

$

31,526,303

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

3,832,719

$

2,205,333

$

16,651,568

Total

distributable

earnings

(accumulated

loss)

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

7,010,195

663,386

14,874,735

Total

Net

Assets

$

10,842,914

$

2,868,719

$

31,526,303

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,150,000

520,000

3,355,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

963,461

N/A

$

1,893,507

Shares

Issued

and

Outstanding

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

29,038

43,860

Net

Asset

Value

per

share

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

$

.18

(b) $

.17

(b) Maximum

Offering

Price

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

$

.69

$

.68

Class

C

:

Net

Assets

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

N/A

N/A

$

29,747

Shares

Issued

and

Outstanding

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

842

Net

Asset

Value

per

share

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

$

.31

(b) Class

J

:

Net

Assets

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

$

1,445,305

$

86,965

$

471,374

Shares

Issued

and

Outstanding

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

44,201

4,329

11,391

Net

Asset

Value

per

share

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

$

.70

(b) $

.09

(b) $

.38

(b) Institutional

:

Net

Assets

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

$

7,790,209

$

2,767,672

$

15,681,298

Shares

Issued

and

Outstanding

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

234,394

134,478

346,655

Net

Asset

Value

per

share

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

$

.24

$

.58

$

.24

:

Net

Assets

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

$

197,091

$

9,191

$

164,861

Shares

Issued

and

Outstanding

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

5,940

3,992

Net

Asset

Value

per

share

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

$

.18

$

.94

$

.30

:

Net

Assets

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

$

446,848

$

4,891

$

235,966

Shares

Issued

and

Outstanding

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

13,210

5,354

Net

Asset

Value

per

share

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

$

.83

$

.80

$

.07

:

Net

Assets

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

N/A

N/A

$

13,049,550

Shares

Issued

and

Outstanding

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

287,915

Net

Asset

Value

per

share

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

$

.32

(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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

MidCap

S&P

Index

Fund

MidCap

Value

Fund

I

Money

Market

Fund

Investment

in

securities--at

cost

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

$

876,245

$

2,011,286

$

892,110

Investment

in

affiliated

Funds--at

cost

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

$

38,184

$

77,539

$

–

Repurchase

agreements--at

cost

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

$

–

$

–

$

190,000

Assets

Investment

in

securities--at

value

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

$

1,172,715

(a) $

2,193,073

(a) $

892,110

Investment

in

affiliated

Funds--at

value

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

38,184

77,539

–

Repurchase

agreements--at

value

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

–

–

190,000

Cash

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

–

Deposits

with

counterparty

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

2,541

751

–

Receivables:

Dividends

and

interest

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

1,373

Expense

reimbursement

from

Manager

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

–

–

Expense

reimbursement

from

Distributor

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

–

–

Fund

shares

sold

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

715

855

5,007

Investment

securities

sold

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

3,924

–

Variation

margin

on

futures

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

–

Other

assets

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

–

–

Total

Assets

1,214,924

2,277,604

1,087,641

Liabilities

Accrued

management

and

investment

advisory

fees

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

1,274

Accrued

administrative

service

fees

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

–

Accrued

distribution

fees

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

Accrued

service

fees

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

–

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Dividends

payable

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

–

–

3,350

Fund

shares

redeemed

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

518

2,198

702

Investment

securities

purchased

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

583

2,365

5,981

Variation

margin

on

futures

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

3,339

–

Total

Liabilities

4,787

6,817

10,610

Net

Assets

Applicable

to

Outstanding

Shares

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

$

1,210,137

$

2,270,787

$

1,077,031

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

824,034

$

1,973,697

$

1,077,031

Total

distributable

earnings

(accumulated

loss)

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

386,103

297,090

–

Total

Net

Assets

$

1,210,137

$

2,270,787

$

1,077,031

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

525,000

925,000

6,200,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

N/A

$

46,944

$

348,977

Shares

Issued

and

Outstanding

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

2,946

348,977

Net

Asset

Value

per

share

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

$

.94

(b) $

.00

(b) Maximum

Offering

Price

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

$

.87

$

.00

Class

J

:

Net

Assets

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

$

147,752

$

170,931

$

728,054

Shares

Issued

and

Outstanding

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

6,736

10,875

728,054

Net

Asset

Value

per

share

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

$

.94

(b) $

.72

(b) $

.00

(b) Institutional

:

Net

Assets

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

$

221,252

$

864,142

N/A

Shares

Issued

and

Outstanding

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

9,596

53,943

Net

Asset

Value

per

share

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

$

.06

$

.02

:

Net

Assets

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

$

63,217

$

12,331

N/A

Shares

Issued

and

Outstanding

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

2,667

790

Net

Asset

Value

per

share

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

$

.70

$

.60

:

Net

Assets

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

$

112,221

$

31,004

N/A

Shares

Issued

and

Outstanding

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

4,635

1,958

Net

Asset

Value

per

share

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

$

.21

$

.84

:

Net

Assets

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

$

665,695

$

1,145,435

N/A

Shares

Issued

and

Outstanding

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

28,880

71,267

Net

Asset

Value

per

share

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

$

.05

$

.07

(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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Overseas

Fund

Principal

Capital

Appreciation

Fund

Principal

LifeTime

2015

Fund

Investment

in

securities--at

cost

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

$

1,322,211

$

2,435,026

$

–

Investment

in

affiliated

Funds--at

cost

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

$

177,143

$

93,888

$

186,367

Foreign

currency--at

cost

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

$

36,592

$

–

$

–

Assets

Investment

in

securities--at

value

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

$

1,503,332

(a) $

5,110,723

$

–

Investment

in

affiliated

Funds--at

value

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

177,143

93,888

204,063

Foreign

currency--at

value

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

36,518

–

–

Deposits

with

counterparty

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

–

–

Receivables:

Dividends

and

interest

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

5,840

2,257

Expense

reimbursement

from

Manager

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

–

–

Fund

shares

sold

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

521

1,655

Investment

securities

sold

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

9,725

51,547

Other

assets

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

–

–

Prepaid

directors'

expenses

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

–

–

Total

Assets

1,733,495

5,260,075

204,596

Liabilities

Accrued

management

and

investment

advisory

fees

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

994

1,826

–

Accrued

administrative

service

fees

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

–

Accrued

distribution

fees

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

–

Accrued

service

fees

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

–

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Cash

overdraft

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

–

–

Payables:

Fund

shares

redeemed

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

3,052

Investment

securities

purchased

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

82,378

72,048

Variation

margin

on

futures

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

8,805

–

–

Total

Liabilities

92,735

77,708

561

Net

Assets

Applicable

to

Outstanding

Shares

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

$

1,640,760

$

5,182,367

$

204,035

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

1,341,509

$

2,170,584

$

167,417

Total

distributable

earnings

(accumulated

loss)

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

299,251

3,011,783

36,618

Total

Net

Assets

$

1,640,760

$

5,182,367

$

204,035

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

725,000

850,000

400,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

N/A

$

1,520,610

N/A

Shares

Issued

and

Outstanding

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

16,779

Net

Asset

Value

per

share

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

$

.63

(b) Maximum

Offering

Price

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

$

.90

Institutional

:

Net

Assets

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

$

1,639,934

$

3,566,464

$

171,205

Shares

Issued

and

Outstanding

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

135,330

37,776

18,804

Net

Asset

Value

per

share

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

$

.12

$

.41

$

.10

:

Net

Assets

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

$

826

$

51,979

$

13,511

Shares

Issued

and

Outstanding

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

574

1,540

Net

Asset

Value

per

share

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

$

.98

$

.50

$

.77

:

Net

Assets

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

N/A

$

43,314

$

19,319

Shares

Issued

and

Outstanding

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

2,171

Net

Asset

Value

per

share

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

$

.93

$

.90

(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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2020

Fund

Principal

LifeTime

2025

Fund

Principal

LifeTime

2030

Fund

Investment

in

affiliated

Funds--at

cost

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

$

1,795,460

$

1,197,198

$

4,335,556

Assets

Investment

in

affiliated

Funds--at

value

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

$

2,017,198

$

1,381,220

$

5,212,977

Receivables:

Dividends

and

interest

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

3,926

2,358

7,314

Fund

shares

sold

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

896

Investment

securities

sold

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

967

–

Total

Assets

2,022,150

1,383,878

5,221,187

Liabilities

Accrued

administrative

service

fees

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

Accrued

distribution

fees

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

Accrued

service

fees

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

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

–

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Fund

shares

redeemed

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

1,027

770

Investment

securities

purchased

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

3,926

2,358

7,439

Total

Liabilities

5,167

2,746

8,653

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,016,983

$

1,381,132

$

5,212,534

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

1,641,294

$

1,065,718

$

3,950,968

Total

distributable

earnings

(accumulated

loss)

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

375,689

315,414

1,261,566

Total

Net

Assets

$

2,016,983

$

1,381,132

$

5,212,534

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,150,000

425,000

1,425,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

82,201

N/A

$

141,118

Shares

Issued

and

Outstanding

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

6,155

9,073

Net

Asset

Value

per

share

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

$

.35

(a) $

.55

(a) Maximum

Offering

Price

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

$

.87

$

.16

Class

J

:

Net

Assets

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

$

649,774

N/A

$

1,127,744

Shares

Issued

and

Outstanding

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

49,586

73,078

Net

Asset

Value

per

share

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

$

.10

(a) $

.43

(a) Institutional

:

Net

Assets

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

$

1,143,548

$

1,198,282

$

3,610,149

Shares

Issued

and

Outstanding

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

86,434

98,204

232,582

Net

Asset

Value

per

share

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

$

.23

$

.20

$

.52

:

Net

Assets

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

$

61,765

$

90,789

$

145,283

Shares

Issued

and

Outstanding

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

4,743

7,687

9,453

Net

Asset

Value

per

share

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

$

.02

$

.81

$

.37

:

Net

Assets

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

$

79,695

$

92,061

$

188,240

Shares

Issued

and

Outstanding

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

6,075

7,634

12,168

Net

Asset

Value

per

share

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

$

.12

$

.06

$

.47

(a) 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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2035

Fund

Principal

LifeTime

2040

Fund

Principal

LifeTime

2045

Fund

Investment

in

affiliated

Funds--at

cost

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

$

1,657,117

$

3,588,831

$

1,382,136

Assets

Investment

in

affiliated

Funds--at

value

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

$

2,032,111

$

4,758,198

$

1,791,454

Receivables:

Dividends

and

interest

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

2,489

3,828

857

Fund

shares

sold

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

787

1,975

760

Total

Assets

2,035,387

4,764,001

1,793,071

Liabilities

Accrued

administrative

service

fees

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

Accrued

distribution

fees

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

Accrued

service

fees

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

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Fund

shares

redeemed

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

804

Investment

securities

purchased

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

3,264

4,998

1,130

Total

Liabilities

3,386

6,168

1,718

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,032,001

$

4,757,833

$

1,791,353

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

1,516,221

$

3,233,339

$

1,259,076

Total

distributable

earnings

(accumulated

loss)

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

515,780

1,524,494

532,277

Total

Net

Assets

$

2,032,001

$

4,757,833

$

1,791,353

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

400,000

1,025,000

400,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

N/A

$

134,166

N/A

Shares

Issued

and

Outstanding

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

7,668

Net

Asset

Value

per

share

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

$

.50

(a) Maximum

Offering

Price

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

$

.52

Class

J

:

Net

Assets

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

N/A

$

929,280

N/A

Shares

Issued

and

Outstanding

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

52,169

Net

Asset

Value

per

share

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

$

.81

(a) Institutional

:

Net

Assets

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

$

1,802,566

$

3,388,019

$

1,597,934

Shares

Issued

and

Outstanding

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

125,821

187,343

97,117

Net

Asset

Value

per

share

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

$

.33

$

.08

$

.45

:

Net

Assets

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

$

101,596

$

127,899

$

83,240

Shares

Issued

and

Outstanding

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

7,289

7,254

5,272

Net

Asset

Value

per

share

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

$

.94

$

.63

$

.79

:

Net

Assets

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

$

127,839

$

178,469

$

110,179

Shares

Issued

and

Outstanding

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

9,013

9,965

6,855

Net

Asset

Value

per

share

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

$

.18

$

.91

$

.07

(a) 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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2050

Fund

Principal

LifeTime

2055

Fund

Principal

LifeTime

2060

Fund

Investment

in

affiliated

Funds--at

cost

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

$

2,478,202

$

948,795

$

954,471

Assets

Investment

in

affiliated

Funds--at

value

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

$

3,420,965

$

1,215,853

$

1,194,690

Receivables:

Dividends

and

interest

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

671

Fund

shares

sold

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

753

1,049

1,033

Total

Assets

3,422,389

1,217,062

1,195,880

Liabilities

Accrued

administrative

service

fees

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

Accrued

distribution

fees

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

Accrued

service

fees

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

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

–

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Fund

shares

redeemed

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

Investment

securities

purchased

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

1,403

1,200

1,141

Total

Liabilities

1,696

1,288

1,261

Net

Assets

Applicable

to

Outstanding

Shares

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

$

3,420,693

$

1,215,774

$

1,194,619

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

2,225,497

$

872,180

$

882,978

Total

distributable

earnings

(accumulated

loss)

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

1,195,196

343,594

311,641

Total

Net

Assets

$

3,420,693

$

1,215,774

$

1,194,619

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

800,000

400,000

425,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

128,223

N/A

N/A

Shares

Issued

and

Outstanding

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

6,507

Net

Asset

Value

per

share

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

$

.71

(a) Maximum

Offering

Price

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

$

.86

Class

J

:

Net

Assets

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

$

318,377

N/A

$

19,658

Shares

Issued

and

Outstanding

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

16,988

989

Net

Asset

Value

per

share

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

$

.74

(a) $

.87

(a) Institutional

:

Net

Assets

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

$

2,728,357

$

1,089,194

$

1,088,171

Shares

Issued

and

Outstanding

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

138,948

58,078

54,092

Net

Asset

Value

per

share

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

$

.64

$

.75

$

.12

:

Net

Assets

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

$

104,059

$

56,461

$

40,226

Shares

Issued

and

Outstanding

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

5,428

3,144

2,047

Net

Asset

Value

per

share

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

$

.17

$

.96

$

.65

:

Net

Assets

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

$

141,677

$

70,119

$

46,564

Shares

Issued

and

Outstanding

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

7,275

3,819

2,343

Net

Asset

Value

per

share

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

$

.47

$

.36

$

.87

(a) 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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2065

Fund

Principal

LifeTime

2070

Fund

Principal

LifeTime

Hybrid

2015

Fund

Investment

in

affiliated

Funds--at

cost

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

$

239,475

$

81,859

$

434,221

Assets

Investment

in

affiliated

Funds--at

value

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

$

283,760

$

92,273

$

472,247

Receivables:

Dividends

and

interest

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

Expense

reimbursement

from

Manager

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

–

Fund

shares

sold

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

1,090

1,520

905

Total

Assets

284,888

93,809

473,612

Liabilities

Accrued

administrative

service

fees

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

–

–

Accrued

distribution

fees

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

–

Accrued

service

fees

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

–

Accrued

transfer

agent

fees

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

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Fund

shares

redeemed

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

–

–

580

Investment

securities

purchased

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

1,127

1,532

783

Total

Liabilities

1,158

1,550

1,456

Net

Assets

Applicable

to

Outstanding

Shares

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

$

283,730

$

92,259

$

472,156

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

225,998

$

79,371

$

425,611

Total

distributable

earnings

(accumulated

loss)

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

57,732

12,888

46,545

Total

Net

Assets

$

283,730

$

92,259

$

472,156

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

325,000

325,000

600,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

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

N/A

$

1,032

$

421,875

Shares

Issued

and

Outstanding

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

33,937

Net

Asset

Value

per

share

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

$

.56

(a) $

.43

(a) Institutional

:

Net

Assets

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

$

257,069

$

86,735

$

12,172

Shares

Issued

and

Outstanding

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

15,538

5,965

973

Net

Asset

Value

per

share

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

$

.54

$

.54

$

.51

:

Net

Assets

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

$

12,318

$

1,699

N/A

Shares

Issued

and

Outstanding

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

756

Net

Asset

Value

per

share

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

$

.29

$

.36

:

Net

Assets

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

$

14,343

$

2,793

N/A

Shares

Issued

and

Outstanding

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

875

Net

Asset

Value

per

share

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

$

.39

$

.46

:

Net

Assets

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

N/A

N/A

$

38,109

Shares

Issued

and

Outstanding

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

3,040

Net

Asset

Value

per

share

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

$

.54

(a) 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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Hybrid

2020

Fund

Principal

LifeTime

Hybrid

2025

Fund

Principal

LifeTime

Hybrid

2030

Fund

Investment

in

affiliated

Funds--at

cost

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

$

543,683

$

997,696

$

1,204,355

Assets

Investment

in

affiliated

Funds--at

value

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

$

606,216

$

1,128,889

$

1,391,346

Receivables:

Dividends

and

interest

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

505

721

625

Expense

reimbursement

from

Manager

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

–

Fund

shares

sold

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

801

1,187

1,325

Prepaid

directors'

expenses

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

–

–

Prepaid

transfer

agent

fees

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

–

–

Total

Assets

607,523

1,130,828

1,393,297

Liabilities

Accrued

distribution

fees

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

Accrued

transfer

agent

fees

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

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Expense

reimbursement

to

Manager

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

–

–

Fund

shares

redeemed

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

531

669

695

Investment

securities

purchased

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

776

1,239

1,254

Total

Liabilities

1,379

2,069

2,141

Net

Assets

Applicable

to

Outstanding

Shares

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

$

606,144

$

1,128,759

$

1,391,156

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

524,111

$

973,463

$

1,176,610

Total

distributable

earnings

(accumulated

loss)

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

82,033

155,296

214,546

Total

Net

Assets

$

606,144

$

1,128,759

$

1,391,156

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

600,000

600,000

600,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

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

$

390,600

$

836,376

$

921,591

Shares

Issued

and

Outstanding

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

30,103

59,179

62,391

Net

Asset

Value

per

share

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

$

.98

(a) $

.13

(a) $

.77

(a) Institutional

:

Net

Assets

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

$

33,850

$

56,365

$

76,499

Shares

Issued

and

Outstanding

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

2,591

3,964

5,135

Net

Asset

Value

per

share

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

$

.07

$

.22

$

.90

:

Net

Assets

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

$

181,694

$

236,018

$

393,066

Shares

Issued

and

Outstanding

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

13,900

16,586

26,405

Net

Asset

Value

per

share

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

$

.07

$

.23

$

.89

(a) 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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Hybrid

2035

Fund

Principal

LifeTime

Hybrid

2040

Fund

Principal

LifeTime

Hybrid

2045

Fund

Investment

in

affiliated

Funds--at

cost

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

$

801,687

$

974,368

$

502,666

Assets

Investment

in

affiliated

Funds--at

value

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

$

957,888

$

1,191,456

$

641,969

Receivables:

Dividends

and

interest

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

Expense

reimbursement

from

Manager

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

–

–

Fund

shares

sold

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

993

1,347

Total

Assets

958,469

1,192,681

643,404

Liabilities

Accrued

distribution

fees

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

Accrued

transfer

agent

fees

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

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Expense

reimbursement

to

Manager

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

–

–

Fund

shares

redeemed

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

Investment

securities

purchased

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

869

1,385

Total

Liabilities

698

1,379

1,512

Net

Assets

Applicable

to

Outstanding

Shares

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

$

957,771

$

1,191,302

$

641,892

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

781,537

$

948,728

$

485,409

Total

distributable

earnings

(accumulated

loss)

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

176,234

242,574

156,483

Total

Net

Assets

$

957,771

$

1,191,302

$

641,892

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

600,000

600,000

600,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

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

$

563,757

$

716,575

$

293,165

Shares

Issued

and

Outstanding

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

35,351

42,474

16,410

Net

Asset

Value

per

share

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

$

.95

(a) $

.87

(a) $

.86

(a) Institutional

:

Net

Assets

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

$

84,443

$

79,643

$

64,961

Shares

Issued

and

Outstanding

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

5,253

4,678

3,609

Net

Asset

Value

per

share

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

$

.08

$

.03

$

.00

:

Net

Assets

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

$

309,571

$

395,084

$

283,766

Shares

Issued

and

Outstanding

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

19,226

23,161

15,737

Net

Asset

Value

per

share

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

$

.10

$

.06

$

.03

(a) 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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Hybrid

2050

Fund

Principal

LifeTime

Hybrid

2055

Fund

Principal

LifeTime

Hybrid

2060

Fund

Investment

in

affiliated

Funds--at

cost

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

$

467,724

$

305,168

$

175,751

Assets

Investment

in

affiliated

Funds--at

value

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

$

607,294

$

389,773

$

220,669

Receivables:

Dividends

and

interest

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

Expense

reimbursement

from

Manager

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

Fund

shares

sold

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

865

527

Prepaid

directors'

expenses

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

–

–

Total

Assets

608,203

390,324

221,073

Liabilities

Accrued

distribution

fees

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

Accrued

transfer

agent

fees

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

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Fund

shares

redeemed

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

624

Investment

securities

purchased

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

Total

Liabilities

981

612

Net

Assets

Applicable

to

Outstanding

Shares

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

$

607,222

$

389,712

$

220,620

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

451,183

$

295,422

$

170,658

Total

distributable

earnings

(accumulated

loss)

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

156,039

94,290

49,962

Total

Net

Assets

$

607,222

$

389,712

$

220,620

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

600,000

600,000

600,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

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

$

238,731

$

162,437

$

93,839

Shares

Issued

and

Outstanding

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

12,847

8,473

4,749

Net

Asset

Value

per

share

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

$

.58

(a) $

.17

(a) $

.76

(a) Institutional

:

Net

Assets

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

$

68,856

$

38,515

$

23,393

Shares

Issued

and

Outstanding

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

3,681

1,991

1,167

Net

Asset

Value

per

share

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

$

.71

$

.35

$

.04

:

Net

Assets

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

$

299,635

$

188,760

$

103,388

Shares

Issued

and

Outstanding

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

16,010

9,734

5,142

Net

Asset

Value

per

share

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

$

.72

$

.39

$

.11

(a) 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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Hybrid

2065

Fund

Principal

LifeTime

Hybrid

2070

Fund

Principal

LifeTime

Hybrid

Income

Fund

Investment

in

affiliated

Funds--at

cost

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

$

67,102

$

10,642

$

176,364

Assets

Investment

in

affiliated

Funds--at

value

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

$

81,862

$

12,325

$

187,912

Receivables:

Dividends

and

interest

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

Expense

reimbursement

from

Manager

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

Fund

shares

sold

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

Investment

securities

sold

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

–

–

Prepaid

transfer

agent

fees

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

–

–

Total

Assets

82,012

12,341

188,125

Liabilities

Accrued

distribution

fees

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

–

Accrued

transfer

agent

fees

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

Accrued

professional

fees

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

Accrued

other

expenses

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

–

Payables:

Fund

shares

redeemed

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

–

Investment

securities

purchased

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

Total

Liabilities

Net

Assets

Applicable

to

Outstanding

Shares

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

$

81,827

$

12,317

$

187,875

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

65,534

$

10,497

$

172,983

Total

distributable

earnings

(accumulated

loss)

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

16,293

1,820

14,892

Total

Net

Assets

$

81,827

$

12,317

$

187,875

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

525,000

250,000

600,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

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

$

38,114

$

3,513

$

133,941

Shares

Issued

and

Outstanding

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

2,127

11,877

Net

Asset

Value

per

share

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

$

.92

(a) $

.20

(a) $

.28

(a) Institutional

:

Net

Assets

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

$

4,973

$

2,396

$

7,746

Shares

Issued

and

Outstanding

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

683

Net

Asset

Value

per

share

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

$

.25

$

.11

$

.35

:

Net

Assets

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

$

38,740

$

6,408

$

46,188

Shares

Issued

and

Outstanding

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

2,118

4,060

Net

Asset

Value

per

share

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

$

.29

$

.12

$

.38

(a) 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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Strategic

Income

Fund

Real

Estate

Securities

Fund

SAM

Balanced

Portfolio

Investment

in

securities--at

cost

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

$

–

$

4,865,762

$

–

Investment

in

affiliated

Funds--at

cost

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

$

694,244

$

77,998

$

3,745,128

Investment

in

affiliated

securities--at

cost

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

$

–

$

79,312

$

–

Assets

Investment

in

securities--at

value

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

$

–

$

6,026,179

$

–

Investment

in

affiliated

Funds--at

value

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

724,857

77,998

4,796,179

Investment

in

affiliated

securities--at

value

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

–

82,892

–

Receivables:

Dividends

and

interest

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

1,561

4,067

Expense

reimbursement

from

Manager

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

–

Fund

shares

sold

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

7,229

1,231

Investment

securities

sold

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

942

–

1,991

Total

Assets

727,394

6,194,795

4,803,468

Liabilities

Accrued

management

and

investment

advisory

fees

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

–

4,210

1,104

Accrued

administrative

service

fees

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

Accrued

distribution

fees

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

778

Accrued

service

fees

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

Accrued

transfer

agent

fees

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

929

Accrued

directors'

expenses

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

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Fund

shares

redeemed

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

963

3,749

3,182

Investment

securities

purchased

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

1,561

3,963

Total

Liabilities

2,613

9,576

9,332

Net

Assets

Applicable

to

Outstanding

Shares

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

$

724,781

$

6,185,219

$

4,794,136

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

665,335

$

5,078,355

$

3,416,640

Total

distributable

earnings

(accumulated

loss)

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

59,446

1,106,864

1,377,496

Total

Net

Assets

$

724,781

$

6,185,219

$

4,794,136

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

800,000

925,000

1,775,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

37,164

$

177,425

$

2,202,184

Shares

Issued

and

Outstanding

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

3,026

6,323

122,476

Net

Asset

Value

per

share

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

$

.28

(a) $

.06

(a) $

.98

(a) Maximum

Offering

Price

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

$

.76

$

.69

$

.03

Class

C

:

Net

Assets

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

N/A

$

11,469

$

102,794

Shares

Issued

and

Outstanding

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

5,885

Net

Asset

Value

per

share

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

$

.47

(a) $

.47

(a) Class

J

:

Net

Assets

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

$

239,340

$

120,178

$

1,712,349

Shares

Issued

and

Outstanding

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

19,840

4,453

100,451

Net

Asset

Value

per

share

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

$

.06

(a) $

.99

(a) $

.05

(a) Institutional

:

Net

Assets

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

$

403,206

$

3,571,229

$

717,428

Shares

Issued

and

Outstanding

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

33,140

127,177

40,909

Net

Asset

Value

per

share

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

$

.17

$

.08

$

.54

:

Net

Assets

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

$

20,320

$

27,109

$

24,411

Shares

Issued

and

Outstanding

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

1,693

997

1,400

Net

Asset

Value

per

share

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

$

.00

$

.17

$

.43

:

Net

Assets

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

$

24,751

$

71,628

$

34,970

Shares

Issued

and

Outstanding

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

2,038

2,668

1,999

Net

Asset

Value

per

share

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

$

.15

$

.84

$

.50

:

Net

Assets

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

N/A

$

2,206,181

N/A

Shares

Issued

and

Outstanding

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

78,604

Net

Asset

Value

per

share

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

$

.07

(a) 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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SAM

Conservative

Balanced

Portfolio

SAM

Conservative

Growth

Portfolio

SAM

Flexible

Income

Portfolio

Investment

in

affiliated

Funds--at

cost

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

$

1,593,520

$

2,450,750

$

2,011,205

Assets

Investment

in

affiliated

Funds--at

value

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

$

1,883,056

$

3,380,407

$

2,232,808

Cash

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

–

22,330

–

Receivables:

Dividends

and

interest

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

2,497

1,193

3,563

Fund

shares

sold

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

620

4,712

Investment

securities

sold

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

2,214

Total

Assets

1,886,349

3,406,764

2,241,153

Liabilities

Accrued

management

and

investment

advisory

fees

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

781

516

Accrued

administrative

service

fees

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

–

Accrued

distribution

fees

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

577

Accrued

service

fees

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

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Borrowing

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

–

4,260

–

Dividends

payable

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

–

–

3,866

Fund

shares

redeemed

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

776

2,809

848

Investment

securities

purchased

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

2,447

1,129

3,499

Total

Liabilities

4,026

9,740

9,191

Net

Assets

Applicable

to

Outstanding

Shares

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

$

1,882,323

$

3,397,024

$

2,231,962

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

1,527,945

$

2,121,516

$

2,042,851

Total

distributable

earnings

(accumulated

loss)

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

354,378

1,275,508

189,111

Total

Net

Assets

$

1,882,323

$

3,397,024

$

2,231,962

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,700,000

1,675,000

1,700,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

522,349

$

1,803,526

$

868,475

Shares

Issued

and

Outstanding

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

38,935

82,866

67,455

Net

Asset

Value

per

share

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

$

.42

(a) $

.76

(a) $

.87

(a) Maximum

Offering

Price

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

$

.20

$

.03

$

.37

Class

C

:

Net

Assets

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

$

30,894

$

74,549

$

51,518

Shares

Issued

and

Outstanding

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

2,332

3,864

4,049

Net

Asset

Value

per

share

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

$

.25

(a) $

.29

(a) $

.72

(a) Class

J

:

Net

Assets

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

$

1,074,776

$

1,009,226

$

1,114,673

Shares

Issued

and

Outstanding

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

81,601

49,183

87,567

Net

Asset

Value

per

share

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

$

.17

(a) $

.52

(a) $

.73

(a) Institutional

:

Net

Assets

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

$

213,226

$

468,388

$

186,610

Shares

Issued

and

Outstanding

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

16,112

22,281

14,555

Net

Asset

Value

per

share

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

$

.23

$

.02

$

.82

:

Net

Assets

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

$

12,775

$

11,586

$

2,603

Shares

Issued

and

Outstanding

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

968

566

Net

Asset

Value

per

share

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

$

.20

$

.46

$

.79

:

Net

Assets

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

$

28,303

$

29,749

$

8,083

Shares

Issued

and

Outstanding

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

2,141

1,432

632

Net

Asset

Value

per

share

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

$

.22

$

.78

$

.80

(a) 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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SAM

Strategic

Growth

Portfolio

Short-Term

Income

Fund

SmallCap

Fund

Investment

in

securities--at

cost

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

$

–

$

3,357,318

$

1,876,146

Investment

in

affiliated

Funds--at

cost

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

$

1,711,045

$

179,090

$

52,827

Assets

Investment

in

securities--at

value

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

$

–

$

3,363,465

(a) $

2,225,348

(a) Investment

in

affiliated

Funds--at

value

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

2,457,639

179,090

52,827

Cash

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

–

–

Deposits

with

counterparty

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

–

–

Receivables:

Dividends

and

interest

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

25,259

789

Fund

shares

sold

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

20,997

2,042

Investment

securities

sold

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

1,358

–

Other

assets

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

–

–

Total

Assets

2,459,522

3,589,280

2,281,007

Liabilities

Accrued

management

and

investment

advisory

fees

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

564

1,002

1,338

Accrued

administrative

service

fees

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

–

Accrued

distribution

fees

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

Accrued

service

fees

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

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

–

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Dividends

payable

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

–

11,435

–

Expense

reimbursement

to

Manager

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

–

–

Fund

shares

redeemed

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

1,725

4,050

855

Investment

securities

purchased

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

–

36,687

–

Collateral

obligation

on

securities

loaned,

at

value

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

–

4,911

13,617

Total

Liabilities

2,892

58,494

16,284

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,456,630

$

3,530,786

$

2,264,723

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

1,482,235

$

3,577,791

$

1,813,092

Total

distributable

earnings

(accumulated

loss)

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

974,395

(47,005)

451,631

Total

Net

Assets

$

2,456,630

$

3,530,786

$

2,264,723

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,875,000

1,220,000

700,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

1,394,075

$

325,160

$

262,541

Shares

Issued

and

Outstanding

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

54,378

26,741

9,147

Net

Asset

Value

per

share

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

$

.64

(b) $

.16

(b) $

.70

(b) Maximum

Offering

Price

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

$

.13

$

.44

$

.37

Class

C

:

Net

Assets

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

$

66,773

$

12,936

N/A

Shares

Issued

and

Outstanding

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

3,078

1,064

Net

Asset

Value

per

share

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

$

.70

(b) $

.16

(b) Class

J

:

Net

Assets

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

$

573,321

$

104,710

$

192,751

Shares

Issued

and

Outstanding

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

23,697

8,619

7,124

Net

Asset

Value

per

share

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

$

.19

(b) $

.15

(b) $

.06

(b) Institutional

:

Net

Assets

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

$

381,234

$

3,069,877

$

751,830

Shares

Issued

and

Outstanding

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

15,436

252,673

23,547

Net

Asset

Value

per

share

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

$

.70

$

.15

$

.93

:

Net

Assets

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

$

9,073

$

6,658

$

17,143

Shares

Issued

and

Outstanding

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

548

605

Net

Asset

Value

per

share

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

$

.09

$

.16

$

.36

:

Net

Assets

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

$

32,154

$

11,445

$

58,569

Shares

Issued

and

Outstanding

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

1,326

941

1,868

Net

Asset

Value

per

share

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

$

.26

$

.16

$

.36

:

Net

Assets

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

N/A

N/A

$

981,889

Shares

Issued

and

Outstanding

..............................................................

30,710

Net

Asset

Value

per

share

...................................................................

$

.97

(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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SmallCap

Growth

Fund

I

SmallCap

S&P

600

Index

Fund

SmallCap

Value

Fund

II

Investment

in

securities--at

cost

................................................................

$

1,698,907

$

999,654

$

1,006,908

Investment

in

affiliated

Funds--at

cost

..........................................................

$

105,600

$

40,747

$

52,211

Assets

Investment

in

securities--at

value

................................................................

$

2,138,048

(a) $

1,181,875

(a) $

1,060,185

(a) Investment

in

affiliated

Funds--at

value

...........................................................

105,600

40,747

52,211

Cash

...............................................................................................

–

Deposits

with

counterparty

........................................................................

3,014

Receivables:

Dividends

and

interest

.......................................................................

534

500

Expense

reimbursement

from

Manager

.....................................................

–

Fund

shares

sold

.............................................................................

733

940

638

Investment

securities

sold

...................................................................

5,427

–

4,787

Variation

margin

on

futures

.................................................................

Prepaid

directors'

expenses

........................................................................

–

–

Total

Assets

2,250,296

1,227,346

1,118,790

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

1,560

825

Accrued

administrative

service

fees

..............................................................

–

Accrued

distribution

fees

..........................................................................

Accrued

service

fees

..............................................................................

Accrued

transfer

agent

fees

.......................................................................

Accrued

directors'

expenses

.......................................................................

–

Accrued

professional

fees

.........................................................................

Accrued

other

expenses

...........................................................................

Payables:

Expense

reimbursement

to

Manager

........................................................

–

–

Fund

shares

redeemed

.......................................................................

2,059

2,640

Investment

securities

purchased

............................................................

7,903

–

4,251

Variation

margin

on

futures

.................................................................

–

–

Collateral

obligation

on

securities

loaned,

at

value

...............................................

48,512

4,115

17,776

Total

Liabilities

60,191

7,116

23,434

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

2,190,105

$

1,220,230

$

1,095,356

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

1,601,626

$

939,893

$

979,553

Total

distributable

earnings

(accumulated

loss)

...................................................

588,479

280,337

115,803

Total

Net

Assets

$

2,190,105

$

1,220,230

$

1,095,356

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

870,000

425,000

700,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

................................................................................

$

71,569

$

172,867

$

18,883

Shares

Issued

and

Outstanding

..............................................................

7,689

7,162

1,661

Net

Asset

Value

per

share

...................................................................

$

.31

(b) $

.14

(b) $

.37

(b) Institutional

:

Net

Assets

...........................................................................

$

96,068

$

173,727

$

146,676

Shares

Issued

and

Outstanding

..............................................................

5,739

6,541

12,259

Net

Asset

Value

per

share

...................................................................

$

.74

$

.56

$

.97

:

Net

Assets

....................................................................................

$

16,554

$

63,644

$

5,422

Shares

Issued

and

Outstanding

..............................................................

1,397

2,328

Net

Asset

Value

per

share

...................................................................

$

.85

$

.34

$

.05

:

Net

Assets

....................................................................................

$

29,868

$

86,244

$

6,748

Shares

Issued

and

Outstanding

..............................................................

2,021

3,068

581

Net

Asset

Value

per

share

...................................................................

$

.78

$

.11

$

.60

:

Net

Assets

....................................................................................

$

1,976,046

$

723,748

$

917,627

Shares

Issued

and

Outstanding

..............................................................

117,557

27,264

76,695

Net

Asset

Value

per

share

...................................................................

$

.81

$

.55

$

.96

(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.

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Tax-Exempt

Bond

Fund

Investment

in

securities--at

cost

............................................................................................................................

$

523,577

Assets

Investment

in

securities--at

value

............................................................................................................................

$

522,149

Cash

...........................................................................................................................................................

Receivables:

Dividends

and

interest

...................................................................................................................................

7,866

Expense

reimbursement

from

Manager

.................................................................................................................

Fund

shares

sold

.........................................................................................................................................

2,615

Investment

securities

sold

...............................................................................................................................

1,011

Other

assets

....................................................................................................................................................

Total

Assets

533,666

Liabilities

Accrued

management

and

investment

advisory

fees

..........................................................................................................

Accrued

distribution

fees

......................................................................................................................................

Accrued

transfer

agent

fees

...................................................................................................................................

Accrued

directors'

expenses

...................................................................................................................................

Accrued

professional

fees

.....................................................................................................................................

Accrued

other

expenses

.......................................................................................................................................

Payables:

Dividends

payable

.......................................................................................................................................

1,945

Fund

shares

redeemed

...................................................................................................................................

716

Interest

expense

and

fees

payable

.......................................................................................................................

Interfund

borrowing

.....................................................................................................................................

970

Investment

securities

purchased

........................................................................................................................

1,464

Floating

rate

notes

issued

.....................................................................................................................................

32,815

Total

Liabilities

38,536

Net

Assets

Applicable

to

Outstanding

Shares

..............................................................................................................

$

495,130

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.................................................................................................................

$

569,219

Total

distributable

earnings

(accumulated

loss)

...............................................................................................................

(74,089)

Total

Net

Assets

$

495,130

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..............................................................................................................................................

450,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

............................................................................................................................................

$

228,582

Shares

Issued

and

Outstanding

..........................................................................................................................

34,157

Net

Asset

Value

per

share

...............................................................................................................................

$

.69

(a) Maximum

Offering

Price

................................................................................................................................

$

.95

Class

C

:

Net

Assets

............................................................................................................................................

$

10,791

Shares

Issued

and

Outstanding

..........................................................................................................................

1,606

Net

Asset

Value

per

share

...............................................................................................................................

$

.72

(a) Institutional

:

Net

Assets

.......................................................................................................................................

$

255,757

Shares

Issued

and

Outstanding

..........................................................................................................................

38,160

Net

Asset

Value

per

share

...............................................................................................................................

$

.70

(a) 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

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

California

Municipal

Fund

Core

Fixed

Income

Fund

(a),(b)

Core

Plus

Bond

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

–

$

3,530

$

834

Dividends

...............................................................................................

–

805

Interest

..................................................................................................

26,414

405,389

25,607

Securities

lending

-

net

.................................................................................

–

Total

Income

26,415

408,979

27,279

Expenses:

Management

and

investment

advisory

fees

............................................................

2,463

34,764

2,224

Distribution

f

ees

-

Class

A

.............................................................................

808

Distribution

f

ees

-

Class

C

.............................................................................

N/A

N/A

Distribution

f

ees

-

Class

J

..............................................................................

N/A

Distribution

f

ees

-

.................................................................................

N/A

Distribution

f

ees

-

.................................................................................

N/A

Administrative

service

fees

-

......................................................................

N/A

–

Administrative

service

fees

-

......................................................................

N/A

Administrative

service

fees

-

......................................................................

N/A

Registration

fees

-

Class

A

.............................................................................

Registration

fees

-

Class

C

.............................................................................

N/A

N/A

Registration

fees

-

Class

J

..............................................................................

N/A

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

N/A

Service

fees

-

......................................................................................

N/A

–

Service

fees

-

......................................................................................

N/A

Service

fees

-

......................................................................................

N/A

Service

fees

-

......................................................................................

N/A

Shareholder

reports

-

Class

A

..........................................................................

Shareholder

reports

-

Class

C

..........................................................................

N/A

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

N/A

N/A

Transfer agent

fees

-

Class

A

...........................................................................

Transfer agent

fees

-

Class

C

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

520

Transfer agent

fees

-

...............................................................................

N/A

N/A

Chief

compliance

officer

expenses

.....................................................................

–

–

Custodian

fees

..........................................................................................

–

Directors'

expenses

.....................................................................................

Interest

expense

and

fees

...............................................................................

876

–

–

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

4,851

37,231

3,557

Less:

Reimbursement

from

Manager

-

Class

A

........................................................

–

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

Total

Net

Expenses

4,739

37,197

3,208

Net

Investment

Income

(Loss)

21,676

371,782

24,071

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

swap

agreements

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

(7,797)

(107,270)

(6,680)

Futures

contracts

.......................................................................................

–

(1,884)

(7,472)

Swap

agreements

.......................................................................................

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

6,716

355,694

15,641

Futures

contracts

.......................................................................................

–

3,033

5,626

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

swap

agreements

(1,081)

249,573

7,248

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

20,595

$

621,355

$

31,319

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Diversified

Income

Fund

Diversified

International

Fund

(a),(b)

Equity

Income

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

3,970

$

1,503

$

4,768

Dividends

...............................................................................................

8,491

52,167

180,905

Withholding

tax

........................................................................................

(312)

(3,705)

(1,983)

Interest

..................................................................................................

155,955

Securities

lending

-

net

.................................................................................

Total

Income

168,473

50,013

183,921

Expenses:

Management

and

investment

advisory

fees

............................................................

16,244

21,341

43,771

Distribution

f

ees

-

Class

A

.............................................................................

2,274

574

3,116

Distribution

f

ees

-

Class

C

.............................................................................

1,071

N/A

680

Distribution

f

ees

-

Class

J

..............................................................................

N/A

Distribution

f

ees

-

.................................................................................

N/A

–

Distribution

f

ees

-

.................................................................................

N/A

Distribution

f

ees

-

.................................................................................

N/A

–

Administrative

service

fees

-

......................................................................

N/A

Administrative

service

fees

-

......................................................................

N/A

–

Administrative

service

fees

-

......................................................................

N/A

Registration

fees

-

Class

A

.............................................................................

Registration

fees

-

Class

C

.............................................................................

N/A

Registration

fees

-

Class

J

..............................................................................

N/A

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

Service

fees

-

......................................................................................

N/A

Service

fees

-

......................................................................................

N/A

Service

fees

-

......................................................................................

N/A

Shareholder

reports

-

Class

A

..........................................................................

Shareholder

reports

-

Class

C

..........................................................................

–

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

N/A

Transfer agent

fees

-

Class

A

...........................................................................

902

1,047

Transfer agent

fees

-

Class

C

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

1,332

2,068

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

22,582

24,163

52,206

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

1,244

1,288

Less:

Reimbursement

from

Manager

-

............................................................

N/A

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

Total

Net

Expenses

21,307

23,792

50,917

Net

Investment

Income

(Loss)

147,166

26,221

133,004

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Diversified

Income

Fund

Diversified

International

Fund

(a),(b)

Equity

Income

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

(net

of

foreign

taxes

of

$

–

,

$

(1,028)

and

$

–

,

respectively)

..................

(14,906)

1,100,439

755,676

Foreign

currency

contracts

.............................................................................

(193)

–

–

Foreign

currency

transactions

..........................................................................

(104)

(1,016)

Futures

contracts

.......................................................................................

(3,018)

–

–

Options

and

swaptions

.................................................................................

–

–

Short

sales

..............................................................................................

–

–

Swap

agreements

.......................................................................................

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

(net

of

foreign

taxes

of

$

–

,

$

(89)

and

$

–

,

respectively)

..................................

29,502

(607,081)

3,710

Foreign

currency

contracts

.............................................................................

(63)

–

–

Futures

contracts

.......................................................................................

1,067

–

–

Options

and

swaptions

.................................................................................

(20)

–

–

Short

sales

..............................................................................................

(184)

–

–

Swap

agreements

.......................................................................................

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

814

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

13,035

493,156

759,389

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

160,201

$

519,377

$

892,393

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Global

Emerging

Markets

Fund

(a),(b)

Global

Real

Estate

Securities

Fund

(a) Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

2,237

$

3,637

$

1,063

Dividends

...............................................................................................

–

70,014

54,936

Withholding

tax

........................................................................................

(864)

(7,155)

(2,252)

Interest

..................................................................................................

54,191

Securities

lending

-

net

.................................................................................

Total

Income

55,696

66,632

53,755

Expenses:

Management

and

investment

advisory

fees

............................................................

5,049

28,148

14,785

Distribution

f

ees

-

Class

A

.............................................................................

N/A

Distribution

f

ees

-

Class

J

..............................................................................

N/A

N/A

Distribution

f

ees

-

.................................................................................

N/A

Administrative

service

fees

-

......................................................................

N/A

Administrative

service

fees

-

......................................................................

N/A

Registration

fees

-

Class

A

.............................................................................

N/A

Registration

fees

-

Class

J

..............................................................................

N/A

N/A

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

Service

fees

-

......................................................................................

N/A

Service

fees

-

......................................................................................

N/A

Shareholder

reports

-

Class

A

..........................................................................

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

N/A

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

N/A

Transfer agent

fees

-

Class

A

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

N/A

Transfer agent

fees

-

Institutional

......................................................................

1,111

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

–

Custodian

fees

..........................................................................................

716

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

5,711

30,333

16,490

Less:

Reimbursement

from

Manager

-

Class

J

.........................................................

N/A

N/A

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

637

Less:

Reimbursement

from

Manager

-

............................................................

N/A

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

N/A

Total

Net

Expenses

5,711

30,198

15,853

Net

Investment

Income

(Loss)

49,985

36,434

37,902

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures

and

swap

agreements

Net

realized

gain

(loss)

from:

Investment

transactions

(net

of

foreign

taxes

of

$

–

,

$

and

$

–

,

respectively)

......................

8,513

110,318

(9,175)

Foreign

currency

contracts

.............................................................................

(941)

–

–

Foreign

currency

transactions

..........................................................................

(588)

(2,956)

Futures

contracts

.......................................................................................

955

–

–

Swap

agreements

.......................................................................................

(3,835)

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

(net

of

foreign

taxes

of

$

(217)

,

$

(10,186)

and

$

–

,

respectively)

.........................

33,940

757,737

(4,085)

Foreign

currency

contracts

.............................................................................

(236)

–

–

Futures

contracts

.......................................................................................

–

–

Swap

agreements

.......................................................................................

2,566

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

(85)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures

and

swap

agreements

40,861

865,014

(13,202)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

90,846

$

901,448

$

24,700

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Government

&

High

Quality

Bond

Fund

(a),(b)

Government

Money

Market

Fund

High

Yield

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

$

–

$

8,276

Dividends

...............................................................................................

9,578

1,992

Interest

..................................................................................................

27,196

164,321

437,314

Securities

lending

-

net

.................................................................................

–

–

1,014

Total

Income

27,605

173,899

448,596

Expenses:

Management

and

investment

advisory

fees

............................................................

3,093

5,984

31,071

Distribution

f

ees

-

Class

A

.............................................................................

N/A

1,021

Distribution

f

ees

-

Class

C

.............................................................................

N/A

N/A

Distribution

f

ees

-

Class

J

..............................................................................

N/A

N/A

Distribution

f

ees

-

.................................................................................

N/A

N/A

Administrative

service

fees

-

......................................................................

N/A

N/A

Administrative

service

fees

-

......................................................................

N/A

N/A

Registration

fees

-

Class

A

.............................................................................

N/A

Registration

fees

-

Class

C

.............................................................................

N/A

N/A

Registration

fees

-

Class

J

..............................................................................

N/A

N/A

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

Service

fees

-

......................................................................................

N/A

N/A

Service

fees

-

......................................................................................

N/A

N/A

Shareholder

reports

-

Class

A

..........................................................................

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

N/A

Shareholder

reports

-

Institutional

.....................................................................

–

Shareholder

reports

-

..............................................................................

N/A

Transfer agent

fees

-

Class

A

...........................................................................

N/A

504

Transfer agent

fees

-

Class

C

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

N/A

Transfer agent

fees

-

Institutional

......................................................................

1,413

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

–

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

4,214

6,687

34,965

Less: Reimbursement

from

Manager

..................................................................

–

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

Less:

Reimbursement

from

Manager

-

............................................................

N/A

N/A

Less:

Reimbursement

from

Manager

-

............................................................

N/A

N/A

Less:

Reimbursement

from

Manager

-

............................................................

N/A

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

N/A

Total

Net

Expenses

3,996

5,929

34,829

Net

Investment

Income

(Loss)

23,609

167,970

413,767

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

(19,108)

–

(44,209)

Foreign

currency

contracts

.............................................................................

–

–

(408)

Foreign

currency

transactions

..........................................................................

–

–

Futures

contracts

.......................................................................................

(1,301)

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

37,656

–

16,537

Foreign

currency

contracts

.............................................................................

–

–

Futures

contracts

.......................................................................................

(102)

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

–

–

(265)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

17,145

–

(27,867)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

40,754

$

167,970

$

385,900

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Inflation

Protection

Fund

(a),(b)

International

Equity

Fund

(a),(b)

LargeCap

Growth

Fund

I

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

$

3,345

$

7,744

Dividends

...............................................................................................

–

134,490

36,554

Withholding

tax

........................................................................................

–

(10,176)

(270)

Interest

..................................................................................................

107,418

(27)

Securities

lending

-

net

.................................................................................

–

Total

Income

107,732

127,794

44,226

Expenses:

Management

and

investment

advisory

fees

............................................................

8,337

25,707

55,792

Distribution

f

ees

-

Class

A

.............................................................................

N/A

N/A

1,345

Distribution

f

ees

-

Class

J

..............................................................................

N/A

644

Distribution

f

ees

-

.................................................................................

–

–

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

–

–

Administrative

service

fees

-

......................................................................

–

–

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

–

–

Administrative

service

fees

-

......................................................................

–

–

Registration

fees

-

Class

A

.............................................................................

N/A

N/A

Registration

fees

-

Class

J

..............................................................................

N/A

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

Service

fees

-

......................................................................................

–

–

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

–

–

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

N/A

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

N/A

–

Transfer agent

fees

-

Class

A

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

8,711

26,630

60,272

Less: Reimbursement

from

Manager

..................................................................

–

–

1,488

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

–

N/A

Total

Net

Expenses

8,711

26,630

58,777

Net

Investment

Income

(Loss)

99,021

101,164

(14,551)

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

(net

of

foreign

taxes

of

$

–

,

$

and

$

–

,

respectively)

........................

(34,558)

162,084

1,333,876

Foreign

currency

contracts

.............................................................................

–

–

Foreign

currency

transactions

..........................................................................

(23)

–

Futures

contracts

.......................................................................................

(2,812)

–

(2,895)

Options

and

swaptions

.................................................................................

1,633

–

–

Short

sales

..............................................................................................

(16)

–

–

Swap

agreements

.......................................................................................

3,846

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

59,193

837,391

392,901

Foreign

currency

contracts

.............................................................................

(1,485)

–

–

Futures

contracts

.......................................................................................

(271)

–

2,311

Options

and

swaptions

.................................................................................

–

–

Swap

agreements

.......................................................................................

929

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

(196)

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

27,004

999,256

1,726,193

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

126,025

$

1,100,420

$

1,711,642

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

LargeCap

S&P

500

Index

Fund

(a),(b)

LargeCap

Value

Fund

III

(a),(b)

MidCap

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

9,508

$

4,074

$

1,144

Dividends

...............................................................................................

113,191

72,138

197,562

Withholding

tax

........................................................................................

(27)

(667)

(8,091)

Interest

..................................................................................................

551

Securities

lending

-

net

.................................................................................

Total

Income

123,403

75,870

190,931

Expenses:

Management

and

investment

advisory

fees

............................................................

7,592

24,740

171,268

Distribution

f

ees

-

Class

A

.............................................................................

1,284

N/A

4,990

Distribution

f

ees

-

Class

C

.............................................................................

N/A

N/A

Distribution

f

ees

-

Class

J

..............................................................................

1,963

596

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

–

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

–

Administrative

service

fees

-

......................................................................

Registration

fees

-

Class

A

.............................................................................

N/A

Registration

fees

-

Class

C

.............................................................................

N/A

N/A

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

N/A

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

–

Service

fees

-

......................................................................................

1,036

775

Shareholder

reports

-

Class

A

..........................................................................

N/A

Shareholder

reports

-

Class

C

..........................................................................

N/A

N/A

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

528

Shareholder

reports

-

..............................................................................

N/A

N/A

621

Transfer agent

fees

-

Class

A

...........................................................................

558

N/A

1,628

Transfer agent

fees

-

Class

C

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

513

14,747

Transfer agent

fees

-

...............................................................................

N/A

N/A

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

649

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

15,132

25,588

199,230

Less: Reimbursement

from

Manager

..................................................................

–

1,383

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

15,110

24,204

199,224

Net

Investment

Income

(Loss)

108,293

51,666

(8,293)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

265,843

479,970

1,904,194

Foreign

currency

transactions

..........................................................................

–

Futures

contracts

.......................................................................................

9,244

4,828

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

1,422,980

(282,378)

(1,304,393)

Investment

in

affiliated

securities

......................................................................

–

–

83,537

Futures

contracts

.......................................................................................

5,797

1,170

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

1,703,864

203,639

683,340

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,812,157

$

255,305

$

675,047

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

MidCap

S&P

Index

Fund

(a),(b)

MidCap

Value

Fund

I

(a),(b)

Money

Market

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

1,102

$

2,928

$

–

Dividends

...............................................................................................

17,833

43,009

1,728

Withholding

tax

........................................................................................

(14)

(47)

–

Interest

..................................................................................................

46,839

Securities

lending

-

net

.................................................................................

–

Total

Income

19,020

45,970

48,567

Expenses:

Management

and

investment

advisory

fees

............................................................

1,866

16,184

4,264

Distribution

f

ees

-

Class

A

.............................................................................

N/A

–

Distribution

f

ees

-

Class

J

..............................................................................

1,093

Distribution

f

ees

-

.................................................................................

N/A

Distribution

f

ees

-

.................................................................................

N/A

Distribution

f

ees

-

.................................................................................

N/A

Administrative

service

fees

-

......................................................................

–

N/A

Administrative

service

fees

-

......................................................................

N/A

Administrative

service

fees

-

......................................................................

–

N/A

Administrative

service

fees

-

......................................................................

N/A

Registration

fees

-

Class

A

.............................................................................

N/A

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

N/A

Registration

fees

-

.................................................................................

N/A

Service

fees

-

......................................................................................

–

N/A

Service

fees

-

......................................................................................

N/A

Service

fees

-

......................................................................................

N/A

Service

fees

-

......................................................................................

N/A

Shareholder

reports

-

Class

A

..........................................................................

N/A

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

N/A

Shareholder

reports

-

..............................................................................

–

N/A

Transfer agent

fees

-

Class

A

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

918

N/A

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

3,229

18,320

5,900

Less: Reimbursement

from

Manager

..................................................................

–

501

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

N/A

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

1,093

Total

Net

Expenses

3,226

17,349

4,807

Net

Investment

Income

(Loss)

15,794

28,621

43,760

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

106,147

170,313

–

Futures

contracts

.......................................................................................

(3,063)

(851)

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

(46,710)

(138,978)

–

Futures

contracts

.......................................................................................

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

56,558

30,497

–

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

72,352

$

59,118

$

43,760

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Overseas

Fund

(a) Principal

Capital

Appreciation

Fund

(b),(c)

Principal

LifeTime

2015

Fund

(b),(c)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

909

$

1,965

$

6,828

Dividends

...............................................................................................

43,802

48,258

–

Withholding

tax

........................................................................................

(3,219)

(418)

–

Interest

..................................................................................................

–

Securities

lending

-

net

.................................................................................

–

Total

Income

41,604

49,822

6,828

Expenses:

Management

and

investment

advisory

fees

............................................................

10,571

20,138

N/A

Distribution

f

ees

-

Class

A

.............................................................................

N/A

3,567

N/A

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

–

Administrative

service

fees

-

......................................................................

–

Administrative

service

fees

-

......................................................................

N/A

Registration

fees

-

Class

A

.............................................................................

N/A

N/A

Registration

fees

-

Institutional

........................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

–

Service

fees

-

......................................................................................

N/A

Shareholder

reports

-

Class

A

..........................................................................

N/A

N/A

Shareholder

reports

-

Institutional

.....................................................................

–

Transfer agent

fees

-

Class

A

...........................................................................

N/A

830

N/A

Transfer agent

fees

-

Institutional

......................................................................

938

Chief

compliance

officer

expenses

.....................................................................

–

Custodian

fees

..........................................................................................

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

11,302

26,249

Less: Reimbursement

from

Manager

..................................................................

–

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

–

Total

Net

Expenses

10,892

26,249

Net

Investment

Income

(Loss)

30,712

23,573

6,641

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

150,167

409,437

–

Investment

transactions

in

affiliated

Funds

............................................................

–

–

13,008

Foreign

currency

transactions

..........................................................................

(23)

–

–

Futures

contracts

.......................................................................................

–

–

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

–

–

4,984

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

112,310

411,149

–

Investments

in

affiliated

Funds

.........................................................................

–

–

(5,181)

Futures

contracts

.......................................................................................

(11)

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

–

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

263,191

820,586

12,811

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

293,903

$

844,159

$

19,452

(a) Class

shares

discontinued

operations

and

converted

to

Institutional

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (c) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2020

Fund

(a),(b)

Principal

LifeTime

2025

Fund

(a),(b)

Principal

LifeTime

2030

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

63,925

$

40,704

$

133,608

Total

Income

63,925

40,704

133,608

Expenses:

Distribution

f

ees

-

Class

A

.............................................................................

N/A

Distribution

f

ees

-

Class

J

..............................................................................

980

N/A

1,667

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

–

Administrative

service

fees

-

......................................................................

Registration

fees

-

Class

A

.............................................................................

N/A

Registration

fees

-

Class

J

..............................................................................

N/A

Registration

fees

-

Institutional

........................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

Shareholder

reports

-

Institutional

.....................................................................

Transfer agent

fees

-

Class

A

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

Chief

compliance

officer

expenses

.....................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

2,114

882

3,994

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

Total

Net

Expenses

2,103

882

3,975

Net

Investment

Income

(Loss)

61,822

39,822

129,633

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

79,064

79,833

167,797

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

60,281

47,358

199,900

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

4,581

(16,779)

99,854

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

143,926

110,412

467,551

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

205,748

$

150,234

$

597,184

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2035

Fund

(a),(b)

Principal

LifeTime

2040

Fund

(a),(b)

Principal

LifeTime

2045

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

46,239

$

94,619

$

30,305

Total

Income

46,239

94,619

30,305

Expenses:

Distribution

f

ees

-

Class

A

.............................................................................

N/A

N/A

Distribution

f

ees

-

Class

J

..............................................................................

N/A

1,328

N/A

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

–

Administrative

service

fees

-

......................................................................

Registration

fees

-

Class

A

.............................................................................

N/A

N/A

Registration

fees

-

Class

J

..............................................................................

N/A

N/A

Registration

fees

-

Institutional

........................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

N/A

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

N/A

Shareholder

reports

-

Institutional

.....................................................................

Transfer agent

fees

-

Class

A

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

N/A

Transfer agent

fees

-

Institutional

......................................................................

Chief

compliance

officer

expenses

.....................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

1,031

3,517

874

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

N/A

Total

Net

Expenses

1,031

3,502

874

Net

Investment

Income

(Loss)

45,208

91,117

29,431

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

49,731

122,576

35,177

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

84,093

236,952

93,685

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

65,274

183,532

90,238

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

199,098

543,060

219,100

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

244,306

$

634,177

$

248,531

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2050

Fund

(a),(b)

Principal

LifeTime

2055

Fund

(a),(b)

Principal

LifeTime

2060

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

51,958

$

17,495

$

16,796

Total

Income

51,958

17,495

16,796

Expenses:

Distribution

f

ees

-

Class

A

.............................................................................

N/A

N/A

Distribution

f

ees

-

Class

J

..............................................................................

N/A

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

–

–

Administrative

service

fees

-

......................................................................

Registration

fees

-

Class

A

.............................................................................

N/A

N/A

Registration

fees

-

Class

J

..............................................................................

N/A

Registration

fees

-

Institutional

........................................................................

Service

fees

-

......................................................................................

–

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

N/A

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

Shareholder

reports

-

Institutional

.....................................................................

Transfer agent

fees

-

Class

A

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

Chief

compliance

officer

expenses

.....................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

2,253

604

506

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

–

Total

Net

Expenses

2,248

604

506

Net

Investment

Income

(Loss)

49,710

16,891

16,290

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

78,113

16,912

12,951

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

199,713

68,797

65,797

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

176,606

74,055

77,453

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

454,432

159,764

156,201

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

504,142

$

176,655

$

172,491

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2065

Fund

(a),(b)

Principal

LifeTime

2070

Fund

(a),(b)

Principal

LifeTime

Hybrid

2015

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

3,627

$

810

$

11,278

Total

Income

3,627

810

11,278

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

N/A

503

Distribution

f

ees

-

.................................................................................

N/A

Administrative

service

fees

-

......................................................................

N/A

Administrative

service

fees

-

......................................................................

–

N/A

Registration

fees

-

Class

J

..............................................................................

N/A

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

N/A

Service

fees

-

......................................................................................

N/A

Service

fees

-

......................................................................................

–

N/A

Service

fees

-

......................................................................................

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

–

Shareholder

reports

-

Institutional

.....................................................................

–

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

N/A

N/A

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

635

Less:

Reimbursement

from

Manager

-

Class

J

.........................................................

N/A

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

Less:

Reimbursement

from

Manager

-

............................................................

N/A

N/A

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

–

Total

Net

Expenses

597

Net

Investment

Income

(Loss)

3,474

764

10,681

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

1,454

(144)

3,700

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

13,870

2,825

2,773

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

20,095

7,433

23,465

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

35,419

10,114

29,938

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

38,893

$

10,878

$

40,619

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2020

Fund

Principal

LifeTime

Hybrid

2025

Fund

Principal

LifeTime

Hybrid

2030

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

16,613

$

26,661

$

27,876

Total

Income

16,613

26,661

27,876

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

536

1,066

1,074

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

..............................................................................

–

Transfer agent

fees

-

Class

J

...........................................................................

(3)

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

Chief

compliance

officer

expenses

.....................................................................

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

681

1,247

1,304

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

Less:

Reimbursement

from

Manager

-

............................................................

–

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

654

1,222

1,287

Net

Investment

Income

(Loss)

15,959

25,439

26,589

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

12,934

12,728

14,094

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

5,386

10,476

13,995

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

27,655

70,370

99,197

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

45,975

93,574

127,286

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

61,934

$

119,013

$

153,875

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2035

Fund

Principal

LifeTime

Hybrid

2040

Fund

Principal

LifeTime

Hybrid

2045

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

18,629

$

18,856

$

10,485

Total

Income

18,629

18,856

10,485

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

677

805

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

–

–

Shareholder

reports

-

..............................................................................

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

Chief

compliance

officer

expenses

.....................................................................

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

892

1,081

558

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

872

1,064

538

Net

Investment

Income

(Loss)

17,757

17,792

9,947

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

10,055

12,605

8,822

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

11,657

15,400

10,373

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

78,284

111,020

66,475

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

99,996

139,025

85,670

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

117,753

$

156,817

$

95,617

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2050

Fund

Principal

LifeTime

Hybrid

2055

Fund

Principal

LifeTime

Hybrid

2060

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

8,637

$

5,391

$

2,892

Total

Income

8,637

5,391

2,892

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

519

Less:

Reimbursement

from

Manager

-

Class

J

.........................................................

–

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

Less:

Reimbursement

from

Manager

-

............................................................

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

Net

Investment

Income

(Loss)

8,139

5,002

2,649

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

8,507

4,721

2,407

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

10,012

6,407

3,422

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

68,393

44,347

24,919

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

86,912

55,475

30,748

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

95,051

$

60,477

$

33,397

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2065

Fund

Principal

LifeTime

Hybrid

2070

Fund

Principal

LifeTime

Hybrid

Income

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

974

$

$

5,263

Total

Income

974

5,263

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

..............................................................................

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

Less:

Reimbursement

from

Manager

-

Class

J

.........................................................

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

Less:

Reimbursement

from

Manager

-

............................................................

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

–

–

Total

Net

Expenses

Net

Investment

Income

(Loss)

882

5,019

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

571

1,168

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

1,165

1,336

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

9,333

1,295

9,831

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

11,069

1,461

12,335

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

11,951

$

1,550

$

17,354

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Strategic

Income

Fund

(a),(b)

Real

Estate

Securities

Fund

(a),(b)

SAM

Balanced

Portfolio

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

23,458

$

3,433

$

112,857

Dividends

from

affiliated

securities

....................................................................

–

3,176

–

Dividends

...............................................................................................

–

185,198

–

Interest

..................................................................................................

–

–

Total

Income

23,458

191,812

112,857

Expenses:

Management

and

investment

advisory

fees

............................................................

N/A

50,039

12,654

Distribution

f

ees

-

Class

A

.............................................................................

5,363

Distribution

f

ees

-

Class

C

.............................................................................

N/A

1,060

Distribution

f

ees

-

Class

J

..............................................................................

2,449

Distribution

f

ees

-

.................................................................................

–

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

Administrative

service

fees

-

......................................................................

–

–

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

Registration

fees

-

Class

A

.............................................................................

Registration

fees

-

Class

C

.............................................................................

N/A

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

N/A

Service

fees

-

......................................................................................

–

–

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

Shareholder

reports

-

Class

C

..........................................................................

N/A

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

N/A

N/A

Transfer agent

fees

-

Class

A

...........................................................................

1,277

Transfer agent

fees

-

Class

C

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

3,495

Transfer agent

fees

-

...............................................................................

N/A

N/A

Chief

compliance

officer

expenses

.....................................................................

–

Custodian

fees

..........................................................................................

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

838

56,094

23,778

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

1,504

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

755

54,588

23,751

Net

Investment

Income

(Loss)

22,703

137,224

89,106

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

–

(25,673)

(265)

Investment

transactions

in

affiliated

Funds

............................................................

2,197

–

290,353

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

16,976

–

137,521

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

–

(276,835)

–

Investments

in

affiliated

Funds

.........................................................................

24,806

–

66,768

Investment

in

affiliated

securities

......................................................................

–

14,017

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

43,979

(288,491)

494,377

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

66,682

$

(151,267)

$

583,483

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Balanced

Portfolio

(a),(b)

SAM

Conservative

Growth

Portfolio

(a),(b)

SAM

Flexible

Income

Portfolio

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

55,363

$

61,525

$

79,006

Total

Income

55,363

61,525

79,006

Expenses:

Management

and

investment

advisory

fees

............................................................

5,011

8,895

6,197

Distribution

f

ees

-

Class

A

.............................................................................

1,281

4,351

2,199

Distribution

f

ees

-

Class

C

.............................................................................

795

606

Distribution

f

ees

-

Class

J

..............................................................................

1,554

1,413

1,677

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

–

–

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

Registration

fees

-

Class

A

.............................................................................

Registration

fees

-

Class

C

.............................................................................

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

Shareholder

reports

-

Class

C

..........................................................................

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

Transfer agent

fees

-

Class

A

...........................................................................

991

Transfer agent

fees

-

Class

C

...........................................................................

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

8,970

17,130

11,648

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

8,953

17,115

11,629

Net

Investment

Income

(Loss)

46,410

44,410

67,377

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

(74)

(217)

(94)

Investment

transactions

in

affiliated

Funds

............................................................

68,324

268,482

25,933

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

31,547

127,333

25,082

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

41,815

19,269

75,151

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

141,612

414,867

126,072

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

188,022

$

459,277

$

193,449

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

SAM

Strategic

Growth

Portfolio

(a),(b)

Short-Term

Income

Fund

(a),(b)

SmallCap

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

35,898

$

4,938

$

697

Dividends

...............................................................................................

–

–

22,113

Withholding

tax

........................................................................................

–

(5)

(129)

Interest

..................................................................................................

–

137,304

Securities

lending

-

net

.................................................................................

–

Total

Income

35,898

142,261

22,953

Expenses:

Management

and

investment

advisory

fees

............................................................

6,328

11,485

15,374

Distribution

f

ees

-

Class

A

.............................................................................

3,316

631

Distribution

f

ees

-

Class

C

.............................................................................

675

N/A

Distribution

f

ees

-

Class

J

..............................................................................

785

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

–

–

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

–

–

Administrative

service

fees

-

......................................................................

Registration

fees

-

Class

A

.............................................................................

Registration

fees

-

Class

C

.............................................................................

N/A

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

N/A

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

Shareholder

reports

-

Class

C

..........................................................................

N/A

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

N/A

N/A

Transfer agent

fees

-

Class

A

...........................................................................

792

Transfer agent

fees

-

Class

C

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

1,190

972

Transfer agent

fees

-

...............................................................................

N/A

N/A

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

12,492

14,248

18,344

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

12,483

14,246

18,100

Net

Investment

Income

(Loss)

23,415

128,015

4,853

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

(213)

(1,043)

126,971

Investment

transactions

in

affiliated

Funds

............................................................

167,862

–

–

Futures

contracts

.......................................................................................

–

(4,795)

–

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

106,723

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

–

47,543

129,678

Investments

in

affiliated

Funds

.........................................................................

56,910

–

–

Futures

contracts

.......................................................................................

–

4,803

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

331,282

46,508

256,649

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

354,697

$

174,523

$

261,502

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

SmallCap

Growth

Fund

I

(a),(b)

SmallCap

S&P

600

Index

Fund

(a),(b)

SmallCap

Value

Fund

II

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

2,030

$

1,067

$

1,371

Dividends

...............................................................................................

7,045

17,970

22,935

Withholding

tax

........................................................................................

(31)

(24)

(35)

Interest

..................................................................................................

Securities

lending

-

net

.................................................................................

1,005

Total

Income

10,106

19,161

24,495

Expenses:

Management

and

investment

advisory

fees

............................................................

17,735

1,970

9,870

Distribution

f

ees

-

Class

J

..............................................................................

Distribution

f

ees

-

.................................................................................

–

–

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

–

Administrative

service

fees

-

......................................................................

–

–

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

–

–

Administrative

service

fees

-

......................................................................

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

Service

fees

-

......................................................................................

–

–

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

18,556

3,350

10,654

Less: Reimbursement

from

Manager

..................................................................

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

Less:

Reimbursement

from

Manager

-

............................................................

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

17,989

3,281

10,057

Net

Investment

Income

(Loss)

(7,883)

15,880

14,438

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

235,080

122,496

83,775

Futures

contracts

.......................................................................................

(407)

1,319

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

58,217

(82,431)

(38,230)

Futures

contracts

.......................................................................................

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

292,962

41,872

45,840

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

285,079

$

57,752

$

60,278

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

October

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Tax-Exempt

Bond

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

...................................................................................................................................................

$

Interest

......................................................................................................................................................

23,513

Total

Income

23,536

Expenses:

Management

and

investment

advisory

fees

................................................................................................................

2,062

Distribution

f

ees

-

Class

A

.................................................................................................................................

598

Distribution

f

ees

-

Class

C

.................................................................................................................................

Registration

fees

-

Class

A

.................................................................................................................................

Registration

fees

-

Class

C

.................................................................................................................................

Registration

fees

-

Institutional

............................................................................................................................

Shareholder

reports

-

Class

A

..............................................................................................................................

Shareholder

reports

-

Institutional

.........................................................................................................................

Transfer agent

fees

-

Class

A

...............................................................................................................................

Transfer agent

fees

-

Class

C

...............................................................................................................................

Transfer agent

fees

-

Institutional

..........................................................................................................................

Directors'

expenses

.........................................................................................................................................

Interest

expense

and

fees

...................................................................................................................................

943

Professional fees

...........................................................................................................................................

Technology

fees

............................................................................................................................................

Other

expenses

.............................................................................................................................................

Total

Gross

Expenses

4,279

Less:

Reimbursement

from

Manager

-

Institutional

.......................................................................................................

Total

Net

Expenses

4,075

Net

Investment

Income

(Loss)

19,461

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

....................................................................................................................................

(4,196)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.................................................................................................................................................

2,348

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(1,848)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

17,613

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

California

Municipal

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

21,676

$

18,920

Net

realized

gain

(loss)

on

investments

..............................................................................................

(7,797)

(4,887)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

6,716

38,775

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

20,595

52,808

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(21,871)

(18,881)

Total

Dividends

and

Distributions

(21,871)

(18,881)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

22,367

31,476

Total

Increase

(Decrease)

in

Net

Assets

21,091

65,403

Net

Assets

Beginning

of

period

..................................................................................................................

623,757

558,354

End

of

period

........................................................................................................................

$

644,848

$

623,757

Class

A

Class

C

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

87,276

$

1,088

$

115,623

Reinvested

....................................................................................

10,134

9,111

Redeemed

.....................................................................................

(84,954)

(5,935)

(110,437)

Net

Increase

(Decrease)

$

12,456

$

(4,386)

$

14,297

Shares:

Sold

.........................................................................................

8,971

11,914

Reinvested

....................................................................................

1,042

936

Redeemed

.....................................................................................

(8,732)

(608)

(11,350)

Net

Increase

(Decrease)

1,281

(449)

1,500

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

91,081

$

5,736

$

106,290

Reinvested

....................................................................................

8,900

7,920

Redeemed

.....................................................................................

(96,075)

(8,163)

(84,653)

Net

Increase

(Decrease)

$

3,906

$

(1,987)

$

29,557

Shares:

Sold

.........................................................................................

9,244

580

10,846

Reinvested

....................................................................................

903

803

Redeemed

.....................................................................................

(9,768)

(828)

(8,616)

Net

Increase

(Decrease)

(203)

3,033

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(11,083)

$

(467)

$

(10,321)

Total

Dividends

and

Distributions

$

(11,083)

$

(467)

$

(10,321)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(9,551)

$

(447)

$

(8,883)

Total

Dividends

and

Distributions

$

(9,551)

$

(447)

$

(8,883)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Core

Fixed

Income

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

371,782

$

350,342

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

(109,154)

(22,422)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

358,727

746,991

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

621,355

1,074,911

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(394,401)

(374,771)

Total

Dividends

and

Distributions

(394,401)

(374,771)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(335,869)

484,688

Total

Increase

(Decrease)

in

Net

Assets

(108,915)

1,184,828

Net

Assets

Beginning

of

period

..................................................................................................................

10,841,473

9,656,645

End

of

period

........................................................................................................................

$

10,732,558

$

10,841,473

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

18,963

$

17,093

$

210,638

$

$

11,118

$

$

10,197

$

1,240,780

Reinvested

...............................

6,438

2,749

20,348

–

–

749

362,539

Redeemed

................................

(42,568)

(24,945)

(183,014)

(5,753)

(4,685)

(4,438)

(7,001)

(1,965,593)

Net

Increase

(Decrease)

$

(17,167)

$

(5,103)

$

47,972

$

(5,751)

$

6,898

$

(4,389)

$

3,945

$

(362,274)

Shares:

Sold

....................................

2,221

1,991

24,541

–

1,299

1,194

143,998

Reinvested

...............................

751

2,364

–

–

42,185

Redeemed

................................

(4,978)

(2,918)

(21,301)

(676)

(546)

(520)

(817)

(229,859)

Net

Increase

(Decrease)

(2,006)

(607)

5,604

(676)

807

(514)

(43,676)

Year

Ended

October

31,

2024

Dollars:

Sold

....................................

$

32,196

$

13,996

$

396,903

$

$

2,426

$

1,427

$

4,231

$

2,097,140

Reinvested

...............................

6,355

2,754

23,878

609

339,889

Redeemed

................................

(46,672)

(19,084)

(709,915)

(1,394)

(3,274)

(502)

(9,021)

(1,648,104)

Net

Increase

(Decrease)

$

(8,121)

$

(2,334)

$

(289,134)

$

(941)

$

(567)

$

1,041

$

(4,181)

$

788,925

Shares:

Sold

....................................

3,774

1,638

46,777

247,588

Reinvested

...............................

748

2,803

39,909

Redeemed

................................

(5,515)

(2,242)

(84,619)

(164)

(382)

(60)

(1,059)

(193,865)

Net

Increase

(Decrease)

(993)

(281)

(35,039)

(110)

(65)

(489)

93,632

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(6,726)

$

(2,782)

$

(20,784)

$

(9)

$

(465)

$

(9)

$

(750)

$

(362,876)

Total

Dividends

and

Distributions

$

(6,726)

$

(2,782)

$

(20,784)

$

(9)

$

(465)

$

(9)

$

(750)

$

(362,876)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(6,616)

$

(2,779)

$

(24,193)

$

(166)

$

(282)

$

(116)

$

(609)

$

(340,010)

Total

Dividends

and

Distributions

$

(6,616)

$

(2,779)

$

(24,193)

$

(166)

$

(282)

$

(116)

$

(609)

$

(340,010)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Core

Plus

Bond

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

24,071

$

22,898

Net

realized

gain

(loss)

on

investments

,

futures

and

swap

agreements

..............................................................

(14,019)

(12,793)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

21,267

48,358

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

31,319

58,463

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(23,850)

(22,482)

Total

Dividends

and

Distributions

(23,850)

(22,482)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(37,597)

(37,668)

Total

Increase

(Decrease)

in

Net

Assets

(30,128)

(1,687)

Net

Assets

Beginning

of

period

..................................................................................................................

548,704

550,391

End

of

period

........................................................................................................................

$

518,576

$

548,704

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

5,460

$

8,399

$

60,476

$

$

5,784

$

$

10,422

Reinvested

..........................................

2,659

3,958

15,317

–

654

–

1,149

Redeemed

...........................................

(9,687)

(14,634)

(88,411)

(2,927)

(3,721)

(3,964)

(28,575)

Net

Increase

(Decrease)

$

(1,568)

$

(2,277)

$

(12,618)

$

(2,909)

$

2,717

$

(3,938)

$

(17,004)

Shares:

Sold

...............................................

603

919

6,687

647

1,163

Reinvested

..........................................

1,695

–

–

Redeemed

...........................................

(1,070)

(1,604)

(9,764)

(325)

(417)

(433)

(3,173)

Net

Increase

(Decrease)

(173)

(251)

(1,382)

(323)

(430)

(1,882)

Year

Ended

October

31,

2024

Dollars:

Sold

...............................................

$

4,785

$

6,876

$

66,089

$

847

$

3,832

$

1,480

$

6,324

Reinvested

..........................................

2,443

3,628

14,016

546

1,517

Redeemed

...........................................

(12,706)

(15,240)

(101,357)

(1,042)

(6,697)

(2,328)

(10,926)

Net

Increase

(Decrease)

$

(5,478)

$

(4,736)

$

(21,252)

$

(86)

$

(2,319)

$

(712)

$

(3,085)

Shares:

Sold

...............................................

523

742

7,281

701

Reinvested

..........................................

1,545

Redeemed

...........................................

(1,399)

(1,662)

(11,140)

(115)

(743)

(256)

(1,208)

Net

Increase

(Decrease)

(607)

(524)

(2,314)

(10)

(257)

(81)

(339)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(2,726)

$

(3,974)

$

(15,324)

$

(10)

$

(654)

$

(13)

$

(1,149)

Total

Dividends

and

Distributions

$

(2,726)

$

(3,974)

$

(15,324)

$

(10)

$

(654)

$

(13)

$

(1,149)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(2,507)

$

(3,643)

$

(14,024)

$

(109)

$

(546)

$

(136)

$

(1,517)

Total

Dividends

and

Distributions

$

(2,507)

$

(3,643)

$

(14,024)

$

(109)

$

(546)

$

(136)

$

(1,517)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Diversified

Income

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

147,166

$

168,061

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

....

(17,715)

(79,224)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

.....................................................................................................

30,750

245,554

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

160,201

334,391

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(145,462)

(171,369)

Total

Dividends

and

Distributions

(145,462)

(171,369)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(225,279)

(193,538)

Total

Increase

(Decrease)

in

Net

Assets

(210,540)

(30,516)

Net

Assets

Beginning

of

period

..................................................................................................................

2,607,340

2,637,856

End

of

period

........................................................................................................................

$

2,396,800

$

2,607,340

Class

A

Class

C

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

..............................................................................

$

70,762

$

7,133

$

377,340

$

19,468

Reinvested

.........................................................................

45,573

5,043

71,356

5,300

Redeemed

..........................................................................

(211,617)

(60,160)

(496,308)

(59,169)

Net

Increase

(Decrease)

$

(95,282)

$

(47,984)

$

(47,612)

$

(34,401)

Shares:

Sold

..............................................................................

5,919

600

31,787

1,639

Reinvested

.........................................................................

3,822

6,025

Redeemed

..........................................................................

(17,721)

(5,066)

(41,848)

(4,991)

Net

Increase

(Decrease)

(7,980)

(4,040)

(4,036)

(2,904)

Year

Ended

October

31,

2024

Dollars:

Sold

..............................................................................

$

83,858

$

16,420

$

348,708

$

57,181

Reinvested

.........................................................................

55,781

8,070

78,259

8,058

Redeemed

..........................................................................

(256,402)

(71,877)

(449,205)

(72,389)

Net

Increase

(Decrease)

$

(116,763)

$

(47,387)

$

(22,238)

$

(7,150)

Shares:

Sold

..............................................................................

7,031

1,387

29,487

4,840

Reinvested

.........................................................................

4,685

682

6,614

681

Redeemed

..........................................................................

(21,531)

(6,070)

(38,009)

(6,063)

Net

Increase

(Decrease)

(9,815)

(4,001)

(1,908)

(542)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................

$

(51,714)

$

(5,228)

$

(83,054)

$

(5,466)

Total

Dividends

and

Distributions

$

(51,714)

$

(5,228)

$

(83,054)

$

(5,466)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................

$

(63,336)

$

(8,378)

$

(91,504)

$

(8,151)

Total

Dividends

and

Distributions

$

(63,336)

$

(8,378)

$

(91,504)

$

(8,151)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Diversified

International

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

26,221

$

97,667

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

1,099,423

283,333

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.......................................

(606,267)

618,245

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

519,377

999,245

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(353,815)

(128,703)

Total

Dividends

and

Distributions

(353,815)

(128,703)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(5,738,019)

1,415,679

Total

Increase

(Decrease)

in

Net

Assets

(5,572,457)

2,286,221

Net

Assets

Beginning

of

period

..................................................................................................................

6,764,887

4,478,666

End

of

period

........................................................................................................................

$

1,192,430

$

6,764,887

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

15,093

$

23,028

$

39,114

$

$

6,489

$

$

11,267

$

157,626

Reinvested

...............................

9,467

7,525

9,377

–

557

–

1,163

323,836

Redeemed

................................

(35,467)

(26,564)

(105,147)

(1,912)

(4,788)

(5,792)

(10,795)

(6,152,162)

Net

Increase

(Decrease)

$

(10,907)

$

3,989

$

(56,656)

$

(1,895)

$

2,258

$

(5,743)

$

1,635

$

(5,670,700)

Shares:

Sold

....................................

1,018

1,550

2,684

769

11,194

Reinvested

...............................

692

560

691

–

–

23,904

Redeemed

................................

(2,386)

(1,825)

(7,351)

(137)

(324)

(407)

(705)

(436,827)

Net

Increase

(Decrease)

(676)

(3,976)

(136)

(404)

(401,729)

Year

Ended

October

31,

2024

Dollars:

Sold

....................................

$

11,079

$

7,560

$

59,239

$

$

1,598

$

1,150

$

2,823

$

2,236,941

Reinvested

...............................

4,189

3,386

10,395

109,044

Redeemed

................................

(29,761)

(18,765)

(324,341)

(659)

(3,036)

(1,893)

(6,311)

(648,108)

Net

Increase

(Decrease)

$

(14,493)

$

(7,819)

$

(254,707)

$

(328)

$

(1,211)

$

(610)

$

(3,030)

$

1,697,877

Shares:

Sold

....................................

802

560

4,316

158,452

Reinvested

...............................

795

8,343

Redeemed

................................

(2,145)

(1,376)

(24,047)

(46)

(221)

(134)

(449)

(46,970)

Net

Increase

(Decrease)

(1,025)

(555)

(18,936)

(22)

(87)

(42)

(214)

119,825

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(10,579)

$

(7,533)

$

(9,396)

$

–

$

(560)

$

–

$

(1,165)

$

(324,582)

Total

Dividends

and

Distributions

$

(10,579)

$

(7,533)

$

(9,396)

$

–

$

(560)

$

–

$

(1,165)

$

(324,582)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(4,659)

$

(3,391)

$

(10,408)

$

(36)

$

(229)

$

(133)

$

(458)

$

(109,389)

Total

Dividends

and

Distributions

$

(4,659)

$

(3,391)

$

(10,408)

$

(36)

$

(229)

$

(133)

$

(458)

$

(109,389)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Equity

Income

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

133,004

$

171,216

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

755,679

820,435

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

3,710

1,496,312

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

892,393

2,487,963

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(915,714)

(225,795)

Total

Dividends

and

Distributions

(915,714)

(225,795)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(561,887)

(1,054,785)

Total

Increase

(Decrease)

in

Net

Assets

(585,208)

1,207,383

Net

Assets

Beginning

of

period

..................................................................................................................

9,053,337

7,845,954

End

of

period

........................................................................................................................

$

8,468,129

$

9,053,337

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

49,628

$

9,133

$

8,250

$

625,706

$

$

4,872

$

$

44,081

Reinvested

...............................

124,697

6,773

9,037

743,017

–

2,836

–

16,180

Redeemed

................................

(208,448)

(23,474)

(14,897)

(1,898,477)

(965)

(7,522)

(30,030)

(22,500)

Net

Increase

(Decrease)

$

(34,123)

$

(7,568)

$

2,390

$

(529,754)

$

(963)

$

$

(29,816)

$

37,761

Shares:

Sold

....................................

1,219

15,764

–

1,013

Reinvested

...............................

3,078

18,306

–

–

Redeemed

................................

(5,108)

(602)

(368)

(45,984)

(21)

(185)

(664)

(550)

Net

Increase

(Decrease)

(811)

(194)

(11,914)

(21)

(660)

862

Year

Ended

October

31,

2024

Dollars:

Sold

....................................

$

55,491

$

4,838

$

7,469

$

690,916

$

$

4,771

$

4,804

$

11,129

Reinvested

...............................

27,453

1,204

1,966

187,492

606

593

3,324

Redeemed

................................

(180,359)

(24,389)

(11,498)

(1,776,734)

(698)

(9,460)

(5,546)

(48,358)

Net

Increase

(Decrease)

$

(97,415)

$

(18,347)

$

(2,063)

$

(898,326)

$

(497)

$

(4,083)

$

(149)

$

(33,905)

Shares:

Sold

....................................

1,415

17,384

Reinvested

...............................

707

4,807

Redeemed

................................

(4,593)

(640)

(290)

(44,966)

(18)

(241)

(140)

(1,217)

Net

Increase

(Decrease)

(2,471)

(478)

(54)

(22,775)

(13)

(103)

(2)

(845)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(128,923)

$

(7,071)

$

(9,051)

$

(751,592)

$

–

$

(2,897)

$

–

$

(16,180)

Total

Dividends

and

Distributions

$

(128,923)

$

(7,071)

$

(9,051)

$

(751,592)

$

–

$

(2,897)

$

–

$

(16,180)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(28,403)

$

(1,293)

$

(1,971)

$

(189,578)

$

(20)

$

(613)

$

(593)

$

(3,324)

Total

Dividends

and

Distributions

$

(28,403)

$

(1,293)

$

(1,971)

$

(189,578)

$

(20)

$

(613)

$

(593)

$

(3,324)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

49,985

$

45,040

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

and

swap

agreements

.........................................

4,104

20,275

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

and

swap

agreements

..........

36,757

13,257

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

90,846

78,572

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(41,607)

(40,611)

Total

Dividends

and

Distributions

(41,607)

(40,611)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

100,228

174,953

Total

Increase

(Decrease)

in

Net

Assets

149,467

212,914

Net

Assets

Beginning

of

period

..................................................................................................................

660,597

447,683

End

of

period

........................................................................................................................

$

810,064

$

660,597

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

..............................................................................................................

$

242,221

Reinvested

.........................................................................................................

41,491

Redeemed

..........................................................................................................

(183,484)

Net

Increase

(Decrease)

$

100,228

Shares:

Sold

..............................................................................................................

26,029

Reinvested

.........................................................................................................

4,556

Redeemed

..........................................................................................................

(20,353)

Net

Increase

(Decrease)

10,232

Year

Ended

October

31,

2024

Dollars:

Sold

..............................................................................................................

$

284,865

Reinvested

.........................................................................................................

40,595

Redeemed

..........................................................................................................

(150,507)

Net

Increase

(Decrease)

$

174,953

Shares:

Sold

..............................................................................................................

32,169

Reinvested

.........................................................................................................

4,617

Redeemed

..........................................................................................................

(17,098)

Net

Increase

(Decrease)

19,688

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(41,607)

Total

Dividends

and

Distributions

$

(41,607)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(40,611)

Total

Dividends

and

Distributions

$

(40,611)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Global

Emerging

Markets

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

36,434

$

3,225

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

107,362

903

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.......................................

757,652

(2,191)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

901,448

1,937

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(7,659)

(4,815)

Total

Dividends

and

Distributions

(7,659)

(4,815)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

2,224,988

2,211,651

Total

Increase

(Decrease)

in

Net

Assets

3,118,777

2,208,773

Net

Assets

Beginning

of

period

..................................................................................................................

2,421,190

212,417

End

of

period

........................................................................................................................

$

5,539,967

$

2,421,190

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

5,721

$

15,483

$

23,556

$

$

2,749

$

$

2,981

$

2,553,663

Reinvested

...............................

–

–

–

–

7,507

Redeemed

................................

(11,387)

(13,841)

(16,070)

(1,223)

(1,336)

(1,786)

(1,230)

(339,969)

Net

Increase

(Decrease)

$

(5,666)

$

1,691

$

7,579

$

(1,215)

$

1,413

$

(1,772)

$

1,757

$

2,221,201

Shares:

Sold

....................................

518

812

–

78,590

Reinvested

...............................

–

–

–

–

–

Redeemed

................................

(396)

(491)

(545)

(47)

(48)

(69)

(44)

(11,397)

Net

Increase

(Decrease)

(203)

(47)

(68)

67,483

Year

Ended

October

31,

2024

Dollars:

Sold

....................................

$

2,907

$

2,075

$

36,720

$

$

600

$

$

634

$

2,292,913

Reinvested

...............................

1,244

1,480

1,758

Redeemed

................................

(11,360)

(9,465)

(81,174)

(227)

(1,770)

(897)

(3,025)

(21,500)

Net

Increase

(Decrease)

$

(7,209)

$

(5,910)

$

(42,696)

$

(44)

$

(1,094)

$

(611)

$

(2,336)

$

2,271,551

Shares:

Sold

....................................

1,410

84,794

Reinvested

...............................

Redeemed

................................

(445)

(386)

(3,280)

(9)

(70)

(37)

(123)

(806)

Net

Increase

(Decrease)

(281)

(238)

(1,797)

(2)

(43)

(25)

(95)

83,994

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

–

$

(49)

$

(93)

$

–

$

–

$

–

$

(6)

$

(7,511)

Total

Dividends

and

Distributions

$

–

$

(49)

$

(93)

$

–

$

–

$

–

$

(6)

$

(7,511)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(1,254)

$

(1,481)

$

(1,762)

$

(16)

$

(76)

$

(33)

$

(55)

$

(138)

Total

Dividends

and

Distributions

$

(1,254)

$

(1,481)

$

(1,762)

$

(16)

$

(76)

$

(33)

$

(55)

$

(138)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Global

Real

Estate

Securities

Fund

Year

Ended

October

31,

2025

(a) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

37,902

$

43,862

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

(9,153)

36,459

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.......................................

(4,049)

384,918

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

24,700

465,239

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(43,459)

(52,899)

Total

Dividends

and

Distributions

(43,459)

(52,899)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(216,247)

(381,271)

Total

Increase

(Decrease)

in

Net

Assets

(235,006)

31,069

Net

Assets

Beginning

of

period

..................................................................................................................

1,834,995

1,803,926

End

of

period

........................................................................................................................

$

1,599,989

$

1,834,995

Class

A

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a) Dollars:

Sold

.........................................................

$

5,454

$

328,518

$

$

$

3,168

$

93,856

Reinvested

....................................................

1,152

22,293

–

17,424

Redeemed

.....................................................

(15,994)

(370,024)

(1,567)

(695)

(1,070)

(299,299)

Net

Increase

(Decrease)

$

(9,388)

$

(19,213)

$

(1,241)

$

(692)

$

2,306

$

(188,019)

Shares:

Sold

.........................................................

627

34,457

–

9,910

Reinvested

....................................................

2,444

–

1,911

Redeemed

.....................................................

(1,823)

(39,143)

(172)

(71)

(112)

(31,382)

Net

Increase

(Decrease)

(1,058)

(2,242)

(137)

(71)

(19,561)

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................

$

9,037

$

201,079

$

1,429

$

$

1,671

$

103,392

Reinvested

....................................................

1,420

30,115

18,541

Redeemed

.....................................................

(19,989)

(519,312)

(434)

(194)

(1,480)

(206,872)

Net

Increase

(Decrease)

$

(9,532)

$

(288,118)

$

1,014

$

(72)

$

$

(84,939)

Shares:

Sold

.........................................................

1,052

22,138

11,389

Reinvested

....................................................

3,231

1,989

Redeemed

.....................................................

(2,389)

(57,479)

(47)

(21)

(157)

(22,641)

Net

Increase

(Decrease)

(1,171)

(32,110)

(7)

(9,263)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(1,210)

$

(24,167)

$

(40)

$

–

$

(208)

$

(17,834)

Total

Dividends

and

Distributions

$

(1,210)

$

(24,167)

$

(40)

$

–

$

(208)

$

(17,834)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(1,491)

$

(32,215)

$

(19)

$

(16)

$

(185)

$

(18,973)

Total

Dividends

and

Distributions

$

(1,491)

$

(32,215)

$

(19)

$

(16)

$

(185)

$

(18,973)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Government

&

High

Quality

Bond

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

23,609

$

19,378

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

(20,409)

(12,289)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

37,554

60,548

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

40,754

67,637

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(23,103)

(19,762)

Total

Dividends

and

Distributions

(23,103)

(19,762)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(58,166)

(5,045)

Total

Increase

(Decrease)

in

Net

Assets

(40,515)

42,830

Net

Assets

Beginning

of

period

..................................................................................................................

665,009

622,179

End

of

period

........................................................................................................................

$

624,494

$

665,009

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

8,856

$

12,523

$

46,103

$

$

1,760

$

$

4,188

Reinvested

..........................................

4,596

2,232

15,720

–

–

Redeemed

...........................................

(25,006)

(16,371)

(107,332)

(468)

(882)

(1,903)

(2,556)

Net

Increase

(Decrease)

$

(11,554)

$

(1,616)

$

(45,509)

$

(467)

$

984

$

(1,895)

$

1,891

Shares:

Sold

...............................................

988

1,391

5,148

–

Reinvested

..........................................

512

1,749

–

–

Redeemed

...........................................

(2,794)

(1,828)

(12,016)

(53)

(98)

(214)

(286)

Net

Increase

(Decrease)

(1,294)

(189)

(5,119)

(53)

(213)

Year

Ended

October

31,

2024

Dollars:

Sold

...............................................

$

7,111

$

6,562

$

88,334

$

$

711

$

$

795

Reinvested

..........................................

3,987

1,895

13,379

Redeemed

...........................................

(26,197)

(13,819)

(82,223)

(145)

(1,312)

(620)

(4,290)

Net

Increase

(Decrease)

$

(15,099)

$

(5,362)

$

19,490

$

(87)

$

(525)

$

(167)

$

(3,295)

Shares:

Sold

...............................................

801

726

9,964

Reinvested

..........................................

1,503

Redeemed

...........................................

(2,960)

(1,557)

(9,233)

(16)

(148)

(73)

(484)

Net

Increase

(Decrease)

(1,710)

(618)

2,234

(9)

(59)

(22)

(372)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(4,748)

$

(2,248)

$

(15,736)

$

(1)

$

(107)

$

(4)

$

(259)

Total

Dividends

and

Distributions

$

(4,748)

$

(2,248)

$

(15,736)

$

(1)

$

(107)

$

(4)

$

(259)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(4,126)

$

(1,908)

$

(13,389)

$

(11)

$

(78)

$

(50)

$

(200)

Total

Dividends

and

Distributions

$

(4,126)

$

(1,908)

$

(13,389)

$

(11)

$

(78)

$

(50)

$

(200)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Government

Money

Market

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

167,970

$

163,774

Net

realized

gain

(loss)

on

investments

..............................................................................................

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

–

–

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

167,970

163,774

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(167,970)

(163,774)

Total

Dividends

and

Distributions

(167,970)

(163,774)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

1,138,748

967,198

Total

Increase

(Decrease)

in

Net

Assets

1,138,748

967,198

Net

Assets

Beginning

of

period

..................................................................................................................

3,742,025

2,774,827

End

of

period

........................................................................................................................

$

4,880,773

$

3,742,025

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

...................................................................................................

$

2,282,280

$

44,600,576

Reinvested

..............................................................................................

–

12,284

Redeemed

...............................................................................................

(1,888,235)

(43,868,157)

Net

Increase

(Decrease)

$

394,045

$

744,703

Shares:

Sold

...................................................................................................

2,282,280

44,600,576

Reinvested

..............................................................................................

–

12,284

Redeemed

...............................................................................................

(1,888,235)

(43,868,157)

Net

Increase

(Decrease)

394,045

744,703

Year

Ended

October

31,

2024

Dollars:

Sold

...................................................................................................

$

1,490,548

$

47,269,397

Reinvested

..............................................................................................

4,193

Redeemed

...............................................................................................

(1,329,698)

(46,467,245)

Net

Increase

(Decrease)

$

160,853

$

806,345

Shares:

Sold

...................................................................................................

1,490,548

47,269,397

Reinvested

..............................................................................................

4,193

Redeemed

...............................................................................................

(1,329,698)

(46,467,245)

Net

Increase

(Decrease)

160,853

806,345

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(20,712)

$

(147,258)

Total

Dividends

and

Distributions

$

(20,712)

$

(147,258)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(13,846)

$

(149,928)

Total

Dividends

and

Distributions

$

(13,846)

$

(149,928)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

High

Yield

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

413,767

$

184,637

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

(44,224)

(28,848)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.......................................

16,357

203,692

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

385,900

359,481

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(425,010)

(186,299)

Total

Dividends

and

Distributions

(425,010)

(186,299)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

848,001

3,363,425

Total

Increase

(Decrease)

in

Net

Assets

808,891

3,536,607

Net

Assets

Beginning

of

period

..................................................................................................................

5,850,503

2,313,896

End

of

period

........................................................................................................................

$

6,659,394

$

5,850,503

Class

A

Class

C

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

..............................................................................

$

146,291

$

3,129

$

462,785

$

1,590,637

Issued

in

acquisitions

..................................................................

N/A

N/A

505,624

N/A

Reinvested

.........................................................................

23,984

1,223

92,302

297,795

Redeemed

..........................................................................

(190,628)

(9,007)

(997,588)

(1,078,546)

Net

Increase

(Decrease)

$

(20,353)

$

(4,655)

$

63,123

$

809,886

Shares:

Sold

..............................................................................

21,506

69,304

236,559

Issued

in

acquisitions

..................................................................

N/A

N/A

74,707

N/A

Reinvested

.........................................................................

3,531

13,732

44,307

Redeemed

..........................................................................

(28,061)

(1,308)

(148,652)

(160,831)

Net

Increase

(Decrease)

(3,024)

(677)

9,091

120,035

Year

Ended

October

31,

2024

Dollars:

Sold

..............................................................................

$

179,731

$

4,085

$

353,964

$

3,580,232

Reinvested

.........................................................................

24,587

1,473

82,990

67,494

Redeemed

..........................................................................

(230,309)

(12,646)

(360,074)

(328,102)

Net

Increase

(Decrease)

$

(25,991)

$

(7,088)

$

76,880

$

3,319,624

Shares:

Sold

..............................................................................

26,757

597

53,569

527,397

Reinvested

.........................................................................

3,648

12,431

10,063

Redeemed

..........................................................................

(34,361)

(1,853)

(54,174)

(48,882)

Net

Increase

(Decrease)

(3,956)

(1,040)

11,826

488,578

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................

$

(26,257)

$

(1,234)

$

(95,694)

$

(301,825)

Total

Dividends

and

Distributions

$

(26,257)

$

(1,234)

$

(95,694)

$

(301,825)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................

$

(26,086)

$

(1,489)

$

(87,201)

$

(71,523)

Total

Dividends

and

Distributions

$

(26,086)

$

(1,489)

$

(87,201)

$

(71,523)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Inflation

Protection

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

99,021

$

63,471

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

....

(31,684)

(51,949)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

and

swap

agreements

...............................................................................................................

58,688

120,057

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

126,025

131,579

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(71,833)

(53,740)

Total

Dividends

and

Distributions

(71,833)

(53,740)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

91,343

689,127

Total

Increase

(Decrease)

in

Net

Assets

145,535

766,966

Net

Assets

Beginning

of

period

..................................................................................................................

2,238,938

1,471,972

End

of

period

........................................................................................................................

$

2,384,473

$

2,238,938

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

4,520

$

467,704

$

$

1,461

$

$

2,130

Reinvested

....................................................

71,254

–

–

Redeemed

.....................................................

(4,732)

(446,812)

(510)

(1,810)

(1,851)

(682)

Net

Increase

(Decrease)

$

$

92,146

$

(508)

$

(208)

$

(1,758)

$

1,543

Shares:

Sold

.........................................................

616

59,559

–

Reinvested

....................................................

9,488

–

–

Redeemed

.....................................................

(644)

(57,090)

(71)

(243)

(244)

(89)

Net

Increase

(Decrease)

11,957

(71)

(25)

(232)

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................

$

2,333

$

1,001,932

$

$

1,406

$

873

$

Reinvested

....................................................

52,998

Redeemed

.....................................................

(5,827)

(360,780)

(551)

(1,802)

(577)

(2,159)

Net

Increase

(Decrease)

$

(3,006)

$

694,150

$

(187)

$

(242)

$

$

(1,909)

Shares:

Sold

.........................................................

129,243

Reinvested

....................................................

6,883

Redeemed

.....................................................

(804)

(46,546)

(77)

(247)

(76)

(285)

Net

Increase

(Decrease)

(417)

89,580

(26)

(35)

(252)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(342)

$

(71,254)

$

–

$

(142)

$

–

$

(95)

Total

Dividends

and

Distributions

$

(342)

$

(71,254)

$

–

$

(142)

$

–

$

(95)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(488)

$

(52,998)

$

(20)

$

(154)

$

(25)

$

(55)

Total

Dividends

and

Distributions

$

(488)

$

(52,998)

$

(20)

$

(154)

$

(25)

$

(55)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

International

Equity

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

101,164

$

6,295

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

162,061

58,462

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.......................................

837,195

2,722

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,100,420

67,479

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(28,168)

(9,044)

Total

Dividends

and

Distributions

(28,168)

(9,044)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

5,226,549

(100,201)

Total

Increase

(Decrease)

in

Net

Assets

6,298,801

(41,766)

Net

Assets

Beginning

of

period

..................................................................................................................

231,700

273,466

End

of

period

........................................................................................................................

$

6,530,501

$

231,700

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

7,123

$

$

2,073

$

$

588

$

6,352,574

Reinvested

....................................................

2,193

–

–

20,512

Redeemed

.....................................................

(9,678)

(1,329)

(932)

(297)

(329)

(1,146,600)

Net

Increase

(Decrease)

$

(362)

$

(1,317)

$

1,443

$

(296)

$

595

$

5,226,486

Shares:

Sold

.........................................................

–

457,507

Reinvested

....................................................

–

–

1,585

Redeemed

.....................................................

(691)

(93)

(66)

(21)

(23)

(74,558)

Net

Increase

(Decrease)

(29)

(92)

(21)

384,534

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................

$

10,079

$

$

$

$

$

66,233

Reinvested

....................................................

2,819

4,791

Redeemed

.....................................................

(99,235)

(134)

(235)

(74)

(368)

(84,776)

Net

Increase

(Decrease)

$

(86,337)

$

$

(66)

$

(48)

$

(50)

$

(13,752)

Shares:

Sold

.........................................................

724

4,775

Reinvested

....................................................

Redeemed

.....................................................

(7,063)

(9)

(17)

(5)

(26)

(5,929)

Net

Increase

(Decrease)

(6,127)

(5)

(3)

(3)

(793)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(2,387)

$

–

$

(302)

$

–

$

(336)

$

(25,143)

Total

Dividends

and

Distributions

$

(2,387)

$

–

$

(302)

$

–

$

(336)

$

(25,143)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(2,874)

$

(27)

$

(25)

$

(8)

$

(64)

$

(6,046)

Total

Dividends

and

Distributions

$

(2,874)

$

(27)

$

(25)

$

(8)

$

(64)

$

(6,046)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

LargeCap

Growth

Fund

I

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

(14,551)

$

3,598

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

1,330,981

2,999,291

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

395,212

589,369

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,711,642

3,592,258

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(2,570,708)

(693,832)

Total

Dividends

and

Distributions

(2,570,708)

(693,832)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(766,632)

(3,309,854)

Total

Increase

(Decrease)

in

Net

Assets

(1,625,698)

(411,428)

Net

Assets

Beginning

of

period

..................................................................................................................

10,072,457

10,483,885

End

of

period

........................................................................................................................

$

8,446,759

$

10,072,457

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

15,715

$

35,494

$

341,137

$

$

19,290

$

$

59,868

$

364,314

Reinvested

...............................

141,347

153,108

229,688

–

24,850

–

46,672

1,967,013

Redeemed

................................

(76,780)

(84,726)

(638,721)

(11,147)

(27,345)

(45,583)

(66,796)

(3,214,419)

Net

Increase

(Decrease)

$

80,282

$

103,876

$

(67,896)

$

(11,094)

$

16,795

$

(45,247)

$

39,744

$

(883,092)

Shares:

Sold

....................................

1,001

3,294

15,979

1,251

3,231

21,224

Reinvested

...............................

9,436

15,512

13,862

–

1,986

–

3,122

118,210

Redeemed

................................

(4,851)

(8,066)

(37,555)

(718)

(2,124)

(2,435)

(4,279)

(179,843)

Net

Increase

(Decrease)

5,586

10,740

(7,714)

(715)

1,113

(2,417)

2,074

(40,409)

Year

Ended

October

31,

2024

Dollars:

Sold

....................................

$

21,554

$

50,299

$

122,781

$

1,024

$

9,670

$

10,086

$

12,122

$

535,474

Reinvested

...............................

29,057

29,333

161,110

817

5,083

3,615

10,181

452,427

Redeemed

................................

(71,700)

(68,361)

(2,563,754)

(2,884)

(25,431)

(30,965)

(76,700)

(1,924,692)

Net

Increase

(Decrease)

$

(21,089)

$

11,271

$

(2,279,863)

$

(1,043)

$

(10,678)

$

(17,264)

$

(54,397)

$

(936,791)

Shares:

Sold

....................................

1,235

3,801

6,658

624

634

698

27,504

Reinvested

...............................

1,829

2,473

9,421

642

26,396

Redeemed

................................

(4,040)

(5,149)

(141,759)

(208)

(1,626)

(1,882)

(4,461)

(100,498)

Net

Increase

(Decrease)

(976)

1,125

(125,680)

(65)

(638)

(1,002)

(3,121)

(46,598)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(143,325)

$

(153,333)

$

(234,714)

$

–

$

(24,893)

$

–

$

(46,672)

$

(1,967,771)

Total

Dividends

and

Distributions

$

(143,325)

$

(153,333)

$

(234,714)

$

–

$

(24,893)

$

–

$

(46,672)

$

(1,967,771)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(29,506)

$

(29,394)

$

(162,746)

$

(817)

$

(5,124)

$

(3,615)

$

(10,181)

$

(452,449)

Total

Dividends

and

Distributions

$

(29,506)

$

(29,394)

$

(162,746)

$

(817)

$

(5,124)

$

(3,615)

$

(10,181)

$

(452,449)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

LargeCap

S&P

500

Index

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

108,293

$

102,062

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

275,087

140,516

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

1,428,777

2,065,437

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,812,157

2,308,015

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(236,606)

(279,092)

Total

Dividends

and

Distributions

(236,606)

(279,092)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

601,384

494,419

Total

Increase

(Decrease)

in

Net

Assets

2,176,935

2,523,342

Net

Assets

Beginning

of

period

..................................................................................................................

8,665,979

6,142,637

End

of

period

........................................................................................................................

$

10,842,914

$

8,665,979

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

116,997

$

168,175

$

1,781,102

$

$

46,700

$

1,243

$

196,142

Reinvested

..........................................

20,318

33,375

167,582

–

4,155

–

10,731

Redeemed

...........................................

(128,006)

(221,407)

(1,262,619)

(15,807)

(52,776)

(143,465)

(121,166)

Net

Increase

(Decrease)

$

9,309

$

(19,857)

$

686,065

$

(15,697)

$

(1,921)

$

(142,222)

$

85,707

Shares:

Sold

...............................................

4,038

5,865

58,411

1,590

6,571

Reinvested

..........................................

712

1,187

5,867

–

–

Redeemed

...........................................

(4,380)

(7,734)

(42,959)

(541)

(1,814)

(4,861)

(4,069)

Net

Increase

(Decrease)

(682)

21,319

(537)

(79)

(4,819)

2,871

Year

Ended

October

31,

2024

Dollars:

Sold

...............................................

$

75,556

$

167,428

$

1,181,649

$

2,737

$

30,446

$

31,167

$

58,639

Reinvested

..........................................

25,910

40,038

192,168

5,519

4,375

10,019

Redeemed

...........................................

(112,622)

(153,959)

(890,819)

(3,641)

(47,058)

(36,789)

(86,779)

Net

Increase

(Decrease)

$

(11,156)

$

53,507

$

482,998

$

(469)

$

(11,093)

$

(1,247)

$

(18,121)

Shares:

Sold

...............................................

2,981

6,675

45,312

1,194

1,238

2,247

Reinvested

..........................................

1,116

1,749

8,269

Redeemed

...........................................

(4,435)

(6,104)

(35,138)

(139)

(1,845)

(1,429)

(3,338)

Net

Increase

(Decrease)

(338)

2,320

18,443

(11)

(414)

(4)

(668)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(20,703)

$

(33,421)

$

(167,596)

$

–

$

(4,155)

$

–

$

(10,731)

Total

Dividends

and

Distributions

$

(20,703)

$

(33,421)

$

(167,596)

$

–

$

(4,155)

$

–

$

(10,731)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(26,467)

$

(40,087)

$

(192,190)

$

(435)

$

(5,519)

$

(4,375)

$

(10,019)

Total

Dividends

and

Distributions

$

(26,467)

$

(40,087)

$

(192,190)

$

(435)

$

(5,519)

$

(4,375)

$

(10,019)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

LargeCap

Value

Fund

III

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

51,666

$

52,191

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

and

futures

.............................................................

484,847

249,365

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

(281,208)

500,379

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

255,305

801,935

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(291,011)

(93,690)

Total

Dividends

and

Distributions

(291,011)

(93,690)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(884,061)

430,790

Total

Increase

(Decrease)

in

Net

Assets

(919,767)

1,139,035

Net

Assets

Beginning

of

period

..................................................................................................................

3,788,486

2,649,451

End

of

period

........................................................................................................................

$

2,868,719

$

3,788,486

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

4,602

$

171,364

$

$

4,714

$

$

2,123

Reinvested

....................................................

6,818

282,944

–

736

–

Redeemed

.....................................................

(12,519)

(1,334,301)

(3,911)

(2,835)

(1,164)

(3,123)

Net

Increase

(Decrease)

$

(1,099)

$

(879,993)

$

(3,893)

$

2,615

$

(1,162)

$

(529)

Shares:

Sold

.........................................................

8,841

–

Reinvested

....................................................

14,819

–

–

Redeemed

.....................................................

(652)

(66,587)

(182)

(137)

(54)

(153)

Net

Increase

(Decrease)

(47)

(42,927)

(181)

(54)

(27)

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................

$

3,825

$

783,183

$

$

1,248

$

$

760

Reinvested

....................................................

2,506

90,694

Redeemed

.....................................................

(12,838)

(433,705)

(1,137)

(1,946)

(376)

(2,426)

Net

Increase

(Decrease)

$

(6,507)

$

440,172

$

(588)

$

(536)

$

(270)

$

(1,481)

Shares:

Sold

.........................................................

41,333

Reinvested

....................................................

5,063

Redeemed

.....................................................

(697)

(22,714)

(60)

(94)

(20)

(122)

Net

Increase

(Decrease)

(349)

23,682

(30)

(25)

(14)

(73)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(6,823)

$

(282,981)

$

–

$

(736)

$

–

$

(471)

Total

Dividends

and

Distributions

$

(6,823)

$

(282,981)

$

–

$

(736)

$

–

$

(471)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(2,512)

$

(90,703)

$

(92)

$

(162)

$

(36)

$

(185)

Total

Dividends

and

Distributions

$

(2,512)

$

(90,703)

$

(92)

$

(162)

$

(36)

$

(185)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

MidCap

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

(8,293)

$

99,837

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

1,904,196

903,742

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(1,220,856)

6,629,069

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

675,047

7,632,648

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(915,939)

(539,512)

Total

Dividends

and

Distributions

(915,939)

(539,512)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

3,682,934

2,776,803

Total

Increase

(Decrease)

in

Net

Assets

3,442,042

9,869,939

Net

Assets

Beginning

of

period

..................................................................................................................

28,084,261

18,214,322

End

of

period

........................................................................................................................

$

31,526,303

$

28,084,261

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

..........................

$

188,899

$

4,179

$

12,524

$

4,301,092

$

752

$

135,736

$

$

104,649

$

4,087,729

Issued

in

acquisitions

..............

13,096

N/A

125,169

110,747

N/A

14,372

N/A

13,965

12,005

Reinvested

.....................

59,643

1,310

13,011

413,578

–

5,415

–

10,602

278,714

Redeemed

......................

(347,306)

(9,675)

(55,517)

(2,909,867)

(119,675)

(32,071)

(64,247)

(171,447)

(2,514,859)

Net

Increase

(Decrease)

$

(85,668)

$

(4,186)

$

95,187

$

1,915,550

$

(118,923)

$

123,452

$

(63,836)

$

(42,231)

$

1,863,589

Shares:

Sold

..........................

4,299

93,890

3,081

2,247

88,321

Issued

in

acquisitions

..............

N/A

2,868

2,321

N/A

N/A

Reinvested

.....................

1,330

8,820

–

–

5,939

Redeemed

......................

(7,883)

(267)

(1,319)

(63,165)

(2,966)

(767)

(1,347)

(3,779)

(54,646)

Net

Increase

(Decrease)

(1,966)

(116)

2,153

41,866

(2,947)

2,770

(1,338)

(999)

39,865

Year

Ended

October

31,

2024

Dollars:

Sold

..........................

$

210,410

$

4,271

$

14,804

$

3,323,888

$

8,855

$

6,141

$

7,424

$

27,606

$

3,299,231

Reinvested

.....................

42,950

1,033

9,096

239,184

2,720

1,244

1,322

6,331

154,952

Redeemed

......................

(414,789)

(10,757)

(40,145)

(2,317,620)

(9,834)

(11,798)

(10,913)

(52,067)

(1,716,736)

Net

Increase

(Decrease)

$

(161,429)

$

(5,453)

$

(16,245)

$

1,245,452

$

1,741

$

(4,413)

$

(2,167)

$

(18,130)

$

1,737,447

Shares:

Sold

..........................

5,344

80,671

696

79,022

Reinvested

.....................

1,182

6,305

4,076

Redeemed

......................

(10,795)

(329)

(1,060)

(56,672)

(285)

(312)

(274)

(1,294)

(41,372)

Net

Increase

(Decrease)

(4,269)

(163)

(402)

30,304

(112)

(52)

(427)

41,726

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(63,300)

$

(1,316)

$

(13,023)

$

(447,180)

$

–

$

(5,427)

$

–

$

(10,605)

$

(375,088)

Total

Dividends

and

Distributions

$

(63,300)

$

(1,316)

$

(13,023)

$

(447,180)

$

–

$

(5,427)

$

–

$

(10,605)

$

(375,088)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(45,426)

$

(1,043)

$

(9,105)

$

(263,088)

$

(2,720)

$

(1,251)

$

(1,322)

$

(6,332)

$

(209,225)

Total

Dividends

and

Distributions

$

(45,426)

$

(1,043)

$

(9,105)

$

(263,088)

$

(2,720)

$

(1,251)

$

(1,322)

$

(6,332)

$

(209,225)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

MidCap

S&P

Index

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

15,794

$

18,789

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

103,084

170,317

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

(46,526)

194,282

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

72,352

383,388

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(159,217)

(51,176)

Total

Dividends

and

Distributions

(159,217)

(51,176)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

23,782

(282,404)

Total

Increase

(Decrease)

in

Net

Assets

(63,083)

49,808

Net

Assets

Beginning

of

period

..................................................................................................................

1,273,220

1,223,412

End

of

period

........................................................................................................................

$

1,210,137

$

1,273,220

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

13,927

$

83,377

$

$

17,717

$

$

67,750

$

153,038

Reinvested

..........................................

19,742

26,686

–

8,152

–

15,536

88,704

Redeemed

...........................................

(28,249)

(88,595)

(5,997)

(23,617)

(45,707)

(49,655)

(229,398)

Net

Increase

(Decrease)

$

5,420

$

21,468

$

(5,977)

$

2,252

$

(45,356)

$

33,631

$

12,344

Shares:

Sold

...............................................

647

3,826

730

2,592

6,833

Reinvested

..........................................

937

1,206

–

–

669

4,011

Redeemed

...........................................

(1,316)

(4,040)

(228)

(1,027)

(1,664)

(2,120)

(10,287)

Net

Increase

(Decrease)

992

(227)

(1,651)

1,141

557

Year

Ended

October

31,

2024

Dollars:

Sold

...............................................

$

13,425

$

61,402

$

994

$

9,089

$

9,739

$

20,828

$

165,034

Reinvested

..........................................

5,164

7,313

2,080

1,410

2,866

32,040

Redeemed

...........................................

(20,998)

(88,287)

(2,176)

(20,246)

(16,204)

(30,874)

(435,181)

Net

Increase

(Decrease)

$

(2,409)

$

(19,572)

$

(1,004)

$

(9,077)

$

(5,055)

$

(7,180)

$

(238,107)

Shares:

Sold

...............................................

608

2,663

854

7,210

Reinvested

..........................................

1,457

Redeemed

...........................................

(947)

(3,833)

(95)

(852)

(677)

(1,276)

(18,523)

Net

Increase

(Decrease)

(94)

(838)

(43)

(378)

(203)

(297)

(9,856)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(19,768)

$

(27,047)

$

–

$

(8,152)

$

–

$

(15,536)

$

(88,714)

Total

Dividends

and

Distributions

$

(19,768)

$

(27,047)

$

–

$

(8,152)

$

–

$

(15,536)

$

(88,714)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(5,174)

$

(7,428)

$

(178)

$

(2,080)

$

(1,410)

$

(2,866)

$

(32,040)

Total

Dividends

and

Distributions

$

(5,174)

$

(7,428)

$

(178)

$

(2,080)

$

(1,410)

$

(2,866)

$

(32,040)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

MidCap

Value

Fund

I

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

28,621

$

44,128

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

169,462

507,889

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

(138,965)

375,822

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

59,118

927,839

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(423,538)

(173,151)

Total

Dividends

and

Distributions

(423,538)

(173,151)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(205,136)

(1,332,510)

Total

Increase

(Decrease)

in

Net

Assets

(569,556)

(577,822)

Net

Assets

Beginning

of

period

..................................................................................................................

2,840,343

3,418,165

End

of

period

........................................................................................................................

$

2,270,787

$

2,840,343

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

8,450

$

4,467

$

266,672

$

$

4,048

$

$

12,808

$

34,540

Reinvested

...............................

7,584

28,342

177,461

–

1,990

–

5,600

189,164

Redeemed

................................

(9,680)

(25,534)

(698,884)

(2,287)

(2,864)

(8,181)

(11,847)

(187,022)

Net

Increase

(Decrease)

$

6,354

$

7,275

$

(254,751)

$

(2,276)

$

3,174

$

(8,155)

$

6,561

$

36,682

Shares:

Sold

....................................

16,854

–

720

2,141

Reinvested

...............................

1,848

11,364

–

–

12,069

Redeemed

................................

(602)

(1,624)

(43,697)

(125)

(181)

(428)

(750)

(11,544)

Net

Increase

(Decrease)

512

(15,479)

(125)

(426)

2,666

Year

Ended

October

31,

2024

Dollars:

Sold

....................................

$

4,804

$

4,989

$

177,063

$

$

1,867

$

632

$

6,256

$

192,516

Reinvested

...............................

1,851

7,886

50,961

1,314

106,679

Redeemed

................................

(9,413)

(25,047)

(270,998)

(676)

(3,656)

(2,938)

(12,352)

(1,565,412)

Net

Increase

(Decrease)

$

(2,758)

$

(12,172)

$

(42,974)

$

(361)

$

(1,319)

$

(1,927)

$

(4,782)

$

(1,266,217)

Shares:

Sold

....................................

10,266

11,205

Reinvested

...............................

3,128

6,530

Redeemed

................................

(550)

(1,482)

(15,944)

(42)

(219)

(175)

(728)

(88,494)

Net

Increase

(Decrease)

(162)

(700)

(2,550)

(21)

(78)

(114)

(283)

(70,759)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(7,617)

$

(28,408)

$

(190,740)

$

–

$

(1,990)

$

–

$

(5,600)

$

(189,183)

Total

Dividends

and

Distributions

$

(7,617)

$

(28,408)

$

(190,740)

$

–

$

(1,990)

$

–

$

(5,600)

$

(189,183)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(1,861)

$

(7,902)

$

(54,454)

$

(90)

$

(470)

$

(379)

$

(1,314)

$

(106,681)

Total

Dividends

and

Distributions

$

(1,861)

$

(7,902)

$

(54,454)

$

(90)

$

(470)

$

(379)

$

(1,314)

$

(106,681)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Money

Market

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

43,760

$

50,745

Net

realized

gain

(loss)

on

investments

..............................................................................................

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

–

–

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

43,760

50,745

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(43,760)

(50,745)

Total

Dividends

and

Distributions

(43,760)

(50,745)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

27,203

53,496

Total

Increase

(Decrease)

in

Net

Assets

27,203

53,496

Net

Assets

Beginning

of

period

..................................................................................................................

1,049,828

996,332

End

of

period

........................................................................................................................

$

1,077,031

$

1,049,828

Class

A

Class

J

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

...................................................................................................

$

185,893

$

301,745

Reinvested

..............................................................................................

14,082

29,373

Redeemed

...............................................................................................

(199,942)

(303,948)

Net

Increase

(Decrease)

$

$

27,170

Shares:

Sold

...................................................................................................

185,893

301,745

Reinvested

..............................................................................................

14,082

29,373

Redeemed

...............................................................................................

(199,942)

(303,948)

Net

Increase

(Decrease)

27,170

Year

Ended

October

31,

2024

Dollars:

Sold

...................................................................................................

$

176,254

$

238,989

Reinvested

..............................................................................................

16,551

33,594

Redeemed

...............................................................................................

(185,692)

(226,200)

Net

Increase

(Decrease)

$

7,113

$

46,383

Shares:

Sold

...................................................................................................

176,254

238,989

Reinvested

..............................................................................................

16,551

33,594

Redeemed

...............................................................................................

(185,692)

(226,200)

Net

Increase

(Decrease)

7,113

46,383

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(14,238)

$

(29,522)

Total

Dividends

and

Distributions

$

(14,238)

$

(29,522)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(16,902)

$

(33,843)

Total

Dividends

and

Distributions

$

(16,902)

$

(33,843)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Overseas

Fund

Year

Ended

October

31,

2025

(a) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

30,712

$

61,138

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

and

futures

.............................................................

150,577

244,432

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

and

futures

..............................

112,614

105,772

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

293,903

411,342

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(173,832)

(146,491)

Total

Dividends

and

Distributions

(173,832)

(146,491)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

361,615

(1,250,426)

Total

Increase

(Decrease)

in

Net

Assets

481,686

(985,575)

Net

Assets

Beginning

of

period

..................................................................................................................

1,159,074

2,144,649

End

of

period

........................................................................................................................

$

1,640,760

$

1,159,074

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a) Dollars:

Sold

.........................................................................................

$

576,572

$

683

$

Reinvested

....................................................................................

173,778

–

Redeemed

.....................................................................................

(388,196)

(281)

(981)

Net

Increase

(Decrease)

$

362,154

$

$

(980)

Shares:

Sold

.........................................................................................

49,041

–

Reinvested

....................................................................................

18,390

–

Redeemed

.....................................................................................

(35,923)

(26)

(91)

Net

Increase

(Decrease)

31,508

(91)

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

303,136

$

$

Reinvested

....................................................................................

146,377

Redeemed

.....................................................................................

(1,699,449)

(743)

(184)

Net

Increase

(Decrease)

$

(1,249,936)

$

(534)

$

Shares:

Sold

.........................................................................................

28,279

Reinvested

....................................................................................

13,686

Redeemed

.....................................................................................

(151,885)

(68)

(17)

Net

Increase

(Decrease)

(109,920)

(48)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a) From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(173,793)

$

(39)

$

–

Total

Dividends

and

Distributions

$

(173,793)

$

(39)

$

–

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(146,389)

$

(46)

$

(56)

Total

Dividends

and

Distributions

$

(146,389)

$

(46)

$

(56)

(a) Class

shares

discontinued

operations

and

converted

to

Institutional

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

Capital

Appreciation

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

23,573

$

34,205

Net

realized

gain

(loss)

on

investments

..............................................................................................

409,437

316,148

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

411,149

1,015,431

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

844,159

1,365,784

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(241,236)

(34,748)

Total

Dividends

and

Distributions

(241,236)

(34,748)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(90,750)

(162,870)

Total

Increase

(Decrease)

in

Net

Assets

512,173

1,168,166

Net

Assets

Beginning

of

period

..................................................................................................................

4,670,194

3,502,028

End

of

period

........................................................................................................................

$

5,182,367

$

4,670,194

Class

A

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

53,561

$

697,829

$

$

12,171

$

$

21,521

Reinvested

....................................................

71,750

164,162

–

2,164

–

2,318

Redeemed

.....................................................

(177,454)

(892,376)

(1,443)

(9,569)

(14,579)

(20,987)

Net

Increase

(Decrease)

$

(52,143)

$

(30,385)

$

(1,436)

$

4,766

$

(14,404)

$

2,852

Shares:

Sold

.........................................................

648

8,324

–

Reinvested

....................................................

901

1,978

–

–

Redeemed

.....................................................

(2,189)

(10,329)

(17)

(121)

(168)

(247)

Net

Increase

(Decrease)

(640)

(27)

(17)

(166)

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................

$

47,544

$

486,377

$

$

11,877

$

2,501

$

8,218

Reinvested

....................................................

8,457

25,691

Redeemed

.....................................................

(140,298)

(592,609)

(352)

(4,191)

(1,483)

(15,304)

Net

Increase

(Decrease)

$

(84,297)

$

(80,541)

$

(144)

$

7,845

$

1,087

$

(6,820)

Shares:

Sold

.........................................................

648

6,491

Reinvested

....................................................

–

Redeemed

.....................................................

(1,936)

(7,804)

(5)

(57)

(20)

(200)

Net

Increase

(Decrease)

(1,161)

(940)

(2)

(86)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(72,584)

$

(164,170)

$

–

$

(2,164)

$

–

$

(2,318)

Total

Dividends

and

Distributions

$

(72,584)

$

(164,170)

$

–

$

(2,164)

$

–

$

(2,318)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(8,560)

$

(25,692)

$

(2)

$

(159)

$

(69)

$

(266)

Total

Dividends

and

Distributions

$

(8,560)

$

(25,692)

$

(2)

$

(159)

$

(69)

$

(266)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2015

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

6,641

$

7,570

Net

realized

gain

(loss)

on

investments

..............................................................................................

17,992

9,733

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(5,181)

21,833

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

19,452

39,136

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(14,946)

(11,718)

Total

Dividends

and

Distributions

(14,946)

(11,718)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(36,767)

(38,427)

Total

Increase

(Decrease)

in

Net

Assets

(32,261)

(11,009)

Net

Assets

Beginning

of

period

..................................................................................................................

236,296

247,305

End

of

period

........................................................................................................................

$

204,035

$

236,296

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

13,029

$

$

2,917

$

$

11,599

Reinvested

...............................................................

12,585

–

975

–

1,386

Redeemed

................................................................

(56,644)

(1,579)

(5,194)

(8,660)

(7,204)

Net

Increase

(Decrease)

$

(31,030)

$

(1,572)

$

(1,302)

$

(8,644)

$

5,781

Shares:

Sold

....................................................................

1,515

1,335

Reinvested

...............................................................

1,493

–

–

Redeemed

................................................................

(6,517)

(182)

(616)

(984)

(847)

Net

Increase

(Decrease)

(3,509)

(181)

(157)

(982)

656

Year

Ended

October

31,

2024

Dollars:

Sold

....................................................................

$

16,787

$

$

1,326

$

976

$

1,118

Reinvested

...............................................................

9,832

699

793

Redeemed

................................................................

(55,736)

(134)

(6,156)

(782)

(7,632)

Net

Increase

(Decrease)

$

(29,117)

$

$

(4,131)

$

531

$

(5,721)

Shares:

Sold

....................................................................

1,961

Reinvested

...............................................................

1,171

Redeemed

................................................................

(6,546)

(16)

(745)

(94)

(906)

Net

Increase

(Decrease)

(3,414)

(497)

(677)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(12,585)

$

–

$

(975)

$

–

$

(1,386)

Total

Dividends

and

Distributions

$

(12,585)

$

–

$

(975)

$

–

$

(1,386)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(9,832)

$

(57)

$

(699)

$

(337)

$

(793)

Total

Dividends

and

Distributions

$

(9,832)

$

(57)

$

(699)

$

(337)

$

(793)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2020

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

61,822

$

70,084

Net

realized

gain

(loss)

on

investments

..............................................................................................

139,345

106,970

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

4,581

233,888

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

205,748

410,942

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(158,067)

(122,193)

Total

Dividends

and

Distributions

(158,067)

(122,193)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(355,637)

(296,812)

Total

Increase

(Decrease)

in

Net

Assets

(307,956)

(8,063)

Net

Assets

Beginning

of

period

..................................................................................................................

2,324,939

2,333,002

End

of

period

........................................................................................................................

$

2,016,983

$

2,324,939

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

3,608

$

9,326

$

19,606

$

$

16,089

$

$

30,130

Reinvested

..........................................

5,727

46,318

94,963

–

4,395

–

6,420

Redeemed

...........................................

(16,311)

(91,860)

(397,754)

(11,547)

(20,245)

(22,291)

(32,353)

Net

Increase

(Decrease)

$

(6,976)

$

(36,216)

$

(283,185)

$

(11,460)

$

$

(22,236)

$

4,197

Shares:

Sold

...............................................

756

1,547

1,264

2,354

Reinvested

..........................................

3,835

7,797

–

–

531

Redeemed

...........................................

(1,289)

(7,384)

(31,612)

(892)

(1,631)

(1,723)

(2,609)

Net

Increase

(Decrease)

(535)

(2,793)

(22,268)

(885)

(2)

(1,719)

Year

Ended

October

31,

2024

Dollars:

Sold

...............................................

$

4,155

$

8,117

$

33,989

$

971

$

4,623

$

2,049

$

5,008

Reinvested

..........................................

3,968

33,418

75,658

511

2,866

1,268

4,344

Redeemed

...........................................

(12,728)

(92,979)

(311,605)

(2,695)

(17,134)

(9,366)

(31,250)

Net

Increase

(Decrease)

$

(4,605)

$

(51,444)

$

(201,958)

$

(1,213)

$

(9,645)

$

(6,049)

$

(21,898)

Shares:

Sold

...............................................

660

2,747

Reinvested

..........................................

2,787

6,256

Redeemed

...........................................

(1,020)

(7,559)

(25,168)

(219)

(1,402)

(767)

(2,535)

Net

Increase

(Decrease)

(364)

(4,112)

(16,165)

(97)

(779)

(492)

(1,765)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(5,741)

$

(46,359)

$

(94,970)

$

–

$

(4,558)

$

–

$

(6,439)

Total

Dividends

and

Distributions

$

(5,741)

$

(46,359)

$

(94,970)

$

–

$

(4,558)

$

–

$

(6,439)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(3,978)

$

(33,464)

$

(75,661)

$

(511)

$

(2,956)

$

(1,269)

$

(4,354)

Total

Dividends

and

Distributions

$

(3,978)

$

(33,464)

$

(75,661)

$

(511)

$

(2,956)

$

(1,269)

$

(4,354)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2025

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

39,822

$

43,293

Net

realized

gain

(loss)

on

investments

..............................................................................................

127,191

60,999

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(16,779)

181,939

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

150,234

286,231

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(90,413)

(65,891)

Total

Dividends

and

Distributions

(90,413)

(65,891)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(238,725)

(135,358)

Total

Increase

(Decrease)

in

Net

Assets

(178,904)

84,982

Net

Assets

Beginning

of

period

..................................................................................................................

1,560,036

1,475,054

End

of

period

........................................................................................................................

$

1,381,132

$

1,560,036

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

47,342

$

$

13,569

$

$

41,710

Reinvested

...............................................................

79,326

–

5,164

–

5,841

Redeemed

................................................................

(337,772)

(6,280)

(23,262)

(32,367)

(32,224)

Net

Increase

(Decrease)

$

(211,104)

$

(6,254)

$

(4,529)

$

(32,165)

$

15,327

Shares:

Sold

....................................................................

4,116

1,193

3,578

Reinvested

...............................................................

7,127

–

–

530

Redeemed

................................................................

(29,380)

(548)

(2,070)

(2,771)

(2,821)

Net

Increase

(Decrease)

(18,137)

(546)

(399)

(2,754)

1,287

Year

Ended

October

31,

2024

Dollars:

Sold

....................................................................

$

62,423

$

596

$

8,226

$

4,669

$

5,619

Reinvested

...............................................................

57,201

3,520

1,436

3,459

Redeemed

................................................................

(219,645)

(1,695)

(19,386)

(13,326)

(28,686)

Net

Increase

(Decrease)

$

(100,021)

$

(868)

$

(7,640)

$

(7,221)

$

(19,608)

Shares:

Sold

....................................................................

5,618

762

512

Reinvested

...............................................................

5,272

Redeemed

................................................................

(19,682)

(155)

(1,789)

(1,226)

(2,589)

Net

Increase

(Decrease)

(8,792)

(78)

(694)

(664)

(1,755)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(79,346)

$

–

$

(5,226)

$

–

$

(5,841)

Total

Dividends

and

Distributions

$

(79,346)

$

–

$

(5,226)

$

–

$

(5,841)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(57,213)

$

(231)

$

(3,552)

$

(1,436)

$

(3,459)

Total

Dividends

and

Distributions

$

(57,213)

$

(231)

$

(3,552)

$

(1,436)

$

(3,459)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2030

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

129,633

$

134,242

Net

realized

gain

(loss)

on

investments

..............................................................................................

367,697

202,798

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

99,854

742,399

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

597,184

1,079,439

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(308,738)

(221,269)

Total

Dividends

and

Distributions

(308,738)

(221,269)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(559,474)

(259,241)

Total

Increase

(Decrease)

in

Net

Assets

(271,028)

598,929

Net

Assets

Beginning

of

period

..................................................................................................................

5,483,562

4,884,633

End

of

period

........................................................................................................................

$

5,212,534

$

5,483,562

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

9,675

$

22,738

$

105,601

$

$

35,407

$

$

75,609

Reinvested

..........................................

7,565

63,819

217,675

–

7,952

–

11,617

Redeemed

...........................................

(23,718)

(154,330)

(763,813)

(19,641)

(39,393)

(51,582)

(65,230)

Net

Increase

(Decrease)

$

(6,478)

$

(67,773)

$

(440,537)

$

(19,518)

$

3,966

$

(51,130)

$

21,996

Shares:

Sold

...............................................

667

1,583

7,207

2,409

5,102

Reinvested

..........................................

537

4,571

15,516

–

571

–

830

Redeemed

...........................................

(1,633)

(10,661)

(52,347)

(1,331)

(2,729)

(3,297)

(4,516)

Net

Increase

(Decrease)

(429)

(4,507)

(29,624)

(1,323)

(3,268)

1,416

Year

Ended

October

31,

2024

Dollars:

Sold

...............................................

$

10,257

$

20,028

$

127,973

$

2,276

$

12,427

$

10,314

$

20,460

Reinvested

..........................................

5,110

45,377

156,028

616

4,917

2,004

7,141

Redeemed

...........................................

(19,040)

(130,557)

(419,390)

(2,816)

(27,800)

(19,412)

(65,154)

Net

Increase

(Decrease)

$

(3,673)

$

(65,152)

$

(135,389)

$

$

(10,456)

$

(7,094)

$

(37,553)

Shares:

Sold

...............................................

728

1,445

9,188

899

712

1,466

Reinvested

..........................................

3,367

11,524

528

Redeemed

...........................................

(1,348)

(9,374)

(30,002)

(203)

(2,011)

(1,338)

(4,664)

Net

Increase

(Decrease)

(244)

(4,562)

(9,290)

(747)

(485)

(2,670)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(7,597)

$

(63,844)

$

(217,708)

$

–

$

(7,972)

$

–

$

(11,617)

Total

Dividends

and

Distributions

$

(7,597)

$

(63,844)

$

(217,708)

$

–

$

(7,972)

$

–

$

(11,617)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(5,125)

$

(45,403)

$

(156,051)

$

(616)

$

(4,929)

$

(2,004)

$

(7,141)

Total

Dividends

and

Distributions

$

(5,125)

$

(45,403)

$

(156,051)

$

(616)

$

(4,929)

$

(2,004)

$

(7,141)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2035

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

45,208

$

44,052

Net

realized

gain

(loss)

on

investments

..............................................................................................

133,824

76,913

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

65,274

277,178

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

244,306

398,143

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(109,967)

(74,328)

Total

Dividends

and

Distributions

(109,967)

(74,328)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(90,404)

14,432

Total

Increase

(Decrease)

in

Net

Assets

43,935

338,247

Net

Assets

Beginning

of

period

..................................................................................................................

1,988,066

1,649,819

End

of

period

........................................................................................................................

$

2,032,001

$

1,988,066

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

117,874

$

$

17,591

$

$

55,614

Reinvested

...............................................................

98,408

–

5,109

–

6,388

Redeemed

................................................................

(298,089)

(7,201)

(25,233)

(38,739)

(22,375)

Net

Increase

(Decrease)

$

(81,807)

$

(7,170)

$

(2,533)

$

(38,521)

$

39,627

Shares:

Sold

....................................................................

8,820

1,336

4,116

Reinvested

...............................................................

7,670

–

–

502

Redeemed

................................................................

(22,342)

(542)

(1,922)

(2,865)

(1,682)

Net

Increase

(Decrease)

(5,852)

(540)

(178)

(2,849)

2,936

Year

Ended

October

31,

2024

Dollars:

Sold

....................................................................

$

124,682

$

771

$

11,893

$

10,324

$

8,630

Reinvested

...............................................................

65,544

3,481

1,460

3,554

Redeemed

................................................................

(148,631)

(1,866)

(20,768)

(14,735)

(30,155)

Net

Increase

(Decrease)

$

41,595

$

(847)

$

(5,394)

$

(2,951)

$

(17,971)

Shares:

Sold

....................................................................

9,826

967

804

686

Reinvested

...............................................................

5,360

Redeemed

................................................................

(11,768)

(151)

(1,686)

(1,170)

(2,376)

Net

Increase

(Decrease)

3,418

(68)

(428)

(245)

(1,397)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(98,450)

$

–

$

(5,129)

$

–

$

(6,388)

Total

Dividends

and

Distributions

$

(98,450)

$

–

$

(5,129)

$

–

$

(6,388)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(65,573)

$

(248)

$

(3,493)

$

(1,460)

$

(3,554)

Total

Dividends

and

Distributions

$

(65,573)

$

(248)

$

(3,493)

$

(1,460)

$

(3,554)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2040

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

91,117

$

92,143

Net

realized

gain

(loss)

on

investments

..............................................................................................

359,528

245,204

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

183,532

693,523

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

634,177

1,030,870

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(314,209)

(187,669)

Total

Dividends

and

Distributions

(314,209)

(187,669)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(323,695)

(8,516)

Total

Increase

(Decrease)

in

Net

Assets

(3,727)

834,685

Net

Assets

Beginning

of

period

..................................................................................................................

4,761,560

3,926,875

End

of

period

........................................................................................................................

$

4,757,833

$

4,761,560

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

10,043

$

15,325

$

114,482

$

$

28,079

$

559

$

69,780

Reinvested

..........................................

7,996

58,251

226,403

–

8,509

–

12,968

Redeemed

...........................................

(14,141)

(80,577)

(616,891)

(15,613)

(37,076)

(51,544)

(60,427)

Net

Increase

(Decrease)

$

3,898

$

(7,001)

$

(276,006)

$

(15,434)

$

(488)

$

(50,985)

$

22,321

Shares:

Sold

...............................................

615

934

6,866

1,680

4,095

Reinvested

..........................................

515

3,688

14,128

–

544

–

816

Redeemed

...........................................

(872)

(4,899)

(36,507)

(914)

(2,266)

(3,022)

(3,690)

Net

Increase

(Decrease)

(277)

(15,513)

(904)

(42)

(2,989)

1,221

Year

Ended

October

31,

2024

Dollars:

Sold

...............................................

$

7,905

$

15,767

$

148,069

$

2,409

$

13,667

$

8,702

$

16,860

Reinvested

..........................................

4,566

34,543

135,331

4,402

1,902

6,413

Redeemed

...........................................

(12,110)

(65,006)

(252,637)

(2,523)

(18,258)

(10,845)

(48,159)

Net

Increase

(Decrease)

$

$

(14,696)

$

30,763

$

$

(189)

$

(241)

$

(24,886)

Shares:

Sold

...............................................

511

998

9,222

884

562

1,063

Reinvested

..........................................

2,298

8,882

Redeemed

...........................................

(783)

(4,117)

(15,905)

(159)

(1,168)

(699)

(3,031)

Net

Increase

(Decrease)

(821)

2,199

(10)

(1,544)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(8,025)

$

(58,284)

$

(226,423)

$

–

$

(8,509)

$

–

$

(12,968)

Total

Dividends

and

Distributions

$

(8,025)

$

(58,284)

$

(226,423)

$

–

$

(8,509)

$

–

$

(12,968)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(4,577)

$

(34,548)

$

(135,341)

$

(486)

$

(4,402)

$

(1,902)

$

(6,413)

Total

Dividends

and

Distributions

$

(4,577)

$

(34,548)

$

(135,341)

$

(486)

$

(4,402)

$

(1,902)

$

(6,413)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2045

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

29,431

$

28,751

Net

realized

gain

(loss)

on

investments

..............................................................................................

128,862

68,773

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

90,238

274,661

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

248,531

372,185

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(89,205)

(61,879)

Total

Dividends

and

Distributions

(89,205)

(61,879)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(51,690)

58,402

Total

Increase

(Decrease)

in

Net

Assets

107,636

368,708

Net

Assets

Beginning

of

period

..................................................................................................................

1,683,717

1,315,009

End

of

period

........................................................................................................................

$

1,791,353

$

1,683,717

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

110,267

$

$

13,528

$

$

40,183

Reinvested

...............................................................

79,968

–

4,050

–

5,153

Redeemed

................................................................

(237,084)

(4,030)

(21,149)

(26,172)

(16,508)

Net

Increase

(Decrease)

$

(46,849)

$

(4,009)

$

(3,571)

$

(26,089)

$

28,828

Shares:

Sold

....................................................................

7,332

916

2,670

Reinvested

...............................................................

5,544

–

–

Redeemed

................................................................

(15,687)

(273)

(1,443)

(1,731)

(1,111)

Net

Increase

(Decrease)

(2,811)

(272)

(235)

(1,725)

1,924

Year

Ended

October

31,

2024

Dollars:

Sold

....................................................................

$

123,208

$

$

8,085

$

3,899

$

8,801

Reinvested

...............................................................

54,670

2,943

995

3,110

Redeemed

................................................................

(101,479)

(1,043)

(15,215)

(6,591)

(23,606)

Net

Increase

(Decrease)

$

76,399

$

(418)

$

(4,187)

$

(1,697)

$

(11,695)

Shares:

Sold

....................................................................

8,707

595

637

Reinvested

...............................................................

4,079

Redeemed

................................................................

(7,138)

(76)

(1,116)

(481)

(1,683)

Net

Increase

(Decrease)

5,648

(29)

(293)

(121)

(809)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(79,995)

$

–

$

(4,052)

$

–

$

(5,158)

Total

Dividends

and

Distributions

$

(79,995)

$

–

$

(4,052)

$

–

$

(5,158)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(54,688)

$

(139)

$

(2,944)

$

(995)

$

(3,113)

Total

Dividends

and

Distributions

$

(54,688)

$

(139)

$

(2,944)

$

(995)

$

(3,113)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2050

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

49,710

$

51,498

Net

realized

gain

(loss)

on

investments

..............................................................................................

277,826

169,026

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

176,606

555,054

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

504,142

775,578

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(203,668)

(129,188)

Total

Dividends

and

Distributions

(203,668)

(129,188)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(212,819)

21,979

Total

Increase

(Decrease)

in

Net

Assets

87,655

668,369

Net

Assets

Beginning

of

period

..................................................................................................................

3,333,038

2,664,669

End

of

period

........................................................................................................................

$

3,420,693

$

3,333,038

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

10,162

$

6,115

$

116,100

$

$

22,276

$

$

56,783

Reinvested

..........................................

6,675

18,643

163,620

–

6,034

–

8,609

Redeemed

...........................................

(13,750)

(27,495)

(470,316)

(12,846)

(26,504)

(40,941)

(36,374)

Net

Increase

(Decrease)

$

3,087

$

(2,737)

$

(190,596)

$

(12,727)

$

1,806

$

(40,670)

$

29,018

Shares:

Sold

...............................................

563

6,486

1,244

3,106

Reinvested

..........................................

1,141

9,570

–

–

507

Redeemed

...........................................

(762)

(1,591)

(26,055)

(706)

(1,509)

(2,230)

(2,061)

Net

Increase

(Decrease)

(92)

(9,999)

(699)

(2,215)

1,552

Year

Ended

October

31,

2024

Dollars:

Sold

...............................................

$

10,795

$

6,250

$

143,522

$

2,114

$

8,994

$

6,618

$

15,442

Reinvested

..........................................

4,055

11,706

103,653

3,405

1,602

4,299

Redeemed

...........................................

(13,940)

(24,146)

(201,181)

(2,922)

(14,026)

(11,620)

(33,052)

Net

Increase

(Decrease)

$

910

$

(6,190)

$

45,994

$

(397)

$

(1,627)

$

(3,400)

$

(13,311)

Shares:

Sold

...............................................

638

8,517

548

921

Reinvested

..........................................

768

6,515

Redeemed

...........................................

(820)

(1,488)

(12,144)

(177)

(850)

(695)

(1,952)

Net

Increase

(Decrease)

(333)

2,888

(24)

(84)

(194)

(759)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(6,692)

$

(18,645)

$

(163,687)

$

–

$

(6,035)

$

–

$

(8,609)

Total

Dividends

and

Distributions

$

(6,692)

$

(18,645)

$

(163,687)

$

–

$

(6,035)

$

–

$

(8,609)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(4,065)

$

(11,710)

$

(103,695)

$

(411)

$

(3,406)

$

(1,602)

$

(4,299)

Total

Dividends

and

Distributions

$

(4,065)

$

(11,710)

$

(103,695)

$

(411)

$

(3,406)

$

(1,602)

$

(4,299)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2055

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

16,891

$

16,503

Net

realized

gain

(loss)

on

investments

..............................................................................................

85,709

42,624

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

74,055

191,263

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

176,655

250,390

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(53,874)

(38,920)

Total

Dividends

and

Distributions

(53,874)

(38,920)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(35,291)

76,269

Total

Increase

(Decrease)

in

Net

Assets

87,490

287,739

Net

Assets

Beginning

of

period

..................................................................................................................

1,128,284

840,545

End

of

period

........................................................................................................................

$

1,215,774

$

1,128,284

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

95,810

$

$

9,688

$

$

28,140

Reinvested

...............................................................

48,636

–

2,520

–

2,664

Redeemed

................................................................

(181,727)

(3,174)

(14,749)

(15,434)

(7,781)

Net

Increase

(Decrease)

$

(37,281)

$

(3,152)

$

(2,541)

$

(15,340)

$

23,023

Shares:

Sold

....................................................................

5,602

585

1,661

Reinvested

...............................................................

2,986

–

–

Redeemed

................................................................

(10,672)

(191)

(903)

(907)

(463)

Net

Increase

(Decrease)

(2,084)

(190)

(157)

(901)

1,365

Year

Ended

October

31,

2024

Dollars:

Sold

....................................................................

$

114,341

$

611

$

6,833

$

3,136

$

8,737

Reinvested

...............................................................

34,707

1,860

639

1,600

Redeemed

................................................................

(65,872)

(262)

(9,280)

(6,721)

(14,139)

Net

Increase

(Decrease)

$

83,176

$

$

(587)

$

(2,946)

$

(3,802)

Shares:

Sold

....................................................................

7,180

554

Reinvested

...............................................................

2,322

Redeemed

................................................................

(4,153)

(17)

(607)

(435)

(898)

Net

Increase

(Decrease)

5,349

(28)

(187)

(235)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(48,687)

$

–

$

(2,523)

$

–

$

(2,664)

Total

Dividends

and

Distributions

$

(48,687)

$

–

$

(2,523)

$

–

$

(2,664)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(34,740)

$

(79)

$

(1,862)

$

(639)

$

(1,600)

Total

Dividends

and

Distributions

$

(34,740)

$

(79)

$

(1,862)

$

(639)

$

(1,600)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2060

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

16,290

$

15,921

Net

realized

gain

(loss)

on

investments

..............................................................................................

78,748

37,693

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

77,453

184,524

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

172,491

238,138

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(48,399)

(37,048)

Total

Dividends

and

Distributions

(48,399)

(37,048)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(11,625)

76,710

Total

Increase

(Decrease)

in

Net

Assets

112,467

277,800

Net

Assets

Beginning

of

period

..................................................................................................................

1,082,152

804,352

End

of

period

........................................................................................................................

$

1,194,619

$

1,082,152

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

1,600

$

101,949

$

$

11,165

$

$

21,291

Reinvested

....................................................

746

44,415

–

1,494

–

1,732

Redeemed

.....................................................

(2,129)

(161,397)

(4,007)

(8,860)

(9,645)

(10,154)

Net

Increase

(Decrease)

$

$

(15,033)

$

(3,953)

$

3,799

$

(9,524)

$

12,869

Shares:

Sold

.........................................................

5,544

615

1,162

Reinvested

....................................................

2,543

–

–

Redeemed

.....................................................

(117)

(8,789)

(223)

(494)

(524)

(555)

Net

Increase

(Decrease)

(702)

(220)

(518)

707

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................

$

1,544

$

123,665

$

1,115

$

6,258

$

3,049

$

7,409

Reinvested

....................................................

623

33,852

1,043

1,094

Redeemed

.....................................................

(3,092)

(76,911)

(750)

(5,905)

(3,144)

(13,565)

Net

Increase

(Decrease)

$

(925)

$

80,606

$

$

1,396

$

$

(5,062)

Shares:

Sold

.........................................................

7,295

Reinvested

....................................................

2,117

Redeemed

.....................................................

(184)

(4,662)

(46)

(356)

(187)

(817)

Net

Increase

(Decrease)

(52)

4,750

(309)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(746)

$

(44,423)

$

–

$

(1,498)

$

–

$

(1,732)

Total

Dividends

and

Distributions

$

(746)

$

(44,423)

$

–

$

(1,498)

$

–

$

(1,732)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(623)

$

(33,860)

$

(105)

$

(1,046)

$

(320)

$

(1,094)

Total

Dividends

and

Distributions

$

(623)

$

(33,860)

$

(105)

$

(1,046)

$

(320)

$

(1,094)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2065

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

3,474

$

2,827

Net

realized

gain

(loss)

on

investments

..............................................................................................

15,324

5,941

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

20,095

34,962

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

38,893

43,730

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(8,294)

(5,697)

Total

Dividends

and

Distributions

(8,294)

(5,697)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

29,825

44,310

Total

Increase

(Decrease)

in

Net

Assets

60,424

82,343

Net

Assets

Beginning

of

period

..................................................................................................................

223,306

140,963

End

of

period

........................................................................................................................

$

283,730

$

223,306

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

59,032

$

$

4,319

$

$

7,706

Reinvested

...............................................................

7,623

–

–

Redeemed

................................................................

(41,680)

(470)

(2,915)

(2,671)

(1,869)

Net

Increase

(Decrease)

$

24,975

$

(461)

$

1,722

$

(2,601)

$

6,190

Shares:

Sold

....................................................................

3,907

512

Reinvested

...............................................................

531

–

–

Redeemed

................................................................

(2,759)

(32)

(199)

(177)

(126)

Net

Increase

(Decrease)

1,679

(31)

(173)

Year

Ended

October

31,

2024

Dollars:

Sold

....................................................................

$

52,874

$

$

3,252

$

1,266

$

2,984

Reinvested

...............................................................

5,199

Redeemed

................................................................

(14,988)

(113)

(3,796)

(773)

(2,348)

Net

Increase

(Decrease)

$

43,085

$

$

(300)

$

554

$

820

Shares:

Sold

....................................................................

3,802

Reinvested

...............................................................

Redeemed

................................................................

(1,085)

(9)

(289)

(54)

(169)

Net

Increase

(Decrease)

3,116

(32)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(7,623)

$

–

$

(318)

$

–

$

(353)

Total

Dividends

and

Distributions

$

(7,623)

$

–

$

(318)

$

–

$

(353)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(5,200)

$

(8)

$

(244)

$

(61)

$

(184)

Total

Dividends

and

Distributions

$

(5,200)

$

(8)

$

(244)

$

(61)

$

(184)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2070

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

764

$

Net

realized

gain

(loss)

on

investments

..............................................................................................

2,681

690

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

7,433

3,546

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

10,878

4,503

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(1,297)

(184)

Total

Dividends

and

Distributions

(1,297)

(184)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

38,330

30,924

Total

Increase

(Decrease)

in

Net

Assets

47,911

35,243

Net

Assets

Beginning

of

period

..................................................................................................................

44,348

9,105

End

of

period

........................................................................................................................

$

92,259

$

44,348

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

910

$

47,432

$

$

1,193

$

$

2,330

Reinvested

....................................................

1,224

–

–

Redeemed

.....................................................

(289)

(12,620)

(238)

(475)

(263)

(960)

Net

Increase

(Decrease)

$

630

$

36,036

$

(233)

$

744

$

(255)

$

1,408

Shares:

Sold

.........................................................

3,561

–

Reinvested

....................................................

–

–

Redeemed

.....................................................

(22)

(942)

(18)

(35)

(20)

(72)

Net

Increase

(Decrease)

2,716

(18)

(19)

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................

$

$

34,137

$

$

723

$

$

1,011

Reinvested

....................................................

Redeemed

.....................................................

(84)

(5,170)

(27)

(317)

(7)

(149)

Net

Increase

(Decrease)

$

$

29,141

$

$

$

$

865

Shares:

Sold

.........................................................

2,824

Reinvested

....................................................

–

–

–

–

–

Redeemed

.....................................................

(7)

(433)

(2)

(28)

(1)

(12)

Net

Increase

(Decrease)

2,406

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(9)

$

(1,224)

$

–

$

(26)

$

–

$

(38)

Total

Dividends

and

Distributions

$

(9)

$

(1,224)

$

–

$

(26)

$

–

$

(38)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(2)

$

(174)

$

(1)

$

(3)

$

(1)

$

(3)

Total

Dividends

and

Distributions

$

(2)

$

(174)

$

(1)

$

(3)

$

(1)

$

(3)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2015

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

10,681

$

8,249

Net

realized

gain

(loss)

on

investments

..............................................................................................

6,473

1,796

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

23,465

30,455

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

40,619

40,500

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(11,172)

(8,319)

Total

Dividends

and

Distributions

(11,172)

(8,319)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

118,229

75,208

Total

Increase

(Decrease)

in

Net

Assets

147,676

107,389

Net

Assets

Beginning

of

period

..................................................................................................................

324,480

217,091

End

of

period

........................................................................................................................

$

472,156

$

324,480

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

171,558

$

1,698

$

7,174

Reinvested

....................................................................................

9,352

528

1,288

Redeemed

.....................................................................................

(56,597)

(7,028)

(9,744)

Net

Increase

(Decrease)

$

124,313

$

(4,802)

$

(1,282)

Shares:

Sold

.........................................................................................

14,624

606

Reinvested

....................................................................................

826

Redeemed

.....................................................................................

(4,823)

(598)

(830)

Net

Increase

(Decrease)

10,627

(406)

(111)

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

103,204

$

1,113

$

14,420

Reinvested

....................................................................................

6,409

600

1,293

Redeemed

.....................................................................................

(32,865)

(4,658)

(14,308)

Net

Increase

(Decrease)

$

76,748

$

(2,945)

$

1,405

Shares:

Sold

.........................................................................................

9,192

1,283

Reinvested

....................................................................................

589

Redeemed

.....................................................................................

(2,924)

(420)

(1,271)

Net

Increase

(Decrease)

6,857

(265)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(9,356)

$

(528)

$

(1,288)

Total

Dividends

and

Distributions

$

(9,356)

$

(528)

$

(1,288)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(6,426)

$

(600)

$

(1,293)

Total

Dividends

and

Distributions

$

(6,426)

$

(600)

$

(1,293)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2020

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

15,959

$

15,535

Net

realized

gain

(loss)

on

investments

..............................................................................................

18,320

2,669

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

27,655

68,218

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

61,934

86,422

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(17,421)

(16,888)

Total

Dividends

and

Distributions

(17,421)

(16,888)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

21,483

20,256

Total

Increase

(Decrease)

in

Net

Assets

65,996

89,790

Net

Assets

Beginning

of

period

..................................................................................................................

540,148

450,358

End

of

period

........................................................................................................................

$

606,144

$

540,148

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

67,945

$

4,173

$

35,580

Reinvested

....................................................................................

10,890

1,182

5,349

Redeemed

.....................................................................................

(58,298)

(10,542)

(34,796)

Net

Increase

(Decrease)

$

20,537

$

(5,187)

$

6,133

Shares:

Sold

.........................................................................................

5,597

2,953

Reinvested

....................................................................................

930

Redeemed

.....................................................................................

(4,837)

(867)

(2,842)

Net

Increase

(Decrease)

1,690

(424)

565

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

73,356

$

3,488

$

24,986

Reinvested

....................................................................................

10,067

1,282

5,538

Redeemed

.....................................................................................

(48,755)

(12,165)

(37,541)

Net

Increase

(Decrease)

$

34,668

$

(7,395)

$

(7,017)

Shares:

Sold

.........................................................................................

6,405

2,165

Reinvested

....................................................................................

901

Redeemed

.....................................................................................

(4,234)

(1,059)

(3,248)

Net

Increase

(Decrease)

3,072

(642)

(590)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(10,890)

$

(1,182)

$

(5,349)

Total

Dividends

and

Distributions

$

(10,890)

$

(1,182)

$

(5,349)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(10,068)

$

(1,282)

$

(5,538)

Total

Dividends

and

Distributions

$

(10,068)

$

(1,282)

$

(5,538)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2025

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

25,439

$

21,361

Net

realized

gain

(loss)

on

investments

..............................................................................................

23,204

6,201

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

70,370

110,464

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

119,013

138,026

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(29,321)

(24,655)

Total

Dividends

and

Distributions

(29,321)

(24,655)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

151,909

132,003

Total

Increase

(Decrease)

in

Net

Assets

241,601

245,374

Net

Assets

Beginning

of

period

..................................................................................................................

887,158

641,784

End

of

period

........................................................................................................................

$

1,128,759

$

887,158

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

244,764

$

8,960

$

53,619

Reinvested

....................................................................................

20,731

1,917

6,659

Redeemed

.....................................................................................

(121,627)

(18,111)

(45,003)

Net

Increase

(Decrease)

$

143,868

$

(7,234)

$

15,275

Shares:

Sold

.........................................................................................

18,577

681

4,100

Reinvested

....................................................................................

1,636

523

Redeemed

.....................................................................................

(9,306)

(1,384)

(3,385)

Net

Increase

(Decrease)

10,907

(553)

1,238

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

207,331

$

7,146

$

50,349

Reinvested

....................................................................................

16,338

2,198

6,114

Redeemed

.....................................................................................

(94,375)

(21,499)

(41,599)

Net

Increase

(Decrease)

$

129,294

$

(12,155)

$

14,864

Shares:

Sold

.........................................................................................

16,687

572

4,037

Reinvested

....................................................................................

1,364

508

Redeemed

.....................................................................................

(7,592)

(1,769)

(3,313)

Net

Increase

(Decrease)

10,459

(1,014)

1,232

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(20,745)

$

(1,917)

$

(6,659)

Total

Dividends

and

Distributions

$

(20,745)

$

(1,917)

$

(6,659)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(16,343)

$

(2,198)

$

(6,114)

Total

Dividends

and

Distributions

$

(16,343)

$

(2,198)

$

(6,114)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2030

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

26,589

$

21,310

Net

realized

gain

(loss)

on

investments

..............................................................................................

28,089

6,885

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

99,197

133,582

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

153,875

161,777

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(30,805)

(25,153)

Total

Dividends

and

Distributions

(30,805)

(25,153)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

286,073

199,947

Total

Increase

(Decrease)

in

Net

Assets

409,143

336,571

Net

Assets

Beginning

of

period

..................................................................................................................

982,013

645,442

End

of

period

........................................................................................................................

$

1,391,156

$

982,013

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

351,229

$

18,881

$

97,958

Reinvested

....................................................................................

18,696

2,351

9,745

Redeemed

.....................................................................................

(125,667)

(29,155)

(57,965)

Net

Increase

(Decrease)

$

244,258

$

(7,923)

$

49,738

Shares:

Sold

.........................................................................................

25,487

1,380

7,266

Reinvested

....................................................................................

1,427

739

Redeemed

.....................................................................................

(9,237)

(2,163)

(4,217)

Net

Increase

(Decrease)

17,677

(605)

3,788

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

275,734

$

10,676

$

51,981

Reinvested

....................................................................................

12,902

2,992

9,253

Redeemed

.....................................................................................

(80,112)

(34,001)

(49,478)

Net

Increase

(Decrease)

$

208,524

$

(20,333)

$

11,756

Shares:

Sold

.........................................................................................

21,671

837

4,077

Reinvested

....................................................................................

1,054

752

Redeemed

.....................................................................................

(6,271)

(2,677)

(3,884)

Net

Increase

(Decrease)

16,454

(1,597)

945

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(18,709)

$

(2,351)

$

(9,745)

Total

Dividends

and

Distributions

$

(18,709)

$

(2,351)

$

(9,745)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(12,908)

$

(2,992)

$

(9,253)

Total

Dividends

and

Distributions

$

(12,908)

$

(2,992)

$

(9,253)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2035

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

17,757

$

14,280

Net

realized

gain

(loss)

on

investments

..............................................................................................

21,712

6,559

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

78,284

109,537

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

117,753

130,376

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(23,367)

(18,442)

Total

Dividends

and

Distributions

(23,367)

(18,442)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

149,186

114,753

Total

Increase

(Decrease)

in

Net

Assets

243,572

226,687

Net

Assets

Beginning

of

period

..................................................................................................................

714,199

487,512

End

of

period

........................................................................................................................

$

957,771

$

714,199

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

184,376

$

16,577

$

66,555

Reinvested

....................................................................................

12,503

2,564

8,297

Redeemed

.....................................................................................

(69,273)

(22,827)

(49,586)

Net

Increase

(Decrease)

$

127,606

$

(3,686)

$

25,266

Shares:

Sold

.........................................................................................

12,507

1,131

4,580

Reinvested

....................................................................................

891

586

Redeemed

.....................................................................................

(4,734)

(1,593)

(3,346)

Net

Increase

(Decrease)

8,664

(281)

1,820

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

133,296

$

11,437

$

50,422

Reinvested

....................................................................................

8,655

2,797

6,988

Redeemed

.....................................................................................

(41,120)

(27,607)

(30,115)

Net

Increase

(Decrease)

$

100,831

$

(13,373)

$

27,295

Shares:

Sold

.........................................................................................

9,846

842

3,697

Reinvested

....................................................................................

668

536

Redeemed

.....................................................................................

(3,017)

(2,051)

(2,181)

Net

Increase

(Decrease)

7,497

(994)

2,052

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(12,506)

$

(2,564)

$

(8,297)

Total

Dividends

and

Distributions

$

(12,506)

$

(2,564)

$

(8,297)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(8,656)

$

(2,797)

$

(6,989)

Total

Dividends

and

Distributions

$

(8,656)

$

(2,797)

$

(6,989)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2040

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

17,792

$

13,336

Net

realized

gain

(loss)

on

investments

..............................................................................................

28,005

8,802

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

111,020

128,819

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

156,817

150,957

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(25,549)

(18,276)

Total

Dividends

and

Distributions

(25,549)

(18,276)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

279,361

135,781

Total

Increase

(Decrease)

in

Net

Assets

410,629

268,462

Net

Assets

Beginning

of

period

..................................................................................................................

780,673

512,211

End

of

period

........................................................................................................................

$

1,191,302

$

780,673

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

288,412

$

18,228

$

102,246

Reinvested

....................................................................................

13,924

2,422

9,197

Redeemed

.....................................................................................

(81,057)

(25,254)

(48,757)

Net

Increase

(Decrease)

$

221,279

$

(4,604)

$

62,686

Shares:

Sold

.........................................................................................

18,691

1,191

6,761

Reinvested

....................................................................................

950

621

Redeemed

.....................................................................................

(5,325)

(1,688)

(3,101)

Net

Increase

(Decrease)

14,316

(333)

4,281

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

166,166

$

11,819

$

46,081

Reinvested

....................................................................................

8,480

2,267

7,529

Redeemed

.....................................................................................

(53,103)

(21,148)

(32,310)

Net

Increase

(Decrease)

$

121,543

$

(7,062)

$

21,300

Shares:

Sold

.........................................................................................

11,810

843

3,263

Reinvested

....................................................................................

638

561

Redeemed

.....................................................................................

(3,769)

(1,523)

(2,256)

Net

Increase

(Decrease)

8,679

(511)

1,568

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(13,930)

$

(2,422)

$

(9,197)

Total

Dividends

and

Distributions

$

(13,930)

$

(2,422)

$

(9,197)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(8,480)

$

(2,267)

$

(7,529)

Total

Dividends

and

Distributions

$

(8,480)

$

(2,267)

$

(7,529)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2045

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

9,947

$

7,742

Net

realized

gain

(loss)

on

investments

..............................................................................................

19,195

6,386

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

66,475

87,202

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

95,617

101,330

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(15,658)

(11,431)

Total

Dividends

and

Distributions

(15,658)

(11,431)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

79,198

62,958

Total

Increase

(Decrease)

in

Net

Assets

159,157

152,857

Net

Assets

Beginning

of

period

..................................................................................................................

482,735

329,878

End

of

period

........................................................................................................................

$

641,892

$

482,735

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

76,060

$

12,724

$

64,367

Reinvested

....................................................................................

6,731

2,025

6,901

Redeemed

.....................................................................................

(37,078)

(20,060)

(32,472)

Net

Increase

(Decrease)

$

45,713

$

(5,311)

$

38,796

Shares:

Sold

.........................................................................................

4,694

791

4,050

Reinvested

....................................................................................

Redeemed

.....................................................................................

(2,316)

(1,266)

(1,951)

Net

Increase

(Decrease)

2,816

(344)

2,544

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

74,065

$

9,646

$

38,735

Reinvested

....................................................................................

4,391

1,863

5,175

Redeemed

.....................................................................................

(27,824)

(19,798)

(23,295)

Net

Increase

(Decrease)

$

50,632

$

(8,289)

$

20,615

Shares:

Sold

.........................................................................................

5,045

658

2,641

Reinvested

....................................................................................

Redeemed

.....................................................................................

(1,899)

(1,385)

(1,571)

Net

Increase

(Decrease)

3,465

(593)

1,443

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(6,732)

$

(2,025)

$

(6,901)

Total

Dividends

and

Distributions

$

(6,732)

$

(2,025)

$

(6,901)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(4,393)

$

(1,863)

$

(5,175)

Total

Dividends

and

Distributions

$

(4,393)

$

(1,863)

$

(5,175)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2050

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

8,139

$

6,135

Net

realized

gain

(loss)

on

investments

..............................................................................................

18,519

6,005

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

68,393

81,367

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

95,051

93,507

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(13,677)

(9,655)

Total

Dividends

and

Distributions

(13,677)

(9,655)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

94,358

58,987

Total

Increase

(Decrease)

in

Net

Assets

175,732

142,839

Net

Assets

Beginning

of

period

..................................................................................................................

431,490

288,651

End

of

period

........................................................................................................................

$

607,222

$

431,490

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

61,680

$

16,474

$

74,857

Reinvested

....................................................................................

5,348

1,795

6,534

Redeemed

.....................................................................................

(33,408)

(15,215)

(23,707)

Net

Increase

(Decrease)

$

33,620

$

3,054

$

57,684

Shares:

Sold

.........................................................................................

3,704

998

4,592

Reinvested

....................................................................................

Redeemed

.....................................................................................

(1,995)

(929)

(1,392)

Net

Increase

(Decrease)

2,046

3,609

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

56,039

$

10,244

$

37,790

Reinvested

....................................................................................

3,427

1,497

4,730

Redeemed

.....................................................................................

(20,198)

(13,673)

(20,869)

Net

Increase

(Decrease)

$

39,268

$

(1,932)

$

21,651

Shares:

Sold

.........................................................................................

3,723

685

2,513

Reinvested

....................................................................................

Redeemed

.....................................................................................

(1,331)

(933)

(1,389)

Net

Increase

(Decrease)

2,636

(142)

1,458

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(5,348)

$

(1,795)

$

(6,534)

Total

Dividends

and

Distributions

$

(5,348)

$

(1,795)

$

(6,534)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(3,428)

$

(1,497)

$

(4,730)

Total

Dividends

and

Distributions

$

(3,428)

$

(1,497)

$

(4,730)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2055

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

5,002

$

3,541

Net

realized

gain

(loss)

on

investments

..............................................................................................

11,128

3,741

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

44,347

48,038

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

60,477

55,320

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(8,525)

(5,417)

Total

Dividends

and

Distributions

(8,525)

(5,417)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

67,738

53,389

Total

Increase

(Decrease)

in

Net

Assets

119,690

103,292

Net

Assets

Beginning

of

period

..................................................................................................................

270,022

166,730

End

of

period

........................................................................................................................

$

389,712

$

270,022

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

51,134

$

9,626

$

48,334

Reinvested

....................................................................................

3,301

1,187

4,037

Redeemed

.....................................................................................

(19,275)

(15,509)

(15,097)

Net

Increase

(Decrease)

$

35,160

$

(4,696)

$

37,274

Shares:

Sold

.........................................................................................

2,970

562

2,844

Reinvested

....................................................................................

Redeemed

.....................................................................................

(1,121)

(905)

(863)

Net

Increase

(Decrease)

2,051

(271)

2,226

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

44,534

$

7,643

$

28,811

Reinvested

....................................................................................

1,756

971

2,690

Redeemed

.....................................................................................

(12,950)

(9,824)

(10,242)

Net

Increase

(Decrease)

$

33,340

$

(1,210)

$

21,259

Shares:

Sold

.........................................................................................

2,860

1,860

Reinvested

....................................................................................

Redeemed

.....................................................................................

(830)

(651)

(656)

Net

Increase

(Decrease)

2,151

(90)

1,388

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(3,301)

$

(1,187)

$

(4,037)

Total

Dividends

and

Distributions

$

(3,301)

$

(1,187)

$

(4,037)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(1,756)

$

(971)

$

(2,690)

Total

Dividends

and

Distributions

$

(1,756)

$

(971)

$

(2,690)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2060

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

2,649

$

1,748

Net

realized

gain

(loss)

on

investments

..............................................................................................

5,829

1,937

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

24,919

24,153

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

33,397

27,838

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(4,464)

(2,615)

Total

Dividends

and

Distributions

(4,464)

(2,615)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

48,561

36,080

Total

Increase

(Decrease)

in

Net

Assets

77,494

61,303

Net

Assets

Beginning

of

period

..................................................................................................................

143,126

81,823

End

of

period

........................................................................................................................

$

220,620

$

143,126

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

31,767

$

9,039

$

28,999

Reinvested

....................................................................................

1,774

583

2,103

Redeemed

.....................................................................................

(9,458)

(8,052)

(8,194)

Net

Increase

(Decrease)

$

24,083

$

1,570

$

22,908

Shares:

Sold

.........................................................................................

1,782

512

1,646

Reinvested

....................................................................................

Redeemed

.....................................................................................

(536)

(464)

(447)

Net

Increase

(Decrease)

1,351

1,322

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

27,354

$

6,229

$

19,196

Reinvested

....................................................................................

884

1,286

Redeemed

.....................................................................................

(7,196)

(6,020)

(6,098)

Net

Increase

(Decrease)

$

21,042

$

654

$

14,384

Shares:

Sold

.........................................................................................

1,715

1,185

Reinvested

....................................................................................

Redeemed

.....................................................................................

(448)

(384)

(378)

Net

Increase

(Decrease)

1,326

892

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(1,777)

$

(584)

$

(2,103)

Total

Dividends

and

Distributions

$

(1,777)

$

(584)

$

(2,103)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(884)

$

(445)

$

(1,286)

Total

Dividends

and

Distributions

$

(884)

$

(445)

$

(1,286)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2065

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

882

$

Net

realized

gain

(loss)

on

investments

..............................................................................................

1,736

512

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

9,333

7,173

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

11,951

8,181

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(1,430)

(712)

Total

Dividends

and

Distributions

(1,430)

(712)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

24,332

16,123

Total

Increase

(Decrease)

in

Net

Assets

34,853

23,592

Net

Assets

Beginning

of

period

..................................................................................................................

46,974

23,382

End

of

period

........................................................................................................................

$

81,827

$

46,974

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

18,150

$

2,738

$

12,609

Reinvested

....................................................................................

597

725

Redeemed

.....................................................................................

(5,483)

(2,027)

(3,085)

Net

Increase

(Decrease)

$

13,264

$

819

$

10,249

Shares:

Sold

.........................................................................................

1,137

774

Reinvested

....................................................................................

Redeemed

.....................................................................................

(344)

(130)

(187)

Net

Increase

(Decrease)

832

634

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

10,704

$

2,120

$

9,051

Reinvested

....................................................................................

Redeemed

.....................................................................................

(2,667)

(1,155)

(2,642)

Net

Increase

(Decrease)

$

8,306

$

1,020

$

6,797

Shares:

Sold

.........................................................................................

731

614

Reinvested

....................................................................................

Redeemed

.....................................................................................

(182)

(81)

(183)

Net

Increase

(Decrease)

569

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(597)

$

(108)

$

(725)

Total

Dividends

and

Distributions

$

(597)

$

(108)

$

(725)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(269)

$

(55)

$

(388)

Total

Dividends

and

Distributions

$

(269)

$

(55)

$

(388)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2070

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

$

Net

realized

gain

(loss)

on

investments

..............................................................................................

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

1,295

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,550

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(127)

(20)

Total

Dividends

and

Distributions

(127)

(20)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

6,800

2,962

Total

Increase

(Decrease)

in

Net

Assets

8,223

3,422

Net

Assets

Beginning

of

period

..................................................................................................................

4,094

672

End

of

period

........................................................................................................................

$

12,317

$

4,094

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

2,435

$

1,866

$

4,680

Reinvested

....................................................................................

Redeemed

.....................................................................................

(492)

(115)

(1,701)

Net

Increase

(Decrease)

$

1,976

$

1,762

$

3,062

Shares:

Sold

.........................................................................................

Reinvested

....................................................................................

Redeemed

.....................................................................................

(37)

(8)

(130)

Net

Increase

(Decrease)

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

977

$

$

2,393

Reinvested

....................................................................................

Redeemed

.....................................................................................

(325)

(58)

(307)

Net

Increase

(Decrease)

$

661

$

$

2,096

Shares:

Sold

.........................................................................................

Reinvested

....................................................................................

–

Redeemed

.....................................................................................

(25)

(5)

(24)

Net

Increase

(Decrease)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(33)

$

(11)

$

(83)

Total

Dividends

and

Distributions

$

(33)

$

(11)

$

(83)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(9)

$

(1)

$

(10)

Total

Dividends

and

Distributions

$

(9)

$

(1)

$

(10)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

Income

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

5,019

$

3,898

Net

realized

gain

(loss)

on

investments

..............................................................................................

2,504

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

9,831

14,475

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

17,354

18,801

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(4,946)

(4,025)

Total

Dividends

and

Distributions

(4,946)

(4,025)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

15,745

40,396

Total

Increase

(Decrease)

in

Net

Assets

28,153

55,172

Net

Assets

Beginning

of

period

..................................................................................................................

159,722

104,550

End

of

period

........................................................................................................................

$

187,875

$

159,722

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

30,924

$

3,455

$

11,878

Reinvested

....................................................................................

3,473

1,215

Redeemed

.....................................................................................

(20,440)

(4,783)

(10,235)

Net

Increase

(Decrease)

$

13,957

$

(1,070)

$

2,858

Shares:

Sold

.........................................................................................

2,918

1,119

Reinvested

....................................................................................

Redeemed

.....................................................................................

(1,938)

(455)

(950)

Net

Increase

(Decrease)

1,319

(111)

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

40,143

$

1,473

$

16,536

Reinvested

....................................................................................

2,676

998

Redeemed

.....................................................................................

(10,954)

(4,613)

(6,213)

Net

Increase

(Decrease)

$

31,865

$

(2,790)

$

11,321

Shares:

Sold

.........................................................................................

3,952

1,583

Reinvested

....................................................................................

Redeemed

.....................................................................................

(1,078)

(459)

(610)

Net

Increase

(Decrease)

3,145

(278)

1,073

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(3,473)

$

(258)

$

(1,215)

Total

Dividends

and

Distributions

$

(3,473)

$

(258)

$

(1,215)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(2,676)

$

(350)

$

(999)

Total

Dividends

and

Distributions

$

(2,676)

$

(350)

$

(999)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Strategic

Income

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

22,703

$

24,472

Net

realized

gain

(loss)

on

investments

..............................................................................................

19,173

13,993

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

24,806

83,966

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

66,682

122,431

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(34,250)

(20,088)

Total

Dividends

and

Distributions

(34,250)

(20,088)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(98,642)

(76,139)

Total

Increase

(Decrease)

in

Net

Assets

(66,210)

26,204

Net

Assets

Beginning

of

period

..................................................................................................................

790,991

764,787

End

of

period

........................................................................................................................

$

724,781

$

790,991

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

2,358

$

14,950

$

27,940

$

$

8,264

$

$

16,008

Reinvested

..........................................

1,477

10,359

20,392

–

887

–

1,053

Redeemed

...........................................

(5,468)

(34,263)

(131,943)

(4,589)

(7,378)

(7,546)

(11,177)

Net

Increase

(Decrease)

$

(1,633)

$

(8,954)

$

(83,611)

$

(4,574)

$

1,773

$

(7,527)

$

5,884

Shares:

Sold

...............................................

1,317

2,421

719

1,369

Reinvested

..........................................

932

1,821

–

–

Redeemed

...........................................

(468)

(3,005)

(11,435)

(391)

(644)

(647)

(975)

Net

Increase

(Decrease)

(136)

(756)

(7,193)

(390)

(646)

Year

Ended

October

31,

2024

Dollars:

Sold

...............................................

$

1,530

$

20,038

$

23,292

$

711

$

1,157

$

989

$

4,956

Reinvested

..........................................

823

5,625

12,417

Redeemed

...........................................

(5,790)

(31,389)

(93,002)

(1,124)

(5,406)

(1,964)

(10,178)

Net

Increase

(Decrease)

$

(3,437)

$

(5,726)

$

(57,293)

$

(325)

$

(3,826)

$

(796)

$

(4,736)

Shares:

Sold

...............................................

1,802

2,067

Reinvested

..........................................

520

1,139

Redeemed

...........................................

(516)

(2,830)

(8,359)

(100)

(488)

(177)

(908)

Net

Increase

(Decrease)

(306)

(508)

(5,153)

(28)

(344)

(72)

(427)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(1,543)

$

(10,375)

$

(20,392)

$

–

$

(887)

$

–

$

(1,053)

Total

Dividends

and

Distributions

$

(1,543)

$

(10,375)

$

(20,392)

$

–

$

(887)

$

–

$

(1,053)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(857)

$

(5,636)

$

(12,418)

$

(88)

$

(424)

$

(179)

$

(486)

Total

Dividends

and

Distributions

$

(857)

$

(5,636)

$

(12,418)

$

(88)

$

(424)

$

(179)

$

(486)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Real

Estate

Securities

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

137,224

$

138,659

Net

realized

gain

(loss)

on

investments

..............................................................................................

(25,673)

225,871

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(262,818)

1,232,971

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(151,267)

1,597,501

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(261,342)

(155,342)

Total

Dividends

and

Distributions

(261,342)

(155,342)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(18,632)

22,183

Total

Increase

(Decrease)

in

Net

Assets

(431,241)

1,464,342

Net

Assets

Beginning

of

period

..................................................................................................................

6,616,460

5,152,118

End

of

period

........................................................................................................................

$

6,185,219

$

6,616,460

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

..........................

$

17,974

$

1,168

$

4,098

$

876,204

$

$

9,344

$

$

24,077

$

382,541

Reinvested

.....................

6,977

5,239

143,810

–

1,106

–

3,354

88,943

Redeemed

......................

(38,379)

(6,004)

(18,903)

(1,021,318)

(2,121)

(10,915)

(12,048)

(26,496)

(447,786)

Net

Increase

(Decrease)

$

(13,428)

$

(4,409)

$

(9,566)

$

(1,304)

$

(2,105)

$

(465)

$

(11,988)

$

935

$

23,698

Shares:

Sold

..........................

629

30,635

853

13,364

Reinvested

.....................

5,088

–

–

3,148

Redeemed

......................

(1,340)

(214)

(686)

(35,762)

(71)

(394)

(415)

(969)

(15,639)

Net

Increase

(Decrease)

(464)

(158)

(344)

(39)

(70)

(23)

(413)

873

Year

Ended

October

31,

2024

Dollars:

Sold

..........................

$

21,205

$

1,777

$

3,507

$

962,078

$

$

5,903

$

2,086

$

11,377

$

494,692

Reinvested

.....................

4,259

3,264

86,142

602

1,931

50,939

Redeemed

......................

(52,751)

(8,080)

(19,761)

(930,311)

(713)

(10,092)

(4,415)

(31,311)

(571,009)

Net

Increase

(Decrease)

$

(27,287)

$

(6,051)

$

(12,990)

$

117,909

$

(378)

$

(3,587)

$

(2,052)

$

(18,003)

$

(25,378)

Shares:

Sold

..........................

777

35,493

17,541

Reinvested

.....................

3,052

1,805

Redeemed

......................

(1,944)

(304)

(752)

(33,858)

(26)

(381)

(168)

(1,221)

(20,661)

Net

Increase

(Decrease)

(1,016)

(228)

(502)

4,687

(14)

(140)

(79)

(719)

(1,315)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(7,200)

$

(437)

$

(5,246)

$

(150,355)

$

–

$

(1,117)

$

–

$

(3,355)

$

(93,632)

Total

Dividends

and

Distributions

$

(7,200)

$

(437)

$

(5,246)

$

(150,355)

$

–

$

(1,117)

$

–

$

(3,355)

$

(93,632)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(4,416)

$

(257)

$

(3,268)

$

(89,996)

$

(38)

$

(608)

$

(277)

$

(1,931)

$

(54,551)

Total

Dividends

and

Distributions

$

(4,416)

$

(257)

$

(3,268)

$

(89,996)

$

(38)

$

(608)

$

(277)

$

(1,931)

$

(54,551)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

SAM

Balanced

Portfolio

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

89,106

$

83,479

Net

realized

gain

(loss)

on

investments

..............................................................................................

427,609

231,149

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

66,768

660,365

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

583,483

974,993

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(310,782)

(82,045)

Total

Dividends

and

Distributions

(310,782)

(82,045)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(96,262)

(269,515)

Total

Increase

(Decrease)

in

Net

Assets

176,439

623,433

Net

Assets

Beginning

of

period

..................................................................................................................

4,617,697

3,994,264

End

of

period

........................................................................................................................

$

4,794,136

$

4,617,697

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

93,823

$

13,755

$

158,323

$

69,631

$

$

4,626

$

$

16,133

Reinvested

...............................

138,644

6,692

112,812

47,241

–

1,610

–

2,466

Redeemed

................................

(315,460)

(38,646)

(248,304)

(127,997)

(2,084)

(6,847)

(12,254)

(10,765)

Net

Increase

(Decrease)

$

(82,993)

$

(18,199)

$

22,831

$

(11,125)

$

(2,074)

$

(611)

$

(11,925)

$

7,834

Shares:

Sold

....................................

5,582

843

9,943

4,285

964

Reinvested

...............................

8,507

7,289

2,967

–

–

Redeemed

................................

(18,778)

(2,380)

(15,593)

(7,865)

(123)

(422)

(721)

(655)

Net

Increase

(Decrease)

(4,689)

(1,113)

1,639

(613)

(122)

(41)

(701)

Year

Ended

October

31,

2024

Dollars:

Sold

....................................

$

100,375

$

12,894

$

225,432

$

56,591

$

$

2,953

$

1,524

$

3,545

Reinvested

...............................

36,007

1,304

29,268

13,947

558

Redeemed

................................

(301,056)

(56,807)

(214,148)

(162,715)

(821)

(3,143)

(1,393)

(14,865)

Net

Increase

(Decrease)

$

(164,674)

$

(42,609)

$

40,552

$

(92,177)

$

(300)

$

$

$

(10,762)

Shares:

Sold

....................................

6,269

829

14,822

3,598

Reinvested

...............................

2,275

1,936

899

Redeemed

................................

(18,815)

(3,659)

(14,051)

(10,560)

(53)

(205)

(89)

(949)

Net

Increase

(Decrease)

(10,271)

(2,743)

2,707

(6,063)

(19)

(681)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(139,793)

$

(6,723)

$

(112,941)

$

(47,249)

$

–

$

(1,610)

$

–

$

(2,466)

Total

Dividends

and

Distributions

$

(139,793)

$

(6,723)

$

(112,941)

$

(47,249)

$

–

$

(1,610)

$

–

$

(2,466)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(36,331)

$

(1,307)

$

(29,356)

$

(13,951)

$

(28)

$

(332)

$

(182)

$

(558)

Total

Dividends

and

Distributions

$

(36,331)

$

(1,307)

$

(29,356)

$

(13,951)

$

(28)

$

(332)

$

(182)

$

(558)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Balanced

Portfolio

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

46,410

$

45,446

Net

realized

gain

(loss)

on

investments

..............................................................................................

99,797

42,413

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

41,815

231,335

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

188,022

319,194

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(67,759)

(44,985)

Total

Dividends

and

Distributions

(67,759)

(44,985)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(96,783)

(33,721)

Total

Increase

(Decrease)

in

Net

Assets

23,480

240,488

Net

Assets

Beginning

of

period

..................................................................................................................

1,858,843

1,618,355

End

of

period

........................................................................................................................

$

1,882,323

$

1,858,843

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

30,787

$

3,665

$

95,129

$

30,141

$

$

2,477

$

542

$

12,842

Reinvested

...............................

18,082

997

38,973

8,060

–

–

1,030

Redeemed

................................

(85,660)

(14,617)

(168,062)

(51,141)

(1,565)

(2,480)

(11,078)

(5,399)

Net

Increase

(Decrease)

$

(36,791)

$

(9,955)

$

(33,960)

$

(12,940)

$

(1,494)

$

$

(10,536)

$

8,473

Shares:

Sold

....................................

2,423

7,588

2,402

1,022

Reinvested

...............................

1,445

3,167

652

–

–

Redeemed

................................

(6,763)

(1,168)

(13,521)

(4,090)

(125)

(201)

(880)

(431)

Net

Increase

(Decrease)

(2,895)

(798)

(2,766)

(1,036)

(119)

(836)

674

Year

Ended

October

31,

2024

Dollars:

Sold

....................................

$

34,026

$

3,495

$

166,428

$

46,320

$

$

3,106

$

837

$

1,239

Reinvested

...............................

12,396

752

25,204

5,521

Redeemed

................................

(95,703)

(20,896)

(150,444)

(57,006)

(309)

(2,130)

(1,620)

(6,067)

Net

Increase

(Decrease)

$

(49,281)

$

(16,649)

$

41,188

$

(5,165)

$

(134)

$

1,206

$

(542)

$

(4,344)

Shares:

Sold

....................................

2,808

14,077

3,905

Reinvested

...............................

1,032

2,131

Redeemed

................................

(7,954)

(1,755)

(12,677)

(4,813)

(26)

(181)

(137)

(513)

Net

Increase

(Decrease)

(4,114)

(1,398)

3,531

(443)

(12)

(46)

(367)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(18,234)

$

(1,001)

$

(39,011)

$

(8,060)

$

–

$

(423)

$

–

$

(1,030)

Total

Dividends

and

Distributions

$

(18,234)

$

(1,001)

$

(39,011)

$

(8,060)

$

–

$

(423)

$

–

$

(1,030)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(12,507)

$

(753)

$

(25,222)

$

(5,521)

$

(27)

$

(230)

$

(241)

$

(484)

Total

Dividends

and

Distributions

$

(12,507)

$

(753)

$

(25,222)

$

(5,521)

$

(27)

$

(230)

$

(241)

$

(484)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Growth

Portfolio

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

44,410

$

40,946

Net

realized

gain

(loss)

on

investments

..............................................................................................

395,598

210,126

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

19,269

516,851

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

459,277

767,923

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(228,049)

(39,200)

Total

Dividends

and

Distributions

(228,049)

(39,200)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(49,778)

(215,941)

Total

Increase

(Decrease)

in

Net

Assets

181,450

512,782

Net

Assets

Beginning

of

period

..................................................................................................................

3,215,574

2,702,792

End

of

period

........................................................................................................................

$

3,397,024

$

3,215,574

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

61,233

$

8,053

$

132,903

$

48,983

$

$

2,403

$

$

9,378

Reinvested

...............................

117,386

5,814

67,637

32,659

–

755

–

2,410

Redeemed

................................

(240,805)

(30,742)

(147,064)

(100,068)

(672)

(2,161)

(5,656)

(12,520)

Net

Increase

(Decrease)

$

(62,186)

$

(16,875)

$

53,476

$

(18,426)

$

(669)

$

997

$

(5,363)

$

(732)

Shares:

Sold

....................................

3,062

7,021

2,506

–

Reinvested

...............................

6,091

3,720

1,754

–

–

Redeemed

................................

(11,982)

(1,725)

(7,814)

(5,157)

(34)

(115)

(279)

(646)

Net

Increase

(Decrease)

(2,829)

(931)

2,927

(897)

(34)

(264)

(36)

Year

Ended

October

31,

2024

Dollars:

Sold

....................................

$

61,935

$

7,919

$

115,547

$

44,639

$

$

1,825

$

1,384

$

1,981

Reinvested

...............................

19,831

11,443

6,751

Redeemed

................................

(225,862)

(36,867)

(119,578)

(98,718)

(816)

(1,830)

(1,596)

(4,956)

Net

Increase

(Decrease)

$

(144,096)

$

(28,520)

$

7,412

$

(47,328)

$

(746)

$

$

(155)

$

(2,595)

Shares:

Sold

....................................

3,287

6,433

2,453

Reinvested

...............................

1,110

677

–

Redeemed

................................

(11,987)

(2,194)

(6,657)

(5,443)

(44)

(104)

(85)

(272)

Net

Increase

(Decrease)

(7,590)

(1,696)

(2,599)

(40)

(6)

(141)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(118,703)

$

(5,821)

$

(67,683)

$

(32,677)

$

–

$

(755)

$

–

$

(2,410)

Total

Dividends

and

Distributions

$

(118,703)

$

(5,821)

$

(67,683)

$

(32,677)

$

–

$

(755)

$

–

$

(2,410)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(20,029)

$

(429)

$

(11,449)

$

(6,757)

$

(7)

$

(92)

$

(57)

$

(380)

Total

Dividends

and

Distributions

$

(20,029)

$

(429)

$

(11,449)

$

(6,757)

$

(7)

$

(92)

$

(57)

$

(380)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

SAM

Flexible

Income

Portfolio

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

67,377

$

72,515

Net

realized

gain

(loss)

on

investments

..............................................................................................

50,921

31,654

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

75,151

259,272

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

193,449

363,441

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(67,149)

(72,438)

Total

Dividends

and

Distributions

(67,149)

(72,438)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(246,474)

(195,176)

Total

Increase

(Decrease)

in

Net

Assets

(120,174)

95,827

Net

Assets

Beginning

of

period

..................................................................................................................

2,352,136

2,256,309

End

of

period

........................................................................................................................

$

2,231,962

$

2,352,136

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

48,731

$

5,532

$

42,686

$

44,668

$

$

1,671

$

$

10,168

Reinvested

...............................

25,018

1,300

34,068

5,690

–

–

590

Redeemed

................................

(173,131)

(30,069)

(176,114)

(54,814)

(1,189)

(2,458)

(4,383)

(24,741)

Net

Increase

(Decrease)

$

(99,382)

$

(23,237)

$

(99,360)

$

(4,456)

$

(1,183)

$

(705)

$

(4,168)

$

(13,983)

Shares:

Sold

....................................

3,940

3,523

3,651

831

Reinvested

...............................

2,041

2,809

–

–

Redeemed

................................

(14,065)

(2,467)

(14,478)

(4,461)

(98)

(202)

(359)

(1,973)

Net

Increase

(Decrease)

(8,084)

(1,906)

(8,146)

(345)

(97)

(58)

(341)

(1,093)

Year

Ended

October

31,

2024

Dollars:

Sold

....................................

$

58,785

$

4,621

$

86,906

$

31,857

$

518

$

537

$

970

$

15,483

Reinvested

...............................

27,798

1,914

35,935

5,683

Redeemed

................................

(203,962)

(37,896)

(174,102)

(42,606)

(2,110)

(962)

(754)

(4,473)

Net

Increase

(Decrease)

$

(117,379)

$

(31,361)

$

(51,261)

$

(5,066)

$

(1,532)

$

(337)

$

$

11,435

Shares:

Sold

....................................

4,969

7,460

2,702

1,327

Reinvested

...............................

2,366

3,089

Redeemed

................................

(17,314)

(3,250)

(14,958)

(3,623)

(172)

(83)

(65)

(377)

Net

Increase

(Decrease)

(9,979)

(2,689)

(4,409)

(436)

(123)

(29)

986

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(25,298)

$

(1,314)

$

(34,170)

$

(5,695)

$

–

$

(82)

$

–

$

(590)

Total

Dividends

and

Distributions

$

(25,298)

$

(1,314)

$

(34,170)

$

(5,695)

$

–

$

(82)

$

–

$

(590)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(28,112)

$

(1,929)

$

(36,025)

$

(5,690)

$

(60)

$

(88)

$

(109)

$

(425)

Total

Dividends

and

Distributions

$

(28,112)

$

(1,929)

$

(36,025)

$

(5,690)

$

(60)

$

(88)

$

(109)

$

(425)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

SAM

Strategic

Growth

Portfolio

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

23,415

$

20,552

Net

realized

gain

(loss)

on

investments

..............................................................................................

274,372

141,480

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

56,910

416,929

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

354,697

578,961

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(158,298)

(25,955)

Total

Dividends

and

Distributions

(158,298)

(25,955)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(6,853)

(138,098)

Total

Increase

(Decrease)

in

Net

Assets

189,546

414,908

Net

Assets

Beginning

of

period

..................................................................................................................

2,267,084

1,852,176

End

of

period

........................................................................................................................

$

2,456,630

$

2,267,084

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

53,562

$

8,268

$

83,525

$

52,917

$

$

2,993

$

1,680

$

7,934

Reinvested

...............................

87,169

4,968

36,684

25,538

–

521

–

2,287

Redeemed

................................

(167,089)

(21,313)

(85,471)

(82,674)

(557)

(2,496)

(6,746)

(8,559)

Net

Increase

(Decrease)

$

(26,358)

$

(8,077)

$

34,738

$

(4,219)

$

(551)

$

1,018

$

(5,066)

$

1,662

Shares:

Sold

....................................

2,290

3,753

2,303

–

Reinvested

...............................

3,893

1,734

1,184

–

–

Redeemed

................................

(7,117)

(1,068)

(3,866)

(3,682)

(23)

(110)

(289)

(386)

Net

Increase

(Decrease)

(934)

(391)

1,621

(195)

(23)

(215)

Year

Ended

October

31,

2024

Dollars:

Sold

....................................

$

47,868

$

8,058

$

69,350

$

43,744

$

$

1,533

$

986

$

5,245

Reinvested

...............................

13,927

5,963

5,025

Redeemed

................................

(159,566)

(23,377)

(68,544)

(80,248)

(77)

(3,013)

(3,077)

(2,811)

Net

Increase

(Decrease)

$

(97,771)

$

(14,914)

$

6,769

$

(31,479)

$

(23)

$

(1,405)

$

(2,014)

$

2,739

Shares:

Sold

....................................

2,198

3,345

2,082

Reinvested

...............................

681

–

Redeemed

................................

(7,289)

(1,247)

(3,284)

(3,841)

(4)

(144)

(146)

(135)

Net

Increase

(Decrease)

(4,410)

(792)

(1,504)

(2)

(65)

(93)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(88,237)

$

(4,979)

$

(36,733)

$

(25,541)

$

–

$

(521)

$

–

$

(2,287)

Total

Dividends

and

Distributions

$

(88,237)

$

(4,979)

$

(36,733)

$

(25,541)

$

–

$

(521)

$

–

$

(2,287)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(14,094)

$

(407)

$

(5,965)

$

(5,028)

$

(4)

$

(75)

$

(77)

$

(305)

Total

Dividends

and

Distributions

$

(14,094)

$

(407)

$

(5,965)

$

(5,028)

$

(4)

$

(75)

$

(77)

$

(305)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Short-Term

Income

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

128,015

$

107,537

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

(5,838)

5,375

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

52,346

97,726

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

174,523

210,638

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(127,999)

(107,614)

Total

Dividends

and

Distributions

(127,999)

(107,614)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

155,688

370,899

Total

Increase

(Decrease)

in

Net

Assets

202,212

473,923

Net

Assets

Beginning

of

period

..................................................................................................................

3,328,574

2,854,651

End

of

period

........................................................................................................................

$

3,530,786

$

3,328,574

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

170,842

$

3,328

$

15,526

$

877,287

$

$

8,807

$

$

8,224

Reinvested

...............................

11,428

3,877

109,770

–

Redeemed

................................

(176,945)

(6,227)

(26,015)

(822,230)

(443)

(11,607)

(5,760)

(5,248)

Net

Increase

(Decrease)

$

5,325

$

(2,524)

$

(6,612)

$

164,827

$

(441)

$

(2,511)

$

(5,752)

$

3,376

Shares:

Sold

....................................

14,153

1,288

72,668

–

732

683

Reinvested

...............................

945

9,088

–

–

Redeemed

................................

(14,653)

(516)

(2,158)

(68,205)

(37)

(963)

(482)

(434)

Net

Increase

(Decrease)

(209)

(549)

13,551

(37)

(207)

(481)

Year

Ended

October

31,

2024

Dollars:

Sold

....................................

$

155,163

$

4,055

$

10,419

$

1,026,130

$

$

5,416

$

11,107

$

1,324

Reinvested

...............................

10,287

3,887

90,131

Redeemed

................................

(177,177)

(7,038)

(23,863)

(713,257)

(108)

(6,994)

(17,353)

(2,615)

Net

Increase

(Decrease)

$

(11,727)

$

(2,599)

$

(9,557)

$

403,004

$

$

(1,283)

$

(5,940)

$

(1,001)

Shares:

Sold

....................................

13,057

878

86,242

945

Reinvested

...............................

865

7,581

Redeemed

................................

(14,933)

(594)

(2,012)

(60,107)

(9)

(590)

(1,469)

(221)

Net

Increase

(Decrease)

(1,011)

(220)

(807)

33,716

–

(109)

(498)

(85)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(11,792)

$

(385)

$

(3,937)

$

(111,181)

$

(1)

$

(294)

$

(9)

$

(400)

Total

Dividends

and

Distributions

$

(11,792)

$

(385)

$

(3,937)

$

(111,181)

$

(1)

$

(294)

$

(9)

$

(400)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(10,722)

$

(399)

$

(3,941)

$

(91,635)

$

(13)

$

(305)

$

(309)

$

(290)

Total

Dividends

and

Distributions

$

(10,722)

$

(399)

$

(3,941)

$

(91,635)

$

(13)

$

(305)

$

(309)

$

(290)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

SmallCap

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

4,853

$

6,456

Net

realized

gain

(loss)

on

investments

..............................................................................................

126,971

31,476

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

129,678

284,959

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

261,502

322,891

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(43,642)

(35,909)

Total

Dividends

and

Distributions

(43,642)

(35,909)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(233,349)

931,600

Total

Increase

(Decrease)

in

Net

Assets

(15,489)

1,218,582

Net

Assets

Beginning

of

period

..................................................................................................................

2,280,212

1,061,630

End

of

period

........................................................................................................................

$

2,264,723

$

2,280,212

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

10,250

$

5,890

$

169,138

$

$

5,651

$

$

38,583

$

162,914

Reinvested

...............................

4,753

4,051

13,737

–

–

1,347

19,398

Redeemed

................................

(41,641)

(27,551)

(256,120)

(1,356)

(5,638)

(32,502)

(30,029)

(274,568)

Net

Increase

(Decrease)

$

(26,638)

$

(17,610)

$

(73,245)

$

(1,349)

$

$

(32,454)

$

9,901

$

(92,256)

Shares:

Sold

....................................

5,984

–

1,283

5,373

Reinvested

...............................

–

–

682

Redeemed

................................

(1,599)

(1,124)

(8,815)

(54)

(218)

(1,107)

(1,042)

(9,567)

Net

Increase

(Decrease)

(1,019)

(717)

(2,347)

(54)

(1,105)

(3,512)

Year

Ended

October

31,

2024

Dollars:

Sold

....................................

$

13,944

$

6,706

$

552,902

$

$

4,677

$

2,063

$

4,861

$

777,454

Reinvested

...............................

7,874

6,386

11,770

1,014

1,268

6,999

Redeemed

................................

(42,718)

(25,526)

(308,730)

(254)

(7,329)

(12,403)

(9,416)

(60,545)

Net

Increase

(Decrease)

$

(20,900)

$

(12,434)

$

255,942

$

(109)

$

(2,194)

$

(9,326)

$

(3,287)

$

723,908

Shares:

Sold

....................................

561

20,333

27,465

Reinvested

...............................

Redeemed

................................

(1,721)

(1,086)

(11,222)

(11)

(299)

(479)

(349)

(2,167)

Net

Increase

(Decrease)

(833)

(521)

9,551

(4)

(88)

(359)

(119)

25,559

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(4,787)

$

(4,058)

$

(13,755)

$

–

$

(294)

$

–

$

(1,347)

$

(19,401)

Total

Dividends

and

Distributions

$

(4,787)

$

(4,058)

$

(13,755)

$

–

$

(294)

$

–

$

(1,347)

$

(19,401)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(7,925)

$

(6,398)

$

(11,798)

$

(40)

$

(464)

$

(1,014)

$

(1,268)

$

(7,002)

Total

Dividends

and

Distributions

$

(7,925)

$

(6,398)

$

(11,798)

$

(40)

$

(464)

$

(1,014)

$

(1,268)

$

(7,002)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

SmallCap

Growth

Fund

I

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

(7,883)

$

(5,963)

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

234,673

221,027

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

58,289

463,693

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

285,079

678,757

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(168,493)

–

Total

Dividends

and

Distributions

(168,493)

–

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(51,033)

(573,772)

Total

Increase

(Decrease)

in

Net

Assets

65,553

104,985

Net

Assets

Beginning

of

period

..................................................................................................................

2,124,552

2,019,567

End

of

period

........................................................................................................................

$

2,190,105

$

2,124,552

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

6,822

$

22,230

$

$

3,955

$

694

$

13,219

$

226,891

Reinvested

..........................................

8,939

6,923

–

1,651

–

2,668

143,534

Redeemed

...........................................

(13,735)

(51,999)

(1,656)

(4,557)

(9,985)

(10,664)

(396,005)

Net

Increase

(Decrease)

$

2,026

$

(22,846)

$

(1,614)

$

1,049

$

(9,291)

$

5,223

$

(25,580)

Shares:

Sold

...............................................

803

1,533

905

14,969

Reinvested

..........................................

1,073

–

–

9,578

Redeemed

...........................................

(1,643)

(3,501)

(144)

(428)

(712)

(791)

(26,644)

Net

Increase

(Decrease)

(1,504)

(140)

(662)

(2,097)

Year

Ended

October

31,

2024

Dollars:

Sold

...............................................

$

6,795

$

32,965

$

$

3,604

$

1,913

$

3,761

$

297,493

Redeemed

...........................................

(13,665)

(94,800)

(397)

(4,154)

(4,742)

(7,661)

(795,113)

Net

Increase

(Decrease)

$

(6,870)

$

(61,835)

$

(168)

$

(550)

$

(2,829)

$

(3,900)

$

(497,620)

Shares:

Sold

...............................................

791

2,387

20,444

Redeemed

...........................................

(1,598)

(6,631)

(41)

(391)

(385)

(598)

(53,459)

Net

Increase

(Decrease)

(807)

(4,244)

(18)

(64)

(226)

(306)

(33,015)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(8,966)

$

(8,625)

$

–

$

(1,651)

$

–

$

(2,668)

$

(146,583)

Total

Dividends

and

Distributions

$

(8,966)

$

(8,625)

$

–

$

(1,651)

$

–

$

(2,668)

$

(146,583)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...

$

–

$

–

$

–

$

–

$

–

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

$

–

$

–

$

–

$

–

$

–

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

SmallCap

S&P

600

Index

Fund

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

15,880

$

16,944

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

123,815

111,048

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

(81,943)

173,650

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

57,752

301,642

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(110,194)

(52,576)

Total

Dividends

and

Distributions

(110,194)

(52,576)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

55,597

(75,034)

Total

Increase

(Decrease)

in

Net

Assets

3,155

174,032

Net

Assets

Beginning

of

period

..................................................................................................................

1,217,075

1,043,043

End

of

period

........................................................................................................................

$

1,220,230

$

1,217,075

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

11,162

$

41,233

$

$

18,219

$

$

46,277

$

384,764

Reinvested

..........................................

16,784

17,500

–

5,606

–

9,201

60,862

Redeemed

...........................................

(30,400)

(99,862)

(6,078)

(23,374)

(29,296)

(50,465)

(316,846)

Net

Increase

(Decrease)

$

(2,454)

$

(41,129)

$

(6,052)

$

$

(29,012)

$

5,013

$

128,780

Shares:

Sold

...............................................

1,612

666

1,550

14,466

Reinvested

..........................................

710

673

–

–

2,342

Redeemed

...........................................

(1,308)

(3,828)

(207)

(899)

(930)

(1,883)

(12,235)

Net

Increase

(Decrease)

(117)

(1,543)

(206)

(24)

(921)

4,573

Year

Ended

October

31,

2024

Dollars:

Sold

...............................................

$

14,933

$

65,714

$

1,074

$

10,054

$

7,137

$

14,362

$

130,087

Reinvested

..........................................

8,208

10,238

2,716

1,105

3,730

26,237

Redeemed

...........................................

(27,859)

(101,572)

(2,488)

(26,163)

(11,829)

(29,237)

(171,701)

Net

Increase

(Decrease)

$

(4,718)

$

(25,620)

$

(1,194)

$

(13,393)

$

(3,587)

$

(11,145)

$

(15,377)

Shares:

Sold

...............................................

622

2,533

526

4,997

Reinvested

..........................................

1,021

Redeemed

...........................................

(1,171)

(3,903)

(99)

(976)

(435)

(1,063)

(6,586)

Net

Increase

(Decrease)

(201)

(972)

(47)

(498)

(129)

(399)

(568)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(16,837)

$

(17,682)

$

–

$

(5,606)

$

–

$

(9,201)

$

(60,868)

Total

Dividends

and

Distributions

$

(16,837)

$

(17,682)

$

–

$

(5,606)

$

–

$

(9,201)

$

(60,868)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(8,236)

$

(10,331)

$

(220)

$

(2,717)

$

(1,105)

$

(3,730)

$

(26,237)

Total

Dividends

and

Distributions

$

(8,236)

$

(10,331)

$

(220)

$

(2,717)

$

(1,105)

$

(3,730)

$

(26,237)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

SmallCap

Value

Fund

II

Year

Ended

October

31,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

14,438

$

17,773

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

83,970

125,323

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

(38,130)

161,934

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

60,278

305,030

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(116,138)

(44,101)

Total

Dividends

and

Distributions

(116,138)

(44,101)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

32,536

(310,680)

Total

Increase

(Decrease)

in

Net

Assets

(23,324)

(49,751)

Net

Assets

Beginning

of

period

..................................................................................................................

1,118,680

1,168,431

End

of

period

........................................................................................................................

$

1,095,356

$

1,118,680

Class

J

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

1,525

$

38,116

$

$

1,956

$

$

5,574

$

165,022

Reinvested

..........................................

2,442

16,350

–

564

–

925

94,732

Redeemed

...........................................

(7,467)

(70,959)

(682)

(1,805)

(3,939)

(5,472)

(204,361)

Net

Increase

(Decrease)

$

(3,500)

$

(16,493)

$

(675)

$

715

$

(3,931)

$

1,027

$

55,393

Shares:

Sold

...............................................

3,200

14,288

Reinvested

..........................................

1,417

–

–

8,212

Redeemed

...........................................

(676)

(5,985)

(59)

(168)

(300)

(471)

(17,731)

Net

Increase

(Decrease)

(314)

(1,368)

(58)

(299)

4,769

Year

Ended

October

31,

2024

Dollars:

Sold

...............................................

$

3,213

$

87,462

$

$

1,142

$

1,001

$

901

$

330,671

Reinvested

..........................................

671

8,034

34,556

Redeemed

...........................................

(4,116)

(158,133)

(282)

(2,260)

(845)

(7,229)

(606,168)

Net

Increase

(Decrease)

$

(232)

$

(62,637)

$

(152)

$

(953)

$

$

(6,011)

$

(240,941)

Shares:

Sold

...............................................

7,421

27,496

Reinvested

..........................................

663

2,853

Redeemed

...........................................

(358)

(13,211)

(28)

(200)

(73)

(626)

(49,029)

Net

Increase

(Decrease)

(29)

(5,127)

(15)

(83)

(522)

(18,680)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(2,444)

$

(17,305)

$

–

$

(564)

$

–

$

(925)

$

(94,900)

Total

Dividends

and

Distributions

$

(2,444)

$

(17,305)

$

–

$

(564)

$

–

$

(925)

$

(94,900)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(672)

$

(8,248)

$

(22)

$

(165)

$

(90)

$

(317)

$

(34,587)

Total

Dividends

and

Distributions

$

(672)

$

(8,248)

$

(22)

$

(165)

$

(90)

$

(317)

$

(34,587)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Tax-Exempt

Bond

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

........................................................................................................

$

19,461

$

19,481

Net

realized

gain

(loss)

on

investments

..............................................................................................

(4,196)

(5,222)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

2,348

37,240

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

17,613

51,499

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(20,276)

(19,821)

Total

Dividends

and

Distributions

(20,276)

(19,821)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(69,630)

(8,804)

Total

Increase

(Decrease)

in

Net

Assets

(72,293)

22,874

Net

Assets

Beginning

of

period

..................................................................................................................

567,423

544,549

End

of

period

........................................................................................................................

$

495,130

$

567,423

Class

A

Class

C

Institutional

Capital

Share

Transactions:

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

35,437

$

1,074

$

84,025

Reinvested

....................................................................................

8,416

10,653

Redeemed

.....................................................................................

(71,771)

(4,858)

(132,933)

Net

Increase

(Decrease)

$

(27,918)

$

(3,457)

$

(38,255)

Shares:

Sold

.........................................................................................

5,355

12,692

Reinvested

....................................................................................

1,272

1,608

Redeemed

.....................................................................................

(10,863)

(727)

(20,067)

Net

Increase

(Decrease)

(4,236)

(516)

(5,767)

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................................................

$

44,064

$

2,004

$

103,412

Reinvested

....................................................................................

8,237

10,082

Redeemed

.....................................................................................

(71,489)

(5,742)

(99,753)

Net

Increase

(Decrease)

$

(19,188)

$

(3,357)

$

13,741

Shares:

Sold

.........................................................................................

6,537

15,353

Reinvested

....................................................................................

1,221

1,492

Redeemed

.....................................................................................

(10,638)

(850)

(14,854)

Net

Increase

(Decrease)

(2,880)

(498)

1,991

Dividends

and

Distributions

to

Shareholders:

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(9,127)

$

(334)

$

(10,815)

Total

Dividends

and

Distributions

$

(9,127)

$

(334)

$

(10,815)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(9,070)

$

(405)

$

(10,346)

Total

Dividends

and

Distributions

$

(9,070)

$

(405)

$

(10,346)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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

California

Municipal

Fund,

Core

Fixed

Income

Fund,

Core

Plus

Bond

Fund,

Diversified

Income

Fund,

Diversified

International

Fund,

Equity

Income

Fund,

Finisterre

Emerging

Markets

Total

Return

Bond

Fund,

Global

Emerging

Markets

Fund,

Global

Real

Estate

Securities

Fund,

Government

&

High

Quality

Bond

Fund,

Government

Money

Market

Fund,

High

Yield

Fund,

Inflation

Protection

Fund,

International

Equity

Fund,

LargeCap

Growth

Fund

I,

LargeCap

S&P

500

Index

Fund,

LargeCap

Value

Fund

III,

MidCap

Fund,

MidCap

S&P

Index

Fund,

MidCap

Value

Fund

I,

Money

Market

Fund,

Overseas

Fund,

Principal

Capital

Appreciation

Fund,

Principal

LifeTime

2015

Fund,

Principal

LifeTime

2020

Fund,

Principal

LifeTime

2025

Fund,

Principal

LifeTime

2030

Fund,

Principal

LifeTime

2035

Fund,

Principal

LifeTime

2040

Fund,

Principal

LifeTime

2045

Fund,

Principal

LifeTime

2050

Fund,

Principal

LifeTime

2055

Fund,

Principal

LifeTime

2060

Fund,

Principal

LifeTime

2065

Fund,

Principal

LifeTime

2070

Fund,

Principal

LifeTime

Hybrid

2015

Fund,

Principal

LifeTime

Hybrid

2020

Fund,

Principal

LifeTime

Hybrid

2025

Fund,

Principal

LifeTime

Hybrid

2030

Fund,

Principal

LifeTime

Hybrid

2035

Fund,

Principal

LifeTime

Hybrid

2040

Fund,

Principal

LifeTime

Hybrid

2045

Fund,

Principal

LifeTime

Hybrid

2050

Fund,

Principal

LifeTime

Hybrid

2055

Fund,

Principal

LifeTime

Hybrid

2060

Fund,

Principal

LifeTime

Hybrid

2065

Fund,

Principal

LifeTime

Hybrid

2070,

Principal

LifeTime

Hybrid

Income

Fund,

Principal

LifeTime

Strategic

Income

Fund,

Real

Estate

Securities

Fund,

SAM

Balanced

Portfolio,

SAM

Conservative

Balanced

Portfolio,

SAM

Conservative

Growth

Portfolio,

SAM

Flexible

Income

Portfolio,

SAM

Strategic

Growth

Portfolio,

Short-Term

Income

Fund,

SmallCap

Fund,

SmallCap

Growth

Fund

I,

SmallCap

S&P

600

Index

Fund,

SmallCap

Value

Fund

II,

and

Tax-Exempt

Bond

Fund,

series

of

the

Fund,

(known

as

the

"Funds")

are

presented

herein.

Principal

LifeTime

2015

Fund,

Principal

LifeTime

2020

Fund,

Principal

LifeTime

2025

Fund,

Principal

LifeTime

2030

Fund,

Principal

LifeTime

2035

Fund,

Principal

LifeTime

2040

Fund,

Principal

LifeTime

2045

Fund,

Principal

LifeTime

2050

Fund,

Principal

LifeTime

2055

Fund,

Principal

LifeTime

2060

Fund,

Principal

LifeTime

2065

Fund,

Principal

LifeTime

2070

Fund,

and

Principal

LifeTime

Strategic

Income

Fund

are

referred

to

collectively

as

the

"Principal

LifeTime

Funds".

Principal

LifeTime

Hybrid

2015

Fund,

Principal

LifeTime

Hybrid

2020

Fund,

Principal

LifeTime

Hybrid

2025

Fund,

Principal

LifeTime

Hybrid

2030

Fund,

Principal

LifeTime

Hybrid

2035

Fund,

Principal

LifeTime

Hybrid

2040

Fund,

Principal

LifeTime

Hybrid

2045

Fund,

Principal

LifeTime

Hybrid

2050

Fund,

Principal

LifeTime

Hybrid

2055

Fund,

Principal

LifeTime

Hybrid

2060

Fund,

Principal

LifeTime

Hybrid

2065

Fund,

Principal

LifeTime

Hybrid

2070,

and

Principal

LifeTime

Hybrid

Income

Fund

are

referred

to

collectively

as

the

"Principal

LifeTime

Hybrid

Funds".

SAM

Balanced,

SAM

Conservative

Balanced

Portfolio,

SAM

Conservative

Growth

Portfolio,

SAM

Flexible

Income

Portfolio,

and

SAM

Strategic

Growth

Portfolio

are

referred

to

collectively

as

the

"SAM

Portfolios".

The

Funds

may

offer

up

to

seven

classes

of

shares:

Class

A,

Class

C,

Class

J,

Institutional,

R-3,

R-5,

and

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

July

31,

2024

International

Fund

I

changed

its

name

to

International

Equity

Fund.

Effective

November

22,

2024,

Core

Fixed

Income

Fund,

Core

Plus

Bond

Fund,

Diversified

International

Fund,

Equity

Income

Fund,

Global

Emerging

Markets

Fund,

Government

&

High

Quality

Bond

Fund,

Inflation

Protection

Fund,

International

Equity

Fund,

LargeCap

Growth

Fund

I,

LargeCap

S&P

500

Index

Fund,

LargeCap

Value

Fund

III,

MidCap

Fund,

MidCap

Growth

Fund,

MidCap

Growth

Fund

III,

MidCap

S&P

Index

Fund,

MidCap

Value

Fund

I,

Principal

Capital

Appreciation

Fund,

Principal

LifeTime

Funds,

Real

Estate

Securities

Fund,

SAM

Portfolios,

Short-Term

Income

Fund,

SmallCap

Fund,

SmallCap

Growth

Fund

I,

SmallCap

S&P

600

Index

Fund,

SmallCap

Value

Fund

II

Fund

converted

shares

into

shares

and

shares

into

shares.

On

this

same

day,

Global

Real

Estate

Securities

Fund

converted

shares

into

shares

and

Overseas

Fund

converted

shares

into

Institutional

shares.

Effective

February

28,

2025,

High

Yield

Fund

acquired

all

the

assets

and

assumed

all

the

liabilities

of

High

Income

Fund,

pursuant

to

a

plan

of

reorganization

approved

by

the

Fund's

Board

of

Directors

(the

"Board")

on

October

31,

2024. The

purpose

of

the

acquisition

is

to

combine

two

funds

with

substantially

identical

investment

objectives.

The

acquisition

was

accomplished

by

a

tax-free

exchange

of

62,130,000

shares

from

High

Income

Fund

for

74,707,000

shares

valued

at

$505,624,000

of

High

Yield

Fund

at

an

approximate

exchange

rate

of

1.20 for

Institutional

class.

The

investment

securities

of

High

Income

Fund,

with

a

fair

value

of

approximately

$461,160,000

and

a

cost

of

$485,087,000

and

$36,494,000

cash

were

the

primary

assets

acquired

by

High

Yield

Fund

on

February

28,

2025. For

financial

reporting

purposes,

assets

received,

and

shares

issued

by

High

Yield

Fund

were

recorded

at

fair

value;

however,

the

cost

basis

of

the

investments

received

from

High

Income

Fund

were

maintained

through

the

reorganization.

The

net

assets

of

High

Income

Fund

and

High

Yield

Fund

immediately

prior

to

the

acquisition

in

accordance

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP")

were

approximately

$505,624,000

($526,239,000

of

accumulated

realized

loss)

and

$6,015,501,000

respectively.

The

aggregate

net

assets

of

High

Yield

Fund

immediately

following

the

acquisition

was

$6,521,125,000.

In

accordance

with

Sections

381-384

of

the

Internal

Revenue

Code,

a

portion

of

accumulated

realized

losses

may

be

subject

to

limitation.

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Assuming

the

acquisition

had

been

completed

on

November

1,

2024,

the

beginning

of

the

fiscal

year

for

High

Yield

Fund,

High

Yield

Fund's

pro

forma

results

of

operations

for

the

period

ended

October

31,

2025,

are

as

follows

(amounts

in

thousands):

Because

the

combined

investment

portfolios

have

been

managed

as

a

single

integrated

portfolio

since

the

acquisition

was

completed,

it

is

not

practicable

to

separate

the

amounts

of

revenue

and

earnings

of

High

Income

Fund

that

have

been

included

in

High

Yield

Fund's

statement

of

operations

since

February

28,

2025. On

September

10,

2025,

the

Fund's

Board

approved

the

acquisition

of

the

assets

of

Principal

LifeTime

2015

Fund

by

the

Principal

LifeTime

Strategic

Income

Fund

and

the

acquisition

of

the

assets

of

Principal

LifeTime

Hybrid

2015

Fund

by

the

Principal

LifeTime

Hybrid

Income

Fund.

The

proposed

merger

is

expected

to

occur

on

or

about

June

12,

2026. Effective

September

19,

2025,

MidCap

Fund

acquired

all

the

assets

and

assumed

all

the

liabilities

of

Edge

MidCap

Fund,

a

series

of

the

Fund

with

an

August

fiscal

year

end,

MidCap

Growth

Fund,

and

MidCap

Growth

Fund

III

pursuant

to

a

plan

of

reorganization

approved

by

the

Fund's

Board

on

May

15,

2025. The

purpose

of

the

acquisition

is

to

combine

four

series

of

the

Fund

with

substantially

identical

investment

objectives

and

to

achieve

economies

of

scale.

The

acquisition

was

accomplished

by

a

tax-free

exchange

of

shares

and

dollars

as

follows

(amounts

in

thousands):

The

acquisition

was

completed

at

the

approximate

exchange

rates

as

follows:

The

investment

securities

of

Edge

MidCap

Fund,

with

a

fair

value

of

approximately

$46,369,000

and

a

cost

of

$45,230,000

and

$991,000

cash;

MidCap

Growth

Fund,

with

a

fair

value

of

approximately

$174,830,000

and

a

cost

of

$175,547,000

and

$9,797,000

cash;

and

MidCap

Growth

Fund

III

with

a

fair

value

of

approximately

$53,169,000

and

a

cost

of

$53,744,000

and

$4,238,000

cash

were

the

primary

assets

acquired

by

MidCap

Fund

on

September

19,

2025. For

financial

reporting

purposes,

assets

received,

and

shares

issued

by

MidCap

Fund

were

recorded

at

fair

value;

however,

the

cost

basis

of

the

investments

received

from

Edge

MidCap

Fund,

MidCap

Growth

Fund,

and

MidCap

Growth

Fund

III

were

maintained

through

the

reorganization.

The

net

assets

of

Edge

MidCap

Fund,

MidCap

Growth

Fund,

MidCap

Growth

Fund

III,

and

MidCap

Fund

immediately

prior

to

the

acquisition

in

accordance

with

U.S.

GAAP

were

approximately

$47,333,000

($446,000

of

accumulated

realized

loss),

$184,643,000

($2,189,000

of

accumulated

realized

loss),

$57,441,000

($55,112,000

of

accumulated

realized

loss),

and

$33,136,048,000,

respectively.

The

aggregate

net

assets

of

MidCap

Fund

immediately

following

the

acquisition

was

$33,425,465,000.

In

accordance

with

Sections

381-384

of

the

Internal

Revenue

Code,

a

portion

of

accumulated

realized

losses

may

be

subject

to

limitation.

Assuming

the

acquisition

had

been

completed

on

November

1,

2024,

the

beginning

of

the

fiscal

year

for

MidCap

Fund,

MidCap

Fund's

pro

forma

results

of

operations

for

the

period

ended

October

31,

2025,

are

as

follows

(amounts

in

thousands):

Because

the

combined

investment

portfolios

have

been

managed

as

a

single

integrated

portfolio

since

the

acquisition

was

completed,

it

is

not

practicable

to

separate

the

amounts

of

revenue

and

earnings

of

Edge

MidCap

Fund,

MidCap

Growth

Fund,

and

MidCap

Growth

Fund

III

that

have

been

included

in

MidCap

Fund's

statement

of

operations

since

September

19,

2025. Net

investment

income

$

425,251

Net

loss

on

investments

(26,341)

Net

increase

in

assets

resulting

from

operations

398,910

Class

A

Shares

Acquired

Class

J

Shares

Acquired

Institutional

Shares

Acquired

Shares

Acquired

Shares

Acquired

Shares

Acquired

Edge

Midcap

Fund

1,233

N/A

2,073

N/A

N/A

1,111

MidCap

Growth

Fund

N/A

15,730

8,133

1,288

1,097

N/A

MidCap

Growth

III

Fund

N/A

13,103

1,277

734

N/A

Class

A

Dollars

Acquired

Class

J

Dollars

Acquired

Institutional

Dollars

Acquired

Dollars

Acquired

Dollars

Acquired

Dollars

Acquired

Edge

Midcap

Fund

$

13,096

N/A

$

22,232

N/A

N/A

$

12,005

MidCap

Growth

Fund

N/A

$

84,340

78,868

$

10,333

$

11,103

N/A

MidCap

Growth

III

Fund

N/A

40,892

9,647

4,040

2,862

N/A

Class

A

Class

J

Institutional

Edge

Midcap

Fund

0.23 N/A

0.22 N/A

N/A

0.23 MidCap

Growth

Fund

N/A

0.12 0.20 0.18 0.22 N/A

MidCap

Growth

III

Fund

N/A

0.07 0.16 0.13 0.16 N/A

Net

investment

income

$(7,652)

Net

gain

on

investments

751,608

Net

increase

in

assets

resulting

from

operations

743,956

1. Organization

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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.

In

addition,

the

Fund's

Board

declares

separate

dividends

on

each

class

of

shares.

2. Significant

Accounting

Policies

The

preparation

of

financial

statements

in

conformity

with

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

(with

the

exception

of

Government

Money

Market

Fund,

Money

Market

Fund,

Principal

LifeTime

Funds,

Principal

LifeTime

Hybrid

Funds,

and

the

SAM

Portfolios)

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

Board.

The

value

of

foreign

securities

used

in

computing

the

net

asset

value

per

share

is

generally

determined

as

of

the

close

of

the

foreign

exchange

where

the

security

is

principally

traded.

Events

that

occur

after

the

close

of

the

applicable

foreign

market

or

exchange

but

prior

to

the

calculation

of

the

Funds'

net

asset

values

are

reflected

in

the

Funds'

net

asset

values

and

these

securities

are

valued

at

fair

value.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security's

fair

value,

including,

but

not

limited

to,

price

movements

in

American

depository

receipts

("ADRs"),

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

To

the

extent

the

Funds

invest

in

foreign

securities

listed

on

foreign

exchanges

which

trade

on

days

on

which

the

Funds

do

not

determine

net

asset

values,

for

example,

weekends

and

other

customary

national

U.S.

holidays,

the

Funds'

net

asset

values

could

be

significantly

affected

on

days

when

shareholders

cannot

purchase

or

redeem

shares.

Certain

securities

issued

by

companies

in

emerging

market

countries

may

have

more

than

one

quoted

valuation

at

any

given

point

in

time,

sometimes

referred

to

as

a

"local"

price

and

a

"premium"

price.

The

premium

price

is

often

a

negotiated

price,

which

may

not

consistently

represent

a

price

at

which

a

specific

transaction

can

be

effected.

It

is

the

policy

of

the

Fund

to

value

such

securities

at

prices

at

which

it

is

expected

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,

as

may

occasionally

be

necessary.

Government

Money

Market

Fund

qualifies

as

a

government/agency

money

market

fund.

Money

Market

Fund

qualifies

as

a

retail

money

market

fund.

The

two

funds

value

their

securities,

other

than

holdings

of

other

publicly

traded

investment

funds,

at

amortized

cost

as

permitted

under

Rule

2a-7

of

the

1940

Act.

Under

the

amortized

cost

method,

a

security

is

valued

by

applying

a

constant

yield

to

maturity

of

the

difference

between

the

principal

amount

due

at

maturity

and

the

cost

of

the

security

to

the

Funds.

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.

1. Organization

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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

October

31,

2025:

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

(number

of

settled

shares

outstanding

for

Government

Money

Market

Fund

and

Money

Market

Fund)

of

each

class.

Distributions

received

from

other

series

of

the

Fund

and

other

investment

companies

(collectively,

"Underlying

Funds")

are

recorded

in

accordance

with

the

character

of

the

distributions

as

designated

by

the

Underlying

Funds.

Distributions

received

from

Real

Estate

Investment

Trusts

("REITs")

may

be

characterized

as

ordinary

income,

capital

gain,

or

a

return

of

capital

to

the

Funds.

The

proper

characterization

of

distributions

from

REITs

is

generally

not

known

until

after

the

end

of

each

calendar

year.

As

such,

estimates

are

used

in

reporting

the

character

of

income

and

distributions

for

financial

statement

purposes.

Global

Real

Estate

Securities

Fund

and

Real

Estate

Securities

Fund

receive

substantial

distributions

from

holdings

in

REITs.

Expenses.

Expenses

directly

attributed

to

a

particular

fund

are

charged

to

that

fund.

Other

expenses

not

directly

attributed

to

a

particular

fund

are

apportioned

among

the

registered

investment

companies

managed

by

the

Manager.

Diversified

International

Fund

Euro

.4%

British

Pound

Sterling

.6

Japanese

Yen

.7

Hong

Kong

Dollar

.1

Canadian

Dollar

.2

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Euro

.0%

Global

Emerging

Markets

Fund

Hong

Kong

Dollar

.0%

New

Taiwan

Dollar

.1

Indian

Rupee

.2

South

Korean

Won

.3

Global

Real

Estate

Securities

Fund

Japanese

Yen

.0%

Euro

.7

Australian

Dollar

.4

International

Equity

Fund

Euro

.6%

British

Pound

Sterling

.8

Hong

Kong

Dollar

.7

Japanese

Yen

.3

Canadian

Dollar

.3

Overseas

Fund

Euro

.1%

British

Pound

Sterling

.4

Japanese

Yen

.0

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Management

fees

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding

(number

of

settled

shares

outstanding

for

Government

Money

Market

Fund

and

Money

Market

Fund)

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.

Certain

of

the

transfer

agent

expenses

may

be

reduced

by

the

impact

of

interest

earned

during

the

period

between

when

a

redemption

occurs

and

the

funds

are

settled.

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

Underlying

Funds

in

which

they

invest.

Because

the

Underlying

Funds

have

varied

expense

levels

and

each

of

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

at

different

times,

the

amount

of

expense

incurred

indirectly

by

each

of

the

Funds

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

Government

Money

Market

Fund

and

Money

Market

Fund,

all

net

investment

income

and

any

realized

gains

from

investment

transactions

are

declared

as

dividends

daily

to

settled

shares

of

record

as

of

that

day.

With

respect

to

California

Municipal

Fund,

Core

Fixed

Income

Fund,

Government

&

High

Quality

Bond

Fund,

High

Yield

Fund,

Short-Term

Income

Fund

and

Tax-Exempt

Bond

Fund,

net

investment

income

is

declared

as

dividends

daily

to

settled

shares

of

record

as

of

that

day,

and

all

distributions

of

realized

gains

from

investment

transactions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

of

the

other

Funds

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

from

net

investment

income

and

net

realized

gain

from

investments

and

foreign

currency

transactions

are

determined

in

accordance

with

federal

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

differences

are

primarily

due

to

differing

treatments

for

amortization

of

premiums

and

discounts,

net

operating

losses,

foreign

currency

transactions,

options

and

futures

contracts,

certain

defaulted

securities,

sales

of

passive

foreign

investment

companies,

losses

deferred

due

to

wash

sales,

tax

straddles,

mortgage-backed

securities,

paydowns,

certain

preferred

securities,

swap

agreements,

short

sales,

partnership

investments,

REITs,

utilization

of

earnings

and

profits

distributed

to

shareholders

on

redemption

of

shares,

and

the

limitations

imposed

by

Sections

381-384

of

the

Internal

Revenue

Code.

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

October

31,

2025

,

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

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

dividend

income

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.

Adjustments

and

final

payments

to

previously

estimated

IRS

closing

agreement

fee

liabilities

may

result

in

an

increase

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

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.

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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. The

impact

of

these

ASUs

did

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.

As

of

November

1,

2024,

the

Funds

have

adopted

the

ASU

and

there

was

no

material

impact

to

the

Funds.

Required

disclosures

were

added,

as

applicable.

In

November

2023,

the

FASB

issued

ASU

No.

2023-07

Segment

Reporting

(Topic

280);

Improvements

to

Reportable

Segment

Disclosures

,

which

improves

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures.

The

ASU

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

fiscal

years

beginning

after

December

15,

2024. As

of

November

1,

2024,

the

Funds

have

adopted

the

ASU

and

added

required

disclosures,

as

applicable.

In

December

2023,

the

FASB

issued

ASU

No.

2023-09

Income

Taxes

(Topic

740);

Improvements

to

Income

Tax

Disclosures,

which

enhances

the

transparency

and

decision

usefulness

of

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

does

not

expect

the

future

adoption

of

this

standard

to

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

October

31,

2025

is

included

in

interfund

lending

on

the

statements

of

assets

and

liabilities.

Any

outstanding

borrowing

as

of

October

31,

2025

is

included

in

interfund

borrowing

on

the

statements

of

assets

and

liabilities.

During

the year

ended

October

31,

2025,

Funds

lending

to

the

Facility

were

as

follows

(amounts

in

thousands):

Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Interest

Income

Core

Fixed

Income

Fund

$

4.99 %

$

Core

Plus

Bond

Fund

4.92 9

Diversified

Income

Fund

590

4.91 29

Diversified

International

Fund

4.96 6

Equity

Income

Fund

4.94 8

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

4.99 23

Global

Emerging

Markets

Fund

4.91 18

Global

Real

Estate

Securities

Fund

4.94 7

Government

&

High

Quality

Bond

Fund

5.01 3

High

Yield

Fund

5.04 9

LargeCap

Growth

Fund

I

1,050

4.92 52

LargeCap

S&P

500

Index

Fund

4.90 12

LargeCap

Value

Fund

III

809

5.07 41

MidCap

Fund

5.06 3

MidCap

S&P

Index

Fund

4.90 8

MidCap

Value

Fund

I

4.88 11

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

During

the year

ended

October

31,

2025,

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

$300

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

October

31,

2025 is

included

in

borrowing

on

the

statements

of

assets

and

liabilities.

During

the year ended

October

31,

2025,

Funds

borrowing

against

the

line

of

credit

were

as

follows

(amounts

in

thousands):

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

Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Interest

Income

Overseas

Fund

$

4.90 %

$

Principal

Capital

Appreciation

Fund

4.96 15

Real

Estate

Securities

Fund

4.88 5

Short-Term

Income

Fund

680

4.95 34

SmallCap

Fund

4.94 3

SmallCap

Growth

Fund

I

821

5.02 41

SmallCap

S&P

600

Index

Fund

4.92 6

SmallCap

Value

Fund

II

4.91 10

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Interest

Expense

California

Municipal

Fund

$

4.98 %

$

Diversified

International

Fund

715

4.97 36

Global

Real

Estate

Securities

Fund

4.97 10

Inflation

Protection

Fund

5.02 8

International

Equity

Fund

4.87 17

MidCap

Fund

1,483

4.95 73

SmallCap

Fund

4.93 3

Tax-Exempt

Bond

Fund

4.96 16

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Core

Fixed

Income

Fund

$

5.46 %

Core

Plus

Bond

Fund

5.46 Diversified

Income

Fund

5.46 Diversified

International

Fund

5.47 Equity

Income

Fund

5.46 Finisterre

Emerging

Markets

Total

Return

Bond

Fund

5.46 Global

Emerging

Markets

Fund

5.39 Government

&

High

Quality

Bond

Fund

5.46 High

Yield

Fund

5.46 Inflation

Protection

Fund

5.46 LargeCap

Growth

Fund

I

5.46 MidCap

Value

Fund

I

5.46 Overseas

Fund

5.46 SAM

Conservative

Growth

Portfolio

5.38 SmallCap

Fund

5.46 SmallCap

Growth

Fund

I

5.46 SmallCap

Value

Fund

II

5.46 Tax-Exempt

Bond

Fund

5.77 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

banking

institution

and

its

regulatory

requirements,

triggers

are

generally

linked

to

regulatory

capital

thresholds

or

regulatory

actions

calling

into

question

such

institution's

continued

viability

as

a

going-concern.

CoCos

may

have

no

stated

maturity

and

fully

discretionary

coupons,

which

means

coupon

payments

can

be

canceled

at

the

issuing

banking

institution's

discretion

or

at

the

request

of

the

relevant

regulatory

authority

without

causing

a

default.

To

provide

the

appropriate

regulatory

capital

treatment,

CoCos

are

usually

issued

in

the

form

of

subordinated

debt

instruments

that

rank

junior

to

the

claims

of

holders

of

more

senior

obligations

in

the

event

of

the

issuer's

liquidation.

If

CoCos

are

converted

into

equity

securities

due

to

a

trigger

event,

holders

will

be

further

subordinated.

The

future

value

of

CoCos

is

unpredictable

and

is

influenced

by

many

factors

including,

without

limitation:

the

creditworthiness

of

the

issuer

and/or

fluctuations

in

such

issuer's

applicable

capital

ratios;

supply

and

demand

for

CoCos;

general

market

conditions

and

available

liquidity;

and

economic,

financial

and

political

events

that

affect

the

issuer,

its

particular

market

or

the

financial

markets

in

general.

Due

to

these

features,

CoCos

may

have

substantially

greater

risk

than

other

securities

in

times

of

financial

stress.

Because

of

the

uncertainty

regarding

whether

a

conversion

event

will

occur,

it

may

be

difficult

to

predict

when,

if

at

all,

a

contingent

convertible

security

will

be

converted

to

equity,

and

a

fund

may

suffer

losses

as

a

result.

If

the

trigger

level

is

breached,

the

issuer's

decision

to

write

down,

write

off

or

convert

a

contingent

convertible

security

may

result

in

the

fund's

complete

loss

on

an

investment

in

CoCos

with

no

chance

of

recovery

even

if

the

issuer

remains

in

existence.

Counterparties.

The

Funds

may

be

exposed

to

counterparty

risk,

or

the

risk

that

another

party

with

which

the

Funds

have

unsettled

or

open

transactions

will

fail

to

perform

on

their

commitment.

To

the

extent

that

unpaid

amounts

owed

to

the

Funds

exceed

a

predetermined

threshold

agreed

to

with

the

counterparty,

as

stated

in

the

counterparties'

master

netting

agreements

("Master

Netting

Agreements"),

such

counterparty

shall

advance

collateral

to

the

Funds

in

the

form

of

cash

or

cash

equivalents

equal

in

value

to

the

unpaid

amount

owed

to

the

Funds.

If

the

unpaid

amount

owed

to

the

Funds

subsequently

decreases,

the

Funds

would

be

required

to

return

all

or

a

portion

of

the

collateral.

Master

Netting

Agreements

may

also

help

limit

counterparty

risk

by

specifying

collateral

posting

arrangements

at

pre-arranged

exposure

levels.

Under

the

Master

Netting

Agreements,

collateral

is

routinely

transferred

if

the

total

net

exposure

to

certain

transactions

governed

under

the

relevant

master

netting

agreement

with

a

counterparty

exceeds

a

specified

threshold.

As

of

October

31,

2025,

Funds

with

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

Income

Fund

Bank

of

America

NA

Credit

Default

Swaps

$

$

—

$

$

$

—

$

$

(400) $

—

Bank

of

New

York

Mellon

Foreign

Currency

Contracts

—

$

$

—

$

$

—

$

Citigroup

Inc

Credit

Default

Swaps

—

Foreign

Currency

Contracts

(46) (28) $

$

(46) $

$

—

$

Deutsche

Bank

AG

Foreign

Currency

Contracts

(2) 6

$

$

(2) $

$

—

$

Goldman

Sachs

&

Co

Credit

Default

Swaps

751

(148) 603

Foreign

Currency

Contracts

(17) 9

$

777

$

(165) $

612

$

(580) $

HSBC

Securities

Inc

Foreign

Currency

Contracts

(43) 149

Total

Return

Swaps

—

$

$

(43) $

$

—

$

JPMorgan

Chase

Credit

Default

Swaps

616

—

616

Foreign

Currency

Contracts

—

Total

Return

Swaps

557

—

557

Written

Credit

Default

Swaptions

—

—

—

$

1,204

$

—

$

1,204

$

(600) $

604

Morgan

Stanley

&

Co

Credit

Default

Swaps

(56) 143

Total

Return

Swaps

—

—

—

$

$

(56)

$

$

—

$

Total

OTC

$

3,362

$

(312) $

3,05

$

1,47

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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.

Assets

\*

Liabilities

\*

Net

Market

Value

of

OTC

Derivatives

Collateral

(Received)/

Pledged

†

Net

Exposure

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Citigroup

Inc

Foreign

Currency

Contracts

$

667

$

(134) $

533

$

667

$

(134) $

533

$

—

$

533

Goldman

Sachs

&

Co

Credit

Default

Swaps

—

(840) (840) Foreign

Currency

Contracts

—

$

$

(840) $

(818) $

818

$

—

HSBC

Securities

Inc

Foreign

Currency

Contracts

528

(365) 163

Total

Return

Swaps

511

—

511

$

1,039

$

(365) $

674

$

—

$

674

JPMorgan

Chase

Foreign

Currency

Contracts

(3) 44

Total

Return

Swaps

1,486

—

1,486

$

1,533

$

(3) $

1,530

$

—

$

1,530

Total

OTC

$

3,261

$

(1,342)

$

1,919

$

2,737

High

Yield

Fund

RBC

Dominon

Securities

Corp

Foreign

Currency

Contracts

—

$

$

—

$

$

—

$

Total

OTC

$

$

—

$

$

Inflation

Protection

Fund

Barclays

Bank

PLC

Foreign

Currency

Contracts

(190) (103) Purchased

Options

—

Written

Options

—

(16) (16) $

$

(206) $

(4

2)

$

—

$

(42)

Citigroup

Inc

Foreign

Currency

Contracts

—

(121) (121) Written

Interest

Rate

Swaptions

—

(288) (288) $

—

$

(409) $

(409) $

—

$

(409) Cowen

Group

Foreign

Currency

Contracts

—

$

$

—

$

$

—

$

Deutsche

Bank

AG

Foreign

Currency

Contracts

—

Written

Interest

Rate

Swaptions

—

(20) (20) $

$

(20) $

$

—

$

Goldman

Sachs

&

Co

Foreign

Currency

Contracts

—

(17) (17) $

—

$

(17) $

(17) $

—

$

(17) JPMorgan

Chase

Foreign

Currency

Contracts

—

Written

Interest

Rate

Swaptions

—

(147) (147) $

$

(147) $

(117) $

—

$

(117) Morgan

Stanley

&

Co

Foreign

Currency

Contracts

—

$

$

—

$

$

(24) $

—

UBS

AG

Foreign

Currency

Contracts

(5) (1) $

$

(5) $

(1) $

—

$

(1) Total

OTC

$

$

(804) $

(30

2)

$

(326)

\*

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.

October

31,

2025

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

October

31,

2025,

none

of

the

Funds

had

cross

trades.

Deposits

with

Counterparty.

Cash

pledged

as

collateral

is

reflected

as

an

asset

on

the

statements

of

assets

and

liabilities

as

deposits

with

counterparty.

There

are

a

variety

of

security

types

which

require

varying

levels

of

pledged

collateral.

Customer

account

agreements

govern

cleared

derivatives

transactions

such

as

futures

contracts

and

certain

swap

agreements.

Such

transactions

require

posting

of

initial

margin

as

determined

by

each

relevant

clearing

agency

which

is

segregated

in

an

account

at

a

futures

commission

merchant

("FCM")

registered

with

the

Commodity

Futures

Trading

Commission.

International

Swaps

and

Derivatives

Association

("ISDA")

accounts

are

maintained

in

a

segregated

account

at

the

custodian

for

over-the-counter

("OTC")

derivatives.

Master

Securities

Forward

Transaction

Agreements

("MSFTA")

accounts

are

also

maintained

in

a

segregated

account

at

the

custodian

for

collateral

related

to

forward

currency

contracts

and

"to-be-announced"

("TBA")

securities.

Certain

of

the Funds may

pledge

cash

to

a

broker

for

securities

sold

short.

As

of

October

31,

2025,

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

October

31,

2025,

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

within

the

disclosure

hierarchy.

The

notes

issued

by

the

trusts

have

interest

rates

that

reset

weekly,

and

the

floating

rate

note

holders

have

the

option

to

tender

their

notes

to

the

trusts

for

redemption

at

par

at

each

reset

date.

FCM

(Futures

and

Cleared

Swaps)

ISDA

(OTC

Derivatives)

Total

Deposits

with

Counterparty

Diversified

Income

Fund

$

1,259

$

726

$

1,985

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

8,336

1,855

10,191

Government

&

High

Quality

Bond

Fund

640

—

640

Inflation

Protection

Fund

10,101

—

10,101

LargeCap

Growth

Fund

I

3,216

—

3,216

LargeCap

S&P

500

Index

Fund

17,912

—

17,912

LargeCap

Value

Fund

III

1,448

—

1,448

MidCap

S&P

Index

Fund

2,541

—

2,541

MidCap

Value

Fund

I

751

—

751

Overseas

Fund

—

Short-Term

Income

Fund

—

SmallCap

Growth

Fund

I

—

SmallCap

S&P

600

Index

Fund

3,014

—

3,014

SmallCap

Value

Fund

II

—

ISDA

(OTC

Derivatives)

MSFTA

(Forward

Currency

Contracts

and

TBA

Securities)

Total

Deposits

from

Counterparty

Diversified

Income

Fund

$

1,580

$

—

$

1,580

Inflation

Protection

Fund

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

During the

year

ended October

31,

2025,

the

average

outstanding

balances

for

the

liability and weighted

average

annual

interest

rates for

the

Funds'

were

as

follows

(amounts

in

thousands):

Foreign

Currency

Contracts.

Certain

of

the

Funds

may

be

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

such

Funds'

investment

objectives.

The

Funds

may

use

foreign

currency

contracts

to

gain

exposure

to,

or

hedge

against

changes

in

the

value

of

foreign

currencies.

Certain

of

the

Funds

enter

into

forward

contracts

to

purchase

and

sell

foreign

currencies

at

a

specified

future

date

at

a

fixed

exchange

rate.

Forward

foreign

currency

contracts

are

valued

at

the

forward

rate,

and

are

marked-to-market

daily.

The

change

in

fair

value

is

recorded

by

the

Funds

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

the

Funds

record

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The

use

of

forward

foreign

currency

contracts

does

not

eliminate

the

fluctuations

in

underlying

prices

of

the

Funds'

portfolio

securities,

but

it

does

establish

a

rate

of

exchange

that

can

be

achieved

in

the

future.

Although

forward

foreign

currency

contracts

limit

the

risk

of

loss

due

to

a

decline

in

the

value

of

the

hedged

currency,

they

also

limit

any

potential

gain

that

might

result

should

the

value

of

the

currency

increase.

In

addition,

the

Funds

could

be

exposed

to

risks

if

the

counterparties

to

the

contracts

are

unable

to

meet

the

terms

of

their

contracts

or

if

the

value

of

the

currency

changes

unfavorably

to

the

U.S.

dollar

or

other

respective

currency.

Futures

Contracts.

The

Funds

are

subject

to

equity

price

risk,

interest

rate

risk,

and

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

Certain

of

the

Funds

may

enter

into

futures

contracts

to

hedge

against

changes

in,

or

to

gain

exposure

to,

change

in

the

value

of

equities,

interest

rates

and

foreign

currencies.

Initial

margin

deposits

are

made

by

cash

deposits

or

segregation

of

specific

securities

as

may

be

required

by

the

exchange

on

which

the

transaction

was

conducted.

Pursuant

to

the

contracts,

typically

a

fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

the

value

of

the

contract.

Such

receipts

or

payments

are

known

as

"variation

margin"

and

are

recorded

by

the

fund

as

a

variation

margin

receivable

or

payable

on

financial

derivative

instruments.

For

those

contracts

where

daily

variation

margin

payments

are

not

received

from

or

paid

to

the

broker,

the

cumulative

unrealized

gains

or

losses

are

included

in

variation

margin

receivable

or

payable

on

financial

derivative

instruments.

Futures

contracts

are

marked

to

market

daily

at

the

closing

settlement

price

or

in

the

absence

of

such

a

price,

the

most

recent

quoted

bid

price.

If

there

are

no

quotations

available,

the

security

is

valued

at

the

last

available

closing

settlement

price.

During

the

period

the

futures

contracts

are

open,

daily

changes

in

the

fair

value

of

the

contracts

are

recognized

as

unrealized

gains

or

losses.

These

unrealized

gains

or

losses

are

included

as

a

component

of

total

distributable

earnings

(accumulated

loss)

on

the

statements

of

assets

and

liabilities.

When

the

contracts

are

closed,

the

fund

recognizes

a

realized

gain

or

loss

equal

to

the

difference

between

the

proceeds

from,

or

cost

of,

the

closing

transaction

and

the

fund's

cost

basis

in

the

contract.

There

is

minimal

counterparty

credit

risk

to

the

Funds

because

futures

are

exchange

traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange

traded

futures,

guarantees

the

futures

against

default.

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

Core

Plus

Bond

Fund,

Core

Fixed

Income

Fund,

Diversified

Income

Fund,

Inflation

Protection

Fund,

Government

&

High

Quality

Bond

Fund,

Finisterre

Emerging

Markets

Total

Return

Bond

Fund,

and

Short-Term

Income

Fund.

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

Average

Outstanding

Balance

Weighted

Average

Annual

Interest

Rate

California

Municipal

Fund

$

24,871

3.25 %

Tax-Exempt

Bond

Fund

28,679

3.04 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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.

Liquidity

Fees

on

Redemptions,

Imposition,

and

Duration.

As

a

retail

money

market

fund,

the

Money

Market

Fund

has

adopted

policies

and

procedures

regarding

the

imposition

of

liquidity

fees

on

redemptions.

The

imposition

of

liquidity

fees

also

affects

checkwriting

and

exchanges

from

the

Money

Market

Fund.

If

the

Fund's Board (or

the

Manager,

in

accordance

with

Fund's

Board-approved

guidelines)

determines

that

a

liquidity

fee

is

in

the

best

interests

of

the

fund,

the

fund

must

institute

a

liquidity

fee

(not

to

exceed

2%

of

the

value

of

the

shares

redeemed).

This

discretionary

liquidity

fee

will

be

applied

to

all

fund

shares

for

which

redemption

requests

are

submitted.

If

fund

shares

are

held

through

a

financial

intermediary,

the

fund

may

rely

on

that

intermediary

to

assess

the

fund's

discretionary

liquidity

fees

on

underlying

shareholder

accounts.

A

discretionary

liquidity

fee

will

commence

if

the

Fund's

Board

(or

the

Manager,

in

accordance

with

Fund's

Board-approved

guidelines)

determines

to

impose

it

(as

early

as

the

same

day

the

Fund's

Board

or

the

Manager

makes

the

determination)

and

will

remain

in

place

until

the

Fund's

Board

(or

the

Manager,

in

accordance

with

Fund's

Board-approved guidelines)

determines

that

imposing

the

discretionary

liquidity

fee

is

no

longer

in

the

best

interests

of

the

Money

Market

Fund.

Operating

Segments.

An

operating

segment

is

defined

in

ASC

Topic

280,

Segment

Reporting,

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

the

public

entity's

chief

operating

decision

maker

("CODM")

to

make

decisions

about

resources

to

be

allocated

to

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available. Committees

and

working

groups

within

Management

under

the

direction

of

the

President

act

as

the

Funds'

CODM.

Each

of

the

Funds

represents

a

single

operating

segment.

The

CODM

monitors

the

operating

results

of

the

Funds

as

a

whole

and

the

Funds'

strategic

asset

allocation

to

ensure

compliance

with

the defined

investment

strategy

executed

by

the

Funds'

portfolio

managers

as

a

team.

The

types

of

investments

from

which

the

Funds

generate

their

returns

are

reflected

on

the

schedules

of

investments.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

statements

of

operations

and

financial

highlights.

The

measures

shown

within

these

statements

including

net

investment

income

(loss),

total

return,

and

ratio

of

expenses

to

average

net

assets

are

used

by

the

CODM

to

assess

the

segments'

performance

versus

the

Funds'

comparative

benchmarks

and

investment

objectives,

and

to

make

resource

allocation

decisions

for

the

Funds'

single

segment.

Segment

assets

are

reported

on

the

statements

of

assets

and

liabilities

as

total

assets.

Options

Contracts.

During

the

year, certain

of

the

Funds

wrote

call

and

put

options

on

futures,

swaps,

securities,

indices

and

currencies

they

own

or

in

which

they

may

invest

and

inflation

floors

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,

a

put

option,

or

an

inflation

floor,

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.

An

inflation

floor

can

give

downside

protection

to

investments

in

inflation-linked

products.

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

future,

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

future,

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

future,

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

future,

swap,

security,

index

or

currency

transaction

to

determine

the

realized

gain

or

loss.

Details

of

options

contracts

open

at year

end

are

included

in

the

Funds'

schedules

of

investments.

Private

Investments

in

Public

Equity.

The

Funds

may

invest

in

private

investments

in

public

equity

("PIPEs")

which

are

issued

by

a

company

in

the

secondary

market

as

a

means

of

raising

capital.

In

connection

with

PIPEs,

the

Funds

may

enter

into

unfunded

commitments.

Commitments

may

be

subject

to

various

contingencies

and

are

recognized

when

the

commitment

is

legally

binding.

These

contingencies

are

considered

in

the

valuation

of

the

commitments.

The

Funds

are

obligated

to

fund

these

commitments

when

the

contingencies

are

met

and

therefore,

the

Funds

must

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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,

if

any, are

typically

categorized

as

Level

within

the

disclosure

hierarchy.

As of

October

31,

2025,

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. As

of

October

31,

2025,

the

Bank

of

New

York

Mellon

repurchase

agreement

held

by

Government

Money

Market

Fund

was

undercollateralized

due

to

an

operational

error.

However,

the

full

collateral

was

reinstated

subsequent

to

the

fiscal

year

end.

In

addition,

the

Funds

may

enter

into

repurchase

agreements

with

certain

counterparties

that

are

collateralized

by

assets

other

than

U.S.

government

or

U.S.

government

agency

securities.

The

collateral

pledged

by

the

counterparty

under

these

repurchase

agreements

is

maintained

in

a

segregated

account

at

the

counterparty's

custodian.

After

entering

into

the

repurchase

agreement,

the

fund

may

sell

short

the

security

pledged

by

the

counterparty

as

collateral

in

anticipation

of

a

decline

in

market

value.

Upon

the

settlement

of

the

short

sale,

the

fund

will

unwind

the

repurchase

agreement.

Although

the

repurchase

agreements

are

typically

open-ended

through

the

maturity

date

of

the

collateral,

the

fund

has

a

right

to

terminate

the

repurchase

agreement

at

any

time

with

two

days'

notice.

During

periods

of

high

demand

for

the

collateral

security,

the

fund

may

also

pay

the

counterparty

a

fee

and

the

amount

is

recorded

as

interest

expense

on

the

statements

of

operations.

Global

master

repurchase

agreements

govern

the

repurchase

and

reverse

repurchase

transactions

between

the

fund

and

the

counterparty.

Collateral

requirements

for

certain

counterparties

may

be

determined

on

a

total

exposure

basis,

rather

than

on

an

individual

repurchase

agreement

or

reverse

repurchase

agreement

basis

in

order

to

determine

the

collateral

to

be

received

or

pledged.

Restricted

Securities.

Certain

of

the

Funds

may

invest

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

These

securities

generally

may

be

resold

in

transactions

exempt

from

registration

or

to

the

public

if

the

securities

are

registered.

Disposal

of

these

securities

may

involve

time-consuming

negotiations

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

Securities

Lending.

As

footnoted

in

the

schedules

of

investments,

certain

of

the

Funds

may

lend

portfolio

securities

to

approved

brokerage

firms

to

earn

additional

income.

The

Funds

receive

collateral,

in

the

form

of

cash,

against

the

loaned

securities.

During

the

period

of

the

loan,

the

borrower

must

maintain

collateral

in

an

amount

not

less

than

102%

of

the

market

value

of

the

domestic

and

foreign

fixed

income

loaned

securities

and

105%

of

the

market

value

of

the

foreign

equity

loaned

securities.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

The

transactions

are

accounted

for

as

secured

borrowings

and

the

remaining

contractual

maturity

is

overnight

and

continuous

for

all

securities. The

cash

collateral

received

is

usually

invested

in

an

SEC-registered

money

market

mutual

fund

and

the

Funds

could

realize

a

loss

on

such

investments.

Further,

the

Funds

could

experience

a

delay

in

recovering their

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

Securities

lending

income,

net

of

related

fees,

is

shown

on

the

statements

of

operations.

Senior

Floating

Rate

Interests.

The

Funds

may

invest

in

senior

floating

rate

interests

(bank

loans).

Senior

floating

rate

interests

typically hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity

(the

"Borrower"),

and

are

secured

by

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

Borrower.

Senior

floating

rate

interests

are

typically

structured

and

administered

by

a

financial

institution

that

acts

as

the

agent

of

the

lenders

participating

in

the

senior

floating

rate

interest.

Borrowers

of

senior

floating

rate

interests

are

typically

rated

below-investment-grade,

which

means

they

are

more

likely

to

default

than

investment-grade

loans.

A

default

could

lead

to

non-payment

of

income

which

would

result

in

a

reduction

of

income

to

the

fund

and

there

can

be

no

assurance

that

the

liquidation

of

any

collateral

would

satisfy

the

Borrower's

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

payments,

or

that

such

collateral

could

be

readily

liquidated.

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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

within

the

disclosure

hierarchy.

As

of

October

31,

2025,

the

Funds

had

unfunded

loan

commitments

as

follows

(amounts

in

thousands):

Short

Sales.

Certain

of

the

funds

may

enter

into

short

sales

transactions.

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

would

be

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.

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.

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)

Core

Plus

Bond

Fund

$

$

—

Diversified

Income

Fund

(2)

High

Yield

Fund

—

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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

October

31,

2025

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.

October

31,

2025

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.

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

to

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.

The

performance

and

risks

of

each

Principal

LifeTime

Fund,

Principal

LifeTime

Hybrid

Fund,

and

SAM

Portfolio

(singly,

"a

fund

of

funds"

and

collectively,

"the

funds

of

funds")

directly

corresponds

to

the

performance

and

risks

of

the

Underlying

Funds

in

which

the

fund

of

funds

invests.

By

investing

in

many

Underlying

Funds,

the

funds

of

funds

have

partial

exposure

to

the

risks

of

many

different

areas

of

the

market.

The

more

a

fund

of

funds

allocates

to

stock

funds,

the

greater

the

expected

risk.

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

funds

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

October

31,

2025,

series

of

the

Fund,

Principal

Exchange-Traded

Funds, Principal

Variable

Contracts

Funds,

Inc.

and

collective

investment

trusts

sponsored

by

Principal

Global

Investors

Trust

Company

(an

affiliate

of

the

Manager)

owned

the

following

percentages,

in

the

aggregate,

of

the

outstanding

shares

of

the

Funds

listed

below:

U.S.

Government

Agencies

or

Government-Sponsored

Enterprises.

Certain

of

the

Funds

may

invest

in

U.S.

Government

agencies

or

government-sponsored

enterprises.

U.S.

Government

securities

are

obligations

of,

and

in

certain

cases,

guaranteed

by,

the

U.S.

Government

or

its

agencies.

The

U.S.

Government

does

not

guarantee

the

net

asset

value

of

the

Funds'

shares.

Some

U.S.

Government

securities

such

as

treasury

bills,

notes

and

bonds,

and

securities

guaranteed

by

the

Government

National

Mortgage

Association

("GNMA")

are

supported

by

the

full

faith

and

credit

of

the

U.S.

Government.

Other

securities,

such

as

those

of

the

Federal

Home

Loan

Bank,

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Department

of

the

Treasury.

Still

other

securities,

such

as

those

of

the

Federal

National

Mortgage

Association

("FNMA"),

are

supported

by

the

discretionary

authority

of

the

U.S.

Government

to

purchase

the

agency's

obligations.

Total

Percentage

of

Outstanding

Shares

Owned

Total

Percentage

of

Outstanding

Shares

Owned

Core

Fixed

Income

Fund

65.90 %

LargeCap

S&P

500

Index

Fund

57.61 %

Equity

Income

Fund

33.78 LargeCap

Value

Fund

III

81.36 Finisterre

Emerging

Markets

Total

Return

Bond

Fund

55.50 MidCap

Fund

1.47 Global

Emerging

Markets

Fund

89.87 MidCap

S&P

Index

Fund

38.28 Government

&

High

Quality

Bond

Fund

33.27 Overseas

Fund

52.27 Government

Money

Market

Fund

66.58 Principal

Capital

Appreciation

Fund

31.95 High

Yield

Fund

61.57 Real

Estate

Securities

Fund

11.35 International

Equity

Fund

89.00 Short-Term

Income

Fund

45.01 Inflation

Protection

Fund

88.29 SmallCap

Fund

32.75 LargeCap

Growth

Fund

I

26.05 SmallCap

S&P

600

Index

Fund

43.72 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Government

related

guarantors

(those

not

backed

by

the

full

faith

and

credit

of

the U.S.

Government)

include

the FNMA

and

the

Federal

Home

Loan

Mortgage

Corporation

("FHLMC").

The

FNMA

is

a

government

sponsored

corporation,

the

common

stock

of

which

is

owned

entirely

by

private

stockholders.

The

FNMA

purchases

conventional

residential

mortgages

from

a

list

of

approved

seller/servicers

which

include

state

and

federally

chartered

savings

and

loan

associations,

mutual

savings

banks,

commercial

banks,

credit

unions,

and

mortgage

bankers.

Pass-through

securities

issued

by

the

FNMA

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

the

FNMA,

but

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

The

FHLMC

issues

participation

certificates,

which

are

pass-through

securities,

each

representing

an

undivided

interest

in

a

pool

of

residential

mortgages.

The

FHLMC

guarantees

the

timely

payment

of

interest

and

ultimate

collection

of

principal,

but

participation

certificates

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

Derivatives.

The

following

tables

provide

information

about

where

in

the

statements

of

assets

and

liabilities

and

statements

of

operations

information

about

derivatives

can

be

found

(amounts

in

thousands):

Asset

Derivatives

October

31,

2025

Liability

Derivatives

October

31,

2025

Derivatives

not

accounted

for

as

hedging

instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Core

Fixed

Income

Fund

Interest

Rate

Contracts

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

3,139

\*

Core

Plus

Bond

Fund

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

672

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Diversified

Income

Fund

Credit

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

2,2

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Foreign

Exchange

Contracts

Receivables

$

Payables

$

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

899

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Total

$

3,532

$

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Credit

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Foreign

Exchange

Contracts

Receivables

$

1,264

Payables

$

502

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

2,821

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,614

\*

Total

$

4,103

$

3,09

Government

&

High

Quality

Bond

Fund

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

High

Yield

Fund

Foreign

Exchange

Contracts

Receivables

$

$

—

Inflation

Protection

Fund

Credit

Contracts

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Foreign

Exchange

Contracts

Investment

in

securities

-

at

value\*\*,

Receivables

$

Payables

$

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

2,367

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

2,290

\*

Total

$

2,8

$

2,67

LargeCap

Growth

Fund

I

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

LargeCap

S&P

500

Index

Fund

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

6,777

\*

$

—

LargeCap

Value

Fund

III

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

MidCap

S&P

Index

Fund

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

MidCap

Value

Fund

I

Equity

Contracts

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Overseas

Fund

Equity

Contracts

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Short-Term

Income

Fund

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Asset

Derivatives

October

31,

2025

Liability

Derivatives

October

31,

2025

Derivatives

not

accounted

for

as

hedging

instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

SmallCap

Growth

Fund

I

Equity

Contracts

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

SmallCap

S&P

600

Index

Fund

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

SmallCap

Value

Fund

II

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

\*Includes

cumulative

unrealized

appreciation/(depreciation)

of

exchange

traded

swaps

and/or

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.

\*\*Investment

in

securities

-

at

value

includes

purchased

options

and/or

purchased

swaptions.

Derivatives

not

accounted

for

as

hedging

instruments

Location

of

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Realized

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

of

Derivatives

Recognized

in

Statement

of

Operations

Core

Fixed

Income

Fund

Interest

Rate

Contracts

Futures

contracts

$

(1,884)

$

3,033

Core

Plus

Bond

Fund

Credit

Contracts

Swap

agreements

$

$

—

Interest

Rate

Contracts

Futures

contracts

$

(7,472)

$

5,626

Total

$

(7,339)

$

5,626

Diversified

Income

Fund

Credit

Contracts

Investment

transactions/Investments\*

$

(98) $

Options

and

swaptions

$

$

(20) Swap

agreements

$

(401) $

(9) Foreign

Exchange

Contracts

Foreign

currency

contracts

$

(193) $

(63) Interest

Rate

Contracts

Investment

transactions/Investments\*

$

—

$

(4) Futures

contracts

$

(3,018)

$

1,067

Swap

agreements

$

630

$

Total

$

(2,955)

$

1,3

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Credit

Contracts

Swap

agreements

$

(4,334)

$

(55

5)

Foreign

Exchange

Contracts

Foreign

currency

contracts

$

(941) $

(23

6)

Interest

Rate

Contracts

Futures

contracts

$

955

$

Swap

agreements

$

$

3,121

Total

$

(3,821)

$

2,680

Government

&

High

Quality

Bond

Fund

Interest

Rate

Contracts

Futures

contracts

$

(1,301)

$

(102) High

Yield

Fund

Foreign

Exchange

Contracts

Foreign

currency

contracts

$

(408) $

Inflation

Protection

Fund

Credit

Contracts

Swap

agreements

$

1,509

$

Foreign

Exchange

Contracts

Investment

transactions/Investments\*

$

(312) $

(215) Foreign

currency

contracts

$

$

(1,485)

Options

and

swaptions

$

618

$

Interest

Rate

Contracts

Investment

transactions/Investments\*

$

(3,130)

$

Futures

contracts

$

(2,812)

$

(271) Options

and

swaptions

$

1,015

$

Swap

agreements

$

2,337

$

889

Total

$

(614) $

(72

2)

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

The

following

table

includes

a

summary

of

the

average

quarterly

outstanding

notional

by

derivative

instrument

type

(for

the

quarter

ends

that

such

instruments

were

held)

for

the

year

ended

October

31,

2025

(amounts

in

thousands):

Derivatives

not

accounted

for

as

hedging

instruments

Location

of

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Realized

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

of

Derivatives

Recognized

in

Statement

of

Operations

LargeCap

Growth

Fund

I

Equity

Contracts

Futures

contracts

$

(2,895)

$

2,31

LargeCap

S&P

500

Index

Fund

Equity

Contracts

Futures

contracts

$

9,244

$

5,797

LargeCap

Value

Fund

III

Equity

Contracts

Futures

contracts

$

4,828

$

1,170

MidCap

S&P

Index

Fund

Equity

Contracts

Futures

contracts

$

(3,063)

$

MidCap

Value

Fund

I

Equity

Contracts

Futures

contracts

$

(851) $

Overseas

Fund

Equity

Contracts

Futures

contracts

$

$

(11) Short-Term

Income

Fund

Interest

Rate

Contracts

Futures

contracts

$

(4,795)

$

4,803

SmallCap

Growth

Fund

I

Equity

Contracts

Futures

contracts

$

(407) $

SmallCap

S&P

600

Index

Fund

Equity

Contracts

Futures

contracts

$

1,319

$

SmallCap

Value

Fund

II

Equity

Contracts

Futures

contracts

$

$

\*Investment

transactions

includes

purchased

options

and/or

purchased

swaptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract

Type

Derivative

Type

Average

Notional

Core

Fixed

Income

Fund

Interest

Rate

Contracts

Futures

-

Long

$

756,810

Futures

-

Short

48,045

Core

Plus

Bond

Fund

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps

-

Buy

Protection

21,180

Interest

Rate

Contracts

Futures

-

Long

137,242

Futures

-

Short

6,299

Diversified

Income

Fund

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

9,473

Credit

Default

Swaps

-

Sell

Protection

14,141

Exchange

Cleared

Credit

Default

Swaps

-

Buy

Protection

28,716

Purchased

Credit

Default

Swaptions

2,740

Written

Credit

Default

Swaptions

11,970

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

–

Contracts

to

Accept

21,987

Foreign

Currency

Contracts

–

Contracts

to

Deliver

42,695

Interest

Rate

Contracts

Futures

-

Long

64,956

Futures

-

Short

35,754

Purchased

Options

Total

Return

Swaps

-

Pay

Positive

Return

Total

Return

Swaps

-

Receive

Positive

Return

4,904

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

90,100

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract

Type

Derivative

Type

Average

Notional

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(continued)

Exchange

Cleared

Credit

Default

Swaps

-

Buy

Protection

73,318

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

–

Contracts

to

Accept

150,093

Foreign

Currency

Contracts

–

Contracts

to

Deliver

191,80

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

314,447

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

125,782

Futures

-

Long

113,711

Futures

-

Short

25,316

Total

Return

Swaps

-

Receive

Positive

Return

13,86

Government

&

High

Quality

Bond

Fund

Interest

Rate

Contracts

Futures

-

Long

15,126

Futures

-

Short

80,98

High

Yield

Fund

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

–

Contracts

to

Accept

856

Foreign

Currency

Contracts

–

Contracts

to

Deliver

21,269

Inflation

Protection

Fund

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps

-

Sell

Protection

32,913

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

–

Contracts

to

Accept

49,055

Foreign

Currency

Contracts

–

Contracts

to

Deliver

77,599

Purchased

Options

75,688

Written

Options

57,426

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

1,147,307

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

460,709

Futures

-

Long

360,114

Futures

-

Short

187,018

Purchased

Interest

Rate

Swaptions

370,630

Purchased

Options

126,120

Written

Interest

Rate

Swaptions

359,143

Written

Options

126,120

LargeCap

Growth

Fund

I

Equity

Contracts

Futures

-

Long

28,342

LargeCap

S&P

500

Index

Fund

Equity

Contracts

Futures

-

Long

227,208

LargeCap

Value

Fund

III

Equity

Contracts

Futures

-

Long

40,993

MidCap

S&P

Index

Fund

Equity

Contracts

Futures

-

Long

33,074

MidCap

Value

Fund

I

Equity

Contracts

Futures

-

Long

11,067

Overseas

Fund

Equity

Contracts

Futures

-

Long

6,722

Short-Term

Income

Fund

Interest

Rate

Contracts

Futures

-

Long

79,541

SmallCap

Growth

Fund

I

Equity

Contracts

Futures

-

Long

3,783

SmallCap

S&P

600

Index

Fund

Equity

Contracts

Futures

-

Long

31,640

SmallCap

Value

Fund

II

Equity

Contracts

Futures

-

Long

4,522

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

4. Fair

Valuation

Fair

value

is

defined

as

the

price

that

the

Funds

would

receive

upon

selling

a

security

or

transferring

a

liability in

a

timely

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

of

the

security

at

the

measurement

date.

In

determining

fair

value,

the

Funds

may

use

one

or

more

of

the

following

approaches:

market,

income

and/or

cost.

A

hierarchy

for

inputs

is

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

be

used

when

available.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

Funds.

Unobservable

inputs

are

inputs

that

reflect

the

fund's

own

estimates

about

the

estimates

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

levels

listed

below.

● Level

–

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

–

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

–

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

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

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.

For

example,

short-term

securities

held

in

Government

Money

Market

Fund

and

Money

Market

Fund

are

valued

using

amortized

cost,

as

permitted

under

Rule

2a-7

of

the

1940

Act.

Generally,

amortized

cost

approximates

the

current

fair

value

of

these

securities,

but

because

the

value

is

not

obtained

from

a

quoted

price

in

an

active

market,

such

securities

are

reflected

as

Level

2. Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

The

following

is

a

summary

of

the

inputs

used

as

of October

31,

2025

in

valuing

the

Funds'

securities

carried

at

fair

value

(amounts

in

thousands):

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

California

Municipal

Fund

Investment

Companies\*

$

$

—

$

—

$

Municipal

Bonds\*

—

663,672

—

663,672

Total

investments

in

securities

$

$

663,672

$

—

$

663,724

Core

Fixed

Income

Fund

Bonds\*

—

6,257,497

—

6,257,497

Common

Stocks

Industrial

—

—

6,105

6,105

Investment

Companies\*

98,025

—

—

98,025

U.S.

Government

&

Government

Agency

Obligations\*

—

4,291,478

—

4,291,478

Total

investments

in

securities

$

98,025

$

10,548,975

$

6,105

$

10,653,105

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

(3,139)

—

—

(3,139)

Core

Plus

Bond

Fund

Bonds\*

—

292,422

—

292,422

Common

Stocks

Consumer,

Cyclical

—

—

—

—

Energy

—

—

Financial

—

—

Investment

Companies\*

54,364

—

—

54,364

Senior

Floating

Rate

Interests\*

—

13,168

—

13,168

U.S.

Government

&

Government

Agency

Obligations\*

—

191,128

—

191,128

Total

investments

in

securities

$

54,364

$

496,720

$

$

551,113

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

672

—

—

672

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

(100) —

—

(100) Diversified

Income

Fund

Bonds\*

—

1,666,148

28,040

1,694,188

Common

Stocks

Basic

Materials

—

—

51,225

51,225

Communications

—

—

Consumer,

Cyclical

—

1,386

—

1,386

Consumer,

Non-cyclical

—

—

996

996

Technology

—

—

Convertible

Bonds\*

—

2,240

—

2,240

Investment

Companies\*

176,884

—

—

176,884

Preferred

Stocks

Consumer,

Non-cyclical

—

955

—

955

Energy

—

—

Financial

19,786

3,201

—

22,987

Utilities

9,130

—

—

9,130

Repurchase

Agreements

—

15,001

—

15,001

Senior

Floating

Rate

Interests\*

—

194,726

13,754

208,480

U.S.

Government

&

Government

Agency

Obligations\*

—

261,320

—

261,320

Purchased

Options

—

—

—

—

Total

investments

in

securities

$

206,144

$

2,145,082

$

94,015

$

2,445,241

Short

Sales

U.S.

Government

&

Government

Agency

Obligations\*

—

(3,223)

—

(3,223)

Total

Short

Sales

$

—

$

(3,223)

$

—

$

(3,223)

Derivative

Assets

Credit

Contracts

Credit

Default

Swaps

—

2,23

—

2,23

Exchange

Cleared

Credit

Default

Swaps\*\*

—

—

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Diversified

Income

Fund

(continued)

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

$

—

$

$

—

$

Interest

Rate

Contracts

Futures\*\*

—

—

Total

Return

Swaps

—

735

—

735

Derivative

Liabilities

Credit

Contracts

Credit

Default

Swaps

—

(20

4)

—

(20

4)

Exchange

Cleared

Credit

Default

Swaps\*\*

—

(19

2)

—

(19

2)

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(108) —

(108) Interest

Rate

Contracts

Futures\*\*

(31) —

—

(31) Diversified

International

Fund

Common

Stocks

Basic

Materials

29,296

13,883

—

43,179

Communications

29,949

91,497

—

121,446

Consumer,

Cyclical

8,327

135,878

—

144,205

Consumer,

Non-cyclical

26,866

168,572

—

195,438

Energy

32,839

21,824

—

54,663

Financial

43,901

223,408

—

267,309

Industrial

10,387

177,218

—

187,605

Technology

—

168,111

—

168,111

Utilities

—

3,820

—

3,820

Investment

Companies\*

4,075

—

—

4,075

Total

investments

in

securities

$

185,640

$

1,004,211

$

—

$

1,189,851

Equity

Income

Fund

Common

Stocks\*

8,415,992

—

—

8,415,992

Investment

Companies\*

37,718

—

—

37,718

Total

investments

in

securities

$

8,453,710

$

—

$

—

$

8,453,710

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Bonds\*

—

712,328

—

712,328

Convertible

Bonds\*

—

5,899

—

5,899

Investment

Companies\*

82,742

—

—

82,742

Total

investments

in

securities

$

82,742

$

718,227

$

—

$

800,969

Derivative

Assets

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps\*\*

—

—

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

1,264

—

1,264

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

824

—

824

Total

Return

Swaps

—

1,997

—

1,997

Derivative

Liabilities

Credit

Contracts

Credit

Default

Swaps

—

(840) —

(840) Exchange

Cleared

Credit

Default

Swaps\*\*

—

(141) —

(141) Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(502) —

(502) Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

(1,216)

—

(1,216)

Futures\*\*

(398) —

—

(398) Global

Emerging

Markets

Fund

Common

Stocks

Basic

Materials

108,579

93,393

—

201,972

Communications

139,174

802,402

—

941,576

Consumer,

Cyclical

65,626

306,204

—

371,830

Consumer,

Non-cyclical

45,077

394,287

—

439,364

Energy

11,067

164,161

—

175,228

Financial

209,739

997,818

—

1,207,557

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Global

Emerging

Markets

Fund

(continued)

Common

Stocks

(continued)

Industrial

$

116,511

$

439,863

$

—

$

556,374

Technology

73,648

1,346,620

—

1,420,268

Utilities

39,057

3,734

—

42,791

Convertible

Preferred

Stocks

Industrial

—

—

15,112

15,112

Investment

Companies\*

246,200

—

—

246,200

Preferred

Stocks

Consumer,

Cyclical

—

21,945

—

21,945

Energy

26,321

—

—

26,321

Total

investments

in

securities

$

1,080,999

$

4,570,427

$

15,112

$

5,666,538

Global

Real

Estate

Securities

Fund

Common

Stocks

Communications

—

14,695

—

14,695

Consumer,

Cyclical

9,092

—

—

9,092

Consumer,

Non-cyclical

7,992

—

—

7,992

Financial

1,001,794

526,137

—

1,527,931

Industrial

—

15,505

—

15,505

Investment

Companies\*

20,825

—

—

20,825

Total

investments

in

securities

$

1,039,703

$

556,337

$

—

$

1,596,040

Government

&

High

Quality

Bond

Fund

Bonds\*

—

105,314

—

105,314

Investment

Companies\*

11,601

—

—

11,601

U.S.

Government

&

Government

Agency

Obligations\*

—

569,863

—

569,863

Total

investments

in

securities

$

11,601

$

675,177

$

—

$

686,778

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

—

—

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

(29) —

—

(29) Government

Money

Market

Fund

Bonds\*

—

2,910,001

—

2,910,001

Investment

Companies\*

427,150

—

—

427,150

Repurchase

Agreements

—

1,310,000

—

1,310,000

U.S.

Government

&

Government

Agency

Obligations\*

—

247,659

—

247,659

Total

investments

in

securities

$

427,150

$

4,467,660

$

—

$

4,894,810

High

Yield

Fund

Bonds\*

—

5,954,368

5,912

5,960,280

Common

Stocks

Basic

Materials

—

—

Communications

—

—

—

—

Consumer,

Cyclical

—

—

—

—

Consumer,

Non-cyclical

—

—

845

845

Energy

—

—

1,087

1,087

Financial

—

—

Utilities

—

—

—

—

Convertible

Bonds\*

—

—

—

—

Investment

Companies\*

289,952

—

—

289,952

Preferred

Stocks

Communications

—

—

—

—

Senior

Floating

Rate

Interests\*

—

327,521

4,136

331,657

U.S.

Government

&

Government

Agency

Obligations\*

—

96,371

—

96,371

Total

investments

in

securities

$

289,952

$

6,378,314

$

12,197

$

6,680,463

Derivative

Assets

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

—

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

High

Yield

Fund

(continued)

Foreign

Exchange

Contracts

(continued)

Derivative

Liabilities

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

$

—

$

—

$

—

$

—

Inflation

Protection

Fund

Bonds\*

—

151,377

—

151,377

Investment

Companies\*

38,852

—

—

38,852

U.S.

Government

&

Government

Agency

Obligations\*

—

2,304,356

—

2,304,356

Purchased

Options

—

—

Total

investments

in

securities

$

38,852

$

2,455,810

$

—

$

2,494,662

Derivative

Assets

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

—

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

1,726

—

1,726

Futures\*\*

641

—

—

641

Derivative

Liabilities

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps\*\*

—

(3

7)

—

(3

7)

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(333) —

(333) Written

Options

—

(16) —

(16) Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

(1,232)

—

(1,232)

Futures\*\*

(603) —

—

(603) Written

Interest

Rate

Swaptions

—

(455) —

(455) International

Equity

Fund

Common

Stocks

Basic

Materials

198,265

—

—

198,265

Communications

221,847

636,120

—

857,967

Consumer,

Cyclical

151,084

722,033

—

873,117

Consumer,

Non-cyclical

158,766

887,073

—

1,045,839

Energy

258,443

27,032

—

285,475

Financial

—

1,449,671

—

1,449,671

Industrial

63,692

750,015

—

813,707

Technology

221,250

754,471

—

975,721

Investment

Companies\*

2,296

—

—

2,296

Total

investments

in

securities

$

1,275,643

$

5,226,415

$

—

$

6,502,058

LargeCap

Growth

Fund

I

Common

Stocks

Basic

Materials

2,370

—

—

2,370

Communications

1,882,129

—

—

1,882,129

Consumer,

Cyclical

339,471

—

—

339,471

Consumer,

Non-cyclical

1,068,340

—

—

1,068,340

Energy

2,147

—

—

2,147

Financial

573,780

—

—

573,780

Industrial

584,047

—

—

584,047

Technology

3,804,853

—

4,727

3,809,580

Utilities

2,325

—

—

2,325

Convertible

Preferred

Stocks

Basic

Materials

—

—

1,888

1,888

Consumer,

Cyclical

—

—

7,567

7,567

Technology

—

—

6,841

6,841

Investment

Companies\*

172,670

—

—

172,670

Total

investments

in

securities

$

8,432,132

$

—

$

21,023

$

8,453,155

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

LargeCap

S&P

500

Index

Fund

Common

Stocks\*

$

10,500,528

$

—

$

—

$

10,500,528

Investment

Companies\*

305,867

—

—

305,867

Total

investments

in

securities

$

10,806,395

$

—

$

—

$

10,806,395

Derivative

Assets

Equity

Contracts

Futures\*\*

6,777

—

—

6,777

LargeCap

Value

Fund

III

Common

Stocks\*

2,686,580

—

—

2,686,580

Investment

Companies\*

182,594

—

—

182,594

Total

investments

in

securities

$

2,869,174

$

—

$

—

$

2,869,174

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

MidCap

Fund

Common

Stocks

Basic

Materials

521,615

—

—

521,615

Communications

772,386

—

—

772,386

Consumer,

Cyclical

7,482,728

—

—

7,482,728

Consumer,

Non-cyclical

1,221,370

—

—

1,221,370

Financial

8,694,818

—

—

8,694,818

Industrial

7,244,520

—

—

7,244,520

Technology

4,289,712

—

—

4,289,712

Utilities

1,338,210

—

—

1,338,210

Investment

Companies\*

129,221

—

—

129,221

Total

investments

in

securities

$

31,694,580

$

—

$

—

$

31,694,580

MidCap

S&P

Index

Fund

Common

Stocks\*

1,171,656

—

—

1,171,656

Investment

Companies\*

39,243

—

—

39,243

Total

investments

in

securities

$

1,210,899

$

—

$

—

$

1,210,899

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

MidCap

Value

Fund

I

Common

Stocks\*

2,188,748

—

—

2,188,748

Investment

Companies\*

81,864

—

—

81,864

Total

investments

in

securities

$

2,270,612

$

—

$

—

$

2,270,612

Derivative

Liabilities

Equity

Contracts

Futures\*\*

(207) —

—

(207) Money

Market

Fund

Bonds\*

—

64,313

—

64,313

Commercial

Paper

—

759,942

—

759,942

Investment

Companies\*

40,000

—

—

40,000

Municipal

Bonds\*

—

27,855

—

27,855

Repurchase

Agreements

—

190,000

—

190,000

Total

investments

in

securities

$

40,000

$

1,042,110

$

—

$

1,082,110

Overseas

Fund

Common

Stocks

Basic

Materials

5,384

80,159

—

85,543

Communications

—

50,354

—

50,354

Consumer,

Cyclical

14,206

79,889

—

94,095

Consumer,

Non-cyclical

252,203

—

252,497

Diversified

—

5,834

—

5,834

Energy

9,176

63,060

—

72,236

Financial

28,827

370,102

—

398,929

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Overseas

Fund

(continued)

Common

Stocks

(continued)

Industrial

$

40,503

$

279,622

$

—

$

320,125

Technology

—

122,613

—

122,613

Utilities

—

85,091

—

85,091

Investment

Companies\*

181,818

—

—

181,818

Preferred

Stocks

Consumer,

Cyclical

—

11,090

—

11,090

Consumer,

Non-cyclical

—

—

Total

investments

in

securities

$

280,208

$

1,400,267

$

—

$

1,680,475

Derivative

Liabilities

Equity

Contracts

Futures\*\*

(11) —

—

(11) Principal

Capital

Appreciation

Fund

Common

Stocks\*

5,110,723

—

—

5,110,723

Investment

Companies\*

93,888

—

—

93,888

Total

investments

in

securities

$

5,204,611

$

—

$

—

$

5,204,611

Principal

LifeTime

2015

Fund

Investment

Companies\*

204,063

—

—

204,063

Total

investments

in

securities

$

204,063

$

—

$

—

$

204,063

Principal

LifeTime

2020

Fund

Investment

Companies\*

2,017,198

—

—

2,017,198

Total

investments

in

securities

$

2,017,198

$

—

$

—

$

2,017,198

Principal

LifeTime

2025

Fund

Investment

Companies\*

1,381,220

—

—

1,381,220

Total

investments

in

securities

$

1,381,220

$

—

$

—

$

1,381,220

Principal

LifeTime

2030

Fund

Investment

Companies\*

5,212,977

—

—

5,212,977

Total

investments

in

securities

$

5,212,977

$

—

$

—

$

5,212,977

Principal

LifeTime

2035

Fund

Investment

Companies\*

2,032,111

—

—

2,032,111

Total

investments

in

securities

$

2,032,111

$

—

$

—

$

2,032,111

Principal

LifeTime

2040

Fund

Investment

Companies\*

4,758,198

—

—

4,758,198

Total

investments

in

securities

$

4,758,198

$

—

$

—

$

4,758,198

Principal

LifeTime

2045

Fund

Investment

Companies\*

1,791,454

—

—

1,791,454

Total

investments

in

securities

$

1,791,454

$

—

$

—

$

1,791,454

Principal

LifeTime

2050

Fund

Investment

Companies\*

3,420,965

—

—

3,420,965

Total

investments

in

securities

$

3,420,965

$

—

$

—

$

3,420,965

Principal

LifeTime

2055

Fund

Investment

Companies\*

1,215,853

—

—

1,215,853

Total

investments

in

securities

$

1,215,853

$

—

$

—

$

1,215,853

Principal

LifeTime

2060

Fund

Investment

Companies\*

1,194,690

—

—

1,194,690

Total

investments

in

securities

$

1,194,690

$

—

$

—

$

1,194,690

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

LifeTime

2065

Fund

Investment

Companies\*

$

283,760

$

—

$

—

$

283,760

Total

investments

in

securities

$

283,760

$

—

$

—

$

283,760

Principal

LifeTime

2070

Fund

Investment

Companies\*

92,273

—

—

92,273

Total

investments

in

securities

$

92,273

$

—

$

—

$

92,273

Principal

LifeTime

Hybrid

2015

Fund

Investment

Companies\*

472,247

—

—

472,247

Total

investments

in

securities

$

472,247

$

—

$

—

$

472,247

Principal

LifeTime

Hybrid

2020

Fund

Investment

Companies\*

606,216

—

—

606,216

Total

investments

in

securities

$

606,216

$

—

$

—

$

606,216

Principal

LifeTime

Hybrid

2025

Fund

Investment

Companies\*

1,128,889

—

—

1,128,889

Total

investments

in

securities

$

1,128,889

$

—

$

—

$

1,128,889

Principal

LifeTime

Hybrid

2030

Fund

Investment

Companies\*

1,391,346

—

—

1,391,346

Total

investments

in

securities

$

1,391,346

$

—

$

—

$

1,391,346

Principal

LifeTime

Hybrid

2035

Fund

Investment

Companies\*

957,888

—

—

957,888

Total

investments

in

securities

$

957,888

$

—

$

—

$

957,888

Principal

LifeTime

Hybrid

2040

Fund

Investment

Companies\*

1,191,456

—

—

1,191,456

Total

investments

in

securities

$

1,191,456

$

—

$

—

$

1,191,456

Principal

LifeTime

Hybrid

2045

Fund

Investment

Companies\*

641,969

—

—

641,969

Total

investments

in

securities

$

641,969

$

—

$

—

$

641,969

Principal

LifeTime

Hybrid

2050

Fund

Investment

Companies\*

607,294

—

—

607,294

Total

investments

in

securities

$

607,294

$

—

$

—

$

607,294

Principal

LifeTime

Hybrid

2055

Fund

Investment

Companies\*

389,773

—

—

389,773

Total

investments

in

securities

$

389,773

$

—

$

—

$

389,773

Principal

LifeTime

Hybrid

2060

Fund

Investment

Companies\*

220,669

—

—

220,669

Total

investments

in

securities

$

220,669

$

—

$

—

$

220,669

Principal

LifeTime

Hybrid

2065

Fund

Investment

Companies\*

81,862

—

—

81,862

Total

investments

in

securities

$

81,862

$

—

$

—

$

81,862

Principal

LifeTime

Hybrid

2070

Fund

Investment

Companies\*

12,325

—

—

12,325

Total

investments

in

securities

$

12,325

$

—

$

—

$

12,325

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

LifeTime

Hybrid

Income

Fund

Investment

Companies\*

$

187,912

$

—

$

—

$

187,912

Total

investments

in

securities

$

187,912

$

—

$

—

$

187,912

Principal

LifeTime

Strategic

Income

Fund

Investment

Companies\*

724,857

—

—

724,857

Total

investments

in

securities

$

724,857

$

—

$

—

$

724,857

Real

Estate

Securities

Fund

Common

Stocks\*

6,109,071

—

—

6,109,071

Investment

Companies\*

77,998

—

—

77,998

Total

investments

in

securities

$

6,187,069

$

—

$

—

$

6,187,069

SAM

Balanced

Portfolio

Investment

Companies\*

4,796,179

—

—

4,796,179

Total

investments

in

securities

$

4,796,179

$

—

$

—

$

4,796,179

SAM

Conservative

Balanced

Portfolio

Investment

Companies\*

1,883,056

—

—

1,883,056

Total

investments

in

securities

$

1,883,056

$

—

$

—

$

1,883,056

SAM

Conservative

Growth

Portfolio

Investment

Companies\*

3,380,407

—

—

3,380,407

Total

investments

in

securities

$

3,380,407

$

—

$

—

$

3,380,407

SAM

Flexible

Income

Portfolio

Investment

Companies\*

2,232,808

—

—

2,232,808

Total

investments

in

securities

$

2,232,808

$

—

$

—

$

2,232,808

SAM

Strategic

Growth

Portfolio

Investment

Companies\*

2,457,639

—

—

2,457,639

Total

investments

in

securities

$

2,457,639

$

—

$

—

$

2,457,639

Short-Term

Income

Fund

Bonds\*

—

2,926,400

—

2,926,400

Investment

Companies\*

179,381

—

—

179,381

U.S.

Government

&

Government

Agency

Obligations\*

—

436,774

—

436,774

Total

investments

in

securities

$

179,381

$

3,363,174

$

—

$

3,542,555

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

—

—

SmallCap

Fund

Common

Stocks\*

2,224,551

—

—

2,224,551

Investment

Companies\*

53,624

—

—

53,624

Total

investments

in

securities

$

2,278,175

$

—

$

—

$

2,278,175

SmallCap

Growth

Fund

I

Common

Stocks

Basic

Materials

25,115

—

—

25,115

Communications

89,208

—

—

89,208

Consumer,

Cyclical

193,657

—

—

193,657

Consumer,

Non-cyclical

536,205

—

536,206

Energy

42,947

—

—

42,947

Financial

179,156

—

—

179,156

Industrial

634,053

—

—

634,053

Technology

433,470

—

—

433,470

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

\*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.

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

SmallCap

Growth

Fund

I

(continued)

Common

Stocks

(continued)

Utilities

$

$

—

$

—

$

Investment

Companies\*

109,390

—

—

109,390

Total

investments

in

securities

$

2,243,647

$

—

$

$

2,243,648

Derivative

Liabilities

Equity

Contracts

Futures\*\*

(23) —

—

(23) SmallCap

S&P

600

Index

Fund

Common

Stocks

Basic

Materials

42,990

—

—

42,990

Communications

61,746

—

—

61,746

Consumer,

Cyclical

164,622

—

—

164,622

Consumer,

Non-cyclical

195,992

—

—

195,992

Energy

61,912

—

—

61,912

Financial

293,393

—

—

293,393

Industrial

222,354

—

—

222,354

Technology

112,068

—

—

112,068

Utilities

24,816

—

—

24,816

Investment

Companies\*

42,729

—

—

42,729

Total

investments

in

securities

$

1,222,622

$

—

$

—

$

1,222,622

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

SmallCap

Value

Fund

II

Common

Stocks

Basic

Materials

49,825

—

—

49,825

Communications

24,088

—

—

24,088

Consumer,

Cyclical

158,390

—

—

158,390

Consumer,

Non-cyclical

117,776

—

117,779

Energy

105,001

—

—

105,001

Financial

282,996

—

—

282,996

Government

—

—

Industrial

214,762

—

—

214,762

Technology

31,367

—

—

31,367

Utilities

45,323

—

—

45,323

Investment

Companies\*

82,800

—

—

82,800

Total

investments

in

securities

$

1,112,393

$

—

$

$

1,112,396

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

Tax-Exempt

Bond

Fund

Investment

Companies\*

—

—

Municipal

Bonds\*

—

521,926

—

521,926

Total

investments

in

securities

$

$

521,926

$

—

$

522,149

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Certain

detailed

information

is

provided

for

those

Funds

with

significant

investments

in

Level

securities.

Quantitative

information

about

the

significant

unobservable

inputs

used

in

the

fair

value

measurements

categorized

within

Level

of

the

fair

value

hierarchy

is

as

follows

(amounts

in

thousands):

\*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments

(a) During

the

period,

the

valuation

methodology

changed.

Previously,

the

security

was

valued

using

Comparable

Debt

Methodology,

driven

by

Yield

to

Maturity.

The

methodology

was

changed

because

current

market

assumptions

are

more

representative

of

fair

value

given

the

tenure

of

the

note.

Current

valuation

is

based

on

Discounted

Cash

Flow

model,

driven

by

Yield

to

Maturity.

(b) During

the

period,

the

valuation

methodology

changed.

Previously,

the

securities

were

valued

using

an

Enterprise

Valuation

Model

driven

by

both

Discounted

Cash

Flows

and

EBITDA

Multiples.

The

change

in

methodology

is

driven

by

the

Fund's

assessment

of

various

factors

including

the

current

performance

of

the

company

and

availability

of

comparable

market

data.

Current

valuation

is

based

on

Comparable

Company

Methodology

driven

by

EBITDA

Multiples.

(c) During

the

period,

the

valuation

methodology

changed.

Previously,

the

security

was

valued

using

a

Precedent

Transaction

Analysis.

Due

to

a

deterioration

in

the

underlying

company's

performance,

the

methodology

was

updated

to

reflect

the

increased

risk

of

liquidation

or

bankruptcy.

The

new

approach

applies

a

Yield

Premium

Methodology

combined

with

a

Liquidation

Methodology,

both

driven

by

Yield

to

Maturity.

(d) During

the

period,

the

valuation

methodology

changed.

The

change

in

methodology

is

driven

by

the

Fund's

assessment

of

various

factors

including

the

current

performance

of

the

company

and

availability

of

comparable

market

data.

Previously,

the

security

was

valued

using

a

management-appraised

Enterprise

Valuation

Model

incorporating

both

Discounted

Cash

Flows

and

EBITDA

Multiples.

Current

valuation

is

based

on

Comparable

Company

Methodology/Recovery

Methodology

driven

by

EBITDA

Multiples.

The

changes

in

investments

measured

at

fair

value

for

which

Level

inputs

have

been

used

to

determine

fair

value

are

as

follows

(amounts

in

thousands):

\*Securities

are

transferred

into

Level

for

a

variety

of

reasons

including,

but

not

limited

to:

1. Securities

where

trading

has

been

halted

2. Securities

that

have

certain

restrictions

on

trading

3. Instances

in

which

a

security

is

not

priced

by

a

pricing

service

\*\*Securities

are

transferred

out

of

Level

for

a

variety

of

reasons

including,

but

not

limited

to:

1. Securities

where

trading

resumes

2. Securities

where

trading

restrictions

have

expired

3. Instances

in

which

a

price

becomes

available

from

a

pricing

service

At

the

end

of

the

year,

there

were

no

other

Funds

which

had

a

significant

Level

balance.

During

the

year,

there

were

no

significant

purchases,

sales,

or

transfers

into

or

out

of

Level

3,

except

as

noted

above.

Fund

Asset

Type

Fair

Value

as

of

October

31,

2025

Valuation

Technique

Unobservable

Input

Input

Valuations

(weighted

average)\*

Impact

to

valuation

if

input

had

increased

Diversified

Income

Fund

Bonds

$

28,040

Discounted

Cash

Flows

Yield

to

Maturity

(a) 18.7%

Increase

—

Litigation

Settlement

Proceeds

Expected

Recovery

$0.00

Decrease

Common

Stocks

51,949

Comparable

Company

Methodology

EBITDA

Multiples

(b) 7.5 –

9.0x

(8.2x)

Increase

Cash

Payout

Methodology

Discount

Rate

11.7 -

100.0 %(55.8%)

Decrease

Senior

Floating

Rate

Interests

2,214

Yield

Premium

Methodology/Liquidation

Methodology

Yield

to

Maturity

(c) 31.0 –

37.1%

(34.1%)

Increase

11,540

Comparable

Company

Methodology/Recovery

Methodology

EBITDA

Multiples

(d) 6.9x

Increase

Total

$

94,015

Fund

Value

as

of

October

31,

2024

Realized

Gain/

(Loss)

Accrued

Discounts/

Premiums

and

Change

in

Unrealized

Gain/

(Loss)

Purchases

Proceeds

from

Sales

Transfers

into

Level

3\*

Transfers

Out

of

Level

3\*\*

Value

as

of

October

31,

2025

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

held

at

October

31,

2025

Diversified

Income

Fund

Bonds

$

80,662

$

(4,593)

$

(4,752)

$

34,599

$

(77,876)

$

—

$

—

$

28,040

$

(5,905,808)

Common

Stock

46,206

(6,389)

12,402

—

—

—

52,221

6,013,668

Senior

Floating

Rate

Interests

4,510

—

(11,529)

20,773

—

—

—

13,754

(12,022,211)

Total

$

131,378

$

(10,892)

$

(3,879)

$55,374

$

(77,876)

$

—

$

—

$

94,015

$

(11,914,351)

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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

rate

paid

by

the

SAM

Portfolios

is

based

upon

the

aggregate

average

daily

net

assets

("aggregate

net

assets")

of

the

SAM

Portfolios.

The

management

and

investment

advisory

fees

schedule

for

the

SAM

Portfolios

is

.35%

of

aggregate

net

assets

up

to

$3

billion,

.30%

of

the

next

$4

billion

of

aggregate

net

assets,

.25%

of

the

next

$4

billion

of

aggregate

net

assets,

.20%

of

the

next

$4

billion

of

aggregate

net

assets,

and

.18%

of

aggregate

net

assets

over

$15

billion.

The

Principal

LifeTime

Funds

and

Principal

LifeTime

Hybrid

Funds

do

not

pay

management

and

investment

advisory

fees.

The

annual

rates

used

in

this

calculation

for

each

of

the

other

Funds

are

as

follows:

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

Million

Over

$1.5

billion

California

Municipal

Fund

.40%

.38%

.36%

.35%

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

.75

.74

.73

.72

Government

&

High

Quality

Bond

Fund

.49

.47

.45

.44

SmallCap

Fund

(Prior

to

January

1,

2025)

.75

.73

.71

.70

Tax-Exempt

Bond

Fund

.40

.38

.36

.35

Net

Assets

of

Fund

First

$500

million

Next

$500

Million

Next

$500

million

Next

$500

million

Next

$1

billion

Over

$3

billion

Core

Plus

Bond

Fund

.42%

.40%

.38%

.37%

.36%

.35%

Diversified

Income

Fund

.69

.67

.65

.64

.63

.62

Global

Emerging

Markets

Fund

.99

.97

.95

.94

.93

.92

Global

Real

Estate

Securities

Fund

.90

.88

.86

.85

.84

.83

Inflation

Protection

Fund

.40

.38

.36

.35

.34

.33

International

Equity

Fund

.65

.63

.61

.60

.59

.58

LargeCap

Value

Fund

III

(Effective

January

1,

2025)

.73

.71

.69

.67

.66

.65

LargeCap

Value

Fund

III

(Prior

to

January

1,

2025)

.80

.78

.76

.75

.73

.70

MidCap

Value

Fund

I

.68

.66

.64

.63

.62

.61

Money

Market

Fund

.40

.39

.38

.37

.36

.35

Overseas

Fund

.90

.88

.86

.85

.84

.83

Short-Term

Income

Fund

(Effective

January

1,

2025)

.38

.36

.35

.33

.32

.31

SmallCap

Fund

(Effective

January

1,

2025)

.75

.73

.71

.70

.69

.68

SmallCap

Growth

Fund

I

.88

.86

.84

.83

.82

.81

SmallCap

Value

Fund

II

(Effective

January

1,

2025)

.89

.87

.85

.84

.83

.82

SmallCap

Value

Fund

II

(Prior

to

January

1,

2025)

.95

.93

.91

.90

.89

.88

Net

Assets

of

Fund

First

$2

billion

Next

$2

billion

Over

$4

billion

Short-Term

Income

Fund

(Prior

to

January

1,

2025)

.38%

.36%

.33%

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

Core

Fixed

Income

Fund

.39%

.37%

.35%

.34%

.33%

.32%

.31%

Diversified

International

Fund

.80

.78

.76

.75

.73

.70

.69

Net

Assets

of

Fund

First

$250

million

Next

$250

million

Next

$6.5

billion

Next

$3

billion

Next

$2

billion

Next

$3

billion

Over

$15

billion

Equity

Income

Fund

.60%

.55%

.50%

.49%

.48%

.46%

.44%

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Next

$500

million

Next

$1

billion

Next

$9

billion

Over

$12

billion

LargeCap

Growth

Fund

I

.66%

.64%

.62%

.61%

.60%

.59%

.58%

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

In

addition

to

the

management

fee,

R-1, R-3,

R-4,

and

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. R-1

shares

discontinued

operations

and

converted

to

shares

and

shares

discontinued

operations

and

converted

to

shares

on

November

22,

2024. 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:

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Next

$500

million

Next

$1

Billion

Next

$9.5

billion

Next

$2.5

billion

Next

$3

billion

Next

$4

billion

Next

$3

billion

Over

$25

billion

MidCap

Fund

.65%

.63%

.61%

.60%

.59%

.58%

.57%

.56%

.55%

.53%

.51%

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

Real

Estate

Securities

Fund

.85%

.83%

.81%

.80%

.79%

.78%

.77%

.76%

.75%

Net

Assets

of

Fund

First

$3

billion

Next

$3

billion

Over

$6

billion

High

Yield

Fund

(Effective

January

1,

2025)

.51%

.49%

.47%

LargeCap

S&P

500

Index

Fund

.11

.09

.05

MidCap

S&P

Index

Fund

(Effective

January

1,

2025)

.15

.12

.10

SmallCap

S&P

600

Index

Fund

(Effective

January

1,

2025)

.15

.12

.10

Net

Assets

of

Fund

First

$250

million

Over

$250

million

High

Yield

Fund

(Prior

to

January

1,

2025)

.625%

.50%

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Over

$1

billion

Principal

Capital

Appreciation

Fund

.625%

.50%

.375%

All

Net

Assets

Government

Money

Market

Fund

.15%

MidCap

S&P

Index

Fund

(Prior

to

January

1,

2025)

.15

SmallCap

S&P

600

Index

Fund

(Prior

to

January

1,

2025)

.15

Period

from

November

1,

2024

through

October

31,

2025

Class

A

Class

J

Institutional

Expiration

California

Municipal

Fund

N/A

N/A

.46%

February

28,

2026

Core

Fixed

Income

Fund

N/A

N/A

.43

February

28,

2026

Core

Plus

Bond

Fund

.80%

N/A

.48

February

28,

2026

Diversified

Income

Fund

N/A

N/A

.68

February

28,

2026

Diversified

International

Fund

N/A

N/A

.85

February

28,

2026

Equity

Income

Fund

N/A

N/A

.52

February

28,

2026

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

N/A

N/A

.85

February

28,

2026

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

\*

Prior

to

January

1,

2025,

the

contractual

expense

limit

was

.61%.

\*\*

Prior

to

January

1,

2025,

the

contractual

expense

limit

was

.96%.

#

shares

discontinued

operations

and

converted

to

shares

on

November

22,

2024. ~

shares

discontinued

operations

and

converted

to

shares

on

November

22,

2024. In

addition,

the

Manager

has

contractually

agreed

to limit

other expenses 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

shares

on

an

annualized

basis

during

the

reporting

period.

The limits

are

as

follows:

Period

from

November

1,

2024

through

October

31,

2025

Class

A

Class

J

Institutional

Expiration

Global

Emerging

Markets

Fund

1.45 1.30%

1.10 February

28,

2026

Global

Real

Estate

Securities

Fund

N/A

N/A

.94

February

28,

2026

Government

&

High

Quality

Bond

Fund

N/A

N/A

.53

February

28,

2026

Government

Money

Market

Fund

N/A

N/A

.20

February

28,

2026

High

Yield

Fund

N/A

N/A

.60\*

February

28,

2026

International

Equity

Fund

N/A

N/A

.79

February

28,

2026

MidCap

Value

Fund

I

N/A

N/A

.69

February

28,

2026

Money

Market

Fund

.50

N/A

N/A

February

28,

2026

Overseas

Fund

N/A

N/A

.91

February

28,

2026

Principal

LifeTime

2040

Fund

.38

N/A

N/A

February

28,

2026

Principal

LifeTime

2050

Fund

.38

N/A

N/A

February

28,

2026

Principal

LifeTime

2060

Fund

N/A

.38

N/A

February

28,

2026

Principal

LifeTime

2070

Fund

N/A

.30

.05

February

28,

2026

Principal

LifeTime

Hybrid

2015

Fund

N/A

N/A

.05

February

28,

2026

Principal

LifeTime

Hybrid

2020

Fund

N/A

N/A

.05

February

28,

2026

Principal

LifeTime

Hybrid

2025

Fund

N/A

N/A

.05

February

28,

2026

Principal

LifeTime

Hybrid

2030

Fund

N/A

N/A

.05

February

28,

2026

Principal

LifeTime

Hybrid

2035

Fund

N/A

N/A

.05

February

28,

2026

Principal

LifeTime

Hybrid

2040

Fund

N/A

N/A

.05

February

28,

2026

Principal

LifeTime

Hybrid

2045

Fund

N/A

N/A

.05

February

28,

2026

Principal

LifeTime

Hybrid

2050

Fund

N/A

N/A

.05

February

28,

2026

Principal

LifeTime

Hybrid

2055

Fund

N/A

.30

.05

February

28,

2026

Principal

LifeTime

Hybrid

2060

Fund

N/A

.30

.05

February

28,

2026

Principal

LifeTime

Hybrid

2065

Fund

N/A

.30

.05

February

28,

2026

Principal

LifeTime

Hybrid

2070

Fund

N/A

.30

.05

February

28,

2026

Principal

LifeTime

Hybrid

Income

Fund

N/A

N/A

.05

February

28,

2026

Principal

LifeTime

Strategic

Income

Fund

.38

N/A

0.00 February

28,

2026

Real

Estate

Securities

Fund

N/A

N/A

.86

February

28,

2026

SmallCap

Fund

N/A

N/A

.85

February

28,

2026

SmallCap

S&P

600

Index

Fund

N/A

N/A

.21

February

28,

2026

SmallCap

Value

Fund

II

N/A

N/A

.93\*\*

February

28,

2026

Tax-Exempt

Bond

Fund

N/A

N/A

.45

February

28,

2026

Period

from

November

1,

2024

through

October

31,

2025

Expiration

Government

&

High

Quality

Bond

Fund

1.29%#

.98%

.79%~

.67%

February

28,

2026

Principal

LifeTime

2070

Fund

.93#

.62

.43~

.31

February

28,

2026

Period

from

November

1,

2024

through

October

31,

2025

Expiration

Diversified

Income

Fund

.02%

February

28,

2026

Diversified

International

Fund

.04\*

February

28,

2026

Global

Emerging

Markets

Fund

.04

February

28,

2026

Government

Money

Market

Fund

.00

February

28,

2026

International

Equity

Fund

.04

February

28,

2026

Principal

LifeTime

Hybrid

2015

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2020

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2025

Fund

.02

February

28,

2026

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

\*

Prior

to

March

1,

2025,

there

was

no

contractual

limit.

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:

\*

Prior

to

January

1,

2025,

the

contractual

expense

reduction

was

.065%.

The

Manager

has

also

voluntarily

agreed

to

limit

Government

Money

Market

Fund's

and

Money

Market

Fund's

expenses

for

all

classes

of

shares

to

the

extent

necessary

to

maintain

a

0%

yield.

The

voluntary

expense

limit

may

be

terminated

at

any

time.

With

respect

to

Government

Money

Market

Fund,

the

Manager

has

contractually

agreed

to

reduce

the

fund's

management

fees

through

February

28,

2026. The

fee

waiver

will

reduce

the

fund's

management

fees

in

an

amount

equal

to

all

acquired

fund

fees

and

expenses.

The

Manager

has

agreed

contractually

to

reduce

LargeCap

Value

Fund

III's

management

fees

in

an

amount

equal

to

the

fund's

acquired

fund

fees

and

expenses

represented

by

the

fund's

investment

in

a

particular

unaffiliated

exchange-traded

fund

that

pursues

a

pure

value

investment

strategy

through

February

28,

2026. Distribution

Fees.

The

Class

A,

Class

C,

Class

J,

R-1,

R-3,

and

shares

of

the

Funds

bear

distribution

fees,

except

for

Class

A

shares

of

Money

Market

Fund,

which

are

not

subject

to

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

classes

of

shares,

respectively,

except

the

following

classes

of

shares:

shares

discontinued

operations

and

converted

to

shares

and

shares

discontinued

operations

and

converted

to

shares

on

November

22,

2024. 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

(with

the

exception

of

Money

Market

Fund)

through

December

31,

2024. The

limit

maintained

the

level

of

distribution

fees

not

to

exceed

.14%

for

Class

J

shares.

The

voluntary

expense

limit

was

terminated

December

31,

2024. The

Distributor

has

contractually

agreed

to

limit

Money

Market

Fund's

distribution

fees

attributable

to

Class

J

shares.

This

waiver

will

reduce

the

distribution

fees

by

.15%.

The

expense

limit

expires

February

28,

2026. Period

from

November

1,

2024

through

October

31,

2025

Expiration

Principal

LifeTime

Hybrid

2030

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2035

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2040

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2045

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2050

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2055

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2060

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2065

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2070

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

Income

Fund

.02

February

28,

2026

SmallCap

Fund

.02

February

28,

2026

SmallCap

Growth

Fund

I

.01

February

28,

2026

SmallCap

Value

Fund

II

.02

February

28,

2026

Expiration

LargeCap

Growth

Fund

I

.016%

February

28,

2026

LargeCap

Value

Fund

III

.020\*

February

28,

2026

MidCap

Value

Fund

I

.020

February

28,

2026

Overseas

Fund

.020

February

28,

2026

SmallCap

Growth

Fund

I

.020

February

28,

2026

SmallCap

Value

Fund

II

.020

February

28,

2026

Government

&

High

Quality

Bond

Fund

Class

A

.15%

LargeCap

S&P

500

Index

Fund

Class

A

.15

Short-Term

Income

Fund

Class

A

.15

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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

periodically.

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%

(.25%

for

LargeCap

S&P

500

Index

Fund)

of

the

lesser

of

current

market

value

or

the

cost

of

shares

redeemed

within

months

of

purchase

(12

months

of

purchase

for

the

California

Municipal

Fund,

Short-Term

Income

Fund,

and

Tax

Exempt

Bond

Fund)

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

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

months

of

purchase.

The

Distributor

also

retains

sales

charges

on

sales

of

Class

A

shares

based

on

declining

rates

which

begin

at

1.50%

for

LargeCap

S&P

500

Index

Fund,

2.25%

for

Core

Fixed

Income

Fund,

Government

&

High

Quality

Bond

Fund,

and

Short-Term

Income

Fund,

3.75%

for

California

Municipal

Fund,

Core

Plus

Bond

Fund,

Diversified

Income

Fund,

High

Yield

Fund,

Principal

LifeTime

2020

Fund,

Principal

LifeTime

2030

Fund,

Principal

LifeTime

Strategic

Income

Fund,

SAM

Flexible

Income

Portfolio,

and

Tax-Exempt

Bond

Fund,

and

5.50%

for

all

other

Funds

(except

Money

Market

Fund

which

does

not

carry

a

sales

charge).

The

aggregate

amounts

of

these

charges

retained

by

the

Distributor

for

the

year

ended

October

31,

2025,

were

as

follows

(amounts

in

thousands):

Class

A

Class

C

Class

J

California

Municipal

Fund

$

$

$

N/A

Core

Fixed

Income

Fund

N/A

Core

Plus

Bond

Fund

N/A

Diversified

Income

Fund

N/A

Diversified

International

Fund

N/A

Equity

Income

Fund

Global

Emerging

Markets

Fund

N/A

Global

Real

Estate

Securities

Fund

N/A

N/A

Government

&

High

Quality

Bond

Fund

N/A

High

Yield

Fund

N/A

Inflation

Protection

Fund

N/A

N/A

LargeCap

Growth

Fund

I

N/A

LargeCap

S&P

500

Index

Fund

N/A

LargeCap

Value

Fund

III

N/A

N/A

MidCap

Fund

MidCap

S&P

Index

Fund

N/A

N/A

MidCap

Value

Fund

I

N/A

Money

Market

Fund

N/A

Principal

Capital

Appreciation

Fund

N/A

N/A

Principal

LifeTime

2020

Fund

N/A

Principal

LifeTime

2030

Fund

N/A

Principal

LifeTime

2040

Fund

N/A

Principal

LifeTime

2050

Fund

N/A

Principal

LifeTime

2060

Fund

N/A

N/A

—

Principal

LifeTime

Hybrid

2015

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2020

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2025

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2030

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2035

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2040

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2045

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2050

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2055

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2060

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2065

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2070

Fund

N/A

N/A

—

Principal

LifeTime

Hybrid

Income

Fund

N/A

N/A

Principal

LifeTime

Strategic

Income

Fund

N/A

Real

Estate

Securities

Fund

SAM

Balanced

Portfolio

SAM

Conservative

Balanced

Portfolio

SAM

Conservative

Growth

Portfolio

SAM

Flexible

Income

Portfolio

SAM

Strategic

Growth

Portfolio

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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

October

31,

2025,

Principal

Life

Insurance

Company

(an

affiliate

of

the

Manager),

the

Manager,

the

Distributor,

Principal

Securities,

Inc.

(an

affiliate

of

the

Manager),

collective

investment

trusts

sponsored

by

Principal

Global

Investors

Trust

Company

(an

affiliate

of

the

Manager),

and benefit

plans

and

separate

accounts

sponsored

on

behalf

of

Principal

Life

Insurance

Company

owned

shares

of

the

Funds

as

follows

(amounts

in

thousands):

Class

A

Class

C

Class

J

Short-Term

Income

Fund

$

$

$

SmallCap

Fund

N/A

SmallCap

Growth

Fund

I

N/A

N/A

SmallCap

S&P

600

Index

Fund

N/A

N/A

SmallCap

Value

Fund

II

N/A

N/A

—

Tax-Exempt

Bond

Fund

N/A

Institutional

Core

Fixed

Income

Fund

–

200,980

Core

Plus

Bond

Fund

–

N/A

Diversified

Income

Fund

N/A

813

Diversified

International

Fund

–

686

Equity

Income

Fund

41,780

–

N/A

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

N/A

N/A

Global

Emerging

Markets

Fund

–

90,985

Global

Real

Estate

Securities

Fund

581

–

6,653

Government

&

High

Quality

Bond

Fund

–

N/A

Government

Money

Market

Fund

746,786

N/A

430,930

High

Yield

Fund

670

N/A

425,924

Inflation

Protection

Fund

152,272

–

N/A

International

Equity

Fund

–

39,753

LargeCap

Growth

Fund

I

–

200,977

LargeCap

S&P

500

Index

Fund

946

–

N/A

LargeCap

Value

Fund

III

15,757

–

N/A

MidCap

Fund

567

–

MidCap

Value

Fund

I

–

–

66,143

Overseas

Fund

44,709

N/A

N/A

Principal

Capital

Appreciation

Fund

7,887

–

N/A

Principal

LifeTime

2015

Fund

17,164

–

N/A

Principal

LifeTime

2020

Fund

76,425

–

N/A

Principal

LifeTime

2025

Fund

87,776

–

N/A

Principal

LifeTime

2030

Fund

206,792

–

N/A

Principal

LifeTime

2035

Fund

110,779

–

N/A

Principal

LifeTime

2040

Fund

163,366

–

N/A

Principal

LifeTime

2045

Fund

81,484

–

N/A

Principal

LifeTime

2050

Fund

117,489

–

N/A

Principal

LifeTime

2055

Fund

48,073

–

N/A

Principal

LifeTime

2060

Fund

46,358

–

N/A

Principal

LifeTime

2065

Fund

13,858

–

N/A

Principal

LifeTime

2070

Fund

5,329

–

N/A

Principal

LifeTime

Hybrid

2030

Fund

N/A

–

Principal

LifeTime

Hybrid

2040

Fund

N/A

–

Principal

LifeTime

Hybrid

2050

Fund

N/A

–

Principal

LifeTime

Strategic

Income

Fund

29,275

–

N/A

Real

Estate

Securities

Fund

15,537

SAM

Balanced

Portfolio

32,777

–

N/A

SAM

Conservative

Balanced

Portfolio

12,936

–

N/A

SAM

Conservative

Growth

Portfolio

17,126

–

N/A

SAM

Flexible

Income

Portfolio

9,061

–

N/A

SAM

Strategic

Growth

Portfolio

11,925

–

N/A

Short-Term

Income

Fund

23,042

–

N/A

SmallCap

Fund

–

SmallCap

Growth

Fund

I

–

–

61,426

SmallCap

Value

Fund

II

–

46,004

Tax-Exempt

Bond

Fund

N/A

N/A

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Affiliated

Brokerage

Commissions.

With

respect

to

Diversified

Income

Fund,

$6,000

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

October

31,

2025

.

6. Capital

Share

Transactions

The

conversion

of

shares

into

shares

during

the

period

ended

October

31,

2025

resulted

in

the

following

capital

shares

transactions

(amounts

in

thousands):

The

conversion

of

shares

into

shares

during

the

period

ended

October

31,

2025

resulted

in

the

following

capital

shares

transactions

(amounts

in

thousands):

Shares

Redeemed

Dollars

Redeemed

Shares

Sold

Dollars

Sold

Core

Fixed

Income

Fund

$219

$219

Core

Plus

Bond

Fund

2,912

2,912

Diversified

International

Fund

1,885

1,885

Equity

Income

Fund

860

860

Global

Emerging

Markets

Fund

1,222

1,222

Government

&

High

Quality

Bond

Fund

Inflation

Protection

Fund

510

510

International

Equity

Fund

1,328

1,328

LargeCap

Growth

Fund

I

712

11,058

620

11,058

LargeCap

S&P

500

Index

Fund

535

15,620

530

15,620

LargeCap

Value

Fund

III

3,911

3,911

MidCap

Fund

2,750

2,750

MidCap

S&P

Index

Fund

5,903

5,903

MidCap

Value

Fund

I

2,148

2,148

Principal

Capital

Appreciation

Fund

1,437

1,437

Principal

LifeTime

2015

Fund

1,574

1,574

Principal

LifeTime

2020

Fund

878

11,364

882

11,364

Principal

LifeTime

2025

Fund

545

6,239

543

6,239

Principal

LifeTime

2030

Fund

1,317

19,426

1,310

19,426

Principal

LifeTime

2035

Fund

536

7,124

533

7,124

Principal

LifeTime

2040

Fund

913

15,590

918

15,590

Principal

LifeTime

2045

Fund

4,006

4,006

Principal

LifeTime

2050

Fund

693

12,609

694

12,609

Principal

LifeTime

2055

Fund

3,149

3,149

Principal

LifeTime

2060

Fund

3,961

3,961

Principal

LifeTime

2065

Fund

Principal

LifeTime

2070

Fund

Principal

LifeTime

Strategic

Income

Fund

4,566

4,566

Real

Estate

Securities

Fund

2,120

2,120

SAM

Balanced

Portfolio

2,081

2,081

SAM

Conservative

Balanced

Portfolio

1,565

1,565

SAM

Conservative

Growth

Portfolio

672

672

SAM

Flexible

Income

Portfolio

1,188

1,188

SAM

Strategic

Growth

Portfolio

544

544

Short-Term

Income

Fund

SmallCap

Fund

1,353

1,353

SmallCap

Growth

Fund

I

1,654

1,654

SmallCap

S&P

600

Index

Fund

6,063

6,063

SmallCap

Value

Fund

II

682

682

Shares

Redeemed

Dollars

Redeemed

Shares

Sold

Dollars

Sold

Core

Fixed

Income

Fund

518

$4,418

519

$4,418

Core

Plus

Bond

Fund

3,320

3,320

Diversified

International

Fund

5,426

5,426

Equity

Income

Fund

660

29,842

659

29,842

Global

Emerging

Markets

Fund

1,512

1,512

Global

Real

Estate

Securities

Fund

Government

&

High

Quality

Bond

Fund

1,837

1,837

Inflation

Protection

Fund

1,322

1,322

International

Equity

Fund

LargeCap

Growth

Fund

I

2,280

42,772

2,109

42,772

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

The

conversion

of

shares

into

Institutional

shares

during

the

period

ended

October

31,

2025

resulted

in

the

following

capital

shares

transactions

(amounts

in

thousands):

7. Investment

Transactions

For

the year ended

October

31,

2025,

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):

Shares

Redeemed

Dollars

Redeemed

Shares

Sold

Dollars

Sold

LargeCap

S&P

500

Index

Fund

4,400

130,274

4.340 130,274

LargeCap

Value

Fund

III

1,133

1,133

MidCap

Fund

1,288

61,523

1,292

61,523

MidCap

S&P

Index

Fund

1,227

33,871

1,212

33,871

MidCap

Value

Fund

I

7,730

7,730

Principal

Capital

Appreciation

Fund

13,861

13,861

Principal

LifeTime

2015

Fund

974

8,571

973

8,571

Principal

LifeTime

2020

Fund

1,634

21,134

1,629

21,134

Principal

LifeTime

2025

Fund

2,714

31,706

2,702

31,706

Principal

LifeTime

2030

Fund

3,238

50,662

3,393

50,662

Principal

LifeTime

2035

Fund

2,714

36,712

2,702

36,712

Principal

LifeTime

2040

Fund

2,913

49,724

2,885

49,724

Principal

LifeTime

2045

Fund

1,708

25,833

1,704

25,833

Principal

LifeTime

2050

Fund

2,183

40,071

2,174

40,071

Principal

LifeTime

2055

Fund

881

14,995

876

14,995

Principal

LifeTime

2060

Fund

521

9,578

519

9,578

Principal

LifeTime

2065

Fund

2,670

2,670

Principal

LifeTime

2070

Fund

Principal

LifeTime

Strategic

Income

Fund

641

7,473

636

7,473

Real

Estate

Securities

Fund

11,479

11,479

SAM

Balanced

Portfolio

685

11,646

685

11,646

SAM

Conservative

Balanced

Portfolio

809

10,196

809

10,196

SAM

Conservative

Growth

Portfolio

5,159

5,159

SAM

Flexible

Income

Portfolio

4,016

4,016

SAM

Strategic

Growth

Portfolio

4,049

4,049

Short-Term

Income

Fund

3,437

3,437

SmallCap

Fund

1,072

31,545

1,035

31,545

SmallCap

Growth

Fund

I

703

9,860

647

9,860

SmallCap

S&P

600

Index

Fund

893

28,175

885

28,175

SmallCap

Value

Fund

II

3,919

3,919

Shares

Redeemed

Dollars

Redeemed

Institutional

Shares

Sold

Institutional

Dollars

Sold

Overseas

Fund

$982

$982

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

California

Municipal

Fund

$

356,479

$

322,141

$

—

$

—

Core

Fixed

Income

Fund

1,388,202

950,090

—

—

Core

Plus

Bond

Fund

538,412

623,151

—

—

Diversified

Income

Fund

1,790,343

2,071,596

102,616

99,378

Diversified

International

Fund

1,072,309

6,970,548

—

—

Equity

Income

Fund

1,441,990

2,704,635

—

—

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

841,735

737,176

—

—

Global

Emerging

Markets

Fund

3,175,468

952,886

—

—

Global

Real

Estate

Securities

Fund

369,563

581,896

—

—

Government

&

High

Quality

Bond

Fund

1,122,677

1,261,547

—

—

Government

Money

Market

Fund

—

—

—

—

High

Yield

Fund

2,611,044

2,353,962

—

—

Inflation

Protection

Fund

2,631,004

2,622,938

631,251

631,235

International

Equity

Fund

9,368,097

4,098,203

—

—

LargeCap

Growth

Fund

I

3,161,505

6,428,008

—

—

LargeCap

S&P

500

Index

Fund

863,634

381,439

—

—

LargeCap

Value

Fund

III

2,093,638

3,155,275

—

—

MidCap

Fund

6,940,408

4,221,647

—

—

MidCap

S&P

Index

Fund

196,122

344,826

—

—

MidCap

Value

Fund

I

1,941,467

2,565,228

—

—

6. Capital

Share

Transactions

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

For

the year

ended

October

31,

2025,

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):

During

the

year

ended

October

31,

2025,

Diversified

International

Fund

had

in-kind

redemptions

totaling

$5,495,515,000

to

Principal

Lifetime

Funds,

Principal

Lifetime

Hybrid

Funds,

SAM

Portfolios,

and

series

of

Principal

Variable

Contract

Funds

of

$3,870,401,000,

$921,386,000,

$518,469,000,

and

$185,259,000,

respectively.

The

in-kind

redemptions

resulted

in

realized

gains

of

$955,555,000.

The

realized

gain

is

included

in

net

realized

gain

(loss)

from

investment

transactions

on

the

statement

of

operations

of

Diversified

International

Fund.

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

Money

Market

Fund

$

—

$

—

$

—

$

—

Overseas

Fund

1,018,271

918,336

—

—

Principal

Capital

Appreciation

Fund

2,700,179

3,057,358

—

—

Principal

LifeTime

2015

Fund

59,136

99,233

—

—

Principal

LifeTime

2020

Fund

548,734

940,332

—

—

Principal

LifeTime

2025

Fund

437,647

679,616

—

—

Principal

LifeTime

2030

Fund

1,692,114

2,230,769

—

—

Principal

LifeTime

2035

Fund

738,799

809,873

—

—

Principal

LifeTime

2040

Fund

1,829,995

2,139,825

—

—

Principal

LifeTime

2045

Fund

766,022

783,801

—

—

Principal

LifeTime

2050

Fund

1,483,238

1,650,305

—

—

Principal

LifeTime

2055

Fund

554,502

557,979

—

—

Principal

LifeTime

2060

Fund

549,548

527,485

—

—

Principal

LifeTime

2065

Fund

158,522

119,646

—

—

Principal

LifeTime

2070

Fund

71,801

31,183

—

—

Principal

LifeTime

Hybrid

2015

Fund

196,052

75,511

—

—

Principal

LifeTime

Hybrid

2020

Fund

184,095

158,679

—

—

Principal

LifeTime

Hybrid

2025

Fund

399,722

241,173

—

—

Principal

LifeTime

Hybrid

2030

Fund

586,320

290,382

—

—

Principal

LifeTime

Hybrid

2035

Fund

384,281

229,011

—

—

Principal

LifeTime

Hybrid

2040

Fund

570,527

283,453

—

—

Principal

LifeTime

Hybrid

2045

Fund

277,793

193,916

—

—

Principal

LifeTime

Hybrid

2050

Fund

269,901

171,051

—

—

Principal

LifeTime

Hybrid

2055

Fund

179,137

108,503

—

—

Principal

LifeTime

Hybrid

2060

Fund

108,795

58,618

—

—

Principal

LifeTime

Hybrid

2065

Fund

46,588

21,629

—

—

Principal

LifeTime

Hybrid

2070

Fund

10,682

3,812

—

—

Principal

LifeTime

Hybrid

Income

Fund

64,052

46,892

—

—

Principal

LifeTime

Strategic

Income

Fund

181,361

274,588

—

—

Real

Estate

Securities

Fund

1,161,346

1,200,083

—

—

SAM

Balanced

Portfolio

2,063,936

2,251,836

—

—

SAM

Conservative

Balanced

Portfolio

589,343

677,415

—

—

SAM

Conservative

Growth

Portfolio

1,359,385

1,463,680

—

—

SAM

Flexible

Income

Portfolio

540,265

756,058

—

—

SAM

Strategic

Growth

Portfolio

1,033,735

1,067,100

—

—

Short-Term

Income

Fund

1,088,797

985,295

—

—

SmallCap

Fund

667,332

965,841

—

—

SmallCap

Growth

Fund

I

1,432,433

1,653,625

—

—

SmallCap

S&P

600

Index

Fund

455,950

502,949

—

—

SmallCap

Value

Fund

II

968,442

1,048,877

—

—

Tax-Exempt

Bond

Fund

272,995

330,192

—

—

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

Core

Fixed

Income

Fund

$

20,199

$

788,605

$

—

$

—

Core

Plus

Bond

Fund

354,562

333,134

—

—

Diversified

Income

Fund

399,557

389,776

2,675

2,675

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

1,814

–

—

—

Government

&

High

Quality

Bond

Fund

875,579

892,852

—

—

High

Yield

Fund

160,016

65,438

—

—

Inflation

Protection

Fund

1,065,908

1,066,226

—

—

Short-Term

Income

Fund

374,418

358,795

—

—

7. Investment

Transactions

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

8. Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

distributions

paid

for

the years

ended October

31,

2025 and

October

31,

2024 were

as

follows

(amounts

in

thousands):

Ordinary

Income

Tax-Exempt

Income\*

Long-Term

Capital

Gain^

2025

2024

2025

2024

2025

2024

California

Municipal

Fund

$

$

$

21,782

$

18,875

$

—

$

—

Core

Fixed

Income

Fund

394,401

374,771

—

—

—

—

Core

Plus

Bond

Fund

23,850

22,482

—

—

—

—

Diversified

Income

Fund

145,462

171,369

—

—

—

—

Diversified

International

Fund

163,105

128,703

—

—

190,710

—

Equity

Income

Fund

157,633

164,427

—

—

758,081

61,368

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

41,607

40,611

—

—

—

—

Global

Emerging

Markets

Fund

7,659

4,815

—

—

—

—

Global

Real

Estate

Securities

Fund

43,459

52,899

—

—

—

—

Government

&

High

Quality

Bond

Fund

23,103

19,762

—

—

—

—

Government

Money

Market

Fund

167,970

163,774

—

—

—

—

High

Yield

Fund

425,010

186,299

—

—

—

—

Inflation

Protection

Fund

71,833

53,740

—

—

—

—

International

Equity

Fund

8,314

9,044

—

—

19,854

—

LargeCap

Growth

Fund

I

58,881

10,798

—

—

2,511,827

683,034

LargeCap

S&P

500

Index

Fund

120,843

92,261

—

—

115,763

186,831

LargeCap

Value

Fund

III

53,500

52,926

—

—

237,511

40,764

MidCap

Fund

32,052

13,269

—

—

883,887

526,243

MidCap

S&P

Index

Fund

41,160

19,157

—

—

118,057

32,019

MidCap

Value

Fund

I

139,254

51,293

—

—

284,284

121,858

Money

Market

Fund

43,760

50,745

—

—

—

—

Overseas

Fund

87,441

103,094

—

—

86,391

43,397

Principal

Capital

Appreciation

Fund

29,695

34,748

—

—

211,541

—

Principal

LifeTime

2015

Fund

7,320

7,497

—

—

7,626

4,221

Principal

LifeTime

2020

Fund

68,168

68,686

—

—

89,899

53,507

Principal

LifeTime

2025

Fund

42,810

41,243

—

—

47,603

24,648

Principal

LifeTime

2030

Fund

139,874

130,948

—

—

168,864

90,321

Principal

LifeTime

2035

Fund

46,023

39,245

—

—

63,944

35,083

Principal

LifeTime

2040

Fund

93,246

86,200

—

—

220,963

101,469

Principal

LifeTime

2045

Fund

30,929

26,235

—

—

58,276

35,644

Principal

LifeTime

2050

Fund

53,243

49,782

—

—

150,425

79,406

Principal

LifeTime

2055

Fund

19,095

15,719

—

—

34,779

23,201

Principal

LifeTime

2060

Fund

18,375

15,164

—

—

30,024

21,884

Principal

LifeTime

2065

Fund

4,132

2,595

—

—

4,162

3,102

Principal

LifeTime

2070

Fund

1,000

—

—

—

Principal

LifeTime

Hybrid

2015

Fund

10,310

7,309

—

—

862

1,010

Principal

LifeTime

Hybrid

2020

Fund

16,345

14,611

—

—

1,076

2,277

Principal

LifeTime

Hybrid

2025

Fund

25,789

19,871

—

—

3,532

4,784

Principal

LifeTime

Hybrid

2030

Fund

26,501

19,970

—

—

4,304

5,183

Principal

LifeTime

Hybrid

2035

Fund

18,527

13,705

—

—

4,840

4,737

Principal

LifeTime

Hybrid

2040

Fund

18,681

12,795

—

—

6,868

5,481

Principal

LifeTime

Hybrid

2045

Fund

10,506

7,491

—

—

5,152

3,940

Principal

LifeTime

Hybrid

2050

Fund

8,638

6,008

—

—

5,039

3,647

Principal

LifeTime

Hybrid

2055

Fund

5,469

3,472

—

—

3,056

1,945

Principal

LifeTime

Hybrid

2060

Fund

2,899

1,729

—

—

1,565

886

Principal

LifeTime

Hybrid

2065

Fund

975

—

—

Principal

LifeTime

Hybrid

2070

Fund

—

—

—

Principal

LifeTime

Hybrid

Income

Fund

4,894

3,558

—

—

Principal

LifeTime

Strategic

Income

Fund

24,016

20,088

—

—

10,234

—

Real

Estate

Securities

Fund

158,588

138,794

—

—

102,754

16,548

SAM

Balanced

Portfolio

101,501

82,045

—

—

209,281

—

SAM

Conservative

Balanced

Portfolio

47,317

44,985

—

—

20,442

—

SAM

Conservative

Growth

Portfolio

46,058

39,200

—

—

181,991

—

SAM

Flexible

Income

Portfolio

67,149

72,438

—

—

—

—

SAM

Strategic

Growth

Portfolio

32,177

19,313

—

—

126,121

6,642

Short-Term

Income

Fund

127,999

107,614

—

—

—

—

SmallCap

Fund

20,399

11,887

—

—

23,243

24,022

SmallCap

Growth

Fund

I

57,325

—

—

—

111,168

—

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

\*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 October

31,

2025,

the

components

of

total

distributable

earnings

(accumulated

loss)

on

a

federal

tax

basis

were

as

follows

(amounts

in

thousands):

Ordinary

Income

Tax-Exempt

Income\*

Long-Term

Capital

Gain^

2025

2024

2025

2024

2025

2024

SmallCap

S&P

600

Index

Fund

$

19,752

$

17,408

$

—

$

—

$

90,442

$

35,168

SmallCap

Value

Fund

II

52,736

38,437

—

—

63,402

5,664

Tax-Exempt

Bond

Fund

19,880

19,766

—

—

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)

California

Municipal

Fund

$

—

$

$

—

$

(50,305)

$

4,249

$

—

$

(45,866)

Core

Fixed

Income

Fund

2,084

—

—

(286,386)

(844,545)

—

(1,128,847)

Core

Plus

Bond

Fund

—

—

(100,050)

(2,258)

(102,025)

Diversified

Income

Fund

825

—

—

(1,116,596)

(13,502)

(8,206)

(1,137,479)

Diversified

International

Fund

28,162

—

—

(26,414)

139,958

—

141,706

Equity

Income

Fund

27,728

—

600,104

—

4,535,098

—

5,162,930

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

2,566

—

—

(86,686)

29,595

(836) (55,

361)

Global

Emerging

Markets

Fund

86,385

—

46,769

—

744,164

—

877,318

Global

Real

Estate

Securities

Fund

33,000

—

—

(74,346)

323,144

—

281,798

Government

&

High

Quality

Bond

Fund

631

—

—

(220,194)

(15,550)

(2) (235,115)

High

Yield

Fund

2,510

—

—

(885,849)

(100,284)

(5,287)

(988,910)

Inflation

Protection

Fund

85,775

—

—

(112,868)

(57,771)

(82) (84,946)

International

Equity

Fund

246,186

—

—

—

837,857

—

1,084,043

LargeCap

Growth

Fund

I

142,019

—

841,565

—

3,649,677

—

4,633,261

LargeCap

S&P

500

Index

Fund

94,087

—

248,727

—

6,667,455

(74) 7,010,195

LargeCap

Value

Fund

III

60,822

—

368,703

—

233,862

(1) 663,386

MidCap

Fund

—

—

1,719,595

(4,038)

13,159,178

—

14,874,735

MidCap

S&P

Index

Fund

21,425

—

78,145

—

286,533

—

386,103

MidCap

Value

Fund

I

20,876

—

130,381

—

145,833

—

297,090

Overseas

Fund

64,989

—

89,930

—

144,332

—

299,251

Principal

Capital

Appreciation

Fund

19,174

—

362,296

—

2,630,313

—

3,011,783

Principal

LifeTime

2015

Fund

4,772

—

14,369

—

17,477

—

36,618

Principal

LifeTime

2020

Fund

43,880

—

114,192

—

217,617

—

375,689

Principal

LifeTime

2025

Fund

28,641

—

104,288

—

182,485

—

315,414

Principal

LifeTime

2030

Fund

92,714

—

295,877

—

872,975

—

1,261,566

Principal

LifeTime

2035

Fund

32,770

—

109,971

—

373,039

—

515,780

Principal

LifeTime

2040

Fund

64,442

—

292,993

—

1,167,059

—

1,524,494

Principal

LifeTime

2045

Fund

16,838

—

108,111

—

407,328

—

532,277

Principal

LifeTime

2050

Fund

26,460

—

228,262

—

940,474

—

1,195,196

Principal

LifeTime

2055

Fund

7,056

—

71,224

—

265,314

—

343,594

Principal

LifeTime

2060

Fund

6,289

—

66,697

—

238,655

—

311,641

Principal

LifeTime

2065

Fund

1,234

—

12,743

—

43,755

—

57,732

Principal

LifeTime

2070

Fund

—

2,527

—

10,018

—

12,888

Principal

LifeTime

Hybrid

2015

Fund

3,616

—

5,366

—

37,563

—

46,545

Principal

LifeTime

Hybrid

2020

Fund

5,765

—

14,968

—

61,300

—

82,033

Principal

LifeTime

Hybrid

2025

Fund

7,467

—

18,423

—

129,406

—

155,296

Principal

LifeTime

Hybrid

2030

Fund

5,294

—

23,973

—

185,279

—

214,546

Principal

LifeTime

Hybrid

2035

Fund

2,886

—

18,179

—

155,169

—

176,234

Principal

LifeTime

Hybrid

2040

Fund

2,533

—

24,016

—

216,025

—

242,574

Principal

LifeTime

Hybrid

2045

Fund

2,004

—

15,811

—

138,668

—

156,483

Principal

LifeTime

Hybrid

2050

Fund

1,313

—

15,715

—

139,011

—

156,039

Principal

LifeTime

Hybrid

2055

Fund

—

9,558

—

84,245

—

94,290

Principal

LifeTime

Hybrid

2060

Fund

—

5,061

—

44,718

—

49,962

Principal

LifeTime

Hybrid

2065

Fund

—

1,496

—

14,729

—

16,293

Principal

LifeTime

Hybrid

2070

Fund

—

—

1,674

—

1,820

Principal

LifeTime

Hybrid

Income

Fund

1,803

—

1,827

—

11,262

—

14,892

8. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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

October

31,

2025,

the

Funds

had

approximate

net

capital

loss

carryforwards

as

follows

(amounts

in

thousands):

\*

In

accordance

with

IRC

Sections

381-384,

a

portion

of

the

losses

have

been

subject

to

a

$644,000

annual

limitation.

^

In

accordance

with

IRC

Sections

381-384,

a

portion

of

the

losses

have

been

subject

to

an

$18,556,000

annual

limitation.

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

October

31,

2025,

the

Funds

utilized

capital

loss

carryforwards

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)

Principal

LifeTime

Strategic

Income

Fund

$

16,188

$

—

$

13,931

$

—

$

29,327

$

—

$

59,446

Real

Estate

Securities

Fund

—

—

—

(25,914)

1,132,778

—

1,106,864

SAM

Balanced

Portfolio

50,650

—

342,155

—

984,691

—

1,377,496

SAM

Conservative

Balanced

Portfolio

13,070

—

84,850

—

256,458

—

354,378

SAM

Conservative

Growth

Portfolio

32,455

—

343,867

—

899,186

—

1,275,508

SAM

Flexible

Income

Portfolio

544

—

16,260

—

172,307

—

189,111

SAM

Strategic

Growth

Portfolio

12,977

—

233,294

—

728,124

—

974,395

Short-Term

Income

Fund

1,016

—

—

(51,707)

3,686

—

(47,005)

SmallCap

Fund

3,900

—

110,410

—

337,321

—

451,631

SmallCap

Growth

Fund

I

18,526

—

168,105

—

401,848

—

588,479

SmallCap

S&P

600

Index

Fund

34,598

—

84,329

—

161,410

—

280,337

SmallCap

Value

Fund

II

32,494

—

56,724

—

26,585

—

115,803

Tax-Exempt

Bond

Fund

—

—

(71,398)

(2,167)

(704) (74,089)

\*

Represents

book-to-tax

accounting

differences.

Short-Term

Long-Term

Total

California

Municipal

Fund

$

24,493

$

25,812

$

50,305

Core

Fixed

Income

Fund

42,318

244,068

286,386

Core

Plus

Bond

Fund

27,084

72,966

100,050

Diversified

Income

Fund

269,300

847,296

1,116,596

Diversified

International

Fund

26,414

—

26,414

\*

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

37,432

49,254

86,686

Global

Real

Estate

Securities

Fund

2,651

71,695

74,346

Government

&

High

Quality

Bond

Fund

63,889

156,305

220,194

High

Yield

Fund

51,589

834,260

885,849^

Inflation

Protection

Fund

5,441

107,427

112,868

Real

Estate

Securities

Fund

23,948

1,966

25,914

Short-Term

Income

Fund

14,605

37,102

51,707

Tax-Exempt

Bond

Fund

30,642

40,756

71,398

Short-Term

Utilized

Long-Term

Utilized

Core

Fixed

Income

Fund

$

$

—

Diversified

Income

Fund

7,299

—

Diversified

International

Fund

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

5,100

9,404

Global

Emerging

Markets

Fund

5,969

4,973

Inflation

Protection

Fund

1,525

—

SAM

Flexible

Income

Portfolio

5,850

31,819

Short-Term

Income

Fund

635

—

8. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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

ordinary

losses

which

occur

during

the

portion

of

the

fund's

taxable

year

subsequent

to

December

31. As

of

October

31,

2025,

the

Funds

intend

to

defer

late-year

ordinary

losses

as

follows

(amounts

in

thousands):

Reclassification

of

Capital

Accounts.

The

Funds

may

record

reclassifications

in

their

capital

accounts.

These

reclassifications

have

no

impact

on

the

total

net

assets

of

the

Funds.

The

reclassifications

are

a

result

of

permanent

differences

between

U.S.

GAAP

and

tax

accounting.

Adjustments

are

made

to

reflect

the

impact

these

items

have

on

current

and

future

distributions

to

shareholders.

Therefore,

the

source

of

the

Funds'

distributions

may

be

shown

in

the

accompanying

statements

of

changes

in

net

assets

as

from

net

investment

income

and net

realized

gain

on

investments

or

from

tax

return

of

capital

depending

on

the

type

of

book

and

tax

differences

that

exist.

For

the

year

ended October

31,

2025,

the

Funds

recorded

reclassifications

as

follows

(amounts

in

thousands):

Late

Year

Ordinary

Loss

MidCap

Fund

$

4,038

Total

Distributable

Earnings

(Accumulated

Loss)

Capital

Shares

and

Additional

Paid-in-Capital

Diversified

International

Fund

$

(895,922)

$

895,922

Equity

Income

Fund

(127,653)

127,653

Global

Emerging

Markets

Fund

(2,756)

2,756

Global

Real

Estate

Securities

Fund

(9) High

Yield

Fund

(547,301)

547,301

International

Equity

Fund

(18,131)

18,131

LargeCap

Growth

Fund

I

(340,675)

340,675

LargeCap

S&P

500

Index

Fund

(23,187)

23,187

LargeCap

Value

Fund

III

(113,883)

113,883

MidCap

Fund

(177,071)

177,071

MidCap

S&P

Index

Fund

(15,603)

15,603

MidCap

Value

Fund

I

(36,783)

36,783

Overseas

Fund

(19,935)

19,935

Principal

Capital

Appreciation

Fund

(46,850)

46,850

Principal

LifeTime

2015

Fund

(3,150)

3,150

Principal

LifeTime

2020

Fund

(19,367)

19,367

Principal

LifeTime

2025

Fund

(17,985)

17,985

Principal

LifeTime

2030

Fund

(45,463)

45,463

Principal

LifeTime

2035

Fund

(15,470)

15,470

Principal

LifeTime

2040

Fund

(38,476)

38,476

Principal

LifeTime

2045

Fund

(13,658)

13,658

Principal

LifeTime

2050

Fund

(29,581)

29,581

Principal

LifeTime

2055

Fund

(10,252)

10,252

Principal

LifeTime

2060

Fund

(8,742)

8,742

Principal

LifeTime

2065

Fund

(2,037)

2,037

Principal

LifeTime

2070

Fund

(411) 411

Principal

LifeTime

Hybrid

2015

Fund

(806) 806

Principal

LifeTime

Hybrid

2020

Fund

(1,654)

1,654

Principal

LifeTime

Hybrid

2025

Fund

(2,394)

2,394

Principal

LifeTime

Hybrid

2030

Fund

(3,055)

3,055

Principal

LifeTime

Hybrid

2035

Fund

(2,082)

2,082

Principal

LifeTime

Hybrid

2040

Fund

(2,619)

2,619

Principal

LifeTime

Hybrid

2045

Fund

(1,802)

1,802

Principal

LifeTime

Hybrid

2050

Fund

(1,539)

1,539

Principal

LifeTime

Hybrid

2055

Fund

(982) 982

Principal

LifeTime

Hybrid

2060

Fund

(490) 490

Principal

LifeTime

Hybrid

2065

Fund

(151) 151

Principal

LifeTime

Hybrid

2070

Fund

(28) 28

Principal

LifeTime

Hybrid

Income

Fund

(320) 320

Principal

LifeTime

Strategic

Income

Fund

(3,941)

3,941

Real

Estate

Securities

Fund

18,861

(18,861)

SAM

Balanced

Portfolio

(28,075)

28,075

SAM

Conservative

Balanced

Portfolio

(7,098)

7,098

SAM

Conservative

Growth

Portfolio

(24,335)

24,335

SAM

Flexible

Income

Portfolio

(259) 259

SAM

Strategic

Growth

Portfolio

(18,197)

18,197

SmallCap

Fund

(16,876)

16,876

SmallCap

Growth

Fund

I

(15,443)

15,443

8. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

Federal

Income

Tax

Basis.

As

of October

31,

2025,

the

net

federal

income

tax

unrealized

appreciation

(depreciation)

and

federal

tax

cost

of

investments

held

by

the

Funds

were

as

follows

(amounts

in

thousands):

Total

Distributable

Earnings

(Accumulated

Loss)

Capital

Shares

and

Additional

Paid-in-Capital

SmallCap

S&P

600

Index

Fund

$

(20,527)

$

20,527

SmallCap

Value

Fund

II

(9,855)

9,855

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

California

Municipal

Fund

$

14,057

$

(9,808)

$

4,249

$

659,475

Core

Fixed

Income

Fund

86,513

(931,058)

(844,545)

11,494,511

Core

Plus

Bond

Fund

9,569

(11,827)

(2,258)

553,943

Diversified

Income

Fund

89,109

(102,646)

(13,537)

2,458,550

Diversified

International

Fund

190,929

(51,137)

139,792

1,050,059

Equity

Income

Fund

4,632,492

(97,394)

4,535,098

3,918,612

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

57,798

(28,084)

29,714

772,261

Global

Emerging

Markets

Fund

923,463

(168,970)

754,493

4,912,045

Global

Real

Estate

Securities

Fund

391,146

(67,947)

323,199

1,272,841

Government

&

High

Quality

Bond

Fund

15,767

(31,316)

(15,549)

702,303

Government

Money

Market

Fund

—

—

—

4,894,810

High

Yield

Fund

107,903

(208,393)

(100,490)

6,781,075

Inflation

Protection

Fund

33,148

(90,921)

(57,773)

2,552,551

International

Equity

Fund

1,007,145

(169,066)

838,079

5,663,979

LargeCap

Growth

Fund

I

3,851,738

(202,061)

3,649,677

4,803,676

LargeCap

S&P

500

Index

Fund

6,882,006

(214,551)

6,667,455

4,145,717

LargeCap

Value

Fund

III

405,532

(171,670)

233,862

2,635,654

MidCap

Fund

13,982,854

(823,676)

13,159,178

18,535,402

MidCap

S&P

Index

Fund

378,081

(91,548)

286,533

924,376

MidCap

Value

Fund

I

284,040

(138,207)

145,833

2,124,572

Money

Market

Fund

—

—

—

1,082,110

Overseas

Fund

226,580

(82,430)

144,150

1,536,314

Principal

Capital

Appreciation

Fund

2,711,068

(80,755)

2,630,313

2,574,298

Principal

LifeTime

2015

Fund

30,749

(13,272)

17,477

186,586

Principal

LifeTime

2020

Fund

344,345

(126,728)

217,617

1,799,581

Principal

LifeTime

2025

Fund

260,582

(78,097)

182,485

1,198,735

Principal

LifeTime

2030

Fund

1,109,233

(236,258)

872,975

4,340,002

Principal

LifeTime

2035

Fund

428,742

(55,703)

373,039

1,659,072

Principal

LifeTime

2040

Fund

1,250,962

(83,903)

1,167,059

3,591,139

Principal

LifeTime

2045

Fund

425,306

(17,978)

407,328

1,384,126

Principal

LifeTime

2050

Fund

962,199

(21,725)

940,474

2,480,491

Principal

LifeTime

2055

Fund

273,797

(8,483)

265,314

950,539

Principal

LifeTime

2060

Fund

246,668

(8,013)

238,655

956,035

Principal

LifeTime

2065

Fund

46,049

(2,294)

43,755

240,005

Principal

LifeTime

2070

Fund

10,596

(578) 10,018

82,255

Principal

LifeTime

Hybrid

2015

Fund

49,567

(12,004)

37,563

434,684

Principal

LifeTime

Hybrid

2020

Fund

94,994

(33,694)

61,300

544,916

Principal

LifeTime

Hybrid

2025

Fund

165,593

(36,187)

129,406

999,483

Principal

LifeTime

Hybrid

2030

Fund

220,911

(35,632)

185,279

1,206,067

Principal

LifeTime

Hybrid

2035

Fund

175,203

(20,034)

155,169

802,719

Principal

LifeTime

Hybrid

2040

Fund

229,747

(13,722)

216,025

975,431

Principal

LifeTime

Hybrid

2045

Fund

144,470

(5,802)

138,668

503,301

Principal

LifeTime

Hybrid

2050

Fund

142,241

(3,230)

139,011

468,283

Principal

LifeTime

Hybrid

2055

Fund

86,109

(1,864)

84,245

305,528

Principal

LifeTime

Hybrid

2060

Fund

45,647

(929) 44,718

175,951

Principal

LifeTime

Hybrid

2065

Fund

15,034

(305) 14,729

67,133

Principal

LifeTime

Hybrid

2070

Fund

1,705

(31) 1,674

10,651

Principal

LifeTime

Hybrid

Income

Fund

19,038

(7,776)

11,262

176,650

Principal

LifeTime

Strategic

Income

Fund

80,227

(50,900)

29,327

695,530

Real

Estate

Securities

Fund

1,503,393

(370,615)

1,132,778

5,054,291

SAM

Balanced

Portfolio

1,062,816

(78,125)

984,691

3,811,488

SAM

Conservative

Balanced

Portfolio

302,235

(45,777)

256,458

1,626,598

SAM

Conservative

Growth

Portfolio

932,985

(33,799)

899,186

2,481,221

SAM

Flexible

Income

Portfolio

238,599

(66,292)

172,307

2,060,501

SAM

Strategic

Growth

Portfolio

747,909

(19,785)

728,124

1,729,515

Short-Term

Income

Fund

34,400

(30,714)

3,686

3,538,871

SmallCap

Fund

509,599

(172,278)

337,321

1,940,854

8. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

October

31,

2025

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

SmallCap

Growth

Fund

I

$

585,037

$

(183,189)

$

401,848

$

1,841,777

SmallCap

S&P

600

Index

Fund

333,872

(172,462)

161,410

1,061,581

SmallCap

Value

Fund

II

130,665

(104,078)

26,587

1,085,830

Tax-Exempt

Bond

Fund

12,688

(14,855)

(2,167)

524,316

8. Federal

Tax

Information

(continued)

Schedule

of

Investments

California

Municipal

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

0.01%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.01%

Invesco

California

AMT-Free

Municipal

Bond

ETF

500

$

iShares

California

Muni

Bond

ETF

702

$

TOTAL

INVESTMENT

COMPANIES

$

MUNICIPAL

BONDS

-

102.92%

Principal

Amount

(000's)

Value

(000's)

California

-

97.85%

Alameda

Community

Improvement

Commission

Successor

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

09/01/2031

(a) $

1,000

$

1,003

Alameda

Corridor

Transportation

Authority

0.00%,

10/01/2047

(b) 1,750

1,017

5.00%,

10/01/2035

5,270

5,360

Alameda

Corridor

Transportation

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

10/01/2043

(a) 1,000

1,079

Alameda

Unified

School

District-Alameda

County/

CA

5.00%,

08/01/2032

1,795

1,797

Bay

Area

Toll

Authority

3.05%,

04/01/2059

(c) 500

500

5.00%,

04/01/2042

1,000

1,087

5.00%,

04/01/2043

1,000

1,079

Beverly

Hills

Unified

School

District

CA

3.00%,

08/01/2044

2,230

1,854

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

5.25%,

07/01/2040

1,435

1,568

California

Community

Choice

Financing

Authority

4.00%,

02/01/2052

(c) 2,275

2,324

4.00%,

10/01/2052

(c) 1,115

1,132

4.00%,

05/01/2053

(c) 3,150

3,221

5.00%,

02/01/2054

(c) 5,000

5,398

5.00%,

02/01/2055

(c) 5,000

5,420

5.00%,

02/01/2055

(c) 5,000

5,466

California

County

Tobacco

Securitization

Agency

4.00%,

06/01/2049

1,630

1,403

California

Educational

Facilities

Authority

5.00%,

10/01/2036

1,000

1,001

5.00%,

06/01/2043

4,645

5,498

5.00%,

05/01/2045

9,550

11,113

5.00%,

10/01/2045

1,000

1,001

5.00%,

05/01/2049

2,000

2,292

5.00%,

04/01/2051

10,015

11,452

5.00%,

03/01/2055

(c) 1,800

2,168

5.25%,

04/01/2040

2,825

3,522

California

Health

Facilities

Financing

Authority

5.00%,

08/15/2031

2,700

2,751

5.00%,

12/01/2035

1,500

1,698

5.00%,

06/01/2041

(c) 10,000

10,903

5.00%,

11/01/2047

3,375

3,828

5.00%,

11/15/2048

2,785

2,817

5.00%,

12/01/2054

2,000

2,081

5.25%,

12/01/2044

4,905

5,155

California

Housing

Finance

Agency

3.50%,

11/20/2035

9,193

9,139

4.25%,

01/15/2035

8,096

8,390

California

Housing

Finance

Agency

(credit

support

from

Federal

Home

Loan

Mortgage

Corporation

Collateral)

3.75%,

03/25/2035

(a) 11,965

12,107

California

Housing

Finance

Agency

(credit

support

from

Section

542(c)

Housing

Finance

Agency

Risk

Sharing

Program)

4.75%,

08/01/2045

(a) 4,050

4,189

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

California

Infrastructure

&

Economic

Development

Bank

5.00%,

08/01/2038

$

1,175

$

1,254

5.00%,

08/01/2039

1,130

1,201

9.50%,

01/01/2065

(c),(d)

12,000

9,600

California

Municipal

Finance

Authority

2.40%,

10/01/2044

(c) 4,000

3,856

3.54%,

02/20/2041

(c) 4,266

3,978

4.00%,

07/15/2029

8,310

8,399

4.00%,

10/01/2039

2,150

2,142

4.38%,

09/01/2053

(c) 1,700

1,777

5.00%,

05/15/2033

1,000

1,048

5.00%,

05/15/2034

1,000

1,045

5.00%,

12/31/2034

7,550

7,714

5.00%,

11/01/2035

(d) 1,750

1,857

5.00%,

12/31/2036

8,000

8,152

5.00%,

05/15/2038

2,000

2,062

5.00%,

04/01/2054

3,480

3,504

5.25%,

11/01/2036

2,100

2,115

5.38%,

11/01/2045

(d) 3,245

3,314

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

05/15/2043

(a) 600

618

5.00%,

05/15/2044

(a) 5,000

5,136

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

5.00%,

05/15/2031

(a) 10,000

10,636

California

Municipal

Finance

Authority

(credit

support

from

Fannie

Mae

Collateral)

4.45%,

12/01/2042

(a) 6,365

6,448

California

Pollution

Control

Financing

Authority

3.00%,

11/01/2025

11,380

11,380

4.25%,

12/01/2027

(c) 1,200

1,208

5.00%,

07/01/2029

(d) 1,000

1,032

5.00%,

07/01/2029

(d) 1,000

1,049

5.00%,

07/01/2030

(d) 2,000

2,004

5.00%,

07/01/2030

(d) 565

600

5.00%,

07/01/2031

(d) 1,000

1,073

5.00%,

07/01/2037

(d) 12,500

12,511

5.00%,

07/01/2039

(d) 8,500

8,736

5.00%,

11/21/2045

(d) 2,500

2,532

California

Public

Finance

Authority

4.00%,

08/01/2047

1,325

1,264

6.50%,

06/01/2054

(d) 17,120

16,647

California

School

Finance

Authority

5.00%,

07/01/2035

(d) 1,925

1,927

5.00%,

08/01/2038

(d) 1,000

1,021

California

State

University

5.00%,

11/01/2037

2,000

2,051

California

Statewide

Communities

Development

Authority

3.00%,

06/01/2029

(d) 550

532

4.00%,

09/02/2029

815

828

5.00%,

11/01/2032

(d) 1,135

1,157

5.00%,

06/01/2034

(d) 375

5.00%,

09/02/2034

1,000

1,049

5.00%,

12/01/2036

(d) 7,000

7,040

5.00%,

09/02/2038

3,000

3,096

5.00%,

06/01/2039

(d) 475

5.00%,

09/02/2039

900

941

5.00%,

09/02/2039

945

980

5.00%,

05/15/2040

3,500

3,517

5.00%,

09/02/2040

1,000

1,037

5.00%,

12/01/2041

(d) 4,040

4,050

5.00%,

09/02/2044

1,425

1,441

5.00%,

09/02/2048

940

951

Schedule

of

Investments

California

Municipal

Fund

October

31,

2025

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

California

Statewide

Communities

Development

Authority

(continued)

5.00%,

06/01/2051

(d) $

1,950

$

1,841

5.25%,

12/01/2034

3,500

3,502

5.25%,

12/01/2038

(d) 1,000

1,021

5.25%,

12/01/2043

(d) 3,825

3,854

5.25%,

12/01/2044

1,370

1,490

California

Statewide

Communities

Development

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

4.00%,

05/15/2036

(a) 3,000

3,072

California

Statewide

Financing

Authority

6.00%,

05/01/2043

2,050

2,055

6.00%,

05/01/2043

1,550

1,582

Chino

Valley

Unified

School

District

5.00%,

08/01/2055

(e) 6,570

6,777

City

of

Compton

CA

Water

Revenue

6.00%,

08/01/2039

1,250

1,279

City

of

Irvine

CA

4.00%,

09/02/2038

1,000

1,011

City

of

Long

Beach

CA

Airport

System

Revenue

(credit

support

from

Assured

Guaranty)

5.25%,

06/01/2047

(a) 3,600

3,707

City

of

Los

Angeles

Department

of

Airports

3.25%,

05/15/2049

720

548

5.00%,

05/15/2026

5.00%,

05/15/2028

(e) 2,760

2,903

5.00%,

05/15/2029

1,875

2,011

5.00%,

05/15/2035

835

960

5.00%,

05/15/2036

5,000

5,267

5.00%,

05/15/2037

(e) 4,225

4,580

5.00%,

05/15/2042

(e) 3,500

3,538

5.00%,

05/15/2044

(e) 3,100

3,131

5.00%,

05/15/2044

(e) 4,090

4,173

5.50%,

05/15/2040

(e) 5,000

5,472

Coachella

Valley

Unified

School

District/CA

(credit

support

from

Assured

Guaranty)

0.00%,

08/01/2039

(a),(b)

4,000

2,374

Compton

Public

Finance

Authority

4.50%,

09/01/2032

(d) 8,000

8,002

County

of

Sacramento

CA

Airport

System

Revenue

5.00%,

07/01/2037

2,000

2,067

5.25%,

07/01/2054

10,000

10,716

East

Bay

Municipal

Utility

District

Water

System

Revenue

3.00%,

06/01/2037

Escondido

Union

High

School

District

0.00%,

08/01/2041

(b) 1,000

531

Foothill-Eastern

Transportation

Corridor

Agency

4.00%,

01/15/2046

6,000

5,616

Golden

State

Tobacco

Securitization

Corp

5.00%,

06/01/2026

1,000

1,015

5.00%,

06/01/2028

5,000

5,208

5.00%,

06/01/2051

10,630

10,550

Indio

Redevelopment

Agency

Successor

Agency

5.63%,

08/15/2035

Inland

Valley

Development

Agency

5.25%,

09/01/2037

1,000

1,008

JPMorgan

Chase

Putters/Drivers

Trust

3.70%,

11/09/2031

(c),(d)

La

Verne

Public

Financing

Authority

7.25%,

09/01/2026

Long

Beach

Bond

Finance

Authority

5.00%,

11/15/2035

3,485

3,986

5.50%,

11/15/2032

1,010

1,168

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

Los

Angeles

County

Metropolitan

Transportation

Authority

Sales

Tax

Revenue

5.00%,

07/01/2038

$

1,695

$

1,890

5.00%,

07/01/2038

960

1,103

Los

Angeles

County

Public

Works

Financing

Authority

5.00%,

12/01/2033

2,000

2,003

5.50%,

12/01/2054

10,000

11,091

Los

Angeles

Department

of

Water

&

Power

5.00%,

07/01/2029

520

562

5.00%,

07/01/2042

2,180

2,348

5.00%,

07/01/2043

(e) 5,000

5,268

Los

Angeles

Unified

School

District/CA

5.00%,

07/01/2033

5,000

5,986

5.25%,

07/01/2042

3,450

3,590

Merced

Union

High

School

District

0.00%,

08/01/2032

(b) 3,380

2,789

Metropolitan

Water

District

of

Southern

California

5.00%,

07/01/2040

5,000

5,431

5.00%,

04/01/2054

1,000

1,066

M-S-R

Energy

Authority

6.13%,

11/01/2029

1,500

1,581

6.13%,

11/01/2029

1,790

1,887

Norco

Community

Redevelopment

Agency

Successor

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

03/01/2032

(a) 895

897

Norman

Y

Mineta

San

Jose

International

Airport

SJC

5.00%,

03/01/2047

6,000

6,013

Port

Commission

of

the

City

&

County

of

San

Francisco

4.00%,

03/01/2035

1,000

1,000

Port

of

Los

Angeles

5.00%,

08/01/2033

500

570

5.00%,

08/01/2034

3,465

3,971

5.00%,

08/01/2036

500

565

Poway

Unified

School

District

0.00%,

08/01/2036

(b) 4,000

2,846

Rialto

Redevelopment

Agency

5.00%,

09/01/2037

1,000

1,050

Richmond

Joint

Powers

Financing

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

11/01/2035

(a) 1,180

1,268

5.00%,

11/01/2037

(a) 3,660

3,898

Riverside

County

Public

Financing

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

10/01/2029

(a) 1,500

1,507

Riverside

County

Transportation

Commission

4.00%,

06/01/2037

1,875

1,906

4.00%,

06/01/2046

3,460

3,162

Sacramento

Area

Flood

Control

Agency

5.00%,

10/01/2033

2,000

2,028

Sacramento

City

Unified

School

District/CA

(credit

support

from

Assured

Guaranty)

5.00%,

08/01/2054

(a),(f)

5,000

5,256

Sacramento

Municipal

Utility

District

5.00%,

11/15/2054

1,000

1,062

San

Diego

Association

of

Governments

South

Bay

Expressway

Revenue

5.00%,

07/01/2036

1,500

1,550

5.00%,

07/01/2037

2,300

2,374

San

Diego

County

Regional

Airport

Authority

4.00%,

07/01/2038

10,815

10,991

5.00%,

07/01/2039

2,000

2,128

5.00%,

07/01/2042

1,345

1,355

5.25%,

07/01/2042

2,745

3,005

Schedule

of

Investments

California

Municipal

Fund

October

31,

2025

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

San

Diego

Housing

Authority

Inc

(credit

support

from

Federal

Home

Loan

Mortgage

Corporation

Collateral

HUD

Section

8)

4.20%,

06/01/2040

(a) $

3,270

$

3,313

San

Francisco

Bay

Area

Rapid

Transit

District

Sales

Tax

Revenue

4.00%,

07/01/2039

2,075

2,086

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

5.00%,

05/01/2035

1,000

1,057

5.00%,

05/01/2036

3,000

3,159

5.25%,

05/01/2049

3,500

3,666

5.50%,

05/01/2043

4,000

4,310

San

Joaquin

Valley

Clean

Energy

Authority

5.50%,

01/01/2056

(c) 7,020

8,116

San

Luis

Obispo

County

Financing

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

08/01/2030

(a) 1,000

1,001

San

Ramon

Valley

Fire

Protection

District

4.00%,

08/01/2050

680

645

Santa

Monica-Malibu

Unified

School

District

4.00%,

08/01/2041

2,340

2,362

4.00%,

08/01/2042

2,000

2,046

5.00%,

08/01/2054

5,000

5,266

Southern

California

Public

Power

Authority

5.00%,

11/01/2029

4,725

4,988

5.00%,

07/01/2049

1,000

1,047

5.00%,

07/01/2053

1,000

1,041

State

of

California

5.00%,

09/01/2028

5.00%,

03/01/2035

5,000

5,976

5.00%,

03/01/2038

2,000

2,327

5.00%,

09/01/2043

6,000

6,542

5.00%,

08/01/2045

9,500

10,395

State

of

California

(credit

support

from

Assured

Guaranty)

5.25%,

08/01/2032

(a) 5,000

5,792

Tender

Option

Bond

Trust

Receipts/Certificates

3.55%,

12/01/2032

(c),(d)

1,900

1,900

3.65%,

08/01/2030

(c),(d)

500

500

Tobacco

Securitization

Authority

of

Southern

California

5.00%,

06/01/2035

1,500

1,579

Travis

Unified

School

District

(credit

support

from

Assured

Guaranty)

5.00%,

09/01/2029

(a) 1,000

1,002

University

of

California

3.25%,

05/15/2048

(c) 6,900

6,900

Woodland-Davis

Clean

Water

Agency

(credit

support

from

Assured

Guaranty)

5.00%,

03/01/2039

(a) 1,500

1,509

$

630,960

Guam

-

1.65%

Guam

Government

Waterworks

Authority

5.00%,

07/01/2040

7,890

8,002

5.50%,

07/01/2044

1,545

1,653

Port

Authority

of

Guam

5.00%,

07/01/2048

1,000

1,006

$

10,661

Puerto

Rico

-

3.42%

Commonwealth

of

Puerto

Rico

0.00%,

07/01/2033

(b) 526

0.00%,

11/01/2043

(b),(c)

1,685

1,077

4.00%,

07/01/2037

4.00%,

07/01/2041

4.00%,

07/01/2046

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Puerto

Rico

(continued)

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

6.50%,

01/01/2041

$

3,420

$

3,897

6.50%,

01/01/2042

3,250

3,683

6.75%,

01/01/2045

5,550

6,291

6.75%,

01/01/2045

3,250

3,671

Puerto

Rico

Sales

Tax

Financing

Corp

Sales

Tax

Revenue

5.00%,

07/01/2058

2,020

1,962

$

22,051

TOTAL

MUNICIPAL

BONDS

$

663,672

Total

Investments

$

663,724

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(3.63)%

Notes

with

interest

rates

of

3.23%

-

3.75%

at

October

31,

2025

and

contractual

maturities

of

collateral

of

2027-2030.

(g) $

(23,385)

(23,385)

Total

Net

Investments

$

640,339

Other

Assets

and

Liabilities

- 0.70%

4,509

TOTAL

NET

ASSETS

-

100.00%

$

644,848

(a) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(b) Non-income

producing

security

(c) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$95,066

or

14.74%

of

net

assets.

(e) Security

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

fund.

(f) Security

purchased

on

a

when-issued

basis.

(g) Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

October

31,

2025. Schedule

of

Investments

Core

Fixed

Income

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.91

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.91

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

233,118

$

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b),(c)

97,792,494

97,792

$

98,025

TOTAL

INVESTMENT

COMPANIES

$

98,025

COMMON

STOCKS

-

.06

%

Shares

Held

Value

(000's)

Transportation

-

.06

%

Trailer

Bridge

Inc

(d),(e),(f)

178,279

$

6,105

TOTAL

COMMON

STOCKS

$

6,105

BONDS

-

.30

%

Principal

Amount

(000's)

Value

(000's)

Airlines

-

.10

%

Alaska

Airlines

2020-1

Class

A

Pass

Through

Trust

4.80%,

02/15/2029

(g) $

18,242

$

18,293

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(g) 27,523

27,443

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.75%,

10/20/2028

(g) 24,492

24,660

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

6,812

6,264

United

Airlines

2024-1

Class

A

Pass

Through

Trust

5.88%,

08/15/2038

40,552

41,487

$

118,147

Apparel

-

.14

%

Under

Armour

Inc

3.25%,

06/15/2026

14,750

14,604

Automobile

Asset

Backed

Securities

-

.71

%

BMW

Vehicle

Owner

Trust

2024-A

4.52%,

02/25/2027

4,052

4,053

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.34%

Ford

Credit

Auto

Owner

Trust

2024-A

4.59%,

01/15/2027

2,262

2,262

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.36%

Ford

Credit

Floorplan

Master

Owner

Trust

A

5.48%,

05/15/2028

(g) 20,000

20,098

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.25%

Nissan

Master

Owner

Trust

Receivables

4.90%,

02/15/2028

(g) 38,000

38,023

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.67%

Tesla

Electric

Vehicle

Trust

2023-1

4.70%,

12/21/2026

(g) 1,244

1,244

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.52%

Toyota

Auto

Receivables

2024-C

Owner

Trust

5.16%,

05/17/2027

11,051

11,070

$

76,750

Automobile

Manufacturers

-

.57

%

American

Honda

Finance

Corp

2.30%,

09/09/2026

7,000

6,893

4.40%,

10/05/2026

30,000

30,090

4.75%,

01/12/2026

9,000

9,007

4.90%,

07/09/2027

15,000

15,190

$

61,180

Banks

-

.73

%

Bank

of

America

Corp

3.19%,

07/23/2030

(h) 8,000

7,716

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

3.97%,

02/07/2030

(h) 8,000

7,945

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.47%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

(continued)

4.98%,

01/24/2029

(h) $

29,000

$

29,517

Secured

Overnight

Financing

Rate

+

0.83%

5.08%,

01/20/2027

(h) 20,000

20,029

Secured

Overnight

Financing

Rate

+

1.29%

5.74%,

02/12/2036

(h) 28,000

29,142

Secured

Overnight

Financing

Rate

+

1.70%

Bank

of

New

York

Mellon

Corp/The

1.65%,

01/28/2031

(i) 10,000

8,813

2.80%,

05/04/2026

8,000

7,947

3.00%,

10/30/2028

9,000

8,735

4.94%,

02/11/2031

(h) 29,000

29,787

Secured

Overnight

Financing

Rate

+

0.89%

5.32%,

06/06/2036

(h) 10,000

10,355

Secured

Overnight

Financing

Rate

+

1.35%

Bank

of

New

York

Mellon/The

4.73%,

04/20/2029

(h) 13,000

13,211

Secured

Overnight

Financing

Rate

+

1.14%

Citibank

NA

4.88%,

11/19/2027

(h) 24,000

24,167

Secured

Overnight

Financing

Rate

+

0.71%

Citigroup

Inc

2.98%,

11/05/2030

(h) 51,000

48,363

Secured

Overnight

Financing

Rate

+

1.42%

4.45%,

09/29/2027

8,000

8,025

5.17%,

09/11/2036

(h) 11,000

11,137

Secured

Overnight

Financing

Rate

+

1.49%

Cullen/Frost

Bankers

Inc

4.50%,

03/17/2027

11,000

10,934

Goldman

Sachs

Group

Inc/The

1.99%,

01/27/2032

(h) 15,000

13,264

Secured

Overnight

Financing

Rate

+

1.09%

3.50%,

11/16/2026

21,000

20,896

3.81%,

04/23/2029

(h) 13,000

12,875

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.42%

4.37%,

10/21/2031

(h) 29,750

29,622

Secured

Overnight

Financing

Rate

+

1.06%

5.54%,

01/28/2036

(h) 23,000

23,936

Secured

Overnight

Financing

Rate

+

1.38%

JPMorgan

Chase

&

Co

1.05%,

11/19/2026

(h) 9,000

8,987

Secured

Overnight

Financing

Rate

+

0.80%

2.53%,

11/19/2041

(h) 9,000

6,511

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.74%,

10/15/2030

(h) 47,000

44,433

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

4.81%,

10/22/2036

(h) 16,250

16,198

Secured

Overnight

Financing

Rate

+

1.19%

4.92%,

01/24/2029

(h) 28,000

28,497

Secured

Overnight

Financing

Rate

+

0.80%

Morgan

Stanley

1.79%,

02/13/2032

(h) 10,000

8,746

Secured

Overnight

Financing

Rate

+

1.03%

1.93%,

04/28/2032

(h) 6,250

5,469

Secured

Overnight

Financing

Rate

+

1.02%

2.70%,

01/22/2031

(h) 38,000

35,571

Secured

Overnight

Financing

Rate

+

1.14%

3.95%,

04/23/2027

10,000

9,976

5.12%,

02/01/2029

(h) 18,000

18,372

Secured

Overnight

Financing

Rate

+

1.73%

6.25%,

08/09/2026

4,000

4,065

Morgan

Stanley

Bank

NA

4.45%,

10/15/2027

(h) 25,000

25,060

Secured

Overnight

Financing

Rate

+

0.68%

Schedule

of

Investments

Core

Fixed

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

PNC

Bank

NA

2.70%,

10/22/2029

$

53,000

$

49,854

3.10%,

10/25/2027

4,750

4,673

4.78%,

01/15/2027

(h) 25,000

25,023

Secured

Overnight

Financing

Rate

+

0.50%

PNC

Financial

Services

Group

Inc/The

2.31%,

04/23/2032

(h) 15,000

13,413

Secured

Overnight

Financing

Rate

+

0.98%

4.90%,

05/13/2031

(h) 19,000

19,386

Secured

Overnight

Financing

Rate

+

1.33%

Truist

Bank

3.30%,

05/15/2026

5,000

4,976

4.63%,

09/17/2029

(h) 52,000

52,157

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.15%

Truist

Financial

Corp

1.27%,

03/02/2027

(h) 5,500

5,445

Secured

Overnight

Financing

Rate

+

0.61%

US

Bancorp

2.49%,

11/03/2036

(h) 29,000

25,060

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

3.00%,

07/30/2029

6,000

5,751

3.15%,

04/27/2027

3,800

3,755

3.90%,

04/26/2028

5,000

4,993

4.84%,

02/01/2034

(h) 25,000

25,119

Secured

Overnight

Financing

Rate

+

1.60%

5.08%,

05/15/2031

(h) 12,000

12,337

Secured

Overnight

Financing

Rate

+

1.30%

5.42%,

02/12/2036

(h) 18,000

18,675

Secured

Overnight

Financing

Rate

+

1.41%

Wells

Fargo

&

Co

2.88%,

10/30/2030

(h) 32,000

30,341

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.43%

4.08%,

09/15/2029

(h) 24,000

23,934

Secured

Overnight

Financing

Rate

+

0.88%

4.90%,

01/24/2028

(h) 23,500

23,695

Secured

Overnight

Financing

Rate

+

0.78%

$

936,888

Beverages

-

.80

%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

34,000

33,664

Anheuser-Busch

InBev

Worldwide

Inc

4.90%,

01/23/2031

21,000

21,734

5.00%,

06/15/2034

30,000

31,010

$

86,408

Biotechnology

-

.26

%

Amgen

Inc

1.65%,

08/15/2028

20,000

18,745

2.20%,

02/21/2027

11,500

11,227

2.45%,

02/21/2030

40,000

37,132

5.25%,

03/02/2033

19,000

19,674

Biogen

Inc

2.25%,

05/01/2030

65,000

59,463

Gilead

Sciences

Inc

1.20%,

10/01/2027

19,000

18,083

2.60%,

10/01/2040

19,000

14,040

3.65%,

03/01/2026

21,000

20,972

4.80%,

11/15/2029

20,000

20,527

5.25%,

10/15/2033

22,000

23,117

$

242,980

Chemicals

-

.75

%

Air

Liquide

Finance

SA

2.25%,

09/10/2029

(g) 24,000

22,576

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

Westlake

Corp

2.88%,

08/15/2041

$

15,000

$

10,393

3.38%,

06/15/2030

(i) 4,500

4,293

3.60%,

08/15/2026

43,000

42,748

$

80,010

Commercial

Services

-

.82

%

ERAC

USA

Finance

LLC

4.60%,

05/01/2028

(g) 38,500

39,001

5.00%,

02/15/2029

(g) 9,500

9,735

7.00%,

10/15/2037

(g) 13,000

15,121

United

Rentals

North

America

Inc

6.00%,

12/15/2029

(g) 24,000

24,633

$

88,490

Computers

-

.05

%

Apple

Inc

2.05%,

09/11/2026

30,000

29,538

2.38%,

02/08/2041

20,000

14,374

3.20%,

05/11/2027

13,000

12,898

3.25%,

02/23/2026

13,000

12,968

4.15%,

05/10/2030

24,500

24,749

4.75%,

05/12/2035

18,000

18,397

$

112,924

Diversified

Financial

Services

-

.46

%

Atlas

Warehouse

Lending

Co

LP

6.05%,

01/15/2028

(g) 22,000

22,625

6.25%,

01/15/2030

(g) 27,000

28,279

Citadel

Securities

Global

Holdings

LLC

5.50%,

06/18/2030

(g) 30,000

30,702

6.20%,

06/18/2035

(g) 10,000

10,492

Jefferies

Financial

Group

Inc

2.63%,

10/15/2031

30,000

26,358

2.75%,

10/15/2032

8,000

6,914

4.15%,

01/23/2030

19,000

18,612

4.85%,

01/15/2027

1,750

1,755

6.25%,

01/15/2036

10,325

10,867

$

156,604

Electric

-

.06

%

AEP

Transmission

Co

LLC

3.15%,

09/15/2049

24,000

16,651

5.40%,

03/15/2053

23,000

22,849

AES

Corp/The

5.80%,

03/15/2032

38,000

38,862

Alabama

Power

Co

1.45%,

09/15/2030

25,000

22,013

3.13%,

07/15/2051

19,000

12,963

3.45%,

10/01/2049

42,000

30,792

Alliant

Energy

Finance

LLC

1.40%,

03/15/2026

(g) 4,500

4,448

5.95%,

03/30/2029

(g) 10,000

10,466

American

Electric

Power

Co

Inc

1.00%,

11/01/2025

11,450

11,450

Berkshire

Hathaway

Energy

Co

2.85%,

05/15/2051

23,000

14,654

Black

Hills

Corp

2.50%,

06/15/2030

15,000

13,816

3.05%,

10/15/2029

39,500

37,584

3.15%,

01/15/2027

7,500

7,409

4.35%,

05/01/2033

8,000

7,736

Dayton

Power

&

Light

Co/The

3.95%,

06/15/2049

14,000

10,562

Entergy

Corp

2.40%,

06/15/2031

24,000

21,497

Entergy

Louisiana

LLC

2.90%,

03/15/2051

18,500

11,907

3.25%,

04/01/2028

12,000

11,816

4.20%,

09/01/2048

31,000

25,550

FirstEnergy

Pennsylvania

Electric

Co

4.30%,

01/15/2029

(g) 14,000

14,001

Schedule

of

Investments

Core

Fixed

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

FirstEnergy

Transmission

LLC

2.87%,

09/15/2028

(g) $

25,000

$

24,128

Florida

Power

&

Light

Co

2.88%,

12/04/2051

20,000

13,030

3.15%,

10/01/2049

25,000

17,479

5.05%,

04/01/2028

14,500

14,864

5.15%,

06/15/2029

20,000

20,780

Indianapolis

Power

&

Light

Co

5.05%,

08/15/2035

(g) 39,000

39,324

5.70%,

04/01/2054

(g) 15,500

15,675

Interstate

Power

and

Light

Co

2.30%,

06/01/2030

9,500

8,686

3.50%,

09/30/2049

66,000

48,264

5.60%,

06/29/2035

16,000

16,687

Monongahela

Power

Co

3.55%,

05/15/2027

(g) 20,000

19,835

5.85%,

02/15/2034

(g) 10,500

11,161

Nevada

Power

Co

2.40%,

05/01/2030

20,500

19,048

NextEra

Energy

Capital

Holdings

Inc

2.75%,

11/01/2029

51,000

48,373

Northern

States

Power

Co/MN

2.90%,

03/01/2050

18,500

12,380

5.10%,

05/15/2053

28,500

27,301

Oncor

Electric

Delivery

Co

LLC

2.70%,

11/15/2051

15,000

9,250

3.10%,

09/15/2049

33,500

22,775

4.10%,

11/15/2048

5,000

4,089

5.65%,

11/15/2033

24,000

25,522

5.75%,

03/15/2029

21,000

22,010

PacifiCorp

5.25%,

06/15/2035

5,750

5,835

5.35%,

12/01/2053

34,000

31,334

6.25%,

10/15/2037

2,500

2,691

PPL

Electric

Utilities

Corp

3.00%,

10/01/2049

17,000

11,492

4.85%,

02/15/2034

19,000

19,315

5.25%,

05/15/2053

52,000

50,898

Public

Service

Co

of

Colorado

1.88%,

06/15/2031

11,500

10,085

3.20%,

03/01/2050

15,000

10,385

Solar

Star

Funding

LLC

3.95%,

06/30/2035

(g) 4,500

4,308

5.38%,

06/30/2035

(g) 16,382

16,892

Southwestern

Electric

Power

Co

1.65%,

03/15/2026

24,000

23,777

2.75%,

10/01/2026

10,000

9,882

3.85%,

02/01/2048

12,500

9,455

Tucson

Electric

Power

Co

3.25%,

05/01/2051

18,000

12,092

4.85%,

12/01/2048

7,000

6,260

Wisconsin

Power

and

Light

Co

5.38%,

03/30/2034

19,000

19,643

Xcel

Energy

Inc

2.60%,

12/01/2029

32,000

29,933

3.50%,

12/01/2049

24,000

17,353

$

1,079,317

Electronics

-

.43

%

Keysight

Technologies

Inc

3.00%,

10/30/2029

48,000

45,704

Entertainment

-

.15

%

Warnermedia

Holdings

Inc

5.05%,

03/15/2042

20,000

16,055

Environmental

Control

-

.19

%

Republic

Services

Inc

1.75%,

02/15/2032

29,500

25,332

2.30%,

03/01/2030

16,500

15,282

4.88%,

04/01/2029

23,500

24,076

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Environmental

Control

(continued)

Republic

Services

Inc

(continued)

5.15%,

03/15/2035

$

9,000

$

9,311

Waste

Connections

Inc

5.25%,

09/01/2035

52,000

53,681

$

127,682

Food

-

.82

%

Kraft

Heinz

Foods

Co

3.75%,

04/01/2030

21,000

20,426

Mars

Inc

4.45%,

03/01/2027

(g) 28,000

28,181

5.00%,

03/01/2032

(g) 38,000

39,049

$

87,656

Gas

-

.99

%

NiSource

Inc

2.95%,

09/01/2029

29,000

27,709

3.60%,

05/01/2030

14,000

13,584

5.35%,

04/01/2034

39,000

40,107

5.35%,

07/15/2035

24,000

24,484

$

105,884

Healthcare

-

Services

-

.71

%

HCA

Inc

4.13%,

06/15/2029

14,000

13,901

4.60%,

11/15/2032

39,500

39,255

5.60%,

04/01/2034

37,000

38,515

5.63%,

09/01/2028

2,000

2,063

7.50%,

11/06/2033

1,950

2,257

UnitedHealth

Group

Inc

2.00%,

05/15/2030

9,000

8,181

2.88%,

08/15/2029

(i) 15,000

14,358

3.50%,

08/15/2039

14,000

11,705

4.70%,

04/15/2029

28,500

29,036

4.75%,

07/15/2026

24,000

24,127

$

183,398

Insurance

-

.56

%

Berkshire

Hathaway

Finance

Corp

1.45%,

10/15/2030

36,500

32,315

1.85%,

03/12/2030

8,000

7,321

2.50%,

01/15/2051

12,500

7,688

2.85%,

10/15/2050

30,500

20,141

Fidelity

National

Financial

Inc

3.40%,

06/15/2030

32,000

30,407

4.50%,

08/15/2028

39,500

39,669

First

American

Financial

Corp

2.40%,

08/15/2031

22,000

19,152

4.00%,

05/15/2030

28,000

27,089

5.45%,

09/30/2034

30,000

30,203

Prudential

Financial

Inc

2.10%,

03/10/2030

23,000

21,248

3.88%,

03/27/2028

4,550

4,548

5.20%,

03/14/2035

34,000

34,922

$

274,703

Internet

-

.86

%

Amazon.com

Inc

2.88%,

05/12/2041

20,000

15,304

3.95%,

04/13/2052

10,000

7,991

4.05%,

08/22/2047

38,000

32,069

Beignet

Investor

LLC

6.58%,

05/30/2049

(g) 35,000

37,335

$

92,699

Lodging

-

.00

%

Choice

Hotels

International

Inc

3.70%,

12/01/2029

42,000

40,321

3.70%,

01/15/2031

11,000

10,316

Marriott

International

Inc/MD

2.75%,

10/15/2033

36,000

31,277

Schedule

of

Investments

Core

Fixed

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Lodging

(continued)

Travel

+

Leisure

Co

4.50%,

12/01/2029

(g),(i)

$

26,500

$

25,799

$

107,713

Media

-

.62

%

Comcast

Corp

2.65%,

02/01/2030

33,000

30,894

3.30%,

02/01/2027

10,000

9,913

4.25%,

10/15/2030

4,500

4,496

4.65%,

02/15/2033

30,000

30,021

6.45%,

03/15/2037

1,800

1,985

Discovery

Communications

LLC

3.63%,

05/15/2030

9,000

8,330

4.13%,

05/15/2029

22,000

21,282

5.30%,

05/15/2049

(i) 13,000

9,096

Time

Warner

Cable

LLC

6.55%,

05/01/2037

7,400

7,585

6.75%,

06/15/2039

6,000

6,163

7.30%,

07/01/2038

7,750

8,321

Walt

Disney

Co/The

2.00%,

09/01/2029

28,000

26,042

6.40%,

12/15/2035

8,900

10,120

$

174,248

Oil

&

Gas

-

.29

%

BP

Capital

Markets

America

Inc

3.12%,

05/04/2026

10,000

9,950

3.41%,

02/11/2026

13,000

12,968

3.94%,

09/21/2028

13,000

12,977

4.70%,

04/10/2029

39,000

39,694

4.87%,

11/25/2029

24,000

24,604

Canadian

Natural

Resources

Ltd

5.00%,

12/15/2029

(g) 14,500

14,805

Marathon

Petroleum

Corp

5.13%,

12/15/2026

8,500

8,572

Phillips

1.30%,

02/15/2026

11,500

11,406

Suncor

Energy

Inc

4.00%,

11/15/2047

4,500

3,461

$

138,437

Oil

&

Gas

Services

-

.31

%

Schlumberger

Holdings

Corp

4.00%,

12/21/2025

(g) 33,000

32,978

Other

Asset

Backed

Securities

-

.67

%

PFS

Financing

Corp

5.08%,

01/15/2028

(g) 28,000

28,024

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.85%

Verizon

Master

Trust

5.08%,

06/20/2029

43,500

43,621

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.85%

$

71,645

Packaging

&

Containers

-

.07

%

Sealed

Air

Corp

6.88%,

07/15/2033

(g) 6,900

7,513

Pharmaceuticals

-

.15

%

AbbVie

Inc

4.65%,

03/15/2028

19,000

19,285

5.05%,

03/15/2034

60,000

61,724

Bristol-Myers

Squibb

Co

1.13%,

11/13/2027

12,500

11,861

1.45%,

11/13/2030

10,000

8,798

3.20%,

06/15/2026

13,124

13,072

3.40%,

07/26/2029

8,346

8,153

3.90%,

02/20/2028

10,500

10,496

5.90%,

11/15/2033

20,000

21,759

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

CVS

Health

Corp

1.30%,

08/21/2027

$

14,000

$

13,302

3.00%,

08/15/2026

17,000

16,834

4.30%,

03/25/2028

5,046

5,053

5.05%,

03/25/2048

23,000

20,565

5.45%,

09/15/2035

19,000

19,401

$

230,303

Pipelines

-

.75

%

Buckeye

Partners

LP

3.95%,

12/01/2026

10,500

10,409

El

Paso

Natural

Gas

Co

LLC

7.50%,

11/15/2026

11,400

11,753

Enterprise

Products

Operating

LLC

4.30%,

06/20/2028

22,000

22,158

4.60%,

01/15/2031

46,000

46,568

NGPL

PipeCo

LLC

3.25%,

07/15/2031

(g) 15,000

13,662

4.88%,

08/15/2027

(g) 43,000

43,100

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

4.50%,

12/15/2026

13,500

13,526

Southern

Natural

Gas

Co

LLC

8.00%,

03/01/2032

4,750

5,507

Tennessee

Gas

Pipeline

Co

LLC

8.38%,

06/15/2032

2,000

2,374

TransCanada

PipeLines

Ltd

6.10%,

06/01/2040

7,000

7,399

7.25%,

08/15/2038

10,000

11,568

$

188,024

REITs

-

.47

%

Alexandria

Real

Estate

Equities

Inc

1.88%,

02/01/2033

13,000

10,624

2.00%,

05/18/2032

14,000

11,798

2.75%,

12/15/2029

14,500

13,587

3.38%,

08/15/2031

30,000

28,004

4.30%,

01/15/2026

9,900

9,889

4.75%,

04/15/2035

14,500

14,046

4.90%,

12/15/2030

4,250

4,312

American

Tower

Corp

1.88%,

10/15/2030

20,000

17,723

2.10%,

06/15/2030

3,000

2,711

2.75%,

01/15/2027

53,000

52,112

2.95%,

01/15/2051

10,000

6,454

3.38%,

10/15/2026

5,000

4,967

American

Tower

Trust

#1

5.49%,

03/15/2053

(g) 14,000

14,248

Crown

Castle

Inc

2.25%,

01/15/2031

18,000

16,038

2.90%,

04/01/2041

30,000

21,986

3.10%,

11/15/2029

8,000

7,609

4.00%,

11/15/2049

17,000

13,059

4.30%,

02/15/2029

13,000

12,945

5.00%,

01/11/2028

18,000

18,245

CubeSmart

LP

2.00%,

02/15/2031

26,000

22,862

3.00%,

02/15/2030

18,000

17,040

4.00%,

11/15/2025

5,000

4,998

4.38%,

02/15/2029

2,000

2,003

DOC

DR

LLC

2.63%,

11/01/2031

32,000

28,538

4.30%,

03/15/2027

22,400

22,378

Healthcare

Realty

Holdings

LP

2.40%,

03/15/2030

9,000

8,155

3.63%,

01/15/2028

3,500

3,443

Healthpeak

OP

LLC

2.88%,

01/15/2031

7,000

6,453

3.00%,

01/15/2030

50,000

47,297

5.25%,

12/15/2032

14,000

14,397

Schedule

of

Investments

Core

Fixed

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Omega

Healthcare

Investors

Inc

3.38%,

02/01/2031

$

46,000

$

42,663

3.63%,

10/01/2029

32,000

30,752

4.75%,

01/15/2028

7,000

7,043

Prologis

LP

2.88%,

11/15/2029

12,500

11,901

3.25%,

06/30/2026

5,000

4,997

3.38%,

12/15/2027

25,000

24,700

SBA

Tower

Trust

1.63%,

05/15/2051

(g) 46,000

44,700

2.33%,

07/15/2052

(g) 10,000

9,521

2.59%,

10/15/2056

(g) 20,500

18,113

Store

Capital

LLC

2.75%,

11/18/2030

18,500

16,833

4.63%,

03/15/2029

33,500

33,294

Ventas

Realty

LP

3.00%,

01/15/2030

8,000

7,579

3.85%,

04/01/2027

21,000

20,901

5.63%,

07/01/2034

38,500

40,227

Welltower

OP

LLC

2.70%,

02/15/2027

12,000

11,806

2.75%,

01/15/2031

7,000

6,496

3.10%,

01/15/2030

25,000

23,937

4.13%,

03/15/2029

6,000

5,997

4.25%,

04/15/2028

4,000

4,024

4.50%,

07/01/2030

24,500

24,766

Weyerhaeuser

Co

7.38%,

03/15/2032

11,281

12,888

WP

Carey

Inc

2.40%,

02/01/2031

21,000

18,848

3.85%,

07/15/2029

30,000

29,475

$

909,382

Semiconductors

-

.39

%

NVIDIA

Corp

2.00%,

06/15/2031

19,000

17,086

2.85%,

04/01/2030

14,000

13,387

3.50%,

04/01/2040

13,000

11,161

$

41,634

Software

-

.44

%

Oracle

Corp

4.80%,

09/26/2032

14,000

13,856

5.50%,

08/03/2035

33,500

33,882

$

47,738

Telecommunications

-

.72

%

Corning

Inc

4.75%,

03/15/2042

4,650

4,343

5.45%,

11/15/2079

43,500

40,586

Crown

Castle

Towers

LLC

4.24%,

07/15/2048

(g) 16,000

15,858

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

5.15%,

09/20/2029

(g) 17,250

17,348

T-Mobile

USA

Inc

2.05%,

02/15/2028

10,000

9,553

2.55%,

02/15/2031

20,000

18,190

3.00%,

02/15/2041

39,000

29,194

4.63%,

01/15/2033

21,500

21,334

5.30%,

05/15/2035

(i) 27,500

28,128

$

184,534

Transportation

-

.60

%

Ryder

System

Inc

2.90%,

12/01/2026

51,000

50,325

5.00%,

03/15/2030

14,000

14,321

$

64,646

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Trucking

&

Leasing

-

.66

%

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

1.20%,

11/15/2025

(g) $

22,000

$

21,972

1.70%,

06/15/2026

(g) 39,000

38,368

5.70%,

02/01/2028

(g) 10,000

10,279

$

70,619

TOTAL

BONDS

$

6,257,497

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.99

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.06

%

3.50%,

03/01/2048

$

6,310

$

5,951

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.04

%

2.00%,

10/01/2050

30,446

25,036

2.00%,

11/01/2050

30,522

25,131

2.00%,

12/01/2050

35,538

29,206

2.00%,

12/01/2050

35,304

29,002

2.50%,

09/01/2050

30,493

26,294

2.50%,

10/01/2050

30,430

26,180

2.50%,

10/01/2050

31,457

27,064

2.50%,

11/01/2050

31,262

26,972

2.50%,

11/01/2050

29,656

25,587

2.50%,

11/01/2050

29,182

25,178

2.50%,

11/01/2050

31,390

27,006

2.50%,

11/01/2050

29,982

25,966

2.50%,

02/01/2052

30,513

25,967

3.00%,

06/01/2042

11,199

10,380

3.00%,

08/01/2049

15,193

13,728

3.00%,

09/01/2049

11,101

9,965

3.00%,

10/01/2049

14,042

12,662

3.00%,

10/01/2049

11,787

10,600

3.00%,

10/01/2049

16,217

14,624

3.00%,

11/01/2049

15,917

14,349

3.00%,

11/01/2049

13,813

12,404

3.00%,

11/01/2049

11,044

9,934

3.00%,

03/01/2050

16,484

14,859

3.00%,

04/01/2050

17,774

16,011

3.00%,

09/01/2050

20,363

18,242

3.00%,

05/01/2052

15,275

13,752

3.50%,

06/01/2046

11,407

10,857

3.50%,

08/01/2047

6,558

6,175

3.50%,

09/01/2047

27,391

25,772

3.50%,

12/01/2047

6,664

6,241

3.50%,

06/01/2049

25,342

23,748

3.50%,

07/01/2049

8,366

7,801

3.50%,

09/01/2049

7,286

6,792

3.50%,

09/01/2049

7,746

7,223

3.50%,

09/01/2049

23,765

22,186

3.50%,

11/01/2049

9,557

8,906

3.50%,

11/01/2049

11,791

11,099

3.50%,

12/01/2049

11,441

10,662

3.50%,

01/01/2050

33,439

31,224

3.50%,

02/01/2050

21,657

20,046

3.50%,

06/01/2050

19,258

17,959

3.50%,

08/01/2050

26,413

24,643

3.50%,

10/01/2050

25,231

23,488

3.50%,

01/01/2051

19,131

17,821

3.50%,

01/01/2051

27,172

25,481

3.50%,

04/01/2052

30,673

28,384

3.50%,

04/01/2052

41,309

38,318

4.00%,

02/01/2044

7,005

6,853

4.00%,

06/01/2046

9,911

9,688

4.00%,

10/01/2047

26,425

25,566

4.00%,

10/01/2048

7,489

7,247

4.00%,

03/01/2049

21,393

20,688

4.00%,

04/01/2049

23,670

22,896

4.00%,

06/01/2049

35,639

34,478

4.00%,

08/01/2049

26,872

25,974

4.00%,

10/01/2049

12,384

11,934

Schedule

of

Investments

Core

Fixed

Income

Fund

October

31,

2025

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

4.00%,

12/01/2049

$

19,817

$

19,262

4.00%,

01/01/2050

17,224

16,582

4.00%,

07/01/2050

37,372

36,112

4.00%,

02/01/2052

36,379

34,735

4.00%,

02/01/2052

31,369

29,964

4.00%,

02/01/2052

30,441

29,044

4.00%,

05/01/2052

39,079

37,415

4.00%,

05/01/2052

37,053

35,273

4.00%,

06/01/2052

31,723

30,383

4.50%,

06/01/2046

11,244

11,277

4.50%,

07/01/2052

36,614

35,816

4.50%,

07/01/2052

15,440

15,184

4.50%,

08/01/2052

36,657

36,074

4.50%,

08/01/2052

32,698

32,196

4.50%,

08/01/2052

32,236

31,880

4.50%,

09/01/2052

32,705

32,183

4.50%,

09/01/2052

30,896

30,405

4.50%,

09/01/2052

33,006

32,642

4.50%,

10/01/2052

20,693

20,375

4.50%,

10/01/2052

33,154

32,737

4.50%,

11/01/2052

34,390

33,787

4.50%,

11/01/2052

35,322

34,986

4.50%,

02/01/2053

31,064

30,583

5.00%,

07/01/2052

34,336

34,615

5.00%,

09/01/2052

32,683

32,865

5.00%,

10/01/2052

31,475

31,646

5.00%,

10/01/2052

20,146

20,250

5.00%,

02/01/2053

31,566

31,810

5.00%,

03/01/2053

32,812

32,975

5.00%,

07/01/2053

32,780

33,009

5.00%,

09/01/2053

25,650

25,766

5.00%,

10/01/2053

38,569

38,679

5.00%,

10/01/2053

41,106

41,348

5.00%,

02/01/2054

37,399

37,554

5.00%,

11/01/2054

39,646

39,865

5.00%,

12/01/2054

39,610

39,728

5.50%,

02/01/2053

29,605

30,220

5.50%,

03/01/2053

33,067

33,842

5.50%,

04/01/2053

30,871

31,618

5.50%,

07/01/2053

33,603

34,363

5.50%,

09/01/2053

33,335

34,065

5.50%,

09/01/2053

32,646

33,455

5.50%,

03/01/2054

26,854

27,460

5.50%,

06/01/2054

27,705

28,314

5.50%,

10/01/2054

37,027

37,840

5.50%,

12/01/2054

38,673

39,546

5.50%,

04/01/2055

39,143

39,865

6.00%,

10/01/2053

32,866

34,072

$

2,579,914

Government

National

Mortgage

Association

(GNMA)

-

.09

%

3.00%,

02/20/2046

10,827

9,890

U.S.

Treasury

-

.80

%

0.38%,

09/30/2027

40,000

37,642

0.50%,

10/31/2027

40,000

37,636

0.75%,

01/31/2028

40,000

37,567

0.88%,

11/15/2030

40,000

34,841

1.13%,

02/15/2031

40,000

35,111

1.13%,

08/15/2040

55,000

35,000

1.25%,

08/15/2031

40,000

34,758

1.25%,

05/15/2050

40,000

19,875

1.38%,

08/15/2050

40,000

20,386

1.50%,

02/15/2030

40,000

36,598

1.63%,

11/15/2050

40,000

21,747

1.75%,

11/15/2029

40,000

37,213

1.75%,

08/15/2041

55,000

37,658

1.88%,

02/15/2032

40,000

35,648

1.88%,

02/15/2051

40,000

23,123

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

1.88%,

11/15/2051

$

55,000

$

31,481

2.00%,

08/15/2051

55,000

32,605

2.25%,

08/15/2027

40,000

39,063

2.25%,

11/15/2027

40,000

38,948

2.25%,

08/15/2046

50,000

33,740

2.25%,

08/15/2049

40,000

25,831

2.25%,

02/15/2052

50,000

31,371

2.38%,

05/15/2051

40,000

26,025

2.63%,

02/15/2029

40,000

38,773

2.75%,

07/31/2027

(j) 40,000

39,413

2.75%,

02/15/2028

40,000

39,259

2.75%,

08/15/2032

40,000

37,322

2.75%,

08/15/2042

50,000

39,227

2.75%,

08/15/2047

45,000

32,978

2.88%,

05/15/2028

40,000

39,308

2.88%,

08/15/2028

40,000

39,236

2.88%,

05/15/2032

20,000

18,869

2.88%,

05/15/2052

45,000

32,451

3.00%,

11/15/2045

45,000

35,207

3.00%,

08/15/2048

40,000

30,391

3.00%,

08/15/2052

45,000

33,260

3.13%,

11/15/2028

40,000

39,448

3.38%,

05/15/2033

40,000

38,564

3.50%,

02/15/2033

40,000

38,964

3.63%,

02/15/2044

45,000

39,400

3.63%,

02/15/2053

40,000

33,392

3.63%,

05/15/2053

40,000

33,361

3.75%,

11/15/2043

40,000

35,731

3.88%,

08/15/2033

40,000

39,806

4.00%,

02/15/2034

40,000

40,027

4.00%,

11/15/2052

40,000

35,748

4.13%,

11/15/2032

40,000

40,580

4.50%,

11/15/2033

40,000

41,469

4.63%,

05/15/2054

40,000

39,672

$

1,695,723

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

4,291,478

Total

Investments

$

10,653,105

Other

Assets

and

Liabilities

- 0.74%

79,453

TOTAL

NET

ASSETS

-

100.00%

$

10,732,558

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,033

or

0.04%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(f) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(g) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$954,016

or

8.89%

of

net

assets.

(h) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(i) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,830

or

0.04%

of

net

assets.

(j) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,779

or

0.04%

of

net

assets.

Schedule

of

Investments

Core

Fixed

Income

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

118,527

$

2,124,097

$

2,144,832

$

97,792

$

118,527

$

2,124,097

$

2,144,832

$

97,792

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

3,530

$

—

$

—

$

—

$

3,530

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Trailer

Bridge

Inc

05/07/2012-05/28/2019

$

21,314

$

6,105

0.06%

Total

$

6,105

0.06%

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Treasury

Note;

December

2025

Long

4,241

$

883,155

$

(1,331)

US

Ultra

Bond;

December

2025

Short

48,027

(1,808)

Total

$

(3,139)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Core

Plus

Bond

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

10.48%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

5.62%

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

568,000

$

21,346

Vanguard

Short-Term

Corporate

Bond

ETF

(a) 98,000

7,830

$

29,176

Money

Market

Funds

-

4.86%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(b),(c)

589,572

590

Principal

Government

Money

Market

Fund

-

Class

3.93%

(b),(c),(d)

24,597,762

24,598

$

25,188

TOTAL

INVESTMENT

COMPANIES

$

54,364

COMMON

STOCKS

-

0.00%

Shares

Held

Value

(000's)

Diversified

Financial

Services

-

0.00%

Avation

PLC

-

Warrants

(e) 3,500

$

Oil

&

Gas

-

0.00%

Mesquite

Energy

Inc

(e),(f)

Retail

-

0.00%

Claire's

Holdings

LLC

(e) 232

—

TOTAL

COMMON

STOCKS

$

BONDS

-

56.39%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

1.01%

Boeing

Co/The

5.15%,

05/01/2030

$

$

5.81%,

05/01/2050

1,760

1,748

7.01%,

05/01/2064

Bombardier

Inc

7.50%,

02/01/2029

(g) 150

Northrop

Grumman

Corp

4.95%,

03/15/2053

5.25%,

07/15/2035

RTX

Corp

3.03%,

03/15/2052

530

6.10%,

03/15/2034

545

599

6.40%,

03/15/2054

TransDigm

Inc

6.38%,

03/01/2029

(g) 270

6.75%,

01/31/2034

(g) 542

562

$

5,236

Agriculture

-

0.85%

BAT

Capital

Corp

4.63%,

03/22/2033

4.76%,

09/06/2049

5.83%,

02/20/2031

7.08%,

08/02/2053

825

943

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

5.95%,

04/20/2035

(g) 540

565

Philip

Morris

International

Inc

4.38%,

04/30/2030

510

512

4.63%,

11/01/2029

522

529

4.63%,

10/29/2035

505

Reynolds

American

Inc

5.70%,

08/15/2035

635

661

$

4,389

Airlines

-

0.72%

American

Airlines

2021-1

Class

B

Pass

Through

Trust

3.95%,

01/11/2032

American

Airlines

Inc

8.50%,

05/15/2029

(g) 236

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(g) 285

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(g) 1,145

1,142

5.31%,

10/20/2031

(g) 405

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.75%,

10/20/2028

(g) 705

710

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Airlines

(continued)

Grupo

Aeromexico

SAB

de

CV

8.63%,

11/15/2031

(a),(g)

$

$

OneSky

Flight

LLC

8.88%,

12/15/2029

(g) 9

United

Airlines

2024-1

Class

A

Pass

Through

Trust

5.88%,

08/15/2038

700

716

$

3,722

Apparel

-

0.07%

Gildan

Activewear

Inc

4.70%,

10/07/2030

(g) 390

Automobile

Asset

Backed

Securities

-

5.24%

Ally

Auto

Receivables

Trust

2025-1

4.03%,

07/17/2028

1,340

1,340

AmeriCredit

Automobile

Receivables

Trust

2024-1

4.78%,

02/18/2028

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.60%

5.75%,

02/18/2028

AutoNation

Finance

Trust

2025-1

5.63%,

09/10/2032

(g) 555

564

BMW

Vehicle

Owner

Trust

2024-A

5.42%,

02/25/2027

BofA

Auto

Trust

2025-1

4.73%,

11/22/2027

(g) 390

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.55%

Capital

One

Prime

Auto

Receivables

Trust

2025-1

3.88%,

01/16/2029

(h) 2,500

2,500

Carmax

Auto

Owner

Trust

2024-3

5.21%,

09/15/2027

Chase

Auto

Owner

Trust

2024-4

5.25%,

09/27/2027

(g) 287

Chase

Auto

Owner

Trust

2024-5

4.18%,

08/27/2029

(g) 1,670

1,673

Drive

Auto

Receivables

Trust

2024-2

4.94%,

12/15/2027

Drive

Auto

Receivables

Trust

2025-2

4.29%,

10/16/2028

1,860

1,860

Ford

Credit

Floorplan

Master

Owner

Trust

A

4.30%,

09/15/2029

(g) 500

502

GM

Financial

Automobile

Leasing

Trust

2024-3

4.21%,

10/20/2027

675

676

4.65%,

01/20/2027

844

844

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.47%

GM

Financial

Consumer

Automobile

Receivables

Trust

2023-3

5.45%,

06/16/2028

525

529

Mercedes-Benz

Auto

Lease

Trust

2024-A

5.44%,

02/16/2027

Mercedes-Benz

Auto

Lease

Trust

2025-A

4.61%,

04/16/2029

1,900

1,922

4.75%,

04/17/2028

1,500

1,501

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.52%

Santander

Drive

Auto

Receivables

Trust

2023-4

5.73%,

04/17/2028

539

540

Santander

Drive

Auto

Receivables

Trust

2024-1

5.25%,

04/17/2028

Santander

Drive

Auto

Receivables

Trust

2025-1

4.76%,

08/16/2027

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

852

854

Santander

Drive

Auto

Receivables

Trust

2025-3

4.63%,

10/16/2028

2,830

2,835

Tesla

Electric

Vehicle

Trust

2023-1

5.54%,

12/21/2026

(g) 53

Schedule

of

Investments

Core

Plus

Bond

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

(continued)

Toyota

Lease

Owner

Trust

2024-B

4.21%,

09/20/2027

(g) $

1,880

$

1,881

USB

Auto

Owner

Trust

2025-1

5.40%,

12/15/2032

(g) 400

Volkswagen

Auto

Lease

Trust

2025-B

3.97%,

04/20/2028

1,145

1,144

Wheels

Fleet

Lease

Funding

LLC

4.99%,

01/18/2040

(g) 1,590

1,593

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

World

Omni

Auto

Receivables

Trust

2023-C

5.15%,

11/15/2028

World

Omni

Auto

Receivables

Trust

2025-D

3.91%,

02/15/2029

500

500

$

27,169

Automobile

Manufacturers

-

0.85%

Ford

Motor

Co

3.25%,

02/12/2032

9.63%,

04/22/2030

Ford

Motor

Credit

Co

LLC

3.38%,

11/13/2025

5.80%,

03/08/2029

1,420

1,445

6.13%,

03/08/2034

6.80%,

11/07/2028

Hyundai

Capital

America

4.50%,

09/18/2030

(g) 590

589

5.25%,

01/08/2027

(g) 490

5.30%,

06/24/2029

(g) 345

6.50%,

01/16/2029

(g) 265

$

4,393

Automobile

Parts

&

Equipment

-

0.08%

Dana

Inc

5.38%,

11/15/2027

Phinia

Inc

6.75%,

04/15/2029

(g) 95

$

Banks

-

8.37%

AIB

Group

PLC

5.32%,

05/15/2031

(g),(i)

Secured

Overnight

Financing

Rate

+

1.65%

5.87%,

03/28/2035

(g),(i)

815

858

Secured

Overnight

Financing

Rate

+

1.91%

Banco

de

Credito

del

Peru

S.A.

5.65%,

01/15/2037

(g),(i)

600

603

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.96%

Bank

of

America

Corp

2.68%,

06/19/2041

(i) 1,335

991

Secured

Overnight

Financing

Rate

+

1.93%

2.69%,

04/22/2032

(i) 861

787

Secured

Overnight

Financing

Rate

+

1.32%

3.85%,

03/08/2037

(i) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

Barclays

PLC

5.34%,

09/10/2035

(i) 540

548

Secured

Overnight

Financing

Rate

+

1.91%

5.86%,

08/11/2046

(i) 225

Secured

Overnight

Financing

Rate

+

1.83%

CaixaBank

SA

5.58%,

07/03/2036

(g),(i)

503

Secured

Overnight

Financing

Rate

+

1.79%

Citigroup

Inc

3.79%,

03/17/2033

(i) 1,455

1,384

Secured

Overnight

Financing

Rate

+

1.94%

5.17%,

09/11/2036

(i) 315

Secured

Overnight

Financing

Rate

+

1.49%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Cooperatieve

Rabobank

UA

4.99%,

05/27/2031

(g),(i)

$

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%

Danske

Bank

A/S

4.61%,

10/02/2030

(g),(i)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%

5.02%,

03/04/2031

(g),(i)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.93%

Deutsche

Bank

AG/New

York

NY

4.95%,

08/04/2031

(i) 215

Secured

Overnight

Financing

Rate

+

1.30%

5.30%,

05/09/2031

(i) 410

Secured

Overnight

Financing

Rate

+

1.72%

5.71%,

02/08/2028

(i) 485

Secured

Overnight

Financing

Rate

+

1.59%

Goldman

Sachs

Group

Inc/The

4.94%,

10/21/2036

(i) 680

677

Secured

Overnight

Financing

Rate

+

1.33%

5.02%,

10/23/2035

(i) 1,085

1,092

Secured

Overnight

Financing

Rate

+

1.42%

5.22%,

04/23/2031

(i) 1,400

1,445

Secured

Overnight

Financing

Rate

+

1.58%

5.54%,

01/28/2036

(i) 280

Secured

Overnight

Financing

Rate

+

1.38%

5.56%,

11/19/2045

(i) 425

Secured

Overnight

Financing

Rate

+

1.58%

5.73%,

01/28/2056

(i) 465

Secured

Overnight

Financing

Rate

+

1.70%

HSBC

Holdings

PLC

5.13%,

11/06/2036

(h),(i)

605

605

Secured

Overnight

Financing

Rate

+

1.43%

5.24%,

05/13/2031

(i) 1,060

1,091

Secured

Overnight

Financing

Rate

+

1.57%

5.74%,

09/10/2036

(i) 330

Secured

Overnight

Financing

Rate

+

1.96%

Huntington

Bancshares

Inc/OH

5.71%,

02/02/2035

(i) 1,945

2,022

Secured

Overnight

Financing

Rate

+

1.87%

JPMorgan

Chase

&

Co

4.91%,

07/25/2033

(i) 2,055

2,095

Secured

Overnight

Financing

Rate

+

2.08%

4.95%,

10/22/2035

(i) 495

501

Secured

Overnight

Financing

Rate

+

1.34%

5.34%,

01/23/2035

(i) 150

Secured

Overnight

Financing

Rate

+

1.62%

5.58%,

07/23/2036

(i) 480

Secured

Overnight

Financing

Rate

+

1.64%

6.50%,

04/01/2030

(i),(j)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

KeyBank

NA/Cleveland

OH

5.00%,

01/26/2033

1,000

1,007

KeyCorp

5.12%,

04/04/2031

(a),(i)

575

589

Secured

Overnight

Financing

Rate

+

1.23%

6.40%,

03/06/2035

(i) 225

Secured

Overnight

Financing

Rate

+

2.42%

Morgan

Stanley

0.99%,

12/10/2026

(i) 1,549

1,544

Secured

Overnight

Financing

Rate

+

0.72%

2.48%,

09/16/2036

(i) 1,140

995

Secured

Overnight

Financing

Rate

+

1.36%

4.89%,

10/22/2036

(i) 485

Secured

Overnight

Financing

Rate

+

1.31%

Schedule

of

Investments

Core

Plus

Bond

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Morgan

Stanley

(continued)

5.19%,

04/17/2031

(i) $

1,205

$

1,242

Secured

Overnight

Financing

Rate

+

1.51%

5.32%,

07/19/2035

(i) 3,150

3,240

Secured

Overnight

Financing

Rate

+

1.56%

5.52%,

11/19/2055

(i) 322

Secured

Overnight

Financing

Rate

+

1.71%

5.66%,

04/17/2036

(i) 290

Secured

Overnight

Financing

Rate

+

1.76%

Morgan

Stanley

Private

Bank

NA

4.73%,

07/18/2031

(i) 530

538

Secured

Overnight

Financing

Rate

+

1.08%

NatWest

Group

PLC

5.12%,

05/23/2031

(i) 300

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

PNC

Financial

Services

Group

Inc/The

4.90%,

05/13/2031

(i) 400

Secured

Overnight

Financing

Rate

+

1.33%

5.37%,

07/21/2036

(i) 340

Secured

Overnight

Financing

Rate

+

1.42%

5.40%,

07/23/2035

(i) 170

Secured

Overnight

Financing

Rate

+

1.60%

5.58%,

01/29/2036

(i) 350

Secured

Overnight

Financing

Rate

+

1.39%

5.68%,

01/22/2035

(i) 1,680

1,773

Secured

Overnight

Financing

Rate

+

1.90%

6.88%,

10/20/2034

(i) 571

647

Secured

Overnight

Financing

Rate

+

2.28%

Royal

Bank

of

Canada

6.50%,

11/24/2085

(i) 1,000

998

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

Scotiabank

Peru

SAA

6.10%,

10/01/2035

(g),(i)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.31%

State

Street

Corp

4.78%,

10/23/2036

(i) 390

Secured

Overnight

Financing

Rate

+

1.22%

Truist

Financial

Corp

5.44%,

01/24/2030

(i) 235

Secured

Overnight

Financing

Rate

+

1.62%

7.16%,

10/30/2029

(i) 290

Secured

Overnight

Financing

Rate

+

2.45%

UBS

Group

AG

1.36%,

01/30/2027

(g),(i)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.08%

5.43%,

02/08/2030

(g),(i)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.52%

7.00%,

02/10/2030

(g),(i),(j),(k)

551

558

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.08%

US

Bancorp

5.08%,

05/15/2031

(i) 710

730

Secured

Overnight

Financing

Rate

+

1.30%

5.10%,

07/23/2030

(i) 400

Secured

Overnight

Financing

Rate

+

1.25%

5.42%,

02/12/2036

(i) 420

Secured

Overnight

Financing

Rate

+

1.41%

5.68%,

01/23/2035

(i) 1,215

1,281

Secured

Overnight

Financing

Rate

+

1.86%

Westpac

Banking

Corp

4.11%,

07/24/2034

(i) 625

613

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Zions

Bancorp

NA

4.70%,

08/18/2028

(i) $

675

$

675

Secured

Overnight

Financing

Rate

+

1.16%

$

43,381

Biotechnology

-

0.28%

Amgen

Inc

5.60%,

03/02/2043

780

792

CSL

Finance

PLC

4.75%,

04/27/2052

(g) 750

661

$

1,453

Building

Materials

-

0.33%

AmeriTex

HoldCo

Intermediate

LLC

7.63%,

08/15/2033

(g) 640

669

Cemex

SAB

de

CV

7.20%,

06/10/2030

(g),(i),(j)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.52%

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(g) 847

844

$

1,721

Chemicals

-

0.67%

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(a),(g)

555

6.50%,

05/15/2026

(g) 150

Ecolab

Inc

2.70%,

12/15/2051

1,070

677

International

Flavors

&

Fragrances

Inc

1.83%,

10/15/2027

(g) 625

596

3.47%,

12/01/2050

(g) 130

OCP

SA

6.10%,

04/30/2030

(g) 320

Olympus

Water

US

Holding

Corp

4.25%,

10/01/2028

(g) 375

6.25%,

10/01/2029

(a),(g)

Sociedad

Quimica

y

Minera

de

Chile

SA

5.50%,

09/10/2034

(g) 460

Vibrantz

Technologies

Inc

9.00%,

02/15/2030

(g) 481

$

3,498

Commercial

Mortgage

Backed

Securities

-

5.45%

ALA

Trust

2025-OANA

5.78%,

06/15/2040

(g) 1,000

1,004

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.74%

BBCMS

Mortgage

Trust

2024-5C29

5.21%,

09/15/2057

1,750

1,798

BBCMS

Mortgage

Trust

2025-5C33

6.17%,

03/15/2058

(l) 2,500

2,620

Benchmark

2021-B25

Mortgage

Trust

2.58%,

04/15/2054

500

BFLD

Commercial

Mortgage

Trust

2025-5MW

4.67%,

10/10/2042

(g),(l)

750

749

BPR

Trust

2024-PMDW

5.36%,

11/05/2041

(g),(l)

2,625

2,676

BSTN

Commercial

Mortgage

Trust

2025-1C

5.37%,

06/15/2044

(g),(l)

3,000

3,093

BX

2025-BIO3

Mortgage

Trust

6.14%,

02/10/2042

(g) 1,000

1,034

BX

Commercial

Mortgage

Trust

2021-XL2

4.83%,

10/15/2038

(g) 754

753

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.80%

BX

Trust

2025-VLT6

5.48%,

03/15/2042

(g) 2,000

1,999

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

Citigroup

Commercial

Mortgage

Trust

2019-C7

3.10%,

12/15/2072

1,500

1,423

Schedule

of

Investments

Core

Plus

Bond

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

COMM

2025-167G

Mortgage

Trust

5.50%,

08/10/2040

(g) $

800

$

803

DROP

Mortgage

Trust

2021-FILE

5.30%,

10/15/2043

(g) 1,500

1,455

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

ELM

Trust

2024-ELM

5.80%,

06/10/2039

(g),(l)

2,000

2,019

GS

Mortgage

Securities

Trust

2020-GSA2

2.01%,

12/12/2053

2,000

1,759

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C24

0.70%,

11/15/2047

(l),(m)

959

—

LBA

Trust

2024-7IND

5.48%,

10/15/2041

(g) 682

683

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

ORL

Trust

2024-GLKS

5.52%,

12/15/2039

(g) 1,000

1,001

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

SMRT

2022-MINI

5.03%,

01/15/2039

(g) 800

799

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

SREIT

Trust

2021-MFP

4.88%,

11/15/2038

(g) 839

838

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.85%

SREIT

Trust

2021-MFP2

4.97%,

11/15/2036

(g) 1,000

999

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.94%

Wells

Fargo

Commercial

Mortgage

Trust

2016-NXS5

3.37%,

01/15/2059

$

28,285

Commercial

Services

-

0.44%

ADT

Security

Corp/The

5.88%,

10/15/2033

(g) 70

Block

Inc

6.00%,

08/15/2033

(g) 363

EquipmentShare.com

Inc

8.00%,

03/15/2033

(g) 381

8.63%,

05/15/2032

(g) 27

Garda

World

Security

Corp

6.00%,

06/01/2029

(g) 405

8.38%,

11/15/2032

(g) 325

Veritiv

Operating

Co

10.50%,

11/30/2030

(g) 290

Williams

Scotsman

Inc

4.63%,

08/15/2028

(g) 180

ZipRecruiter

Inc

5.00%,

01/15/2030

(g) 300

$

2,283

Computers

-

0.71%

Hewlett

Packard

Enterprise

Co

4.40%,

10/15/2030

700

694

4.55%,

10/15/2029

835

840

5.00%,

10/15/2034

900

890

5.60%,

10/15/2054

590

558

International

Business

Machines

Corp

5.70%,

02/10/2055

McAfee

Corp

7.38%,

02/15/2030

(g) 440

$

3,660

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Consumer

Products

-

0.02%

Kronos

Acquisition

Holdings

Inc

8.25%,

06/30/2031

(g) $

$

Credit

Card

Asset

Backed

Securities

-

2.26%

American

Express

Credit

Account

Master

Trust

4.87%,

05/15/2028

5.23%,

09/15/2028

1,000

1,011

5.24%,

04/15/2031

4,045

4,219

Citibank

Credit

Card

Issuance

Trust

3.96%,

10/13/2030

1,300

1,302

5.23%,

12/08/2027

975

976

Discover

Card

Execution

Note

Trust

4.31%,

03/15/2028

3,055

3,057

WF

Card

Issuance

Trust

4.34%,

05/15/2030

800

809

$

11,700

Diversified

Financial

Services

-

2.89%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.00%,

10/29/2028

1,345

1,299

6.95%,

03/10/2055

(i) 455

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Air

Lease

Corp

1.88%,

08/15/2026

1,000

982

Aircastle

Ltd

5.95%,

02/15/2029

(g) 165

Aircastle

Ltd

/

Aircastle

Ireland

DAC

5.00%,

09/15/2030

(g) 790

796

5.75%,

10/01/2031

(g) 910

947

Atlas

Warehouse

Lending

Co

LP

6.05%,

01/15/2028

(g) 250

Charles

Schwab

Corp/The

5.85%,

05/19/2034

(i) 330

Secured

Overnight

Financing

Rate

+

2.50%

Citadel

Finance

LLC

5.90%,

02/10/2030

(g) 1,000

1,010

Citadel

Securities

Global

Holdings

LLC

5.50%,

06/18/2030

(g) 500

512

6.20%,

06/18/2035

(g) 900

944

Credit

Acceptance

Corp

6.63%,

03/15/2030

(g) 370

9.25%,

12/15/2028

(g) 355

Equitable

America

Global

Funding

4.95%,

06/09/2030

(g) 250

Freedom

Mortgage

Holdings

LLC

7.88%,

04/01/2033

(g) 5

9.13%,

05/15/2031

(g) 455

Global

Aircraft

Leasing

Co

Ltd

8.75%,

09/01/2027

(g) 738

760

ILFC

E-Capital

Trust

II

6.06%,

12/21/2065

(g) 245

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.00%

Jane

Street

Group

/

JSG

Finance

Inc

6.13%,

11/01/2032

(g) 1,148

1,168

6.75%,

05/01/2033

(g) 1,217

1,270

OneMain

Finance

Corp

3.50%,

01/15/2027

4.00%,

09/15/2030

6.63%,

01/15/2028

7.13%,

11/15/2031

7.50%,

05/15/2031

Rfna

LP

7.88%,

02/15/2030

(g) 540

538

Rocket

Cos

Inc

6.13%,

08/01/2030

(g) 245

SLM

Corp

3.13%,

11/02/2026

Schedule

of

Investments

Core

Plus

Bond

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

TrueNoord

Capital

DAC

8.75%,

03/01/2030

(g) $

$

$

14,964

Electric

-

3.11%

Abu

Dhabi

National

Energy

Co

PJSC

4.70%,

04/24/2033

(g) 200

Alliant

Energy

Finance

LLC

5.40%,

06/06/2027

(g) 625

633

5.95%,

03/30/2029

(g) 305

Atlantica

Sustainable

Infrastructure

Ltd

4.13%,

06/15/2028

(g) 290

Berkshire

Hathaway

Energy

Co

4.60%,

05/01/2053

540

Black

Hills

Corp

4.55%,

01/31/2031

California

Buyer

Ltd

/

Atlantica

Sustainable

Infrastructure

PLC

6.38%,

02/15/2032

(g) 551

557

Clearway

Energy

Operating

LLC

4.75%,

03/15/2028

(g) 315

CMS

Energy

Corp

6.50%,

06/01/2055

(i) 1,070

1,113

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.96%

Commonwealth

Edison

Co

4.00%,

03/01/2049

Consolidated

Edison

Co

of

New

York

Inc

5.90%,

11/15/2053

Duke

Energy

Carolinas

LLC

3.75%,

06/01/2045

500

Duke

Energy

Florida

LLC

6.20%,

11/15/2053

Exelon

Corp

5.60%,

03/15/2053

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%,

01/31/2041

(g) 594

629

Indianapolis

Power

&

Light

Co

5.70%,

04/01/2054

(g) 345

Interstate

Power

and

Light

Co

5.60%,

06/29/2035

1,230

1,283

Lightning

Power

LLC

7.25%,

08/15/2032

(g) 526

557

Louisville

Gas

and

Electric

Co

5.85%,

08/15/2055

NextEra

Energy

Capital

Holdings

Inc

5.45%,

03/15/2035

6.38%,

08/15/2055

(i) 625

650

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.05%

6.70%,

09/01/2054

(i) 915

952

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

NRG

Energy

Inc

5.41%,

10/15/2035

(g) 250

5.75%,

01/15/2034

(g) 283

6.00%,

01/15/2036

(g) 283

Public

Service

Co

of

Colorado

5.25%,

04/01/2053

Puget

Sound

Energy

Inc

5.60%,

09/15/2055

Saavi

Energia

Sarl

8.88%,

02/10/2035

(g) 455

Southern

Co/The

5.70%,

03/15/2034

640

675

Southern

Power

Co

4.90%,

10/01/2035

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Trans-Allegheny

Interstate

Line

Co

5.00%,

01/15/2031

(g) $

785

$

806

Vistra

Corp

7.00%,

12/15/2026

(g),(i),(j)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.74%

Vistra

Operations

Co

LLC

4.38%,

05/01/2029

(g) 185

VoltaGrid

LLC

7.38%,

11/01/2030

(g),(h)

Xcel

Energy

Inc

5.45%,

08/15/2033

805

834

$

16,115

Engineering

&

Construction

-

0.26%

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(g) 440

Global

Infrastructure

Solutions

Inc

5.63%,

06/01/2029

(g) 295

Sitios

Latinoamerica

SAB

de

CV

5.38%,

04/04/2032

(g) 575

576

$

1,323

Entertainment

-

0.41%

Caesars

Entertainment

Inc

4.63%,

10/15/2029

(g) 540

508

6.50%,

02/15/2032

(g) 395

Cinemark

USA

Inc

5.25%,

07/15/2028

(g) 515

513

7.00%,

08/01/2032

(g) 55

Warnermedia

Holdings

Inc

3.76%,

03/15/2027

5.05%,

03/15/2042

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

7.13%,

02/15/2031

(g) 105

$

2,100

Environmental

Control

-

0.10%

Madison

IAQ

LLC

4.13%,

06/30/2028

(g) 270

Waste

Connections

Inc

5.25%,

09/01/2035

$

507

Food

-

1.30%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

4.63%,

01/15/2027

(g) 285

B&G

Foods

Inc

5.25%,

09/15/2027

(a) 100

8.00%,

09/15/2028

(g) 509

Chobani

Holdco

II

LLC

8.75%,

PIK

9.50%;

10/01/2029

(g),(l),(n)

Chobani

LLC

/

Chobani

Finance

Corp

Inc

7.63%,

07/01/2029

(g) 345

Fiesta

Purchaser

Inc

7.88%,

03/01/2031

(g) 255

Grupo

Nutresa

SA

8.00%,

05/12/2030

(g) 300

JBS

USA

Holding

Lux

Sarl

/

JBS

USA

Foods

Group

Holdings

Inc

/

JBS

USA

Food

Co

6.38%,

04/15/2066

(g) 410

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

4.38%,

02/02/2052

1,421

1,120

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

6.38%,

02/25/2055

(g) 340

Schedule

of

Investments

Core

Plus

Bond

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

Mars

Inc

5.20%,

03/01/2035

(g) $

1,360

$

1,396

5.70%,

05/01/2055

(g) 1,009

1,027

Post

Holdings

Inc

5.50%,

12/15/2029

(g) 175

$

6,719

Forest

Products

&

Paper

-

0.03%

Mercer

International

Inc

5.13%,

02/01/2029

12.88%,

10/01/2028

(g) 125

$

Gas

-

0.50%

Boston

Gas

Co

5.84%,

01/10/2035

(g) 250

Grupo

Energia

Bogota

SA

ESP

5.75%,

10/22/2035

(g) 400

NiSource

Inc

6.95%,

11/30/2054

(i) 835

871

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

Southern

California

Gas

Co

5.05%,

09/01/2034

6.00%,

06/15/2055

655

687

$

2,573

Healthcare

-

Services

-

0.61%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(g) 425

7.38%,

03/15/2033

(a),(g)

Centene

Corp

2.63%,

08/01/2031

4.25%,

12/15/2027

Global

Medical

Response

Inc

7.38%,

10/01/2032

(g) 175

HCA

Inc

5.45%,

04/01/2031

LifePoint

Health

Inc

8.38%,

02/15/2032

(g) 526

568

11.00%,

10/15/2030

(g) 220

Tenet

Healthcare

Corp

6.13%,

06/15/2030

UnitedHealth

Group

Inc

4.75%,

05/15/2052

625

551

5.75%,

07/15/2064

$

3,154

Home

Builders

-

0.09%

Adams

Homes

Inc

9.25%,

10/15/2028

(g) 285

K

Hovnanian

Enterprises

Inc

8.38%,

10/01/2033

(g) 185

$

Home

Equity

Asset

Backed

Securities

-

0.12%

Chase

Funding

Trust

Series

2003-5

4.71%,

07/25/2033

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

First

NLC

Trust

2005-1

2.40%,

05/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.61%

Saxon

Asset

Securities

Trust

2004-1

1.36%,

03/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

$

634

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

-

0.83%

Allianz

SE

6.55%,

10/30/2033

(g),(i),(j),(k)

$

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.32%

American

International

Group

Inc

5.45%,

05/07/2035

504

Aon

North

America

Inc

5.75%,

03/01/2054

685

692

Arthur

J

Gallagher

&

Co

2.40%,

11/09/2031

665

591

5.15%,

02/15/2035

5.55%,

02/15/2055

Brown

&

Brown

Inc

4.70%,

06/23/2028

5.55%,

06/23/2035

Corebridge

Financial

Inc

5.75%,

01/15/2034

Markel

Group

Inc

6.00%,

05/16/2054

Marsh

&

McLennan

Cos

Inc

6.25%,

11/01/2052

MetLife

Inc

5.00%,

07/15/2052

5.30%,

12/15/2034

Northwestern

Mutual

Life

Insurance

Co/The

6.17%,

05/29/2055

(g) 300

Teachers

Insurance

&

Annuity

Association

of

America

4.27%,

05/15/2047

(g) 200

$

4,300

Internet

-

0.66%

Beignet

Investor

LLC

6.58%,

05/30/2049

(g) 595

635

Cogent

Communications

Group

LLC

/

Cogent

Finance

Inc

7.00%,

06/15/2027

(g) 45

Meta

Platforms

Inc

4.45%,

08/15/2052

925

774

4.60%,

11/15/2032

(h) 915

920

4.88%,

11/15/2035

(h) 320

5.40%,

08/15/2054

5.63%,

11/15/2055

(h) 320

$

3,446

Investment

Companies

-

0.15%

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.38%,

06/15/2026

(g) 22

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

515

5.25%,

05/15/2027

6.25%,

05/15/2026

10.00%,

11/15/2029

(g) 162

$

799

Leisure

Products

&

Services

-

0.07%

NCL

Finance

Ltd

6.13%,

03/15/2028

(g) 340

Lodging

-

0.22%

Sands

China

Ltd

3.80%,

01/08/2026

Wynn

Macau

Ltd

5.63%,

08/26/2028

(g) 805

804

$

1,154

Machinery

-

Diversified

-

0.09%

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(g) 465

Schedule

of

Investments

Core

Plus

Bond

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

-

1.17%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.50%,

08/15/2030

(g) $

$

4.50%,

06/01/2033

(g) 28

5.38%,

06/01/2029

(g) 205

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.90%,

06/01/2052

1,365

896

5.85%,

12/01/2035

715

713

6.55%,

06/01/2034

745

784

6.70%,

12/01/2055

Comcast

Corp

2.94%,

11/01/2056

900

522

Directv

Financing

LLC

8.88%,

02/01/2030

(g) 250

8.88%,

02/01/2030

(g) 219

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(g) 11

10.00%,

02/15/2031

(g) 20

Discovery

Communications

LLC

4.13%,

05/15/2029

DISH

Network

Corp

11.75%,

11/15/2027

(g) 255

iHeartCommunications

Inc

4.75%,

01/15/2028

(g) 96

7.75%,

08/15/2030

(g) 131

Paramount

Global

4.20%,

05/19/2032

Sinclair

Television

Group

Inc

8.13%,

02/15/2033

(g) 546

556

Ziggo

BV

4.88%,

01/15/2030

(g) 261

$

6,083

Metal

Fabrication

&

Hardware

-

0.05%

TMS

International

Corp/DE

6.25%,

04/15/2029

(g) 285

Mining

-

0.59%

Antofagasta

PLC

5.63%,

09/09/2035

(g) 300

First

Quantum

Minerals

Ltd

8.00%,

03/01/2033

(g) 550

585

Glencore

Funding

LLC

5.19%,

04/01/2030

(g) 560

576

5.37%,

04/04/2029

(g) 485

500

New

Gold

Inc

6.88%,

04/01/2032

(g) 120

Taseko

Mines

Ltd

8.25%,

05/01/2030

(g) 640

677

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(g) 270

$

3,045

Mortgage

Backed

Securities

-

3.41%

Fannie

Mae

REMICS

1.75%,

08/25/2049

(m) 5,346

611

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.80%,

08/25/2043

(m) 1,032

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.99%

1.85%,

12/25/2042

(m) 3,877

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

1.85%,

01/25/2048

(m) 1,518

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

1.90%,

03/25/2048

(m) 1,867

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Fannie

Mae

REMICS

(continued)

1.90%,

06/25/2048

(m) $

2,011

$

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

3.00%,

04/25/2027

(m) 127

3.00%,

09/25/2050

(m) 1,821

3.50%,

09/25/2027

(m) 227

3.50%,

11/25/2027

(m) 57

3.50%,

05/25/2028

(m) 65

4.00%,

04/25/2043

(m) 86

Freddie

Mac

REMICS

1.70%,

10/15/2046

(m) 2,503

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.85%,

06/25/2050

(m) 2,093

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

2.00%,

02/15/2036

3.00%,

05/15/2027

(m) 101

3.00%,

10/15/2027

(m) 53

3.00%,

02/15/2029

(m) 233

3.50%,

02/15/2028

(m) 106

3.50%,

03/15/2041

(m) 405

4.80%,

05/15/2049

1,995

1,956

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.56%

Ginnie

Mae

1.32%,

04/20/2052

(m) 2,236

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.50%

1.90%,

12/16/2043

(m) 2,270

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

1.90%,

05/20/2046

(m) 252

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

1.95%,

11/20/2046

(m) 1,900

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

2.00%,

08/20/2044

(m) 852

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.04%

2.00%,

03/20/2047

(m) 1,067

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.04%

2.05%,

10/20/2045

(m) 874

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

2.05%,

08/20/2047

(m) 3,772

533

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

2.05%,

08/20/2047

(m) 1,230

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

2.05%,

08/20/2047

(m) 421

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

2.05%,

11/20/2047

(m) 638

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

2.07%,

09/20/2050

(m) 1,691

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

2.10%,

06/20/2045

(m) 1,142

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.14%

Schedule

of

Investments

Core

Plus

Bond

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Ginnie

Mae

(continued)

2.10%,

10/20/2047

(m) $

1,620

$

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.14%

2.15%,

08/20/2050

(m) 2,268

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

2.15%,

11/20/2050

(m) 1,623

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

2.15%,

08/20/2051

(m) 1,503

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

2.50%,

12/20/2050

(m) 2,485

2.53%,

04/20/2041

(m) 432

(1.10)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.97%

3.00%,

07/20/2050

(m) 497

3.00%,

11/20/2050

(m) 1,338

3.00%,

11/20/2050

(m) 1,843

3.00%,

11/20/2050

(m) 2,108

3.50%,

01/20/2043

(m) 1,622

3.50%,

10/20/2049

(m) 759

4.00%,

09/20/2040

(m) 219

4.50%,

05/16/2043

(m) 666

JP

Morgan

Mortgage

Trust

2024-1

6.00%,

06/25/2054

(g),(l)

1,330

1,332

JP

Morgan

Mortgage

Trust

2024-2

6.00%,

08/25/2054

(g),(l)

JP

Morgan

Mortgage

Trust

2025-1

6.00%,

06/25/2055

(g),(l)

1,485

1,498

JP

Morgan

Mortgage

Trust

Series

2024-4

6.00%,

10/25/2054

(g),(l)

1,111

1,114

Sequoia

Mortgage

Trust

2024-2

6.00%,

03/25/2054

(g),(l)

1,372

1,376

Sequoia

Mortgage

Trust

2024-3

6.00%,

04/25/2054

(g),(l)

1,858

1,863

$

17,679

Oil

&

Gas

-

1.06%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

7.50%,

10/01/2029

(g) 681

706

Chord

Energy

Corp

6.00%,

10/01/2030

(g) 330

ConocoPhillips

Co

5.50%,

01/15/2055

Diamondback

Energy

Inc

5.75%,

04/18/2054

735

708

Ecopetrol

SA

8.88%,

01/13/2033

EQT

Corp

7.50%,

06/01/2027

Matador

Resources

Co

6.25%,

04/15/2033

(g) 726

725

Occidental

Petroleum

Corp

5.20%,

08/01/2029

Permian

Resources

Operating

LLC

8.00%,

04/15/2027

(g) 200

Pertamina

Persero

PT

3.10%,

08/27/2030

(g) 200

Petroleos

Mexicanos

7.69%,

01/23/2050

685

621

Saudi

Arabian

Oil

Co

4.75%,

06/02/2030

(g) 200

Sunoco

LP

5.88%,

03/15/2034

(g) 478

$

5,494

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

Services

-

0.10%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.25%,

04/01/2028

(g) $

$

Enerflex

Ltd

9.00%,

10/15/2027

(g) 236

$

527

Other

Asset

Backed

Securities

-

0.92%

Hilton

Grand

Vacations

Trust

2024-3

4.98%,

08/27/2040

(g) 659

666

Hotwire

Funding

LLC

2.31%,

11/20/2051

(g) 1,250

1,219

Switch

ABS

Issuer

LLC

5.12%,

10/25/2055

(g) 1,250

1,251

Verizon

Master

Trust

Series

2025-2

4.94%,

01/20/2033

(g) 235

Zayo

Issuer

LLC

5.57%,

10/20/2055

(g) 1,400

1,407

$

4,785

Packaging

&

Containers

-

0.74%

Canpack

SA

/

Canpack

US

LLC

3.13%,

11/01/2025

(g) 200

Clydesdale

Acquisition

Holdings

Inc

6.63%,

04/15/2029

(g) 115

6.75%,

04/15/2032

(g) 225

8.75%,

04/15/2030

(g) 165

LABL

Inc

5.88%,

11/01/2028

(g) 185

8.63%,

10/01/2031

(g) 100

9.50%,

11/01/2028

(g) 310

Mauser

Packaging

Solutions

Holding

Co

7.88%,

04/15/2027

(g) 414

9.25%,

04/15/2027

(g) 362

Packaging

Corp

of

America

5.20%,

08/15/2035

760

773

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

1,125

1,160

$

3,839

Pharmaceuticals

-

0.80%

1261229

BC

Ltd

10.00%,

04/15/2032

(g) 310

AbbVie

Inc

4.25%,

11/21/2049

615

518

5.50%,

03/15/2064

AdaptHealth

LLC

6.13%,

08/01/2028

(g) 290

CVS

Health

Corp

5.45%,

09/15/2035

Eli

Lilly

&

Co

5.50%,

02/12/2055

5.65%,

10/15/2065

Endo

Finance

Holdings

Inc

8.50%,

04/15/2031

(g) 510

541

Jazz

Securities

DAC

4.38%,

01/15/2029

(g) 285

Zoetis

Inc

5.00%,

08/17/2035

725

732

$

4,163

Pipelines

-

1.69%

Cheniere

Energy

Inc

5.65%,

04/15/2034

Cheniere

Energy

Partners

LP

5.55%,

10/30/2035

(g) 375

DT

Midstream

Inc

4.13%,

06/15/2029

(g) 1,665

1,629

Energy

Transfer

LP

3.75%,

05/15/2030

965

936

5.15%,

03/15/2045

750

667

5.25%,

07/01/2029

Schedule

of

Investments

Core

Plus

Bond

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Energy

Transfer

LP

(continued)

6.50%,

02/15/2056

(i) $

753

$

746

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

Kinder

Morgan

Inc

5.40%,

02/01/2034

650

669

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp

8.13%,

02/15/2029

(g) 170

ONEOK

Inc

4.40%,

10/15/2029

4.75%,

10/15/2031

570

570

5.70%,

11/01/2054

1,040

973

Venture

Global

LNG

Inc

7.00%,

01/15/2030

(a),(g)

8.38%,

06/01/2031

(g) 70

9.00%,

09/30/2029

(g),(i),(j)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.44%

9.50%,

02/01/2029

(g) 450

$

8,757

REITs

-

0.89%

American

Homes

Rent

LP

3.38%,

07/15/2051

4.95%,

06/15/2030

5.50%,

07/15/2034

Arbor

Realty

SR

Inc

7.88%,

07/15/2030

(g) 320

CFE

Fibra

E

5.88%,

09/23/2040

(g) 400

EF

Holdco

/

EF

Cayman

Hold

/

Ellington

Fin

REIT

Cayman/TRS

/

EF

Cayman

Non-MTM

7.38%,

09/30/2030

(g) 495

Iron

Mountain

Inc

6.25%,

01/15/2033

(g) 45

Iron

Mountain

Information

Management

Services

Inc

5.00%,

07/15/2032

(g) 210

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(g) 506

Mid-America

Apartments

LP

2.88%,

09/15/2051

646

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

4.88%,

05/15/2029

(g) 270

7.00%,

02/01/2030

(g) 150

Uniti

Group

LP

/

Uniti

Fiber

Holdings

Inc

/

CSL

Capital

LLC

6.00%,

01/15/2030

(g) 465

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

8.63%,

06/15/2032

(g) 105

XHR

LP

4.88%,

06/01/2029

(g) 441

6.63%,

05/15/2030

(g) 15

$

4,619

Retail

-

0.68%

Bath

&

Body

Works

Inc

5.25%,

02/01/2028

6.63%,

10/01/2030

(g) 105

6.75%,

07/01/2036

6.95%,

03/01/2033

Carvana

Co

9.00%,

PIK

13.00%;

06/01/2030

(g),(l),(n)

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4.63%,

01/15/2029

(g) 245

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Lowe's

Cos

Inc

4.25%,

03/15/2031

$

$

Park

River

Holdings

Inc

8.00%,

03/15/2031

(g) 410

Patrick

Industries

Inc

4.75%,

05/01/2029

(g) 75

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp

7.75%,

10/15/2029

(g) 532

535

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(g) 505

536

$

3,506

Semiconductors

-

1.80%

ams-OSRAM

AG

12.25%,

03/30/2029

(g) 150

Broadcom

Inc

3.42%,

04/15/2033

2,615

2,438

4.35%,

02/15/2030

4.55%,

02/15/2032

5.05%,

07/12/2029

5.15%,

11/15/2031

5.20%,

07/15/2035

675

695

Intel

Corp

4.75%,

03/25/2050

(a) 575

Kioxia

Holdings

Corp

6.25%,

07/24/2030

(g) 200

6.63%,

07/24/2033

(g) 200

Marvell

Technology

Inc

2.95%,

04/15/2031

4.75%,

07/15/2030

5.45%,

07/15/2035

5.95%,

09/15/2033

510

545

Micron

Technology

Inc

5.30%,

01/15/2031

790

817

5.80%,

01/15/2035

1,320

1,394

$

9,336

Shipbuilding

-

0.05%

Huntington

Ingalls

Industries

Inc

5.75%,

01/15/2035

Software

-

0.69%

Cloud

Software

Group

Inc

9.00%,

09/30/2029

(g) 185

Open

Text

Corp

3.88%,

12/01/2029

(g) 55

Oracle

Corp

3.95%,

03/25/2051

670

4.00%,

07/15/2046

4.80%,

09/26/2032

5.20%,

09/26/2035

5.95%,

09/26/2055

540

512

Synopsys

Inc

5.70%,

04/01/2055

VMware

LLC

1.80%,

08/15/2028

1,360

1,277

$

3,598

Sovereign

-

0.36%

Colombia

Government

International

Bond

8.50%,

04/25/2035

Israel

Government

International

Bond

4.13%,

01/17/2048

Istanbul

Metropolitan

Municipality

10.50%,

12/06/2028

(a),(g)

Mexico

Government

International

Bond

5.38%,

03/22/2033

Philippine

Government

International

Bond

5.90%,

02/04/2050

550

588

Schedule

of

Investments

Core

Plus

Bond

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Romanian

Government

International

Bond

6.63%,

05/16/2036

(g) $

$

$

1,871

Telecommunications

-

2.20%

Altice

France

SA

9.50%,

11/01/2029

(g) 408

AT&T

Inc

3.50%,

09/15/2053

1,868

1,278

3.55%,

09/15/2055

855

586

CommScope

LLC

7.13%,

07/01/2028

(g) 238

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(g) 636

633

EchoStar

Corp

10.75%,

11/30/2029

741

816

T-Mobile

USA

Inc

2.40%,

03/15/2029

910

859

2.55%,

02/15/2031

820

746

2.88%,

02/15/2031

1,255

1,159

4.63%,

01/15/2033

705

700

4.95%,

11/15/2035

885

879

5.13%,

05/15/2032

(a) 500

514

5.88%,

11/15/2055

550

558

Verizon

Communications

Inc

2.55%,

03/21/2031

1,131

1,027

2.88%,

11/20/2050

Viasat

Inc

7.50%,

05/30/2031

(g) 590

554

Viavi

Solutions

Inc

3.75%,

10/01/2029

(g) 190

Windstream

Services

LLC

7.50%,

10/15/2033

(g) 26

Zayo

Group

Holdings

Inc

9.25%,

PIK

0.00%;

03/09/2030

(g),(l),(n)

$

11,433

Transportation

-

0.29%

Burlington

Northern

Santa

Fe

LLC

4.45%,

01/15/2053

Eletson

Holdings

Inc

-

Escrow

0.00%,

01/15/2022

(e),(f)

1,749

—

Norfolk

Southern

Corp

5.10%,

05/01/2035

5.35%,

08/01/2054

800

783

RXO

Inc

7.50%,

11/15/2027

(g) 160

Watco

Cos

LLC

/

Watco

Finance

Corp

7.13%,

08/01/2032

(g) 155

$

1,495

Water

-

0.11%

Aegea

Finance

Sarl

9.00%,

01/20/2031

(g) 550

581

TOTAL

BONDS

$

292,422

SENIOR

FLOATING

RATE

INTERESTS

-

2.54%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

0.09%

TransDigm

Inc

;

Term

Loan

J

6.50%,

02/28/2031

(o) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Airlines

-

0.14%

AAdvantage

Loyalty

IP

Ltd

;

Term

Loan

B

6.13%,

04/20/2028

(o) 85

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

United

Airlines

Inc

;

Term

Loan

B

6.20%,

02/22/2031

(o) 478

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Airlines

(continued)

WestJet

Loyalty

LP

;

Term

Loan

B

7.25%,

02/14/2031

(o) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

710

Chemicals

-

0.07%

Advancion

Holdings

LLC

;

Term

Loan

11.81%,

11/24/2028

(o) 375

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Consolidated

Energy

Finance

SA

;

Term

Loan

B

8.20%,

11/15/2030

(o) 50

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

$

Commercial

Services

-

0.30%

Garda

World

Security

Corp

;

Term

Loan

B

7.05%,

02/01/2029

(o) 627

627

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Shift4

Payments

LLC

;

Term

Loan

B

6.50%,

07/02/2032

(o) 440

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Veritiv

Operating

Co

;

Term

Loan

B

8.00%,

11/30/2030

(o) 506

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

1,555

Computers

-

0.08%

McAfee

Corp

;

Term

Loan

B1

0.00%,

03/01/2029

(o),(p)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Consumer

Products

-

0.10%

Kronos

Acquisition

Holdings

Inc

;

Term

Loan

B

8.00%,

06/27/2031

(o) 737

534

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Diversified

Financial

Services

-

0.20%

Jane

Street

Group

LLC

;

Term

Loan

B

6.16%,

12/15/2031

(o) 552

547

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Russell

Investments

US

Institutional

Holdco

Inc

;

PIK

Term

Loan

B

9.19%,

PIK

1.50%,

05/30/2027

(n),(o)

515

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

$

1,045

Food

-

0.13%

Fiesta

Purchaser

Inc

;

Term

Loan

B

7.51%,

02/12/2031

(o) 679

676

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Insurance

-

0.10%

Asurion

LLC

;

Term

Loan

B4

9.33%,

01/20/2029

(o) 525

500

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Lodging

-

0.15%

Fertitta

Entertainment

LLC/NV

;

Term

Loan

B

7.21%,

01/27/2029

(o) 764

763

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Schedule

of

Investments

Core

Plus

Bond

Fund

October

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Machinery

-

Diversified

-

0.00%

TK

Elevator

US

Newco

Inc

;

Term

Loan

B

7.20%,

04/30/2030

(o) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Media

-

0.25%

Directv

Financing

LLC

;

Tern

Loan

Extended

9.35%,

08/02/2029

(o) 207

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Directv

Financing

LLC

;

Term

Loan

B

9.34%,

02/15/2031

(o) 446

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

iHeartCommunications

Inc

;

Term

Loan

9.85%,

05/01/2029

(o) 707

630

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.78%

$

1,278

Mining

-

0.11%

Arsenal

AIC

Parent

LLC

;

Term

Loan

B

6.71%,

08/18/2030

(o) 598

598

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Oil

&

Gas

Services

-

0.08%

Deep

Blue

Operating

I

LLC

;

Term

Loan

B

6.88%,

09/17/2032

(o) 435

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Packaging

&

Containers

-

0.23%

Clydesdale

Acquisition

Holdings

Inc

;

Term

Loan

B

7.21%,

03/26/2032

(o) 437

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Clydesdale

Acquisition

Holdings

Inc

;

Delayed

Draw

Term

Loan

B-DD

0.00%,

04/01/2032

(o),(p)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

LABL

Inc

;

Term

Loan

B

9.86%,

10/22/2028

(o) 552

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Mauser

Packaging

Solutions

Holding

Co

;

Term

Loan

B1

7.13%,

04/15/2027

(o) 323

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

1,175

Pharmaceuticals

-

0.26%

1261229

BC

Ltd

;

Term

Loan

B

10.21%,

09/25/2030

(o) 459

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Endo

Finance

Holdings

Inc

;

Term

Loan

B

7.96%,

04/23/2031

(o) 685

680

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Jazz

Financing

Lux

Sarl

;

Term

Loan

B2

6.22%,

05/05/2028

(o) 190

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

1,326

Pipelines

-

0.04%

NGL

Energy

Operating

LLC

;

Term

Loan

B

0.00%,

02/03/2031

(o),(p)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

-

0.05%

IRB

Holding

Corp

;

Term

Loan

B

6.46%,

12/15/2027

(o) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Telecommunications

-

0.16%

CommScope

LLC

;

Term

Loan

9.51%,

12/17/2029

(o) 425

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Zayo

Group

Holdings

Inc

;

PIK

Term

Loan

8.37%,

03/11/2030

(o) 397

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

807

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

13,168

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

36.86%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

1.08%

3.00%,

01/01/2043

$

1,022

$

948

3.00%,

02/01/2043

4.00%,

02/01/2046

1,891

1,843

4.50%,

04/01/2031

4.50%,

04/01/2041

1,248

1,254

5.00%,

06/01/2031

5.50%,

05/01/2033

5.50%,

12/01/2033

5.50%,

11/01/2036

5.50%,

04/01/2038

5.50%,

08/01/2038

6.00%,

12/01/2031

6.00%,

12/01/2032

6.00%,

02/01/2033

6.00%,

12/01/2033

6.00%,

10/01/2036

6.00%,

07/01/2038

6.50%,

03/01/2029

6.50%,

05/01/2029

6.50%,

04/01/2031

6.50%,

05/01/2032

6.50%,

10/01/2035

7.00%,

12/01/2029

7.00%,

06/01/2030

7.50%,

01/01/2031

7.50%,

03/01/2031

—

7.50%,

02/01/2032

8.00%,

09/01/2030

$

5,608

Federal

National

Mortgage

Association

(FNMA)

-

0.16%

5.00%,

07/01/2044

661

676

6.35%,

07/01/2033

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.57%

$

845

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

19.98%

2.00%,

01/01/2051

3,620

3,020

2.00%,

02/01/2051

1,966

1,628

2.00%,

05/01/2051

3,716

3,037

2.00%,

11/01/2051

4,092

3,373

2.00%,

11/01/2051

1,876

1,547

2.00%,

12/01/2051

3,736

3,072

2.00%,

05/01/2052

2,646

2,188

2.50%,

10/01/2050

1,380

1,174

2.50%,

02/01/2051

2,348

2,043

2.50%,

07/01/2051

2,640

2,285

2.50%,

09/01/2051

1,223

1,063

2.50%,

11/01/2051

1,656

1,438

2.50%,

01/01/2052

2,370

2,022

Schedule

of

Investments

Core

Plus

Bond

Fund

October

31,

2025

See

accompanying

notes.

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%,

04/01/2052

$

2,844

$

2,445

3.00%,

10/01/2029

3.00%,

09/01/2032

3.00%,

04/01/2043

3.00%,

05/01/2043

3.00%,

11/01/2046

2,168

1,975

3.00%,

12/01/2048

3.00%,

11/01/2050

647

588

3.00%,

03/01/2052

2,404

2,168

3.50%,

02/01/2033

3.50%,

01/01/2044

528

503

3.50%,

04/01/2047

3.50%,

10/01/2047

3.50%,

11/01/2047

768

725

3.50%,

03/01/2048

3.50%,

04/01/2052

2,341

2,169

4.00%,

02/01/2031

4.00%,

05/01/2047

1,794

1,720

4.00%,

06/01/2048

4.00%,

08/01/2052

1,950

1,867

4.00%,

08/01/2053

2,070

1,965

4.00%,

11/01/2053

680

647

4.50%,

06/01/2044

4.50%,

07/01/2052

1,054

1,038

4.50%,

08/01/2052

1,074

1,054

4.50%,

09/01/2052

3,008

2,960

4.50%,

10/01/2052

1,179

1,155

4.50%,

05/01/2053

1,572

1,548

4.50%,

05/01/2053

1,079

1,056

4.50%,

07/01/2053

1,015

996

4.50%,

07/01/2053

650

643

4.50%,

08/01/2053

992

971

4.50%,

01/01/2054

1,015

999

5.00%,

06/01/2048

5.00%,

07/01/2052

899

907

5.00%,

09/01/2052

1,252

1,260

5.00%,

04/01/2053

2,096

2,098

5.00%,

06/01/2053

2,091

2,089

5.00%,

06/01/2053

2,294

2,303

5.00%,

11/01/2054

1,038

1,033

5.00%,

11/01/2054

1,666

1,672

5.00%,

12/01/2054

1,001

1,004

5.00%,

02/01/2055

2,084

2,091

5.50%,

07/01/2033

5.50%,

09/01/2033

5.50%,

05/01/2040

5.50%,

05/01/2053

2,416

2,472

5.50%,

07/01/2053

1,344

1,375

5.50%,

11/01/2053

1,808

1,853

5.50%,

11/01/2053

1,724

1,760

5.50%,

03/01/2054

910

924

5.50%,

05/01/2054

1,213

1,238

5.50%,

02/01/2055

2,174

2,215

5.50%,

04/01/2055

978

998

5.50%,

06/01/2055

581

592

5.50%,

06/01/2055

1,628

1,661

5.50%,

08/01/2055

1,050

1,067

5.50%,

12/01/2055

(q) 1,715

1,731

6.00%,

05/01/2038

6.00%,

08/01/2038

6.00%,

08/01/2038

6.00%,

01/01/2053

1,242

1,296

6.00%,

04/01/2054

1,275

1,324

6.00%,

05/01/2054

1,017

1,055

6.00%,

06/01/2054

837

868

6.00%,

09/01/2054

876

908

6.00%,

09/01/2054

1,259

1,302

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

6.00%,

11/01/2054

$

2,142

$

2,219

6.00%,

09/01/2055

960

993

6.50%,

12/01/2031

6.50%,

04/01/2032

6.50%,

07/01/2037

6.50%,

12/01/2037

6.50%,

02/01/2038

6.50%,

09/01/2038

6.50%,

10/01/2053

6.50%,

05/01/2054

790

831

6.50%,

04/01/2055

637

671

7.00%,

03/01/2032

7.50%,

08/01/2032

$

103,626

Government

National

Mortgage

Association

(GNMA)

-

9.03%

2.00%,

07/20/2051

856

712

2.00%,

11/20/2051

1,088

905

2.50%,

06/20/2050

611

530

2.50%,

04/20/2051

1,179

1,021

2.50%,

05/20/2051

801

694

3.00%,

01/20/2045

3.00%,

11/20/2046

1,027

938

3.50%,

03/15/2042

3.50%,

04/15/2042

3.50%,

06/20/2048

638

594

4.00%,

04/20/2052

4.00%,

10/20/2052

877

837

4.50%,

09/15/2039

4.50%,

03/15/2040

561

563

4.50%,

09/20/2052

1,504

1,479

4.50%,

06/20/2053

1,962

1,923

4.50%,

08/20/2053

3,046

2,982

4.50%,

11/20/2055

(q) 2,550

2,488

5.00%,

12/20/2052

1,069

1,073

5.00%,

02/20/2053

1,550

1,553

5.00%,

05/20/2053

1,277

1,278

5.00%,

09/20/2053

1,071

1,070

5.00%,

10/20/2053

2,200

2,203

5.00%,

04/20/2054

2,508

2,503

5.00%,

11/20/2055

(q) 4,095

4,082

5.50%,

05/20/2035

5.50%,

02/15/2038

5.50%,

06/20/2053

1,681

1,705

5.50%,

11/20/2055

(q) 12,240

12,340

6.00%,

07/20/2028

6.00%,

11/20/2028

6.00%,

01/20/2029

6.00%,

07/20/2029

6.00%,

08/15/2031

6.00%,

01/15/2032

6.00%,

02/15/2032

6.00%,

02/15/2033

6.00%,

12/15/2033

6.00%,

04/20/2054

1,594

1,628

6.50%,

03/20/2028

6.50%,

05/20/2029

6.50%,

10/15/2032

6.50%,

12/15/2032

7.00%,

06/15/2031

7.00%,

06/15/2032

8.00%,

01/20/2031

$

46,824

U.S.

Treasury

-

6.41%

2.88%,

08/15/2045

7,200

5,529

3.63%,

08/31/2027

10,745

10,747

3.63%,

08/31/2030

4,500

4,484

3.75%,

06/30/2027

1,550

1,553

Schedule

of

Investments

Core

Plus

Bond

Fund

October

31,

2025

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

3.75%,

05/15/2028

$

4,000

$

4,015

3.88%,

08/15/2040

(r) 4,720

4,427

4.25%,

08/15/2035

2,425

2,455

$

33,210

U.S.

Treasury

Bill

-

0.20%

3.82%,

12/18/2025

(s) 1,020

1,015

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

191,128

Total

Investments

$

551,113

Other

Assets

and

Liabilities

- (6.27)%

(32,537)

TOTAL

NET

ASSETS

-

100.00%

$

518,576

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$9,454

or

1.82%

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

$9,680

or

1.87%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Non-income

producing

security

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(g) Security

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

$117,373

or

22.63%

of

net

assets.

(h) Security

purchased

on

a

when-issued

basis.

(i) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(j) 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) 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

$972

or

0.19%

of

net

assets.

(l) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(m) Security

is

an

Interest

Only

Strip.

(n) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(o) Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(p) This

Senior

Floating

Rate

Note

will

settle

after

October

31,

2025,

at

which

time

the

interest

rate

will

be

determined.

(q) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(r) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,150

or

0.80%

of

net

assets.

(s) Rate

shown

is

the

discount

rate

of

the

original

purchase.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

11,755

$

454,613

$

441,770

$

24,598

$

11,755

$

454,613

$

441,770

$

24,598

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

834

$

—

$

—

$

—

$

834

$

—

$

—

$

—

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

Year

Treasury

Note;

December

2025

Short

$

9,577

$

US

Year

Treasury

Ultra

Note;

December

2025

Short

3,234

US

Year

Treasury

Note;

December

2025

Long

51,852

(56) US

Year

Treasury Note;

December

2025

Long

29,050

(44) US

Long

Bond;

December

2025

Long

20,295

516

US

Ultra

Bond;

December

2025

Long

8,490

Total

$

572

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

7.38%

Shares

Held

Value

(000's)

Closed-End

Funds

-

0.21%

Variant

Alternative

Income

Fund

186,432

$

4,961

Exchange-Traded

Funds

-

1.39%

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

611,517

22,980

iShares

Core

U.S.

Aggregate

Bond

ETF

18,358

1,846

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

19,295

1,865

Vanguard

Intermediate-Term

Corporate

Bond

ETF

77,845

6,543

$

33,234

Money

Market

Funds

-

5.78%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

2,196,067

2,196

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b),(c)

136,493,104

136,493

$

138,689

TOTAL

INVESTMENT

COMPANIES

$

176,884

COMMON

STOCKS

-

2.24%

Shares

Held

Value

(000's)

Entertainment

-

0.06%

Crown

Finance

US

Inc

-

4A2

Shares

(d) 65,846

$

1,386

Healthcare

-

Services

-

0.04%

Sound

Inpatient

Physicians

Inc

-

Class

A

(d),(e)

4,565,306

792

Sound

Inpatient

Physicians

Inc

-

Class

A2

(d),(e)

204,373

$

996

Iron

&

Steel

-

0.97%

Specialty

Steel

Holdings,

Inc.

(d),(e),(f)

23,236

Mining

-

1.17%

Arctic

Canadian

Diamond

Co

Ltd

(d),(e),(g)

6,589

Real

Alloy

Holding

Inc

(e),(f)

27,717

$

27,989

Semiconductors

-

0.00%

Bright

Bidco

-

1145

Shares

(d) 10,688

Bright

Bidco

-

4A2

Shares

(d) 14,600

$

Software

-

0.00%

Riverbed

Technology

Inc

(d),(e)

13,889

—

Telecommunications

-

0.00%

Altice

France

SA

(d) 5,785

MLN

US

Holdco

LLC

(d),(e)

1,028

—

$

TOTAL

COMMON

STOCKS

$

53,712

PREFERRED

STOCKS

-

1.39%

Shares

Held

Value

(000's)

Banks

-

0.37%

Associated

Banc-Corp

6.63%,

03/01/2033

6,638

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

Citizens

Financial

Group

Inc

0.00%,

10/06/2030

(d),(h)

64,541

1,637

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

Comerica

Inc

0.00%,

10/01/2030

(d),(h)

16,438

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

KeyCorp

6.13%,

12/15/2026

(h) 45,339

1,128

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

KeyCorp

6.20%,

12/15/2027

(h) 8,800

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

M&T

Bank

Corp

0.00%,

12/15/2030

(d),(h)

34,900

870

Morgan

Stanley

4.25%,

01/15/2027

(h) 11,085

Morgan

Stanley

5.85%,

04/15/2027

(h) 59,100

1,441

Month

USD

LIBOR

+

3.49%

Morgan

Stanley

6.50%,

10/15/2027

(h) 8,715

Northern

Trust

Corp

4.70%,

01/01/2026

(h) 4,858

Regions

Financial

Corp

4.45%,

06/15/2026

(h) 15,000

Regions

Financial

Corp

5.70%,

05/15/2029

(h) 39,877

984

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.41%

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Regions

Financial

Corp

6.95%,

09/15/2029

(h) 5,900

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

UMB

Financial

Corp

7.75%,

07/15/2030

(h) 23,100

624

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.74%

Wells

Fargo

&

Co

4.70%,

12/15/2025

(h) 7,070

Wintrust

Financial

Corp

7.88%,

07/15/2030

(h) 16,800

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.88%

$

9,016

Diversified

Financial

Services

-

0.12%

Affiliated

Managers

Group

Inc

4.75%,

09/30/2060

10,113

Affiliated

Managers

Group

Inc

5.88%,

03/30/2059

7,463

Capital

One

Financial

Corp

4.80%,

03/01/2026

(h) 29,254

556

Stifel

Financial

Corp

4.50%,

08/15/2026

(h) 2,239

Voya

Financial

Inc

5.35%,

09/15/2029

(h) 77,215

1,883

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%

$

2,818

Electric

-

0.38%

CMS

Energy

Corp

5.88%,

03/01/2079

159,839

3,835

DTE

Energy

Co

4.38%,

12/01/2081

13,005

DTE

Energy

Co

5.25%,

12/01/2077

35,000

772

Entergy

Louisiana

LLC

4.88%,

09/01/2066

9,359

NextEra

Energy

Capital

Holdings

Inc

5.65%,

03/01/2079

102,304

2,492

Southern

Co/The

5.25%,

12/01/2077

17,556

Xcel

Energy

Inc

0.00%,

10/15/2085

(d) 48,000

1,200

$

9,130

Food

-

0.04%

Dairy

Farmers

of

America

Inc

7.88%,

12/03/2025

(h),(i)

10,000

955

Insurance

-

0.10%

Allstate

Corp/The

4.75%,

01/15/2026

(h) 4,065

Allstate

Corp/The

5.10%,

01/15/2026

(h) 8,460

Axis

Capital

Holdings

Ltd

5.50%,

12/03/2025

(h) 3,754

Corebridge

Financial

Inc

6.38%,

12/15/2064

24,629

611

Equitable

Holdings

Inc

4.30%,

03/15/2026

(h) 5,055

Equitable

Holdings

Inc

5.25%,

12/15/2025

(h) 21,903

Globe

Life

Inc

4.25%,

06/15/2061

33,055

556

Prudential

Financial

Inc

5.63%,

08/15/2058

5,000

Prudential

Financial

Inc

5.95%,

09/01/2062

7,597

$

2,373

Pipelines

-

0.01%

TransCanada

PipeLines

Ltd

1.56%

13,900

REITs

-

0.37%

Kimco

Realty

Corp

5.25%,

12/04/2025

(h) 31,467

670

Prologis

Inc

8.54%,

11/13/2026

(h) 58,733

3,201

Public

Storage

3.95%,

08/17/2026

(h) 6,422

Public

Storage

4.00%,

06/16/2026

(h) 83,560

1,396

Public

Storage

4.13%,

12/03/2025

(h) 90,000

1,553

Public

Storage

4.63%,

12/03/2025

(h) 14,712

Public

Storage

4.70%,

12/04/2025

(h) 28,130

552

Public

Storage

5.60%,

12/04/2025

(h) 42,193

1,018

$

8,780

TOTAL

PREFERRED

STOCKS

$

33,416

BONDS

-

70.69%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.18%

Clear

Channel

Outdoor

Holdings

Inc

7.50%,

03/15/2033

(i) $

1,790

$

1,872

MMS

USA

Holdings

Inc

1.25%,

06/13/2028

EUR

Omnicom

Group

Inc

4.20%,

06/01/2030

$

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Advertising

(continued)

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

4.25%,

01/15/2029

(i) $

$

4.63%,

03/15/2030

(i),(j)

1,850

1,787

WPP

Finance

SA

4.13%,

05/30/2028

EUR

$

4,326

Aerospace

&

Defense

-

1.08%

Airbus

SE

1.63%,

06/09/2030

BAE

Systems

PLC

3.40%,

04/15/2030

(i) $

Boeing

Co/The

2.95%,

02/01/2030

3.38%,

06/15/2046

3.60%,

05/01/2034

3.75%,

02/01/2050

883

654

5.15%,

05/01/2030

553

569

5.71%,

05/01/2040

5.81%,

05/01/2050

5.93%,

05/01/2060

572

569

6.26%,

05/01/2027

7.01%,

05/01/2064

Czechoslovak

Group

AS

6.50%,

01/10/2031

(i) 1,600

1,654

6.50%,

01/10/2031

1,550

1,602

Embraer

Netherlands

Finance

BV

5.40%,

01/09/2038

5.98%,

02/11/2035

GE

Capital

Funding

LLC

4.55%,

05/15/2032

General

Dynamics

Corp

4.25%,

04/01/2050

General

Electric

Co

4.90%,

01/29/2036

Goat

Holdco

LLC

6.75%,

02/01/2032

(i) 1,050

1,072

L3Harris

Technologies

Inc

5.05%,

04/27/2045

5.25%,

06/01/2031

520

541

5.40%,

01/15/2027

5.40%,

07/31/2033

505

527

Lockheed

Martin

Corp

4.70%,

12/15/2031

619

633

4.75%,

02/15/2034

5.90%,

11/15/2063

Northrop

Grumman

Corp

5.15%,

05/01/2040

5.25%,

05/01/2050

RTX

Corp

3.75%,

11/01/2046

4.15%,

05/15/2045

4.45%,

11/16/2038

5.38%,

02/27/2053

688

676

5.75%,

01/15/2029

TransDigm

Inc

6.38%,

05/31/2033

(i) 7,800

7,951

6.75%,

01/31/2034

(i) 4,260

4,414

7.13%,

12/01/2031

(i) 975

1,017

$

25,960

Agriculture

-

0.13%

Altria

Group

Inc

3.40%,

05/06/2030

3.70%,

02/04/2051

5.95%,

02/14/2049

Archer-Daniels-Midland

Co

2.50%,

08/11/2026

4.50%,

08/15/2033

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Agriculture

(continued)

BAT

Capital

Corp

6.34%,

08/02/2030

$

$

7.08%,

08/02/2043

7.08%,

08/02/2053

BAT

International

Finance

PLC

5.93%,

02/02/2029

British

American

Tobacco

PLC

3.75%,

06/27/2029

(h),(k)

EUR

EUR

Swap

Annual

(VS

Month)

Year

+

3.95%

Bunge

Ltd

Finance

Corp

3.75%,

09/25/2027

$

Cargill

Inc

4.76%,

11/23/2045

(i) 100

Darling

Ingredients

Inc

6.00%,

06/15/2030

(i) 1,000

1,011

Imperial

Brands

Finance

Netherlands

BV

1.75%,

03/18/2033

EUR

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

5.95%,

04/20/2035

(i) $

JT

International

Financial

Services

BV

3.87%,

09/04/2055

(k) EUR

Euribor

Swap

Rate

Year

+

1.53%

Philip

Morris

International

Inc

2.88%,

05/14/2029

5.25%,

09/07/2028

$

5.63%,

09/07/2033

$

3,048

Airlines

-

0.29%

American

Airlines

2017-2

Class

AA

Pass

Through

Trust

3.35%,

04/15/2031

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(i) 750

757

British

Airways

2019-1

Class

AA

Pass

Through

Trust

3.30%,

06/15/2034

(i) 73

British

Airways

2021-1

Class

A

Pass

Through

Trust

2.90%,

09/15/2036

(i) 723

663

Delta

Air

Lines

Inc

4.95%,

07/10/2028

JetBlue

Airways

Corp

/

JetBlue

Loyalty

LP

9.88%,

09/20/2031

(i) 530

521

Qantas

Airways

Ltd

2.95%,

11/27/2029

AUD

Southwest

Airlines

Co

5.13%,

06/15/2027

$

5.25%,

11/15/2035

(l) 1,152

1,126

United

Airlines

2023-1

Class

A

Pass

Through

Trust

5.80%,

07/15/2037

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding

Inc

6.38%,

02/01/2030

(i),(j)

1,400

1,352

9.50%,

06/01/2028

(i) 1,925

2,002

$

6,857

Apparel

-

0.39%

Beach

Acquisition

Bidco

LLC

10.00%,

PIK

10.75%;

07/15/2033

(i),(m),(n)

8,190

8,793

Gildan

Activewear

Inc

4.70%,

10/07/2030

(i) 50

Kering

SA

3.63%,

09/05/2027

EUR

3.63%,

09/05/2031

LVMH

Moet

Hennessy

Louis

Vuitton

SE

0.13%,

02/11/2028

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Apparel

(continued)

NIKE

Inc

3.25%,

03/27/2040

$

$

$

9,270

Automobile

Asset

Backed

Securities

-

0.66%

Ally

Auto

Receivables

Trust

2024-2

4.46%,

07/15/2027

AmeriCredit

Automobile

Receivables

Trust

2024-1

4.78%,

02/18/2028

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.60%

5.75%,

02/18/2028

BMW

Vehicle

Owner

Trust

2024-A

5.42%,

02/25/2027

BofA

Auto

Trust

2025-1

4.73%,

11/22/2027

(i) 530

531

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.55%

Capital

One

Prime

Auto

Receivables

Trust

2025-1

3.88%,

01/16/2029

(l) 1,850

1,850

Carmax

Auto

Owner

Trust

2024-3

5.21%,

09/15/2027

517

519

Chase

Auto

Owner

Trust

2024-4

4.94%,

07/25/2029

(i) 653

659

5.25%,

09/27/2027

(i) 322

Drive

Auto

Receivables

Trust

2025-1

4.87%,

08/15/2028

1,097

1,099

GM

Financial

Automobile

Leasing

Trust

2024-3

4.65%,

01/20/2027

917

918

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.47%

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-1

4.85%,

12/18/2028

1,695

1,704

Hyundai

Auto

Receivables

Trust

2024-A

4.99%,

02/15/2029

1,000

1,009

Santander

Drive

Auto

Receivables

Trust

2024-1

5.25%,

04/17/2028

Santander

Drive

Auto

Receivables

Trust

2025-1

4.76%,

08/16/2027

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

1,133

1,135

Santander

Drive

Auto

Receivables

Trust

2025-3

4.63%,

10/16/2028

2,145

2,149

Tesla

Electric

Vehicle

Trust

2023-1

5.54%,

12/21/2026

(i) 51

Toyota

Auto

Receivables

2022-B

Owner

Trust

2.93%,

09/15/2026

Wheels

Fleet

Lease

Funding

LLC

4.99%,

01/18/2040

(i) 2,110

2,114

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

$

15,733

Automobile

Manufacturers

-

0.71%

American

Honda

Finance

Corp

3.50%,

06/27/2031

EUR

4.70%,

01/12/2028

$

BMW

Finance

NV

3.63%,

05/22/2035

EUR

BMW

International

Investment

BV

3.00%,

08/27/2027

BMW

US

Capital

LLC

3.75%,

04/12/2028

(i) $

4.50%,

08/11/2030

(i) 272

Cummins

Inc

5.15%,

02/20/2034

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

(continued)

Daimler

Truck

Finance

North

America

LLC

2.50%,

12/14/2031

(i) $

$

4.65%,

10/12/2030

(i) 663

665

4.95%,

01/13/2028

(i) 370

5.13%,

09/25/2027

(i) 238

5.13%,

01/19/2028

(i) 306

Ford

Credit

Canada

Co/Canada

4.82%,

09/11/2028

CAD

Ford

Motor

Co

4.75%,

01/15/2043

$

5.29%,

12/08/2046

Ford

Motor

Credit

Co

LLC

2.90%,

02/10/2029

4.00%,

11/13/2030

1,465

1,375

4.27%,

01/09/2027

4.45%,

02/14/2030

EUR

6.05%,

11/05/2031

$

640

654

General

Motors

Co

5.35%,

04/15/2028

597

611

6.25%,

10/02/2043

6.60%,

04/01/2036

General

Motors

Financial

Co

Inc

2.70%,

06/10/2031

556

501

4.30%,

02/15/2029

EUR

5.60%,

06/18/2031

$

1,736

1,806

5.75%,

02/08/2031

5.80%,

06/23/2028

6.10%,

01/07/2034

6.40%,

01/09/2033

General

Motors

Financial

of

Canada

Ltd

5.20%,

02/09/2028

CAD

Honda

Canada

Finance

Inc

4.87%,

09/23/2027

Hyundai

Capital

America

1.65%,

09/17/2026

(i) $

4.50%,

09/18/2030

(i) 659

658

4.85%,

03/25/2027

(i) 482

4.88%,

11/01/2027

(i) 954

965

5.10%,

06/24/2030

(i) 50

5.40%,

06/23/2032

(i) 585

605

5.68%,

06/26/2028

(i) 250

Mercedes-Benz

Finance

North

America

LLC

5.05%,

08/03/2033

(i),(j)

Mercedes-Benz

Group

AG

1.38%,

05/11/2028

EUR

Mercedes-Benz

International

Finance

BV

3.70%,

05/30/2031

RCI

Banque

SA

1.13%,

01/15/2027

3.88%,

01/12/2029

Stellantis

Finance

US

Inc

5.75%,

03/18/2030

(i),(j)

$

685

702

6.45%,

03/18/2035

(i) 795

825

Stellantis

NV

1.25%,

06/20/2033

EUR

Toyota

Motor

Credit

Corp

1.90%,

04/06/2028

$

3.38%,

04/01/2030

3.85%,

07/24/2030

EUR

4.05%,

09/05/2028

$

5.25%,

09/11/2028

Traton

Finance

Luxembourg

SA

1.25%,

03/24/2033

EUR

4.25%,

05/16/2028

Volkswagen

Group

of

America

Finance

LLC

4.60%,

06/08/2029

(i) $

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

(continued)

Volkswagen

International

Finance

NV

1.25%,

09/23/2032

EUR

$

3.75%,

12/28/2027

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

2.92%

4.13%,

11/16/2038

$

17,078

Automobile

Parts

&

Equipment

-

0.55%

Aptiv

Swiss

Holdings

Ltd

5.15%,

09/13/2034

$

Clarios

Global

LP

/

Clarios

US

Finance

Co

6.75%,

02/15/2030

(i) 1,525

1,581

Dornoch

Debt

Merger

Sub

Inc

6.63%,

10/15/2029

(i) 3,976

3,387

IHO

Verwaltungs

GmbH

8.00%,

PIK

8.75%;

11/15/2032

(i),(m),(n)

1,675

1,747

Qnity

Electronics

Inc

6.25%,

08/15/2033

(i) 2,875

2,953

Real

Hero

Merger

Sub

Inc

6.25%,

02/01/2029

(i) 5,275

3,154

Robert

Bosch

GmbH

4.00%,

06/02/2035

EUR

$

13,142

Banks

-

11.53%

ABN

AMRO

Bank

NV

2.47%,

12/13/2029

(i),(k)

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%

3.88%,

12/21/2026

EUR

4.50%,

11/21/2034

AIB

Group

PLC

4.63%,

07/23/2029

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

1.95%

ANZ

New

Zealand

Int'l

Ltd/London

5.36%,

08/14/2028

(i) $

Australia

&

New

Zealand

Banking

Group

Ltd

2.57%,

11/25/2035

(i),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.70%

5.69%,

08/14/2040

(k) AUD

Month

Bank

Bill

Swap

Rate

+

1.68%

Australia

&

New

Zealand

Banking

Group

Ltd/

United

Kingdom

6.75%,

06/15/2026

(h),(i),(k),(o)

$

2,600

2,632

USD

Swap

Rate

NY

Year

+

5.17%

Banco

Bilbao

Vizcaya

Argentaria

SA

3.88%,

01/15/2034

EUR

4.38%,

08/29/2036

(k) 100

Euribor

Swap

Rate

Year

+

2.00%

4.63%,

01/13/2031

(k) 100

Month

Euro

Interbank

Offered

Rate

+

1.70%

9.38%,

03/19/2029

(h),(k),(o)

$

1,500

1,677

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.10%

Banco

de

Sabadell

SA

4.25%,

09/13/2030

(k) EUR

Euribor

Swap

Rate

Year

+

1.60%

Banco

Santander

Chile

3.18%,

10/26/2031

$

Banco

Santander

SA

0.20%,

02/11/2028

EUR

3.22%,

11/22/2032

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.60%

3.50%,

02/17/2035

EUR

3.75%,

01/09/2034

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Banco

Santander

SA

(continued)

4.75%,

08/30/2028

(k) GBP

$

Generic

Britain

Year

Government

Bond

+

2.50%

5.57%,

01/17/2030

$

6.35%,

03/14/2034

1,000

1,076

9.63%,

11/21/2028

(h),(k),(o)

2,400

2,680

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

Bangkok

Bank

PCL/Hong

Kong

9.03%,

03/15/2029

(i) 100

Bank

of

America

Corp

1.10%,

05/24/2032

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.95%

1.38%,

05/09/2030

(k) 100

Month

Euro

Interbank

Offered

Rate

+

0.91%

2.59%,

04/29/2031

(k) $

Secured

Overnight

Financing

Rate

+

2.15%

2.68%,

06/19/2041

(k) 25

Secured

Overnight

Financing

Rate

+

1.93%

3.31%,

04/22/2042

743

592

Secured

Overnight

Financing

Rate

+

3.16%

3.42%,

12/20/2028

(k) 1,625

1,600

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

3.62%,

03/16/2028

(k) CAD

Canadian

Dollar

Offered

Rate

Month

+

1.48%

3.85%,

03/08/2037

(k) $

2,699

2,532

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

3.95%,

01/23/2049

(k) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.45%

4.08%,

04/23/2040

(k) 959

860

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.58%

4.24%,

04/24/2038

(k) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.08%

4.25%,

10/22/2026

4.57%,

04/27/2033

(k) 398

Secured

Overnight

Financing

Rate

+

1.83%

4.75%,

04/21/2045

4.98%,

01/24/2029

(k) 100

Secured

Overnight

Financing

Rate

+

0.83%

5.02%,

07/22/2033

(k) 200

Secured

Overnight

Financing

Rate

+

2.16%

5.16%,

01/24/2031

1,334

1,377

Secured

Overnight

Financing

Rate

+

2.00%

5.20%,

04/25/2029

(k) 100

Secured

Overnight

Financing

Rate

+

1.63%

5.43%,

08/15/2035

(k) 522

534

Secured

Overnight

Financing

Rate

+

1.91%

5.47%,

01/23/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.65%

5.51%,

01/24/2036

(k) 100

Secured

Overnight

Financing

Rate

+

1.31%

5.52%,

10/25/2035

(k) 1,811

1,857

Secured

Overnight

Financing

Rate

+

1.74%

5.74%,

02/12/2036

Secured

Overnight

Financing

Rate

+

3.39%

5.82%,

09/15/2029

(k) 100

Secured

Overnight

Financing

Rate

+

1.57%

5.87%,

09/15/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.84%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

(continued)

6.11%,

01/29/2037

$

669

$

722

6.13%,

04/27/2027

(h),(k)

2,900

2,934

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%

6.25%,

07/26/2030

(h),(k)

4,000

4,069

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

6.63%,

05/01/2030

(h),(k)

2,300

2,394

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

Bank

of

Ireland

Group

PLC

4.63%,

11/13/2029

(k) EUR

Euribor

Swap

Rate

Year

+

1.55%

Bank

of

Montreal

3.65%,

04/01/2027

CAD

3.73%,

06/03/2031

(k) 75

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.15%

4.06%,

09/22/2028

(k) $

Secured

Overnight

Financing

Rate

+

0.75%

4.35%,

09/22/2031

(k) 100

Secured

Overnight

Financing

Rate

+

1.08%

4.70%,

09/14/2027

5.04%,

05/29/2028

CAD

6.88%,

11/26/2085

(k) $

800

825

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%

7.70%,

05/26/2084

(k) 800

848

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

Bank

of

New

York

Mellon

Corp/The

3.70%,

03/20/2026

(h),(k)

5,588

5,542

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.35%

4.60%,

07/26/2030

(k) 200

Secured

Overnight

Financing

Rate

+

1.76%

4.94%,

02/11/2031

(k) 954

980

Secured

Overnight

Financing

Rate

+

0.89%

4.97%,

04/26/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.61%

Bank

of

Nova

Scotia/The

1.05%,

03/02/2026

1.85%,

11/02/2026

CAD

1.95%,

02/02/2027

$

3.63%,

10/27/2081

(j),(k)

2,100

2,022

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

4.44%,

11/15/2035

(k) CAD

Canadian

Overnight

Repo

Rate

Average

+

1.33%

4.59%,

05/04/2037

$

1,396

1,358

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.10%

7.35%,

04/27/2085

(k) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

8.00%,

01/27/2084

(k) 3,000

3,200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.02%

8.63%,

10/27/2082

(k) 2,000

2,115

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%

BankUnited

Inc

5.13%,

06/11/2030

1,561

1,555

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Banque

Federative

du

Credit

Mutuel

SA

0.10%,

10/08/2027

EUR

$

3.38%,

06/10/2032

3.75%,

02/03/2034

4.13%,

06/14/2033

4.38%,

05/02/2030

Barclays

PLC

3.33%,

11/24/2042

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.30%

3.56%,

09/23/2035

(k) 1,381

1,296

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

4.94%,

09/10/2030

(k) 1,130

1,149

Secured

Overnight

Financing

Rate

+

1.56%

5.26%,

01/29/2034

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

2.55%

5.86%,

08/11/2046

(k) $

Secured

Overnight

Financing

Rate

+

1.83%

6.69%,

09/13/2034

(k) 200

Secured

Overnight

Financing

Rate

+

2.62%

7.63%,

03/15/2035

(h),(k),(o)

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.69%

8.41%,

11/14/2032

(k) GBP

Generic

Britain

Year

Government

Bond

+

4.75%

9.63%,

12/15/2029

(h),(k),(o)

$

2,000

2,265

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

5.78%

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico/TX

7.63%,

02/11/2035

(i),(k),(o)

2,750

2,912

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

BNP

Paribas

SA

1.38%,

05/28/2029

EUR

2.50%,

03/31/2032

(k) 100

Euribor

Swap

Rate

Year

+

1.60%

2.88%,

02/24/2029

GBP

3.05%,

01/13/2031

(i),(k)

$

Secured

Overnight

Financing

Rate

+

1.51%

3.13%,

01/20/2033

(i),(k)

Secured

Overnight

Financing

Rate

+

1.56%

3.78%,

01/19/2036

(k) EUR

Euribor

Swap

Rate

Year

+

1.55%

4.13%,

05/24/2033

4.16%,

08/28/2034

(k) 100

Euribor

Swap

Rate

Year

+

1.70%

4.63%,

02/25/2031

(h),(k),(o)

$

700

632

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.34%

5.09%,

05/09/2031

(i),(k)

548

557

Secured

Overnight

Financing

Rate

+

1.68%

5.28%,

11/19/2030

(i),(k)

1,235

1,267

Secured

Overnight

Financing

Rate

+

1.28%

7.45%,

06/27/2035

(h),(i),(k),(o)

3,800

3,951

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

7.45%,

06/27/2035

(h),(k),(o)

1,000

1,040

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

BOI

Finance

BV

7.50%,

02/16/2027

EUR

3,625

4,312

BOS

Funding

Ltd

5.25%,

09/12/2029

$

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

BPCE

SA

3.58%,

10/19/2042

(i),(k)

$

950

$

711

Secured

Overnight

Financing

Rate

+

1.95%

4.25%,

01/11/2035

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.85%

4.25%,

07/16/2035

(k) 100

Euribor

Swap

Rate

Year

+

1.95%

4.63%,

03/02/2030

(k) 100

Month

Euro

Interbank

Offered

Rate

+

1.60%

4.88%,

02/26/2036

(k) 100

Euribor

Swap

Rate

Year

+

2.30%

5.75%,

07/19/2033

(i),(k)

$

Secured

Overnight

Financing

Rate

+

2.87%

5.88%,

01/14/2031

(i),(k)

Secured

Overnight

Financing

Rate

+

1.68%

6.92%,

01/14/2046

(i),(k)

Secured

Overnight

Financing

Rate

+

2.61%

BSF

Finance

5.76%,

09/03/2035

(k) 225

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

CaixaBank

SA

0.63%,

01/21/2028

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.62%

4.38%,

08/08/2036

(k) 100

Euribor

Swap

Rate

Year

+

1.95%

Canadian

Imperial

Bank

of

Commerce

3.45%,

04/07/2027

$

3.90%,

06/20/2031

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.15%

4.58%,

09/08/2031

(k) $

Secured

Overnight

Financing

Rate

+

1.17%

5.35%,

04/20/2033

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

2.23%

5.50%,

01/14/2028

6.95%,

01/28/2085

(k) $

1,000

1,018

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.83%

7.00%,

10/28/2085

(k) 1,200

1,237

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

Ceska

sporitelna

AS

4.57%,

07/03/2031

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.80%

Citibank

NA

4.91%,

05/29/2030

$

933

960

Citigroup

Inc

0.50%,

11/01/2028

CHF

2.52%,

11/03/2032

(k) $

Secured

Overnight

Financing

Rate

+

1.18%

2.57%,

06/03/2031

(k) 100

Secured

Overnight

Financing

Rate

+

2.11%

2.67%,

01/29/2031

(k) 300

Secured

Overnight

Financing

Rate

+

1.15%

2.90%,

11/03/2042

(k) 273

Secured

Overnight

Financing

Rate

+

1.38%

3.79%,

03/17/2033

(k) 1,501

1,428

Secured

Overnight

Financing

Rate

+

1.94%

4.11%,

04/29/2036

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.58%

4.45%,

09/29/2027

$

938

941

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Citigroup

Inc

(continued)

4.54%,

09/19/2030

(k) $

1,592

$

1,602

Secured

Overnight

Financing

Rate

+

1.34%

4.66%,

05/24/2028

(k) 100

Secured

Overnight

Financing

Rate

+

1.89%

5.17%,

02/13/2030

(k) 200

Secured

Overnight

Financing

Rate

+

1.36%

5.17%,

09/11/2036

(k) 549

556

Secured

Overnight

Financing

Rate

+

1.49%

5.30%,

05/06/2044

5.33%,

03/27/2036

(k) 200

Secured

Overnight

Financing

Rate

+

1.47%

5.41%,

09/19/2039

(k) 1,347

1,355

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.73%

5.45%,

06/11/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.45%

5.88%,

02/22/2033

1,245

1,326

6.17%,

05/25/2034

(k) 100

Secured

Overnight

Financing

Rate

+

2.66%

6.88%,

08/15/2030

(h),(k)

1,700

1,752

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

6.95%,

02/15/2030

(h),(k)

2,500

2,572

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%

7.13%,

08/15/2029

(h),(k)

500

516

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.69%

Citizens

Financial

Group

Inc

4.00%,

10/06/2026

(h),(j),(k)

1,300

1,282

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.22%

5.72%,

07/23/2032

(k) 1,997

2,084

Secured

Overnight

Financing

Rate

+

1.91%

5.84%,

01/23/2030

(k) 100

Secured

Overnight

Financing

Rate

+

2.01%

Comerica

Inc

5.98%,

01/30/2030

(k) 100

Secured

Overnight

Financing

Rate

+

2.16%

Commerzbank

AG

1.50%,

08/28/2028

EUR

4.88%,

10/16/2034

(k) 100

Euribor

Swap

Rate

Year

+

2.15%

Commonwealth

Bank

of

Australia

2.69%,

03/11/2031

(i) $

6.70%,

03/15/2038

(k) AUD

Month

Bank

Bill

Swap

Rate

+

2.45%

Cooperatieve

Rabobank

UA

0.88%,

05/05/2028

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.18%

4.63%,

05/23/2029

GBP

4.99%,

05/27/2031

(i),(k)

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%

Cooperatieve

Rabobank

UA/NY

4.88%,

01/21/2028

1,263

1,291

Credit

Agricole

SA

3.75%,

01/22/2034

EUR

3.75%,

05/27/2035

3.88%,

11/28/2034

4.00%,

01/10/2033

(i),(k)

$

USD

Swap

Semi-Annual

Year

+

1.64%

4.88%,

10/23/2029

GBP

5.22%,

05/27/2031

(i),(k)

$

1,709

1,752

Secured

Overnight

Financing

Rate

+

1.46%

5.30%,

07/12/2028

(i) 557

573

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Credit

Agricole

SA

(continued)

7.13%,

09/23/2035

(h),(i),(k),(o)

$

3,000

$

3,092

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.58%

Credit

Agricole

SA/London

1.75%,

03/05/2029

EUR

Credit

Mutuel

Arkea

SA

0.88%,

05/07/2027

4.81%,

05/15/2035

(k) 100

Euribor

Swap

Rate

Year

+

1.90%

Crelan

SA

6.00%,

02/28/2030

(k) 100

Euribor

Swap

Rate

Year

+

2.85%

Danske

Bank

A/S

4.13%,

01/10/2031

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

1.25%

Deutsche

Bank

AG

1.63%,

01/20/2027

8.13%,

04/30/2030

(h),(k),(o)

$

1,400

1,492

USD

Secured

Overnight

Financing

Rate

Spread-Adj.

ICE

Swap

Rate

Year

+

4.36%

Deutsche

Bank

AG/New

York

NY

3.55%,

09/18/2031

(k) 855

812

Secured

Overnight

Financing

Rate

+

3.04%

3.73%,

01/14/2032

(k) 361

Secured

Overnight

Financing

Rate

+

2.76%

3.74%,

01/07/2033

(k) 950

877

Secured

Overnight

Financing

Rate

+

2.26%

6.72%,

01/18/2029

(k) 190

Secured

Overnight

Financing

Rate

+

3.18%

7.08%,

02/10/2034

(k) 225

Secured

Overnight

Financing

Rate

+

3.65%

DNB

Bank

ASA

0.25%,

02/23/2029

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.53%

Erste

Group

Bank

AG

3.63%,

11/26/2035

(k) 100

Euribor

Swap

Rate

Year

+

1.30%

Eurobank

SA

4.88%,

04/30/2031

(k) 100

Euribor

Swap

Rate

Year

+

2.17%

Federation

des

Caisses

Desjardins

du

Quebec

5.48%,

08/16/2028

CAD

Fifth

Third

Bancorp

6.36%,

10/27/2028

(k) $

Secured

Overnight

Financing

Rate

+

2.19%

First

Citizens

BancShares

Inc/NC

5.60%,

09/05/2035

713

711

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.70%

6.25%,

03/12/2040

(k) 386

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.97%

First

Horizon

Bank

5.75%,

05/01/2030

1,431

1,480

FNB

Corp/PA

5.72%,

12/11/2030

(k) 1,375

1,402

Secured

Overnight

Financing

Rate

+

1.93%

Goldman

Sachs

Group

Inc/The

0.88%,

01/21/2030

EUR

1.25%,

02/07/2029

1.54%,

09/10/2027

(k) $

Secured

Overnight

Financing

Rate

+

0.82%

2.38%,

07/21/2032

(k) 813

724

Secured

Overnight

Financing

Rate

+

1.25%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Goldman

Sachs

Group

Inc/The

(continued)

3.10%,

02/24/2033

(k) $

$

Secured

Overnight

Financing

Rate

+

1.41%

3.21%,

04/22/2042

(k) 790

614

Secured

Overnight

Financing

Rate

+

1.51%

3.63%,

10/29/2029

(k) GBP

Generic

Britain

Year

Government

Bond

+

1.95%

4.02%,

10/31/2038

(k) $

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.63%

4.22%,

05/01/2029

961

961

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.13%

4.37%,

10/21/2031

771

768

Secured

Overnight

Financing

Rate

+

2.12%

4.69%,

10/23/2030

(k) 360

Secured

Overnight

Financing

Rate

+

1.14%

5.15%,

05/22/2045

5.33%,

07/23/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.55%

5.56%,

11/19/2045

(k) 100

Secured

Overnight

Financing

Rate

+

1.58%

5.73%,

04/25/2030

(k) 100

Secured

Overnight

Financing

Rate

+

1.27%

5.73%,

01/28/2056

(k) 455

Secured

Overnight

Financing

Rate

+

1.70%

5.85%,

04/25/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.55%

6.45%,

05/01/2036

6.56%,

10/24/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.95%

6.75%,

10/01/2037

2,331

2,614

6.85%,

02/10/2030

(h),(k)

2,800

2,914

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

7.50%,

05/10/2029

(h),(k)

1,700

1,802

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

HSBC

Holdings

PLC

3.45%,

09/25/2030

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.19%

3.97%,

05/22/2030

(k) $

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.87%

4.62%,

11/06/2031

(k),(l)

604

605

Secured

Overnight

Financing

Rate

+

1.19%

5.60%,

05/17/2028

(k) 200

Secured

Overnight

Financing

Rate

+

1.06%

5.73%,

05/17/2032

(k) 910

958

Secured

Overnight

Financing

Rate

+

1.52%

5.74%,

09/10/2036

(k) 1,005

1,027

Secured

Overnight

Financing

Rate

+

1.96%

6.33%,

03/09/2044

1,281

1,415

Secured

Overnight

Financing

Rate

+

5.30%

6.36%,

11/16/2032

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

3.30%

6.55%,

06/20/2034

(k) $

Secured

Overnight

Financing

Rate

+

2.98%

8.20%,

11/16/2034

(k) GBP

Generic

Britain

Year

Government

Bond

+

4.55%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Huntington

Bancshares

Inc/OH

4.45%,

10/15/2027

(h),(k)

$

2,730

$

2,676

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.05%

5.63%,

07/15/2030

(h),(k)

1,000

1,012

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%

6.25%,

10/15/2030

(h),(k)

1,700

1,684

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

Huntington

National

Bank/The

4.55%,

05/17/2028

(k) 250

Secured

Overnight

Financing

Rate

+

1.65%

ING

Groep

NV

0.88%,

06/09/2032

(k) EUR

Euribor

Swap

Rate

Year

+

1.15%

3.88%,

08/12/2029

(k) 100

Month

Euro

Interbank

Offered

Rate

+

1.72%

4.02%,

03/28/2028

(k) $

Secured

Overnight

Financing

Rate

+

1.83%

4.75%,

05/23/2034

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.90%

5.00%,

02/20/2035

(k) 100

Euribor

Swap

Rate

Year

+

2.20%

5.75%,

11/16/2026

(h),(k),(o)

$

2,600

2,609

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.34%

7.00%,

11/16/2032

(h),(k),(o)

2,000

2,074

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.59%

Intesa

Sanpaolo

SpA

2.50%,

01/15/2030

GBP

2.93%,

10/14/2030

EUR

5.13%,

08/29/2031

6.63%,

06/20/2033

(i) $

Ipoteka-Bank

ATIB

6.45%,

10/09/2030

825

826

JPMorgan

Chase

&

Co

0.60%,

02/17/2033

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.65%

2.07%,

06/01/2029

(k) $

4,361

4,146

Secured

Overnight

Financing

Rate

+

1.02%

2.52%,

04/22/2031

(k) 300

Secured

Overnight

Financing

Rate

+

2.04%

2.53%,

11/19/2041

(k) 2,936

2,124

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.55%,

11/08/2032

(k) 346

Secured

Overnight

Financing

Rate

+

1.18%

3.54%,

05/01/2028

591

586

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.28%

3.65%,

06/01/2026

(h),(k)

6,400

6,321

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

3.78%,

02/01/2028

(k) 400

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.60%

3.88%,

07/24/2038

(k) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.62%

3.96%,

11/15/2048

(k) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

JPMorgan

Chase

&

Co

(continued)

4.51%,

10/22/2028

(k) $

583

$

588

Secured

Overnight

Financing

Rate

+

0.86%

4.85%,

02/01/2044

4.91%,

07/25/2033

(k) 315

Secured

Overnight

Financing

Rate

+

2.08%

4.95%,

06/01/2045

5.01%,

01/23/2030

(k) 100

Secured

Overnight

Financing

Rate

+

1.31%

5.29%,

07/22/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.46%

5.30%,

07/24/2029

(k) 200

Secured

Overnight

Financing

Rate

+

1.45%

5.34%,

01/23/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.62%

5.53%,

11/29/2045

(k) 278

Secured

Overnight

Financing

Rate

+

1.55%

5.58%,

07/23/2036

740

767

Secured

Overnight

Financing

Rate

+

3.27%

5.72%,

09/14/2033

(k) 50

Secured

Overnight

Financing

Rate

+

2.58%

5.77%,

04/22/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.49%

6.25%,

10/23/2034

1,226

1,350

Secured

Overnight

Financing

Rate

+

3.62%

6.88%,

06/01/2029

(h),(k)

800

843

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%

KBC

Group

NV

4.38%,

11/23/2027

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.70%

4.75%,

04/17/2035

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

2.25%

KeyBank

NA/Cleveland

OH

3.40%,

05/20/2026

$

1,046

1,041

4.90%,

08/08/2032

865

857

KeyCorp

2.25%,

04/06/2027

5.12%,

04/04/2031

(k) 235

Secured

Overnight

Financing

Rate

+

1.23%

KeyCorp

Capital

III

7.75%,

07/15/2029

795

845

Lloyds

Banking

Group

PLC

3.88%,

05/14/2032

(k) EUR

Euribor

Swap

Rate

Year

+

1.18%

4.75%,

09/21/2031

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

1.60%

4.98%,

08/11/2033

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.30%

5.72%,

06/05/2030

(k) 593

620

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.07%

5.87%,

03/06/2029

(k) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.70%

6.07%,

06/13/2036

(k) 236

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.60%

6.63%,

09/27/2035

(h),(k),(l),(o)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

6.75%,

09/27/2031

(h),(j),(k),(o)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Lloyds

Banking

Group

PLC

(continued)

8.00%,

09/27/2029

(h),(k),(o)

$

3,000

$

3,246

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

M&T

Bank

Corp

3.50%,

09/01/2026

(h),(k)

3,000

2,892

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

5.05%,

01/27/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.85%

5.40%,

07/30/2035

(k) 548

552

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.43%

Macquarie

Group

Ltd

3.76%,

11/28/2028

(i),(k)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.63%

5.49%,

11/09/2033

(i),(j),(k)

Secured

Overnight

Financing

Rate

+

2.87%

Mediobanca

Banca

di

Credito

Finanziario

SpA

1.00%,

07/17/2029

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.90%

Mitsubishi

UFJ

Financial

Group

Inc

0.85%,

07/19/2029

2.56%,

02/25/2030

$

4.53%,

09/12/2031

(k) 450

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.80%

5.43%,

04/17/2035

(k) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.00%

Mizuho

Financial

Group

Inc

1.98%,

09/08/2031

(k) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.53%

2.56%,

09/13/2031

1,243

1,106

3.98%,

05/21/2034

EUR

4.16%,

05/20/2028

5.67%,

05/27/2029

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.50%

5.78%,

07/06/2029

(k) 1,359

1,414

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.65%

Morgan

Stanley

0.50%,

02/07/2031

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.72%

2.48%,

09/16/2036

(k) $

777

678

Secured

Overnight

Financing

Rate

+

1.36%

2.51%,

10/20/2032

(k) 200

Secured

Overnight

Financing

Rate

+

1.20%

3.22%,

04/22/2042

(k) 974

764

Secured

Overnight

Financing

Rate

+

1.49%

3.59%,

07/22/2028

1,803

1,784

Month

USD

LIBOR

+

1.34%

3.62%,

04/01/2031

Secured

Overnight

Financing

Rate

+

6.24%

3.95%,

04/23/2027

4.65%,

10/18/2030

(k) 258

Secured

Overnight

Financing

Rate

+

1.10%

5.17%,

01/16/2030

(k) 1,727

1,774

Secured

Overnight

Financing

Rate

+

1.45%

5.23%,

01/15/2031

(k) 100

Secured

Overnight

Financing

Rate

+

1.11%

5.30%,

04/20/2037

(k) 921

937

Secured

Overnight

Financing

Rate

+

2.62%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Morgan

Stanley

(continued)

5.32%,

07/19/2035

$

534

$

549

Secured

Overnight

Financing

Rate

+

3.11%

5.42%,

07/21/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.88%

5.60%,

03/24/2051

(k) 200

Secured

Overnight

Financing

Rate

+

4.84%

5.79%,

11/18/2033

(k) GBP

SONIA

Interest

Rate

Benchmark

+

2.25%

5.83%,

04/19/2035

(k) $

Secured

Overnight

Financing

Rate

+

1.58%

5.94%,

02/07/2039

1,198

1,257

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.60%

6.63%,

11/01/2034

(k) 100

Secured

Overnight

Financing

Rate

+

2.05%

Morgan

Stanley

Bank

NA

4.75%,

04/21/2026

5.50%,

05/26/2028

(k) 460

Secured

Overnight

Financing

Rate

+

0.87%

National

Australia

Bank

Ltd

2.13%,

05/24/2028

EUR

2.33%,

08/21/2030

(i) $

National

Bank

of

Canada

5.43%,

08/16/2032

(k) CAD

Canadian

Overnight

Repo

Rate

Average

+

2.32%

National

Bank

of

Uzbekistan

7.20%,

07/17/2030

$

925

955

8.50%,

07/05/2029

2,550

2,730

NatWest

Group

PLC

1.64%,

06/14/2027

(k) 709

698

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.90%

2.06%,

11/09/2028

(k) GBP

Generic

Britain

Year

Government

Bond

+

1.27%

3.03%,

11/28/2035

(k) $

1,920

1,756

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

3.99%,

05/13/2036

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.52%

4.60%,

06/28/2031

(h),(k),(o)

$

800

728

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.10%

4.77%,

02/16/2029

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.83%

4.96%,

08/15/2030

(k) $

986

1,005

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.22%

6.02%,

03/02/2034

(k) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.10%

7.30%,

11/19/2034

(h),(k),(o)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.94%

8.13%,

11/10/2033

(h),(j),(k),(o)

1,000

1,126

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.75%

NatWest

Markets

PLC

4.79%,

03/21/2028

(i) 341

Nordea

Bank

Abp

2.88%,

08/24/2032

EUR

5.38%,

09/22/2027

(i) $

970

994

Northern

Trust

Corp

3.15%,

05/03/2029

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Nykredit

Realkredit

A/S

4.00%,

07/17/2028

EUR

$

OP

Corporate

Bank

plc

0.38%,

06/16/2028

OTP

Bank

Nyrt

4.25%,

10/16/2030

(k) 100

Month

Euro

Interbank

Offered

Rate

+

1.95%

PNC

Financial

Services

Group

Inc/The

2.60%,

07/23/2026

$

4.63%,

06/06/2033

(k) 100

Secured

Overnight

Financing

Rate

+

1.85%

5.07%,

01/24/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.93%

5.49%,

05/14/2030

(k) 100

Secured

Overnight

Financing

Rate

+

1.20%

6.20%,

09/15/2027

(h),(k)

500

508

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

6.25%,

03/15/2030

(h),(j),(k)

2,800

2,873

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

Raiffeisen

Bank

International

AG

1.38%,

06/17/2033

(k) EUR

Euribor

Swap

Rate

Year

+

1.60%

Regions

Financial

Corp

5.50%,

09/06/2035

(k) $

501

513

Secured

Overnight

Financing

Rate

+

2.06%

5.72%,

06/06/2030

(k) 621

645

Secured

Overnight

Financing

Rate

+

1.49%

7.38%,

12/10/2037

1,087

1,251

Riyad

Sukuk

Ltd

6.21%,

07/14/2035

(k) 2,100

2,140

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.25%

Royal

Bank

of

Canada

1.40%,

11/02/2026

(j) 200

2.13%,

04/26/2029

EUR

2.94%,

05/03/2032

(k) CAD

Canadian

Dollar

Offered

Rate

Month

+

0.76%

4.21%,

07/03/2035

(k) 100

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.51%

4.72%,

03/27/2028

(k) $

1,056

1,066

Secured

Overnight

Financing

Rate

+

0.81%

5.15%,

02/01/2034

6.35%,

11/24/2084

(k) 2,600

2,568

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%

6.50%,

11/24/2085

(k) 4,600

4,592

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

6.75%,

08/24/2085

(k) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.82%

7.50%,

05/02/2084

(k) 500

531

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

Santander

Holdings

USA

Inc

3.24%,

10/05/2026

6.57%,

06/12/2029

(k) 100

Secured

Overnight

Financing

Rate

+

2.70%

Santander

UK

Group

Holdings

PLC

6.53%,

01/10/2029

(k) 200

Secured

Overnight

Financing

Rate

+

2.60%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Saudi

Awwal

Bank

5.95%,

09/04/2035

(k) $

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.20%

Skandinaviska

Enskilda

Banken

AB

3.50%,

08/14/2035

EUR

3.75%,

02/07/2028

Societe

Generale

SA

0.50%,

06/12/2029

(k) 100

Month

Euro

Interbank

Offered

Rate

+

0.95%

2.63%,

05/30/2029

3.63%,

03/01/2041

(i) $

3.75%,

05/17/2035

(k) EUR

Euribor

Swap

Rate

Year

+

1.65%

5.25%,

09/06/2032

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

3.10%

8.50%,

03/25/2034

(h),(i),(k),(o)

$

600

652

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.15%

10.00%,

11/14/2028

(h),(i),(k),(o)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.45%

Sovcombank

Via

Sovcom

Capital

DAC

-

Escrow

0.00%,

12/31/2049

(d) 230

—

Standard

Chartered

PLC

3.27%,

02/18/2036

(i),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.30%

4.75%,

01/14/2031

(h),(k),(o)

1,825

1,715

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.81%

4.87%,

05/10/2031

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

1.85%

5.24%,

05/13/2031

(i),(k)

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.35%

7.63%,

01/16/2032

(h),(i),(j),(k),(o)

2,325

2,469

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

State

Street

Corp

4.14%,

12/03/2029

(k) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

5.27%,

08/03/2026

6.70%,

03/15/2029

(h),(k)

500

520

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

6.70%,

09/15/2029

(h),(k)

2,800

2,939

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

Sumitomo

Mitsui

Financial

Group

Inc

4.95%,

07/08/2033

(k) 1,123

1,146

Secured

Overnight

Financing

Rate

+

1.38%

5.81%,

09/14/2033

5.88%,

07/13/2026

6.18%,

07/13/2043

Sumitomo

Mitsui

Trust

Bank

Ltd

2.80%,

03/10/2027

(i) 200

4.45%,

09/10/2027

(i) 763

768

Swedbank

AB

0.20%,

01/12/2028

EUR

1.54%,

11/16/2026

(i) $

1,405

1,370

7.75%,

03/17/2030

(h),(k),(o)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.66%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Texas

Capital

Bancshares

Inc

4.00%,

05/06/2031

(k) $

511

$

503

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%

Toronto-Dominion

Bank/The

1.20%,

06/03/2026

2.00%,

09/10/2031

(j) 100

2.55%,

08/03/2027

EUR

4.42%,

10/31/2035

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.32%

4.48%,

01/18/2028

4.68%,

01/08/2029

4.75%,

09/11/2030

AUD

4.93%,

10/15/2035

$

569

570

6.35%,

10/31/2085

(k) 1,600

1,619

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

8.13%,

10/31/2082

(k) 1,300

1,373

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%

Truist

Bank

4.14%,

10/23/2029

(k) 936

932

Secured

Overnight

Financing

Rate

+

0.91%

Truist

Financial

Corp

3.88%,

03/19/2029

5.10%,

03/01/2030

(h),(k)

500

501

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

5.71%,

01/24/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.92%

6.67%,

03/01/2026

(h),(k)

4,500

4,519

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

UBS

AG/Stamford

CT

7.50%,

02/15/2028

873

942

UBS

Group

AG

0.88%,

11/03/2031

EUR

1.49%,

08/10/2027

(i),(k)

$

785

768

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.85%

3.87%,

01/12/2029

(i),(k)

Month

USD

LIBOR

+

1.41%

4.38%,

02/10/2031

(h),(i),(k),(o)

1,200

1,085

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.31%

4.63%,

03/17/2028

(k) EUR

Euribor

Swap

Rate

Year

+

1.15%

4.88%,

05/15/2045

$

5.43%,

02/08/2030

(i),(k)

758

784

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.52%

5.58%,

05/09/2036

(i),(k)

Secured

Overnight

Financing

Rate

+

1.76%

6.60%,

08/05/2030

(h),(i),(k),(o)

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.12%

9.02%,

11/15/2033

(i),(k)

Secured

Overnight

Financing

Rate

+

5.02%

UniCredit

SpA

0.85%,

01/19/2031

EUR

3.80%,

01/16/2033

(k) 150

Month

Euro

Interbank

Offered

Rate

+

1.40%

United

Overseas

Bank

Ltd/Sydney

4.64%,

03/16/2026

AUD

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

US

Bancorp

1.38%,

07/22/2030

$

$

2.49%,

11/03/2036

(k) 2,311

1,997

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

3.00%,

07/30/2029

3.70%,

01/15/2027

(h),(k)

7,000

6,799

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.54%

5.84%,

06/12/2034

(k) 200

Secured

Overnight

Financing

Rate

+

2.26%

Webster

Financial

Corp

5.78%,

09/11/2035

(k) 851

851

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.13%

Wells

Fargo

&

Co

2.50%,

05/02/2029

GBP

2.57%,

02/11/2031

(k) $

539

503

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

2.88%,

10/30/2030

(k) 363

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.43%

3.07%,

04/30/2041

1,314

1,025

Secured

Overnight

Financing

Rate

+

5.06%

3.53%,

03/24/2028

(k) 100

Secured

Overnight

Financing

Rate

+

1.51%

3.90%,

07/22/2032

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.22%

3.90%,

05/01/2045

$

4.08%,

09/15/2029

(k) 1,137

1,134

Secured

Overnight

Financing

Rate

+

0.88%

4.15%,

01/24/2029

4.48%,

04/04/2031

(k) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.03%

4.61%,

04/25/2053

(k) 100

Secured

Overnight

Financing

Rate

+

2.13%

4.75%,

12/07/2046

4.89%,

09/15/2036

(k) 50

Secured

Overnight

Financing

Rate

+

1.34%

5.39%,

04/24/2034

(k) 602

625

Secured

Overnight

Financing

Rate

+

2.02%

5.50%,

01/23/2035

(k) 248

Secured

Overnight

Financing

Rate

+

1.78%

5.56%,

07/25/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.99%

5.57%,

07/25/2029

(k) 200

Secured

Overnight

Financing

Rate

+

1.74%

5.61%,

01/15/2044

570

573

Wells

Fargo

Bank

NA

6.60%,

01/15/2038

Westpac

Banking

Corp

2.96%,

11/16/2040

3.02%,

11/18/2036

(k) 100

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.53%

4.30%,

06/19/2030

AUD

5.46%,

11/18/2027

$

Westpac

Securities

NZ

Ltd/London

0.43%,

12/14/2026

EUR

Zions

Bancorp

NA

6.82%,

11/19/2035

(k) $

1,042

1,106

Secured

Overnight

Financing

Rate

+

2.83%

$

276,285

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Beverages

-

0.25%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

$

$

4.90%,

02/01/2046

1,204

1,133

Anheuser-Busch

InBev

SA/NV

1.50%,

04/18/2030

EUR

2.75%,

03/17/2036

2.88%,

04/02/2032

Anheuser-Busch

InBev

Worldwide

Inc

4.35%,

06/01/2040

$

5.00%,

06/15/2034

5.45%,

01/23/2039

5.55%,

01/23/2049

5.80%,

01/23/2059

Bacardi

Ltd

5.15%,

05/15/2038

CCEP

Finance

Ireland

DAC

1.50%,

05/06/2041

EUR

Coca-Cola

Co/The

0.95%,

05/06/2036

1.50%,

03/05/2028

$

1.65%,

06/01/2030

2.50%,

03/15/2051

5.20%,

01/14/2055

Constellation

Brands

Inc

4.35%,

05/09/2027

4.90%,

05/01/2033

(j) 50

Diageo

Finance

PLC

2.50%,

03/27/2032

EUR

2.75%,

06/08/2038

GBP

Heineken

NV

1.50%,

10/03/2029

EUR

1.75%,

03/17/2031

JDE

Peet's

NV

0.63%,

02/09/2028

Keurig

Dr

Pepper

Inc

3.80%,

05/01/2050

$

Molson

Coors

Beverage

Co

3.00%,

07/15/2026

PepsiCo

Inc

3.00%,

10/15/2027

3.38%,

07/29/2049

3.60%,

02/18/2028

4.45%,

02/07/2028

630

638

4.65%,

07/23/2032

569

581

Pernod

Ricard

SA

1.75%,

04/08/2030

EUR

$

6,097

Biotechnology

-

0.30%

Amgen

Inc

3.15%,

02/21/2040

$

1,358

1,073

4.05%,

08/18/2029

4.40%,

05/01/2045

4.40%,

02/22/2062

4.66%,

06/15/2051

5.15%,

03/02/2028

568

581

5.25%,

03/02/2030

5.25%,

03/02/2033

5.60%,

03/02/2043

5.65%,

03/02/2053

824

822

5.75%,

03/02/2063

Biogen

Inc

3.15%,

05/01/2050

CSL

Finance

PLC

4.63%,

04/27/2042

(i) 100

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Biotechnology

(continued)

Gilead

Sciences

Inc

4.15%,

03/01/2047

$

$

4.80%,

11/15/2029

630

647

5.10%,

06/15/2035

5.25%,

10/15/2033

Royalty

Pharma

PLC

2.15%,

09/02/2031

1,037

904

3.35%,

09/02/2051

5.15%,

09/02/2029

5.95%,

09/25/2055

$

7,111

Building

Materials

-

0.73%

Amrize

Finance

US

LLC

7.13%,

07/15/2036

(i) 50

Carlisle

Cos

Inc

2.20%,

03/01/2032

5.55%,

09/15/2040

Carrier

Global

Corp

3.38%,

04/05/2040

857

698

3.58%,

04/05/2050

4.13%,

05/29/2028

EUR

Cie

de

Saint-Gobain

SA

2.38%,

10/04/2027

3.50%,

01/18/2029

CRH

America

Finance

Inc

5.60%,

02/09/2056

$

CRH

SMW

Finance

DAC

4.25%,

07/11/2035

EUR

5.13%,

01/09/2030

$

5.20%,

05/21/2029

917

945

Holcim

Finance

Luxembourg

SA

0.50%,

11/29/2026

EUR

Johnson

Controls

International

plc

4.25%,

05/23/2035

Limak

Cimento

Sanayi

ve

Ticaret

AS

9.75%,

07/25/2029

$

2,000

2,050

Martin

Marietta

Materials

Inc

2.40%,

07/15/2031

565

508

Oscar

AcquisitionCo

LLC

/

Oscar

Finance

Inc

9.50%,

04/15/2030

(i),(j)

8,970

6,531

Owens

Corning

3.95%,

08/15/2029

5.50%,

06/15/2027

Quikrete

Holdings

Inc

6.38%,

03/01/2032

(i) 890

923

6.75%,

03/01/2033

(i) 1,440

1,498

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(i) 2,125

2,118

Trane

Technologies

Financing

Ltd

3.80%,

03/21/2029

Vulcan

Materials

Co

3.50%,

06/01/2030

$

17,573

Chemicals

-

1.00%

Air

Liquide

Finance

SA

0.38%,

05/27/2031

EUR

Air

Products

and

Chemicals

Inc

3.25%,

06/16/2032

Akzo

Nobel

NV

2.00%,

03/28/2032

Albemarle

Corp

5.05%,

06/01/2032

(j) $

BASF

SE

4.50%,

03/08/2035

EUR

Braskem

Idesa

SAPI

6.99%,

02/20/2032

$

800

513

7.45%,

11/15/2029

1,625

1,052

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

Celanese

US

Holdings

LLC

6.75%,

04/15/2033

(j) $

1,770

$

1,743

CF

Industries

Inc

5.38%,

03/15/2044

1,024

985

Dow

Chemical

Co/The

4.80%,

01/15/2031

4.80%,

05/15/2049

5.65%,

03/15/2036

(j) 718

719

DuPont

de

Nemours

Inc

5.32%,

11/15/2038

Eastman

Chemical

Co

5.75%,

03/08/2033

677

711

Ecolab

Inc

2.70%,

12/15/2051

911

577

3.95%,

12/01/2047

4.30%,

06/15/2028

5.25%,

01/15/2028

572

587

International

Flavors

&

Fragrances

Inc

4.38%,

06/01/2047

Inversion

Escrow

Issuer

LLC

6.75%,

08/01/2032

(i) 470

LANXESS

AG

0.63%,

12/01/2029

EUR

Linde

PLC

0.38%,

09/30/2033

1.00%,

03/31/2027

2.63%,

02/18/2029

LYB

International

Finance

BV

4.88%,

03/15/2044

$

LYB

International

Finance

III

LLC

6.15%,

05/15/2035

Nutrien

Ltd

2.95%,

05/13/2030

5.20%,

06/21/2027

Olympus

Water

US

Holding

Corp

7.25%,

02/15/2033

(i) 3,100

3,086

Orbia

Advance

Corp

SAB

de

CV

2.88%,

05/11/2031

PPG

Industries

Inc

4.38%,

03/15/2031

(l) 811

808

RPM

International

Inc

2.95%,

01/15/2032

SCIH

Salt

Holdings

Inc

6.63%,

05/01/2029

(i) 9,270

9,188

Sherwin-Williams

Co/The

2.20%,

03/15/2032

Westlake

Corp

2.88%,

08/15/2041

3.38%,

08/15/2061

830

511

Yara

International

ASA

4.75%,

06/01/2028

(i) 100

$

23,913

Coal

-

0.21%

SunCoke

Energy

Inc

4.88%,

06/30/2029

(i) 5,275

4,925

Commercial

Mortgage

Backed

Securities

-

1.29%

Bayview

Commercial

Asset

Trust

2005-3

4.59%,

11/25/2035

(i) 467

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.59%

4.71%,

11/25/2035

(i) 359

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

Bayview

Commercial

Asset

Trust

2006-2

4.45%,

07/25/2036

(i) 324

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

Bayview

Commercial

Asset

Trust

2006-3

4.48%,

10/25/2036

(i) $

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.49%

Bayview

Commercial

Asset

Trust

2006-4

4.45%,

12/25/2036

(i) 566

549

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

Bayview

Commercial

Asset

Trust

2007-4

4.78%,

09/25/2037

(i) 537

509

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.79%

Bayview

Commercial

Asset

Trust

2008-2

7.86%,

04/25/2038

(i) 487

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.86%

BBCMS

2018-TALL

Mortgage

Trust

4.95%,

03/15/2037

(i) 1,470

1,385

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.92%

Benchmark

2019-B15

Mortgage

Trust

2.93%,

12/15/2072

Benchmark

2019-B9

Mortgage

Trust

4.02%,

03/15/2052

3,560

3,491

Benchmark

2020-B20

Mortgage

Trust

2.03%,

10/15/2053

1,600

1,411

Benchmark

2022-B32

Mortgage

Trust

3.00%,

01/15/2055

(m) 536

Benchmark

2022-B33

Mortgage

Trust

3.46%,

03/15/2055

Benchmark

2022-B34

Mortgage

Trust

3.79%,

04/15/2055

(m) 2,831

2,640

BX

Commercial

Mortgage

Trust

2020-VIV2

3.54%,

03/09/2044

(i),(m)

BX

Commercial

Mortgage

Trust

2020-VIV4

2.84%,

03/09/2044

(i) 1,500

1,389

BX

Trust

2019-OC11

3.94%,

12/09/2041

(i),(m)

1,750

1,657

COMM

2018-COR3

Mortgage

Trust

4.23%,

05/10/2051

2,107

2,069

COMM

2024-277P

Mortgage

Trust

6.34%,

08/10/2044

(i) 1,484

1,563

FRESB

2019-SB63

Mortgage

Trust

1.60%,

04/25/2039

(m),(p)

9,287

FRESB

2020-SB76

Mortgage

Trust

1.09%,

05/25/2030

(m),(p)

5,557

FRESB

2020-SB77

Mortgage

Trust

0.10%,

06/25/2040

(m),(p)

17,573

670

Grace

Trust

2020-GRCE

2.35%,

12/10/2040

(i) 1,072

955

Harvest

Commercial

Capital

Loan

Trust

2019-1

4.64%,

09/25/2046

(i),(m)

2,000

1,951

Harvest

Commercial

Capital

Loan

Trust

2020-1

5.96%,

04/25/2052

(i),(m)

Harvest

Commercial

Capital

Loan

Trust

2024-1

6.16%,

10/25/2056

1,750

1,795

Houston

Galleria

Mall

Trust

2025-HGLR

5.64%,

02/05/2045

(i),(m)

1,084

1,126

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2024-OMNI

5.99%,

10/05/2039

(i),(m)

1,007

1,025

MKT

2020-525M

Mortgage

Trust

2.69%,

02/12/2040

(i) 1,400

1,258

ROCK

Trust

2024-CNTR

5.39%,

11/13/2041

(i) 225

Wells

Fargo

Commercial

Mortgage

Trust

2019-C51

3.31%,

06/15/2052

540

512

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

WFRBS

Commercial

Mortgage

Trust

2014-C21

4.21%,

08/15/2047

(m) $

$

4.23%,

08/15/2047

(m) 737

691

$

31,000

Commercial

Services

-

2.20%

Abertis

France

SAS

1.63%,

09/18/2029

EUR

Abertis

Infraestructuras

SA

4.13%,

01/31/2028

Adani

International

Container

Terminal

Pvt

Ltd

3.00%,

02/16/2031

$

2,945

2,729

ADT

Security

Corp/The

5.88%,

10/15/2033

(i) 850

862

AMN

Healthcare

Inc

6.50%,

01/15/2031

(i) 1,780

1,784

APRR

SA

1.25%,

01/18/2028

EUR

Ashtead

Capital

Inc

4.25%,

11/01/2029

(i) $

ASTM

SpA

1.00%,

11/25/2026

EUR

Autoroutes

du

Sud

de

la

France

SA

1.25%,

01/18/2027

2.75%,

09/02/2032

Autostrade

per

l'Italia

SpA

5.13%,

06/14/2033

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance

Inc

8.25%,

01/15/2030

(i) $

8.38%,

06/15/2032

(i) 420

Block

Financial

LLC

3.88%,

08/15/2030

Champions

Financing

Inc

8.75%,

02/15/2029

(i),(j)

2,550

2,472

Duke

University

2.76%,

10/01/2050

ERAC

USA

Finance

LLC

4.90%,

05/01/2033

(i) 100

Ford

Foundation/The

2.82%,

06/01/2070

950

556

Global

Payments

Inc

2.90%,

11/15/2031

GXO

Logistics

Inc

6.25%,

05/06/2029

500

526

Herc

Holdings

Inc

7.00%,

06/15/2030

(i) 425

7.25%,

06/15/2033

(i) 700

738

Massachusetts

Institute

of

Technology

3.07%,

04/01/2052

Moody's

Corp

2.75%,

08/19/2041

Motability

Operations

Group

PLC

2.38%,

03/14/2032

GBP

3.63%,

07/24/2029

EUR

PayPal

Holdings

Inc

5.05%,

06/01/2052

(j) $

President

and

Fellows

of

Harvard

College

3.75%,

11/15/2052

PROG

Holdings

Inc

6.00%,

11/15/2029

(i) 4,150

4,050

Quanta

Services

Inc

2.35%,

01/15/2032

612

541

2.90%,

10/01/2030

623

583

3.05%,

10/01/2041

530

5.25%,

08/09/2034

722

743

RELX

Finance

BV

0.50%,

03/10/2028

EUR

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Rentokil

Initial

Finance

BV

3.88%,

06/27/2027

EUR

$

S&P

Global

Inc

2.70%,

03/01/2029

$

647

619

3.70%,

03/01/2052

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub

Inc

6.75%,

08/15/2032

(i) 2,850

2,944

Sotheby's

7.38%,

10/15/2027

(i) 4,650

4,632

Teranet

Holdings

LP

3.72%,

02/23/2029

CAD

Thomas

Jefferson

University

3.85%,

11/01/2057

$

Transurban

Finance

Co

Pty

Ltd

3.00%,

04/08/2030

EUR

4.56%,

11/14/2028

CAD

Transurban

Queensland

Finance

Pty

Ltd

3.25%,

08/05/2031

AUD

Triton

Container

International

Ltd

3.15%,

06/15/2031

(i) $

1,896

1,714

Triton

Container

International

Ltd

/

TAL

International

Container

Corp

3.25%,

03/15/2032

612

549

University

of

Miami

4.06%,

04/01/2052

University

of

Southern

California

4.98%,

10/01/2053

Upbound

Group

Inc

6.38%,

02/15/2029

(i) 4,575

4,434

Verisk

Analytics

Inc

5.13%,

02/15/2036

Volkswagen

Financial

Services

AG

0.88%,

01/31/2028

EUR

VT

Topco

Inc

8.50%,

08/15/2030

(i) $

5,495

5,715

Wand

NewCo

Inc

7.63%,

01/30/2032

(i) 5,475

5,722

WEX

Inc

6.50%,

03/15/2033

(i) 5,525

5,650

Wolters

Kluwer

NV

0.75%,

07/03/2030

EUR

$

52,623

Computers

-

0.74%

Accenture

Capital

Inc

4.50%,

10/04/2034

$

Amentum

Holdings

Inc

7.25%,

08/01/2032

(i) 1,275

1,327

Apple

Inc

1.38%,

05/24/2029

EUR

1.40%,

08/05/2028

$

1,431

1,343

1.65%,

02/08/2031

2.65%,

05/11/2050

1,043

664

2.70%,

08/05/2051

2.85%,

08/05/2061

3.35%,

08/08/2032

3.95%,

08/08/2052

4.15%,

05/10/2030

4.38%,

05/13/2045

587

529

4.45%,

05/06/2044

ASGN

Inc

4.63%,

05/15/2028

(i) 2,075

2,038

Booz

Allen

Hamilton

Inc

5.95%,

08/04/2033

(j) 100

5.95%,

04/15/2035

(j) 879

910

Capgemini

SE

2.00%,

04/15/2029

EUR

2.50%,

09/25/2028

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

(continued)

Dell

International

LLC

/

EMC

Corp

3.38%,

12/15/2041

$

936

$

722

4.35%,

02/01/2030

1,052

1,051

4.75%,

04/01/2028

917

930

5.10%,

02/15/2036

5.25%,

02/01/2028

5.75%,

02/01/2033

8.10%,

07/15/2036

783

950

Hewlett

Packard

Enterprise

Co

4.40%,

10/15/2030

563

559

5.25%,

07/01/2028

5.60%,

10/15/2054

HP

Inc

5.50%,

01/15/2033

IBM

International

Capital

Pte

Ltd

4.75%,

02/05/2031

2,031

2,071

International

Business

Machines

Corp

0.88%,

02/09/2030

EUR

2.20%,

02/09/2027

$

3.38%,

02/06/2027

EUR

4.00%,

02/06/2043

5.10%,

02/06/2053

$

5.20%,

02/10/2035

Kyndryl

Holdings

Inc

3.15%,

10/15/2031

549

500

4.10%,

10/15/2041

Leidos

Inc

4.38%,

05/15/2030

728

727

5.50%,

03/15/2035

Teleperformance

SE

4.25%,

01/21/2030

EUR

Western

Digital

Corp

2.85%,

02/01/2029

$

$

17,705

Consumer

Products

-

0.01%

Kimberly-Clark

Corp

2.00%,

11/02/2031

Reckitt

Benckiser

Treasury

Services

PLC

2.63%,

09/10/2028

EUR

$

Cosmetics

&

Personal

Care

-

0.11%

Estee

Lauder

Cos

Inc/The

5.15%,

05/15/2053

(j) $

Haleon

Netherlands

Capital

BV

2.13%,

03/29/2034

EUR

Haleon

US

Capital

LLC

4.00%,

03/24/2052

$

1,550

1,247

High

Ridge

Brands

-

Escrow

0.00%,

03/15/2025

(d),(e),(g)

15,607

—

Kenvue

Inc

4.85%,

05/22/2032

569

576

5.10%,

03/22/2043

Procter

&

Gamble

Co/The

4.05%,

01/26/2033

Unilever

Capital

Corp

5.00%,

12/08/2033

Unilever

Finance

Netherlands

BV

1.38%,

09/04/2030

EUR

$

2,532

Credit

Card

Asset

Backed

Securities

-

0.21%

American

Express

Credit

Account

Master

Trust

4.65%,

07/15/2029

$

1,305

1,322

Citibank

Credit

Card

Issuance

Trust

5.23%,

12/08/2027

1,250

1,251

Discover

Card

Execution

Note

Trust

4.31%,

03/15/2028

2,405

2,407

$

4,980

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Distribution

&

Wholesale

-

0.06%

RB

Global

Holdings

Inc

7.75%,

03/15/2031

(i) $

925

$

965

Resideo

Funding

Inc

6.50%,

07/15/2032

(i) 450

$

1,426

Diversified

Financial

Services

-

3.45%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.30%,

01/30/2032

3.85%,

10/29/2041

Air

Lease

Corp

5.30%,

02/01/2028

5.85%,

12/15/2027

Ally

Financial

Inc

6.18%,

07/26/2035

(k) 100

Secured

Overnight

Financing

Rate

+

2.29%

6.70%,

02/14/2033

2,200

2,294

American

Express

Co

3.13%,

05/20/2026

3.43%,

05/20/2032

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.10%

3.55%,

09/15/2026

(h),(k)

$

6,900

6,771

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

4.92%,

07/20/2033

(k) 382

Secured

Overnight

Financing

Rate

+

1.22%

5.09%,

01/30/2031

631

650

Secured

Overnight

Financing

Rate

+

2.04%

5.10%,

02/16/2028

(k) 1,617

1,637

Secured

Overnight

Financing

Rate

+

1.00%

5.28%,

07/27/2029

(k) 150

Secured

Overnight

Financing

Rate

+

1.28%

5.67%,

04/25/2036

551

582

Secured

Overnight

Financing

Rate

+

3.58%

Apollo

Global

Management

Inc

6.00%,

12/15/2054

(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%

Aviation

Capital

Group

LLC

6.25%,

04/15/2028

(i) 100

Avolon

Holdings

Funding

Ltd

2.53%,

11/18/2027

(i) 200

Azorra

Finance

Ltd

7.75%,

04/15/2030

(i) 3,975

4,191

Blackstone

Holdings

Finance

Co

LLC

3.50%,

06/01/2034

EUR

Blue

Owl

Finance

LLC

3.13%,

06/10/2031

$

Bread

Financial

Holdings

Inc

6.75%,

05/15/2031

(i),(l)

975

982

8.38%,

06/15/2035

(i),(k)

1,850

1,893

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.30%

9.75%,

03/15/2029

(i) 3,000

3,202

Burford

Capital

Global

Finance

LLC

9.25%,

07/01/2031

(i) 5,675

5,874

Cantor

Fitzgerald

LP

4.50%,

04/14/2027

(i) 100

Capital

One

Financial

Corp

1.65%,

06/12/2029

EUR

3.80%,

01/31/2028

$

3.95%,

09/01/2026

(h),(j),(k)

500

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

4.49%,

09/11/2031

(k) 100

Secured

Overnight

Financing

Rate

+

1.25%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Capital

One

Financial

Corp

(continued)

4.93%,

05/10/2028

(k) $

$

Secured

Overnight

Financing

Rate

+

2.06%

5.88%,

07/26/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.99%

Charles

Schwab

Corp/The

3.30%,

04/01/2027

4.00%,

06/01/2026

(h),(k)

5,000

4,954

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.17%

5.64%,

05/19/2029

(k) 100

Secured

Overnight

Financing

Rate

+

2.21%

6.14%,

08/24/2034

(k) 100

Secured

Overnight

Financing

Rate

+

2.01%

CME

Group

Inc

5.30%,

09/15/2043

Credit

Acceptance

Corp

9.25%,

12/15/2028

(i) 3,775

3,959

Equitable

America

Global

Funding

3.95%,

09/15/2027

(i) 50

EZCORP

Inc

7.38%,

04/01/2032

(i) 1,020

1,077

Focus

Financial

Partners

LLC

6.75%,

09/15/2031

(i) 4,480

4,617

Freedom

Mortgage

Holdings

LLC

7.88%,

04/01/2033

(i) 1,550

1,592

goeasy

Ltd

6.88%,

05/15/2030

(i) 1,075

1,057

Intercontinental

Exchange

Inc

1.85%,

09/15/2032

3.00%,

09/15/2060

4.95%,

06/15/2052

716

675

Jane

Street

Group

/

JSG

Finance

Inc

6.75%,

05/01/2033

(i) 1,500

1,565

Jefferies

Financial

Group

Inc

2.63%,

10/15/2031

Lazard

Group

LLC

4.38%,

03/11/2029

Lseg

Netherlands

BV

0.25%,

04/06/2028

EUR

LSEGA

Financing

PLC

4.50%,

10/19/2028

GBP

Mastercard

Inc

1.90%,

03/15/2031

$

4.35%,

01/15/2032

770

774

Nasdaq

Inc

0.90%,

07/30/2033

EUR

5.35%,

06/28/2028

$

Nomura

Holdings

Inc

3.00%,

01/22/2032

7.00%,

07/15/2030

(h),(k),(o)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%

OneMain

Finance

Corp

4.00%,

09/15/2030

1,300

1,209

7.13%,

11/15/2031

1,425

1,477

7.50%,

05/15/2031

1,925

2,011

7.88%,

03/15/2030

2,500

2,635

ORIX

Corp

5.20%,

09/13/2032

Oxford

Finance

LLC

/

Oxford

Finance

Co-Issuer

II

Inc

6.38%,

02/01/2027

(i) 4,750

4,719

Raymond

James

Financial

Inc

4.65%,

04/01/2030

Rfna

LP

7.88%,

02/15/2030

(i) 3,475

3,460

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Rocket

Cos

Inc

6.13%,

08/01/2030

(i) $

500

$

516

6.38%,

08/01/2033

(i) 1,100

1,146

6.50%,

08/01/2029

(i) 1,600

1,660

7.13%,

02/01/2032

(i) 575

604

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer

Inc

3.88%,

03/01/2031

(i) 475

Sagen

MI

Canada

Inc

3.26%,

03/05/2031

CAD

SOCAR

Turkey

Enerji

AS

via

Steas

Funding

DAC

7.23%,

03/17/2026

$

1,800

1,797

Stellantis

Financial

Services

US

Corp

4.95%,

09/15/2028

(i) 452

Stonex

Escrow

Issuer

LLC

6.88%,

07/15/2032

(i) 2,525

2,612

StoneX

Group

Inc

7.88%,

03/01/2031

(i) 1,850

1,959

Synchrony

Financial

2.88%,

10/28/2031

5.15%,

03/19/2029

1,030

1,046

5.45%,

03/06/2031

(k) 332

Secured

Overnight

Financing

Rate

+

1.68%

USAA

Capital

Corp

4.38%,

06/01/2028

(i) 775

782

Visa

Inc

2.05%,

04/15/2030

3.65%,

09/15/2047

Voya

Financial

Inc

5.00%,

09/20/2034

$

82,772

Electric

-

2.78%

AEP

Texas

Inc

5.85%,

10/15/2055

845

845

AEP

Transmission

Co

LLC

4.50%,

06/15/2052

AES

Corp/The

2.45%,

01/15/2031

(j) 133

5.45%,

06/01/2028

591

601

Alabama

Power

Co

3.00%,

03/15/2052

4.30%,

03/15/2031

Algonquin

Power

&

Utilities

Corp

5.37%,

06/15/2026

(m) 278

AltaLink

LP

4.87%,

11/15/2040

CAD

Ameren

Corp

5.70%,

12/01/2026

$

Ameren

Illinois

Co

3.85%,

09/01/2032

American

Electric

Power

Co

Inc

5.80%,

03/15/2056

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.26%

6.05%,

03/15/2056

(k) 600

608

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.94%

6.95%,

12/15/2054

(k) 600

656

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

7.05%,

12/15/2054

(k) 800

840

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%

Amprion

GmbH

4.13%,

09/07/2034

EUR

Appalachian

Power

Co

4.50%,

03/01/2049

$

7.00%,

04/01/2038

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Arizona

Public

Service

Co

4.50%,

04/01/2042

$

$

Ausgrid

Finance

Pty

Ltd

1.81%,

02/05/2027

AUD

AusNet

Services

Holdings

Pty

Ltd

2.60%,

07/31/2029

Avangrid

Inc

3.80%,

06/01/2029

$

Aydem

Yenilenebilir

Enerji

AS

9.88%,

09/30/2030

(i) 750

740

Baltimore

Gas

and

Electric

Co

5.40%,

06/01/2053

Basin

Electric

Power

Cooperative

5.85%,

10/15/2055

(i) 351

Black

Hills

Corp

4.55%,

01/31/2031

Brookfield

Infrastructure

Finance

ULC

5.98%,

02/14/2033

CAD

Brookfield

Renewable

Partners

ULC

5.88%,

11/09/2032

Bruce

Power

LP

4.70%,

12/21/2027

CenterPoint

Energy

Houston

Electric

LLC

5.05%,

03/01/2035

$

5.20%,

10/01/2028

CenterPoint

Energy

Inc

6.85%,

02/15/2055

(k) 50

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.95%

CMS

Energy

Corp

4.75%,

06/01/2050

(k) 727

714

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.12%

Comision

Federal

de

Electricidad

5.00%,

09/29/2036

809

733

Commonwealth

Edison

Co

3.80%,

10/01/2042

5.95%,

06/01/2055

Connecticut

Light

and

Power

Co/The

4.95%,

08/15/2034

Consolidated

Edison

Co

of

New

York

Inc

4.13%,

05/15/2049

617

504

4.45%,

03/15/2044

4.50%,

12/01/2045

4.50%,

05/15/2058

4.63%,

12/01/2054

Constellation

Energy

Generation

LLC

5.80%,

03/01/2033

Consumers

Energy

Co

3.60%,

08/15/2032

4.90%,

02/15/2029

Dominion

Energy

Inc

3.38%,

04/01/2030

4.85%,

08/15/2052

6.63%,

05/15/2055

1,050

1,095

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.41%

DTE

Electric

Co

3.95%,

03/01/2049

921

745

4.05%,

05/15/2048

DTE

Energy

Co

4.88%,

06/01/2028

584

594

Duke

Energy

Carolinas

LLC

3.55%,

03/15/2052

5.25%,

03/15/2035

5.40%,

01/15/2054

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Duke

Energy

Corp

3.10%,

06/15/2028

EUR

$

3.75%,

09/01/2046

$

5.00%,

12/08/2027

5.80%,

06/15/2054

6.45%,

09/01/2054

(k) 50

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%

Duke

Energy

Florida

LLC

5.95%,

11/15/2052

Duke

Energy

Indiana

LLC

3.25%,

10/01/2049

5.40%,

04/01/2053

Duke

Energy

Ohio

Inc

5.55%,

03/15/2054

5.65%,

04/01/2053

Duke

Energy

Progress

LLC

2.50%,

08/15/2050

4.00%,

04/01/2052

Duquesne

Light

Holdings

Inc

2.53%,

10/01/2030

(i) 100

E.ON

International

Finance

BV

5.88%,

10/30/2037

GBP

E.ON

SE

3.13%,

03/05/2030

EUR

3.50%,

10/26/2037

Eastern

European

Electric

Co

BV

6.50%,

05/15/2030

(i) 825

994

Eastern

Power

Networks

PLC

1.88%,

06/01/2035

GBP

Edison

International

5.25%,

11/15/2028

$

EDP

Finance

BV

3.88%,

03/11/2030

EUR

Electricite

de

France

SA

9.13%,

03/15/2033

(h),(k)

$

1,700

1,969

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.41%

Emera

US

Finance

LP

2.64%,

06/15/2031

4.75%,

06/15/2046

688

596

Enel

Americas

SA

4.00%,

10/25/2026

Enel

Finance

International

NV

3.50%,

04/06/2028

(i) 347

4.50%,

02/20/2043

EUR

4.75%,

05/25/2047

(i) $

5.13%,

06/26/2029

(i) 475

6.80%,

09/15/2037

(i) 100

Enel

SpA

4.25%,

01/14/2030

(h),(k)

EUR

Euribor

Swap

Rate

Year

+

2.01%

Energo

-

Pro

as

8.00%,

05/27/2030

(i) 2,025

2,473

Energuate

Trust

6.35%,

09/15/2035

(i) $

1,025

1,029

Engie

SA

2.13%,

03/30/2032

EUR

4.25%,

01/11/2043

Entergy

Arkansas

LLC

4.20%,

04/01/2049

$

Entergy

Louisiana

LLC

2.35%,

06/15/2032

Entergy

Mississippi

LLC

3.85%,

06/01/2049

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Entergy

Texas

Inc

4.50%,

03/30/2039

$

1,359

$

1,276

5.25%,

04/15/2035

5.55%,

09/15/2054

Eurogrid

GmbH

0.74%,

04/21/2033

EUR

EUSHI

Finance

Inc

6.25%,

04/01/2056

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.51%

Evergy

Kansas

Central

Inc

4.70%,

03/13/2028

Evergy

Metro

Inc

4.20%,

06/15/2047

Eversource

Energy

3.45%,

01/15/2050

Exelon

Corp

4.10%,

03/15/2052

6.50%,

03/15/2055

(k) 100

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%

FirstEnergy

Corp

2.65%,

03/01/2030

3.40%,

03/01/2050

4.85%,

07/15/2047

579

514

FirstEnergy

Pennsylvania

Electric

Co

5.20%,

04/01/2028

(i) 912

932

FirstEnergy

Transmission

LLC

4.55%,

04/01/2049

(i) 1,139

986

Florida

Power

&

Light

Co

3.99%,

03/01/2049

4.05%,

10/01/2044

5.15%,

06/15/2029

771

801

5.30%,

06/15/2034

(j) 150

5.70%,

03/15/2055

FortisAlberta

Inc

4.27%,

09/22/2045

CAD

GDZ

Elektrik

Dagitim

AS

9.00%,

10/15/2029

$

625

611

Georgia

Power

Co

3.25%,

03/15/2051

939

658

Hydro

One

Inc

3.63%,

06/25/2049

CAD

4.25%,

01/04/2035

Iberdrola

Finanzas

SA

1.62%,

11/29/2029

EUR

4.88%,

04/25/2028

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

2.26%

Iberdrola

International

BV

6.75%,

07/15/2036

$

Indianapolis

Power

&

Light

Co

5.70%,

04/01/2054

(i) 50

Interstate

Power

and

Light

Co

3.50%,

09/30/2049

627

ITC

Holdings

Corp

3.35%,

11/15/2027

Kentucky

Power

Co

7.00%,

11/15/2033

(i) 1,090

1,195

Kentucky

Utilities

Co

5.13%,

11/01/2040

5.85%,

08/15/2055

Liberty

Utilities

Finance

GP

2.05%,

09/15/2030

(i) 406

Lightning

Power

LLC

7.25%,

08/15/2032

(i) 1,675

1,774

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

MidAmerican

Energy

Co

5.30%,

02/01/2055

$

$

5.35%,

01/15/2034

5.85%,

09/15/2054

Narragansett

Electric

Co/The

5.35%,

05/01/2034

(i) 532

549

National

Grid

Electricity

Distribution

West

Midlands

PLC

5.75%,

04/16/2032

GBP

National

Grid

PLC

0.25%,

09/01/2028

EUR

0.55%,

09/18/2029

National

Rural

Utilities

Cooperative

Finance

Corp

4.12%,

09/16/2027

(j) $

862

865

4.15%,

08/25/2028

4.75%,

02/07/2028

Network

Finance

Co

Pty

Ltd

2.58%,

10/03/2028

AUD

Nevada

Power

Co

3.13%,

08/01/2050

$

New

England

Power

Co

3.80%,

12/05/2047

(i) 100

New

York

State

Electric

&

Gas

Corp

5.85%,

08/15/2033

(i) 519

552

NextEra

Energy

Capital

Holdings

Inc

1.88%,

01/15/2027

4.69%,

09/01/2027

5.30%,

03/15/2032

826

861

5.65%,

05/01/2079

(j),(k)

Month

USD

LIBOR

+

3.16%

5.90%,

03/15/2055

680

703

Niagara

Mohawk

Power

Corp

5.66%,

01/17/2054

(i) 50

Northern

Powergrid

Northeast

PLC

1.88%,

06/16/2062

GBP

Northern

States

Power

Co/MN

2.60%,

06/01/2051

$

NRG

Energy

Inc

7.00%,

03/15/2033

(i) 50

Oglethorpe

Power

Corp

3.75%,

08/01/2050

Oklahoma

Gas

and

Electric

Co

3.25%,

04/01/2030

(j) 100

Oncor

Electric

Delivery

Co

LLC

3.70%,

05/15/2050

4.15%,

06/01/2032

503

5.75%,

03/15/2029

Pacific

Gas

and

Electric

Co

3.30%,

03/15/2027

3.30%,

08/01/2040

3.95%,

12/01/2047

4.30%,

03/15/2045

1,053

847

4.95%,

07/01/2050

850

732

5.00%,

06/04/2028

6.10%,

01/15/2029

6.10%,

10/15/2055

1,031

1,030

6.75%,

01/15/2053

PacifiCorp

4.10%,

02/01/2042

PECO

Energy

Co

4.88%,

09/15/2035

PPL

Capital

Funding

Inc

5.25%,

09/01/2034

Public

Service

Co

of

Colorado

1.90%,

01/15/2031

2.70%,

01/15/2051

1,592

983

3.70%,

06/15/2028

598

595

4.10%,

06/15/2048

779

631

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Public

Service

Co

of

Colorado

(continued)

5.15%,

09/15/2035

$

$

Public

Service

Co

of

Oklahoma

2.20%,

08/15/2031

705

623

5.45%,

01/15/2036

Public

Service

Electric

and

Gas

Co

4.85%,

08/01/2034

Public

Service

Enterprise

Group

Inc

2.45%,

11/15/2031

Puget

Energy

Inc

4.10%,

06/15/2030

Puget

Sound

Energy

Inc

5.60%,

09/15/2055

5.69%,

06/15/2054

Red

Electrica

Financiaciones

SA

1.25%,

03/13/2027

EUR

RWE

AG

2.75%,

05/24/2030

RWE

Finance

US

LLC

5.88%,

09/18/2055

(i) $

670

660

6.25%,

04/16/2054

(i) 976

1,005

Saavi

Energia

Sarl

8.88%,

02/10/2035

(i) 2,775

2,983

San

Diego

Gas

&

Electric

Co

4.95%,

08/15/2028

5.40%,

04/15/2035

Sempra

4.13%,

04/01/2052

(k) 75

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.87%

6.55%,

04/01/2055

(k) 50

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

Southern

California

Edison

Co

3.60%,

02/01/2045

5.88%,

12/01/2053

5.95%,

11/01/2032

6.20%,

09/15/2055

Southern

Co/The

4.85%,

06/15/2028

Southern

Power

Co

5.25%,

07/15/2043

Southwestern

Public

Service

Co

6.00%,

06/01/2054

SSE

PLC

4.00%,

01/21/2028

(h),(k)

EUR

EUR

Swap

Annual

(VS

Month)

Year

+

2.70%

Trans-Allegheny

Interstate

Line

Co

5.00%,

01/15/2031

(i) $

Union

Electric

Co

3.25%,

10/01/2049

3.90%,

04/01/2052

Virginia

Electric

and

Power

Co

2.40%,

03/30/2032

4.60%,

12/01/2048

5.05%,

08/15/2034

5.55%,

08/15/2054

Vistra

Operations

Co

LLC

4.30%,

10/15/2028

(i) 709

706

6.95%,

10/15/2033

(i) 100

VoltaGrid

LLC

7.38%,

11/01/2030

(i),(l)

3,025

3,077

WEC

Energy

Group

Inc

2.20%,

12/15/2028

Wisconsin

Electric

Power

Co

4.15%,

10/15/2030

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Wisconsin

Power

and

Light

Co

3.95%,

09/01/2032

$

$

5.38%,

03/30/2034

Xcel

Energy

Inc

5.45%,

08/15/2033

$

66,557

Electrical

Components

&

Equipment

-

0.04%

Emerson

Electric

Co

0.88%,

10/15/2026

Schneider

Electric

SE

3.38%,

04/13/2034

EUR

WESCO

Distribution

Inc

6.63%,

03/15/2032

(i) $

725

758

$

971

Electronics

-

0.24%

Allegion

US

Holding

Co

Inc

5.41%,

07/01/2032

519

5.60%,

05/29/2034

519

543

Amphenol

Corp

3.90%,

11/15/2028

(l) 524

522

4.13%,

11/15/2030

(l) 555

551

5.30%,

11/15/2055

(l) 478

Honeywell

International

Inc

1.10%,

03/01/2027

1.95%,

06/01/2030

2.50%,

11/01/2026

4.50%,

01/15/2034

5.35%,

03/01/2064

Keysight

Technologies

Inc

4.60%,

04/06/2027

Trimble

Inc

6.10%,

03/15/2033

Tyco

Electronics

Group

SA

5.00%,

05/09/2035

1,041

1,055

Vontier

Corp

2.40%,

04/01/2028

2.95%,

04/01/2031

1,166

1,060

$

5,737

Energy

-

Alternate

Sources

-

0.13%

FS

Luxembourg

Sarl

8.63%,

06/25/2033

(i) 950

986

8.88%,

02/12/2031

(i) 1,408

1,470

8.88%,

02/12/2031

(j) 530

553

$

3,009

Engineering

&

Construction

-

0.76%

Aeroports

de

Montreal

3.03%,

04/21/2050

CAD

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(i) $

2,175

2,233

Bouygues

SA

2.25%,

06/29/2029

EUR

Brundage-Bone

Concrete

Pumping

Holdings

Inc

7.50%,

02/01/2032

(i) $

3,750

3,784

Cellnex

Finance

Co

SA

2.00%,

02/15/2033

EUR

CIMIC

Finance

USA

Pty

Ltd

7.00%,

03/25/2034

(i) $

Gatwick

Funding

Ltd

2.88%,

07/05/2051

GBP

Greater

Toronto

Airports

Authority

2.75%,

10/17/2039

CAD

Heathrow

Funding

Ltd

1.88%,

03/14/2036

EUR

HOCHTIEF

AG

0.63%,

04/26/2029

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Engineering

&

Construction

(continued)

ICA

ICTAS

Altyapi

Yavuz

Sultan

Selim

Koprusu

Ve

Kuzey

Cevre

Otoyolu

Yatirim

Ve

I

7.54%,

10/31/2027

$

1,850

$

1,888

IHS

Holding

Ltd

7.88%,

05/29/2030

(i) 1,700

1,734

8.25%,

11/29/2031

IHS

Netherlands

Holdco

BV

8.00%,

09/18/2027

1,684

1,685

Jacobs

Engineering

Group

Inc

6.35%,

08/18/2028

Kingston

Airport

Revenue

Finance

Ltd

6.75%,

12/15/2036

(i) 2,400

2,460

MasTec

Inc

5.90%,

06/15/2029

514

Sitios

Latinoamerica

SAB

de

CV

6.00%,

11/25/2029

(i) 2,350

2,428

Sydney

Airport

Finance

Co

Pty

Ltd

4.38%,

05/03/2033

EUR

Vancouver

Airport

Authority

1.76%,

09/20/2030

CAD

$

18,150

Entertainment

-

1.35%

Caesars

Entertainment

Inc

4.63%,

10/15/2029

(i) $

2,025

1,905

6.00%,

10/15/2032

(i),(j)

4,520

4,312

7.00%,

02/15/2030

(i) 4,925

5,067

Cinemark

USA

Inc

7.00%,

08/01/2032

(i) 825

855

Jacobs

Entertainment

Inc

6.75%,

02/15/2029

(i) 900

872

Light

&

Wonder

International

Inc

7.50%,

09/01/2031

(i) 1,200

1,246

Rivers

Enterprise

Borrower

LLC

/

Rivers

Enterprise

Finance

Corp

6.63%,

02/01/2033

(i) 3,675

3,714

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo

Inc

6.63%,

03/01/2030

(i) 5,670

5,179

Six

Flags

Entertainment

Corp

7.25%,

05/15/2031

(i),(j)

1,070

1,073

Six

Flags

Entertainment

Corp

/Six

Flags

Theme

Parks

Inc/

Canada's

Wonderland

Co

6.63%,

05/01/2032

(i) 870

883

Voyager

Parent

LLC

9.25%,

07/01/2032

(i) 4,275

4,482

Warnermedia

Holdings

Inc

5.05%,

03/15/2042

1,530

1,228

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

7.13%,

02/15/2031

(i) 1,350

1,450

$

32,266

Environmental

Control

-

0.55%

Madison

IAQ

LLC

5.88%,

06/30/2029

(i) 6,198

6,074

Republic

Services

Inc

5.00%,

04/01/2034

Reworld

Holding

Corp

4.88%,

12/01/2029

(i) 1,875

1,762

Waste

Connections

Inc

2.20%,

01/15/2032

887

782

2.60%,

02/01/2030

Waste

Management

Inc

3.15%,

11/15/2027

4.63%,

02/15/2033

4.95%,

07/03/2027

763

775

Waste

Pro

USA

Inc

7.00%,

02/01/2033

(i) 3,275

3,404

$

13,146

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

-

2.01%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

5.75%,

03/31/2034

(i),(l)

$

1,800

$

1,808

Aragvi

Finance

International

DAC

11.13%,

11/20/2029

(i),(j)

2,375

2,364

Barry

Callebaut

Services

NV

4.25%,

08/19/2031

EUR

Bimbo

Bakeries

USA

Inc

6.05%,

01/15/2029

$

Carrefour

SA

2.88%,

12/08/2028

EUR

Conagra

Brands

Inc

4.85%,

11/01/2028

$

5.00%,

08/01/2030

5.40%,

11/01/2048

7.00%,

10/01/2028

678

726

Danone

SA

0.52%,

11/09/2030

EUR

Fiesta

Purchaser

Inc

7.88%,

03/01/2031

(i) $

4,070

4,296

9.63%,

09/15/2032

(i) 3,440

3,702

Froneri

Lux

FinCo

SARL

4.75%,

08/01/2032

(i) EUR

2,700

3,172

6.00%,

08/01/2032

(i) $

725

731

General

Mills

Inc

4.20%,

04/17/2028

Grupo

Nutresa

SA

8.00%,

05/12/2030

(i) 2,975

3,196

Hershey

Co/The

4.55%,

02/24/2028

(j) 472

Hormel

Foods

Corp

1.70%,

06/03/2028

4.80%,

03/30/2027

(j) 696

703

J

M

Smucker

Co/The

6.20%,

11/15/2033

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

6.50%,

12/01/2052

Kellanova

7.45%,

04/01/2031

1,161

1,334

Kraft

Heinz

Foods

Co

3.75%,

04/01/2030

3.88%,

05/15/2027

4.38%,

06/01/2046

823

688

4.88%,

10/01/2049

5.20%,

03/15/2032

5.50%,

06/01/2050

Kroger

Co/The

3.88%,

10/15/2046

4.65%,

01/15/2048

5.00%,

09/15/2034

5.50%,

09/15/2054

758

737

5.65%,

09/15/2064

1,142

1,113

Lamb

Weston

Holdings

Inc

4.38%,

01/31/2032

(i) 1,025

977

Loblaw

Cos

Ltd

5.01%,

09/13/2032

CAD

Mars

Inc

3.95%,

04/01/2044

(i) $

4.65%,

04/20/2031

(i) 940

957

4.80%,

03/01/2030

(i) 50

5.65%,

05/01/2045

(i) 672

685

5.70%,

05/01/2055

(i) 491

500

Metro

Inc/CN

4.27%,

12/04/2047

CAD

Mondelez

International

Holdings

Netherlands

BV

0.25%,

09/09/2029

EUR

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

Mondelez

International

Inc

0.25%,

03/17/2028

EUR

$

5.13%,

05/06/2035

$

Nestle

Finance

International

Ltd

1.25%,

03/29/2031

EUR

3.50%,

09/23/2038

3.75%,

03/13/2033

Nestle

Holdings

Inc

2.63%,

09/14/2051

(i) $

Performance

Food

Group

Inc

6.13%,

09/15/2032

(i) 1,075

1,104

Pilgrim's

Pride

Corp

6.25%,

07/01/2033

Post

Holdings

Inc

4.50%,

09/15/2031

(i) 4,800

4,507

4.63%,

04/15/2030

(i) 200

6.25%,

10/15/2034

(i) 990

1,002

Simmons

Foods

Inc/Simmons

Prepared

Foods

Inc/

Simmons

Pet

Food

Inc/Simmons

Feed

4.63%,

03/01/2029

(i) 5,620

5,385

Smithfield

Foods

Inc

2.63%,

09/13/2031

(i) 100

Sysco

Corp

4.45%,

03/15/2048

642

548

4.50%,

04/01/2046

5.10%,

09/23/2030

787

811

6.60%,

04/01/2050

Tesco

Corporate

Treasury

Services

PLC

2.75%,

04/27/2030

GBP

Tyson

Foods

Inc

5.10%,

09/28/2048

$

US

Foods

Inc

7.25%,

01/15/2032

(i) 1,671

1,753

Woolworths

Group

Ltd

5.91%,

11/29/2034

AUD

$

48,226

Forest

Products

&

Paper

-

0.18%

Georgia-Pacific

LLC

0.95%,

05/15/2026

(i) $

843

829

2.30%,

04/30/2030

(i) 100

4.40%,

06/30/2028

(i) 272

International

Paper

Co

4.40%,

08/15/2047

Magnera

Corp

4.75%,

11/15/2029

(i),(j)

950

791

7.25%,

11/15/2031

(i) 1,875

1,619

Suzano

Austria

GmbH

3.13%,

01/15/2032

Suzano

Netherlands

BV

5.50%,

01/15/2036

$

4,234

Gas

-

0.26%

AltaGas

Ltd

7.20%,

10/15/2054

(i),(k)

1,000

1,025

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.57%

APA

Infrastructure

Ltd

5.13%,

09/16/2034

(i) 100

Atmos

Energy

Corp

1.50%,

01/15/2031

5.45%,

01/15/2056

Brooklyn

Union

Gas

Co/The

6.39%,

09/15/2033

(i) 150

6.42%,

07/18/2054

(i) 393

Cadent

Finance

PLC

5.75%,

03/14/2034

GBP

CU

Inc

5.09%,

09/20/2053

CAD

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Gas

(continued)

Enbridge

Gas

Inc

4.00%,

08/22/2044

CAD

$

ENN

Energy

Holdings

Ltd

2.63%,

09/17/2030

$

EP

Infrastructure

AS

2.05%,

10/09/2028

EUR

Italgas

SpA

1.00%,

12/11/2031

KeySpan

Gas

East

Corp

5.99%,

03/06/2033

(i) $

721

763

Naturgy

Finance

Iberia

SA

1.50%,

01/29/2028

EUR

NiSource

Inc

5.65%,

02/01/2045

$

5.85%,

04/01/2055

6.38%,

03/31/2055

(k) 1,800

1,857

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.53%

Piedmont

Natural

Gas

Co

Inc

5.10%,

02/15/2035

Snam

SpA

1.25%,

06/20/2034

EUR

Southern

California

Gas

Co

3.95%,

02/15/2050

$

5.60%,

04/01/2054

Southern

Co

Gas

Capital

Corp

1.75%,

01/15/2031

5.10%,

09/15/2035

Vier

Gas

Transport

GmbH

4.63%,

09/26/2032

EUR

$

6,355

Hand

&

Machine

Tools

-

0.04%

Stanley

Black

&

Decker

Inc

6.71%,

03/15/2060

(k) $

1,046

1,034

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.66%

Healthcare

-

Products

-

0.45%

Abbott

Laboratories

3.75%,

11/30/2026

4.75%,

04/15/2043

Agilent

Technologies

Inc

2.30%,

03/12/2031

1,159

1,042

2.75%,

09/15/2029

977

926

American

Medical

Systems

Europe

BV

1.38%,

03/08/2028

EUR

Baxter

International

Inc

2.54%,

02/01/2032

$

3.95%,

04/01/2030

Boston

Scientific

Corp

2.65%,

06/01/2030

DH

Europe

Finance

II

Sarl

0.75%,

09/18/2031

EUR

3.40%,

11/15/2049

$

EssilorLuxottica

SA

0.50%,

06/05/2028

EUR

GE

HealthCare

Technologies

Inc

5.50%,

06/15/2035

$

5.65%,

11/15/2027

1,555

1,601

Koninklijke

Philips

NV

4.25%,

09/08/2031

EUR

Medline

Borrower

LP

5.25%,

10/01/2029

(i) $

1,675

1,669

Medtronic

Global

Holdings

SCA

1.13%,

03/07/2027

EUR

1.63%,

10/15/2050

Medtronic

Inc

4.38%,

03/15/2035

$

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Products

(continued)

Molnlycke

Holding

AB

4.25%,

09/08/2028

EUR

$

Neogen

Food

Safety

Corp

8.63%,

07/20/2030

(i) $

885

936

Sartorius

Finance

BV

4.88%,

09/14/2035

EUR

Solventum

Corp

5.90%,

04/30/2054

$

STERIS

Irish

FinCo

UnLtd

Co

3.75%,

03/15/2051

1,394

1,030

Stryker

Corp

0.75%,

03/01/2029

EUR

4.85%,

12/08/2028

$

Thermo

Fisher

Scientific

Inc

1.50%,

10/01/2039

EUR

2.04%,

03/07/2036

CHF

4.47%,

10/07/2032

$

569

569

5.00%,

01/31/2029

5.40%,

08/10/2043

Zimmer

Biomet

Holdings

Inc

1.16%,

11/15/2027

EUR

$

10,854

Healthcare

-

Services

-

2.20%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(i) $

1,325

1,297

5.50%,

07/01/2028

(i) 80

7.38%,

03/15/2033

(i),(j)

4,580

4,735

Adventist

Health

System/West

4.74%,

12/01/2030

Aetna

Inc

4.75%,

03/15/2044

Banner

Health

2.34%,

01/01/2030

Centene

Corp

2.50%,

03/01/2031

4.25%,

12/15/2027

Cigna

Group/The

2.38%,

03/15/2031

502

3.40%,

03/01/2027

3.40%,

03/15/2050

1,312

919

3.88%,

10/15/2047

4.38%,

10/15/2028

4.80%,

08/15/2038

4.88%,

09/15/2032

CommonSpirit

Health

4.19%,

10/01/2049

Concentra

Health

Services

Inc

6.88%,

07/15/2032

(i) 1,075

1,121

DaVita

Inc

3.75%,

02/15/2031

(i) 650

597

4.63%,

06/01/2030

(i) 2,525

2,438

6.75%,

07/15/2033

(i) 1,525

1,581

6.88%,

09/01/2032

(i) 525

544

Elevance

Health

Inc

3.60%,

03/15/2051

4.00%,

09/15/2028

4.55%,

03/01/2048

5.70%,

09/15/2055

6.10%,

10/15/2052

Eurofins

Scientific

SE

4.75%,

09/06/2030

EUR

Fresenius

Medical

Care

US

Finance

III

Inc

3.75%,

06/15/2029

(i) $

Fresenius

SE

&

Co

KGaA

2.88%,

05/24/2030

EUR

Global

Medical

Response

Inc

7.38%,

10/01/2032

(i) $

3,580

3,746

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Hackensack

Meridian

Health

Inc

2.88%,

09/01/2050

$

$

HCA

Inc

3.38%,

03/15/2029

3.50%,

09/01/2030

701

674

3.50%,

07/15/2051

853

591

4.50%,

02/15/2027

4.63%,

03/15/2052

1,047

869

5.25%,

06/15/2049

5.45%,

04/01/2031

507

528

5.50%,

03/01/2032

585

611

5.75%,

03/01/2035

6.10%,

04/01/2064

Health

Care

Service

Corp

A

Mutual

Legal

Reserve

Co

5.45%,

06/15/2034

(i) 100

Humana

Inc

3.13%,

08/15/2029

4.88%,

04/01/2030

915

928

5.55%,

05/01/2035

5.75%,

04/15/2054

5.88%,

03/01/2033

Kaiser

Foundation

Hospitals

4.15%,

05/01/2047

LifePoint

Health

Inc

9.88%,

08/15/2030

(i) 775

837

10.00%,

06/01/2032

(i) 3,125

3,324

11.00%,

10/15/2030

(i) 1,150

1,268

Lonza

Finance

International

NV

3.25%,

09/04/2030

EUR

Mass

General

Brigham

Inc

3.34%,

07/01/2060

$

Memorial

Sloan-Kettering

Cancer

Center

2.96%,

01/01/2050

Molina

Healthcare

Inc

3.88%,

05/15/2032

(i) 800

721

6.25%,

01/15/2033

(i) 360

Montefiore

Obligated

Group

5.25%,

11/01/2048

Pediatrix

Medical

Group

Inc

5.38%,

02/15/2030

(i) 650

646

Providence

St

Joseph

Health

Obligated

Group

5.37%,

10/01/2032

Quest

Diagnostics

Inc

5.00%,

12/15/2034

617

623

Roche

Holdings

Inc

2.61%,

12/13/2051

(i) 200

4.91%,

03/08/2031

(i) 971

1,002

5.49%,

11/13/2030

(i) 3,041

3,224

Select

Medical

Corp

6.25%,

12/01/2032

(i),(j)

1,975

2,003

Sotera

Health

Holdings

LLC

7.38%,

06/01/2031

(i) 3,300

3,468

Surgery

Center

Holdings

Inc

7.25%,

04/15/2032

(i) 5,070

5,217

Team

Health

Holdings

Inc

9.00%,

PIK

4.50%;

06/30/2028

(i),(m),(n)

536

UnitedHealth

Group

Inc

2.88%,

08/15/2029

3.05%,

05/15/2041

4.25%,

06/15/2048

1,020

847

4.75%,

05/15/2052

555

4.90%,

04/15/2031

548

562

4.95%,

05/15/2062

5.00%,

04/15/2034

5.05%,

04/15/2053

5.15%,

07/15/2034

5.20%,

04/15/2063

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

UnitedHealth

Group

Inc

(continued)

5.30%,

02/15/2030

$

$

5.63%,

07/15/2054

$

52,645

Home

Builders

-

0.02%

Lennar

Corp

5.20%,

07/30/2030

Home

Equity

Asset

Backed

Securities

-

0.06%

New

Century

Home

Equity

Loan

Trust

Series

2003-B

5.08%,

10/25/2033

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.09%

Structured

Asset

Securities

Corp

Mortgage

Loan

Trust

2007-BC2

4.41%,

03/25/2037

1,856

1,250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.41%

$

1,361

Insurance

-

3.83%

Acrisure

LLC

/

Acrisure

Finance

Inc

7.50%,

11/06/2030

(i) 300

8.25%,

02/01/2029

(i) 3,850

4,011

AIA

Group

Ltd

4.95%,

04/04/2033

(i),(j)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

6.50%,

10/01/2031

(i) 6,380

6,542

Allianz

Finance

II

BV

0.50%,

01/14/2031

EUR

Allianz

SE

4.25%,

07/05/2052

(k) 100

Month

Euro

Interbank

Offered

Rate

+

3.55%

Allstate

Corp/The

5.25%,

03/30/2033

$

American

International

Group

Inc

5.13%,

03/27/2033

American

National

Global

Funding

5.55%,

01/28/2030

(i) 50

AmFam

Holdings

Inc

2.81%,

03/11/2031

(i) 50

AmWINS

Group

Inc

4.88%,

06/30/2029

(i) 4,475

4,322

Amynta

Agency

Borrower

Inc

and

Amynta

Warranty

Borrower

Inc

7.50%,

07/15/2033

(i) 1,700

1,752

Aon

Corp

/

Aon

Global

Holdings

PLC

3.90%,

02/28/2052

Aon

North

America

Inc

5.30%,

03/01/2031

998

1,039

5.75%,

03/01/2054

Ardonagh

Finco

Ltd

7.75%,

02/15/2031

(i) 200

Ardonagh

Group

Finance

Ltd

8.88%,

02/15/2032

(i) 7,075

7,382

Arthur

J

Gallagher

&

Co

4.85%,

12/15/2029

5.15%,

02/15/2035

5.75%,

03/02/2053

ASR

Nederland

NV

3.38%,

05/02/2049

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

4.00%

Assurant

Inc

5.55%,

02/15/2036

$

735

743

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Athene

Global

Funding

1.61%,

06/29/2026

(i) $

$

1.73%,

10/02/2026

(i) 773

756

4.86%,

08/27/2026

(i) 780

784

5.32%,

11/13/2031

(i) 1,121

1,144

Athene

Holding

Ltd

3.45%,

05/15/2052

676

6.25%,

04/01/2054

Aviva

PLC

6.88%,

05/20/2058

(k) GBP

SONIA

Interest

Rate

Benchmark

+

3.38%

AXA

SA

3.25%,

05/28/2049

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

3.20%

3.38%,

07/06/2047

(k) 100

Month

Euro

Interbank

Offered

Rate

+

3.75%

Berkshire

Hathaway

Finance

Corp

2.38%,

06/19/2039

GBP

2.50%,

01/15/2051

$

2.88%,

03/15/2032

Brighthouse

Financial

Inc

4.70%,

06/22/2047

Brown

&

Brown

Inc

5.65%,

06/11/2034

Chubb

Corp/The

6.50%,

05/15/2038

Chubb

INA

Holdings

LLC

1.38%,

09/15/2030

4.65%,

08/15/2029

1,082

1,103

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd

1.50%,

12/15/2028

EUR

CNO

Global

Funding

4.38%,

09/08/2028

(i) $

Corebridge

Financial

Inc

3.90%,

04/05/2032

6.38%,

09/15/2054

(k) 1,300

1,338

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

Corebridge

Global

Funding

5.90%,

09/19/2028

(i) 100

Credit

Agricole

Assurances

SA

2.00%,

07/17/2030

EUR

Empower

Finance

2020

LP

1.36%,

09/17/2027

(i) $

Equitable

Financial

Life

Global

Funding

5.00%,

03/27/2030

(i) 200

F&G

Annuities

&

Life

Inc

6.25%,

10/04/2034

F&G

Global

Funding

2.30%,

04/11/2027

(i) 947

921

4.65%,

09/08/2028

(i) 100

Fairfax

Financial

Holdings

Ltd

4.23%,

06/14/2029

CAD

6.00%,

12/07/2033

$

Farmers

Insurance

Exchange

4.75%,

11/01/2057

(i),(k)

Month

USD

LIBOR

+

3.23%

Generali

2.12%,

10/01/2030

EUR

Global

Atlantic

Fin

Co

4.40%,

10/15/2029

(i) $

Great-West

Lifeco

Inc

2.38%,

05/14/2030

CAD

Guardian

Life

Insurance

Co

of

America/The

4.88%,

06/19/2064

(i) $

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Hannover

Rueck

SE

5.88%,

08/26/2043

(k) EUR

$

Month

Euro

Interbank

Offered

Rate

+

3.75%

Hanover

Insurance

Group

Inc/The

5.50%,

09/01/2035

$

Howden

UK

Refinance

PLC

/

Howden

UK

Refinance

PLC

/

Howden

US

Refinance

LLC

7.25%,

02/15/2031

(i) 1,975

2,036

8.13%,

02/15/2032

(i) 2,225

2,296

HUB

International

Ltd

7.38%,

01/31/2032

(i) 3,470

3,596

Jackson

Financial

Inc

5.17%,

06/08/2027

Jackson

National

Life

Global

Funding

4.55%,

09/09/2030

(i) 50

Jones

Deslauriers

Insurance

Management

Inc

6.88%,

10/01/2033

(i) 3,130

3,101

8.50%,

03/15/2030

(i) 1,830

1,922

La

Mondiale

SAM

4.80%,

01/18/2048

(k) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

Legal

&

General

Group

PLC

4.50%,

11/01/2050

(k) GBP

Generic

Britain

Year

Government

Bond

+

5.25%

Liberty

Mutual

Group

Inc

3.95%,

05/15/2060

(i) $

4.30%,

02/01/2061

(i) 1,353

868

7.80%,

03/07/2087

(i) 2,000

2,290

Month

USD

LIBOR

+

3.58%

Lincoln

National

Corp

3.40%,

03/01/2032

M&G

PLC

5.63%,

10/20/2051

(k) GBP

Generic

Britain

Year

Government

Bond

+

5.00%

Manulife

Financial

Corp

2.48%,

05/19/2027

$

3.98%,

05/23/2035

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.32%

Mapfre

SA

4.38%,

03/31/2047

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

4.54%

Markel

Group

Inc

6.00%,

05/16/2054

$

Marsh

&

McLennan

Cos

Inc

4.55%,

11/08/2027

576

582

5.40%,

09/15/2033

Massachusetts

Mutual

Life

Insurance

Co

5.67%,

12/01/2052

(i) 50

Meiji

Yasuda

Life

Insurance

Co

5.80%,

09/11/2054

(i),(k)

500

514

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.03%

6.10%,

06/11/2055

(i),(k)

1,500

1,572

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.91%

MetLife

Inc

5.25%,

01/15/2054

9.25%,

04/08/2068

(i) 3,575

4,313

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

1,214

1,622

Month

USD

LIBOR

+

7.55%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Metropolitan

Life

Global

Funding

I

0.55%,

06/16/2027

EUR

$

3.63%,

03/26/2034

4.90%,

01/09/2030

(i) $

5.40%,

09/12/2028

(i) 150

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

1.25%,

05/26/2041

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

2.55%

Nassau

Cos

of

New

York/The

7.88%,

07/15/2030

(i) $

4,350

4,436

Nationwide

Mutual

Insurance

Co

4.35%,

04/30/2050

(i) 100

New

York

Life

Global

Funding

0.13%,

07/23/2030

CHF

3.25%,

04/07/2027

(i) $

4.85%,

01/09/2028

(i) 394

New

York

Life

Insurance

Co

3.75%,

05/15/2050

(i) 100

Nippon

Life

Insurance

Co

2.75%,

01/21/2051

(i),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

4.11%,

01/23/2055

(k) EUR

Euribor

Swap

Rate

Year

+

2.60%

5.95%,

04/16/2054

(i),(k)

$

1,000

1,048

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%

NLG

Global

Funding

4.35%,

09/15/2030

(i) 75

NN

Group

NV

4.63%,

01/13/2048

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

4.95%

Northwestern

Mutual

Global

Funding

4.35%,

09/15/2027

(i) $

543

547

Northwestern

Mutual

Life

Insurance

Co/The

3.63%,

09/30/2059

(i) 50

6.17%,

05/29/2055

(i) 328

Pacific

Life

Insurance

Co

4.30%,

10/24/2067

(i),(k)

Month

USD

LIBOR

+

2.80%

5.95%,

09/15/2055

(i) 706

725

Panther

Escrow

Issuer

LLC

7.13%,

06/01/2031

(i) 2,575

2,661

Pension

Insurance

Corp

PLC

4.63%,

05/07/2031

GBP

Pricoa

Global

Funding

I

4.65%,

08/27/2031

(i) $

Progressive

Corp/The

3.20%,

03/26/2030

Prudential

Financial

Inc

3.70%,

10/01/2050

(k) 100

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.04%

3.94%,

12/07/2049

5.70%,

09/15/2048

(k) 239

Month

USD

LIBOR

+

2.67%

6.50%,

03/15/2054

(k) 1,000

1,065

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%

Prudential

Funding

Asia

PLC

3.13%,

04/14/2030

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Reinsurance

Group

of

America

Inc

3.15%,

06/15/2030

$

$

5.75%,

09/15/2034

6.65%,

09/15/2055

(k) 1,900

1,984

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

Sammons

Financial

Group

Inc

6.88%,

04/15/2034

(i) 100

SBL

Holdings

Inc

5.90%,

09/26/2028

(i) 75

Sun

Life

Financial

Inc

4.14%,

09/13/2037

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.42%

4.78%,

08/10/2034

(k) 100

Canadian

Overnight

Repo

Rate

Average

+

1.96%

Swiss

Life

Finance

I

AG

3.25%,

08/31/2029

EUR

Swiss

Re

Finance

Luxembourg

SA

5.00%,

04/02/2049

(i),(k)

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.58%

Swiss

RE

Subordinated

Finance

PLC

5.70%,

04/05/2035

(i),(k)

1,800

1,869

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

6.19%,

04/01/2046

(i),(k)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.13%

Teachers

Insurance

&

Annuity

Association

of

America

4.27%,

05/15/2047

(i) 100

Travelers

Cos

Inc/The

5.35%,

11/01/2040

Unum

Group

5.75%,

08/15/2042

Willis

North

America

Inc

4.50%,

09/15/2028

4.65%,

06/15/2027

1,040

1,046

5.90%,

03/05/2054

502

509

Zurich

Finance

Ireland

Designated

Activity

Co

3.00%,

04/19/2051

(k) 7,000

6,317

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.78%

$

91,905

Internet

-

0.37%

Alibaba

Group

Holding

Ltd

4.00%,

12/06/2037

Alphabet

Inc

2.05%,

08/15/2050

3.00%,

05/06/2033

EUR

5.25%,

05/15/2055

$

521

517

5.30%,

05/15/2065

Amazon.com

Inc

2.10%,

05/12/2031

3.15%,

08/22/2027

3.30%,

04/13/2027

644

639

3.60%,

04/13/2032

3.88%,

08/22/2037

3.95%,

04/13/2052

4.05%,

08/22/2047

4.10%,

04/13/2062

4.65%,

12/01/2029

Booking

Holdings

Inc

1.80%,

03/03/2027

EUR

4.13%,

05/09/2038

4.50%,

11/15/2031

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Internet

(continued)

Cablevision

Lightpath

LLC

3.88%,

09/15/2027

(i) $

$

5.63%,

09/15/2028

(i) 1,075

1,064

eBay

Inc

2.70%,

03/11/2030

Meta

Platforms

Inc

4.60%,

05/15/2028

(j) 50

4.75%,

08/15/2034

4.88%,

11/15/2035

(l) 464

5.55%,

08/15/2064

5.60%,

05/15/2053

5.63%,

11/15/2055

(l) 956

949

Netflix

Inc

3.63%,

06/15/2030

EUR

Prosus

NV

2.03%,

08/03/2032

3.68%,

01/21/2030

$

Tencent

Holdings

Ltd

3.93%,

01/19/2038

Uber

Technologies

Inc

4.80%,

09/15/2034

4.80%,

09/15/2035

$

8,924

Investment

Companies

-

0.38%

Ares

Capital

Corp

7.00%,

01/15/2027

Ares

Strategic

Income

Fund

5.45%,

09/09/2028

(i) 50

Blackstone

Private

Credit

Fund

3.25%,

03/15/2027

Blue

Owl

Capital

Corp

2.63%,

01/15/2027

Blue

Owl

Credit

Income

Corp

6.65%,

03/15/2031

Blue

Owl

Technology

Finance

Corp

2.50%,

01/15/2027

6.75%,

04/04/2029

Groupe

Bruxelles

Lambert

NV

0.13%,

01/28/2031

EUR

HA

Sustainable

Infrastructure

Capital

Inc

6.38%,

07/01/2034

$

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.75%,

09/15/2030

(i) 2,675

2,467

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

2,275

1,957

9.00%,

06/15/2030

2,410

2,320

9.75%,

01/15/2029

1,325

1,330

JAB

Holdings

BV

4.75%,

06/29/2032

EUR

$

9,147

Iron

&

Steel

-

1.84%

ArcelorMittal

SA

6.80%,

11/29/2032

(j) $

Baffinland

Iron

Mines

Corp

/

Baffinland

Iron

Mines

LP

8.75%,

07/15/2026

(i) 13,822

12,433

Nucor

Corp

3.13%,

04/01/2032

4.30%,

05/23/2027

599

602

5.10%,

06/01/2035

722

737

POSCO

5.75%,

01/17/2028

Samarco

Mineracao

SA

9.00%,

PIK

9.00%;

06/30/2031

(m),(n)

1,030

1,030

Samarco

Mineracao

SA

Escrow

Shares

0.00%,

10/24/2023

(d),(e)

550

—

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Iron

&

Steel

(continued)

Specialty

Steel

12.00%,

11/15/2033

(e),(g)

$

38,772

$

28,040

Steel

Dynamics

Inc

5.38%,

08/15/2034

5.75%,

05/15/2055

Vale

Overseas

Ltd

6.13%,

06/12/2033

$

44,195

Leisure

Products

&

Services

-

0.04%

Brunswick

Corp/DE

4.40%,

09/15/2032

NCL

Corp

Ltd

6.25%,

09/15/2033

(i) 775

784

Royal

Caribbean

Cruises

Ltd

6.00%,

02/01/2033

(i) 100

$

982

Lodging

-

0.42%

Boyd

Gaming

Corp

4.75%,

06/15/2031

(i) 2,330

2,243

Hyatt

Hotels

Corp

5.75%,

01/30/2027

InterContinental

Hotels

Group

PLC

3.38%,

10/08/2028

GBP

Marriott

International

Inc/MD

2.85%,

04/15/2031

$

941

867

3.50%,

10/15/2032

762

709

4.50%,

10/15/2031

5.50%,

04/15/2037

Sands

China

Ltd

5.40%,

08/08/2028

Station

Casinos

LLC

4.63%,

12/01/2031

(i) 5,775

5,425

$

10,049

Machinery

-

Construction

&

Mining

-

0.08%

Caterpillar

Financial

Services

Corp

4.10%,

08/15/2028

1,273

1,279

4.40%,

03/03/2028

Caterpillar

Inc

3.80%,

08/15/2042

$

1,938

Machinery

-

Diversified

-

0.55%

AGCO

Corp

5.45%,

03/21/2027

1,004

1,018

CNH

Industrial

Capital

LLC

4.50%,

10/16/2030

662

661

Deere

&

Co

3.75%,

04/15/2050

5.45%,

01/16/2035

515

Deere

Funding

Canada

Corp

4.15%,

10/09/2030

569

568

Ingersoll

Rand

Inc

5.70%,

08/14/2033

John

Deere

Capital

Corp

1.70%,

01/11/2027

3.45%,

03/07/2029

4.40%,

09/08/2031

770

776

4.90%,

03/07/2031

509

5.05%,

06/12/2034

5.15%,

09/08/2026

nVent

Finance

Sarl

2.75%,

11/15/2031

4.55%,

04/15/2028

Otis

Worldwide

Corp

3.36%,

02/15/2050

5.13%,

09/04/2035

Regal

Rexnord

Corp

6.30%,

02/15/2030

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Machinery

-

Diversified

(continued)

SPX

FLOW

Inc

8.75%,

04/01/2030

(i) $

7,061

$

7,225

Westinghouse

Air

Brake

Technologies

Corp

4.70%,

09/15/2028

Xylem

Inc/NY

2.25%,

01/30/2031

$

13,166

Manufactured

Housing

Asset

Backed

Securities

-

0.06%

BCMSC

Trust

2000-A

4.31%,

06/15/2030

7,432

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.27%

Greenpoint

Manufactured

Housing

9.23%,

12/15/2029

(m) 1,126

1,125

$

1,380

Media

-

1.63%

Bertelsmann

SE

&

Co

KGaA

2.00%,

04/01/2028

EUR

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.25%,

02/01/2031

(i) $

1,750

1,584

4.25%,

01/15/2034

(i) 5,200

4,367

4.50%,

05/01/2032

3,065

2,726

4.50%,

06/01/2033

(i) 2,550

2,211

4.75%,

03/01/2030

(i) 750

713

5.38%,

06/01/2029

(i) 1,400

1,382

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.50%,

06/01/2041

786

567

3.85%,

04/01/2061

(j) 1,045

643

4.80%,

03/01/2050

1,364

1,067

5.38%,

05/01/2047

6.10%,

06/01/2029

514

6.38%,

10/23/2035

6.48%,

10/23/2045

6.70%,

12/01/2055

Comcast

Corp

1.50%,

02/20/2029

GBP

1.50%,

02/15/2031

$

2.65%,

02/01/2030

2.94%,

11/01/2056

2.99%,

11/01/2063

3.97%,

11/01/2047

4.00%,

11/01/2049

4.60%,

10/15/2038

797

741

5.17%,

01/15/2037

(i) 705

698

5.50%,

05/15/2064

6.05%,

05/15/2055

Cox

Communications

Inc

3.50%,

08/15/2027

(i) 100

3.60%,

06/15/2051

(i) 100

5.45%,

09/15/2028

(i) 520

535

5.45%,

09/01/2034

(i) 632

625

CSC

Holdings

LLC

4.13%,

12/01/2030

(i) 1,325

815

4.50%,

11/15/2031

(i) 900

551

6.50%,

02/01/2029

(i) 300

7.50%,

04/01/2028

(i) 1,000

671

DISH

Network

Corp

11.75%,

11/15/2027

(i) 3,450

3,632

Fox

Corp

5.58%,

01/25/2049

610

592

6.50%,

10/13/2033

Grupo

Televisa

SAB

6.63%,

01/15/2040

McGraw-Hill

Education

Inc

8.00%,

08/01/2029

(i) 3,880

3,911

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Paramount

Global

4.20%,

05/19/2032

$

$

5.25%,

04/01/2044

5.85%,

09/01/2043

Sirius

XM

Radio

LLC

4.13%,

07/01/2030

(i) 1,475

1,388

Time

Warner

Cable

LLC

5.50%,

09/01/2041

6.55%,

05/01/2037

909

932

Videotron

Ltd

5.00%,

07/15/2034

CAD

Virgin

Media

Finance

PLC

5.00%,

07/15/2030

(i) $

4,425

3,950

Walt

Disney

Co/The

2.00%,

09/01/2029

778

724

2.65%,

01/13/2031

3.60%,

01/13/2051

4.75%,

09/15/2044

5.40%,

10/01/2043

$

39,186

Mining

-

0.95%

Anglo

American

Capital

PLC

4.75%,

09/21/2032

EUR

Arsenal

AIC

Parent

LLC

8.00%,

10/01/2030

(i) $

1,700

1,806

11.50%,

10/01/2031

(i) 2,150

2,390

Barrick

PD

Australia

Finance

Pty

Ltd

5.95%,

10/15/2039

BHP

Billiton

Finance

Ltd

4.30%,

09/25/2042

GBP

BHP

Billiton

Finance

USA

Ltd

5.00%,

02/15/2036

$

5.75%,

09/05/2055

Constellium

SE

3.75%,

04/15/2029

(i) 1,325

1,265

6.38%,

08/15/2032

(i) 1,200

1,234

Freeport-McMoRan

Inc

5.45%,

03/15/2043

Glencore

Funding

LLC

3.88%,

04/27/2051

(i) 100

4.00%,

03/27/2027

(i) 100

Ivanhoe

Mines

Ltd

7.88%,

01/23/2030

(i) 2,775

2,860

7.88%,

01/23/2030

Kinross

Gold

Corp

4.50%,

07/15/2027

Newmont

Corp

2.60%,

07/15/2032

Northwest

Acquisitions

ULC

/

Dominion

Finco

Inc

0.00%,

11/01/2022

(d),(i)

19,888

—

Novelis

Corp

4.75%,

01/30/2030

(i) 2,939

2,841

6.38%,

08/15/2033

(i) 1,400

1,418

Rio

Tinto

Finance

USA

PLC

5.88%,

03/14/2065

South32

Treasury

Ltd

4.35%,

04/14/2032

(i) 1,040

1,005

Southern

Copper

Corp

6.75%,

04/16/2040

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(i) 1,725

1,750

10.88%,

09/17/2029

(j) 1,570

1,643

WE

Soda

Investments

Holding

PLC

9.50%,

10/06/2028

(i) 2,200

2,203

9.50%,

10/06/2028

600

601

$

22,732

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Miscellaneous

Manufacturers

-

0.09%

3M

Co

3.63%,

09/14/2028

$

$

3.63%,

10/15/2047

Eaton

Corp

4.15%,

11/02/2042

Illinois

Tool

Works

Inc

1.00%,

06/05/2031

EUR

Parker-Hannifin

Corp

4.10%,

03/01/2047

$

Siemens

Financieringsmaatschappij

NV

0.25%,

02/20/2029

EUR

1.38%,

09/06/2030

3.00%,

09/08/2033

3.63%,

02/22/2044

Siemens

Funding

BV

4.90%,

05/28/2032

(i) $

669

688

5.80%,

05/28/2055

(i) 290

5.90%,

05/28/2065

(i) 274

Teledyne

Technologies

Inc

2.75%,

04/01/2031

$

2,101

Mortgage

Backed

Securities

-

0.98%

Alternative

Loan

Trust

2005-30CB

4.86%,

08/25/2035

956

622

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.86%

Angel

Oak

Mortgage

Trust

2022-6

4.30%,

07/25/2067

(i),(m)

1,198

1,191

Angel

Oak

Mortgage

Trust

2025-5

5.57%,

04/25/2070

(i),(m)

785

791

Banc

of

America

Funding

2007-1

Trust

6.44%,

01/25/2037

(m) 863

811

Bear

Stearns

Mortgage

Funding

Trust

2006-AR1

4.53%,

07/25/2036

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.53%

Bravo

Mortgage

Asset

Trust

4.71%,

07/25/2036

(i) 277

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

COLT

2021-RPL1

Trust

1.67%,

09/25/2061

(i),(m)

CSMC

2021-RPL2Trust

1.11%,

01/25/2060

(i),(m)

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust

Series

2006-AF1

4.71%,

04/25/2036

2,574

2,450

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust

Series

2007-AR2

4.41%,

03/25/2037

643

614

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.41%

Fannie

Mae

REMICS

1.70%,

05/25/2046

(p) 6,848

756

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.70%,

09/25/2046

(p) 1,788

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.70%,

01/25/2047

(p) 3,093

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.70%,

12/25/2049

(p) 4,084

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Fannie

Mae

REMICS

(continued)

1.70%,

05/25/2050

(p) $

2,635

$

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.75%,

08/25/2049

(p) 2,931

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.75%,

11/25/2049

(p) 4,144

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.77%,

06/25/2050

(p) 2,089

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.96%

1.90%,

03/25/2048

(p) 1,765

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

1.90%,

06/25/2048

(p) 1,900

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

2.40%,

12/25/2042

(p) 1,587

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.59%

First

Horizon

Alternative

Mortgage

Securities

Trust

2006-FA8

6.25%,

02/25/2037

3,030

1,123

Freddie

Mac

REMICS

1.75%,

10/25/2049

(p) 3,145

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.30%,

05/15/2042

(p) 3,277

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.54%

2.30%,

08/15/2043

(p) 3,448

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.54%

Ginnie

Mae

1.90%,

04/20/2046

(p) 7,377

892

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

1.95%,

11/20/2046

(p) 4,528

582

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

2.07%,

09/20/2050

(p) 1,915

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

2.15%,

08/20/2051

(p) 2,862

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

2.17%,

04/20/2051

(p) 1,629

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.35%

2.50%,

11/20/2050

(p) 6,680

945

2.50%,

12/20/2050

(p) 2,556

3.00%,

11/20/2050

(p) 2,178

3.00%,

12/20/2050

(p) 2,260

OBX

2025-NQM8

Trust

5.47%,

03/25/2065

(i),(m)

680

685

RALI

Series

2005-QS17

Trust

6.00%,

12/25/2035

833

727

6.00%,

12/25/2035

572

RALI

Series

2006-QS12

Trust

4.76%,

09/25/2036

2,472

1,843

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.76%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Structured

Asset

Mortgage

Investments

II

Trust

2007-AR1

4.43%,

01/25/2037

$

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.43%

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Series

2006-5

Trust

6.00%,

07/25/2036

1,503

1,083

$

23,417

Oil

&

Gas

-

2.97%

Aker

BP

ASA

3.75%,

01/15/2030

(i) 200

APA

Corp

5.35%,

07/01/2049

2,716

2,255

6.10%,

02/15/2035

Azule

Energy

Finance

Plc

8.13%,

01/23/2030

(i) 1,825

1,834

BP

Capital

Markets

America

Inc

3.00%,

02/24/2050

3.38%,

02/08/2061

3.54%,

04/06/2027

1,558

1,549

4.89%,

09/11/2033

BP

Capital

Markets

PLC

1.10%,

11/15/2034

EUR

3.63%,

03/22/2029

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

3.78%

4.88%,

03/22/2030

(h),(k)

$

1,000

1,000

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.40%

Canadian

Natural

Resources

Ltd

2.95%,

07/15/2030

Chevron

Corp

2.24%,

05/11/2030

1,132

1,047

Comstock

Resources

Inc

5.88%,

01/15/2030

(i) 3,475

3,307

6.75%,

03/01/2029

(i) 1,525

1,512

ConocoPhillips

Co

5.05%,

09/15/2033

5.70%,

09/15/2063

Continental

Resources

Inc/OK

2.88%,

04/01/2032

(i) 100

DCC

Group

Finance

Ireland

DAC

4.38%,

06/27/2031

EUR

Devon

Energy

Corp

7.95%,

04/15/2032

$

Diamondback

Energy

Inc

4.40%,

03/24/2051

536

5.75%,

04/18/2054

6.25%,

03/15/2053

867

888

Energean

Israel

Finance

Ltd

5.88%,

03/30/2031

(i) 4,000

3,861

Energean

PLC

5.63%,

05/12/2031

(i),(l)

EUR

900

1,037

Eni

SpA

0.63%,

01/23/2030

4.25%,

05/09/2029

(i) $

4.25%,

05/19/2033

EUR

EOG

Resources

Inc

5.95%,

07/15/2055

$

EQT

Corp

3.63%,

05/15/2031

(i) 100

Expand

Energy

Corp

4.75%,

02/01/2032

797

782

Exxon

Mobil

Corp

0.84%,

06/26/2032

EUR

3.29%,

03/19/2027

$

4.23%,

03/19/2040

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

Helmerich

&

Payne

Inc

4.85%,

12/01/2029

$

$

HF

Sinclair

Corp

5.00%,

02/01/2028

5.50%,

09/01/2032

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

6.25%,

04/15/2032

(i) 1,900

1,804

8.38%,

11/01/2033

(i) 200

Kosmos

Energy

Ltd

7.50%,

03/01/2028

(j) 2,075

1,651

Leviathan

Bond

Ltd

6.50%,

06/30/2027

(i) 3,075

3,088

6.75%,

06/30/2030

(i),(j)

2,075

2,097

Marathon

Petroleum

Corp

5.15%,

03/01/2030

5.70%,

03/01/2035

542

561

Matador

Resources

Co

6.25%,

04/15/2033

(i) 3,400

3,395

North

West

Redwater

Partnership

/

NWR

Financing

Co

Ltd

4.35%,

01/10/2039

CAD

Occidental

Petroleum

Corp

4.40%,

04/15/2046

$

1,081

857

6.05%,

10/01/2054

6.13%,

01/01/2031

718

756

6.38%,

09/01/2028

6.45%,

09/15/2036

1,005

1,067

Ovintiv

Inc

7.10%,

07/15/2053

Petroleos

de

Venezuela

SA

0.00%,

05/16/2024

(d) 20,427

4,514

Petroleos

Mexicanos

6.50%,

01/23/2029

3,025

3,092

6.84%,

01/23/2030

2,010

2,063

Phillips

Co

3.75%,

03/01/2028

5.50%,

03/15/2055

Puma

International

Financing

SA

7.75%,

04/25/2029

(i) 1,975

2,042

Reliance

Industries

Ltd

2.88%,

01/12/2032

Repsol

International

Finance

BV

0.25%,

08/02/2027

EUR

Shell

Finance

US

Inc

4.38%,

05/11/2045

$

Shell

International

Finance

BV

1.25%,

11/11/2032

EUR

2.50%,

09/12/2026

$

3.00%,

11/26/2051

SM

Energy

Co

7.00%,

08/01/2032

(i) 1,850

1,810

Suncor

Energy

Inc

3.75%,

03/04/2051

Sunoco

LP

5.88%,

03/15/2034

(i) 4,650

4,649

TotalEnergies

Capital

International

SA

1.62%,

05/18/2040

EUR

2.99%,

06/29/2041

$

3.39%,

06/29/2060

TotalEnergies

Capital

SA

5.43%,

09/10/2064

711

681

TotalEnergies

SE

1.63%,

10/25/2027

(h),(k)

EUR

EUR

Swap

Annual

(VS

Month)

Year

+

1.99%

2.13%,

07/25/2032

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

2.51%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

Transocean

International

Ltd

6.80%,

03/15/2038

$

1,100

$

964

7.50%,

04/15/2031

3,150

3,011

Uzbekneftegaz

JSC

8.75%,

05/07/2030

(i) 1,975

2,105

8.75%,

05/07/2030

Valero

Energy

Corp

3.65%,

12/01/2051

Wildfire

Intermediate

Holdings

LLC

7.50%,

10/15/2029

(i) 4,200

4,191

Wintershall

Dea

Finance

BV

1.33%,

09/25/2028

EUR

Woodside

Finance

Ltd

4.50%,

03/04/2029

(i) $

5.40%,

05/19/2030

1,633

1,678

$

71,134

Oil

&

Gas

Services

-

0.11%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-

Obligor

Inc

3.14%,

11/07/2029

Halliburton

Co

4.85%,

11/15/2035

Schlumberger

Holdings

Corp

3.90%,

05/17/2028

(i) 100

Yinson

Production

Financial

Services

Pte

Ltd

9.63%,

05/03/2029

(i) 2,125

2,233

$

2,627

Other

Asset

Backed

Securities

-

0.36%

ARES

LII

CLO

Ltd

4.74%,

04/22/2031

(i) 277

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.88%

Black

Diamond

CLO

2016-1

Ltd

5.15%,

04/26/2031

(i) 264

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

Canyon

Capital

CLO

2016-1

Ltd

5.24%,

07/15/2031

(i) 1,414

1,414

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.33%

Dryden

CLO

Ltd

5.12%,

04/18/2031

(i) 399

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.23%

Invitation

Homes

2024-SFR1

Trust

4.00%,

09/17/2041

(i) 1,497

1,473

LCM

Ltd

5.23%,

04/20/2031

(i) 675

676

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.34%

MidOcean

Credit

CLO

VI

5.10%,

04/20/2033

(i) 109

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.23%

Mountain

View

CLO

2016-1

LLC

5.17%,

04/14/2033

(i) 311

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

Mountain

View

CLO

IX

Ltd

5.29%,

07/15/2031

(i) 169

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.38%

Romark

CLO

II

Ltd

5.00%,

07/25/2031

(i) 341

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.14%

Tricon

American

Homes

2020-SFR1

1.50%,

07/17/2038

(i) 1,487

1,457

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Tricon

American

Homes

2020-SFR2

Trust

1.48%,

11/17/2039

(i) $

$

Zais

Clo

Ltd

5.20%,

07/15/2032

(i) 721

721

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

Zais

Clo

Ltd

5.01%,

10/20/2034

(i) 782

781

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.13%

$

8,734

Packaging

&

Containers

-

0.64%

Amcor

Flexibles

North

America

Inc

2.69%,

05/25/2031

(j) 955

869

5.10%,

03/17/2030

5.50%,

03/17/2035

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

4.00%,

09/01/2029

(i) 4,475

4,172

Packaging

Corp

of

America

3.40%,

12/15/2027

5.70%,

12/01/2033

801

848

Sealed

Air

Corp/Sealed

Air

Corp

US

7.25%,

02/15/2031

(i) 1,900

1,995

Smurfit

Westrock

Financing

DAC

5.42%,

01/15/2035

Sonoco

Products

Co

4.60%,

09/01/2029

1,064

1,071

5.00%,

09/01/2034

(j) 799

789

Toucan

FinCo

Ltd/Toucan

FinCo

Can

Inc/Toucan

FinCo

US

LLC

9.50%,

05/15/2030

(i) 4,930

4,622

WRKCo

Inc

3.00%,

06/15/2033

(j) 100

$

15,311

Pharmaceuticals

-

1.30%

AbbVie

Inc

0.75%,

11/18/2027

EUR

4.05%,

11/21/2039

$

1,537

1,378

4.25%,

11/14/2028

4.25%,

11/21/2049

854

719

4.88%,

11/14/2048

4.95%,

03/15/2031

599

619

5.05%,

03/15/2034

5.50%,

03/15/2064

Astrazeneca

Finance

LLC

4.85%,

02/26/2029

940

964

4.88%,

03/03/2028

783

800

4.90%,

03/03/2030

856

883

AstraZeneca

PLC

1.38%,

08/06/2030

3.00%,

05/28/2051

Bayer

AG

4.63%,

05/26/2033

EUR

Bayer

US

Finance

II

LLC

3.95%,

04/15/2045

(i) $

Becton

Dickinson

&

Co

3.79%,

05/20/2050

3.83%,

06/07/2032

EUR

4.30%,

08/22/2032

$

4.69%,

02/13/2028

810

819

Bristol-Myers

Squibb

Co

3.25%,

08/01/2042

3.70%,

03/15/2052

3.90%,

02/20/2028

3.90%,

03/15/2062

4.13%,

06/15/2039

5.75%,

02/01/2031

874

935

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Cardinal

Health

Inc

4.50%,

09/15/2030

$

$

4.60%,

03/15/2043

1,773

1,563

4.90%,

09/15/2045

5.75%,

11/15/2054

Cencora

Inc

2.70%,

03/15/2031

(j) 100

4.30%,

12/15/2047

5.13%,

02/15/2034

667

684

CVS

Health

Corp

3.00%,

08/15/2026

4.78%,

03/25/2038

5.00%,

01/30/2029

5.05%,

03/25/2048

5.13%,

07/20/2045

2,143

1,948

5.55%,

06/01/2031

575

604

6.05%,

06/01/2054

Eli

Lilly

&

Co

0.63%,

11/01/2031

EUR

3.10%,

05/15/2027

$

3.38%,

03/15/2029

4.60%,

08/14/2034

523

525

4.70%,

02/27/2033

4.75%,

02/12/2030

527

541

4.88%,

02/27/2053

4.90%,

10/15/2035

5.65%,

10/15/2065

EMD

Finance

LLC

5.00%,

10/15/2035

(i) 880

883

GlaxoSmithKline

Capital

Inc

3.88%,

05/15/2028

4.50%,

04/15/2030

549

557

GlaxoSmithKline

Capital

PLC

1.63%,

05/12/2035

GBP

Grifols

SA

3.88%,

10/15/2028

(i) EUR

1,125

1,263

4.75%,

10/15/2028

(i) $

875

846

Johnson

&

Johnson

0.95%,

09/01/2027

1.15%,

11/20/2028

EUR

1.65%,

05/20/2035

2.10%,

09/01/2040

$

McKesson

Corp

4.95%,

05/30/2032

997

1,023

Merck

&

Co

Inc

3.40%,

03/07/2029

4.90%,

05/17/2044

Merck

Financial

Services

GmbH

0.88%,

07/05/2031

EUR

MSD

Netherlands

Capital

BV

3.70%,

05/30/2044

Novartis

Capital

Corp

2.20%,

08/14/2030

$

3.70%,

09/21/2042

4.00%,

09/18/2031

511

508

Novo

Nordisk

Finance

Netherlands

BV

1.38%,

03/31/2030

EUR

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

5.13%,

04/30/2031

(i) $

3,230

2,476

Pfizer

Inc

3.45%,

03/15/2029

3.90%,

03/15/2039

Pfizer

Investment

Enterprises

Pte

Ltd

4.75%,

05/19/2033

729

738

5.11%,

05/19/2043

885

859

5.30%,

05/19/2053

744

720

5.34%,

05/19/2063

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Sanofi

SA

1.25%,

04/06/2029

EUR

$

Takeda

Pharmaceutical

Co

Ltd

1.00%,

07/09/2029

3.03%,

07/09/2040

$

Upjohn

Finance

BV

1.36%,

06/23/2027

EUR

Viatris

Inc

3.85%,

06/22/2040

$

Zoetis

Inc

4.15%,

08/17/2028

5.60%,

11/16/2032

$

31,186

Pipelines

-

2.39%

Acu

Petroleo

Luxembourg

Sarl

7.50%,

07/13/2035

2,493

2,530

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp

7.25%,

07/15/2032

(i) 1,125

1,181

Boardwalk

Pipelines

LP

4.80%,

05/03/2029

Buckeye

Partners

LP

5.60%,

10/15/2044

5.85%,

11/15/2043

1,300

1,220

Cheniere

Energy

Partners

LP

3.25%,

01/31/2032

4.00%,

03/01/2031

5.55%,

10/30/2035

(i) 446

CNX

Midstream

Partners

LP

4.75%,

04/15/2030

(i) 2,875

2,752

Coastal

Gaslink

Pipeline

LP

4.69%,

09/30/2029

CAD

5.19%,

09/30/2034

Columbia

Pipelines

Operating

Co

LLC

6.50%,

08/15/2043

(i) $

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

5.50%,

06/15/2031

(i) 2,005

1,984

DCP

Midstream

Operating

LP

3.25%,

02/15/2032

Eastern

Energy

Gas

Holdings

LLC

5.80%,

01/15/2035

Enbridge

Energy

Partners

LP

7.38%,

10/15/2045

Enbridge

Inc

2.99%,

10/03/2029

CAD

4.60%,

06/20/2028

$

4.73%,

08/22/2034

CAD

5.36%,

05/26/2033

6.00%,

01/15/2077

(k) $

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

6.25%,

03/01/2078

(k) 2,500

2,526

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.90%

7.38%,

03/15/2055

(k) 60

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.12%

8.50%,

01/15/2084

(k) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.43%

Enbridge

Pipelines

Inc

3.52%,

02/22/2029

CAD

Energy

Transfer

LP

4.95%,

05/15/2028

$

5.15%,

02/01/2043

5.25%,

07/01/2029

5.35%,

05/15/2045

828

757

5.40%,

10/01/2047

1,435

1,298

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Energy

Transfer

LP

(continued)

5.95%,

05/15/2054

$

$

6.10%,

02/15/2042

6.25%,

04/15/2049

6.75%,

02/15/2056

(k) 2,000

2,006

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.48%

Enterprise

Products

Operating

LLC

3.70%,

01/31/2051

4.60%,

01/15/2031

5.10%,

02/15/2045

Flex

Intermediate

Holdco

LLC

3.36%,

06/30/2031

(i) 100

Galaxy

Pipeline

Assets

Bidco

Ltd

2.16%,

03/31/2034

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.00%,

05/15/2033

1,375

1,420

8.25%,

01/15/2029

8.88%,

04/15/2030

1,300

1,370

Gibson

Energy

Inc

4.45%,

08/20/2032

CAD

Golar

LNG

Ltd

7.50%,

10/02/2030

(i) $

1,475

1,458

Gray

Oak

Pipeline

LLC

3.45%,

10/15/2027

(i) 982

969

Greensaif

Pipelines

Bidco

Sarl

6.10%,

08/23/2042

1,775

1,884

6.13%,

02/23/2038

Harvest

Midstream

I

LP

7.50%,

05/15/2032

(i) 1,175

1,218

Inter

Pipeline

Ltd/AB

3.98%,

11/25/2031

CAD

Keyera

Corp

4.57%,

10/15/2035

Kinder

Morgan

Energy

Partners

LP

5.00%,

08/15/2042

$

5.50%,

03/01/2044

507

Kinder

Morgan

Inc

5.85%,

06/01/2035

Midwest

Connector

Capital

Co

LLC

4.63%,

04/01/2029

(i) 150

MPLX

LP

4.70%,

04/15/2048

4.80%,

02/15/2031

1,581

1,594

4.90%,

04/15/2058

5.00%,

03/01/2033

ONEOK

Inc

4.75%,

10/15/2031

749

749

5.40%,

10/15/2035

5.80%,

11/01/2030

6.05%,

09/01/2033

6.63%,

09/01/2053

ONEOK

Partners

LP

6.65%,

10/01/2036

1,095

1,192

Pembina

Pipeline

Corp

4.75%,

03/26/2048

CAD

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

4.30%,

01/31/2043

$

4.90%,

02/15/2045

5.60%,

01/15/2036

Prairie

Acquiror

LP

9.00%,

08/01/2029

(i) 3,000

3,079

Sabine

Pass

Liquefaction

LLC

4.20%,

03/15/2028

5.90%,

09/15/2037

511

South

Bow

USA

Infrastructure

Holdings

LLC

5.58%,

10/01/2034

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp

6.00%,

09/01/2031

(i) $

675

$

664

6.75%,

03/15/2034

(i) 1,475

1,464

Targa

Resources

Corp

4.20%,

02/01/2033

4.95%,

04/15/2052

Tennessee

Gas

Pipeline

Co

LLC

2.90%,

03/01/2030

(i) 200

TransCanada

PipeLines

Ltd

4.75%,

05/15/2038

5.00%,

10/16/2043

5.92%,

05/12/2052

CAD

Transcanada

Trust

5.60%,

03/07/2082

(k) $

3,800

3,757

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.99%

Venture

Global

LNG

Inc

7.00%,

01/15/2030

(i),(j)

550

557

8.38%,

06/01/2031

(i) 3,850

3,953

9.88%,

02/01/2032

(i) 1,975

2,110

Venture

Global

Plaquemines

LNG

LLC

6.75%,

01/15/2036

(i) 1,000

1,059

7.75%,

05/01/2035

(i) 1,650

1,862

Western

Midstream

Operating

LP

5.30%,

03/01/2048

Williams

Cos

Inc/The

2.60%,

03/15/2031

4.63%,

06/30/2030

628

633

5.30%,

08/15/2028

5.30%,

08/15/2052

5.75%,

06/24/2044

537

542

$

57,357

Private

Equity

-

0.03%

Blackstone

Reg

Finance

Co

LLC

5.00%,

12/06/2034

Brookfield

Finance

II

Inc

5.43%,

12/14/2032

CAD

Brookfield

Finance

Inc

5.97%,

03/04/2054

$

Brookfield

Finance

LLC

/

Brookfield

Finance

Inc

3.45%,

04/15/2050

Carlyle

Finance

Subsidiary

LLC

3.50%,

09/19/2029

(i) 100

EQT

AB

2.38%,

04/06/2028

EUR

ICG

PLC

1.63%,

02/17/2027

KKR

Group

Finance

Co

VIII

LLC

3.50%,

08/25/2050

(i) $

$

625

Real

Estate

-

0.52%

Acef

Holding

SCA

1.25%,

04/26/2030

EUR

Akelius

Residential

Property

Financing

BV

1.00%,

01/17/2028

Alpha

Star

Holding

VII

Ltd

7.75%,

04/27/2026

$

2,725

2,747

Aroundtown

SA

3.00%,

10/16/2029

GBP

Aster

Treasury

Plc

1.41%,

01/27/2036

Blend

Funding

PLC

3.46%,

09/21/2049

Castellum

Helsinki

Finance

Holding

Abp

0.88%,

09/17/2029

EUR

Clarion

Funding

PLC

1.25%,

11/13/2032

GBP

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Real

Estate

(continued)

CTP

NV

1.25%,

06/21/2029

EUR

$

Grand

City

Properties

SA

4.38%,

01/09/2030

Heimstaden

Bostad

Treasury

BV

1.38%,

07/24/2028

Hyde

Housing

Association

Ltd

1.75%,

08/18/2055

GBP

IWG

US

Finance

LLC

6.50%,

06/28/2030

EUR

LEG

Immobilien

SE

0.75%,

06/30/2031

London

&

Quadrant

Housing

Trust

2.00%,

03/31/2032

GBP

MAF

Global

Securities

Ltd

7.88%,

06/30/2027

(h),(k)

$

2,775

2,870

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.89%

Notting

Hill

Genesis

2.88%,

01/31/2029

GBP

NWD

Finance

BVI

Ltd

4.13%,

03/10/2028

(h),(k)

$

1,200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.86%

NWD

MTN

Ltd

4.13%,

07/18/2029

1,250

919

4.50%,

05/19/2030

(j) 450

8.63%,

02/08/2028

(j) 275

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

2.50%,

10/15/2031

(i) 830

742

Platform

HG

Financing

PLC

1.93%,

09/15/2041

GBP

Prologis

International

Funding

II

SA

2.38%,

11/14/2030

EUR

Sobha

Sukuk

Ltd

8.75%,

07/17/2028

$

1,975

2,059

Southern

Housing

3.50%,

10/19/2047

GBP

Vonovia

SE

0.38%,

06/16/2027

EUR

1.13%,

09/14/2034

5.27%,

09/03/2032

AUD

$

12,536

Regional

Authority

-

0.15%

Province

of

British

Columbia

Canada

4.20%,

07/06/2033

$

1,518

1,512

Provincia

de

Buenos

Aires/Government

Bonds

6.63%,

09/01/2037

(m) 2,686

1,968

$

3,480

REITs

-

0.88%

Alexandria

Real

Estate

Equities

Inc

4.90%,

12/15/2030

5.25%,

05/15/2036

American

Homes

Rent

LP

4.25%,

02/15/2028

American

Tower

Corp

0.45%,

01/15/2027

EUR

1.45%,

09/15/2026

$

1.50%,

01/31/2028

2.30%,

09/15/2031

716

634

3.13%,

01/15/2027

580

573

4.10%,

05/16/2034

EUR

5.20%,

02/15/2029

$

1,205

1,237

AvalonBay

Communities

Inc

2.45%,

01/15/2031

Boston

Properties

LP

2.55%,

04/01/2032

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Brixmor

Operating

Partnership

LP

4.05%,

07/01/2030

$

$

Choice

Properties

Real

Estate

Investment

Trust

4.18%,

03/08/2028

CAD

Covivio

SA/France

1.63%,

06/23/2030

EUR

Crown

Castle

Inc

2.25%,

01/15/2031

$

2.90%,

04/01/2041

5.00%,

01/11/2028

530

537

5.60%,

06/01/2029

Digital

Dutch

Finco

BV

1.25%,

02/01/2031

EUR

Emirates

Reit

Sukuk

III

Ltd

7.50%,

12/12/2028

(m) $

675

684

Equinix

Europe

Financing

Corp

LLC

3.63%,

11/22/2034

EUR

Equinix

Inc

3.90%,

04/15/2032

$

ERP

Operating

LP

3.50%,

03/01/2028

4.95%,

06/15/2032

Essex

Portfolio

LP

1.65%,

01/15/2031

Extra

Space

Storage

LP

5.70%,

04/01/2028

Gecina

SA

1.63%,

05/29/2034

EUR

GLP

Capital

LP

/

GLP

Financing

II

Inc

5.63%,

09/15/2034

$

Goodman

US

Finance

Six

LLC

5.13%,

10/07/2034

(i) 314

Granite

REIT

Holdings

LP

3.06%,

06/04/2027

CAD

Healthpeak

OP

LLC

3.50%,

07/15/2029

$

Highwoods

Realty

LP

7.65%,

02/01/2034

Host

Hotels

&

Resorts

LP

5.50%,

04/15/2035

Invitation

Homes

Operating

Partnership

LP

5.50%,

08/15/2033

Kilroy

Realty

LP

4.75%,

12/15/2028

Kimco

Realty

OP

LLC

2.25%,

12/01/2031

4.60%,

02/01/2033

Klepierre

SA

2.00%,

05/12/2029

EUR

LXP

Industrial

Trust

2.38%,

10/01/2031

$

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

0.99%,

10/15/2026

EUR

2,050

2,237

3.50%,

03/15/2031

$

1,200

847

5.00%,

10/15/2027

2,075

1,996

8.50%,

02/15/2032

(i) 1,550

1,624

National

Health

Investors

Inc

3.00%,

02/01/2031

876

789

5.35%,

02/01/2033

NNN

REIT

Inc

5.60%,

10/15/2033

Northwest

Healthcare

Properties

Real

Estate

Investment

Trust

5.51%,

02/18/2030

CAD

Omega

Healthcare

Investors

Inc

5.20%,

07/01/2030

$

Prologis

Euro

Finance

LLC

0.50%,

02/16/2032

EUR

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Prologis

LP

2.25%,

04/15/2030

$

$

4.00%,

09/15/2028

Realty

Income

Corp

4.65%,

03/15/2047

Regency

Centers

LP

5.25%,

01/15/2034

RioCan

Real

Estate

Investment

Trust

5.61%,

10/06/2027

CAD

Scentre

Group

Trust

5.90%,

11/27/2034

AUD

Segro

PLC

5.13%,

12/06/2041

GBP

Service

Properties

Trust

8.63%,

11/15/2031

(i) $

2,225

2,347

Simon

Property

Group

LP

5.85%,

03/08/2053

SmartCentres

Real

Estate

Investment

Trust

5.16%,

08/01/2030

CAD

Store

Capital

LLC

4.50%,

03/15/2028

$

Trust

Fibra

Uno

4.87%,

01/15/2030

UDR

Inc

3.10%,

11/01/2034

Unibail-Rodamco-Westfield

SE

2.00%,

05/29/2037

EUR

Ventas

Realty

LP

5.70%,

09/30/2043

$

VICI

Properties

LP

5.75%,

04/01/2034

WEA

Finance

LLC

3.50%,

06/15/2029

(i) 100

Welltower

OP

LLC

4.13%,

03/15/2029

Weyerhaeuser

Co

4.00%,

03/09/2052

574

4.75%,

05/15/2026

WPC

Eurobond

BV

0.95%,

06/01/2030

EUR

$

20,994

Retail

-

0.79%

1011778

BC

ULC

/

New

Red

Finance

Inc

4.00%,

10/15/2030

(i) $

3,150

2,978

7-Eleven

Inc

2.50%,

02/10/2041

(i) 100

Alimentation

Couche-Tard

Inc

5.27%,

02/12/2034

(i) 150

Asbury

Automotive

Group

Inc

5.00%,

02/15/2032

(i) 600

578

AutoNation

Inc

5.89%,

03/15/2035

AutoZone

Inc

5.10%,

07/15/2029

CK

Hutchison

Europe

Finance

Ltd

1.00%,

11/02/2033

EUR

Costco

Wholesale

Corp

1.38%,

06/20/2027

$

Darden

Restaurants

Inc

4.35%,

10/15/2027

Dick's

Sporting

Goods

Inc

4.10%,

01/15/2052

Dollar

General

Corp

3.50%,

04/03/2030

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

6.75%,

01/15/2030

(i) 950

881

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Home

Depot

Inc/The

3.35%,

04/15/2050

$

$

4.50%,

12/06/2048

4.75%,

06/25/2029

4.90%,

04/15/2029

4.95%,

06/25/2034

LCM

Investments

Holdings

II

LLC

8.25%,

08/01/2031

(i) 1,725

1,815

Lithia

Motors

Inc

4.38%,

01/15/2031

(i) 1,350

1,287

Lowe's

Cos

Inc

2.63%,

04/01/2031

3.70%,

04/15/2046

4.05%,

05/03/2047

4.45%,

04/01/2062

4.50%,

04/15/2030

McDonald's

Corp

3.63%,

09/01/2049

636

3.88%,

02/20/2031

EUR

4.60%,

09/09/2032

$

4.80%,

08/14/2028

1,365

1,391

4.88%,

12/09/2045

5.20%,

05/17/2034

O'Reilly

Automotive

Inc

3.60%,

09/01/2027

1,032

1,023

5.75%,

11/20/2026

Starbucks

Corp

4.50%,

11/15/2048

4.80%,

02/15/2033

Suburban

Propane

Partners

LP/Suburban

Energy

Finance

Corp

5.00%,

06/01/2031

(i) 1,000

947

Target

Corp

2.95%,

01/15/2052

4.50%,

09/15/2032

(j) 75

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(i) 2,925

3,104

Walmart

Inc

1.50%,

09/22/2028

1.80%,

09/22/2031

2.50%,

09/22/2041

4.50%,

04/15/2053

$

19,046

Savings

&

Loans

-

0.00%

Nationwide

Building

Society

3.77%,

01/27/2036

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.23%

Semiconductors

-

0.50%

Analog

Devices

Inc

5.30%,

04/01/2054

$

Applied

Materials

Inc

3.30%,

04/01/2027

4.60%,

01/15/2036

515

510

4.80%,

06/15/2029

Broadcom

Inc

2.45%,

02/15/2031

1,482

1,350

3.19%,

11/15/2036

(i) 1,638

1,398

3.42%,

04/15/2033

3.46%,

09/15/2026

4.90%,

07/15/2032

544

556

4.90%,

02/15/2038

Foundry

JV

Holdco

LLC

5.50%,

01/25/2031

(i) 200

5.88%,

01/25/2034

(i) 1,198

1,237

6.15%,

01/25/2032

(i) 669

713

6.40%,

01/25/2038

(i) 1,031

1,113

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

(continued)

Intel

Corp

2.80%,

08/12/2041

$

$

3.73%,

12/08/2047

1,029

757

4.10%,

05/19/2046

4.15%,

08/05/2032

4.88%,

02/10/2028

5.05%,

08/05/2062

5.70%,

02/10/2053

KLA

Corp

4.95%,

07/15/2052

Marvell

Technology

Inc

4.88%,

06/22/2028

(j) 200

Micron

Technology

Inc

5.88%,

02/09/2033

NVIDIA

Corp

2.00%,

06/15/2031

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

5.00%,

01/15/2033

Qorvo

Inc

4.38%,

10/15/2029

QUALCOMM

Inc

4.75%,

05/20/2032

4.80%,

05/20/2045

Texas

Instruments

Inc

3.88%,

03/15/2039

4.60%,

02/15/2028

527

535

4.90%,

03/14/2033

$

12,060

Software

-

2.43%

Adobe

Inc

4.75%,

01/17/2028

878

895

4.85%,

04/04/2027

AthenaHealth

Group

Inc

6.50%,

02/15/2030

(i) 11,330

11,091

Capstone

Borrower

Inc

8.00%,

06/15/2030

(i) 5,475

5,586

Central

Parent

Inc

/

CDK

Global

Inc

7.25%,

06/15/2029

(i) 1,250

1,027

Central

Parent

LLC

/

CDK

Global

II

LLC

/

CDK

Financing

Co

Inc

8.00%,

06/15/2029

(i) 3,675

3,076

CoreWeave

Inc

9.00%,

02/01/2031

(i) 5,540

5,556

Dye

&

Durham

Ltd

8.63%,

04/15/2029

(i) 5,025

4,758

Ellucian

Holdings

Inc

6.50%,

12/01/2029

(i) 1,975

1,999

Fidelity

National

Information

Services

Inc

3.10%,

03/01/2041

Fiserv

Inc

3.00%,

07/01/2031

GBP

4.40%,

07/01/2049

$

1,007

807

5.15%,

08/12/2034

509

505

Intuit

Inc

5.13%,

09/15/2028

Microsoft

Corp

2.68%,

06/01/2060

3.70%,

08/08/2046

4.10%,

02/06/2037

MSCI

Inc

5.25%,

09/01/2035

Oracle

Corp

2.30%,

03/25/2028

1,395

1,334

2.88%,

03/25/2031

3.60%,

04/01/2040

3.60%,

04/01/2050

3.80%,

11/15/2037

1,184

1,002

3.85%,

04/01/2060

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Oracle

Corp

(continued)

4.00%,

11/15/2047

$

914

$

683

4.13%,

05/15/2045

4.45%,

09/26/2030

4.65%,

05/06/2030

4.80%,

09/26/2032

5.50%,

08/03/2035

512

518

5.55%,

02/06/2053

5.88%,

09/26/2045

5.95%,

09/26/2055

1,029

975

6.13%,

07/08/2039

Playtika

Holding

Corp

4.25%,

03/15/2029

(i) 5,875

5,306

Roper

Technologies

Inc

4.20%,

09/15/2028

4.25%,

09/15/2028

Salesforce

Inc

1.95%,

07/15/2031

SAP

SE

1.25%,

03/10/2028

EUR

SS&C

Technologies

Inc

6.50%,

06/01/2032

(i) $

2,150

2,229

Synopsys

Inc

5.00%,

04/01/2032

UKG

Inc

6.88%,

02/01/2031

(i) 3,150

3,242

VMware

LLC

4.70%,

05/15/2030

ZoomInfo

Technologies

LLC/ZoomInfo

Finance

Corp

3.88%,

02/01/2029

(i) 4,350

4,103

$

58,331

Sovereign

-

5.24%

Angolan

Government

International

Bond

8.25%,

05/09/2028

4,150

4,090

Argentine

Republic

Government

International

Bond

4.12%,

07/09/2035

(m) 8,175

5,727

Bahamas

Government

International

Bond

8.25%,

06/24/2036

(i) 1,350

1,462

8.25%,

06/24/2036

700

758

Benin

Government

International

Bond

7.96%,

02/13/2038

2,900

3,015

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2029

BRL

32,300

5,552

Colombian

TES

11.00%,

08/22/2029

COP

12,088,400

3,132

13.25%,

02/09/2033

21,198,000

5,897

Ecuador

Government

International

Bond

0.00%,

07/31/2030

(d) $

675

527

6.90%,

07/31/2030

(m) 1,425

1,298

6.90%,

07/31/2035

(m) 655

501

Egypt

Government

Bond

24.46%,

10/01/2027

EGP

55,900

1,191

25.32%,

08/13/2027

53,500

1,146

Egypt

Government

International

Bond

7.05%,

01/15/2032

$

1,425

1,418

7.63%,

05/29/2032

1,250

1,270

Egypt

Treasury

Bills

21.12%,

12/16/2025

(q) EGP

43,500

892

23.33%,

03/17/2026

(q) 154,400

2,976

23.72%,

11/18/2025

(q) 132,000

2,763

Egyptian

Financial

Co

for

Sovereign

Taskeek/The

7.95%,

10/07/2032

(i) $

1,425

1,473

El

Salvador

Government

International

Bond

0.25%,

04/17/2030

(i) 40,575

1,014

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Farm

Credit

Bank

of

Texas

7.00%,

09/15/2030

(h),(k)

$

2,000

$

2,083

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%

Gabon

Government

International

Bond

6.63%,

02/06/2031

1,250

976

7.00%,

11/24/2031

Ghana

Government

International

Bond

0.00%,

01/03/2030

(d),(i)

1,819

1,570

0.00%,

01/03/2030

(d) 1,408

1,215

5.00%,

07/03/2029

(i),(m)

2,425

2,358

Hungary

Government

International

Bond

6.00%,

09/26/2035

(i) 2,500

2,627

6.00%,

09/26/2035

Indonesia

Treasury

Bond

6.50%,

07/15/2030

IDR

67,100,000

4,201

Ivory

Coast

Government

International

Bond

5.88%,

10/17/2031

EUR

3,100

3,602

8.08%,

04/01/2036

(i) $

1,725

1,816

Japan

Government

Five

Year

Bond

0.40%,

09/20/2028

JPY

150,000

957

Japan

Government

Ten

Year

Bond

0.70%,

12/20/2033

5,000

Mexican

Bonos

8.50%,

11/18/2038

MXN

117,500

6,032

Mexico

Government

International

Bond

4.28%,

08/14/2041

$

1,881

1,540

5.38%,

03/22/2033

1,019

1,018

6.34%,

05/04/2053

6.63%,

01/29/2038

802

847

Nigeria

Government

International

Bond

7.38%,

09/28/2033

3,750

3,623

Pakistan

Government

International

Bond

6.88%,

12/05/2027

875

874

7.38%,

04/08/2031

2,475

2,444

Peru

Government

Bond

5.40%,

08/12/2034

PEN

4,550

1,313

Peruvian

Government

International

Bond

6.85%,

08/12/2035

(i) 14,200

4,450

6.90%,

08/12/2037

6,150

1,901

Republic

of

Italy

Government

International

Bond

3.88%,

05/06/2051

$

1,013

752

Republic

of

Kenya

Government

International

Bond

7.88%,

10/09/2033

(i) 1,225

1,199

Republic

of

Poland

Government

Bond

2.00%,

08/25/2036

PLN

18,156

4,440

Republic

of

South

Africa

Government

Bond

8.75%,

01/31/2044

ZAR

237,100

12,234

Republic

of

Uzbekistan

International

Bond

6.90%,

02/28/2032

(i) $

1,775

1,922

Romanian

Government

International

Bond

5.38%,

06/07/2033

(i) EUR

1,450

1,686

6.38%,

09/18/2033

1,525

1,878

6.50%,

10/07/2045

(i) 975

1,114

6.75%,

07/11/2039

750

899

Senegal

Government

International

Bond

4.75%,

03/13/2028

Turkiye

Government

Bond

30.08%,

09/12/2029

TRY

116,375

2,546

Ukraine

Government

International

Bond

4.50%,

02/01/2034

(i),(m)

$

573

4.50%,

02/01/2034

(m) 3,942

2,208

Zambia

Government

International

Bond

0.50%,

12/31/2053

2,150

1,499

$

125,527

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

-

0.87%

CIT

Education

Loan

Trust

2007-1

4.72%,

03/25/2042

(i) $

1,210

$

1,187

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.35%

Commonbond

Student

Loan

Trust

2017-B-GS

2.68%,

09/25/2042

(i) 943

888

Commonbond

Student

Loan

Trust

2021-A-GS

1.20%,

03/25/2052

(i) 222

ELFI

Graduate

Loan

Program

2024-A

LLC

5.56%,

08/25/2049

(i) 1,483

1,512

KeyCorp

Student

Loan

Trust

2006-A

5.40%,

03/27/2042

1,093

911

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.41%

National

Collegiate

Student

Loan

Trust

2005-2

4.48%,

06/25/2033

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.48%

Navient

Private

Education

Refi

Loan

Trust

2022-A

2.23%,

07/15/2070

(i) 800

733

Navient

Student

Loan

Trust

6.48%,

03/15/2072

(i) 1,593

1,644

Nelnet

Student

Loan

Trust

2021-D

4.84%,

04/20/2062

(i) 256

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.80%

Nelnet

Student

Loan

Trust

2023-A

6.38%,

02/20/2041

(i) 391

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

2.20%

6.64%,

02/20/2041

(i) 489

507

SLM

Private

Credit

Student

Loan

Trust

2003-A

5.90%,

06/15/2032

1,939

941

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.86%

SLM

Private

Credit

Student

Loan

Trust

2005-B

4.63%,

06/15/2039

886

865

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.59%

SLM

Private

Credit

Student

Loan

Trust

2006-A

4.59%,

06/15/2039

1,235

1,187

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.55%

SLM

Private

Credit

Student

Loan

Trust

2006-B

4.50%,

12/15/2039

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

SLM

Private

Credit

Student

Loan

Trust

2007-A

4.54%,

12/16/2041

1,395

1,369

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.50%

SLM

Student

Loan

Trust

2008-2

5.32%,

04/27/2026

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.01%

SLM

Student

Loan

Trust

2008-3

5.57%,

07/25/2028

1,617

1,608

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.26%

SLM

Student

Loan

Trust

2008-4

6.22%,

01/25/2028

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.91%

SLM

Student

Loan

Trust

2008-5

6.27%,

10/25/2027

1,271

1,276

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.96%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

(continued)

SLM

Student

Loan

Trust

2008-6

5.67%,

04/25/2029

$

1,875

$

1,853

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.36%

SMB

Private

Education

Loan

Trust

2014-A

4.50%,

09/15/2045

(i) 100

SMB

Private

Education

Loan

Trust

2015-B

3.50%,

12/17/2040

(i) 112

SMB

Private

Education

Loan

Trust

2021-A

2.31%,

01/15/2053

(i) 764

746

Towd

Point

Asset

Trust

2021-SL1

5.55%,

11/20/2061

(i) 1,200

1,183

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

$

20,950

Supranational

Bank

-

0.25%

Africa

Finance

Corp

7.50%,

01/21/2030

(h),(i),(k)

1,525

1,522

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

7.50%,

01/21/2030

(h),(k)

875

874

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

Inter-American

Development

Bank

1.13%,

07/20/2028

2,128

1,990

International

Bank

for

Reconstruction

&

Development

0.75%,

11/24/2027

1,734

1,635

$

6,021

Telecommunications

-

1.90%

Africell

Holding

Ltd

10.50%,

10/23/2029

(i),(j)

2,500

2,482

10.50%,

10/23/2029

(j) 300

America

Movil

SAB

de

CV

6.13%,

03/30/2040

AT&T

Inc

3.15%,

06/01/2030

EUR

3.55%,

09/15/2055

$

3.65%,

06/01/2051

3.65%,

09/15/2059

3.85%,

06/01/2060

4.25%,

06/01/2043

GBP

4.30%,

02/15/2030

$

4.30%,

11/18/2034

EUR

4.50%,

05/15/2035

$

1,417

1,363

4.70%,

08/15/2030

4.75%,

05/15/2046

1,071

948

4.90%,

11/01/2035

4.90%,

08/15/2037

1,336

1,304

5.38%,

08/15/2035

5.40%,

02/15/2034

5.55%,

08/15/2041

5.70%,

11/01/2054

956

936

6.05%,

08/15/2056

Axian

Telecom

Holding

&

Management

PLC

7.25%,

07/11/2030

(i) 1,175

1,187

7.25%,

07/11/2030

Bell

Telephone

Co

of

Canada

or

Bell

Canada

4.70%,

03/14/2036

CAD

5.20%,

02/15/2034

$

5.60%,

08/11/2053

CAD

British

Telecommunications

PLC

3.13%,

11/21/2031

GBP

5.13%,

12/04/2028

$

Cisco

Systems

Inc

2.50%,

09/20/2026

5.05%,

02/26/2034

5.10%,

02/24/2035

1,203

1,238

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Cisco

Systems

Inc

(continued)

5.30%,

02/26/2054

$

$

CommScope

LLC

9.50%,

12/15/2031

(i) 472

Corning

Inc

3.90%,

11/15/2049

5.45%,

11/15/2079

Deutsche

Telekom

AG

1.75%,

12/09/2049

EUR

Deutsche

Telekom

International

Finance

BV

4.38%,

06/21/2028

(i) $

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(i) 2,725

2,713

Motorola

Solutions

Inc

5.55%,

08/15/2035

606

631

NTT

Finance

Corp

0.34%,

03/03/2030

EUR

4.62%,

07/16/2028

(i) $

5.17%,

07/16/2032

(i) 331

Orange

SA

0.50%,

09/04/2032

EUR

1.38%,

02/11/2029

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

1.49%

1.88%,

09/12/2030

Rogers

Communications

Inc

3.20%,

03/15/2027

$

4.55%,

03/15/2052

5.30%,

02/15/2034

6.75%,

11/09/2039

CAD

SES

SA

4.13%,

06/24/2030

EUR

Silk

Road

Group

Holding

LLC

7.50%,

09/15/2030

(i) $

3,450

3,457

Sprint

Capital

Corp

6.88%,

11/15/2028

Telecommunications

co

Telekom

Srbija

AD

Belgrade

7.00%,

10/28/2029

(i) 825

828

7.00%,

10/28/2029

950

953

Telefonica

Emisiones

SA

3.70%,

01/24/2032

EUR

4.90%,

03/06/2048

$

657

563

5.52%,

03/01/2049

Telia

Co

AB

0.13%,

11/27/2030

EUR

Telstra

Group

Ltd

1.38%,

03/26/2029

TELUS

Corp

4.70%,

03/06/2048

CAD

T-Mobile

USA

Inc

3.00%,

02/15/2041

$

2,535

1,898

3.60%,

11/15/2060

568

3.70%,

05/08/2032

EUR

3.88%,

04/15/2030

$

4.38%,

04/15/2040

4.80%,

07/15/2028

5.05%,

07/15/2033

5.65%,

01/15/2053

Veon

Midco

BV

3.38%,

11/25/2027

3,450

3,231

Verizon

Communications

Inc

0.19%,

03/24/2028

CHF

1.30%,

05/18/2033

EUR

1.75%,

01/20/2031

$

2.36%,

03/15/2032

2.65%,

05/06/2030

AUD

2.85%,

09/03/2041

$

951

687

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Verizon

Communications

Inc

(continued)

2.99%,

10/30/2056

$

$

3.00%,

11/20/2060

865

516

3.40%,

03/22/2041

570

3.55%,

03/22/2051

3.88%,

03/01/2052

4.00%,

03/22/2050

4.02%,

12/03/2029

4.25%,

10/31/2030

EUR

4.50%,

08/10/2033

$

907

891

4.78%,

02/15/2035

5.25%,

04/02/2035

953

964

Vmed

O2

UK

Financing

I

PLC

4.25%,

01/31/2031

(i) 3,450

3,150

Vodafone

Group

PLC

5.63%,

02/10/2053

5.75%,

06/28/2054

5.75%,

02/10/2063

5.88%,

06/28/2064

901

892

Vodafone

International

Financing

DAC

3.38%,

07/03/2033

EUR

WULF

Compute

LLC

7.75%,

10/15/2030

(i) $

3,590

3,730

$

45,530

Toys,

Games

&

Hobbies

-

0.01%

Hasbro

Inc

3.55%,

11/19/2026

Transportation

-

0.47%

Burlington

Northern

Santa

Fe

LLC

4.15%,

12/15/2048

777

647

4.45%,

03/15/2043

786

710

5.20%,

04/15/2054

(j) 50

5.80%,

03/15/2056

Canadian

National

Railway

Co

3.05%,

02/08/2050

CAD

3.85%,

08/05/2032

$

Canadian

Pacific

Railway

Co

2.88%,

11/15/2029

4.30%,

05/15/2043

4.70%,

05/01/2048

547

CSX

Corp

3.35%,

09/15/2049

3.80%,

11/01/2046

DSV

Finance

BV

1.38%,

03/16/2030

EUR

East

Japan

Railway

Co

1.10%,

09/15/2039

5.56%,

09/04/2054

GBP

Federal

Express

Corp

2020-1

Pass

Through

Trusts

1.88%,

08/20/2035

$

1,725

1,510

FedEx

Corp

4.95%,

10/17/2048

Norfolk

Southern

Corp

4.55%,

06/01/2053

5.55%,

03/15/2034

Ryder

System

Inc

5.25%,

06/01/2028

Transnet/South

Africa

8.25%,

02/06/2028

2,875

3,038

TTX

Co

5.50%,

09/25/2026

(i) 839

848

Union

Pacific

Corp

3.25%,

02/05/2050

3.60%,

09/15/2037

3.85%,

02/14/2072

United

Parcel

Service

Inc

5.30%,

04/01/2050

(j) 200

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Transportation

(continued)

Yinson

Bergenia

Production

BV

8.50%,

01/31/2045

(i) $

950

$

998

8.50%,

01/31/2045

1,125

1,181

$

11,373

Trucking

&

Leasing

-

0.32%

FTAI

Aviation

Investors

LLC

7.00%,

05/01/2031

(i) 2,425

2,541

7.00%,

06/15/2032

(i) 1,100

1,152

GATX

Corp

3.25%,

09/15/2026

864

857

6.05%,

03/15/2034

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

5.25%,

02/01/2030

(i) 807

832

5.35%,

03/30/2029

(i) 338

5.88%,

11/15/2027

(i) 100

6.05%,

08/01/2028

(i) 825

861

6.20%,

06/15/2030

(i) 909

972

$

7,773

Water

-

0.19%

Aegea

Finance

Sarl

7.63%,

01/20/2036

(i) 1,475

1,438

9.00%,

01/20/2031

(i) 1,825

1,928

9.00%,

01/20/2031

(j) 250

American

Water

Capital

Corp

4.15%,

06/01/2049

Anglian

Water

Services

Financing

PLC

2.63%,

06/15/2027

GBP

Essential

Utilities

Inc

3.35%,

04/15/2050

$

Northumbrian

Water

Finance

PLC

6.38%,

10/28/2034

GBP

Suez

SACA

5.00%,

11/03/2032

EUR

SW

Finance

I

PLC

6.19%,

03/31/2029

GBP

United

Utilities

Water

Finance

PLC

2.63%,

02/12/2031

Veolia

Environnement

SA

1.59%,

01/10/2028

EUR

Yorkshire

Water

Services

Finance

Ltd

5.50%,

05/28/2037

(m) GBP

$

4,652

TOTAL

BONDS

$

1,694,188

CONVERTIBLE

BONDS

-

0.09%

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

0.08%

Sasol

Financing

USA

LLC

4.50%,

11/08/2027

$

2,000

$

1,920

Oil

&

Gas

-

0.01%

Kosmos

Energy

Ltd

3.13%,

03/15/2030

525

TOTAL

CONVERTIBLE

BONDS

$

2,240

SENIOR

FLOATING

RATE

INTERESTS

-

8.70%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.11%

Advantage

Sales

&

Marketing

Inc

;

Term

Loan

B2

8.45%,

10/28/2027

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Clear

Channel

Outdoor

Holdings

Inc

;

Term

Loan

B

8.15%,

08/23/2028

(r) 1,750

1,752

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

8.15%,

08/23/2028

(r) 474

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Advertising

(continued)

CMG

Media

Corp

;

Term

Loan

B2

7.60%,

06/18/2029

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Planet

US

Buyer

LLC

;

Term

Loan

B

7.20%,

02/07/2031

(r) 214

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

2,650

Aerospace

&

Defense

-

0.07%

Bleriot

US

Bidco

Inc

;

Term

Loan

B

6.50%,

10/31/2030

(r) 150

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Goat

Holdco

LLC

;

Term

Loan

B

6.91%,

12/10/2031

(r) 244

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Kaman

Corp

;

Term

Loan

B

6.66%,

01/30/2032

(r) 460

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Kaman

Corp

;

Delayed

Draw

Term

Loan

B-DD

6.46%,

02/26/2032

(r) 4

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Signia

Aerospace

LLC

;

Term

Loan

B

6.72%,

12/11/2031

(r) 102

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

TransDigm

Inc

;

Term

Loan

J

6.50%,

02/28/2031

(r) 357

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

TransDigm

Inc

;

Term

Loan

L

6.50%,

01/19/2032

(r) 166

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

TransDigm

Inc

;

Term

Loan

M

6.50%,

08/19/2032

(r) 237

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

1,721

Airlines

-

0.01%

AAdvantage

Loyalty

IP

Ltd

;

Term

Loan

B

6.14%,

04/20/2028

(r) 76

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Air

Canada

;

Term

Loan

B

6.17%,

03/21/2031

(r) 165

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

United

Airlines

Inc

;

Term

Loan

B

6.20%,

02/22/2031

(r) 89

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

Apparel

-

0.02%

ABG

Intermediate

Holdings

LLC

;

Term

Loan

B1

6.41%,

12/21/2028

(r) 152

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Beach

Acquisition

Bidco

LLC

;

Term

Loan

B1

7.31%,

09/12/2032

(r) 105

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Apparel

(continued)

Varsity

Brands

Inc

;

Term

Loan

B

7.03%,

08/26/2031

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

WH

Borrower

LLC

;

Term

Loan

B

8.70%,

02/20/2032

(r) 85

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

549

Automobile

Parts

&

Equipment

-

0.17%

Clarios

Global

LP

;

Term

Loan

B

6.66%,

05/04/2030

(r) 1,592

1,591

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

6.66%,

05/04/2030

(r) 270

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

6.91%,

01/28/2032

(r) 260

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Dexko

Global

Inc

;

Term

Loan

B

8.03%,

10/04/2028

(r) 273

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

First

Brands

Group

LLC

;

Term

Loan

B

0.00%,

03/30/2027

(d),(r)

1,196

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

0.00%,

03/30/2027

(d),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

First

Brands

Group

LLC

;

Term

Loan

0.00%,

03/30/2028

(d),(r)

1,475

CME

Term

Secured

Overnight

Financing

Rate

Month

+

8.50%

First

Brands

Group

LLC

;

DIP

PIK

TERM

5.68%,

PIK

8.45%,

06/29/2026

(n),(r)

539

571

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.55%

16.25%,

PIK

0.00%,

06/29/2026

(n),(r)

1,617

648

Prime

Rate

+

9.00%

$

4,055

Banks

-

0.00%

Ascensus

Holdings

Inc

;

Term

Loan

B

7.16%,

08/02/2028

(r) 44

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Beverages

-

0.10%

Arterra

Wines

Canada

Inc

;

Term

Loan

B1

7.76%,

11/25/2027

(r) 1,569

1,524

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

BrewCo

Borrower

LLC

11.20%,

09/30/2030

(r) 40

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

11.20%,

09/30/2030

(r) 176

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Naked

Juice

LLC

;

Term

Loan

9.50%,

01/24/2029

(r) 122

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Pegasus

Bidco

BV

;

Term

Loan

B

6.76%,

07/12/2029

(r) 89

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Beverages

(continued)

Primo

Brands

Corp

;

Term

Loan

B

6.25%,

03/31/2028

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

2,278

Building

Materials

-

0.07%

ACProducts

Holdings

Inc

;

Term

Loan

B

8.51%,

05/17/2028

(r) 504

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Chariot

Buyer

LLC

;

Term

Loan

B

7.16%,

09/08/2032

(r) 241

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Cornerstone

Building

Brands

Inc

;

Term

Loan

B

7.38%,

04/12/2028

(r) 317

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Cornerstone

Building

Brands

Inc

;

Term

Loan

9.65%,

08/01/2028

(r) 52

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.63%

CP

Atlas

Buyer

Inc

;

Term

Loan

B

9.41%,

07/08/2030

(r) 154

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

MI

Windows

And

Doors

LLC

;

Term

Loan

B3

6.92%,

03/21/2031

(r) 94

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Oscar

Acquisitionco

LLC

;

Term

Loan

B

8.25%,

04/29/2029

(r) 63

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Quikrete

Holdings

Inc

;

Term

Loan

B3

6.41%,

02/10/2032

(r) 308

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Quikrete

Holdings

Inc

;

Term

Loan

B1

6.41%,

04/14/2031

(r) 78

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

1,704

Chemicals

-

0.36%

Advancion

Holdings

LLC

;

Term

Loan

11.81%,

10/27/2028

(r) 8,680

7,812

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Ecovyst

Catalyst

Technologies

LLC

;

Term

Loan

B

6.32%,

06/12/2031

(r) 115

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Fortis

Inc

;

Term

Loan

B

7.50%,

03/29/2032

(r) 49

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Herens

US

Holdco

Corp

;

Term

Loan

B

8.02%,

07/03/2028

(r) 63

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.93%

Nouryon

Finance

BV

;

Term

Loan

B

7.04%,

04/03/2028

(r) 311

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Qnity

Electronics

Inc

;

Term

Loan

B

0.00%,

11/01/2032

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

Solstice

Advanced

Materials

Inc

5.59%,

10/29/2032

(r) $

$

USALCO

LLC

;

Term

Loan

B

7.66%,

09/30/2031

(r) 58

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

8,704

Commercial

Services

-

0.34%

Allied

Universal

Holdco

LLC

;

Term

Loan

B

7.51%,

08/06/2032

(r) 375

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Anticimex

Global

AB

0.00%,

11/17/2031

(r),(s)

650

652

Anticimex

Global

AB

;

Term

Loan

B1

7.76%,

11/16/2028

(r) 323

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.40%

Anticimex

Global

AB

;

Term

Loan

B6

7.76%,

11/16/2028

(r) 56

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Belron

Finance

2019

LLC

;

Term

Loan

B

6.74%,

10/16/2031

(r) 255

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Boost

Newco

Borrower

LLC

;

Term

Loan

B2

6.00%,

01/31/2031

(r) 802

804

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Camelot

US

Acquisition

LLC

;

Term

Loan

B

6.91%,

01/31/2031

(r) 90

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Catawba

Nation

Gaming

Authority

;

Term

Loan

B

8.91%,

03/29/2032

(r) 75

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Champions

Financing

Inc

;

Term

Loan

B

8.95%,

02/23/2029

(r) 2,481

2,290

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Corp

Service

Co

;

Term

Loan

B

6.27%,

11/02/2029

(r) 147

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Creative

Artists

Agency

LLC

;

Term

Loan

B

6.66%,

10/01/2031

(r) 268

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Element

Materials

Technology

Group

US

Holdings

Inc

7.68%,

07/06/2029

(r) 208

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Ensemble

RCM

LLC

;

Term

Loan

B

7.31%,

08/01/2029

(r) 164

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Garda

World

Security

Corp

;

Term

Loan

B

7.38%,

02/01/2029

(r) 223

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Jupiter

Buyer

Inc

;

Term

Loan

B

8.25%,

10/10/2031

(r) 156

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Medical

Solutions

Holdings

Inc

;

Term

Loan

B

7.91%,

10/06/2028

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Mister

Car

Wash

Holdings

Inc

;

Term

Loan

B

6.66%,

03/27/2031

(r) 204

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

OMNIA

Partners

LLC

;

Term

Loan

B

6.36%,

07/25/2030

(r) 151

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

PG

Polaris

BidCo

Sarl

;

Term

Loan

B

6.91%,

03/26/2031

(r) 131

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Prime

Security

Services

Borrower

LLC

;

Term

Loan

B1

6.13%,

10/13/2030

(r) 108

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Prime

Security

Services

Borrower

LLC

;

Term

Loan

B2

0.00%,

03/07/2032

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Priority

Holdings

LLC

;

Term

Loan

B

8.03%,

07/23/2032

(r) 64

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Spin

Holdco

Inc

;

Term

Loan

B

8.39%,

03/03/2028

(r) 742

618

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Wand

NewCo

Inc

;

Term

Loan

B2

8.09%,

01/30/2031

(r) 266

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

XPLOR

T1

LLC

;

Term

Loan

B

7.50%,

06/24/2031

(r) 123

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

XPLOR

T1

LLC

0.00%,

06/24/2032

(r),(s)

$

8,017

Computers

-

0.18%

Amentum

Holdings

Inc

;

Term

Loan

B

6.41%,

07/29/2031

(r) 61

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Clover

Holdings

LLC

;

Term

Loan

B

8.26%,

12/09/2031

(r) 826

826

Fortress

Intermediate

Inc

;

Term

Loan

B

7.11%,

06/27/2031

(r) 232

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

KnowBe4

Inc

;

Term

Loan

8.06%,

07/22/2032

(r) 900

898

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

McAfee

Corp

;

Term

Loan

B1

6.96%,

03/01/2029

(r) 284

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

NCR

Atleos

Corp

;

Term

Loan

B

7.02%,

04/16/2029

(r) 57

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

(continued)

Peraton

Corp

;

Term

Loan

B

0.00%,

02/01/2028

(r),(s)

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Perforce

Software

Inc

;

Term

Loan

B

8.91%,

03/21/2031

(r) 165

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Ping

Identity

Corp

0.00%,

10/29/2032

(r),(s)

Sophos

Holdings

LLC

;

Term

Loan

B

7.78%,

03/05/2027

(r) 94

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Synechron

Inc

;

Term

Loan

B

8.06%,

10/03/2031

(r) 94

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

VeriFone

Systems

Inc

;

Term

Loan

9.84%,

08/18/2028

(r) 253

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Vision

Solutions

Inc

;

Term

Loan

B

8.57%,

04/23/2028

(r) 158

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

World

Wide

Technology

Holding

Co

LLC

5.99%,

03/01/2030

(r) 119

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

X

Corp

;

Term

Loan

B1

11.31%,

10/26/2029

(r) 559

545

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

X

Corp

;

Term

Loan

B3

9.50%,

10/26/2029

(r) 185

$

4,191

Consumer

Products

-

0.00%

VC

GB

Holdings

I

Corp

;

Term

Loan

B

7.76%,

06/30/2028

(r) 50

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Cosmetics

&

Personal

Care

-

0.02%

Conair

Holdings

LLC

;

Term

Loan

B

8.03%,

05/17/2028

(r) 71

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Opal

US

LLC

;

Term

Loan

B

6.90%,

04/28/2032

(r) 330

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

Distribution

&

Wholesale

-

0.31%

Gates

Corp/DE

;

Term

Loan

B5

5.91%,

06/04/2031

(r) 95

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Gloves

Buyer

Inc

;

Term

Loan

B

7.96%,

05/21/2032

(r) 2,590

2,549

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Infinite

Bidco

LLC

;

Term

Loan

7.85%,

03/02/2028

(r) 190

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

11.10%,

02/24/2029

(r) 4,850

4,338

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Distribution

&

Wholesale

(continued)

OPENLANE

Inc

;

Term

Loan

B

6.59%,

10/01/2032

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Resideo

Funding

Inc

;

Term

Loan

B

6.04%,

08/13/2032

(r) 85

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

7,311

Diversified

Financial

Services

-

0.05%

Dechra

Finance

US

LLC

;

Term

Loan

B

7.44%,

01/27/2032

(r) 64

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Jump

Financial

LLC

;

Term

Loan

B1

7.50%,

02/26/2032

(r) 923

924

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Kestra

Advisor

Services

Holdings

A

Inc

;

Term

Loan

B

7.16%,

03/22/2031

(r) 138

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Orion

US

Finco

Inc

;

Term

Loan

B

7.43%,

10/08/2032

(r) 26

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

1,153

Electric

-

0.07%

Cornerstone

Generation

LLC

;

Term

Loan

B

7.48%,

08/11/2032

(r) 254

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Invenergy

Thermal

Operating

I

LLC

7.71%,

05/06/2032

(r) 4

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

7.74%,

05/06/2032

(r) 54

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

NRG

Energy

Inc

;

Term

Loan

B

6.37%,

04/16/2031

(r) 65

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Talen

Energy

Supply

LLC

;

Term

Loan

B

6.73%,

05/17/2030

(r) 693

693

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

6.73%,

12/11/2031

(r) 665

666

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

1,738

Electronics

-

0.05%

Ingram

Micro

Inc

;

Term

Loan

B2

6.25%,

09/19/2031

(r) 82

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Lsf12

Crown

US

Commercial

Bidco

LLC

;

Term

Loan

B

7.66%,

12/02/2031

(r) 978

983

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Pinnacle

Buyer

LLC

;

Term

Loan

B

6.49%,

09/10/2032

(r) 67

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electronics

(continued)

Spectris

PLC

0.00%,

09/24/2032

(r),(s)

$

$

$

1,207

Engineering

&

Construction

-

0.05%

Apple

Bidco

LLC

;

Term

Loan

B

6.66%,

09/22/2031

(r) 246

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Brand

Industrial

Services

Inc

;

Term

Loan

B

8.79%,

08/01/2030

(r) 74

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Brown

Group

Holding

LLC

;

Term

Loan

B1

6.66%,

07/01/2031

(r) 122

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Brown

Group

Holding

LLC

;

Term

Loan

B2

6.44%,

07/01/2031

(r) 542

544

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Centuri

Group

Inc

;

Term

Loan

B

6.22%,

07/09/2032

(r) 110

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

DG

Investment

Intermediate

Holdings

Inc

;

Term

Loan

B

7.91%,

07/09/2032

(r) 43

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Green

Infrastructure

Partners

Inc

6.75%,

09/17/2032

(r) 62

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

1,193

Entertainment

-

0.14%

AMC

Entertainment

Holdings

Inc

;

Term

Loan

11.03%,

01/04/2029

(r) 1,126

1,127

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Caesars

Entertainment

Inc

;

Term

Loan

B1

6.41%,

02/06/2031

(r) 195

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Churchill

Downs

Inc

;

Term

Loan

B1

5.91%,

03/17/2028

(r) 111

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Cinemark

USA

Inc

;

Term

Loan

B

6.37%,

05/24/2030

(r) 132

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Crown

Finance

US

Inc

;

Term

Loan

B

8.63%,

12/02/2031

(r) 327

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Entain

Holdings

Gibraltar

Ltd

6.25%,

10/31/2029

(r) 214

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Flutter

Financing

BV

;

Term

Loan

B

5.75%,

11/30/2030

(r) 122

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

6.00%,

06/04/2032

(r) 294

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Entertainment

(continued)

Herschend

Entertainment

Co

LLC

;

Term

Loan

7.41%,

05/27/2032

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Light

&

Wonder

International

Inc

;

Term

Loan

B2

6.29%,

04/14/2029

(r) 86

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Motion

Finco

Sarl

;

Term

Loan

B3

7.50%,

11/12/2029

(r) 106

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Scientific

Games

Holdings

LP

;

Term

Loan

B

6.93%,

04/04/2029

(r) 235

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

SeaWorld

Parks

&

Entertainment

Inc

;

Term

Loan

B3

6.16%,

12/04/2031

(r) 169

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

TKO

Worldwide

Holdings

LLC

;

Term

Loan

B5

6.04%,

11/21/2031

(r) 253

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

3,413

Environmental

Control

-

0.04%

GFL

ES

US

LLC

;

Term

Loan

B

6.67%,

02/04/2032

(r) 154

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Madison

IAQ

LLC

;

Term

Loan

B

6.70%,

06/21/2028

(r) 112

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Reworld

Holding

Corp

;

Term

Loan

B1

6.28%,

11/30/2028

(r) 149

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Reworld

Holding

Corp

;

Term

Loan

C1

6.29%,

11/30/2028

(r) 12

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Reworld

Holding

Corp

;

Term

Loan

B

6.27%,

01/31/2031

(r) 40

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Win

Waste

Innovations

Holdings

Inc

;

Term

Loan

7.03%,

03/24/2028

(r) 588

588

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

1,054

Food

-

0.03%

Aspire

Bakeries

Hldgs

LLC

7.27%,

12/23/2030

(r) 79

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

B&G

Foods

Inc

;

Term

Loan

B5

7.46%,

10/10/2029

(r) 46

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

CHG

PPC

Parent

LLC

;

Term

Loan

B

7.28%,

12/08/2028

(r) 118

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

Fiesta

Purchaser

Inc

;

Term

Loan

B

6.91%,

02/12/2031

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Froneri

US

Inc

;

Term

Loan

B4

6.20%,

09/17/2031

(r) 119

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Froneri

US

Inc

;

Term

Loan

B6

0.00%,

07/16/2032

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Savor

Acquisition

Inc

;

Term

Loan

B

7.16%,

02/19/2032

(r) 55

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

807

Hand

&

Machine

Tools

-

0.00%

Madison

Safety

&

Flow

LLC

;

Term

Loan

B

6.34%,

09/26/2031

(r) 71

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Healthcare

-

Products

-

0.09%

Bausch

+

Lomb

Corp

;

Term

Loan

B

8.41%,

01/15/2031

(r) 255

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Insulet

Corp

;

Term

Loan

B

6.16%,

08/01/2031

(r) 127

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Medline

Borrower

LP

;

Term

Loan

B

6.16%,

10/23/2028

(r) 1,338

1,339

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Resonetics

LLC

;

Term

Loan

B

6.59%,

06/18/2031

(r) 140

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Viant

Medical

Holdings

Inc

;

Term

Loan

8.16%,

10/17/2031

(r) 206

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

2,069

Healthcare

-

Services

-

0.28%

ADMI

Corp

;

Term

Loan

B1

9.91%,

12/23/2027

(r) 124

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

AHP

Health

Partners

Inc

;

Term

Loan

B

6.41%,

09/20/2032

(r) 104

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Eyecare

Partners

LLC

;

PIK

Term

Loan

B

4.97%,

PIK

3.61%,

11/30/2028

(n),(r)

3,630

2,113

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

Global

Medical

Response

Inc

;

Term

Loan

B

7.38%,

10/01/2032

(r) 327

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Heartland

Dental

LLC

;

Term

Loan

B

7.71%,

08/25/2032

(r) 953

954

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

National

Mentor

Holdings

Inc

;

Term

Loan

B

7.98%,

03/02/2028

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

National

Mentor

Holdings

Inc

;

Term

Loan

C

7.86%,

03/02/2028

(r) 7

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Onex

TSG

Intermediate

Corp

8.01%,

08/06/2032

(r) 73

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Pacific

Dental

Services

LLC

;

Term

Loan

B

6.54%,

03/15/2031

(r) 207

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Phoenix

Guarantor

Inc

;

Term

Loan

B5

6.66%,

02/21/2031

(r) 253

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Phoenix

Newco

Inc

;

Term

Loan

B

6.66%,

11/15/2028

(r) 432

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Radiology

Partners

Inc

;

Term

Loan

B

8.50%,

06/30/2032

(r) 179

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Select

Medical

Corp

;

Term

Loan

B2

6.16%,

12/03/2031

(r) 115

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Sound

Inpatient

Physicians

Inc

;

PIK

Term

Loan

B

7.76%,

PIK

1.50%,

06/28/2028

(n),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Sound

Inpatient

Physicians

Inc

;

PIK

Term

Loan

A

9.76%,

PIK

1.00%,

06/28/2028

(n),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Star

Parent

Inc

;

Term

Loan

B

8.00%,

09/27/2030

(r) 90

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Surgery

Center

Holdings

Inc

;

Term

Loan

6.66%,

12/19/2030

(r) 584

585

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Team

Health

Holdings

Inc

;

Term

Loan

B

8.80%,

06/23/2028

(r) 528

528

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

$

6,670

Home

Builders

-

0.06%

Tecta

America

Corp

6.77%,

02/12/2032

(r) 1,297

1,300

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Home

Furnishings

-

0.03%

AI

Aqua

Merger

Sub

Inc

;

Term

Loan

B

7.13%,

07/30/2028

(r) 373

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Somnigroup

International

Inc

;

Term

Loan

B

6.21%,

10/24/2031

(r) 104

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Home

Furnishings

(continued)

Weber-Stephen

Products

LLC

7.73%,

09/17/2032

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

668

Insurance

-

1.00%

Acrisure

LLC

;

Term

Loan

B6

7.16%,

11/06/2030

(r) 995

993

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

7.16%,

11/06/2030

(r) 246

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Alera

Group

Inc

;

Term

Loan

B

7.41%,

05/31/2032

(r) 277

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Alliant

Holdings

Intermediate

LLC

;

Term

Loan

B

6.67%,

09/19/2031

(r) 440

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

AmWINS

Group

Inc

;

Term

Loan

B

6.25%,

01/30/2032

(r) 161

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Asurion

LLC

;

Term

Loan

B13

8.41%,

09/19/2030

(r) 204

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Asurion

LLC

;

Term

Loan

B9

7.53%,

07/31/2027

(r) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Asurion

LLC

;

Term

Loan

B11

8.51%,

08/19/2028

(r) 106

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Asurion

LLC

;

Term

Loan

B4

9.35%,

01/20/2029

(r) 9,150

8,710

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

9.35%,

01/20/2029

(r) 950

904

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

9.35%,

01/20/2029

(r) 95

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Asurion

LLC

;

Term

Loan

B3

9.33%,

01/31/2028

(r) 7,600

7,435

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

9.33%,

01/31/2028

(r) 269

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Broadstreet

Partners

Group

LLC

;

Term

Loan

B4

6.91%,

06/14/2031

(r) 705

706

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

CRC

Insurance

Group

LLC

;

Term

Loan

B

6.75%,

05/06/2031

(r) 227

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

CRC

Insurance

Group

LLC

;

Term

Loan

8.75%,

05/06/2032

(r) 1,447

1,465

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

HUB

International

Ltd

;

Term

Loan

B

6.12%,

06/20/2030

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Ryan

Specialty

LLC

;

Term

Loan

B

6.16%,

09/13/2031

(r) 236

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Sedgwick

Claims

Management

Services

Inc

;

Term

Loan

B

6.66%,

07/31/2031

(r) 416

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Trucordia

Insurance

Holdings

LLC

;

Term

Loan

7.41%,

06/17/2032

(r) 140

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

USI

Inc/NY

;

Term

Loan

C

6.25%,

09/27/2030

(r) 119

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

USI

Inc/NY

;

Term

Loan

D

6.25%,

11/21/2029

(r) 371

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

23,981

Internet

-

0.39%

CNT

Holdings

I

Corp

;

Term

Loan

B

6.56%,

11/08/2032

(r) 288

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

MH

Sub

I

LLC

;

Term

Loan

10.09%,

02/12/2029

(r) 7,550

5,644

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Proofpoint

Inc

;

Term

Loan

B

0.00%,

08/31/2028

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

0.00%,

08/31/2028

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

7.16%,

08/31/2028

(r) 420

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Ten-X

LLC

;

Term

Loan

9.91%,

05/26/2028

(r) 2,960

2,564

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

$

9,387

Investment

Companies

-

0.34%

Acuren

Delaware

Holdco

Inc

;

Term

Loan

6.91%,

07/30/2031

(r) 35

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Aragorn

Parent

Corp

;

Term

Loan

B

7.66%,

12/15/2028

(r) 93

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Nexus

Buyer

LLC

;

Term

Loan

B

7.66%,

07/31/2031

(r) 695

690

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Nexus

Buyer

LLC

9.91%,

01/30/2032

(r) 7,350

7,313

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

$

8,131

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Leisure

Products

&

Services

-

0.13%

Alterra

Mountain

Co

;

Term

Loan

B6

6.66%,

08/17/2028

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

GBT

US

III

LLC

;

Term

Loan

B1

6.36%,

07/25/2031

(r) 108

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Hayward

Industries

Inc

;

Term

Loan

B

6.78%,

05/28/2028

(r) 146

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

MajorDrive

Holdings

IV

LLC

;

Term

Loan

B

8.26%,

06/01/2028

(r) 2,757

2,671

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Topgolf

Callaway

Brands

Corp

;

Term

Loan

B

7.16%,

03/16/2030

(r) 70

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

3,196

Lodging

-

0.01%

Fertitta

Entertainment

LLC/NV

;

Term

Loan

B

7.41%,

01/13/2029

(r) 184

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Machinery

-

Diversified

-

0.51%

Chart

Industries

Inc

;

Term

Loan

B

6.48%,

03/15/2030

(r) 81

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Engineered

Machinery

Holdings

Inc

;

Term

Loan

10.26%,

05/21/2029

(r) 10,613

10,613

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Husky

Injection

Molding

Systems

Ltd

;

Term

Loan

B

7.92%,

02/01/2029

(r) 149

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Oregon

Tool

Lux

LP

;

Term

Loan

8.45%,

10/15/2029

(r) 115

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

9.53%,

10/15/2029

(r) 66

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

TK

Elevator

US

Newco

Inc

;

Term

Loan

B

7.20%,

04/30/2030

(r) 671

675

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Victory

Buyer

LLC

;

Term

Loan

8.03%,

11/18/2028

(r) 482

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

12,156

Media

-

0.63%

Cengage

Learning

Inc

;

Term

Loan

B

7.62%,

03/22/2031

(r) 261

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Century

DE

Buyer

LLC

;

Term

Loan

7.30%,

10/30/2030

(r) 127

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

CSC

Holdings

LLC

;

Term

Loan

B5

8.50%,

04/15/2027

(r) 284

Prime

Rate

+

1.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

CSC

Holdings

LLC

;

Term

Loan

B6

8.53%,

01/18/2028

(r) $

760

$

752

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

EW

Scripps

Co/The

;

Term

Loan

B2

9.90%,

06/30/2028

(r) 30

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

EW

Scripps

Co/The

;

Term

Loan

B3

7.50%,

11/30/2029

(r) 50

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.35%

McGraw-Hill

Education

Inc

;

Term

Loan

B2

6.91%,

08/06/2031

(r) 80

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Numericable

US

LLC

8.11%,

04/30/2028

(r) 129

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.13%

9.05%,

10/30/2028

(r) 116

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.06%

9.36%,

05/14/2029

(r) 452

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.38%

10.86%,

05/31/2031

(r) 287

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.88%

Sinclair

Television

Group

Inc

;

Term

Loan

B6

7.87%,

12/31/2029

(r) 55

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.30%

SportsNet

New

York

10.25%,

PIK

7.50%,

04/10/2026

(e),(g),(n),(r)

21,443

11,540

Sunrise

Financing

Partnership

;

Term

Loan

AAA

6.69%,

02/13/2032

(r) 122

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Virgin

Media

Bristol

LLC

;

Term

Loan

Q

7.40%,

01/31/2029

(r) 80

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Virgin

Media

Bristol

LLC

;

Term

Loan

Y

7.05%,

03/31/2031

(r) 160

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.18%

WideOpenWest

Finance

LLC

;

Term

Loan

7.17%,

12/11/2028

(r) 339

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Ziggo

Financing

Partnership

;

Term

Loan

I

6.71%,

04/28/2028

(r) 207

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

15,000

Mining

-

0.09%

Arctic

Canadian

Diamond

Co

Ltd

0.00%,

PIK

10.00%,

06/30/2026

(e),(n),(r)

4,626

2,214

Arsenal

AIC

Parent

LLC

;

Term

Loan

B

6.91%,

08/18/2030

(r) 30

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

2,244

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Packaging

&

Containers

-

0.14%

Berlin

Packaging

LLC

;

Term

Loan

B7

7.35%,

06/09/2031

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Clydesdale

Acquisition

Holdings

Inc

;

Term

Loan

B

7.34%,

04/13/2029

(r) 258

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.18%

7.41%,

03/26/2032

(r) 328

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Iris

Holding

Inc

;

Term

Loan

0.00%,

06/28/2028

(r),(s)

1,690

1,638

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Kleopatra

Finco

Sarl

0.00%,

10/27/2025

(d),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

Klockner

Pentaplast

of

America

Inc

;

Term

Loan

B

0.00%,

02/12/2026

(d),(r)

578

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.73%

Plaze

Inc

;

Term

Loan

B

7.78%,

08/03/2026

(r) 78

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

7.83%,

08/03/2026

(r) 45

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Proampac

PG

Borrower

LLC

;

Term

Loan

B

8.03%,

09/15/2028

(r) 247

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

SupplyOne

Inc

;

Term

Loan

B

7.66%,

03/27/2031

(r) 111

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

TricorBraun

Holdings

Inc

;

Term

Loan

7.41%,

03/03/2031

(r) 219

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

3,437

Pharmaceuticals

-

0.38%

1261229

BC

Ltd

;

Term

Loan

B

0.00%,

09/25/2030

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Amneal

Pharmaceuticals

LLC

;

Term

Loan

B

7.66%,

08/01/2032

(r) 130

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Covetrus

Inc

;

Term

Loan

9.00%,

10/13/2029

(r) 9,127

7,986

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Gainwell

Acquisition

Corp

;

Term

Loan

B

8.10%,

10/01/2027

(r) 278

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Jazz

Financing

Lux

Sarl

;

Term

Loan

B2

6.41%,

05/05/2028

(r) 60

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Organon

&

Co

;

Term

Loan

B

6.24%,

05/19/2031

(r) 300

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Perrigo

Investments

LLC

;

Term

Loan

B

6.16%,

04/20/2029

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

9,081

Pipelines

-

0.06%

Colossus

Acquireco

LLC

;

Term

Loan

B

5.87%,

07/31/2032

(r) 175

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

EPIC

Crude

Services

LP

;

Term

Loan

B

6.85%,

10/15/2031

(r) 122

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Freeport

LNG

Investments

LLLP

7.15%,

11/16/2026

(r) 438

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Freeport

LNG

Investments

LLLP

;

Term

Loan

B

7.12%,

12/21/2028

(r) 214

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

New

Fortress

Energy

Inc

;

Term

Loan

B

0.00%,

10/27/2028

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Oryx

Midstream

Services

Permian

Basin

LLC

;

Term

Loan

B

6.23%,

10/05/2028

(r) 110

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

TransMontaigne

Operating

Co

LP

;

Term

Loan

B

6.66%,

11/17/2028

(r) 107

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Traverse

Midstream

Partners

LLC

;

Term

Loan

B

6.81%,

02/16/2028

(r) 235

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

1,449

Real

Estate

-

0.03%

Cushman

&

Wakefield

US

Borrower

LLC

;

Term

Loan

B2

6.71%,

01/31/2030

(r) 113

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Cushman

&

Wakefield

US

Borrower

LLC

;

Term

Loan

B3

6.63%,

01/31/2030

(r) 117

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Forest

City

Enterprises

LLC

;

Term

Loan

B

7.78%,

12/07/2025

(r) 490

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

718

Retail

-

0.12%

1011778

BC

ULC

;

Term

Loan

B6

5.91%,

09/20/2030

(r) 355

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

EG

America

LLC

;

Term

Loan

B

7.70%,

02/07/2028

(r) 142

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Gulfside

Supply

Inc

;

Term

Loan

B

7.00%,

06/17/2031

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

IRB

Holding

Corp

;

Term

Loan

B

6.66%,

12/15/2027

(r) 272

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Johnstone

Supply

LLC

;

Term

Loan

B

6.50%,

06/09/2031

(r) 157

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Kodiak

BP

LLC

;

Term

Loan

B

7.75%,

12/04/2031

(r) 30

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

LBM

Acquisition

LLC

;

Term

Loan

B

7.88%,

06/06/2031

(r) 197

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

LS

Group

OpCo

Acquistion

LLC

;

Term

Loan

B1

6.69%,

04/23/2031

(r) 107

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Michaels

Cos

Inc/The

;

Term

Loan

8.51%,

04/15/2028

(r) 138

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Park

River

Holdings

Inc

;

Term

Loan

B

8.49%,

03/15/2031

(r) 65

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Petco

Health

&

Wellness

Co

Inc

;

Term

Loan

B

7.51%,

03/03/2028

(r) 63

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

PetSmart

LLC

;

Term

Loan

B

8.03%,

08/18/2032

(r) 88

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

QXO

Building

Products

Inc

;

Term

Loan

B

7.16%,

04/30/2032

(r) 61

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Restoration

Hardware

Inc

;

Term

Loan

B

6.78%,

10/20/2028

(r) 104

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Victra

Holdings

LLC

;

Term

Loan

B

7.75%,

03/31/2029

(r) 974

976

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

White

Cap

Supply

Holdings

LLC

;

Term

Loan

B

7.43%,

10/19/2029

(r) 107

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

2,916

Semiconductors

-

0.14%

Altar

Bidco

Inc

;

Term

Loan

9.28%,

02/01/2030

(r) 3,570

3,387

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.60%

Software

-

1.73%

Applied

Systems

Inc

;

Term

Loan

B1

8.50%,

02/24/2032

(r) 2,700

2,752

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Ascend

Learning

LLC

;

Term

Loan

B

7.16%,

12/11/2028

(r) $

3,930

$

3,926

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

AthenaHealth

Group

Inc

;

Term

Loan

B

6.91%,

02/15/2029

(r) 1,567

1,559

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Avalara

Inc

;

Term

Loan

B

6.73%,

03/26/2032

(r) 198

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Avaya

LLC

;

PIK

Term

Loan

Exit

11.66%,

PIK

0.00%,

07/31/2028

(n),(r)

937

818

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.50%

Azalea

Topco

Inc

;

Term

Loan

B

7.16%,

04/30/2031

(r) 185

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

BCPE

Pequod

Buyer

Inc

;

Term

Loan

B

7.16%,

09/19/2031

(r) 109

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Boxer

Parent

Co

Inc

;

Term

Loan

B

7.20%,

07/30/2031

(r) 602

597

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Cast

&

Crew

LLC

;

Term

Loan

B

7.91%,

12/29/2028

(r) 2,593

2,114

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

CCC

Intelligent

Solutions

Inc

;

Term

Loan

B

6.16%,

01/23/2032

(r) 74

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Cloud

Software

Group

Inc

;

Term

Loan

B2

7.25%,

03/21/2031

(r) 30

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

CoreLogic

Inc

;

Term

Loan

B

7.78%,

06/02/2028

(r) 208

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Cotiviti

Inc

;

Term

Loan

6.88%,

03/26/2032

(r) 97

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Cotiviti

Inc

;

Term

Loan

B

7.62%,

05/01/2031

(r) 203

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Dawn

Bidco

LLC

;

Term

Loan

B

0.00%,

10/07/2032

(r),(s)

1,525

1,519

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

0.00%,

10/07/2032

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Dayforce

Inc

;

Term

Loan

B

6.31%,

03/01/2031

(r) 194

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Disco

Parent

Inc

/

Duck

Creek

Technologies

Inc

7.48%,

08/06/2032

(r) 65

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Ellucian

Holdings

Inc

;

Term

Loan

8.85%,

11/15/2032

(r) $

620

$

626

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

8.85%,

11/15/2032

(r) 1,450

1,464

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Ellucian

Holdings

Inc

;

Term

Loan

B

6.91%,

10/08/2029

(r) 235

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Epicor

Software

Corp

;

Term

Loan

B

6.66%,

05/23/2031

(r) 802

803

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

FinThrive

Software

Intermediate

Holdings

Inc

;

Term

Loan

B

8.00%,

12/15/2028

(r) 113

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Genesys

Cloud

Services

Inc

;

Term

Loan

B

6.68%,

01/30/2032

(r) 541

534

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Icon

Parent

Inc

6.75%,

11/13/2031

(r) 387

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Informatica

LLC

;

Term

Loan

B

6.41%,

10/27/2028

(r) 272

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Isolved

Inc

;

Term

Loan

B

6.91%,

10/15/2030

(r) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Javelin

Buyer

Inc

;

Term

Loan

7.06%,

12/05/2031

(r) 232

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Kaseya

Inc

;

Term

Loan

B

7.41%,

03/20/2032

(r) 647

647

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

7.41%,

03/20/2032

(r) 226

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Kaseya

Inc

;

Term

Loan

9.04%,

03/05/2033

(r) 3,770

3,725

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

9.04%,

03/05/2033

(r) 2,175

2,149

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Leia

Finco

US

LLC

;

Term

Loan

9.19%,

10/11/2032

(r) 4,750

4,730

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Leia

Finco

US

LLC

;

Term

Loan

B

7.19%,

10/09/2031

(r) 1,640

1,643

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

7.19%,

10/09/2031

(r) 302

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Loyalty

Ventures

Inc

0.00%,

11/03/2027

(d),(r)

1,608

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Marcel

Bidco

LLC

;

Term

Loan

B

7.15%,

11/12/2030

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Mitchell

International

Inc

;

Term

Loan

B

7.41%,

06/17/2031

(r) 339

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Modena

Buyer

LLC

;

Term

Loan

B

8.58%,

04/18/2031

(r) 2,574

2,512

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Open

Text

Corp

;

Term

Loan

B

5.91%,

01/31/2030

(r) 385

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Planview

Parent

Inc

;

Term

Loan

7.50%,

12/17/2027

(r) 497

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

PointClickCare

Technologies

Inc

;

Term

Loan

B

6.75%,

11/03/2031

(r) 124

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Project

Alpha

Intermediate

Holding

Inc

;

Term

Loan

B

7.25%,

10/28/2030

(r) 174

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Rackspace

Finance

LLC

;

Term

Loan

B

6.91%,

05/15/2028

(r) 324

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

10.41%,

05/15/2028

(r) 167

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Red

Planet

Borrower

LLC

;

Term

Loan

B

8.16%,

08/09/2032

(r) 2,000

1,968

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Rocket

Software

Inc

;

Term

Loan

B

7.91%,

11/28/2028

(r) 306

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

SS&C

Technologies

Inc

;

Term

Loan

B8

6.29%,

05/09/2031

(r) 126

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

UKG

Inc

;

Term

Loan

B

6.34%,

02/10/2031

(r) 609

608

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

VS

Buyer

LLC

;

Term

Loan

B

6.56%,

04/12/2031

(r) 162

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

West

Technology

Group

LLC

;

Term

Loan

B3

8.56%,

04/09/2027

(r) 422

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Zelis

Payments

Buyer

Inc

;

Term

Loan

B

6.91%,

11/26/2031

(r) 245

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

7.41%,

10/25/2031

(r) 171

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

41,529

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

-

0.34%

Cincinnati

Bell

Inc

;

Term

Loan

B5

6.41%,

11/22/2028

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

CommScope

LLC

8.91%,

12/18/2029

(r) 1,979

1,994

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Connect

Finco

SARL

;

Term

Loan

B

8.66%,

09/27/2029

(r) 94

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Cyborg

Oldco

DC

Holdings

Inc

;

Term

Loan

B

0.00%,

05/01/2024

(d),(e),(r)

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Delta

Topco

Inc

;

Term

Loan

B

6.85%,

11/30/2029

(r) 398

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Digicel

International

Finance

Ltd

;

Term

Loan

B

9.49%,

08/07/2032

(r) 185

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Frontier

Communications

Holdings

LLC

;

Term

Loan

B

6.53%,

07/01/2031

(r) 563

562

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Level

Financing

Inc

;

Term

Loan

B4

7.21%,

03/29/2032

(r) 1,362

1,360

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Lumen

Technologies

Inc

;

Term

Loan

A

10.16%,

06/01/2028

(r) 235

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Lumen

Technologies

Inc

;

Term

Loan

B1

0.00%,

04/15/2029

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

Lumen

Technologies

Inc

;

Term

Loan

B2

6.63%,

04/15/2030

(r) 590

587

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

Telesat

LLC

;

Term

Loan

B5

7.21%,

12/06/2026

(r) 232

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Viasat

Inc

;

Term

Loan

B

8.64%,

05/30/2030

(r) 237

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

8.78%,

03/04/2029

(r) 30

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Windstream

Services

LLC

;

Term

Loan

B

7.96%,

09/24/2032

(r) 87

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Zayo

Group

Holdings

Inc

;

PIK

Term

Loan

7.77%,

PIK

0.00%,

03/11/2030

(n),(r)

2,000

1,909

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

8,200

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Transportation

-

0.01%

PODS

LLC

;

Term

Loan

B

7.28%,

03/31/2028

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Stonepeak

Nile

Parent

LLC

;

Term

Loan

B

6.16%,

04/09/2032

(r) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

208,480

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

10.90%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

6.02%

2.00%,

07/01/2041

$

1,350

$

1,181

2.00%,

03/01/2051

2,435

1,990

2.00%,

07/01/2051

5,245

4,277

2.00%,

09/01/2051

5,676

4,624

2.00%,

11/01/2051

4,464

3,680

2.00%,

12/01/2051

2,232

1,834

2.00%,

02/01/2052

2,969

2,479

2.00%,

02/01/2052

809

659

2.00%,

03/01/2052

1,698

1,391

2.50%,

07/01/2051

764

652

2.50%,

10/01/2051

822

701

2.50%,

12/01/2051

3,045

2,626

2.50%,

12/01/2051

3,822

3,286

2.50%,

12/01/2051

4,212

3,640

2.50%,

01/01/2052

3,158

2,716

2.50%,

01/01/2052

1,884

1,632

3.00%,

08/01/2042

941

881

3.00%,

07/01/2051

2,399

2,159

3.00%,

03/01/2052

3,782

3,383

3.00%,

03/01/2052

3,350

3,021

3.50%,

05/01/2052

2,527

2,350

3.50%,

05/01/2052

2,092

1,947

3.50%,

11/01/2052

1,344

1,240

4.00%,

07/01/2052

853

818

4.00%,

08/01/2052

2,944

2,819

4.00%,

10/01/2052

1,146

1,096

4.00%,

03/01/2053

3,457

3,297

4.50%,

06/01/2052

1,206

1,191

4.50%,

08/01/2052

1,456

1,429

4.50%,

08/01/2052

1,215

1,196

4.50%,

09/01/2052

1,726

1,699

4.50%,

10/01/2052

550

539

4.50%,

10/01/2052

1,900

1,884

4.50%,

02/01/2053

2,222

2,186

4.50%,

05/01/2053

1,481

1,450

4.50%,

07/01/2053

2,315

2,271

4.50%,

01/01/2054

1,279

1,260

5.00%,

07/01/2052

2,276

2,295

5.00%,

04/01/2053

2,243

2,242

5.00%,

06/01/2053

1,956

1,968

5.00%,

06/01/2053

3,969

3,987

5.00%,

06/01/2053

2,509

2,507

5.00%,

08/01/2053

2,091

2,092

5.00%,

11/01/2054

1,529

1,535

5.00%,

11/01/2054

1,444

1,437

5.00%,

02/01/2055

1,158

1,162

5.50%,

11/01/2040

(t) 1,200

1,226

5.50%,

02/01/2053

2,801

2,872

5.50%,

07/01/2053

1,533

1,568

5.50%,

07/01/2053

1,214

1,245

5.50%,

11/01/2053

1,508

1,540

5.50%,

11/01/2053

1,701

1,743

5.50%,

03/01/2054

1,267

1,287

5.50%,

05/01/2054

1,368

1,396

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

5.50%,

06/01/2054

$

1,335

$

1,362

5.50%,

10/01/2054

2,522

2,578

5.50%,

02/01/2055

2,921

2,976

5.50%,

04/01/2055

1,467

1,496

5.50%,

06/01/2055

808

823

5.50%,

08/01/2055

1,452

1,475

5.50%,

11/01/2055

(t) 4,804

4,853

5.50%,

12/01/2055

(t) 1,485

1,499

6.00%,

04/01/2054

1,453

1,508

6.00%,

05/01/2054

1,350

1,400

6.00%,

06/01/2054

881

913

6.00%,

08/01/2054

3,079

3,171

6.00%,

09/01/2054

1,011

1,048

6.00%,

09/01/2054

1,768

1,828

6.00%,

11/01/2054

1,917

1,986

6.00%,

09/01/2055

1,428

1,477

6.00%,

11/01/2055

(t) 2,325

2,377

6.50%,

10/01/2053

1,392

1,458

6.50%,

05/01/2054

1,000

1,051

6.50%,

04/01/2055

886

933

6.50%,

11/01/2055

(t) 400

$

144,212

Government

National

Mortgage

Association

(GNMA)

-

2.40%

2.00%,

01/20/2051

1,210

1,007

2.00%,

07/20/2051

1,692

1,408

2.50%,

04/20/2051

1,931

1,672

2.50%,

07/20/2051

2.50%,

09/20/2051

2,005

1,736

3.00%,

09/20/2051

858

771

3.50%,

03/20/2048

1,810

1,686

3.50%,

08/20/2048

1,165

1,086

4.00%,

03/20/2049

2,725

2,616

4.00%,

03/20/2050

563

540

4.50%,

05/20/2048

2,175

2,162

4.50%,

05/20/2052

1,032

1,015

4.50%,

09/20/2052

4.50%,

06/20/2053

1,846

1,810

4.50%,

11/20/2055

(t) 4,500

4,391

5.00%,

12/20/2052

1,158

1,162

5.00%,

01/20/2053

2,389

2,394

5.00%,

02/20/2053

969

971

5.00%,

05/20/2053

1,731

1,731

5.00%,

08/20/2053

2,624

2,622

5.00%,

09/20/2053

1,435

1,433

5.00%,

10/20/2053

1,450

1,452

5.00%,

02/20/2054

654

654

5.00%,

04/20/2054

2,676

2,670

5.00%,

11/20/2055

(t) 410

5.50%,

03/20/2053

888

901

5.50%,

06/20/2053

1,528

1,550

5.50%,

08/20/2053

1,302

1,319

5.50%,

04/20/2054

2,633

2,663

5.50%,

11/20/2055

(t) 10,910

11,000

6.00%,

04/20/2054

1,875

1,915

$

57,558

U.S.

Treasury

-

1.66%

1.88%,

11/15/2051

1,881

1,077

2.25%,

02/15/2052

1,184

743

2.75%,

11/15/2042

899

702

2.88%,

05/15/2052

1,907

1,375

3.25%,

05/15/2042

511

3.63%,

09/30/2030

3.63%,

09/30/2031

645

639

3.75%,

04/15/2028

1,611

1,617

3.88%,

07/31/2030

607

611

3.88%,

08/15/2034

1,224

1,210

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

3.92%,

07/31/2027

(u) $

1,279

$

1,279

US

Treasury

Month

Bill

Money

Market

Yield

+

0.16%

3.93%,

04/30/2027

(u),(v)

9,546

9,543

US

Treasury

Month

Bill

Money

Market

Yield

+

0.16%

4.00%,

07/31/2032

4.13%,

08/15/2044

618

578

4.25%,

01/31/2030

4.25%,

11/15/2034

1,841

1,869

4.25%,

08/15/2035

1,761

1,783

4.25%,

08/15/2054

2,564

2,391

4.38%,

05/15/2034

976

1,002

4.50%,

11/15/2054

3,320

3,229

4.63%,

02/15/2035

566

590

4.63%,

05/15/2044

4.63%,

11/15/2044

515

514

4.63%,

05/15/2054

1,586

1,573

4.63%,

02/15/2055

1,972

1,957

4.75%,

02/15/2045

901

913

4.75%,

05/15/2055

1,133

1,148

4.88%,

08/15/2045

5.00%,

05/15/2045

1,435

1,502

$

39,737

U.S.

Treasury

Bill

-

0.82%

3.82%,

12/18/2025

(q) 1,580

1,572

3.88%,

12/16/2025

(q) 18,325

18,241

$

19,813

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

261,320

REPURCHASE

AGREEMENTS

-

0.63%

Maturity

Amount

(000's)

Value

(000's)

Banks

-

0.63%

Daiwa

Securities

Repurchase

Agreement;

4.10%

traded

10/31/2025

maturing

11/03/2025

(collateralized

by

US

Government

Security;

$15,306,719;

4.10%;

dated

02/28/2030)

$

15,002

$

15,001

TOTAL

REPURCHASE

AGREEMENTS

$

15,001

TOTAL

PURCHASED

OPTIONS

-

0.00%

$

—

Total

Investments

$

2,445,241

Other

Assets

and

Liabilities

- (2.02)%

(48,441)

TOTAL

NET

ASSETS

-

100.00%

$

2,396,800

(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

$37,846

or

1.58%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(f) Security

is

subject

to

a

contractual

sale

restriction

but

this

feature

is

not

considered

in

measuring

the

fair

value.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$50,953.

The

sale

restriction

provision

specified

in

the

shareholder

agreements

have

no

specified

expiration

date

or

circumstances

that

could

cause

a

lapse.

(g) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(h) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

(i) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$773,133

or

32.26%

of

net

assets.

(j) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$36,252

or

1.51%

of

net

assets.

(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

purchased

on

a

when-issued

basis.

(m) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(n) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(o) Security

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

$40,673

or

1.70%

of

net

assets.

(p) Security

is

an

Interest

Only

Strip.

(q) Rate

shown

is

the

discount

rate

of

the

original

purchase.

(r) Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(s) This

Senior

Floating

Rate

Note

will

settle

after

October

31,

2025,

at

which

time

the

interest

rate

will

be

determined.

(t) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(u) 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

$219

or

0.01%

of

net

assets.

(v) 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

$356

or

0.01%

of

net

assets.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

142,765

$

2,159,367

$

2,165,639

$

136,493

$

142,765

$

2,159,367

$

2,165,639

$

136,493

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

3,970

$

—

$

—

$

—

$

3,970

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Arctic

Canadian

Diamond

Co

Ltd

02/03/2021

$

—

$

0.01%

High

Ridge

Brands

-

Escrow

0.00%,

03/15/2025

12/29/2020-10/10/2025

14,671

—

0.00%

Specialty

Steel

12.00%,

11/15/2033

08/11/2025

33,946

28,040

1.17%

SportsNet

New

York

10.25%,

PIK

7.50%,

04/10/2026

01/22/2025-07/15/2025

21,155

11,540

0.48%

Total

$

39,852

1.66%

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Premiums

Paid

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Month

Secured

Overnight

Financing

Rate

Future;

December

2025

N/A

$

$

95.63 12/12/2025

$

$

—

$

(4) Total

$

$

—

$

(4) Amounts

in

thousands

except

contracts/shares.

Credit

Default

Swaptions

Written

Swaptions

Outstanding

Counterparty

Paid

by

the

Fund

Received

by

the

Fund

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Premiums

Received

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Year

Credit

Default

Swap

JPMorgan

Chase

ITRX.

XOVER.43

5.00%

EUR

4,611

75.00%

11/19/2025

$

(9) $

–

$

Total

$

(9) $

–

$

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Treasury

Note;

December

2025

Short

$

2,479

$

(4) US

Year

Treasury

Note;

December

2025

Long

18,929

US

Year

Treasury

Ultra

Note;

December

2025

Long

4,504

US

Year

Treasury

Note;

December

2025

Short

9,579

US

Year

Treasury

Note;

December

2025

Long

2,499

—

US

Year

Treasury Note;

December

2025

Short

23,262

US

Long

Bond;

December

2025

Short

1,642

(27) Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Ultra

Bond;

December

2025

Long

$

$

Total

$

Amounts

in

thousands

except

contracts.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

New

York

Mellon

11/20/2025

EUR

$

$

—

$

—

Bank

of

New

York

Mellon

11/20/2025

$

6,869

EUR

5,853

—

Citigroup

Inc

11/19/2025

EUR

676

$

788

—

(8) Citigroup

Inc

11/26/2025

TRY

132,725

$

3,087

—

Citigroup

Inc

11/26/2025

$

7,765

PEN

26,272

—

(38) Deutsche

Bank

AG

01/30/2026

EUR

$

—

(2) Deutsche

Bank

AG

01/30/2026

$

869

EUR

743

—

Goldman

Sachs

&

Co

11/26/2025

HUF

758,035

$

2,268

—

(17) Goldman

Sachs

&

Co

11/26/2025

$

4,661

ZAR

80,475

—

HSBC

Securities

Inc

11/03/2025

$

EUR

—

—

HSBC

Securities

Inc

11/19/2025

EUR

868

$

1,011

—

(10) HSBC

Securities

Inc

11/19/2025

$

20,046

EUR

17,254

—

HSBC

Securities

Inc

11/26/2025

CZK

57,590

$

2,764

—

(33) HSBC

Securities

Inc

11/26/2025

TRY

367,560

$

8,564

—

HSBC

Securities

Inc

11/26/2025

$

3,085

COP

11,865,261

—

JPMorgan

Chase

11/26/2025

$

3,218

MXN

59,350

—

Total

$

$

(108) Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

October

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

CDX.NA.HY.43

N/A

(5.00)%

Quarterly

12/20/2029

$

1,130

$

(81) $

(7) $

—

$

(88) Goldman

Sachs

&

Co

CMBX.11.BBB-

N/A

(3.00)%

Monthly

11/18/2054

650

—

Goldman

Sachs

&

Co

CMBX.18.BBB

N/A

(3.00)%

Monthly

12/17/2057

670

—

Goldman

Sachs

&

Co

CMBX.6.BBB-

N/A

(3.00)%

Monthly

05/11/2063

(3) 14

—

Goldman

Sachs

&

Co

CMBX.NA.11.AA

N/A

(1.50)%

Monthly

11/18/2054

1,000

(12) 5

—

Goldman

Sachs

&

Co

CMBX.NA.13.AA

N/A

(1.50)%

Monthly

12/16/2072

2,000

(51) 24

—

Goldman

Sachs

&

Co

CMBX.NA.15.A

N/A

(2.00)%

Monthly

11/18/2064

1,000

(38) 43

—

Goldman

Sachs

&

Co

CMBX.NA.18

N/A

(3.00)%

Monthly

12/17/2057

—

Goldman

Sachs

&

Co

CMBX.NA.BBB-

N/A

(3.00)%

Monthly

11/18/2064

1,000

—

—

Morgan

Stanley

&

Co

CMBX.18.BBB-

N/A

(3.00)%

Monthly

12/17/2057

—

Morgan

Stanley

&

Co

CMBX.NA.15.A

N/A

(2.00)%

Monthly

11/18/2064

1,000

(20) 43

—

Morgan

Stanley

&

Co

CMBX.NA.15.A

N/A

(2.00)%

Monthly

11/18/2064

(7) 19

—

Morgan

Stanley

&

Co

CMBX.NA.8.A

N/A

(2.00)%

Monthly

10/17/2057

—

Morgan

Stanley

&

Co

CMBX.NA.BBB-

N/A

(3.00)%

Monthly

11/18/2064

500

—

Total

$

625

$

(84) $

629

$

(88) Sell

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

October

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(b) Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

(c) Bank

of

America

NA

ITRX.FIN.SNR.44 12-

100%

Index

Tranche

(d) N/A

1.00%

Quarterly

12/20/2030

EUR

3,350

$

$

$

$

—

Bank

of

America

NA

ITRX.XOVER.42 12-

100%

Index

Tranche

(d) N/A

1.00%

Quarterly

12/20/2029

7,340

—

Citigroup

Inc

ITRX.XOVER.42 35-

100%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

1,353

—

Goldman

Sachs

&

Co

CDX.NA.HY.43

N/A

5.00%

Quarterly

12/20/2029

$

1,730

—

Goldman

Sachs

&

Co

CDX.NA.HY.43 15-25%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

—

Goldman

Sachs

&

Co

CDX.NA.HY.43 25-35%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

(11) 31

—

Goldman

Sachs

&

Co

CMBX.NA.15.AAA

N/A

0.50%

Monthly

11/18/2064

2,000

(32) 25

—

(7) Goldman

Sachs

&

Co

CMBX.NA.17

N/A

3.00%

Monthly

12/15/2056

(47) (6) —

(53) JPMorgan

Chase

CDX.NA.HY.39 15-25%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2027

940

—

—

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

Credit

Default

Swaps

(continued)

Sell

Protection

(continued)

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

October

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(b) Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

(c) JPMorgan

Chase

ITRX.XOVER.42 35-

100%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

EUR

2,706

$

$

$

538

$

—

Morgan

Stanley

&

Co

CMBX.17.BBB-

N/A

3.00%

Monthly

12/15/2056

$

(49) (4) —

(53) Morgan

Stanley

&

Co

CMBX.NA.15.AAA

N/A

0.50%

Monthly

11/18/2064

880

(12) 9

—

(3) Total

$

1,228

$

$

1,606

$

(116) Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

October

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.NA.IG.44

N/A

(1.00)%

Quarterly

06/20/2030

$

1,800

$

(41) $

$

(40) CDX.NA.IG.45

N/A

(1.00)%

Quarterly

12/20/2030

13,417

(303) 5

(298) ITRX.EUROPE.42

N/A

(1.00)%

Quarterly

12/20/2029

EUR

4,400

(73) (40) (113) ITRX.FIN.SNR.43

N/A

(1.00)%

Quarterly

06/20/2030

9,221

(142) (82) (224) ITRX.FIN.SNR.44

N/A

(1.00)%

Quarterly

12/20/2030

2,010

(49) (2) (51) ITRX.XOVER.42

N/A

(5.00)%

Quarterly

12/20/2029

1,865

(141) (68) (209) Total

$

(749) $

(186) $

(935) Amounts

in

thousands.

(a) Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

(b) The

maximum

potential

payment

amount

that

the

seller

of

credit

protection

could

be

required

to

make

if

a

credit

event

occurs

is

$6,802

and

14,749

EUR.

(c) The

price

and

resulting

fair

value

for

credit

default

swap

agreements

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

of

an

expected

liability

(or

profit)

for

the

credit

default

swap

as

of

the

period

end.

Increasing

fair

values

of

the

swap,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

(d) A

credit

default

tranche

is

a

type

of

credit

default

swap

that

allows

an

investor

to

gain

exposure

to

a

particular

portion

of

the

loss

distribution

on

a

specified

credit

index.

Tranches

are

defined

by

attachment

and

detachment

points

that

specify

the

range

of

exposure

to

which

an

investor

is

receiving

or

providing

protection

with

respect

to

the

specified

credit

index.

Total

Return

Swaps

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

HSBC

Securities

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Zambia

Government

Bond,

13.00%,

12/18/2027

Annual

12/20/2027

ZMW

14,290

$

—

$

$

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.60%

Egypt

Treasury

Bill,

0.00%,

12/16/2025

Annual

12/16/2025

EGP

47,200

—

—

JPMorgan

Chase

iBoxx

USD

Liquid

Leveraged

Loan

Index

Secured

Overnight

Financing

Rate

+

0.00%

Annual

12/24/2025

$

$

—

$

—

$

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.075%

Nigeria

OMO

Bill,

0.00%,

01/08/2026

Annual

01/06/2026

NGN

791,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Nigeria

OMO

Bill,

0.00%,

02/27/2026

Annual

02/17/2026

700,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

04/21/2026

Annual

04/21/2026

690,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Nigeria

OMO

Bill,

0.00%,

11/18/2025

Annual

11/18/2025

1,921,410

—

—

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

Total

Return

Swaps

(continued)

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Nigeria

OMO

Bill,

0.00%,

11/25/2025

Annual

11/25/2025

NGN

680,000

$

—

$

$

—

Morgan

Stanley

&

Co

iBoxx

USD

Liquid

Leveraged

Loan

Index

Secured

Overnight

Financing

Rate

+

0.00%

Annual

12/24/2025

$

—

—

—

Total

$

—

$

735

$

—

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Income

Fund

October

31,

2025

See

accompanying

notes.

Short

Sales

Outstanding

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

(0.13)%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

(0.13)%

2.50%,

11/01/2040

$

1,800

$

1,693

4.00%,

11/01/2055

1,120

1,062

4.50%,

11/01/2055

$

3,223

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(proceeds

$3,227)

$

3,223

TOTAL

SHORT

SALES

(proceeds

$3,227)

$

3,223

Schedule

of

Investments

Diversified

International

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.34

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.34

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

13,131

$

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(c)

4,062,275

4,062

$

4,075

TOTAL

INVESTMENT

COMPANIES

$

4,075

COMMON

STOCKS

-

.44

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.83

%

Airbus

SE

101,084

$

24,924

BAE

Systems

PLC

841,331

20,725

$

45,649

Airlines

-

.91

%

Ryanair

Holdings

PLC

356,370

10,789

Apparel

-

.04

%

PRADA

SpA

713,400

4,210

Samsonite

Group

SA

(d) 3,891,800

8,138

$

12,348

Automobile

Manufacturers

-

.44

%

Daimler

Truck

Holding

AG

131,156

5,257

Toyota

Motor

Corp

586,600

11,959

$

17,216

Banks

-

.22

%

AIB

Group

PLC

1,997,751

18,412

Credicorp

Ltd

47,825

12,482

DBS

Group

Holdings

Ltd

355,660

14,725

Erste

Group

Bank

AG

180,793

18,728

FinecoBank

Banca

Fineco

SpA

222,725

5,096

Grupo

Financiero

Banorte

SAB

de

CV

439,330

4,124

ICICI

Bank

Ltd

ADR

340,417

10,315

National

Bank

of

Greece

SA

1,156,348

16,997

NatWest

Group

PLC

1,429,061

11,002

Nordea

Bank

Abp

372,198

6,360

Piraeus

Financial

Holdings

SA

(e) 738,250

5,766

PT

Bank

Central

Asia

Tbk

7,881,570

4,035

Societe

Generale

SA

153,416

9,730

Swedbank

AB

169,967

5,160

UniCredit

SpA

199,123

14,744

$

157,676

Beverages

-

.70

%

Arca

Continental

SAB

de

CV

395,700

3,829

Kweichow

Moutai

Co

Ltd

22,520

4,524

$

8,353

Biotechnology

-

.03

%

Argenx

SE

(e) 14,422

11,804

Zai

Lab

Ltd

ADR

(e),(f)

20,005

523

$

12,327

Building

Materials

-

.04

%

CRH

PLC

205,653

24,296

Commercial

Services

-

.33

%

Ashtead

Group

PLC

125,837

8,405

Elis

SA

299,123

8,331

Localiza

Rent

a

Car

SA

774,287

5,653

TOPPAN

Holdings

Inc

218,100

5,334

$

27,723

Computers

-

.84

%

Fujitsu

Ltd

843,700

21,987

Cosmetics

&

Personal

Care

-

.76

%

Haleon

PLC

4,033,968

18,759

L'Oreal

SA

19,607

8,182

Unilever

PLC

298,348

17,902

$

44,843

Distribution

&

Wholesale

-

.80

%

Rexel

SA

275,114

9,540

Electric

-

.32

%

Iberdrola

SA

188,467

3,820

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electronics

-

.22

%

Halma

PLC

87,766

$

4,090

Hoya

Corp

137,960

22,409

$

26,499

Engineering

&

Construction

-

.41

%

Kajima

Corp

213,400

6,880

Obayashi

Corp

372,000

6,293

Stantec

Inc

93,800

10,387

Technip

Energies

NV

127,160

5,167

$

28,727

Entertainment

-

.78

%

Entain

PLC

1,160,777

12,090

Universal

Music

Group

NV

338,410

9,077

$

21,167

Food

-

.55

%

Danone

SA

74,838

6,609

Food

Service

-

.46

%

Compass

Group

PLC

165,131

5,466

Forest

Products

&

Paper

-

.96

%

Suzano

SA

1,262,300

11,448

Healthcare

-

Products

-

.73

%

Alcon

AG

88,040

6,562

Smith

&

Nephew

PLC

761,648

14,065

$

20,627

Healthcare

-

Services

-

.93

%

ICON

PLC

(e) 64,730

11,122

Home

Furnishings

-

.28

%

Howden

Joinery

Group

PLC

298,666

3,392

Insurance

-

.17

%

AIA

Group

Ltd

3,409,000

33,172

ASR

Nederland

NV

81,633

5,448

AXA

SA

171,121

7,425

Fairfax

Financial

Holdings

Ltd

5,227

8,486

Hannover

Rueck

SE

44,715

12,765

Sompo

Holdings

Inc

529,300

16,131

Tryg

A/S

82,745

2,039

$

85,466

Internet

-

.86

%

MercadoLibre

Inc

(e) 2,653

6,174

Scout24

SE

(d) 59,749

6,910

Spotify

Technology

SA

(e) 17,676

11,583

Tencent

Holdings

Ltd

504,800

41,004

Trip.com

Group

Ltd

211,500

14,884

Wix.com

Ltd

(e) 8,721

1,269

$

81,824

Machinery

-

Construction

&

Mining

-

.71

%

Komatsu

Ltd

312,700

10,460

Mitsubishi

Electric

Corp

538,200

15,281

Weir

Group

PLC/The

170,106

6,622

$

32,363

Machinery

-

Diversified

-

.61

%

Atlas

Copco

AB

-

A

Shares

615,659

10,316

Keyence

Corp

23,832

8,845

$

19,161

Media

-

.92

%

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(e) 109,398

10,923

Metal

Fabrication

&

Hardware

-

.33

%

APL

Apollo

Tubes

Ltd

194,757

3,928

Mining

-

.66

%

Impala

Platinum

Holdings

Ltd

422,733

4,530

Sandfire

Resources

Ltd

(e) 883,021

9,353

Teck

Resources

Ltd

416,041

17,848

$

31,731

Oil

&

Gas

-

.81

%

ARC

Resources

Ltd

330,600

6,098

Canadian

Natural

Resources

Ltd

163,531

5,232

Shell

PLC

337,117

12,638

Schedule

of

Investments

Diversified

International

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

Suncor

Energy

Inc

540,145

$

21,509

$

45,477

Packaging

&

Containers

-

.59

%

Toyo

Seikan

Group

Holdings

Ltd

311,000

6,982

Pharmaceuticals

-

.35

%

Ascendis

Pharma

A/S

ADR

(e) 28,465

5,739

AstraZeneca

PLC

198,979

32,821

Sanofi

SA

249,838

25,274

$

63,834

Pipelines

-

.77

%

Gaztransport

Et

Technigaz

SA

46,388

9,186

Private

Equity

-

.03

%

3i

Group

PLC

221,049

12,792

Brookfield

Corp

184,452

8,494

CVC

Capital

Partners

PLC

(d) 172,485

2,881

$

24,167

Retail

-

.83

%

Cie

Financiere

Richemont

SA

30,109

5,956

CP

ALL

PCL

2,508,100

3,563

Dollarama

Inc

64,059

8,327

Industria

de

Diseno

Textil

SA

104,316

5,760

Jumbo

SA

100,643

3,194

Yum

China

Holdings

Inc

438,131

18,868

$

45,668

Semiconductors

-

.77

%

ASML

Holding

NV

34,409

36,381

Samsung

Electronics

Co

Ltd

446,218

33,590

Taiwan

Semiconductor

Manufacturing

Co

Ltd

1,209,544

58,493

$

128,464

Software

-

.48

%

Dassault

Systemes

SE

153,260

4,361

Nemetschek

SE

75,977

8,779

Sage

Group

PLC/The

299,022

4,520

$

17,660

Telecommunications

-

.41

%

Deutsche

Telekom

AG

926,511

28,699

Toys,

Games

&

Hobbies

-

.56

%

Nintendo

Co

Ltd

218,300

18,619

TOTAL

COMMON

STOCKS

$

1,185,776

Total

Investments

$

1,189,851

Other

Assets

and

Liabilities

- 0.22%

2,579

TOTAL

NET

ASSETS

-

100.00%

$

1,192,430

(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

or

0.00%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$17,929

or

1.50%

of

net

assets.

(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

$13

or

0.00%

of

net

assets.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

174,467

$

1,004,563

$

1,174,968

$

4,062

$

174,467

$

1,004,563

$

1,174,968

$

4,062

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

1,503

$

—

$

—

$

—

$

1,503

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Equity

Income

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.45

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.45

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

470,169

$

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b),(c)

37,248,244

37,248

$

37,718

TOTAL

INVESTMENT

COMPANIES

$

37,718

COMMON

STOCKS

-

.38

%

Shares

Held

Value

(000's)

Advertising

-

.50

%

Omnicom

Group

Inc

893,593

$

67,037

Publicis

Groupe

SA

ADR

2,400,632

60,280

$

127,317

Automobile

Manufacturers

-

.65

%

Cummins

Inc

494,981

216,643

PACCAR

Inc

1,801,389

177,257

$

393,900

Banks

-

.43

%

Bank

of

America

Corp

4,466,380

238,728

Citigroup

Inc

1,050,911

106,384

JPMorgan

Chase

&

Co

943,236

293,460

Morgan

Stanley

1,798,219

294,908

PNC

Financial

Services

Group

Inc/The

1,117,773

204,049

$

1,137,529

Beverages

-

.13

%

Coca-Cola

Co/The

2,612,455

179,998

Biotechnology

-

.68

%

Corteva

Inc

2,316,921

142,352

Building

Materials

-

.53

%

Carrier

Global

Corp

1,190,712

70,836

Trane

Technologies

PLC

508,219

228,012

$

298,848

Chemicals

-

.76

%

Air

Products

and

Chemicals

Inc

265,575

64,426

Computers

-

.32

%

Apple

Inc

727,110

196,589

Cosmetics

&

Personal

Care

-

.73

%

Procter

&

Gamble

Co/The

975,256

146,649

Diversified

Financial

Services

-

.11

%

Blackrock

Inc

173,800

188,192

Nasdaq

Inc

879,866

75,220

$

263,412

Electric

-

.04

%

NextEra

Energy

Inc

1,867,390

152,006

Sempra

850,618

78,206

WEC

Energy

Group

Inc

786,543

87,880

Xcel

Energy

Inc

1,337,870

108,595

$

426,687

Food

-

.46

%

Hershey

Co/The

227,388

38,572

Healthcare

-

Products

-

.95

%

Abbott

Laboratories

1,135,075

140,318

STERIS

PLC

466,320

109,911

$

250,229

Healthcare

-

Services

-

.04

%

HCA

Healthcare

Inc

373,643

171,756

UnitedHealth

Group

Inc

250,159

85,444

$

257,200

Home

Builders

-

.52

%

DR

Horton

Inc

1,433,439

213,697

Insurance

-

.57

%

Chubb

Ltd

713,202

197,514

Fidelity

National

Financial

Inc

1,895,653

104,716

$

302,230

Internet

-

.36

%

Alphabet

Inc

-

A

Shares

1,013,187

284,898

Iron

&

Steel

-

.40

%

Reliance

Inc

418,850

118,296

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Lodging

-

.40

%

Hilton

Worldwide

Holdings

Inc

791,796

$

203,460

Machinery

-

Diversified

-

.96

%

Deere

&

Co

360,262

166,308

Media

-

.49

%

Comcast

Corp

-

Class

A

1,485,578

41,351

Miscellaneous

Manufacturers

-

.61

%

Parker-Hannifin

Corp

285,654

220,762

Oil

&

Gas

-

.59

%

Chevron

Corp

574,335

90,584

EOG

Resources

Inc

1,080,306

114,340

Marathon

Petroleum

Corp

941,199

183,449

$

388,373

Pharmaceuticals

-

.24

%

AstraZeneca

PLC

ADR

1,043,327

85,970

Eli

Lilly

&

Co

91,508

78,959

Merck

&

Co

Inc

1,775,707

152,675

Novartis

AG

ADR

1,313,790

162,634

Roche

Holding

AG

ADR

(d) 1,184,404

47,850

$

528,088

Pipelines

-

.58

%

Enterprise

Products

Partners

LP

4,342,869

133,717

Private

Equity

-

.67

%

KKR

&

Co

Inc

1,910,739

226,098

REITs

-

.60

%

Alexandria

Real

Estate

Equities

Inc

11,198

652

Equity

LifeStyle

Properties

Inc

1,581,533

96,552

Prologis

Inc

648,760

80,505

Realty

Income

Corp

729,283

42,284

$

219,993

Retail

-

.68

%

Costco

Wholesale

Corp

244,110

222,494

Starbucks

Corp

1,228,940

99,385

Williams-Sonoma

Inc

384,693

74,761

$

396,640

Semiconductors

-

.46

%

Broadcom

Inc

383,952

141,920

Monolithic

Power

Systems

Inc

95,516

95,994

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

748,279

224,805

$

462,719

Software

-

.53

%

Fidelity

National

Information

Services

Inc

65,495

4,095

Microsoft

Corp

286,807

148,511

Salesforce

Inc

229,031

59,642

SAP

SE

ADR

334,234

86,904

$

299,152

Telecommunications

-

.09

%

T-Mobile

US

Inc

841,139

176,681

Transportation

-

.30

%

Expeditors

International

of

Washington

Inc

900,914

109,821

TOTAL

COMMON

STOCKS

$

8,415,992

Total

Investments

$

8,453,710

Other

Assets

and

Liabilities

- 0.17%

14,419

TOTAL

NET

ASSETS

-

100.00%

$

8,468,129

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$8,190

or

0.10%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$7,975

or

0.09%

of

net

assets.

Schedule

of

Investments

Equity

Income

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

144,824

$

2,623,333

$

2,730,909

$

37,248

$

144,824

$

2,623,333

$

2,730,909

$

37,248

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

4,768

$

—

$

—

$

—

$

4,768

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.21

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.21

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

509,357

$

509

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b),(c)

82,233,157

82,233

$

82,742

TOTAL

INVESTMENT

COMPANIES

$

82,742

BONDS

-

.94

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.04

%

Czechoslovak

Group

AS

6.50%,

01/10/2031

(d) $

5,025

$

5,194

6.50%,

01/10/2031

3,150

3,256

$

8,450

Banks

-

.86

%

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico/TX

5.13%,

01/18/2033

(e),(f)

2,525

2,498

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

7.63%,

02/11/2035

(d),(e),(f)

6,350

6,725

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

7.63%,

02/11/2035

(e),(f)

525

556

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

BOI

Finance

BV

7.50%,

02/16/2027

EUR

5,355

6,370

BSF

Finance

5.76%,

09/03/2035

(e) $

600

601

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

Ipoteka-Bank

ATIB

6.45%,

10/09/2030

2,150

2,152

Israel

Discount

Bank

Ltd

5.38%,

01/26/2028

(d) 1,550

1,567

National

Bank

of

Uzbekistan

7.20%,

07/17/2030

2,200

2,272

8.50%,

07/05/2029

3,200

3,425

Riyad

Sukuk

Ltd

6.21%,

07/14/2035

(e) 5,525

5,631

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.25%

Saudi

Awwal

Bank

5.95%,

09/04/2035

(e) 1,200

1,211

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.20%

Standard

Chartered

PLC

7.63%,

01/16/2032

(d),(e),(f),(g),(h)

5,975

6,344

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

$

39,352

Building

Materials

-

.62

%

Limak

Cimento

Sanayi

ve

Ticaret

AS

9.75%,

07/25/2029

4,925

5,048

Chemicals

-

.47

%

Braskem

Idesa

SAPI

6.99%,

02/20/2032

1,850

1,185

7.45%,

11/15/2029

4,000

2,589

$

3,774

Diversified

Financial

Services

-

.09

%

Eagle

Funding

Luxco

Sarl

5.50%,

08/17/2030

(d) 6,425

6,527

SOCAR

Turkey

Enerji

AS

via

Steas

Funding

DAC

7.23%,

03/17/2026

2,300

2,296

$

8,823

Electric

-

.45

%

Aydem

Yenilenebilir

Enerji

AS

9.88%,

09/30/2030

(d),(h)

1,675

1,652

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Comision

Federal

de

Electricidad

5.00%,

09/29/2036

$

2,115

$

1,916

Eastern

European

Electric

Co

BV

6.50%,

05/15/2030

(d) EUR

2,050

2,471

6.50%,

05/15/2030

Energo

-

Pro

as

8.00%,

05/27/2030

(d) 5,625

6,870

8.00%,

05/27/2030

Energuate

Trust

6.35%,

09/15/2035

(d) $

2,775

2,785

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%,

01/31/2041

(d) 2,328

2,462

GDZ

Elektrik

Dagitim

AS

9.00%,

10/15/2029

1,425

1,393

Saavi

Energia

Sarl

8.88%,

02/10/2035

(d) 7,300

7,848

$

27,974

Energy

-

Alternate

Sources

-

.74

%

FS

Luxembourg

Sarl

8.63%,

06/25/2033

(d),(h)

2,300

2,386

8.88%,

02/12/2031

(d) 2,399

2,505

8.88%,

02/12/2031

(h) 1,044

1,090

$

5,981

Engineering

&

Construction

-

.90

%

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(d) 5,200

5,338

HTA

Group

Ltd/Mauritius

7.50%,

06/04/2029

(d) 3,525

3,655

7.50%,

06/04/2029

1,050

1,089

IHS

Holding

Ltd

7.88%,

05/29/2030

(d) 4,225

4,310

7.88%,

05/29/2030

1,825

1,862

8.25%,

11/29/2031

1,050

1,092

IHS

Netherlands

Holdco

BV

8.00%,

09/18/2027

4,245

4,247

Kingston

Airport

Revenue

Finance

Ltd

6.75%,

12/15/2036

(d) 3,375

3,459

Sitios

Latinoamerica

SAB

de

CV

6.00%,

11/25/2029

(d) 6,350

6,560

$

31,612

Food

-

.26

%

Grupo

Nutresa

SA

8.00%,

05/12/2030

(d) 9,500

10,205

Investment

Companies

-

.02

%

Gaci

First

Investment

Co

5.63%,

07/29/2034

7,825

8,293

Iron

&

Steel

-

.17

%

Samarco

Mineracao

SA

9.00%,

PIK

9.00%;

06/30/2031

(i),(j)

1,343

1,343

Samarco

Mineracao

SA

Escrow

Shares

0.00%,

10/24/2023

(k),(l)

—

$

1,343

Mining

-

.86

%

Ivanhoe

Mines

Ltd

7.88%,

01/23/2030

(d) 7,175

7,396

7.88%,

01/23/2030

1,050

1,082

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(d) 4,475

4,541

10.88%,

09/17/2029

3,600

3,768

WE

Soda

Investments

Holding

PLC

9.50%,

10/06/2028

(d) 3,675

3,680

9.50%,

10/06/2028

2,700

2,703

$

23,170

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

-

.55

%

Azule

Energy

Finance

Plc

8.13%,

01/23/2030

(d) $

5,050

$

5,075

Energean

Israel

Finance

Ltd

5.38%,

03/30/2028

(d) 4,550

4,476

8.50%,

09/30/2033

(d),(h)

5,165

5,514

Energean

PLC

5.63%,

05/12/2031

(d),(m)

EUR

2,325

2,680

Kosmos

Energy

Ltd

7.50%,

03/01/2028

(h) $

5,200

4,139

Leviathan

Bond

Ltd

6.50%,

06/30/2027

(d) 7,625

7,657

Petroleos

de

Venezuela

SA

0.00%,

05/16/2024

(k) 34,400

7,602

0.00%,

11/15/2026

(k) 6,075

1,343

Petroleos

Mexicanos

5.95%,

01/28/2031

2,225

2,176

6.70%,

02/16/2032

3,000

2,997

6.84%,

01/23/2030

6,330

6,498

Puma

International

Financing

SA

7.75%,

04/25/2029

(d),(h)

5,225

5,401

7.75%,

04/25/2029

Raizen

Fuels

Finance

SA

6.25%,

07/08/2032

(d) 3,325

2,826

6.25%,

07/08/2032

6.70%,

02/25/2037

(d) 2,275

1,901

6.70%,

02/25/2037

(h) 375

Saudi

Arabian

Oil

Co

5.38%,

06/02/2035

6,975

7,210

Tengizchevroil

Finance

Co

International

Ltd

4.00%,

08/15/2026

2,440

2,426

Uzbekneftegaz

JSC

8.75%,

05/07/2030

(d) 4,675

4,984

8.75%,

05/07/2030

1,300

1,386

$

77,327

Oil

&

Gas

Services

-

.58

%

Yinson

Boronia

Production

BV

8.95%,

07/31/2042

4,292

4,683

Pipelines

-

.73

%

Acu

Petroleo

Luxembourg

Sarl

7.50%,

07/13/2035

5,438

5,518

Galaxy

Pipeline

Assets

Bidco

Ltd

2.16%,

03/31/2034

(d) 2,360

2,144

2.16%,

03/31/2034

2,185

1,985

Golar

LNG

Ltd

7.50%,

10/02/2030

(d) 3,825

3,781

Southern

Gas

Corridor

CJSC

6.88%,

03/24/2026

600

605

$

14,033

Real

Estate

-

.80

%

MAF

Global

Securities

Ltd

7.88%,

06/30/2027

(e),(g)

1,075

1,112

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.89%

NWD

Finance

BVI

Ltd

4.13%,

03/10/2028

(e),(g)

2,875

1,186

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.86%

NWD

MTN

Ltd

4.13%,

07/18/2029

3,500

2,573

4.50%,

05/19/2030

1,400

1,010

8.63%,

02/08/2028

700

610

$

6,491

Regional

Authority

-

.62

%

Provincia

de

Buenos

Aires/Government

Bonds

6.63%,

09/01/2037

(i) 6,842

5,012

REITs

-

.24

%

Emirates

Reit

Sukuk

III

Ltd

7.50%,

12/12/2028

(i) 1,875

1,900

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

-

.53

%

Angolan

Government

International

Bond

8.00%,

11/26/2029

$

9,350

$

8,939

8.25%,

05/09/2028

2,025

1,996

Argentine

Republic

Government

International

Bond

4.12%,

07/09/2035

(i) 21,250

14,886

Bahamas

Government

International

Bond

8.25%,

06/24/2036

(d) 3,775

4,087

8.25%,

06/24/2036

1,425

1,543

Benin

Government

International

Bond

7.96%,

02/13/2038

3,525

3,664

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2027

BRL

129,854

23,247

Brazilian

Government

International

Bond

5.50%,

11/06/2030

$

7,100

7,247

Colombian

TES

11.00%,

08/22/2029

COP

31,674,800

8,208

13.25%,

02/09/2033

55,981,700

15,573

Dominican

Republic

International

Bond

4.50%,

01/30/2030

$

2,500

2,440

4.88%,

09/23/2032

2,825

2,704

7.05%,

02/03/2031

1,400

1,506

Eagle

Funding

Luxco

Sarl

5.50%,

08/17/2030

3,850

3,911

Ecuador

Government

International

Bond

0.00%,

07/31/2030

(k) 1,700

1,326

6.90%,

07/31/2030

(i) 3,500

3,188

6.90%,

07/31/2035

(i) 1,713

1,311

Egypt

Government

Bond

24.46%,

10/01/2027

EGP

155,400

3,312

25.32%,

08/13/2027

162,225

3,474

Egypt

Government

International

Bond

7.05%,

01/15/2032

$

4,200

4,180

7.63%,

05/29/2032

3,275

3,328

Egypt

Treasury

Bills

21.12%,

12/16/2025

(n) EGP

134,925

2,767

23.33%,

03/17/2026

(n) 220,700

4,254

23.51%,

03/31/2026

(n) 103,000

1,967

23.72%,

11/18/2025

(n) 335,000

7,013

Egyptian

Financial

Co

for

Sovereign

Taskeek/The

7.95%,

10/07/2032

(d) $

3,625

3,747

Gabon

Government

International

Bond

6.63%,

02/06/2031

2,925

2,284

7.00%,

11/24/2031

Ghana

Government

International

Bond

0.00%,

01/03/2030

(d),(k)

3,394

2,929

0.00%,

01/03/2030

(k) 4,787

4,130

5.00%,

07/03/2029

(d),(i)

6,275

6,102

Guatemala

Government

Bond

7.05%,

10/04/2032

1,675

1,845

Hungary

Government

Bond

4.50%,

03/23/2028

HUF

4,073,400

11,613

Hungary

Government

International

Bond

6.00%,

09/26/2035

(d) $

6,175

6,489

6.00%,

09/26/2035

1,025

1,077

Israel

Government

International

Bond

5.75%,

03/12/2054

7,700

7,534

Ivory

Coast

Government

International

Bond

4.88%,

01/30/2032

EUR

6,800

7,579

5.88%,

10/17/2031

1,425

1,656

8.08%,

04/01/2036

(d) $

4,425

4,659

Kuwait

International

Government

Bond

4.65%,

10/09/2035

(d) 4,050

4,068

Lebanon

Government

International

Bond

0.00%,

10/04/2022

(k) 1,500

0.00%,

06/12/2025

(k) 1,500

0.00%,

03/20/2028

(k) 5,750

1,311

0.00%,

05/17/2034

(k) 1,500

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Mexican

Bonos

7.75%,

11/13/2042

MXN

192,900

$

8,952

8.50%,

11/18/2038

222,200

11,407

Mexico

Government

International

Bond

5.38%,

03/22/2033

$

7,000

6,994

5.63%,

09/22/2035

4,950

4,925

Morocco

Government

International

Bond

4.75%,

04/02/2035

EUR

8,625

10,277

Nigeria

Government

International

Bond

6.13%,

09/28/2028

$

4,075

4,000

7.14%,

02/23/2030

4,825

4,806

Pakistan

Government

International

Bond

6.88%,

12/05/2027

1,775

1,773

7.38%,

04/08/2031

6,475

6,395

Peru

Government

Bond

5.40%,

08/12/2034

PEN

36,775

10,611

Peruvian

Government

International

Bond

6.85%,

08/12/2035

(d) 37,300

11,690

6.90%,

08/12/2037

14,750

4,560

Republic

of

Kenya

Government

International

Bond

7.88%,

10/09/2033

(d) $

3,175

3,107

Republic

of

Poland

Government

Bond

2.00%,

08/25/2036

PLN

48,667

11,900

Republic

of

South

Africa

Government

Bond

8.75%,

01/31/2044

ZAR

349,200

18,019

8.75%,

02/28/2048

195,650

10,055

Republic

of

South

Africa

Government

International

Bond

5.75%,

09/30/2049

$

1,375

1,162

7.95%,

11/19/2054

1,400

1,492

Republic

of

Uzbekistan

International

Bond

6.90%,

02/28/2032

(d) 4,375

4,737

Romanian

Government

International

Bond

5.13%,

09/24/2031

(d) EUR

1,750

2,056

5.38%,

06/07/2033

(d) 3,775

4,390

6.38%,

09/18/2033

4,650

5,725

6.50%,

10/07/2045

(d) 2,575

2,942

6.75%,

07/11/2039

1,925

2,308

Senegal

Government

International

Bond

4.75%,

03/13/2028

1,000

975

Turkiye

Government

Bond

30.08%,

09/12/2029

TRY

306,450

6,705

Ukraine

Government

International

Bond

4.50%,

02/01/2034

(d),(i)

$

1,021

572

4.50%,

02/01/2034

(i) 10,890

6,100

Zambia

Government

International

Bond

0.50%,

12/31/2053

(d) 4,775

3,333

0.50%,

12/31/2053

913

637

$

376,938

Supranational

Bank

-

.08

%

Africa

Finance

Corp

7.50%,

01/21/2030

(d),(e),(g)

4,425

4,417

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

7.50%,

01/21/2030

(e),(g)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

Banque

Ouest

Africaine

de

Developpement

5.00%,

07/27/2027

4,050

4,054

$

8,771

Telecommunications

-

.91

%

Axian

Telecom

Holding

&

Management

PLC

7.25%,

07/11/2030

(d) 2,700

2,729

7.25%,

07/11/2030

1,550

1,567

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(d) 7,150

7,118

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Telecommunications

co

Telekom

Srbija

AD

Belgrade

7.00%,

10/28/2029

(d) $

2,650

$

2,659

7.00%,

10/28/2029

975

978

Veon

Midco

BV

3.38%,

11/25/2027

9,106

8,528

$

23,579

Transportation

-

.54

%

Transnet/South

Africa

8.25%,

02/06/2028

6,725

7,107

Yinson

Bergenia

Production

BV

8.50%,

01/31/2045

(d) 2,625

2,756

8.50%,

01/31/2045

2,450

2,573

$

12,436

Water

-

.88

%

Aegea

Finance

Sarl

7.63%,

01/20/2036

(d) 3,550

3,461

9.00%,

01/20/2031

(d) 2,900

3,064

9.00%,

01/20/2031

(h) 575

608

$

7,133

TOTAL

BONDS

$

712,328

CONVERTIBLE

BONDS

-

.73

%

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

.64

%

Sasol

Financing

USA

LLC

4.50%,

11/08/2027

$

5,400

$

5,184

Oil

&

Gas

-

.09

%

Kosmos

Energy

Ltd

3.13%,

03/15/2030

1,175

715

TOTAL

CONVERTIBLE

BONDS

$

5,899

Total

Investments

$

800,969

Other

Assets

and

Liabilities

- 1.12%

9,095

TOTAL

NET

ASSETS

-

100.00%

$

810,064

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$8,829

or

1.09%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$242,031

or

29.88%

of

net

assets.

(e) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(f) Security

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

$16,123

or

1.99%

of

net

assets.

(g) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(h) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$8,475

or

1.05%

of

net

assets.

(i) 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.

(j) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(k) Non-income

producing

security

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

October

31,

2025

See

accompanying

notes.

(l) 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.

(m) Security

purchased

on

a

when-issued

basis.

(n) Rate

shown

is

the

discount

rate

of

the

original

purchase.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

90,147

$

796,216

$

804,130

$

82,233

$

90,147

$

796,216

$

804,130

$

82,233

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

2,237

$

—

$

—

$

—

$

2,237

$

—

$

—

$

—

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

Year

Treasury

Note;

December

2025

Long

$

39,661

$

(398)

Total

$

(398)

Amounts

in

thousands

except

contracts.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Citigroup

Inc

11/19/2025

EUR

$

$

—

$

(4)

Citigroup

Inc

11/19/2025

$

4,898

EUR

4,217

—

Citigroup

Inc

11/26/2025

TRY

351,550

$

8,177

—

Citigroup

Inc

11/26/2025

$

26,833

PEN

90,789

—

(130)

Citigroup

Inc

11/26/2025

$

50,608

EUR

43,348

586

—

Goldman

Sachs

&

Co

11/26/2025

$

4,020

ZAR

69,400

—

HSBC

Securities

Inc

11/03/2025

$

EUR

—

HSBC

Securities

Inc

11/04/2025

$

EUR

—

—

HSBC

Securities

Inc

11/19/2025

EUR

2,922

$

3,404

—

(34)

HSBC

Securities

Inc

11/19/2025

$

54,987

EUR

47,323

—

HSBC

Securities

Inc

11/26/2025

CZK

488,117

$

23,423

—

(281)

HSBC

Securities

Inc

11/26/2025

PLN

13,775

$

3,780

—

(50)

HSBC

Securities

Inc

11/26/2025

TRY

960,513

$

22,380

—

HSBC

Securities

Inc

11/26/2025

$

8,186

COP

31,478,579

—

JPMorgan

Chase

11/26/2025

ILS

52,392

$

16,091

—

(3)

JPMorgan

Chase

11/26/2025

$

4,952

MXN

91,325

—

Total

$

1,264

$

(502)

Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

October

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

Bank

of

China

Ltd/

Hong

Kong,

4.711%,

06/14/2027

0.20%

(1.00)%

Quarterly

12/20/2026

$

20,400

$

(140)

$

(44)

$

—

$

(184)

Goldman

Sachs

&

Co

Bank

of

China

Ltd/

Hong

Kong,

4.711%,

06/14/2027

0.20%

(1.00)%

Quarterly

12/20/2026

3,300

(23)

(7)

—

(30)

Goldman

Sachs

&

Co

China

Construction

Bank

/London,

3.125%,

05/17/2025

0.14%

(1.00)%

Quarterly

12/20/2026

20,400

(140)

(58)

—

(198)

Goldman

Sachs

&

Co

China

Construction

Bank

/London,

3.125%,

05/17/2025

0.14%

(1.00)%

Quarterly

12/20/2026

3,300

(22)

(10)

—

(32)

Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

0.19%

(1.00)%

Quarterly

12/20/2026

16,400

(113)

(36)

—

(149)

Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

0.19%

(1.00)%

Quarterly

12/20/2026

2,600

(18)

(6)

—

(24)

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

October

31,

2025

See

accompanying

notes.

Credit

Default

Swaps

(continued)

Buy

Protection

(continued)

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

October

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/

Hong

Kong,

1.625%,

10/28/2026

0.16%

(1.00)%

Quarterly

12/20/2026

$

20,400

$

(140)

$

(52)

$

—

$

(192)

Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/

Hong

Kong,

1.625%,

10/28/2026

0.16%

(1.00)%

Quarterly

12/20/2026

3,300

(22)

(9)

—

(31)

Total

$

(618)

$

(222)

$

—

$

(840)

Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

October

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.EM.44

N/A

(1.00)%

Quarterly

12/20/2030

$

15,973

$

$

(98)

$

CDX.NA.HY.45

N/A

(5.00)%

Quarterly

12/20/2030

72,885

(5,358)

(5,340)

ITRX.XOVER.44

N/A

(5.00)%

Quarterly

12/20/2030

EUR

21,134

(2,490)

(43)

(2,533)

Total

$

(7,491)

$

(123)

$

(7,614)

Amounts

in

thousands.

(a) Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Exchange

Cleared

Interest

Rate

Swaps

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a) Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Premiums

Paid/

(Received)

Fair

Value

Day

MXN

TIIE

Banxico

Receive

0.00%

Monthly

Monthly

N/A

12/17/2025

MXN

1,725,000

$

595

$

$

1,088

Day

MXN

TIIE

Banxico

Pay

0.00%

Monthly

Monthly

N/A

12/17/2025

1,725,000

(604)

(497)

(1,101)

Month

KRW

Certificate

of

Deposit

Pay

2.31%

Quarterly

Quarterly

N/A

09/17/2027

KRW

131,400,000

$

(523)

—

(523)

Month

Prague

Interbank

Offered

Rate

Pay

3.72%

Semiannual

Annual

N/A

12/17/2030

CZK

208,426

$

(86)

(84)

Shekel

Overnight

Interest

Rate

Pay

3.74%

Annual

Annual

N/A

12/17/2030

ILS

104,500

$

(1)

Shekel

Overnight

Interest

Rate

Pay

3.74%

Annual

Annual

N/A

12/17/2030

13,000

(3)

Total

$

(392)

$

$

(364)

Amounts

in

thousands.

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Forward

swap.

Total

Return

Swaps

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

HSBC

Securities

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Zambia

Government

Bond,

13.00%,

12/18/2027

Annual

12/20/2027

ZMW

41,050

$

—

$

511

$

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.60%

Egypt

Treasury

Bill,

0.00%,

12/16/2025

Annual

12/16/2025

EGP

143,150

—

534

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.075%

Nigeria

OMO

Bill,

0.00%,

01/08/2026

Annual

01/06/2026

NGN

2,206,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

04/21/2026

Annual

04/21/2026

1,650,000

—

—

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

October

31,

2025

See

accompanying

notes.

Total

Return

Swaps

(continued)

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Nigeria

OMO

Bill,

0.00%,

11/18/2025

Annual

11/18/2025

NGN

5,362,340

$

—

$

551

$

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Nigeria

OMO

Bill,

0.00%,

11/25/2025

Annual

11/25/2025

1,800,000

—

—

Total

$

—

$

1,997

$

—

Amounts

in

thousands.

Schedule

of

Investments

Global

Emerging

Markets

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

4.44%

Shares

Held

Value

(000's)

Money

Market

Funds

-

4.44%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

1,139,009

$

1,139

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b),(c)

245,061,417

245,061

$

246,200

TOTAL

INVESTMENT

COMPANIES

$

246,200

COMMON

STOCKS

-

96.70%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

1.34%

Korea

Aerospace

Industries

Ltd

818,083

$

59,272

LIG

Nex1

Co

Ltd

40,770

14,847

$

74,119

Automobile

Manufacturers

-

2.34%

BYD

Co

Ltd

4,085,200

52,781

Geely

Automobile

Holdings

Ltd

18,491,000

43,866

Mahindra

&

Mahindra

Ltd

845,318

33,194

$

129,841

Automobile

Parts

&

Equipment

-

0.67%

Hyundai

Mobis

Co

Ltd

166,769

36,879

Banks

-

14.67%

Banco

del

Bajio

SA

(d) 7,385,259

18,846

Bank

Rakyat

Indonesia

Persero

Tbk

PT

134,583,182

32,195

Credicorp

Ltd

180,912

47,218

Grupo

Financiero

Banorte

SAB

de

CV

6,323,300

59,362

HDFC

Bank

Ltd

8,697,489

96,706

ICICI

Bank

Ltd

5,943,774

90,064

IDFC

First

Bank

Ltd

64,079,047

59,002

Kotak

Mahindra

Bank

Ltd

1,721,744

40,786

National

Bank

of

Greece

SA

4,449,812

65,405

Piraeus

Financial

Holdings

SA

(e) 7,767,772

60,668

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

3,268,684

67,019

PT

Bank

Central

Asia

Tbk

125,423,800

64,216

Saudi

National

Bank/The

6,417,617

68,287

Vietnam

Technological

&

Commercial

Joint

Stock

Bank

32,241,200

42,972

$

812,746

Beverages

-

1.58%

Arca

Continental

SAB

de

CV

3,575,711

34,601

Varun

Beverages

Ltd

9,963,821

52,653

$

87,254

Biotechnology

-

1.34%

BeOne

Medicines

Ltd

(e) 1,342,300

32,272

Zai

Lab

Ltd

(e) 16,020,450

41,804

$

74,076

Building

Materials

-

2.18%

Cemex

SAB

de

CV

39,777,314

40,337

JSW

Cement

Ltd

(d),(e)

6,163,067

9,473

UltraTech

Cement

Ltd

305,192

41,039

Voltas

Ltd

1,918,692

29,879

$

120,728

Commercial

Services

-

0.92%

JSW

Infrastructure

Ltd

15,578,214

50,769

Computers

-

1.10%

Elm

Co

81,534

20,626

Globant

SA

(e) 652,962

40,210

$

60,836

Diversified

Financial

Services

-

2.80%

Bajaj

Finance

Ltd

3,242,539

38,082

Banco

BTG

Pactual

SA

6,984,750

63,551

Intercorp

Financial

Services

Inc

482,494

20,762

KB

Financial

Group

Inc

401,511

32,777

$

155,172

Electric

-

0.07%

Emirates

Central

Cooling

Systems

Corp

8,682,315

3,734

Electrical

Components

&

Equipment

-

1.83%

Delta

Electronics

Inc

3,148,000

101,252

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electronics

-

1.85%

Avalon

Technologies

Ltd

(d),(e)

1,005,366

$

13,469

E

Ink

Holdings

Inc

6,631,000

45,555

Voltronic

Power

Technology

Corp

1,110,000

43,485

$

102,509

Engineering

&

Construction

-

1.02%

Cury

Construtora

e

Incorporadora

SA

4,994,000

32,443

L&T

Technology

Services

Ltd

(d) 221,236

10,242

Samsung

E&A

Co

Ltd

774,175

14,075

$

56,760

Food

-

2.21%

Bid

Corp

Ltd

(f) 1,529,429

37,860

Gruma

SAB

de

CV

618,590

10,476

Indofood

Sukses

Makmur

Tbk

PT

28,270,700

12,581

LT

Foods

Ltd

3,003,544

14,224

SM

Investments

Corp

213,765

2,645

WH

Group

Ltd

(d) 46,526,500

44,755

$

122,541

Forest

Products

&

Paper

-

1.01%

Suzano

SA

6,187,200

56,111

Healthcare

-

Products

-

0.33%

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

3,600,737

18,208

Universal

Vision

Biotechnology

Co

Ltd

30,000

$

18,348

Healthcare

-

Services

-

0.33%

Bangkok

Dusit

Medical

Services

PCL

15,757,300

9,195

Hygeia

Healthcare

Holdings

Co

Ltd

(d),(e),(f)

5,541,400

9,310

$

18,505

Home

Furnishings

-

0.43%

Anker

Innovations

Technology

Co

Ltd

1,442,935

23,697

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

—

$

23,697

Insurance

-

3.82%

AIA

Group

Ltd

9,910,000

96,432

China

Pacific

Insurance

Group

Co

Ltd

12,419,000

50,347

Max

Financial

Services

Ltd

(e) 2,437,853

42,433

PICC

Property

&

Casualty

Co

Ltd

9,564,000

22,595

$

211,807

Internet

-

14.79%

Alibaba

Group

Holding

Ltd

10,832,424

230,501

Grab

Holdings

Ltd

(e) 9,957,614

59,845

JD.com

Inc

2,568,350

42,404

Meituan

(d),(e)

3,322,200

43,729

MercadoLibre

Inc

(e) 34,087

79,329

Tencent

Holdings

Ltd

3,910,700

317,657

Trip.com

Group

Ltd

650,798

45,798

$

819,263

Iron

&

Steel

-

0.00%

Severstal

PAO

(e) 31,471

—

Leisure

Products

&

Services

-

0.18%

Yadea

Group

Holdings

Ltd

(d) 6,258,000

9,784

Lodging

-

1.18%

Atour

Lifestyle

Holdings

Ltd

ADR

1,684,447

65,626

Machinery

-

Diversified

-

0.79%

WEG

SA

5,592,300

43,731

Metal

Fabrication

&

Hardware

-

0.50%

APL

Apollo

Tubes

Ltd

1,377,324

27,780

Mining

-

2.63%

Anglogold

Ashanti

Plc

531,900

36,469

Capstone

Copper

Corp

(e) 3,848,300

34,352

Impala

Platinum

Holdings

Ltd

5,311,508

56,924

Ivanhoe

Mines

Ltd

(e) 1,811,000

18,116

Polyus

PJSC

(e) 3,430

—

$

145,861

Miscellaneous

Manufacturers

-

0.53%

Escorts

Kubota

Ltd

507,415

21,630

Zhuzhou

CRRC

Times

Electric

Co

Ltd

1,547,700

7,865

$

29,495

Schedule

of

Investments

Global

Emerging

Markets

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

-

2.38%

ADNOC

Drilling

Co

PJSC

18,289,507

$

27,786

PRIO

SA/Brazil

(e) 1,659,400

11,067

Reliance

Industries

Ltd

5,152,521

86,216

Saudi

Arabian

Oil

Co

(d) 964,576

6,665

$

131,734

Pharmaceuticals

-

1.23%

Caplin

Point

Laboratories

Ltd

706,878

16,170

Hansoh

Pharmaceutical

Group

Co

Ltd

(d) 5,938,000

27,260

Richter

Gedeon

Nyrt

532,783

16,412

Simcere

Pharmaceutical

Group

Ltd

(d) 5,041,000

8,029

$

67,871

Pipelines

-

0.79%

Gaztransport

Et

Technigaz

SA

219,633

43,494

Real

Estate

-

0.50%

China

Resources

Land

Ltd

5,581,500

20,166

Sun

Hung

Kai

Properties

Ltd

630,000

7,666

$

27,832

Retail

-

1.91%

CP

ALL

PCL

14,746,400

20,951

Jumbo

SA

1,317,271

41,800

Yum

China

Holdings

Inc

1,004,350

43,252

$

106,003

Semiconductors

-

23.24%

Alchip

Technologies

Ltd

233,000

26,250

ASE

Technology

Holding

Co

Ltd

2,620,000

20,962

ASML

Holding

NV

-

NY

Reg

Shares

31,568

33,438

ASPEED

Technology

Inc

83,000

14,719

MediaTek

Inc

1,487,000

63,063

Samsung

Electronics

Co

Ltd

3,387,862

255,025

SK

hynix

Inc

352,671

137,222

Taiwan

Semiconductor

Manufacturing

Co

Ltd

15,240,685

737,035

$

1,287,714

Software

-

1.29%

NetEase

Inc

2,555,825

71,718

Telecommunications

-

2.21%

Accton

Technology

Corp

1,741,000

60,546

Xiaomi

Corp

(d),(e)

11,133,400

61,767

$

122,313

Water

-

0.71%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

1,589,100

39,057

TOTAL

COMMON

STOCKS

$

5,356,960

CONVERTIBLE

PREFERRED

STOCKS

-

0.27%

Shares

Held

Value

(000's)

Metal

Fabrication

&

Hardware

-

0.27%

JSW

One

Platforms

Ltd

0.00%

(e),(g),(h)

1,820

$

15,112

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

15,112

PREFERRED

STOCKS

-

0.87%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0.40%

Hyundai

Motor

Co

13,600.00%

142,429

$

21,945

Oil

&

Gas

-

0.47%

Petroleo

Brasileiro

SA

-

Petrobras

0.80%

4,771,100

26,321

TOTAL

PREFERRED

STOCKS

$

48,266

Total

Investments

$

5,666,538

Other

Assets

and

Liabilities

- (2.28)%

(126,571)

TOTAL

NET

ASSETS

-

100.00%

$

5,539,967

(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

$19,319

or

0.35%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$263,329

or

4.75%

of

net

assets.

(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

$14,438

or

0.26%

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.

Schedule

of

Investments

Global

Emerging

Markets

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

105,493

$

2,056,567

$

1,916,999

$

245,061

$

105,493

$

2,056,567

$

1,916,999

$

245,061

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

3,637

$

—

$

—

$

—

$

3,637

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

JSW

One

Platforms

Ltd

0.00%

05/08/2025-06/16/2025

$

11,987

$

15,112

0.27%

Total

$

15,112

0.27%

Amounts

in

thousands.

Schedule

of

Investments

Global

Real

Estate

Securities

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.30

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.30

%

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b)

20,824,898

$

20,825

TOTAL

INVESTMENT

COMPANIES

$

20,825

COMMON

STOCKS

-

.45

%

Shares

Held

Value

(000's)

Engineering

&

Construction

-

.97

%

Cellnex

Telecom

SA

(c),(d)

239,019

$

7,441

Keppel

Ltd

1,031,100

8,064

$

15,505

Healthcare

-

Services

-

.50

%

Chartwell

Retirement

Residences

542,310

7,992

Lodging

-

.57

%

Hyatt

Hotels

Corp

66,166

9,092

Real

Estate

-

.30

%

City

Developments

Ltd

1,091,200

6,061

CTP

NV

(d) 314,154

6,551

Fastighets

AB

Balder

(c) 2,516,099

18,455

LEG

Immobilien

SE

236,124

17,996

Mitsubishi

Estate

Co

Ltd

1,242,200

26,325

Mitsui

Fudosan

Co

Ltd

3,595,479

37,438

Sun

Hung

Kai

Properties

Ltd

1,732,500

21,082

Swire

Properties

Ltd

4,650,800

12,670

TAG

Immobilien

AG

596,305

9,899

Vonovia

SE

63,610

1,912

Wharf

Real

Estate

Investment

Co

Ltd

2,261,000

6,435

$

164,824

REITs

-

.19

%

Advance

Residence

Investment

Corp

6,167

6,675

American

Healthcare

REIT

Inc

369,263

16,735

American

Homes

Rent

1,043,610

32,978

American

Tower

Corp

104,780

18,754

Americold

Realty

Trust

Inc

484,042

6,239

AvalonBay

Communities

Inc

299,000

52,002

Canadian

Apartment

Properties

REIT

398,251

10,952

CapitaLand

Integrated

Commercial

Trust

9,586,200

17,428

Centurion

Accommodation

Reit

(c) 5,701,469

4,643

COPT

Defense

Properties

251,151

7,075

Cousins

Properties

Inc

566,911

14,700

Daiwa

House

REIT

Investment

Corp

11,674

10,060

Digital

Realty

Trust

Inc

198,656

33,853

EastGroup

Properties

Inc

134,693

23,508

Empire

State

Realty

Trust

Inc

1,037,038

7,664

Equinix

Inc

122,604

103,724

Equity

LifeStyle

Properties

Inc

319,513

19,506

Essex

Property

Trust

Inc

107,228

26,997

Extra

Space

Storage

Inc

456,818

61,004

Gaming

and

Leisure

Properties

Inc

418,590

18,694

Gecina

SA

29,881

2,777

GLP

J-Reit

10,674

9,676

Goodman

Group

2,659,500

57,361

Healthpeak

Properties

Inc

1,747,015

31,359

Invincible

Investment

Corp

15,706

7,017

Invitation

Homes

Inc

1,237,616

34,839

Iron

Mountain

Inc

146,551

15,087

Japan

Real

Estate

Investment

Corp

7,429

6,127

Keppel

DC

REIT

7,814,871

14,340

Kilroy

Realty

Corp

337,079

14,242

Klepierre

SA

775,559

29,639

Merlin

Properties

Socimi

SA

1,044,635

16,274

Mirvac

Group

12,819,034

19,298

Mitsui

Fudosan

Accommodations

Fund

Inc

5,185

4,370

National

Storage

REIT

5,748,991

8,651

Nippon

Building

Fund

Inc

16,660

15,377

Nippon

Prologis

REIT

Inc

19,252

11,198

Prologis

Inc

613,110

76,081

Prologis

Property

Mexico

SA

de

CV

1,015,693

4,071

Regency

Centers

Corp

476,766

32,873

Rexford

Industrial

Realty

Inc

691,464

28,571

Ryman

Hospitality

Properties

Inc

170,410

14,810

Sabra

Health

Care

REIT

Inc

1,353,617

24,122

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Safestore

Holdings

PLC

1,149,498

$

10,805

Saul

Centers

Inc

58,129

1,721

Segro

PLC

892,971

8,194

Sekisui

House

Reit

Inc

18,228

9,381

Simon

Property

Group

Inc

147,254

25,881

Stockland

8,408,291

34,763

Unibail-Rodamco-Westfield

(c) 325,940

33,703

UNITE

Group

PLC/The

1,458,250

10,877

Ventas

Inc

947,939

69,948

VICI

Properties

Inc

1,371,839

41,141

Vornado

Realty

Trust

372,579

14,136

Warehouses

De

Pauw

CVA

499,285

12,679

Welltower

Inc

654,700

118,527

$

1,363,107

Telecommunications

-

.92

%

NEXTDC

Ltd

(c) 1,429,340

14,695

TOTAL

COMMON

STOCKS

$

1,575,215

Total

Investments

$

1,596,040

Other

Assets

and

Liabilities

- 0.25%

3,949

TOTAL

NET

ASSETS

-

100.00%

$

1,599,989

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$13,992

or

0.87%

of

net

assets.

Schedule

of

Investments

Global

Real

Estate

Securities

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

26,078

$

374,423

$

379,676

$

20,825

$

26,078

$

374,423

$

379,676

$

20,825

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

1,063

$

—

$

—

$

—

$

1,063

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.86

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.86

%

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b)

11,601,422

$

11,601

TOTAL

INVESTMENT

COMPANIES

$

11,601

BONDS

-

.86

%

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

-

.94

%

Ally

Auto

Receivables

Trust

2024-2

4.46%,

07/15/2027

$

702

$

702

AmeriCredit

Automobile

Receivables

Trust

2024-1

4.78%,

02/18/2028

1,031

1,031

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.60%

5.75%,

02/18/2028

BMW

Vehicle

Owner

Trust

2024-A

5.42%,

02/25/2027

810

811

BofA

Auto

Trust

2025-1

4.73%,

11/22/2027

(c) 1,718

1,720

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.55%

Capital

One

Prime

Auto

Receivables

Trust

2025-1

3.88%,

01/16/2029

(d) 7,010

7,010

Carmax

Auto

Owner

Trust

2024-3

5.21%,

09/15/2027

1,794

1,798

Chase

Auto

Owner

Trust

2024-4

5.25%,

09/27/2027

(c) 1,154

1,156

Drive

Auto

Receivables

Trust

2025-1

4.87%,

08/15/2028

3,585

3,593

GM

Financial

Automobile

Leasing

Trust

2024-3

4.65%,

01/20/2027

3,201

3,203

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.47%

Mercedes-Benz

Auto

Lease

Trust

2024-A

5.44%,

02/16/2027

1,310

1,313

Santander

Drive

Auto

Receivables

Trust

2024-1

5.25%,

04/17/2028

1,512

1,513

Santander

Drive

Auto

Receivables

Trust

2025-1

4.76%,

08/16/2027

1,270

1,270

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

3,805

3,812

Santander

Drive

Auto

Receivables

Trust

2025-3

4.63%,

10/16/2028

6,830

6,843

Tesla

Electric

Vehicle

Trust

2023-1

5.54%,

12/21/2026

(c) 169

Wheels

Fleet

Lease

Funding

LLC

4.99%,

01/18/2040

(c) 7,080

7,093

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

$

43,375

Credit

Card

Asset

Backed

Securities

-

.98

%

Citibank

Credit

Card

Issuance

Trust

5.23%,

12/08/2027

4,250

4,254

Discover

Card

Execution

Note

Trust

4.31%,

03/15/2028

8,087

8,092

$

12,346

Mortgage

Backed

Securities

-

.94

%

Citigroup

Mortgage

Loan

Trust

2015-PS1

5.25%,

09/25/2042

(c),(e)

2,142

2,137

CSMC

Trust

2015-1

3.89%,

01/25/2045

(c),(e)

2,088

2,023

Fannie

Mae

Interest

Strip

3.50%,

12/25/2043

(e),(f)

1,189

Fannie

Mae

REMICS

1.70%,

09/25/2046

(f) 9,527

1,078

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.70%,

10/25/2049

(f) 10,274

1,354

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Fannie

Mae

REMICS

(continued)

1.70%,

05/25/2050

(f) $

10,976

$

1,316

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.72%,

06/25/2045

(f) 3,161

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.00%

1.75%,

08/25/2049

(f) 16,149

1,846

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.75%,

09/25/2049

(f) 4,546

599

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.75%,

11/25/2049

(f) 7,579

904

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.77%,

06/25/2050

(f) 7,400

908

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.96%

1.85%,

09/25/2047

(f) 14,399

1,777

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

2.40%,

12/25/2042

(f) 5,679

804

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.59%

2.50%,

02/25/2028

(f) 951

3.00%,

07/25/2032

(f) 2,225

3.00%,

10/25/2040

(f) 570

3.00%,

04/25/2042

3.00%,

05/25/2048

659

590

3.00%,

01/25/2051

(f) 10,322

1,773

3.50%,

02/25/2036

(f) 1,640

3.50%,

02/25/2043

(f) 328

3.50%,

02/25/2043

3.50%,

07/25/2043

(f) 2,246

3.50%,

08/25/2045

4.90%,

04/25/2027

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.71%

7.00%,

04/25/2032

Freddie

Mac

REMICS

1.75%,

09/25/2049

(f) 14,377

1,694

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.75%,

10/25/2049

(f) 11,522

1,392

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.75%,

11/25/2049

(f) 5,084

598

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.75%,

03/25/2050

(f) 8,417

1,026

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.80%,

08/25/2050

(f) 7,039

1,012

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.99%

3.00%,

04/15/2046

722

675

4.00%,

11/15/2042

(f) 1,019

6.50%,

08/15/2027

Ginnie

Mae

1.95%,

03/20/2044

(f) 3,703

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.95%,

06/20/2046

(f) 1,702

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Ginnie

Mae

(continued)

1.95%,

08/20/2047

(f) $

9,041

$

1,177

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

2.05%,

10/20/2045

(f) 3,895

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

2.05%,

11/20/2047

(f) 2,816

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

2.07%,

09/20/2050

(f) 6,384

991

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

2.15%,

08/20/2050

(f) 10,082

1,474

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

2.15%,

07/20/2051

(f) 7,136

1,019

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

2.15%,

08/20/2051

(f) 8,586

1,243

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

3.00%,

07/20/2050

(f) 5,837

922

3.00%,

11/20/2050

(f) 10,662

1,809

3.00%,

11/20/2050

(f) 15,975

2,698

3.00%,

12/20/2050

(f) 6,628

1,099

3.50%,

10/20/2049

(f) 9,718

1,969

4.00%,

04/20/2044

(f) 976

4.00%,

01/20/2046

(f) 713

JP

Morgan

Mortgage

Trust

2016-4

3.50%,

10/25/2046

(c),(e)

552

504

New

Residential

Mortgage

Loan

Trust

2015-2

5.27%,

08/25/2055

(c),(e)

2,174

2,166

NRP

Mortgage

Trust

2013-1

3.28%,

07/25/2043

(c),(e)

1,516

1,133

Sequoia

Mortgage

Trust

2013-2

3.64%,

02/25/2043

(e) 557

548

Sequoia

Mortgage

Trust

2017-3

3.76%,

04/25/2047

(c),(e)

1,631

1,543

Sequoia

Mortgage

Trust

2017-5

3.50%,

08/25/2047

(c),(e)

Sequoia

Mortgage

Trust

2024-5

6.00%,

06/25/2054

(c),(e)

2,475

2,482

$

49,593

TOTAL

BONDS

$

105,314

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.25

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.29

%

3.00%,

05/01/2043

$

869

$

806

3.00%,

07/01/2045

2,212

2,044

3.00%,

10/01/2046

3,326

3,060

3.50%,

08/01/2043

1,659

1,580

3.50%,

02/01/2044

1,795

1,700

3.50%,

11/01/2046

1,510

1,429

4.00%,

12/01/2041

1,455

1,428

4.00%,

09/15/2042

4.00%,

10/01/2045

2,629

2,574

4.50%,

04/01/2041

1,498

1,508

5.00%,

12/01/2032

5.00%,

02/01/2033

5.00%,

01/01/2034

902

915

5.00%,

05/01/2034

5.00%,

07/01/2035

—

5.00%,

07/01/2035

5.00%,

10/01/2035

5.00%,

11/01/2035

5.00%,

07/01/2044

730

751

5.00%,

03/01/2048

1,463

1,492

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

5.50%,

05/01/2033

$

$

5.50%,

10/01/2033

5.50%,

12/01/2033

5.50%,

07/01/2037

5.50%,

04/01/2038

5.50%,

05/01/2038

6.00%,

06/01/2028

6.00%,

05/01/2031

6.00%,

10/01/2031

6.00%,

02/01/2032

6.00%,

11/01/2033

6.00%,

09/01/2034

6.00%,

02/01/2035

6.00%,

10/01/2036

6.00%,

03/01/2037

6.00%,

05/01/2037

6.00%,

03/01/2038

6.00%,

04/01/2038

6.00%,

07/01/2038

6.00%,

10/01/2038

6.50%,

03/01/2029

6.50%,

04/01/2031

6.50%,

10/01/2031

6.50%,

02/01/2032

6.50%,

04/01/2032

6.98%,

10/01/2032

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.98%

7.00%,

01/01/2028

7.00%,

06/01/2029

7.00%,

04/01/2031

7.00%,

10/01/2031

7.00%,

04/01/2032

7.50%,

12/01/2030

7.50%,

02/01/2031

8.50%,

07/01/2029

$

20,528

Federal

National

Mortgage

Association

(FNMA)

-

.06

%

5.50%,

05/01/2033

6.00%,

01/01/2032

6.00%,

04/01/2033

6.00%,

09/01/2034

6.30%,

12/01/2033

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.70%

6.50%,

06/01/2031

6.50%,

11/01/2032

6.50%,

11/01/2032

7.00%,

08/01/2028

7.00%,

12/01/2028

7.00%,

07/01/2029

7.00%,

07/01/2032

$

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.17

%

2.00%,

11/01/2051

9,006

7,425

2.00%,

12/01/2051

15,292

12,620

2.00%,

12/01/2051

11,441

9,407

2.00%,

01/01/2052

10,168

8,408

2.00%,

01/01/2052

12,685

10,427

2.00%,

02/01/2052

9,724

8,121

2.00%,

03/01/2052

11,012

9,002

2.50%,

10/01/2050

9,948

8,465

2.50%,

02/01/2051

6,705

5,834

2.50%,

07/01/2051

9,900

8,570

2.50%,

10/01/2051

10,610

9,055

2.50%,

11/01/2051

5,032

4,368

2.50%,

12/01/2051

11,259

9,869

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

October

31,

2025

See

accompanying

notes.

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%,

01/01/2046

$

2,105

$

1,937

3.00%,

07/01/2046

2,278

2,077

3.00%,

10/01/2046

2,718

2,485

3.00%,

12/01/2046

2,914

2,657

3.00%,

08/01/2050

3,696

3,306

3.00%,

09/01/2050

6,006

5,388

3.50%,

06/01/2042

836

799

3.50%,

11/01/2042

1,512

1,447

3.50%,

02/01/2043

736

706

3.50%,

05/01/2043

1,090

1,039

3.50%,

03/01/2045

1,637

1,556

3.50%,

11/01/2048

5,426

5,149

3.50%,

12/01/2049

866

819

4.00%,

03/01/2043

960

939

4.00%,

08/01/2044

1,285

1,259

4.00%,

11/01/2044

1,070

1,048

4.00%,

08/01/2045

1,908

1,868

4.00%,

08/01/2046

3,039

2,945

4.00%,

07/01/2047

2,767

2,699

4.00%,

02/01/2048

2,451

2,387

4.00%,

07/01/2052

2,400

2,288

4.50%,

08/01/2039

818

825

4.50%,

10/01/2044

1,158

1,146

4.50%,

12/01/2044

2,526

2,525

4.50%,

05/01/2045

1,137

1,136

4.50%,

09/01/2045

1,504

1,503

4.50%,

10/01/2045

2,188

2,190

4.50%,

11/01/2045

3,136

3,129

4.50%,

06/01/2052

4,282

4,228

4.50%,

08/01/2052

4,436

4,355

4.50%,

08/01/2052

4,534

4,462

4.50%,

10/01/2052

7,591

7,437

4.50%,

05/01/2053

6,475

6,337

4.50%,

11/01/2053

2,919

2,851

4.50%,

01/01/2054

4,368

4,300

5.00%,

04/01/2035

5.00%,

05/01/2035

5.00%,

07/01/2035

5.00%,

02/01/2038

636

653

5.00%,

03/01/2038

5.00%,

02/01/2040

1,902

1,971

5.00%,

05/01/2040

749

769

5.00%,

07/01/2040

5.00%,

07/01/2041

2,026

2,081

5.00%,

02/01/2044

1,034

1,056

5.00%,

06/01/2044

881

905

5.00%,

05/01/2048

1,614

1,644

5.00%,

09/01/2052

4,046

4,074

5.00%,

04/01/2053

13,864

13,857

5.00%,

06/01/2053

11,499

11,490

5.00%,

11/01/2054

4,715

4,692

5.00%,

11/01/2054

5,318

5,336

5.00%,

01/01/2055

4,321

4,331

5.00%,

02/01/2055

2,967

2,977

5.50%,

06/01/2026

5.50%,

07/01/2033

5.50%,

12/01/2037

5.50%,

03/01/2038

5.50%,

07/01/2053

4,956

5,120

5.50%,

07/01/2053

5,019

5,133

5.50%,

11/01/2053

5,720

5,863

5.50%,

11/01/2053

5,602

5,720

5.50%,

03/01/2054

4,002

4,064

5.50%,

05/01/2054

4,412

4,502

5.50%,

10/01/2054

7,317

7,478

5.50%,

02/01/2055

9,650

9,830

5.50%,

04/01/2055

4,400

4,489

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

5.50%,

06/01/2055

$

2,517

$

2,563

5.50%,

08/01/2055

4,563

4,637

5.50%,

12/01/2055

(g) 12,165

12,282

6.00%,

03/01/2029

6.00%,

11/01/2032

6.00%,

11/01/2037

6.00%,

02/01/2038

6.00%,

03/01/2038

6.00%,

04/01/2039

6.00%,

04/01/2054

4,828

5,014

6.00%,

05/01/2054

4,514

4,680

6.00%,

06/01/2054

3,304

3,424

6.00%,

08/01/2054

7,139

7,352

6.00%,

09/01/2054

3,304

3,424

6.00%,

09/01/2054

5,573

5,762

6.00%,

11/01/2054

2,864

2,966

6.50%,

08/01/2028

6.50%,

03/01/2029

6.50%,

06/01/2031

6.50%,

12/01/2031

6.50%,

04/01/2032

6.50%,

08/01/2032

6.50%,

02/01/2033

6.50%,

04/01/2036

6.50%,

08/01/2036

6.50%,

08/01/2036

6.50%,

10/01/2036

6.50%,

11/01/2036

6.50%,

07/01/2037

6.50%,

08/01/2037

6.50%,

08/01/2037

6.50%,

02/01/2038

6.50%,

10/01/2053

4,306

4,508

6.50%,

05/01/2054

3,340

3,509

6.50%,

04/01/2055

2,776

2,926

7.00%,

11/01/2031

7.50%,

08/01/2032

$

375,736

Government

National

Mortgage

Association

(GNMA)

-

.30

%

2.00%,

08/20/2050

3,410

2,838

2.00%,

02/20/2051

6,469

5,383

2.50%,

06/20/2050

11,325

9,827

3.00%,

02/20/2047

2,305

2,097

3.00%,

12/20/2051

2,404

2,162

3.50%,

06/20/2043

1,625

1,498

3.50%,

10/20/2047

1,481

1,375

4.00%,

09/15/2041

1,923

1,868

4.00%,

03/15/2044

1,269

1,230

4.50%,

08/20/2048

1,212

1,207

4.50%,

05/20/2052

4,465

4,393

4.50%,

09/20/2052

5,298

5,209

4.50%,

03/20/2053

2,984

2,931

4.50%,

06/20/2053

10,026

9,828

4.50%,

11/20/2055

(g) 12,025

11,734

5.00%,

12/20/2052

7,333

7,362

5.00%,

04/20/2053

12,018

12,033

5.00%,

05/20/2053

5,666

5,668

5.00%,

09/20/2053

4,712

4,706

5.00%,

10/20/2053

4,797

4,803

5.00%,

02/20/2054

2,132

2,132

5.00%,

04/20/2054

6,712

6,698

5.00%,

11/20/2055

(g) 4,935

4,919

5.50%,

07/20/2033

5.50%,

03/20/2034

5.50%,

05/20/2035

5.50%,

03/20/2053

5,682

5,765

5.50%,

06/20/2053

4,967

5,036

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

October

31,

2025

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

(continued)

5.50%,

08/20/2053

$

11,656

$

11,808

5.50%,

11/20/2055

(g) 28,650

28,886

6.00%,

04/20/2026

6.00%,

10/20/2028

6.00%,

02/20/2029

6.00%,

02/15/2033

6.00%,

07/20/2033

6.00%,

08/15/2038

6.00%,

04/20/2054

5,869

5,995

6.50%,

10/20/2028

6.50%,

03/20/2031

6.50%,

04/20/2031

6.50%,

10/15/2031

6.50%,

07/15/2032

6.50%,

05/20/2034

7.00%,

10/15/2027

7.00%,

04/15/2028

7.00%,

06/15/2028

7.00%,

12/15/2028

7.00%,

01/15/2029

7.00%,

03/15/2029

7.00%,

04/15/2029

7.00%,

05/15/2031

7.50%,

08/15/2029

7.50%,

10/15/2029

8.00%,

12/15/2030

$

170,468

U.S.

Treasury

Bill

-

.43

%

3.82%,

12/18/2025

(h) 2,730

2,717

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

569,863

Total

Investments

$

686,778

Other

Assets

and

Liabilities

- (9.97)%

(62,284)

TOTAL

NET

ASSETS

-

100.00%

$

624,494

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$22,282

or

3.57%

of

net

assets.

(d) Security

purchased

on

a

when-issued

basis.

(e) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(f) Security

is

an

Interest

Only

Strip.

(g) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(h) Rate

shown

is

the

discount

rate

of

the

original

purchase.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

3,266

$

289,506

$

281,171

$

11,601

$

3,266

$

289,506

$

281,171

$

11,601

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Treasury

Note;

December

2025

Short

$

9,803

$

(14)

US

Year

Treasury

Note;

December

2025

Short

33,111

US

Year

Treasury Note;

December

2025

Short

34,838

(13)

US

Long

Bond;

December

2025

Long

5,514

(2)

Total

$

(24)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Government

Money

Market

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

8.75%

Shares

Held

Value

(000's)

Money

Market

Funds

-

8.75%

DWS

Government

Money

Market

Series

-

Institutional

Class

4.02%

(a) 71,450,000

$

71,450

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Class

3.96%

(a) 135,300,000

135,300

Invesco

Government

&

Agency

Portfolio

-

Institutional

Class

3.97%

(a) 126,100,000

126,100

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.95%

(a) 94,300,000

94,300

$

427,150

TOTAL

INVESTMENT

COMPANIES

$

427,150

BONDS

-

59.62%

Principal

Amount

(000's)

Value

(000's)

Federal

&

Federally

Sponsored

Credit

-

7.48%

Federal

Farm

Credit

Banks

Funding

Corp

4.10%,

07/21/2026

$

60,000

$

60,000

Secured

Overnight

Financing

Rate

+

0.06%

4.11%,

08/12/2026

20,000

20,000

Secured

Overnight

Financing

Rate

+

0.07%

4.14%,

01/08/2027

65,000

65,000

Secured

Overnight

Financing

Rate

+

0.10%

4.16%,

02/18/2027

45,000

45,000

Secured

Overnight

Financing

Rate

+

0.12%

4.16%,

07/30/2027

40,000

40,000

Secured

Overnight

Financing

Rate

+

0.12%

4.38%,

02/01/2027

45,000

45,000

Secured

Overnight

Financing

Rate

+

0.11%

Federal

Farm

Credit

Discount

Notes

4.02%,

11/12/2025

40,000

39,951

4.25%,

11/04/2025

50,000

49,982

$

364,933

Finance

-

Mortgage

Loan/Banker

-

52.14%

Fannie

Mae

Discount

Notes

3.75%,

11/04/2025

75,000

74,977

3.80%,

11/05/2025

75,000

74,968

3.80%,

11/06/2025

75,000

74,960

3.82%,

11/10/2025

75,000

74,928

3.83%,

11/13/2025

60,000

59,923

3.95%,

11/24/2025

60,000

59,849

3.97%,

12/01/2025

60,000

59,802

3.97%,

12/02/2025

65,000

64,778

Federal

Home

Loan

Bank

Discount

Notes

3.73%,

03/11/2026

31,960

31,530

3.73%,

03/20/2026

20,000

19,712

3.74%,

11/03/2025

125,000

124,973

3.76%,

02/20/2026

71,000

70,177

3.77%,

02/06/2026

40,000

39,594

3.78%,

01/28/2026

25,000

24,769

3.80%,

01/30/2026

70,000

69,335

3.82%,

01/13/2026

50,000

49,613

3.84%,

01/16/2026

65,000

64,474

3.85%,

01/07/2026

39,750

39,465

3.85%,

01/09/2026

60,000

59,557

3.88%,

01/14/2026

70,000

69,442

3.89%,

03/04/2026

40,000

39,468

3.90%,

12/26/2025

60,000

59,642

3.92%,

12/17/2025

100,000

99,491

3.93%,

02/18/2026

45,000

44,465

3.95%,

11/25/2025

70,000

69,816

3.95%,

12/01/2025

30,000

29,901

3.95%,

12/05/2025

60,000

59,776

3.96%,

12/12/2025

82,632

82,262

3.96%,

01/02/2026

60,000

59,591

4.00%,

12/10/2025

95,000

94,591

4.13%,

11/12/2025

40,000

39,950

4.13%,

12/03/2025

60,000

59,783

4.14%,

11/14/2025

60,000

59,910

4.16%,

11/07/2025

50,000

49,965

4.17%,

11/05/2025

50,000

49,977

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Finance

-

Mortgage

Loan/Banker

(continued)

Freddie

Mac

Discount

Notes

3.75%,

01/26/2026

$

50,000

$

49,552

3.81%,

02/02/2026

50,000

49,496

3.84%,

11/19/2025

70,000

69,866

3.89%,

12/22/2025

50,000

49,724

4.03%,

11/13/2025

20,778

20,750

4.03%,

11/18/2025

67,453

67,325

4.04%,

12/08/2025

60,000

59,751

4.15%,

11/17/2025

50,000

49,908

4.16%,

01/20/2026

23,499

23,282

$

2,545,068

TOTAL

BONDS

$

2,910,001

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

5.08%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Bill

-

5.08%

3.72%,

03/19/2026

$

40,000

$

39,430

3.82%,

02/10/2026

60,000

59,357

3.84%,

03/05/2026

50,000

49,339

3.89%,

01/08/2026

50,000

49,633

4.22%,

11/18/2025

50,000

49,900

$

247,659

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

247,659

REPURCHASE

AGREEMENTS

-

26.84%

Maturity

Amount

(000's)

Value

(000's)

Banks

-

26.84%

Bank

of

Montreal

Repurchase

Agreement;

4.13%

traded

10/31/2025

maturing

11/03/2025

(collateralized

by

US

Government

Securities;

$173,400,107;

0.00%-4.25%;

dated

04/15/2026-02/15/2054)

$

170,020

$

170,000

Bank

of

New

York

Mellon

Repurchase

Agreement;

4.13%

traded

10/31/2025

maturing

11/03/2025

(collateralized

by

US

Government

Security;

$40,800,023;

3.75%;

dated

05/15/2028)

(b) 260,030

260,000

Barclays

Capital

Repurchase

Agreement;

4.15%

traded

10/31/2025

maturing

11/03/2025

(collateralized

by

US

Government

Securities;

$204,000,023;

4.125%;

dated

11/30/2031-02/29/2032)

200,023

200,000

BNP

Paribas

Securities

Corp

Repurchase

Agreement;

4.10%

traded

10/31/2025

maturing

11/03/2025

(collateralized

by

US

Government

Securities;

$173,400,000;

0.00%-4.625%;

dated

05/15/2026-05/15/2055)

170,019

170,000

Goldman

Sachs

Repurchase

Agreement;

4.14%

traded

10/31/2025

maturing

11/03/2025

(collateralized

by

US

Government

Securities;

$204,000,000;

0.00%-4.875%;

dated

05/31/2026-02/15/2055)

200,023

200,000

HSBC

Bank

USA

Repurchase

Agreement;

4.13%

traded

10/31/2025

maturing

11/03/2025

(collateralized

by

US

Government

Securities;

$163,200,000;

0.00%;

dated

11/15/2026-11/15/2053)

160,018

160,000

Merrill

Lynch

Repurchase

Agreement;

4.14%

traded

10/31/2025

maturing

11/03/2025

(collateralized

by

US

Government

Securities;

$153,000,000;

0.00%-6.00%;

dated

11/15/2025-09/20/2055)

150,017

150,000

$

1,310,000

TOTAL

REPURCHASE

AGREEMENTS

$

1,310,000

Total

Investments

$

4,894,810

Other

Assets

and

Liabilities

- (0.29)%

(14,037)

TOTAL

NET

ASSETS

-

100.00%

$

4,880,773

Schedule

of

Investments

Government

Money

Market

Fund

October

31,

2025

See

accompanying

notes.

(a) 1-day

yield

shown

is

as

of

period

end.

(b) The

Repurchase

Agreement

was

undercollateralized

due

to

an

operational

error

as

of

October

31,

2025,

however,

full

collateral

was

reinstated

subsequent

to

the

fiscal

year

end.

Schedule

of

Investments

High

Yield

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

4.36%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.39%

State

Street

SPDR

Portfolio

High

Yield

Bond

ETF

1,087,470

$

25,883

Money

Market

Funds

-

.97%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

3,447,963

3,448

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b),(c)

260,621,295

260,621

$

264,069

TOTAL

INVESTMENT

COMPANIES

$

289,952

COMMON

STOCKS

-

0.03%

Shares

Held

Value

(000's)

Diversified

Financial

Services

-

0.00%

Avation

PLC

-

Warrants

(d) 103,250

$

Electric

-

0.00%

Vistra

Energy

Corp

-

Rights

(d),(e)

164,087

—

Healthcare

-

Services

-

0.01%

Sound

Inpatient

Physicians

Inc

-

Class

A

(d),(e)

3,870,585

671

Sound

Inpatient

Physicians

Inc

-

Class

A2

(d),(e)

173,273

$

845

Mining

-

0.00%

Arctic

Canadian

Diamond

Co

Ltd

(d),(e),(f)

5,247

Burgundy

Diamond

Mines

Ltd

(d),(e),(f)

6,531,458

—

$

Oil

&

Gas

-

0.02%

Mesquite

Energy

Inc

(d),(e)

15,341

1,087

Sabine

Oil

&

Gas

Holdings

Inc

(d),(e)

—

$

1,087

Retail

-

0.00%

Claire's

Holdings

LLC

(d) 4,036

—

Telecommunications

-

0.00%

Goodman

Networks

Inc

(d),(e)

15,207

—

TOTAL

COMMON

STOCKS

$

2,203

PREFERRED

STOCKS

-

0.00%

Shares

Held

Value

(000's)

Telecommunications

-

0.00%

Goodman

Networks

Inc

0.00%

(d),(e)

18,092

$

—

TOTAL

PREFERRED

STOCKS

$

—

BONDS

-

89.50%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.30%

Dotdash

Meredith

Inc

7.63%,

06/15/2032

(g) $

22,390

$

20,129

Aerospace

&

Defense

-

1.75%

Bombardier

Inc

6.75%,

06/15/2033

(g) 2,910

3,055

7.00%,

06/01/2032

(g) 11,804

12,393

7.25%,

07/01/2031

(g) 13,761

14,606

7.50%,

02/01/2029

(g) 2,660

2,771

8.75%,

11/15/2030

(g) 20,773

22,404

TransDigm

Inc

6.00%,

01/15/2033

(g) 30,745

31,233

6.38%,

03/01/2029

(g) 14,100

14,483

6.63%,

03/01/2032

(g) 6,872

7,106

6.75%,

01/31/2034

(g) 6,748

6,993

7.13%,

12/01/2031

(g) 1,400

1,461

$

116,505

Airlines

-

0.85%

American

Airlines

2021-1

Class

B

Pass

Through

Trust

3.95%,

01/11/2032

2,522

2,406

American

Airlines

Inc

7.25%,

02/15/2028

(g) 91

8.50%,

05/15/2029

(g) 2,185

2,280

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(g) 8,871

8,950

Grupo

Aeromexico

SAB

de

CV

8.63%,

11/15/2031

(g),(h)

10,300

10,329

OneSky

Flight

LLC

8.88%,

12/15/2029

(g) 7,648

8,116

United

Airlines

2016-1

Class

B

Pass

Through

Trust

3.65%,

07/07/2027

2,425

2,419

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Airlines

(continued)

United

Airlines

2016-2

Class

A

Pass

Through

Trust

3.10%,

04/07/2030

$

$

United

Airlines

Inc

4.38%,

04/15/2026

(g) 160

4.63%,

04/15/2029

(g) 21,835

21,626

$

56,430

Apparel

-

0.39%

S&S

Holdings

LLC

8.38%,

10/01/2031

(g) 27,427

26,202

Automobile

Manufacturers

-

0.05%

Ford

Motor

Co

3.25%,

02/12/2032

4,134

3,605

Automobile

Parts

&

Equipment

-

1.15%

American

Axle

&

Manufacturing

Inc

6.50%,

04/01/2027

6.88%,

07/01/2028

(h) 13,648

13,675

7.75%,

10/15/2033

(g) 18,865

18,892

Dana

Inc

4.25%,

09/01/2030

(h) 13,495

13,309

4.50%,

02/15/2032

3,500

3,426

5.38%,

11/15/2027

7,280

7,274

5.63%,

06/15/2028

6,745

6,738

Phinia

Inc

6.63%,

10/15/2032

(g) 11,460

11,788

6.75%,

04/15/2029

(g) 1,274

1,314

$

76,503

Banks

-

2.62%

Barclays

PLC

5.09%,

06/20/2030

(i) 26,300

26,709

Month

USD

LIBOR

+

3.05%

7.63%,

03/15/2035

(i),(j),(k)

11,725

12,401

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.69%

8.00%,

03/15/2029

(i),(j),(k)

21,085

22,441

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%

JPMorgan

Chase

&

Co

6.50%,

04/01/2030

(i),(j)

35,370

36,710

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

UBS

Group

AG

7.00%,

02/10/2030

(g),(i),(j),(k)

35,758

36,215

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.08%

9.25%,

11/13/2028

(g),(i),(j),(k)

36,900

40,210

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.75%

$

174,686

Building

Materials

-

2.16%

AmeriTex

HoldCo

Intermediate

LLC

7.63%,

08/15/2033

(g) 25,924

27,119

JH

North

America

Holdings

Inc

5.88%,

01/31/2031

(g) 6,715

6,839

6.13%,

07/31/2032

(g) 8,635

8,856

Miter

Brands

Acquisition

Holdco

Inc

/

MIWD

Borrower

LLC

6.75%,

04/01/2032

(g) 8,773

9,005

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp

5.50%,

02/01/2030

(g) 15,495

15,035

Quikrete

Holdings

Inc

6.38%,

03/01/2032

(g) 15,485

16,061

6.75%,

03/01/2033

(g) 7,865

8,184

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(g) 49,622

49,462

8.88%,

11/15/2031

(g) 3,100

3,264

$

143,825

Schedule

of

Investments

High

Yield

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

2.81%

Advancion

Sciences

Inc

9.25%,

PIK

10.00%;

11/01/2026

(g),(l),(m)

$

10,075

$

8,917

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(g),(h)

19,485

13,232

6.50%,

05/15/2026

(g) 14,905

14,278

12.00%,

02/15/2031

(g),(h)

10,556

7,502

Element

Solutions

Inc

3.88%,

09/01/2028

(g) 25,703

24,875

Inversion

Escrow

Issuer

LLC

6.75%,

08/01/2032

(g) 17,600

17,185

Olin

Corp

6.63%,

04/01/2033

(g) 5,980

5,922

Olympus

Water

US

Holding

Corp

4.25%,

10/01/2028

(g) 1,155

1,106

6.25%,

10/01/2029

(g),(h)

40,530

39,506

7.13%,

10/01/2027

(g) 3,439

3,500

7.25%,

06/15/2031

(g) 12,185

12,192

Tronox

Inc

4.63%,

03/15/2029

(g),(h)

30,133

18,525

9.13%,

09/30/2030

(g),(h)

2,585

2,359

Vibrantz

Technologies

Inc

9.00%,

02/15/2030

(g) 33,845

18,006

$

187,105

Commercial

Services

-

3.76%

ADT

Security

Corp/The

4.13%,

08/01/2029

(g) 14,460

14,003

5.88%,

10/15/2033

(g) 21,280

21,587

Albion

Financing

SARL

/

Aggreko

Holdings

Inc

7.00%,

05/21/2030

(g) 15,990

16,503

Block

Inc

6.00%,

08/15/2033

(g) 2,252

2,303

6.50%,

05/15/2032

27,789

28,832

EquipmentShare.com

Inc

8.00%,

03/15/2033

(g) 15,345

15,043

8.63%,

05/15/2032

(g) 10,632

10,730

Garda

World

Security

Corp

4.63%,

02/15/2027

(g) 107

6.00%,

06/01/2029

(g) 18,173

17,727

7.75%,

02/15/2028

(g) 27

8.25%,

08/01/2032

(g) 150

8.38%,

11/15/2032

(g) 20,170

20,522

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub

Inc

6.75%,

08/15/2032

(g) 29,425

30,391

United

Rentals

North

America

Inc

3.88%,

02/15/2031

11,480

10,899

4.88%,

01/15/2028

4,136

4,133

5.25%,

01/15/2030

8,650

8,710

Veritiv

Operating

Co

10.50%,

11/30/2030

(g) 34,653

36,063

ZipRecruiter

Inc

5.00%,

01/15/2030

(g) 16,256

12,725

$

250,458

Computers

-

1.74%

McAfee

Corp

7.38%,

02/15/2030

(g) 40,110

36,719

NCR

Atleos

Corp

9.50%,

04/01/2029

(g) 26,470

28,586

Seagate

Data

Storage

Technology

Pte

Ltd

5.75%,

12/01/2034

(g),(h)

9,660

9,874

8.50%,

07/15/2031

(g) 3,920

4,172

9.63%,

12/01/2032

(g) 15,075

17,184

Virtusa

Corp

7.13%,

12/15/2028

(g) 20,062

19,246

$

115,781

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Consumer

Products

-

0.25%

Kronos

Acquisition

Holdings

Inc

8.25%,

06/30/2031

(g) $

11,897

$

8,825

10.75%,

06/30/2032

(g) 15,075

7,707

$

16,532

Cosmetics

&

Personal

Care

-

0.44%

Perrigo

Finance

Unlimited

Co

6.13%,

09/30/2032

29,270

29,517

Diversified

Financial

Services

-

5.47%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.95%,

03/10/2055

(i) 27,625

29,040

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Credit

Acceptance

Corp

6.63%,

03/15/2030

(g) 11,450

11,445

9.25%,

12/15/2028

(g) 28,443

29,829

Freedom

Mortgage

Holdings

LLC

7.88%,

04/01/2033

(g) 2,180

2,239

9.13%,

05/15/2031

(g) 44,315

47,108

Global

Aircraft

Leasing

Co

Ltd

8.75%,

09/01/2027

(g) 42,755

44,018

Jane

Street

Group

/

JSG

Finance

Inc

6.13%,

11/01/2032

(g) 31,170

31,718

6.75%,

05/01/2033

(g) 16,550

17,264

Macquarie

Airfinance

Holdings

Ltd

5.15%,

03/17/2030

(g) 5,250

5,312

OneMain

Finance

Corp

3.50%,

01/15/2027

4,210

4,142

4.00%,

09/15/2030

7,638

7,103

6.63%,

01/15/2028

2,675

2,743

6.63%,

05/15/2029

11,314

11,635

7.13%,

11/15/2031

27,370

28,361

7.13%,

09/15/2032

17,185

17,737

7.50%,

05/15/2031

7,760

8,106

Rfna

LP

7.88%,

02/15/2030

(g) 14,805

14,742

Rocket

Cos

Inc

6.13%,

08/01/2030

(g) 11,530

11,893

6.38%,

08/01/2033

(g) 15,400

16,043

TrueNoord

Capital

DAC

8.75%,

03/01/2030

(g) 21,507

22,658

Vericast

Corp

12.50%,

12/15/2027

(g) 800

850

$

363,986

Electric

-

3.97%

California

Buyer

Ltd

/

Atlantica

Sustainable

Infrastructure

PLC

6.38%,

02/15/2032

(g) 29,495

29,801

Clearway

Energy

Operating

LLC

3.75%,

02/15/2031

(g) 35,612

32,978

Lightning

Power

LLC

7.25%,

08/15/2032

(g) 44,485

47,121

NextEra

Energy

Capital

Holdings

Inc

6.70%,

09/01/2054

(i) 26,013

27,053

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

NRG

Energy

Inc

5.75%,

01/15/2034

(g) 18,069

18,196

6.00%,

01/15/2036

(g) 18,069

18,380

10.25%,

03/15/2028

(g),(i),(j)

12,125

13,307

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.92%

Talen

Energy

Supply

LLC

6.25%,

02/01/2034

(g) 9,910

10,162

6.50%,

02/01/2036

(g) 9,910

10,264

Schedule

of

Investments

High

Yield

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Vistra

Corp

7.00%,

12/15/2026

(g),(i),(j)

$

16,889

$

17,056

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.74%

Vistra

Operations

Co

LLC

4.38%,

05/01/2029

(g) 21,107

20,725

VoltaGrid

LLC

7.38%,

11/01/2030

(g),(n)

19,265

19,594

$

264,637

Engineering

&

Construction

-

0.38%

Global

Infrastructure

Solutions

Inc

5.63%,

06/01/2029

(g) 25,003

24,994

Entertainment

-

3.29%

Allwyn

Entertainment

Financing

UK

PLC

7.88%,

04/30/2029

(g) 8,356

8,667

Caesars

Entertainment

Inc

6.00%,

10/15/2032

(g),(h)

18,560

17,706

6.50%,

02/15/2032

(g) 30,505

30,759

Churchill

Downs

Inc

4.75%,

01/15/2028

(g) 240

5.75%,

04/01/2030

(g) 28,560

28,648

6.75%,

05/01/2031

(g) 210

Cinemark

USA

Inc

5.25%,

07/15/2028

(g) 18,440

18,355

7.00%,

08/01/2032

(g) 40,555

42,028

Starz

Capital

Holdings

LLC

5.50%,

04/15/2029

(g) 10,420

8,310

Warnermedia

Holdings

Inc

5.05%,

03/15/2042

37,098

29,780

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

5.13%,

10/01/2029

(g) 104

6.25%,

03/15/2033

(g) 17,075

17,348

7.13%,

02/15/2031

(g) 15,966

17,145

$

219,303

Environmental

Control

-

0.47%

Madison

IAQ

LLC

4.13%,

06/30/2028

(g) 18,265

17,885

Waste

Pro

USA

Inc

7.00%,

02/01/2033

(g) 12,610

13,107

$

30,992

Food

-

3.73%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

3.50%,

03/15/2029

(g) 11,785

11,232

4.63%,

01/15/2027

(g) 8,270

8,253

5.50%,

03/31/2031

(g),(n)

6,295

6,345

6.25%,

03/15/2033

(g) 4,740

4,872

B&G

Foods

Inc

5.25%,

09/15/2027

(h) 11,625

11,178

8.00%,

09/15/2028

(g) 25,432

23,910

Chobani

Holdco

II

LLC

8.75%,

PIK

9.50%;

10/01/2029

(g),(l),(m)

5,741

6,082

Chobani

LLC

/

Chobani

Finance

Corp

Inc

4.63%,

11/15/2028

(g) 13,095

13,019

7.63%,

07/01/2029

(g) 12,484

12,983

Fiesta

Purchaser

Inc

7.88%,

03/01/2031

(g) 3,744

3,952

9.63%,

09/15/2032

(g) 24,490

26,353

Ingles

Markets

Inc

4.00%,

06/15/2031

(g) 20,752

19,414

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

3.63%,

01/15/2032

27,275

25,469

Pilgrim's

Pride

Corp

3.50%,

03/01/2032

14,595

13,377

4.25%,

04/15/2031

15,060

14,576

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

Post

Holdings

Inc

4.63%,

04/15/2030

(g) $

28,739

$

27,864

6.25%,

10/15/2034

(g) 2,870

2,904

Viking

Baked

Goods

Acquisition

Corp

8.63%,

11/01/2031

(g) 16,755

16,811

$

248,594

Forest

Products

&

Paper

-

0.36%

Mercer

International

Inc

5.13%,

02/01/2029

21,090

13,637

12.88%,

10/01/2028

(g) 5,860

4,865

Sappi

Papier

Holding

GmbH

7.50%,

06/15/2032

(g) 5,381

5,603

$

24,105

Healthcare

-

Products

-

0.43%

Medline

Borrower

LP

3.88%,

04/01/2029

(g) 26,645

25,881

5.25%,

10/01/2029

(g) 3,085

3,073

$

28,954

Healthcare

-

Services

-

3.85%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(g) 41,537

40,645

7.38%,

03/15/2033

(g),(h)

3,775

3,902

Centene

Corp

2.50%,

03/01/2031

16,540

14,234

3.00%,

10/15/2030

1,820

1,624

3.38%,

02/15/2030

16,070

14,783

CHS/Community

Health

Systems

Inc

6.00%,

01/15/2029

(g) 29,751

29,453

Concentra

Health

Services

Inc

6.88%,

07/15/2032

(g) 22,130

23,082

Global

Medical

Response

Inc

7.38%,

10/01/2032

(g) 10,145

10,615

IQVIA

Inc

6.25%,

06/01/2032

(g) 16,860

17,573

LifePoint

Health

Inc

8.38%,

02/15/2032

(g) 18,520

19,998

Molina

Healthcare

Inc

3.88%,

05/15/2032

(g) 10,385

9,364

4.38%,

06/15/2028

(g) 14,923

14,535

6.25%,

01/15/2033

(g) 6,742

6,786

Tenet

Healthcare

Corp

6.13%,

06/15/2030

30,511

31,077

6.75%,

05/15/2031

18,165

18,846

$

256,517

Holding

Companies

-

Diversified

-

0.18%

Clue

Opco

LLC

9.50%,

10/15/2031

(g),(h)

11,510

11,733

Home

Builders

-

1.76%

Adams

Homes

Inc

9.25%,

10/15/2028

(g) 23,814

24,728

Century

Communities

Inc

3.88%,

08/15/2029

(g) 18,585

17,427

6.63%,

09/15/2033

(g) 5,370

5,354

Dream

Finders

Homes

Inc

6.88%,

09/15/2030

(g) 8,950

8,908

8.25%,

08/15/2028

(g) 16,133

16,642

Forestar

Group

Inc

6.50%,

03/15/2033

(g) 11,530

11,812

K

Hovnanian

Enterprises

Inc

8.00%,

04/01/2031

(g) 3,755

3,836

8.38%,

10/01/2033

(g) 11,735

12,014

LGI

Homes

Inc

4.00%,

07/15/2029

(g),(h)

7.00%,

11/15/2032

(g) 17,201

16,507

$

117,451

Schedule

of

Investments

High

Yield

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Housewares

-

0.47%

Newell

Brands

Inc

8.50%,

06/01/2028

(g) $

30,539

$

31,330

Internet

-

0.12%

Gen

Digital

Inc

6.25%,

04/01/2033

(g) 7,590

7,813

Investment

Companies

-

0.66%

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.38%,

06/15/2026

(g) 1,970

1,950

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

35,170

30,249

10.00%,

11/15/2029

(g) 11,960

12,004

$

44,203

Iron

&

Steel

-

0.57%

Cleveland-Cliffs

Inc

4.63%,

03/01/2029

(g) 10,100

9,870

4.88%,

03/01/2031

(g) 60

6.75%,

04/15/2030

(g) 80

6.88%,

11/01/2029

(g) 60

7.00%,

03/15/2032

(g) 5,880

6,012

7.38%,

05/01/2033

(g) 15,755

16,300

Specialty

Steel

12.00%,

11/15/2033

(e),(f)

8,096

5,855

$

38,237

Leisure

Products

&

Services

-

1.01%

Life

Time

Inc

6.00%,

11/15/2031

(g) 23,361

23,689

Lindblad

Expeditions

LLC

7.00%,

09/15/2030

(g) 3,290

3,351

NCL

Corp

Ltd

6.25%,

03/01/2030

(g) 19,980

20,297

6.25%,

09/15/2033

(g) 1,225

1,239

6.75%,

02/01/2032

(g) 5,000

5,138

7.75%,

02/15/2029

(g) 83

NCL

Finance

Ltd

6.13%,

03/15/2028

(g) 13,170

13,448

$

67,251

Lodging

-

1.56%

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower

Inc

6.63%,

01/15/2032

(g) 33,150

33,640

Station

Casinos

LLC

4.50%,

02/15/2028

(g) 100

4.63%,

12/01/2031

(g) 1,425

1,339

6.63%,

03/15/2032

(g) 35,673

36,257

Wynn

Macau

Ltd

5.13%,

12/15/2029

(g) 73

5.50%,

10/01/2027

(g) 40

5.63%,

08/26/2028

(g) 32,585

32,553

$

103,999

Machinery

-

Diversified

-

0.49%

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(g) 30,973

32,755

Media

-

6.69%

AMC

Networks

Inc

10.25%,

01/15/2029

(g) 28,990

30,435

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.25%,

01/15/2034

(g) 5,300

4,451

4.50%,

08/15/2030

(g) 11,739

11,004

4.50%,

06/01/2033

(g) 12,955

11,232

4.75%,

03/01/2030

(g) 10,475

9,960

4.75%,

02/01/2032

(g) 29,462

26,673

5.00%,

02/01/2028

(g) 1,325

1,312

5.13%,

05/01/2027

(g) 6,625

6,587

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

CSC

Holdings

LLC

4.50%,

11/15/2031

(g) $

30,900

$

18,928

5.50%,

04/15/2027

(g) 2,450

2,273

6.50%,

02/01/2029

(g) 22,355

15,375

11.25%,

05/15/2028

(g) 12,641

11,091

Directv

Financing

LLC

8.88%,

02/01/2030

(g) 28,976

28,806

8.88%,

02/01/2030

(g) 13,858

13,776

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(g) 4,069

4,069

10.00%,

02/15/2031

(g) 9,645

9,605

Discovery

Communications

LLC

4.13%,

05/15/2029

21,311

20,616

DISH

DBS

Corp

5.25%,

12/01/2026

(g) 17,388

17,108

DISH

Network

Corp

11.75%,

11/15/2027

(g) 35,563

37,440

iHeartCommunications

Inc

4.75%,

01/15/2028

(g) 14,594

13,246

7.75%,

08/15/2030

(g) 7,754

6,480

LCPR

Senior

Secured

Financing

DAC

5.13%,

07/15/2029

(g),(h)

32,832

19,860

McGraw-Hill

Education

Inc

7.38%,

09/01/2031

(g) 19,415

19,925

Scripps

Escrow

II

Inc

3.88%,

01/15/2029

(g) 20,410

18,454

Sinclair

Television

Group

Inc

8.13%,

02/15/2033

(g) 22,925

23,363

Virgin

Media

Finance

PLC

5.00%,

07/15/2030

(g) 18,741

16,728

Virgin

Media

Vendor

Financing

Notes

IV

DAC

5.00%,

07/15/2028

(g) 12,925

12,665

VZ

Secured

Financing

BV

5.00%,

01/15/2032

(g) 10,000

9,085

Ziggo

BV

4.88%,

01/15/2030

(g) 26,155

24,686

$

445,233

Metal

Fabrication

&

Hardware

-

0.57%

Park-Ohio

Industries

Inc

8.50%,

08/01/2030

(g) 12,491

12,750

TMS

International

Corp/DE

6.25%,

04/15/2029

(g) 25,550

25,061

$

37,811

Mining

-

2.06%

ACN

874

712

Pty

Ltd

0.00%,

02/15/2018

(d),(e),(g)

10,457

Arsenal

AIC

Parent

LLC

8.00%,

10/01/2030

(g) 400

11.50%,

10/01/2031

(g) 725

806

Century

Aluminum

Co

6.88%,

08/01/2032

(g) 7,990

8,214

First

Quantum

Minerals

Ltd

7.25%,

02/15/2034

(g) 9,145

9,497

8.00%,

03/01/2033

(g) 9,110

9,682

8.63%,

06/01/2031

(g) 17,095

17,904

Hudbay

Minerals

Inc

6.13%,

04/01/2029

(g) 8,405

8,511

IAMGOLD

Corp

5.75%,

10/15/2028

(g) 19,263

19,191

New

Gold

Inc

6.88%,

04/01/2032

(g) 16,140

16,878

Northwest

Acquisitions

ULC

/

Dominion

Finco

Inc

0.00%,

11/01/2022

(d),(g)

15,820

—

Taseko

Mines

Ltd

8.25%,

05/01/2030

(g) 43,832

46,342

$

137,507

Schedule

of

Investments

High

Yield

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

-

4.58%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

7.50%,

10/01/2029

(g) $

28,032

$

29,082

APA

Corp

5.25%,

02/01/2042

4,094

3,327

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

6.63%,

10/15/2032

(g) 34,165

34,841

6.63%,

07/15/2033

(g) 1,930

1,965

9.00%,

11/01/2027

(g) 9,300

10,959

Chord

Energy

Corp

6.00%,

10/01/2030

(g) 13,870

13,903

6.75%,

03/15/2033

(g) 34,125

34,848

Crescent

Energy

Finance

LLC

8.38%,

01/15/2034

(g) 15,921

15,572

Matador

Resources

Co

6.25%,

04/15/2033

(g) 32,995

32,946

Northern

Oil

&

Gas

Inc

7.88%,

10/15/2033

(g) 23,500

22,889

Permian

Resources

Operating

LLC

6.25%,

02/01/2033

(g) 28,655

29,155

Sunoco

LP

5.88%,

03/15/2034

(g) 24,675

24,671

Sunoco

LP

/

Sunoco

Finance

Corp

4.50%,

04/30/2030

31,585

30,596

Transocean

International

Ltd

7.88%,

10/15/2032

(g) 6,865

7,070

8.50%,

05/15/2031

(g) 13,220

13,125

$

304,949

Oil

&

Gas

Services

-

1.35%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.25%,

04/01/2028

(g) 44,261

44,450

Enerflex

Ltd

9.00%,

10/15/2027

(g) 29,926

30,540

Kodiak

Gas

Services

LLC

6.50%,

10/01/2033

(g) 8,860

9,079

6.75%,

10/01/2035

(g) 5,640

5,808

$

89,877

Packaging

&

Containers

-

2.76%

Canpack

SA

/

Canpack

US

LLC

3.13%,

11/01/2025

(g) 9,640

9,640

Cascades

Inc/Cascades

USA

Inc

5.38%,

01/15/2028

(g) 16,537

16,519

6.75%,

07/15/2030

(g) 16,000

16,367

Clydesdale

Acquisition

Holdings

Inc

6.63%,

04/15/2029

(g) 2,205

2,214

6.75%,

04/15/2032

(g) 13,515

13,561

6.88%,

01/15/2030

(g) 14,990

15,140

8.75%,

04/15/2030

(g) 20,469

20,511

Crown

Americas

LLC

5.88%,

06/01/2033

(g) 9,135

9,258

Crown

Cork

&

Seal

Co

Inc

7.38%,

12/15/2026

14,495

14,904

LABL

Inc

5.88%,

11/01/2028

(g) 10,046

7,161

8.63%,

10/01/2031

(g) 23,035

14,807

9.50%,

11/01/2028

(g) 8,927

6,656

Mauser

Packaging

Solutions

Holding

Co

7.88%,

04/15/2027

(g) 12,255

12,287

9.25%,

04/15/2027

(g) 24,885

24,572

$

183,597

Pharmaceuticals

-

2.64%

1261229

BC

Ltd

10.00%,

04/15/2032

(g) 21,845

22,835

AdaptHealth

LLC

5.13%,

03/01/2030

(g) 31,501

30,135

BellRing

Brands

Inc

7.00%,

03/15/2030

(g) 24,215

24,968

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Endo

Finance

Holdings

Inc

8.50%,

04/15/2031

(g),(h)

$

34,096

$

36,139

Jazz

Securities

DAC

4.38%,

01/15/2029

(g) 47,640

46,678

Owens

&

Minor

Inc

4.50%,

03/31/2029

(g),(h)

19,277

14,835

$

175,590

Pipelines

-

3.91%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

06/15/2029

(g) 17,110

17,099

5.75%,

10/15/2033

(g) 15,535

15,513

6.63%,

02/01/2032

(g) 92

DT

Midstream

Inc

4.13%,

06/15/2029

(g) 16,060

15,717

Energy

Transfer

LP

6.50%,

02/15/2056

(i) 39,210

38,855

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

Harvest

Midstream

I

LP

7.50%,

05/15/2032

(g) 28,683

29,725

Hess

Midstream

Operations

LP

4.25%,

02/15/2030

(g) 33,681

32,805

Venture

Global

LNG

Inc

7.00%,

01/15/2030

(g),(h)

1,450

1,467

8.38%,

06/01/2031

(g) 26,805

27,519

9.00%,

09/30/2029

(g),(i),(j)

16,460

15,385

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.44%

9.50%,

02/01/2029

(g) 29,790

32,062

Venture

Global

Plaquemines

LNG

LLC

6.75%,

01/15/2036

(g) 22,830

24,180

7.75%,

05/01/2035

(g) 8,655

9,766

$

260,188

REITs

-

4.20%

Arbor

Realty

SR

Inc

7.88%,

07/15/2030

(g) 17,790

18,103

EF

Holdco

/

EF

Cayman

Hold

/

Ellington

Fin

REIT

Cayman/TRS

/

EF

Cayman

Non-MTM

7.38%,

09/30/2030

(g) 14,380

14,418

Iron

Mountain

Inc

4.50%,

02/15/2031

(g) 32,606

31,274

4.88%,

09/15/2027

(g) 160

4.88%,

09/15/2029

(g) 230

5.00%,

07/15/2028

(g) 100

5.25%,

03/15/2028

(g) 190

5.25%,

07/15/2030

(g) 6,345

6,315

5.63%,

07/15/2032

(g) 144

6.25%,

01/15/2033

(g) 6,781

6,935

7.00%,

02/15/2029

(g) 200

Iron

Mountain

Information

Management

Services

Inc

5.00%,

07/15/2032

(g) 150

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(g) 39,082

38,319

7.00%,

07/15/2031

(g) 18,850

19,799

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

3.50%,

03/15/2031

22,150

15,639

8.50%,

02/15/2032

(g) 6,340

6,642

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

4.88%,

05/15/2029

(g) 17,003

16,514

5.88%,

10/01/2028

(g) 60

7.00%,

02/01/2030

(g) 14,275

14,619

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp

6.50%,

06/15/2033

(g) 12,665

13,072

Schedule

of

Investments

High

Yield

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Uniti

Group

LP

/

Uniti

Fiber

Holdings

Inc

/

CSL

Capital

LLC

6.00%,

01/15/2030

(g) $

36,090

$

32,355

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

8.63%,

06/15/2032

(g) 12,475

11,683

XHR

LP

4.88%,

06/01/2029

(g) 30,553

29,866

6.63%,

05/15/2030

(g) 2,634

2,689

$

279,472

Retail

-

5.48%

Academy

Ltd

6.00%,

11/15/2027

(g) 12,535

12,565

Bath

&

Body

Works

Inc

6.63%,

10/01/2030

(g) 17,275

17,756

6.75%,

07/01/2036

11,370

11,768

6.88%,

11/01/2035

6.95%,

03/01/2033

2,750

2,847

Carvana

Co

9.00%,

PIK

13.00%;

06/01/2030

(g),(l),(m)

29,415

30,720

14.00%,

PIK

14.00%;

06/01/2031

(g),(l),(m)

Doman

Building

Materials

Group

Ltd

5.25%,

05/15/2026

(g) CAD

6,370

4,537

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

9.25%,

01/15/2031

(g) $

13,700

13,824

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4.63%,

01/15/2029

(g) 45,420

43,457

6.75%,

01/15/2030

(g) 7,248

6,719

Gap

Inc/The

3.63%,

10/01/2029

(g) 24,530

23,079

3.88%,

10/01/2031

(g) 11,476

10,452

Macy's

Retail

Holdings

LLC

4.50%,

12/15/2034

6,445

5,736

5.88%,

03/15/2030

(g) 4,863

4,863

6.13%,

03/15/2032

(g) 21,953

22,059

6.38%,

03/15/2037

6.70%,

07/15/2034

(g) 130

7.38%,

08/01/2033

(g) 9,160

9,652

Park

River

Holdings

Inc

8.00%,

03/15/2031

(g) 13,211

13,600

8.75%,

12/31/2030

(g) 17,197

17,106

Patrick

Industries

Inc

4.75%,

05/01/2029

(g) 10,718

10,547

6.38%,

11/01/2032

(g) 12,870

13,122

PetSmart

LLC

/

PetSmart

Finance

Corp

7.50%,

09/15/2032

(g) 21,525

21,470

10.00%,

09/15/2033

(g) 6,900

6,929

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp

7.75%,

10/15/2029

(g) 15,622

15,719

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(g) 42,900

45,518

$

364,779

Savings

&

Loans

-

0.00%

Washington

Mutual

Bank

/

Henderson

NV

0.00%,

06/15/2011

(d),(e)

3,500

—

0.00%,

01/15/2013

(d) 3,000

—

0.00%,

01/15/2015

(d),(e)

2,000

—

$

—

Semiconductors

-

0.95%

ams-OSRAM

AG

12.25%,

03/30/2029

(g) 31,639

34,046

Kioxia

Holdings

Corp

6.25%,

07/24/2030

(g) 6,800

7,021

6.63%,

07/24/2033

(g) 21,445

22,369

$

63,436

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

-

1.22%

Cloud

Software

Group

Inc

6.50%,

03/31/2029

(g) $

$

6.63%,

08/15/2033

(g) 6,925

6,941

9.00%,

09/30/2029

(g) 32,680

33,802

CoreWeave

Inc

9.25%,

06/01/2030

(g) 16,915

17,080

Open

Text

Corp

3.88%,

12/01/2029

(g) 11,355

10,746

Open

Text

Holdings

Inc

4.13%,

12/01/2031

(g) 12,785

11,903

$

80,915

Telecommunications

-

4.04%

Altice

Financing

SA

5.00%,

01/15/2028

(g) 24,088

17,953

Altice

France

SA

9.50%,

11/01/2029

(g) 30,971

31,556

CommScope

LLC

9.50%,

12/15/2031

(g) 3,910

3,983

Connect

Finco

SARL

/

Connect

US

Finco

LLC

9.00%,

09/15/2029

(g) 22,820

24,164

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(g) 27,066

26,944

EchoStar

Corp

10.75%,

11/30/2029

45,474

50,061

Frontier

Communications

Holdings

LLC

5.88%,

11/01/2029

10,710

10,833

Level

Financing

Inc

4.00%,

04/15/2031

(g) 9,124

8,143

7.00%,

03/31/2034

(g) 19,538

20,073

Sunrise

HoldCo

IV

BV

5.50%,

01/15/2028

(g) 5,224

5,201

Viasat

Inc

7.50%,

05/30/2031

(g) 10,785

10,120

Viavi

Solutions

Inc

3.75%,

10/01/2029

(g) 27,375

25,810

Vmed

O2

UK

Financing

I

PLC

4.75%,

07/15/2031

(g) 625

578

6.75%,

01/15/2033

(g) 7,129

7,147

Windstream

Services

LLC

7.50%,

10/15/2033

(g) 4,426

4,418

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp

8.25%,

10/01/2031

(g) 6,950

7,097

Zayo

Group

Holdings

Inc

9.25%,

PIK

0.00%;

03/09/2030

(g),(l),(m)

15,791

15,015

$

269,096

Textiles

-

0.21%

Eagle

Intermediate

Global

Holding

BV/Eagle

US

Finance

LLC

7.50%,

PIK

7.50%;

12/30/2025

(g),(l),(m)

7,781

4,746

Linx

Capital

Ltd

15.20%,

PIK

15.20%;

12/30/2025

(g),(l),(m)

EUR

8,654

8,978

$

13,724

Transportation

-

1.80%

Brightline

East

LLC

11.00%,

01/31/2030

(g),(h)

$

19,771

7,711

Eletson

Holdings

Inc

-

Escrow

0.00%,

01/15/2022

(d),(e)

18,905

—

Navios

Maritime

Partners

LP

7.75%,

11/07/2030

(g),(n)

7,600

7,600

Navios

South

American

Logistics

Inc

8.88%,

07/14/2030

(g) 15,000

15,434

SFL

Corp

Ltd

7.25%,

05/12/2026

(g) 8,200

8,253

7.75%,

01/29/2030

(g) 23,600

23,873

8.25%,

04/19/2028

10,200

10,471

8.88%,

02/01/2027

8,700

8,918

Schedule

of

Investments

High

Yield

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Transportation

(continued)

Watco

Cos

LLC

/

Watco

Finance

Corp

7.13%,

08/01/2032

(g) $

36,405

$

37,714

$

119,974

TOTAL

BONDS

$

5,960,280

CONVERTIBLE

BONDS

-

0.00%

Principal

Amount

(000's)

Value

(000's)

Food

-

0.00%

Fresh

Express

Delivery

Holding

Group

Co

Ltd

-

Escrow

0.00%,

11/09/2009

(d),(e)

HKD

46,500

$

—

0.00%,

10/18/2010

(d),(e)

CNH

245,000

—

$

—

TOTAL

CONVERTIBLE

BONDS

$

—

SENIOR

FLOATING

RATE

INTERESTS

-

4.98%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

0.02%

TransDigm

Inc

;

Term

Loan

J

6.50%,

02/28/2031

(o) $

1,198

$

1,199

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Airlines

-

0.44%

AAdvantage

Loyalty

IP

Ltd

;

Term

Loan

B

6.13%,

04/20/2028

(o) 12,439

12,449

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

7.13%,

05/07/2032

(o) 4,975

4,990

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

WestJet

Loyalty

LP

;

Term

Loan

B

7.25%,

02/14/2031

(o) 11,501

11,537

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

28,976

Building

Materials

-

0.09%

Quikrete

Holdings

Inc

;

Term

Loan

B3

6.21%,

01/31/2032

(o) 5,698

5,703

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Chemicals

-

0.43%

Advancion

Holdings

LLC

;

Term

Loan

11.81%,

11/24/2028

(o) 25,457

22,911

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Consolidated

Energy

Finance

SA

;

Term

Loan

B

8.20%,

11/15/2030

(o) 6,451

5,395

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

$

28,306

Commercial

Services

-

0.32%

Aggreko

Holdings

Inc

;

Term

Loan

B

7.22%,

05/21/2031

(o) 5,111

5,134

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Garda

World

Security

Corp

;

Term

Loan

B

7.05%,

02/01/2029

(o) 1,985

1,983

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Shift4

Payments

LLC

;

Term

Loan

B

6.50%,

07/02/2032

(o) 3,985

4,006

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Veritiv

Operating

Co

;

Term

Loan

B

8.00%,

11/30/2030

(o) 10,514

10,084

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

21,207

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

-

0.16%

McAfee

Corp

;

Term

Loan

B1

0.00%,

03/01/2029

(o),(p)

$

11,436

$

10,817

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Consumer

Products

-

0.13%

Kronos

Acquisition

Holdings

Inc

;

Term

Loan

B

8.00%,

06/27/2031

(o) 11,906

8,634

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Diversified

Financial

Services

-

0.09%

Russell

Investments

US

Institutional

Holdco

Inc

;

PIK

Term

Loan

B

9.19%,

PIK

1.50%,

05/30/2027

(m),(o)

6,120

5,925

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Food

-

0.17%

Fiesta

Purchaser

Inc

;

Term

Loan

B

7.51%,

02/12/2031

(o) 11,613

11,558

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Forest

Products

&

Paper

-

0.04%

Spectrum

Group

Buyer

Inc

;

Term

Loan

B

10.81%,

PIK

0.00%,

05/19/2028

(m),(o)

3,095

2,722

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

Healthcare

-

Services

-

0.23%

LifePoint

Health

Inc

;

Term

Loan

B

7.65%,

05/16/2031

(o) 15,513

15,508

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Insurance

-

0.25%

Asurion

LLC

;

Term

Loan

B4

9.33%,

01/20/2029

(o) 17,385

16,550

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Investment

Companies

-

0.12%

Teide

Ltd

;

PIK

Term

Loan

0.00%,

PIK

10.00%,

08/01/2026

(m),(o)

EUR

15,896

7,787

Lodging

-

0.06%

Fertitta

Entertainment

LLC/NV

;

Term

Loan

B

7.21%,

01/27/2029

(o) $

4,168

4,163

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Machinery

-

Diversified

-

0.16%

TK

Elevator

US

Newco

Inc

;

Term

Loan

B

7.20%,

04/30/2030

(o) 10,786

10,847

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Media

-

0.49%

Directv

Financing

LLC

;

Term

Loan

B

9.34%,

02/15/2031

(o) 10,022

9,884

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

iHeartCommunications

Inc

;

Term

Loan

9.85%,

05/01/2029

(o) 16,221

14,457

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.78%

Numericable

US

LLC

;

Term

Loan

B11

8.11%,

04/30/2028

(o) 6,129

6,018

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.13%

SportsNet

New

York

10.25%,

PIK

7.50%,

04/10/2026

(e),(f),(m),(o)

4,408

2,373

$

32,732

Schedule

of

Investments

High

Yield

Fund

October

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Metal

Fabrication

&

Hardware

-

0.15%

TMS

International

Corp/DE

;

Term

Loan

B7

5.36%,

03/02/2030

(o) $

9,846

$

9,846

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Mining

-

0.22%

Arctic

Canadian

Diamond

Co

Ltd

0.00%,

PIK

10.00%,

06/30/2026

(e),(f),(m),(o)

3,684

1,763

Arsenal

AIC

Parent

LLC

;

Term

Loan

B

6.71%,

08/18/2030

(o) 12,918

12,934

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

14,697

Oil

&

Gas

Services

-

0.17%

Deep

Blue

Operating

I

LLC

;

Term

Loan

B

6.88%,

09/17/2032

(o) 11,420

11,441

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Packaging

&

Containers

-

0.15%

Clydesdale

Acquisition

Holdings

Inc

;

Term

Loan

B

7.21%,

03/26/2032

(o) 6,596

6,578

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Mauser

Packaging

Solutions

Holding

Co

;

Term

Loan

B1

7.13%,

04/15/2027

(o) 3,291

3,291

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

9,869

Pharmaceuticals

-

0.44%

1261229

BC

Ltd

;

Term

Loan

B

10.21%,

09/25/2030

(o) 23,790

23,603

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Endo

Finance

Holdings

Inc

;

Term

Loan

B

7.96%,

04/23/2031

(o) 6,007

5,968

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

29,571

Retail

-

0.27%

IRB

Holding

Corp

;

Term

Loan

B

6.46%,

12/15/2027

(o) 15,671

15,690

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Victra

Holdings

LLC

;

Term

Loan

B

7.75%,

03/30/2029

(o) 2,407

2,412

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

18,102

Telecommunications

-

0.38%

CommScope

LLC

;

Term

Loan

9.51%,

12/17/2029

(o) 14,690

14,806

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Zayo

Group

Holdings

Inc

;

PIK

Term

Loan

8.37%,

PIK

0.00%,

03/11/2030

(m),(o)

11,199

10,691

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

25,497

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

331,657

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

1.45%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

1.45%

3.88%,

04/30/2030

$

95,635

$

96,371

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

96,371

Total

Investments

$

6,680,463

Other

Assets

and

Liabilities

- (0.32)%

(21,069)

TOTAL

NET

ASSETS

-

100.00%

$

6,659,394

(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

$59,108

or

0.89%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(f) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(g) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,141,609

or

77.21%

of

net

assets.

(h) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$55,941

or

0.84%

of

net

assets.

(i) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(j) 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) 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

$111,267

or

1.67%

of

net

assets.

(l) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(m) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(n) Security

purchased

on

a

when-issued

basis.

(o) Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(p) This

Senior

Floating

Rate

Note

will

settle

after

October

31,

2025,

at

which

time

the

interest

rate

will

be

determined.

Schedule

of

Investments

High

Yield

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

329,982

$

3,401,401

$

3,470,762

$

260,621

$

329,982

$

3,401,401

$

3,470,762

$

260,621

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

8,276

$

—

$

—

$

—

$

8,276

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Arctic

Canadian

Diamond

Co

Ltd

03/03/2025

$

—

$

0.00%

Arctic

Canadian

Diamond

Co

Ltd

0.00%,

PIK

10.00%,

06/30/2026

03/03/2025-09/30/2025

3,686

1,763

0.03%

Burgundy

Diamond

Mines

Ltd

03/03/2025

1,090

—

0.00%

Specialty

Steel

12.00%,

11/15/2033

08/11/2025

7,088

5,855

0.09%

SportsNet

New

York

10.25%,

PIK

7.50%,

04/10/2026

03/03/2025-07/15/2025

4,349

2,373

0.03%

Total

$

10,208

0.15%

Amounts

in

thousands.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

RBC

Dominon

Securities

Corp

11/03/2025

EUR

2,167

$

2,498

$

—

$

—

RBC

Dominon

Securities

Corp

11/03/2025

$

—

EUR

—

—

—

RBC

Dominon

Securities

Corp

11/14/2025

$

AUD

—

—

RBC

Dominon

Securities

Corp

11/14/2025

$

4,606

CAD

6,437

—

RBC

Dominon

Securities

Corp

11/14/2025

$

20,642

EUR

17,806

—

RBC

Dominon

Securities

Corp

11/14/2025

$

GBP

—

Total

$

$

—

Amounts

in

thousands.

Schedule

of

Investments

Inflation

Protection

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.63

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.63

%

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b)

38,852,169

$

38,852

TOTAL

INVESTMENT

COMPANIES

$

38,852

BONDS

-

.35

%

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

-

.04

%

Enterprise

Fleet

Financing

2025-4

LLC

4.28%,

06/20/2032

(c) $

997

$

998

Commercial

Mortgage

Backed

Securities

-

.83

%

ARES

Commercial

Mortgage

Trust

2024-IND

5.72%,

07/15/2041

(c) 2,145

2,149

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

BAHA

Trust

2024-MAR

5.97%,

12/10/2041

(c),(d)

2,130

2,203

BAMLL

Trust

2024-BHP

6.38%,

08/15/2039

(c) 1,310

1,313

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

BFLD

2024-VICT

Mortgage

Trust

5.92%,

07/15/2041

(c) 570

572

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.89%

BFLD

Commercial

Mortgage

Trust

2025-5MW

4.67%,

10/10/2042

(c),(d)

2,581

2,579

BFLD

Commercial

Mortgage

Trust

2025-660F

5.46%,

11/15/2042

(c) 2,145

2,148

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

BFLD

Trust

2025-EWEST

5.58%,

06/15/2042

(c) 1,900

1,906

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.55%

BX

Commercial

Mortgage

Trust

2024-AIRC

5.72%,

08/15/2039

(c) 702

703

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

BX

Commercial

Mortgage

Trust

2024-GPA3

5.32%,

12/15/2039

(c) 530

530

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

BX

Commercial

Mortgage

Trust

2024-KING

5.57%,

05/15/2034

(c) 1,895

1,896

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.54%

BX

Commercial

Mortgage

Trust

2024-MDHS

5.67%,

05/15/2041

(c) 1,201

1,202

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

BX

Commercial

Mortgage

Trust

2024-XL4

7.17%,

02/15/2039

(c) 677

679

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.14%

BX

Trust

2024-VLT4

5.52%,

06/15/2041

(c) 1,702

1,702

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

CIP

Commercial

Mortgage

Trust

2025-SBAY

5.50%,

10/15/2037

(c) 2,055

2,057

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

COMM

2024-WCL1

MORTGAGE

TRUST

5.87%,

06/15/2041

(c) 840

837

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.84%

CONE

Trust

2024-DFW1

5.67%,

08/15/2041

(c) 320

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

DBC

2025-DBC

Mortgage

Trust

5.40%,

06/15/2038

(c) $

2,760

$

2,763

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.35%

DBGS

2024-SBL

5.92%,

08/15/2034

(c) 1,545

1,545

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.88%

DBSG

2024-ALTA

Mortgage

Trust

5.95%,

06/10/2037

(c),(d)

ELM

Trust

2024-ELM

5.80%,

06/10/2039

(c),(d)

680

685

5.80%,

06/10/2039

(c),(d)

680

686

Extended

Stay

America

Trust

2025-ESH

5.45%,

10/15/2042

(c) 2,348

2,352

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

Ginnie

Mae

1.60%,

03/16/2047

(d),(e)

—

GWT

2024-WLF2

5.72%,

05/15/2041

(c) 1,480

1,483

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

HIH

Trust

2024-61P

5.87%,

10/15/2041

(c) 2,439

2,446

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.84%

HILT

COMMERCIAL

MORTGAGE

TRUST

2024-ORL

5.57%,

05/15/2037

(c) 745

746

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.54%

HONO

2021-LULU

Mortgage

Trust

5.30%,

10/15/2036

(c) 220

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

LBA

Trust

2024-BOLT

5.62%,

06/15/2039

(c) 1,270

1,271

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

NCMF

Trust

2025-MFS

4.88%,

06/10/2033

(c),(d)

1,948

1,953

PENN

Commercial

Mortgage

Trust

2025-P11

5.34%,

08/10/2042

(c),(d)

1,350

1,372

SHRN

Trust

2025-MF18

5.30%,

10/15/2040

(c) 2,970

2,970

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

$

43,621

Home

Equity

Asset

Backed

Securities

-

.00

%

Argent

Securities

Trust

2006-W3

4.35%,

04/25/2036

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.35%

Countrywide

Asset-Backed

Certificates

5.23%,

12/25/2032

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.24%

Long

Beach

Mortgage

Loan

Trust

2004-2

4.90%,

06/25/2034

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.91%

Option

One

Mortgage

Loan

Trust

2005-1

5.61%,

02/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.61%

$

Schedule

of

Investments

Inflation

Protection

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

-

.52

%

A&D

Mortgage

Trust

2024-NQM5

5.70%,

11/25/2069

(c) $

1,868

$

1,879

ACRA

Trust

2024-NQM1

5.61%,

10/25/2064

(c),(d)

891

895

Angel

Oak

Mortgage

Trust

2025-2

5.64%,

02/25/2070

(c),(d)

2,084

2,100

Barclays

Mortgage

Loan

Trust

2025-NQM3

5.64%,

05/25/2065

(c),(d)

2,601

2,615

BRAVO

Residential

Funding

Trust

2023-NQM3

4.85%,

09/25/2062

(c),(d)

1,364

1,354

Chase

Mortgage

Finance

Trust

Series

2007-A2

6.89%,

06/25/2035

(d) 2

COLT

2024-6

Mortgage

Loan

Trust

5.39%,

11/25/2069

(c),(d)

1,267

1,272

Cross

2024-H7

Mortgage

Trust

5.59%,

11/25/2069

(c),(d)

1,704

1,714

Cross

2025-H1

Mortgage

Trust

5.74%,

02/25/2070

(c),(d)

2,273

2,292

CSMC

2022-NQM5

Trust

5.17%,

05/25/2067

(c),(d)

2,095

2,093

Deephaven

Residential

Mortgage

Trust

2024-1

5.74%,

07/25/2069

(c),(d)

941

947

Ellington

Financial

Mortgage

Trust

2021-3

1.24%,

09/25/2066

(c),(d)

1,719

1,451

Fannie

Mae

REMIC

Trust

2004-W5

4.75%,

02/25/2047

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.56%

Fannie

Mae

REMICS

5.58%,

08/25/2054

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.40%

5.58%,

12/25/2054

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.40%

5.63%,

02/25/2055

1,648

1,661

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.45%

5.68%,

06/25/2055

677

683

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.50%

5.73%,

06/25/2055

1,230

1,243

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.55%

5.78%,

05/25/2055

1,146

1,159

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.60%

Freddie

Mac

REMICS

5.58%,

12/25/2054

582

586

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.40%

5.58%,

03/25/2055

675

680

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.40%

5.58%,

05/25/2055

1,026

1,033

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.40%

5.63%,

12/25/2054

13,581

13,710

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.45%

5.68%,

05/25/2055

947

956

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.50%

5.68%,

06/25/2055

723

729

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.50%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Freddie

Mac

REMICS

(continued)

5.68%,

06/25/2055

$

727

$

733

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.50%

5.68%,

06/25/2055

969

978

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.50%

GCAT

2021-NQM4

Trust

1.09%,

08/25/2066

(c),(d)

2,098

1,760

HOMES

2025-AFC1

Trust

5.73%,

01/25/2060

(c),(d)

1,187

1,197

HOMES

2025-AFC2

Trust

5.47%,

06/25/2060

(c),(d)

2,565

2,581

Impac

CMB

Trust

Series

2004-6

5.09%,

10/25/2034

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.09%

Impac

CMB

Trust

Series

2005-1

4.73%,

04/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.73%

Impac

CMB

Trust

Series

2005-5

4.87%,

08/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.62%

JP

Morgan

Mortgage

Trust

2023-DSC1

4.62%,

07/25/2063

(c),(d)

761

749

Merrill

Lynch

Alternative

Note

Asset

Trust

Series

2007-A3

4.53%,

04/25/2037

1,209

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.53%

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2025-NQM1

5.74%,

11/25/2069

(c),(d)

1,228

1,238

NYMT

Loan

Trust

2024-INV1

5.38%,

06/25/2069

(c),(d)

2,003

2,008

PRKCM

2022-AFC2

Trust

5.33%,

08/25/2057

(c),(d)

PRPM

2025-NQM1

Trust

5.80%,

11/25/2069

(c),(d)

1,832

1,850

PRPM

2025-NQM3

Trust

5.61%,

05/25/2070

(c),(d)

2,010

2,023

SG

Residential

Mortgage

Trust

2021-1

1.16%,

07/25/2061

(c),(d)

2,110

1,763

SG

Residential

Mortgage

Trust

2022-2

5.35%,

08/25/2062

(c),(d)

535

535

WaMu

Mortgage

Pass-Through

Certificates

Series

2005-AR2

Trust

4.85%,

01/25/2045

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.85%

$

60,075

Other

Asset

Backed

Securities

-

.50

%

AMSR

2022-SFR3

Trust

4.00%,

10/17/2039

(c) 2,091

2,039

AMSR

2023-SFR2

Trust

3.95%,

06/17/2040

(c) 750

723

New

Residential

Mortgage

Loan

Trust

2022-SFR2

4.00%,

09/04/2039

(c) 2,035

1,976

Progress

Residential

2022-SFR6

Trust

6.04%,

07/20/2039

(c) 1,990

2,011

Progress

Residential

2022-SFR7

Trust

5.50%,

10/27/2039

(c) 3,320

3,313

Tricon

Residential

2024-SFR2

Trust

6.00%,

06/17/2040

(c) 1,805

1,822

$

11,884

Schedule

of

Investments

Inflation

Protection

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

-

.46

%

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2029

BRL

8,500

$

1,461

9.76%,

01/01/2035

71,932

10,936

Israel

Government

International

Bond

5.75%,

03/12/2054

$

Japan

Government

Thirty

Year

Bond

2.30%,

12/20/2054

JPY

673,750

3,714

2.40%,

03/20/2055

555,700

3,133

Mexico

Government

International

Bond

3.50%,

02/12/2034

$

1,527

1,324

4.88%,

05/19/2033

6.35%,

02/09/2035

5,889

6,225

6.88%,

05/13/2037

1,654

1,792

Peruvian

Government

International

Bond

6.85%,

08/12/2035

PEN

4,183

1,311

7.60%,

08/12/2039

3,367

1,089

Republic

of

South

Africa

Government

Bond

8.50%,

01/31/2037

ZAR

24,657

1,340

10.00%,

03/31/2033

26,712

1,662

$

34,761

TOTAL

BONDS

$

151,377

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.64

%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.97

%

3.50%,

11/01/2055

(f) $

10,800

$

9,956

3.50%,

12/01/2055

(f) 27,347

25,191

5.00%,

11/01/2055

(f) 12,703

12,638

5.50%,

11/01/2055

(f) 33,934

34,283

6.00%,

11/01/2055

(f) 12,302

12,579

$

94,647

U.S.

Treasury

Inflation-Indexed

Obligations

-

.67

%

0.13%,

04/15/2027

30,964

30,439

0.13%,

01/15/2030

60,235

57,384

0.13%,

07/15/2030

72,954

69,222

0.13%,

01/15/2031

73,522

68,931

0.13%,

07/15/2031

76,328

71,155

0.13%,

01/15/2032

81,209

74,668

0.13%,

02/15/2051

27,289

15,377

0.13%,

02/15/2052

31,883

17,588

0.25%,

07/15/2029

57,577

55,704

0.25%,

02/15/2050

27,087

16,247

0.38%,

01/15/2027

6,934

6,861

0.38%,

07/15/2027

44,189

43,763

0.50%,

01/15/2028

50,204

49,449

0.63%,

07/15/2032

87,626

82,825

0.63%,

02/15/2043

27,506

21,065

0.75%,

07/15/2028

56,296

55,824

0.75%,

02/15/2042

45,488

36,307

0.75%,

02/15/2045

43,467

32,760

0.88%,

01/15/2029

48,201

47,670

0.88%,

02/15/2047

27,392

20,460

1.00%,

02/15/2046

21,249

16,562

1.00%,

02/15/2048

18,774

14,224

1.00%,

02/15/2049

18,572

13,856

1.13%,

10/15/2030

45,276

44,894

1.13%,

01/15/2033

86,314

83,543

1.25%,

04/15/2028

62,133

62,131

1.38%,

07/15/2033

81,750

80,432

1.38%,

02/15/2044

38,155

32,910

1.50%,

02/15/2053

30,528

24,744

1.63%,

10/15/2027

54,552

55,212

1.63%,

10/15/2029

77,304

78,579

1.63%,

04/15/2030

92,119

93,241

1.75%,

01/15/2028

26,738

27,056

1.75%,

01/15/2034

90,007

90,344

1.88%,

07/15/2034

91,560

92,844

1.88%,

07/15/2035

74,900

75,515

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Inflation-Indexed

Obligations

(continued)

2.13%,

04/15/2029

$

75,598

$

77,712

2.13%,

01/15/2035

(g) 101,575

104,503

2.13%,

02/15/2040

5,360

5,411

2.13%,

02/15/2041

21,938

21,984

2.13%,

02/15/2054

29,727

27,767

2.38%,

01/15/2027

3,631

3,678

2.38%,

10/15/2028

75,242

77,999

2.38%,

02/15/2055

28,897

28,551

2.50%,

01/15/2029

24,760

25,745

3.38%,

04/15/2032

11,491

12,812

3.63%,

04/15/2028

27,612

29,192

3.88%,

04/15/2029

31,803

34,569

$

2,209,709

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

2,304,356

TOTAL

PURCHASED

OPTIONS

-

0.00%

$

Total

Investments

$

2,494,662

Other

Assets

and

Liabilities

- (4.62)%

(110,189)

TOTAL

NET

ASSETS

-

100.00%

$

2,384,473

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$91,185

or

3.82%

of

net

assets.

(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

is

an

Interest

Only

Strip.

(f) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(g) 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

$572

or

0.02%

of

net

assets.

Schedule

of

Investments

Inflation

Protection

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

20,980

$

602,912

$

585,040

$

38,852

$

20,980

$

602,912

$

585,040

$

38,852

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Premiums

Paid

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

USD

versus

CNH

Barclays

Bank

PLC

$

39,090

$

.00

01/16/2026

$

$

$

(196)

Put

-

USD

versus

JPY

Barclays

Bank

PLC

18,263

$

.00

11/20/2025

(36)

Total

$

$

$

(232)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Premiums

Received

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

USD

versus

CNH

Barclays

Bank

PLC

$

39,090

$

.85

01/16/2026

$

(106)

$

(16)

$

Total

$

(106)

$

(16)

$

Amounts

in

thousands

except

contracts/shares.

Interest

Rate

Swaptions

Written

Swaptions

Outstanding

Counterparty

Paid

by

the

Fund

Rate/Reference Frequency

Received

by

the

Fund

Rate/Reference Frequency

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Premiums

Received

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

Year

Interest

Rate

Swap

Deutsche

Bank

AG

Secured

Overnight

Financing

Rate

Annual

3.30%

Annual

$

6,515

3.30%

12/30/2025

$

(24)

$

(9)

$

Put

-

Year

Interest

Rate

Swap

Deutsche

Bank

AG

Secured

Overnight

Financing

Rate

Annual

4.00%

Annual

6,515

4.00%

12/30/2025

(24)

(11)

Put

-

Year

Interest

Rate

Swap

JPMorgan

Chase

Secured

Overnight

Financing

Rate

Annual

4.00%

Annual

18,793

4.00%

04/23/2026

(115)

(147)

(32)

Put

-

Year

Interest

Rate

Swap

Citigroup

Inc

Secured

Overnight

Financing

Rate

Annual

4.30%

Annual

108,324

4.30%

09/20/2027

(301)

(288)

Total

$

(464)

$

(455)

$

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Australia

Year

Bond;

December

2025

Long

$

$

(1)

Australia

Year

Bond;

December

2025

Long

25,697

(42)

Canada

Year

Bond;

December

2025

Short

11,466

Euribor;

December

2026

Long

29,664

Euro

Bond

Year

Bond;

December

2025

Long

10,141

(21)

US

Year

Treasury

Note;

December

2025

Long

40,562

(299)

US

Year

Treasury

Ultra

Note;

December

2025

Short

632

72,986

567

US

Year

Treasury

Note;

December

2025

Short

1,458

—

US

Year

Treasury Note;

December

2025

Short

4,805

US

Long

Bond;

December

2025

Short

13,608

(152)

US

Ultra

Bond;

December

2025

Long

5,457

(88)

Total

$

Amounts

in

thousands

except

contracts.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Barclays

Bank

PLC

11/04/2025

EUR

1,704

$

1,985

$

—

$

(21)

Barclays

Bank

PLC

11/04/2025

$

1,494

EUR

1,272

—

Barclays

Bank

PLC

12/02/2025

$

AUD

—

—

Schedule

of

Investments

Inflation

Protection

Fund

October

31,

2025

See

accompanying

notes.

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Barclays

Bank

PLC

12/17/2025

BRL

19,314

$

3,494

$

$

—

Barclays

Bank

PLC

12/17/2025

$

10,037

BRL

55,477

—

(169)

Citigroup

Inc

12/17/2025

CNH

59,880

$

8,466

—

(34)

Citigroup

Inc

12/17/2025

$

2,267

PEN

7,929

—

(87)

Cowen

Group

12/17/2025

BRL

8,696

$

1,577

—

Deutsche

Bank

AG

11/04/2025

$

6,652

JPY

985,497

—

Goldman

Sachs

&

Co

12/17/2025

$

2,927

ZAR

51,182

—

(17)

JPMorgan

Chase

11/04/2025

$

EUR

—

JPMorgan

Chase

12/17/2025

MXN

63,914

$

3,402

—

Morgan

Stanley

&

Co

11/04/2025

$

526

JPY

77,380

—

Morgan

Stanley

&

Co

12/02/2025

$

EUR

—

—

UBS

AG

11/04/2025

JPY

1,048,610

$

6,800

—

UBS

AG

12/02/2025

$

6,819

JPY

1,048,610

—

(5)

Total

$

$

(333)

Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Sell

Protection

Reference

Entity

Implied

Credit

Spread

as

of

October

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(b) Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

(c) CDX.NA.HY.45

N/A

5.00%

Quarterly

12/20/2030

$

16,203

$

1,224

$

(37)

$

1,187

Total

$

1,224

$

(37)

$

1,187

Amounts

in

thousands.

(a) Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

(b) The

maximum

potential

payment

amount

that

the

seller

of

credit

protection

could

be

required

to

make

if

a

credit

event

occurs

is

$16,203.

(c) The

price

and

resulting

fair

value

for

credit

default

swap

agreements

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

of

an

expected

liability

(or

profit)

for

the

credit

default

swap

as

of

the

period

end.

Increasing

fair

values

of

the

swap,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Exchange

Cleared

Interest

Rate

Swaps

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a) Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Premiums

Paid/

(Received)

Fair

Value

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.61%

Maturity

Maturity

N/A

12/12/2027

$

16,230

$

$

—

$

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.67%

Maturity

Maturity

N/A

04/15/2029

2,867

(7)

—

(7)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.65%

Maturity

Maturity

N/A

04/15/2029

2,921

(4)

—

(4)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.78%

Maturity

Maturity

N/A

04/08/2027

9,500

(24)

—

(24)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.40%

Maturity

Maturity

N/A

04/09/2029

6,620

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.64%

Maturity

Maturity

N/A

04/15/2029

4,380

(5)

—

(5)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.56%

Maturity

Maturity

N/A

04/15/2029

4,450

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.65%

Maturity

Maturity

N/A

07/15/2027

18,670

(1)

—

(1)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.43%

Maturity

Maturity

N/A

04/15/2030

1,870

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.43%

Maturity

Maturity

N/A

04/15/2030

3,795

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Pay

2.39%

Maturity

Maturity

N/A

04/15/2030

3,243

(17)

(4)

(21)

Schedule

of

Investments

Inflation

Protection

Fund

October

31,

2025

See

accompanying

notes.

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

Premiums

Paid/

(Received)

Fair

Value

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

07/17/2030

10,811

$

(56)

$

—

$

(56)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.70%

Maturity

Maturity

N/A

07/22/2030

3,543

(20)

—

(20)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.63%

Maturity

Maturity

N/A

09/09/2030

10,471

(37)

—

(37)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.92%

Maturity

Maturity

N/A

10/15/2027

12,385

(70)

—

(70)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.75%

Maturity

Maturity

N/A

04/15/2029

3,575

(23)

—

(23)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.72%

Maturity

Maturity

N/A

04/15/2029

4,380

(23)

—

(23)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.68%

Maturity

Maturity

N/A

04/15/2029

2,190

(7)

—

(7)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.92%

Maturity

Maturity

N/A

05/12/2027

27,895

(122)

(121)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2029

4,380

(15)

—

(15)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2029

2,190

(7)

—

(7)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.72%

Maturity

Maturity

N/A

02/28/2027

17,830

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.54%

Maturity

Maturity

N/A

04/15/2029

2,188

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.53%

Maturity

Maturity

N/A

04/15/2029

2,188

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.76%

Maturity

Maturity

N/A

02/26/2027

19,000

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.42%

Maturity

Maturity

N/A

05/22/2028

13,840

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.59%

Maturity

Maturity

N/A

01/29/2027

46,595

—

EUR

-

France

Consumer

Price

Index

Ex

Tobacco

Pay

2.02%

Maturity

Maturity

N/A

03/15/2035

EUR

2,750

$

(11)

Eurostat

Eurozone

HICP

ex

Tobacco

Receive

2.06%

Maturity

Maturity

N/A

03/15/2035

2,750

(38)

(30)

Secured

Overnight

Financing

Rate

Pay

3.80%

Annual

Annual

N/A

05/16/2026

$

30,713

$

(88)

—

(88)

Secured

Overnight

Financing

Rate

Receive

3.79%

Annual

Annual

N/A

05/16/2026

30,713

—

Secured

Overnight

Financing

Rate

Receive

3.81%

Annual

Annual

N/A

05/16/2026

23,570

Secured

Overnight

Financing

Rate

Pay

3.90%

Annual

Annual

N/A

05/16/2026

23,570

(44)

—

(44)

Tokyo

Overnight

Average

Rate

Receive

1.29%

Annual

Annual

N/A

08/13/2035

JPY

149,737

$

—

Tokyo

Overnight

Average

Rate

Pay

2.03%

Annual

Annual

N/A

08/12/2045

94,084

(11)

—

(11)

Tokyo

Overnight

Average

Rate

Receive

1.30%

Annual

Annual

N/A

08/13/2035

269,930

(1)

Tokyo

Overnight

Average

Rate

Receive

1.30%

Annual

Annual

N/A

08/13/2035

268,312

(2)

Tokyo

Overnight

Average

Rate

Pay

2.04%

Annual

Annual

N/A

08/12/2045

150,324

(17)

(16)

Tokyo

Overnight

Average

Rate

Pay

2.04%

Annual

Annual

N/A

08/12/2045

151,182

(17)

(16)

Tokyo

Overnight

Average

Rate

Pay

1.01%

Annual

Annual

N/A

09/11/2027

1,290,140

(5)

(4)

Tokyo

Overnight

Average

Rate

Receive

0.70%

Annual

Annual

N/A

05/11/2027

1,710,053

(2)

Tokyo

Overnight

Average

Rate

Receive

0.69%

Annual

Annual

N/A

04/21/2027

2,166,453

(2)

Tokyo

Overnight

Average

Rate

Receive

0.68%

Annual

Annual

N/A

04/21/2027

2,141,418

(2)

Tokyo

Overnight

Average

Rate

Receive

1.03%

Annual

Annual

N/A

03/12/2027

5,462,039

(46)

(45)

Tokyo

Overnight

Average

Rate

Receive

1.02%

Annual

Annual

N/A

03/12/2027

5,060,093

(40)

(39)

Tokyo

Overnight

Average

Rate

Receive

1.00%

Annual

Annual

N/A

03/12/2027

2,231,967

(14)

—

(14)

United

Kingdom

Retail

Prices

Index

Pay

3.27%

Maturity

Maturity

N/A

07/15/2035

GBP

2,075

$

United

Kingdom

Retail

Prices

Index

Receive

3.35%

Maturity

Maturity

N/A

08/15/2030

3,534

(38)

—

(38)

United

Kingdom

Retail

Prices

Index

Pay

3.20%

Maturity

Maturity

N/A

08/15/2035

3,534

(1)

United

Kingdom

Retail

Prices

Index

Receive

3.37%

Maturity

Maturity

N/A

08/15/2029

8,097

(34)

—

(34)

Schedule

of

Investments

Inflation

Protection

Fund

October

31,

2025

See

accompanying

notes.

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

Premiums

Paid/

(Received)

Fair

Value

United

Kingdom

Retail

Prices

Index

Pay

3.26%

Maturity

Maturity

N/A

08/15/2027

8,097

$

$

(1)

$

United

Kingdom

Retail

Prices

Index

Receive

3.46%

Maturity

Maturity

N/A

07/15/2030

2,075

(31)

—

(31)

United

Kingdom

Retail

Prices

Index

Receive

3.49%

Maturity

Maturity

N/A

07/15/2029

4,756

(41)

—

(41)

United

Kingdom

Retail

Prices

Index

Pay

3.43%

Maturity

Maturity

N/A

07/15/2027

4,756

(1)

United

Kingdom

Retail

Prices

Index

Receive

3.41%

Maturity

Maturity

N/A

07/15/2030

4,231

(50)

(49)

United

Kingdom

Retail

Prices

Index

Receive

3.34%

Maturity

Maturity

N/A

07/15/2029

11,070

(11)

—

(11)

United

Kingdom

Retail

Prices

Index

Pay

3.32%

Maturity

Maturity

N/A

07/15/2027

9,696

—

United

Kingdom

Retail

Prices

Index

Pay

3.20%

Maturity

Maturity

N/A

07/15/2027

11,070

(14)

—

(14)

United

Kingdom

Retail

Prices

Index

Receive

3.15%

Maturity

Maturity

N/A

10/15/2030

10,310

(22)

(20)

United

Kingdom

Retail

Prices

Index

Receive

3.32%

Maturity

Maturity

N/A

07/15/2030

5,080

(34)

(32)

United

Kingdom

Retail

Prices

Index

Pay

3.20%

Maturity

Maturity

N/A

07/15/2035

5,080

(2)

United

Kingdom

Retail

Prices

Index

Pay

3.23%

Maturity

Maturity

N/A

07/15/2027

11,075

(7)

—

(7)

United

Kingdom

Retail

Prices

Index

Receive

3.36%

Maturity

Maturity

N/A

07/15/2029

11,075

(24)

(21)

United

Kingdom

Retail

Prices

Index

Receive

3.35%

Maturity

Maturity

N/A

07/15/2030

5,080

(41)

(40)

United

Kingdom

Retail

Prices

Index

Pay

3.21%

Maturity

Maturity

N/A

07/15/2035

5,080

(3)

United

Kingdom

Retail

Prices

Index

Pay

3.28%

Maturity

Maturity

N/A

07/15/2027

4,853

—

United

Kingdom

Retail

Prices

Index

Receive

3.41%

Maturity

Maturity

N/A

07/15/2029

4,853

(22)

(21)

United

Kingdom

Retail

Prices

Index

Receive

3.39%

Maturity

Maturity

N/A

07/15/2030

2,118

(23)

—

(23)

United

Kingdom

Retail

Prices

Index

Pay

3.24%

Maturity

Maturity

N/A

07/15/2035

2,118

(1)

United

Kingdom

Retail

Prices

Index

Pay

3.24%

Maturity

Maturity

N/A

07/15/2035

2,160

—

United

Kingdom

Retail

Prices

Index

Receive

3.42%

Maturity

Maturity

N/A

07/15/2029

4,950

(26)

(25)

United

Kingdom

Retail

Prices

Index

Receive

3.40%

Maturity

Maturity

N/A

07/15/2030

2,160

(25)

—

(25)

United

Kingdom

Retail

Prices

Index

Pay

3.30%

Maturity

Maturity

N/A

07/15/2027

4,950

(1)

United

Kingdom

Retail

Prices

Index

Pay

3.24%

Maturity

Maturity

N/A

07/15/2035

4,231

(2)

United

Kingdom

Retail

Prices

Index

Receive

3.43%

Maturity

Maturity

N/A

07/15/2029

9,696

(53)

(52)

United

Kingdom

Retail

Prices

Index

Pay

3.09%

Maturity

Maturity

N/A

10/15/2035

10,310

Total

$

$

$

509

Amounts

in

thousands.

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Forward

swap.

Schedule

of

Investments

International

Equity

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.04

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

$

—

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(c)

2,296,402

2,296

$

2,296

TOTAL

INVESTMENT

COMPANIES

$

2,296

COMMON

STOCKS

-

.52

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.47

%

Airbus

SE

740,770

$

182,652

BAE

Systems

PLC

7,091,911

174,698

$

357,350

Apparel

-

.89

%

PRADA

SpA

13,212,100

77,968

Samsonite

Group

SA

(d) 21,715,800

45,409

$

123,377

Automobile

Manufacturers

-

.76

%

Daimler

Truck

Holding

AG

1,248,113

50,027

Banks

-

.15

%

AIB

Group

PLC

26,534,394

244,549

Erste

Group

Bank

AG

2,293,733

237,604

National

Bank

of

Greece

SA

9,607,716

141,218

NatWest

Group

PLC

14,357,228

110,529

Sberbank

of

Russia

PJSC

ADR

(e) 194,243

—

UniCredit

SpA

1,687,127

124,926

$

858,826

Biotechnology

-

.23

%

Argenx

SE

(e) 98,285

80,443

Building

Materials

-

.95

%

CRH

PLC

1,090,752

128,862

CRH

PLC

534,776

63,692

$

192,554

Computers

-

.07

%

Fujitsu

Ltd

5,181,400

135,030

Cosmetics

&

Personal

Care

-

.17

%

Haleon

PLC

39,057,174

181,624

Unilever

PLC

2,602,045

156,134

$

337,758

Distribution

&

Wholesale

-

.45

%

Rexel

SA

2,736,907

94,902

Electronics

-

.89

%

Hoya

Corp

761,600

123,708

Engineering

&

Construction

-

.54

%

Technip

Energies

NV

865,703

35,177

Entertainment

-

.50

%

Entain

PLC

9,408,002

97,991

Food

-

.00

%

Magnit

PJSC

(e) 24,200

—

Healthcare

-

Products

-

.22

%

Smith

&

Nephew

PLC

7,852,353

145,002

Healthcare

-

Services

-

.86

%

ICON

PLC

(e) 707,322

121,532

Insurance

-

.05

%

AIA

Group

Ltd

23,058,600

224,377

Hannover

Rueck

SE

560,476

160,003

Sompo

Holdings

Inc

6,774,800

206,465

$

590,845

Internet

-

.48

%

Spotify

Technology

SA

(e) 121,954

79,919

Tencent

Holdings

Ltd

3,225,500

262,000

Trip.com

Group

Ltd

2,002,600

140,926

Wix.com

Ltd

(e) 38,388

5,587

$

488,432

Iron

&

Steel

-

.00

%

Evraz

PLC

(e) 204,000

—

Machinery

-

Construction

&

Mining

-

.61

%

Weir

Group

PLC/The

2,695,198

104,918

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

-

.09

%

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(e) 1,365,457

$

136,341

Mining

-

.03

%

Teck

Resources

Ltd

4,621,506

198,265

Oil

&

Gas

-

.96

%

ARC

Resources

Ltd

3,823,400

70,522

Gazprom

PJSC

(e) 288,000

—

LUKOIL

PJSC

(e) 20,000

—

Novatek

PJSC

(e) 67,000

—

Suncor

Energy

Inc

4,719,216

187,921

$

258,443

Pharmaceuticals

-

.53

%

Ascendis

Pharma

A/S

ADR

(e) 184,698

37,234

AstraZeneca

PLC

1,176,944

194,135

Sanofi

SA

1,282,445

129,735

$

361,104

Pipelines

-

.41

%

Gaztransport

Et

Technigaz

SA

136,503

27,032

Retail

-

.56

%

Dollarama

Inc

1,162,322

151,084

Yum

China

Holdings

Inc

4,926,880

212,176

$

363,260

Semiconductors

-

.85

%

ASML

Holding

NV

239,082

252,782

Samsung

Electronics

Co

Ltd

3,502,637

263,665

Taiwan

Semiconductor

Manufacturing

Co

Ltd

744,000

35,980

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

736,443

221,250

$

773,677

Software

-

.03

%

Constellation

Software

Inc/Canada

-

Warrants

(e),(f)

500

—

Nemetschek

SE

579,957

67,014

$

67,014

Telecommunications

-

.57

%

Deutsche

Telekom

AG

7,528,435

233,194

Toys,

Games

&

Hobbies

-

.20

%

Nintendo

Co

Ltd

1,683,200

143,560

TOTAL

COMMON

STOCKS

$

6,499,762

Total

Investments

$

6,502,058

Other

Assets

and

Liabilities

- 0.44%

28,443

TOTAL

NET

ASSETS

-

100.00%

$

6,530,501

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$0

or

0.00%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$45,409

or

0.70%

of

net

assets.

(e) Non-income

producing

security

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Schedule

of

Investments

International

Equity

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

907

$

2,441,976

$

2,440,587

$

2,296

$

907

$

2,441,976

$

2,440,587

$

2,296

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

3,345

$

—

$

—

$

—

$

3,345

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

LargeCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.05

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.22

%

iShares

Russell

1000

Growth

ETF

37,300

$

18,112

Money

Market

Funds

-

.83

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

472,998

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(c)

154,085,393

154,085

$

154,558

TOTAL

INVESTMENT

COMPANIES

$

172,670

CONVERTIBLE

PREFERRED

STOCKS

-

.19

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.09

%

Waymo

LLC

Series

0.00%

(d),(e),(f)

48,770

$

7,567

Chemicals

-

.02

%

Sila

Nano

Series

F

0.00%

(d),(e),(f)

103,620

1,888

Software

-

.08

%

Nuro

-

Series

C

0.00%

(d),(e),(f)

353,308

5,335

Rappi

Inc

-

Series

E

0.00%

(d),(e),(f)

103,387

1,506

$

6,841

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

16,296

COMMON

STOCKS

-

.84

%

Shares

Held

Value

(000's)

Advertising

-

.57

%

Trade

Desk

Inc/The

(d) 960,774

$

48,308

Aerospace

&

Defense

-

.09

%

Boeing

Co/The

(d) 189,864

38,166

FTAI

Aviation

Ltd

2,446

General

Electric

Co

25,526

7,886

HEICO

Corp

1,003

HEICO

Corp

-

Class

A

1,794

Howmet

Aerospace

Inc

337,032

69,412

Karman

Holdings

Inc

(d) 768

Leonardo

DRS

Inc

877

Loar

Holdings

Inc

(d) 1,072

Lockheed

Martin

Corp

1,411

694

Rocket

Lab

Corp

(d) 10,018

631

Spirit

AeroSystems

Holdings

Inc

(d) 570

StandardAero

Inc

(d) 500

TransDigm

Group

Inc

44,817

58,643

$

176,836

Agriculture

-

.00

%

Darling

Ingredients

Inc

(d) 698

Airlines

-

.00

%

Alaska

Air

Group

Inc

(d) 625

American

Airlines

Group

Inc

(d) 1,852

Southwest

Airlines

Co

1,272

$

Apparel

-

.01

%

Birkenstock

Holding

Plc

(d) 635

Deckers

Outdoor

Corp

(d) 3,559

On

Holding

AG

(d) 5,317

Ralph

Lauren

Corp

Tapestry

Inc

4,578

503

$

1,041

Automobile

Manufacturers

-

.36

%

Tesla

Inc

(d) 67,044

30,610

Automobile

Parts

&

Equipment

-

.00

%

Allison

Transmission

Holdings

Inc

Banks

-

.04

%

Bank

of

America

Corp

12,987

694

Bank

of

New

York

Mellon

Corp/The

1,337

Citigroup

Inc

7,890

799

Goldman

Sachs

Group

Inc/The

NU

Holdings

Ltd/Cayman

Islands

(d) 81,098

1,307

Pinnacle

Financial

Partners

Inc

Popular

Inc

Western

Alliance

Bancorp

583

$

3,326

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Beverages

-

.06

%

Celsius

Holdings

Inc

(d) 3,965

$

Coca-Cola

Co/The

46,112

3,177

Coca-Cola

Consolidated

Inc

Monster

Beverage

Corp

(d) 16,912

1,130

PepsiCo

Inc

4,530

662

$

5,234

Biotechnology

-

.54

%

Alnylam

Pharmaceuticals

Inc

(d) 3,031

1,382

Amgen

Inc

9,607

2,867

Apellis

Pharmaceuticals

Inc

(d) 2,779

Argenx

SE

ADR

(d) 43,515

35,617

Exelixis

Inc

(d) 5,161

Gilead

Sciences

Inc

8,115

972

Halozyme

Therapeutics

Inc

(d) 2,948

Incyte

Corp

(d) 1,056

Insmed

Inc

(d) 4,213

799

Ionis

Pharmaceuticals

Inc

(d) 3,496

Sarepta

Therapeutics

Inc

(d) 2,146

Summit

Therapeutics

Inc

(d),(g)

3,445

Ultragenyx

Pharmaceutical

Inc

(d) 2,319

Vertex

Pharmaceuticals

Inc

(d) 6,233

2,653

Viking

Therapeutics

Inc

(d) 344

$

45,310

Building

Materials

-

.89

%

AAON

Inc

(g) 1,734

Armstrong

World

Industries

Inc

Carlisle

Cos

Inc

Eagle

Materials

Inc

James

Hardie

Industries

PLC

(d) 2,748

Lennox

International

Inc

770

Simpson

Manufacturing

Co

Inc

Trane

Technologies

PLC

165,458

74,232

$

74,989

Chemicals

-

.03

%

Ecolab

Inc

1,457

Sherwin-Williams

Co/The

5,108

1,762

$

2,136

Commercial

Services

-

.63

%

Adyen

NV

ADR

(d) 1,703,500

29,249

Affirm

Holdings

Inc

(d) 3,848

Automatic

Data

Processing

Inc

9,147

2,381

Avis

Budget

Group

Inc

(d),(g)

Block

Inc

(d) 1,737,312

131,932

Booz

Allen

Hamilton

Holding

Corp

2,929

Bright

Horizons

Family

Solutions

Inc

(d) 205

Cintas

Corp

356,987

65,425

Corpay

Inc

(d) 1,622

Equifax

Inc

127,139

26,839

Grand

Canyon

Education

Inc

(d) 218

H&R

Block

Inc

610

Moody's

Corp

3,775

1,813

Morningstar

Inc

NIQ

Global

Intelligence

Plc

(d) 687

Paylocity

Holding

Corp

(d) 992

Quanta

Services

Inc

2,749

1,235

Rollins

Inc

6,788

S&P

Global

Inc

92,825

45,225

Shift4

Payments

Inc

(d),(g)

1,687

Toast

Inc

(d) 10,935

U-Haul

Holding

Co

(d) 129

U-Haul

Holding

Co

1,136

Valvoline

Inc

(d) 2,734

Verisk

Analytics

Inc

2,014

WEX

Inc

(d) 82

WillScot

Holdings

Corp

1,609

$

306,947

Schedule

of

Investments

LargeCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

-

.69

%

Apple

Inc

2,062,834

$

557,729

Crowdstrike

Holdings

Inc

(d) 5,932

3,221

Dell

Technologies

Inc

1,004

ExlService

Holdings

Inc

(d) 4,106

Fortinet

Inc

(d) 15,424

1,333

Gartner

Inc

(d) 1,792

Globant

SA

(d) 168

KBR

Inc

Kyndryl

Holdings

Inc

(d) 597

Lumentum

Holdings

Inc

(d) 144

NetApp

Inc

1,888

Okta

Inc

(d) 1,576

Pure

Storage

Inc

(d) 6,438

635

Rubrik

Inc

(d) 1,686

Super

Micro

Computer

Inc

(d) 5,686

Zscaler

Inc

(d) 2,346

777

$

565,328

Consumer

Products

-

.00

%

Kimberly-Clark

Corp

2,879

Cosmetics

&

Personal

Care

-

.01

%

Colgate-Palmolive

Co

9,226

711

Distribution

&

Wholesale

-

.04

%

Copart

Inc

(d) 19,969

859

Core

&

Main

Inc

(d) 2,676

Fastenal

Co

22,860

941

Pool

Corp

RB

Global

Inc

SiteOne

Landscape

Supply

Inc

(d) 419

WW

Grainger

Inc

907

888

$

2,964

Diversified

Financial

Services

-

.20

%

Ally

Financial

Inc

904

American

Express

Co

4,347

1,568

Ameriprise

Financial

Inc

2,106

954

Apollo

Global

Management

Inc

6,945

863

Ares

Management

Corp

131,708

19,586

Blue

Owl

Capital

Inc

14,730

Brookfield

Asset

Management

Ltd

3,407

Charles

Schwab

Corp/The

3,593

Circle

Internet

Group

Inc

(d),(g)

Coinbase

Global

Inc

(d) 524

Credit

Acceptance

Corp

(d),(g)

Freedom

Holding

Corp/NV

(d),(g)

Hamilton

Lane

Inc

725

Houlihan

Lokey

Inc

500

Interactive

Brokers

Group

Inc

-

A

Shares

668

Jefferies

Financial

Group

Inc

1,040

Lazard

Inc

629

LPL

Financial

Holdings

Inc

1,908

720

Mastercard

Inc

449,724

248,243

SLM

Corp

802

SoFi

Technologies

Inc

(d) 3,771

TPG

Inc

3,189

Tradeweb

Markets

Inc

323,683

34,112

UWM

Holdings

Corp

633

Visa

Inc

384,563

131,036

XP

Inc

996

$

438,786

Electric

-

.03

%

NRG

Energy

Inc

4,559

783

Vistra

Corp

8,189

1,542

$

2,325

Electrical

Components

&

Equipment

-

.83

%

Generac

Holdings

Inc

(d) 419,312

70,453

Electronics

-

.58

%

Amphenol

Corp

955,288

133,110

Jabil

Inc

1,644

$

133,473

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Energy

-

Alternate

Sources

-

.00

%

Enphase

Energy

Inc

(d) 3,091

$

Engineering

&

Construction

-

.01

%

Comfort

Systems

USA

Inc

844

815

EMCOR

Group

Inc

MasTec

Inc

(d) 336

TopBuild

Corp

(d) 73

$

1,173

Entertainment

-

.55

%

Churchill

Downs

Inc

1,292

DraftKings

Inc

(d) 1,451,785

44,410

Flutter

Entertainment

PLC

(d) 3,494

813

Light

&

Wonder

Inc

(d) 2,010

Live

Nation

Entertainment

Inc

(d) 3,816

570

TKO

Group

Holdings

Inc

711

Vail

Resorts

Inc

712

$

46,307

Environmental

Control

-

.59

%

Tetra

Tech

Inc

1,463

Veralto

Corp

489,487

48,302

Waste

Management

Inc

8,956

1,789

$

50,138

Food

-

.01

%

Hershey

Co/The

Performance

Food

Group

Co

(d) 557

Sprouts

Farmers

Market

Inc

(d) 2,513

Sysco

Corp

6,283

$

796

Healthcare

-

Products

-

.05

%

Boston

Scientific

Corp

(d) 6,153

620

Caris

Life

Sciences

Inc

(d),(g)

Danaher

Corp

118,126

25,442

Exact

Sciences

Corp

(d) 411

IDEXX

Laboratories

Inc

(d) 1,959

1,233

Inspire

Medical

Systems

Inc

(d) 844

Insulet

Corp

(d) 1,675

524

Intuitive

Surgical

Inc

(d) 388,367

207,497

Masimo

Corp

(d) 1,094

Natera

Inc

(d) 221,027

43,969

Penumbra

Inc

(d) 881

Repligen

Corp

(d) 193

ResMed

Inc

800

Sonova

Holding

AG

ADR

379,358

20,614

Stryker

Corp

159,175

56,705

Tempus

AI

Inc

(d) 1,999

Waters

Corp

(d) 756

West

Pharmaceutical

Services

Inc

243,265

68,618

$

426,343

Healthcare

-

Services

-

.15

%

Chemed

Corp

Cigna

Group/The

123,145

30,098

DaVita

Inc

(d) 969

HCA

Healthcare

Inc

877

Medpace

Holdings

Inc

(d) 541

Molina

Healthcare

Inc

(d) 759

Sotera

Health

Co

(d) 597

UnitedHealth

Group

Inc

193,085

65,950

$

97,029

Home

Furnishings

-

.01

%

SharkNinja

Inc

(d) 427

Somnigroup

International

Inc

4,882

$

Insurance

-

.80

%

Aon

PLC

4,683

1,595

Arthur

J

Gallagher

&

Co

Brown

&

Brown

Inc

861

Equitable

Holdings

Inc

7,273

Everest

Group

Ltd

Kinsale

Capital

Group

Inc

510

Schedule

of

Investments

LargeCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Markel

Group

Inc

(d) 66

$

Marsh

&

McLennan

Cos

Inc

1,393

Progressive

Corp/The

314,682

64,825

RLI

Corp

Ryan

Specialty

Holdings

Inc

2,550

$

67,730

Internet

-

.36

%

Airbnb

Inc

(d) 10,300

1,303

Alphabet

Inc

-

A

Shares

1,219,045

342,783

Alphabet

Inc

-

C

Shares

447,217

126,035

Amazon.com

Inc

(d) 1,565,188

382,250

AppLovin

Corp

(d) 84,707

53,987

Booking

Holdings

Inc

11,019

55,952

CDW

Corp/DE

Chewy

Inc

(d) 5,479

Coupang

Inc

(d) 1,422,195

45,467

DoorDash

Inc

-

Class

A

(d) 8,686

2,209

Etsy

Inc

(d) 1,453

Expedia

Group

Inc

2,910

640

Gen

Digital

Inc

1,878

GoDaddy

Inc

(d) 3,311

Lyft

Inc

(d) 1,881

MercadoLibre

Inc

(d) 20,411

47,502

Meta

Platforms

Inc

472,840

306,567

Netflix

Inc

(d) 185,198

207,211

Palo

Alto

Networks

Inc

(d) 15,924

3,507

Pinterest

Inc

(d) 7,084

Reddit

Inc

(d) 2,805

586

Robinhood

Markets

Inc

(d) 2,380

Roku

Inc

(d) 466

Shopify

Inc

(d) 206,401

35,885

Spotify

Technology

SA

(d) 3,724

2,440

Trump

Media

&

Technology

Group

Corp

(d),(g)

1,986

Uber

Technologies

Inc

(d) 1,077,016

103,932

Wayfair

Inc

(d) 497

$

1,719,819

Iron

&

Steel

-

.00

%

Carpenter

Technology

Corp

Steel

Dynamics

Inc

$

Leisure

Products

&

Services

-

.03

%

Carnival

Corp

(d) 8,046

Norwegian

Cruise

Line

Holdings

Ltd

(d) 9,632

Planet

Fitness

Inc

(d) 2,151

Royal

Caribbean

Cruises

Ltd

6,126

1,757

Viking

Holdings

Ltd

(d) 4,207

$

2,656

Lodging

-

.29

%

Choice

Hotels

International

Inc

Hilton

Worldwide

Holdings

Inc

418,716

107,593

Las

Vegas

Sands

Corp

7,408

Marriott

International

Inc/MD

4,215

1,098

Travel

+

Leisure

Co

609

Wyndham

Hotels

&

Resorts

Inc

1,731

$

109,319

Machinery

-

Construction

&

Mining

-

.08

%

BWX

Technologies

Inc

Caterpillar

Inc

1,383

798

GE

Vernova

Inc

6,640

3,885

Vertiv

Holdings

Co

9,211

1,777

$

6,549

Machinery

-

Diversified

-

.25

%

Ingersoll

Rand

Inc

276,094

21,074

Rockwell

Automation

Inc

$

21,161

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

-

.00

%

FactSet

Research

Systems

Inc

$

Liberty

Broadband

Corp

-

A

Shares

(d) 148

Liberty

Broadband

Corp

-

C

Shares

(d) 699

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 208

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 1,680

Nexstar

Media

Group

Inc

$

Metal

Fabrication

&

Hardware

-

.00

%

RBC

Bearings

Inc

(d) 152

Mining

-

.00

%

Anglogold

Ashanti

Plc

1,577

Miscellaneous

Manufacturers

-

.58

%

3M

Co

2,055

Axon

Enterprise

Inc

(d) 1,798

1,317

Entegris

Inc

509,060

46,615

Illinois

Tool

Works

Inc

2,302

561

$

48,835

Oil

&

Gas

-

.01

%

HF

Sinclair

Corp

Phillips

752

Texas

Pacific

Land

Corp

$

554

Oil

&

Gas

Services

-

.00

%

SLB

Ltd

2,878

Pharmaceuticals

-

.20

%

AbbVie

Inc

42,988

9,373

Bristol-Myers

Squibb

Co

9,488

Cardinal

Health

Inc

2,884

550

Cencora

Inc

4,419

1,493

Corcept

Therapeutics

Inc

(d) 2,427

Dexcom

Inc

(d) 9,467

551

Eli

Lilly

&

Co

117,545

101,425

McKesson

Corp

2,800

2,272

Neurocrine

Biosciences

Inc

(d) 1,984

Zoetis

Inc

479,144

69,040

$

185,603

Pipelines

-

.02

%

Cheniere

Energy

Inc

2,383

505

Targa

Resources

Corp

5,190

799

Williams

Cos

Inc/The

1,569

$

1,395

Private

Equity

-

.04

%

Blackstone

Inc

17,746

2,602

KKR

&

Co

Inc

4,079

$

3,085

Real

Estate

-

.69

%

CBRE

Group

Inc

(d) 793

CoStar

Group

Inc

(d) 840,033

57,803

Jones

Lang

LaSalle

Inc

(d) 308

$

58,018

REITs

-

.03

%

American

Tower

Corp

11,332

2,028

Lamar

Advertising

Co

2,099

Public

Storage

546

Simon

Property

Group

Inc

1,719

Sun

Communities

Inc

625

UDR

Inc

720

$

2,835

Retail

-

.73

%

AutoZone

Inc

(d) 66

BJ's

Wholesale

Club

Holdings

Inc

(d) 538

Burlington

Stores

Inc

(d) 1,497

Carvana

Co

(d) 3,178

974

Casey's

General

Stores

Inc

Cava

Group

Inc

(d) 2,576

Chipotle

Mexican

Grill

Inc

(d) 803,146

25,452

Schedule

of

Investments

LargeCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Costco

Wholesale

Corp

112,752

$

102,768

Darden

Restaurants

Inc

2,667

Domino's

Pizza

Inc

Dutch

Bros

Inc

(d) 2,848

Ferguson

Enterprises

Inc

Floor

&

Decor

Holdings

Inc

(d) 942

Freshpet

Inc

(d) 390

Home

Depot

Inc/The

18,432

6,997

Lithia

Motors

Inc

Lululemon

Athletica

Inc

(d) 1,445

McDonald's

Corp

955

Murphy

USA

Inc

O'Reilly

Automotive

Inc

(d) 18,992

1,794

Restaurant

Brands

International

Inc

4,981

RH

(d) 92

Ross

Stores

Inc

1,537

Starbucks

Corp

3,627

Texas

Roadhouse

Inc

1,582

TJX

Cos

Inc/The

13,553

1,899

Tractor

Supply

Co

12,883

697

Ulta

Beauty

Inc

(d) 293

Walmart

Inc

10,530

1,065

Wendy's

Co/The

2,848

Williams-Sonoma

Inc

Wingstop

Inc

675

Yum!

Brands

Inc

2,250

$

146,026

Semiconductors

-

.01

%

Advanced

Micro

Devices

Inc

(d) 225,146

57,664

Applied

Materials

Inc

5,498

1,282

Astera

Labs

Inc

(d) 3,032

566

Broadcom

Inc

995,910

368,118

KLA

Corp

3,231

3,905

Lam

Research

Corp

31,019

4,884

Lattice

Semiconductor

Corp

(d) 475,697

34,707

MACOM

Technology

Solutions

Holdings

Inc

(d) 437

Marvell

Technology

Inc

955,548

89,573

Monolithic

Power

Systems

Inc

1,123

1,129

NVIDIA

Corp

4,309,637

872,658

Onto

Innovation

Inc

(d) 301

QUALCOMM

Inc

5,972

1,080

Texas

Instruments

Inc

9,003

1,454

$

1,437,126

Software

-

.39

%

Adobe

Inc

(d) 10,307

3,508

Appfolio

Inc

(d) 534

Atlassian

Corp

(d) 3,903

661

Autodesk

Inc

(d) 254,355

76,648

Bentley

Systems

Inc

3,811

Broadridge

Financial

Solutions

Inc

2,543

560

Cadence

Design

Systems

Inc

(d) 204,366

69,217

Cloudflare

Inc

(d) 7,467

1,891

Confluent

Inc

(d) 7,146

Datadog

Inc

(d) 721,857

117,525

Dayforce

Inc

(d) 455,094

31,283

Docusign

Inc

(d) 3,658

DoubleVerify

Holdings

Inc

(d) 1,928

Doximity

Inc

(d) 3,214

Dropbox

Inc

-

A

Shares

(d) 1,581

Duolingo

Inc

(d) 884

Dynatrace

Inc

(d) 399,400

20,198

Elastic

NV

(d) 2,174

Fair

Isaac

Corp

(d) 42,765

70,970

Fiserv

Inc

(d) 3,601

Gitlab

Inc

(d) 3,225

Guidewire

Software

Inc

(d) 2,006

HubSpot

Inc

(d) 145,335

71,493

Intuit

Inc

319,025

212,965

Magic

Leap

Inc

(d),(e),(f)

10,706

—

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Manhattan

Associates

Inc

(d) 1,428

$

Microsoft

Corp

1,508,754

781,248

MongoDB

Inc

(d) 83,882

30,182

MSCI

Inc

897

528

nCino

Inc

(d) 598

Nutanix

Inc

(d) 1,524

Oracle

Corp

40,211

10,560

Palantir

Technologies

Inc

(d) 53,011

10,627

Paychex

Inc

2,425

Paycom

Software

Inc

681

Pegasystems

Inc

851

Procore

Technologies

Inc

(d) 2,756

PTC

Inc

(d) 356

RingCentral

Inc

(d) 2,226

ROBLOX

Corp

(d) 14,808

1,684

Salesforce

Inc

2,513

654

Samsara

Inc

(d) 1,627,484

65,376

SentinelOne

Inc

(d) 5,428

ServiceNow

Inc

(d) 178,840

164,404

Snowflake

Inc

-

Class

A

(d) 7,563

2,079

Strategy

Inc

(d) 355

Stripe

Inc

-

Class

B

(d),(e),(f)

114,126

4,727

Synopsys

Inc

(d) 3,291

1,494

Take-Two

Interactive

Software

Inc

(d) 1,475

Teradata

Corp

(d) 866

Twilio

Inc

(d) 623

Tyler

Technologies

Inc

(d) 867

Unity

Software

Inc

(d) 514

Veeva

Systems

Inc

(d) 174,302

50,757

Workday

Inc

(d) 5,199

1,247

$

1,807,126

Telecommunications

-

.35

%

Arista

Networks

Inc

(d) 612,322

96,557

AST

SpaceMobile

Inc

(d) 4,289

Ciena

Corp

(d) 84,500

16,048

GCI

Liberty

Inc

-

Class

A

(d) 29

GCI

Liberty

Inc

-

Class

C

(d) 178

Iridium

Communications

Inc

Motorola

Solutions

Inc

1,686

686

Ubiquiti

Inc

$

113,737

Transportation

-

.01

%

Old

Dominion

Freight

Line

Inc

Union

Pacific

Corp

1,106

XPO

Inc

(d) 610

$

TOTAL

COMMON

STOCKS

$

8,264,189

Total

Investments

$

8,453,155

Other

Assets

and

Liabilities

- (0.08)%

(6,396)

TOTAL

NET

ASSETS

-

100.00%

$

8,446,759

(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

$473

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) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(f) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(g) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$465

or

0.01%

of

net

assets.

Schedule

of

Investments

LargeCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

229,346

$

2,845,417

$

2,920,678

$

154,085

$

229,346

$

2,845,417

$

2,920,678

$

154,085

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

7,744

$

—

$

—

$

—

$

7,744

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Magic

Leap

Inc

01/20/2016-10/12/2017

$

5,204

$

—

0.00%

Nuro

-

Series

C

0.00%

10/30/2020

4,612

5,335

0.06%

Rappi

Inc

-

Series

E

0.00%

09/08/2020

6,177

1,506

0.02%

Sila

Nano

Series

F

0.00%

01/07/2021

4,277

1,888

0.02%

Stripe

Inc

-

Class

B

12/17/2019

1,791

4,727

0.06%

Waymo

LLC

Series

0.00%

05/08/2020

4,188

7,567

0.09%

Total

$

21,023

0.25%

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

December

2025

Long

$

42,619

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.82

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.30

%

iShares

Core

S&P

500

ETF

47,300

$

32,411

Money

Market

Funds

-

.52

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

20,977

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(c)

273,434,655

273,435

$

273,456

TOTAL

INVESTMENT

COMPANIES

$

305,867

COMMON

STOCKS

-

.84

%

Shares

Held

Value

(000's)

Advertising

-

.08

%

Interpublic

Group

of

Cos

Inc/The

65,935

$

1,692

Omnicom

Group

Inc

34,875

2,616

Trade

Desk

Inc/The

(d) 80,228

4,034

$

8,342

Aerospace

&

Defense

-

.99

%

Boeing

Co/The

(d) 136,123

27,363

General

Dynamics

Corp

45,451

15,676

General

Electric

Co

190,897

58,978

Howmet

Aerospace

Inc

72,571

14,946

L3Harris

Technologies

Inc

33,682

9,737

Lockheed

Martin

Corp

36,984

18,192

Northrop

Grumman

Corp

24,229

14,136

RTX

Corp

240,959

43,011

TransDigm

Group

Inc

10,144

13,274

$

215,313

Agriculture

-

.60

%

Altria

Group

Inc

302,407

17,050

Archer-Daniels-Midland

Co

86,491

5,235

Bunge

Global

SA

25,210

2,385

Philip

Morris

International

Inc

280,211

40,443

$

65,113

Airlines

-

.14

%

Delta

Air

Lines

Inc

116,763

6,700

Southwest

Airlines

Co

94,543

2,865

United

Airlines

Holdings

Inc

(d) 58,278

5,480

$

15,045

Apparel

-

.21

%

Deckers

Outdoor

Corp

(d) 26,706

2,176

NIKE

Inc

213,861

13,813

Ralph

Lauren

Corp

6,966

2,227

Tapestry

Inc

37,468

4,115

$

22,331

Automobile

Manufacturers

-

.51

%

Cummins

Inc

24,803

10,856

Ford

Motor

Co

703,685

9,239

General

Motors

Co

171,391

11,841

PACCAR

Inc

94,528

9,302

Tesla

Inc

(d) 505,147

230,630

$

271,868

Automobile

Parts

&

Equipment

-

.03

%

Aptiv

PLC

(d) 39,200

3,179

Banks

-

.31

%

Bank

of

America

Corp

1,226,691

65,567

Bank

of

New

York

Mellon

Corp/The

126,955

13,702

Citigroup

Inc

331,391

33,547

Citizens

Financial

Group

Inc

77,651

3,950

Fifth

Third

Bancorp

119,151

4,959

Goldman

Sachs

Group

Inc/The

54,494

43,016

Huntington

Bancshares

Inc/OH

263,883

4,074

JPMorgan

Chase

&

Co

494,998

154,004

KeyCorp

167,785

2,951

M&T

Bank

Corp

28,132

5,173

Morgan

Stanley

218,399

35,817

Northern

Trust

Corp

34,427

4,430

PNC

Financial

Services

Group

Inc/The

70,893

12,942

Regions

Financial

Corp

160,632

3,887

State

Street

Corp

51,071

5,907

Truist

Financial

Corp

232,120

10,359

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

US

Bancorp

280,139

$

13,077

Wells

Fargo

&

Co

576,669

50,153

$

467,515

Beverages

-

.97

%

Brown-Forman

Corp

-

B

Shares

31,700

863

Coca-Cola

Co/The

697,254

48,041

Constellation

Brands

Inc

25,703

3,377

Keurig

Dr

Pepper

Inc

244,541

6,642

Molson

Coors

Beverage

Co

30,493

1,333

Monster

Beverage

Corp

(d) 128,314

8,575

PepsiCo

Inc

246,455

36,005

$

104,836

Biotechnology

-

.95

%

Amgen

Inc

96,915

28,922

Biogen

Inc

(d) 26,393

4,072

Corteva

Inc

122,250

7,511

Gilead

Sciences

Inc

223,367

26,757

Incyte

Corp

(d) 29,528

2,760

Moderna

Inc

(d) 62,336

1,693

Regeneron

Pharmaceuticals

Inc

18,337

11,952

Vertex

Pharmaceuticals

Inc

(d) 46,154

19,642

$

103,309

Building

Materials

-

.57

%

Builders

FirstSource

Inc

(d) 19,902

2,312

Carrier

Global

Corp

144,007

8,567

Johnson

Controls

International

plc

117,801

13,475

Lennox

International

Inc

5,753

2,905

Martin

Marietta

Materials

Inc

10,856

6,656

Masco

Corp

37,690

2,441

Mohawk

Industries

Inc

(d) 9,397

1,068

Trane

Technologies

PLC

40,056

17,971

Vulcan

Materials

Co

23,786

6,886

$

62,281

Chemicals

-

.90

%

Air

Products

and

Chemicals

Inc

40,064

9,719

Albemarle

Corp

21,186

2,081

CF

Industries

Holdings

Inc

29,160

2,429

Dow

Inc

127,604

3,043

DuPont

de

Nemours

Inc

75,377

6,155

Eastman

Chemical

Co

20,674

1,231

Ecolab

Inc

45,951

11,782

International

Flavors

&

Fragrances

Inc

46,137

2,905

Linde

PLC

84,412

35,310

LyondellBasell

Industries

NV

46,323

2,150

Mosaic

Co/The

57,135

1,568

PPG

Industries

Inc

40,631

3,972

Sherwin-Williams

Co/The

41,744

14,399

Solstice

Advanced

Materials

Inc

(d) 28,025

1,263

$

98,007

Commercial

Services

-

.22

%

Automatic

Data

Processing

Inc

72,915

18,980

Block

Inc

(d) 98,934

7,513

Cintas

Corp

61,663

11,301

Corpay

Inc

(d) 12,713

3,310

Equifax

Inc

22,287

4,705

Global

Payments

Inc

43,675

3,396

Moody's

Corp

27,773

13,339

PayPal

Holdings

Inc

171,984

11,913

Quanta

Services

Inc

26,824

12,048

Rollins

Inc

50,603

2,915

S&P

Global

Inc

56,254

27,408

United

Rentals

Inc

11,583

10,091

Verisk

Analytics

Inc

25,152

5,502

$

132,421

Computers

-

.30

%

Accenture

PLC

-

Class

A

112,123

28,042

Apple

Inc

2,671,493

722,293

Cognizant

Technology

Solutions

Corp

87,920

6,408

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

Crowdstrike

Holdings

Inc

(d) 44,868

$

24,364

Dell

Technologies

Inc

54,580

8,842

EPAM

Systems

Inc

(d) 10,029

1,640

Fortinet

Inc

(d) 117,249

10,134

Gartner

Inc

(d) 13,635

3,386

Hewlett

Packard

Enterprise

Co

236,221

5,768

HP

Inc

169,085

4,679

International

Business

Machines

Corp

167,689

51,549

Leidos

Holdings

Inc

23,096

4,399

NetApp

Inc

36,022

4,243

Seagate

Technology

Holdings

PLC

38,287

9,797

Super

Micro

Computer

Inc

(d) 90,248

4,689

Western

Digital

Corp

62,453

9,381

$

899,614

Consumer

Products

-

.15

%

Avery

Dennison

Corp

14,039

2,455

Church

&

Dwight

Co

Inc

43,855

3,846

Clorox

Co/The

22,019

2,476

Kimberly-Clark

Corp

59,728

7,150

$

15,927

Cosmetics

&

Personal

Care

-

.77

%

Colgate-Palmolive

Co

145,494

11,210

Estee

Lauder

Cos

Inc/The

42,163

4,077

Kenvue

Inc

345,465

4,964

Procter

&

Gamble

Co/The

421,664

63,406

$

83,657

Distribution

&

Wholesale

-

.24

%

Copart

Inc

(d) 160,138

6,888

Fastenal

Co

206,594

8,501

LKQ

Corp

46,318

1,480

Pool

Corp

5,913

1,579

WW

Grainger

Inc

7,919

7,753

$

26,201

Diversified

Financial

Services

-

.71

%

American

Express

Co

97,711

35,247

Ameriprise

Financial

Inc

16,969

7,683

Apollo

Global

Management

Inc

82,834

10,297

Blackrock

Inc

25,924

28,071

Capital

One

Financial

Corp

115,122

25,326

Cboe

Global

Markets

Inc

18,830

4,625

Charles

Schwab

Corp/The

307,162

29,033

CME

Group

Inc

64,875

17,224

Coinbase

Global

Inc

(d) 40,711

13,996

Franklin

Resources

Inc

55,145

1,247

Interactive

Brokers

Group

Inc

-

A

Shares

80,150

5,639

Intercontinental

Exchange

Inc

103,046

15,074

Invesco

Ltd

80,282

1,903

Mastercard

Inc

148,599

82,025

Nasdaq

Inc

81,600

6,976

Raymond

James

Financial

Inc

31,946

5,069

Synchrony

Financial

66,978

4,982

T

Rowe

Price

Group

Inc

39,553

4,055

Visa

Inc

305,790

104,195

$

402,667

Electric

-

.15

%

AES

Corp/The

128,182

1,778

Alliant

Energy

Corp

46,260

3,091

Ameren

Corp

48,678

4,966

American

Electric

Power

Co

Inc

96,273

11,578

CenterPoint

Energy

Inc

117,527

4,494

CMS

Energy

Corp

53,887

3,963

Consolidated

Edison

Inc

64,924

6,324

Constellation

Energy

Corp

56,240

21,202

Dominion

Energy

Inc

153,633

9,017

DTE

Energy

Co

37,371

5,065

Duke

Energy

Corp

139,986

17,400

Edison

International

69,277

3,837

Entergy

Corp

80,362

7,722

Evergy

Inc

41,433

3,182

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

Eversource

Energy

66,806

$

4,931

Exelon

Corp

181,815

8,385

FirstEnergy

Corp

93,547

4,287

NextEra

Energy

Inc

370,706

30,175

NRG

Energy

Inc

34,822

5,985

PG&E

Corp

395,647

6,315

Pinnacle

West

Capital

Corp

21,501

1,903

PPL

Corp

133,126

4,862

Public

Service

Enterprise

Group

Inc

89,844

7,238

Sempra

117,457

10,799

Southern

Co/The

198,028

18,623

Vistra

Corp

57,335

10,796

WEC

Energy

Group

Inc

57,940

6,474

Xcel

Energy

Inc

106,465

8,642

$

233,034

Electrical

Components

&

Equipment

-

.47

%

AMETEK

Inc

41,576

8,403

Eaton

Corp

PLC

70,081

26,740

Emerson

Electric

Co

101,314

14,140

Generac

Holdings

Inc

(d) 10,564

1,775

$

51,058

Electronics

-

.93

%

Allegion

plc

15,455

2,562

Amphenol

Corp

219,784

30,625

Fortive

Corp

60,907

3,066

Garmin

Ltd

29,453

6,301

Honeywell

International

Inc

112,101

22,569

Hubbell

Inc

9,566

4,496

Jabil

Inc

19,321

4,268

Keysight

Technologies

Inc

(d) 30,984

5,669

Mettler-Toledo

International

Inc

(d) 3,708

5,252

TE

Connectivity

PLC

53,192

13,139

Trimble

Inc

(d) 42,839

3,416

$

101,363

Energy

-

Alternate

Sources

-

.05

%

First

Solar

Inc

(d) 19,308

5,154

Engineering

&

Construction

-

.08

%

EMCOR

Group

Inc

8,056

5,444

Jacobs

Solutions

Inc

21,519

3,353

$

8,797

Entertainment

-

.06

%

Live

Nation

Entertainment

Inc

(d) 28,395

4,246

TKO

Group

Holdings

Inc

12,420

2,340

$

6,586

Environmental

Control

-

.26

%

Pentair

PLC

29,511

3,138

Republic

Services

Inc

36,534

7,608

Veralto

Corp

44,675

4,409

Waste

Management

Inc

66,714

13,327

$

28,482

Food

-

.52

%

Campbell's

Company/The

35,423

1,067

Conagra

Brands

Inc

86,238

1,482

General

Mills

Inc

96,253

4,486

Hershey

Co/The

26,664

4,523

Hormel

Foods

Corp

52,466

1,133

J

M

Smucker

Co/The

19,207

1,989

Kellanova

48,402

4,020

Kraft

Heinz

Co/The

153,409

3,794

Kroger

Co/The

109,499

6,967

Lamb

Weston

Holdings

Inc

25,088

1,549

McCormick

&

Co

Inc/MD

45,552

2,923

Mondelez

International

Inc

232,932

13,384

Sysco

Corp

85,958

6,385

Tyson

Foods

Inc

51,443

2,645

$

56,347

Forest

Products

&

Paper

-

.03

%

International

Paper

Co

95,046

3,673

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Gas

-

.08

%

Atmos

Energy

Corp

28,897

$

4,962

NiSource

Inc

84,763

3,570

$

8,532

Hand

&

Machine

Tools

-

.05

%

Snap-on

Inc

9,392

3,152

Stanley

Black

&

Decker

Inc

27,866

1,887

$

5,039

Healthcare

-

Products

-

.56

%

Abbott

Laboratories

313,310

38,731

Agilent

Technologies

Inc

51,137

7,484

Align

Technology

Inc

(d) 12,135

1,673

Baxter

International

Inc

94,849

1,752

Bio-Techne

Corp

28,223

1,766

Boston

Scientific

Corp

(d) 266,738

26,866

Cooper

Cos

Inc/The

(d) 35,916

2,511

Danaher

Corp

114,723

24,709

Edwards

Lifesciences

Corp

(d) 105,688

8,714

GE

HealthCare

Technologies

Inc

82,189

6,160

Hologic

Inc

(d) 40,040

2,959

IDEXX

Laboratories

Inc

(d) 14,402

9,066

Insulet

Corp

(d) 12,674

3,967

Intuitive

Surgical

Inc

(d) 64,531

34,478

Medtronic

PLC

230,649

20,920

ResMed

Inc

26,359

6,508

Revvity

Inc

20,896

1,956

Solventum

Corp

(d) 26,530

1,832

STERIS

PLC

17,731

4,179

Stryker

Corp

61,940

22,065

Thermo

Fisher

Scientific

Inc

67,976

38,569

Waters

Corp

(d) 10,716

3,746

West

Pharmaceutical

Services

Inc

12,946

3,652

Zimmer

Biomet

Holdings

Inc

35,662

3,586

$

277,849

Healthcare

-

Services

-

.13

%

Centene

Corp

(d) 83,993

2,971

Charles

River

Laboratories

International

Inc

(d) 8,860

1,595

Cigna

Group/The

48,053

11,745

DaVita

Inc

(d) 6,437

766

Elevance

Health

Inc

40,537

12,858

HCA

Healthcare

Inc

29,485

13,554

Humana

Inc

21,653

6,024

IQVIA

Holdings

Inc

(d) 30,602

6,624

Labcorp

Holdings

Inc

14,960

3,799

Molina

Healthcare

Inc

(d) 9,759

1,494

Quest

Diagnostics

Inc

20,132

3,542

UnitedHealth

Group

Inc

163,037

55,687

Universal

Health

Services

Inc

10,152

2,203

$

122,862

Home

Builders

-

.19

%

DR

Horton

Inc

49,912

7,441

Lennar

Corp

-

A

Shares

40,973

5,071

NVR

Inc

(d) 516

3,721

PulteGroup

Inc

35,519

4,257

$

20,490

Insurance

-

.08

%

Aflac

Inc

86,650

9,288

Allstate

Corp/The

47,435

9,085

American

International

Group

Inc

99,730

7,875

Aon

PLC

38,817

13,224

Arch

Capital

Group

Ltd

66,910

5,775

Arthur

J

Gallagher

&

Co

46,150

11,514

Assurant

Inc

9,084

1,923

Berkshire

Hathaway

Inc

-

Class

B

(d) 330,100

157,636

Brown

&

Brown

Inc

52,744

4,206

Chubb

Ltd

66,748

18,485

Cincinnati

Financial

Corp

28,152

4,352

Erie

Indemnity

Co

4,573

1,338

Everest

Group

Ltd

7,552

2,375

Globe

Life

Inc

14,583

1,918

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Hartford

Insurance

Group

Inc/The

50,617

$

6,286

Loews

Corp

30,621

3,049

Marsh

&

McLennan

Cos

Inc

88,501

15,766

MetLife

Inc

100,563

8,027

Principal

Financial

Group

Inc

36,493

3,067

Progressive

Corp/The

105,528

21,739

Prudential

Financial

Inc

63,368

6,590

Travelers

Cos

Inc/The

40,530

10,887

W

R

Berkley

Corp

53,942

3,848

Willis

Towers

Watson

PLC

17,561

5,498

$

333,751

Internet

-

.80

%

Airbnb

Inc

(d) 77,242

9,774

Alphabet

Inc

-

A

Shares

1,047,148

294,448

Alphabet

Inc

-

C

Shares

840,636

236,908

Amazon.com

Inc

(d) 1,747,056

426,666

AppLovin

Corp

(d) 48,732

31,058

Booking

Holdings

Inc

5,833

29,619

CDW

Corp/DE

23,595

3,760

DoorDash

Inc

-

Class

A

(d) 66,636

16,950

eBay

Inc

82,269

6,689

Expedia

Group

Inc

21,277

4,681

F5

Inc

(d) 10,343

2,617

Gen

Digital

Inc

100,887

2,660

GoDaddy

Inc

(d) 24,924

3,318

Match

Group

Inc

43,317

1,401

Meta

Platforms

Inc

390,446

253,146

Netflix

Inc

(d) 76,493

85,585

Palo

Alto

Networks

Inc

(d) 120,238

26,481

Robinhood

Markets

Inc

(d) 139,325

20,450

Uber

Technologies

Inc

(d) 375,408

36,227

VeriSign

Inc

15,133

3,629

$

1,496,067

Iron

&

Steel

-

.09

%

Nucor

Corp

41,321

6,200

Steel

Dynamics

Inc

24,911

3,906

$

10,106

Leisure

Products

&

Services

-

.19

%

Carnival

Corp

(d) 195,440

5,634

Norwegian

Cruise

Line

Holdings

Ltd

(d) 81,354

1,824

Royal

Caribbean

Cruises

Ltd

45,473

13,043

$

20,501

Lodging

-

.26

%

Hilton

Worldwide

Holdings

Inc

42,339

10,879

Las

Vegas

Sands

Corp

55,607

3,300

Marriott

International

Inc/MD

40,560

10,569

MGM

Resorts

International

(d) 36,750

1,177

Wynn

Resorts

Ltd

15,199

1,809

$

27,734

Machinery

-

Construction

&

Mining

-

.71

%

Caterpillar

Inc

84,333

48,682

GE

Vernova

Inc

49,004

28,674

$

77,356

Machinery

-

Diversified

-

.57

%

Deere

&

Co

45,340

20,930

Dover

Corp

24,688

4,480

IDEX

Corp

13,554

2,324

Ingersoll

Rand

Inc

65,110

4,970

Nordson

Corp

9,665

2,242

Otis

Worldwide

Corp

70,653

6,554

Rockwell

Automation

Inc

20,241

7,456

Westinghouse

Air

Brake

Technologies

Corp

30,776

6,292

Xylem

Inc/NY

43,820

6,610

$

61,858

Media

-

.72

%

Charter

Communications

Inc

(d) 16,722

3,910

Comcast

Corp

-

Class

A

662,955

18,453

FactSet

Research

Systems

Inc

6,807

1,816

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

(continued)

Fox

Corp

-

A

Shares

37,796

$

2,444

Fox

Corp

-

B

Shares

23,750

1,387

News

Corp

-

A

Shares

67,767

1,796

News

Corp

-

B

Shares

20,025

610

Paramount

Skydance

Corp

(e) 55,583

856

Walt

Disney

Co/The

323,657

36,450

Warner

Bros

Discovery

Inc

(d) 445,676

10,006

$

77,728

Mining

-

.25

%

Freeport-McMoRan

Inc

258,462

10,778

Newmont

Corp

197,740

16,011

$

26,789

Miscellaneous

Manufacturers

-

.59

%

3M

Co

95,882

15,964

A

O

Smith

Corp

20,569

1,357

Axon

Enterprise

Inc

(d) 14,129

10,346

Illinois

Tool

Works

Inc

47,753

11,648

Parker-Hannifin

Corp

23,002

17,777

Teledyne

Technologies

Inc

(d) 8,440

4,446

Textron

Inc

32,081

2,593

$

64,131

Office

&

Business

Equipment

-

.02

%

Zebra

Technologies

Corp

(d) 9,154

2,465

Oil

&

Gas

-

.17

%

APA

Corp

64,407

1,459

Chevron

Corp

346,448

54,642

ConocoPhillips

224,831

19,979

Coterra

Energy

Inc

137,379

3,250

Devon

Energy

Corp

114,276

3,713

Diamondback

Energy

Inc

33,873

4,850

EOG

Resources

Inc

98,289

10,403

EQT

Corp

112,340

6,019

Expand

Energy

Corp

42,870

4,429

Exxon

Mobil

Corp

767,450

87,766

Marathon

Petroleum

Corp

54,730

10,667

Occidental

Petroleum

Corp

129,366

5,330

Phillips

72,750

9,904

Texas

Pacific

Land

Corp

3,473

3,276

Valero

Energy

Corp

55,924

9,482

$

235,169

Oil

&

Gas

Services

-

.21

%

Baker

Hughes

Co

177,475

8,592

Halliburton

Co

153,484

4,119

SLB

Ltd

268,575

9,685

$

22,396

Packaging

&

Containers

-

.11

%

Amcor

PLC

414,999

3,278

Ball

Corp

48,991

2,303

Packaging

Corp

of

America

16,089

3,150

Smurfit

WestRock

PLC

93,990

3,470

$

12,201

Pharmaceuticals

-

.05

%

AbbVie

Inc

318,008

69,338

Becton

Dickinson

&

Co

51,598

9,221

Bristol-Myers

Squibb

Co

366,411

16,881

Cardinal

Health

Inc

42,988

8,201

Cencora

Inc

34,901

11,790

CVS

Health

Corp

228,321

17,843

Dexcom

Inc

(d) 70,596

4,110

Eli

Lilly

&

Co

143,114

123,487

Henry

Schein

Inc

(d) 18,557

1,173

Johnson

&

Johnson

433,540

81,883

McKesson

Corp

22,391

18,167

Merck

&

Co

Inc

449,640

38,660

Pfizer

Inc

1,023,486

25,229

Viatris

Inc

209,879

2,174

Zoetis

Inc

79,781

11,496

$

439,653

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pipelines

-

.33

%

Kinder

Morgan

Inc

352,005

$

9,219

ONEOK

Inc

113,366

7,596

Targa

Resources

Corp

38,739

5,967

Williams

Cos

Inc/The

219,832

12,722

$

35,504

Private

Equity

-

.31

%

Blackstone

Inc

132,688

19,458

KKR

&

Co

Inc

123,496

14,613

$

34,071

Real

Estate

-

.12

%

CBRE

Group

Inc

(d) 52,764

8,043

CoStar

Group

Inc

(d) 76,265

5,248

$

13,291

REITs

-

.66

%

Alexandria

Real

Estate

Equities

Inc

28,021

1,631

American

Tower

Corp

84,293

15,087

AvalonBay

Communities

Inc

25,600

4,452

BXP

Inc

26,514

1,887

Camden

Property

Trust

19,237

1,914

Crown

Castle

Inc

78,393

7,073

Digital

Realty

Trust

Inc

57,710

9,834

Equinix

Inc

17,617

14,904

Equity

Residential

62,560

3,719

Essex

Property

Trust

Inc

11,595

2,919

Extra

Space

Storage

Inc

38,211

5,103

Federal

Realty

Investment

Trust

14,131

1,359

Healthpeak

Properties

Inc

125,100

2,245

Host

Hotels

&

Resorts

Inc

115,109

1,844

Invitation

Homes

Inc

101,525

2,858

Iron

Mountain

Inc

53,169

5,474

Kimco

Realty

Corp

121,909

2,519

Mid-America

Apartment

Communities

Inc

21,076

2,703

Prologis

Inc

167,067

20,731

Public

Storage

28,428

7,919

Realty

Income

Corp

164,588

9,543

Regency

Centers

Corp

29,417

2,028

SBA

Communications

Corp

19,331

3,701

Simon

Property

Group

Inc

58,771

10,330

UDR

Inc

54,281

1,829

Ventas

Inc

81,811

6,037

VICI

Properties

Inc

191,962

5,757

Welltower

Inc

120,398

21,797

Weyerhaeuser

Co

129,884

2,987

$

180,184

Retail

-

.88

%

AutoZone

Inc

(d) 3,010

11,060

Best

Buy

Co

Inc

35,382

2,906

Chipotle

Mexican

Grill

Inc

(d) 241,381

7,649

Costco

Wholesale

Corp

79,832

72,763

Darden

Restaurants

Inc

21,069

3,796

Dollar

General

Corp

39,617

3,909

Dollar

Tree

Inc

(d) 34,940

3,463

Domino's

Pizza

Inc

5,623

2,241

Genuine

Parts

Co

25,040

3,188

Home

Depot

Inc/The

179,103

67,986

Lowe's

Cos

Inc

100,889

24,025

Lululemon

Athletica

Inc

(d) 19,634

3,348

McDonald's

Corp

128,462

38,337

O'Reilly

Automotive

Inc

(d) 152,744

14,425

Ross

Stores

Inc

58,879

9,357

Starbucks

Corp

204,626

16,548

Target

Corp

81,795

7,584

TJX

Cos

Inc/The

200,829

28,144

Tractor

Supply

Co

95,401

5,162

Ulta

Beauty

Inc

(d) 8,091

4,206

Walmart

Inc

790,127

79,945

Williams-Sonoma

Inc

22,143

4,303

Yum!

Brands

Inc

49,961

6,905

$

421,250

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Semiconductors

-

.48

%

Advanced

Micro

Devices

Inc

(d) 292,138

$

74,822

Analog

Devices

Inc

89,333

20,916

Applied

Materials

Inc

144,463

33,674

Broadcom

Inc

846,697

312,965

Intel

Corp

(d) 787,927

31,509

KLA

Corp

23,754

28,712

Lam

Research

Corp

227,833

35,875

Microchip

Technology

Inc

97,152

6,064

Micron

Technology

Inc

201,461

45,081

Monolithic

Power

Systems

Inc

8,621

8,664

NVIDIA

Corp

4,392,365

889,410

NXP

Semiconductors

NV

45,386

9,491

ON

Semiconductor

Corp

(d) 73,623

3,687

QUALCOMM

Inc

194,152

35,122

Skyworks

Solutions

Inc

26,721

2,077

Teradyne

Inc

28,637

5,205

Texas

Instruments

Inc

163,661

26,425

$

1,569,699

Shipbuilding

-

.02

%

Huntington

Ingalls

Industries

Inc

7,066

2,275

Software

-

.46

%

Adobe

Inc

(d) 76,364

25,988

Akamai

Technologies

Inc

(d) 25,811

1,939

Autodesk

Inc

(d) 38,524

11,609

Broadridge

Financial

Solutions

Inc

21,086

4,647

Cadence

Design

Systems

Inc

(d) 49,054

16,614

Datadog

Inc

(d) 58,193

9,474

Dayforce

Inc

(d) 28,749

1,976

Electronic

Arts

Inc

40,539

8,110

Fair

Isaac

Corp

(d) 4,320

7,169

Fidelity

National

Information

Services

Inc

94,038

5,879

Fiserv

Inc

(d) 97,857

6,526

Intuit

Inc

50,214

33,520

Jack

Henry

&

Associates

Inc

13,109

1,953

Microsoft

Corp

1,338,080

692,871

MSCI

Inc

13,927

8,197

Oracle

Corp

298,322

78,342

Palantir

Technologies

Inc

(d) 409,401

82,073

Paychex

Inc

58,364

6,830

Paycom

Software

Inc

9,012

1,686

PTC

Inc

(d) 21,566

4,282

Roper

Technologies

Inc

19,372

8,643

Salesforce

Inc

172,096

44,816

ServiceNow

Inc

(d) 37,442

34,420

Synopsys

Inc

(d) 33,310

15,117

Take-Two

Interactive

Software

Inc

(d) 31,214

8,002

Tyler

Technologies

Inc

(d) 7,788

3,709

Workday

Inc

(d) 38,885

9,329

$

1,133,721

Telecommunications

-

.72

%

Arista

Networks

Inc

(d) 185,530

29,256

AT&T

Inc

1,287,177

31,858

Cisco

Systems

Inc

712,861

52,117

Corning

Inc

140,325

12,500

Motorola

Solutions

Inc

29,991

12,198

T-Mobile

US

Inc

87,114

18,298

Verizon

Communications

Inc

759,002

30,163

$

186,390

Toys,

Games

&

Hobbies

-

.02

%

Hasbro

Inc

23,981

1,830

Transportation

-

.77

%

CH

Robinson

Worldwide

Inc

21,260

3,274

CSX

Corp

335,600

12,088

Expeditors

International

of

Washington

Inc

24,433

2,978

FedEx

Corp

39,070

9,917

JB

Hunt

Transport

Services

Inc

13,767

2,325

Norfolk

Southern

Corp

40,389

11,445

Old

Dominion

Freight

Line

Inc

33,295

4,675

Union

Pacific

Corp

106,759

23,527

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

(continued)

United

Parcel

Service

Inc

132,501

$

12,776

$

83,005

Water

-

.04

%

American

Water

Works

Co

Inc

35,121

4,511

TOTAL

COMMON

STOCKS

$

10,500,528

Total

Investments

$

10,806,395

Other

Assets

and

Liabilities

- 0.34%

36,519

TOTAL

NET

ASSETS

-

100.00%

$

10,842,914

(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

$21

or

0.00%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$20

or

0.00%

of

net

assets.

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

280,734

$

982,281

$

989,580

$

273,435

$

280,734

$

982,281

$

989,580

$

273,435

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

9,508

$

—

$

—

$

—

$

9,508

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

December

2025

Long

848

$

291,458

$

6,777

Total

$

6,777

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

Value

Fund

III

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.37

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.74

%

Invesco

Exchange-Traded

Fund

Trust

-

Invesco

S&P

500

Pure

Value

ETF

1,371,183

$

135,884

Money

Market

Funds

-

.63

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

528,594

529

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(c)

46,181,393

46,181

$

46,710

TOTAL

INVESTMENT

COMPANIES

$

182,594

COMMON

STOCKS

-

.65

%

Shares

Held

Value

(000's)

Advertising

-

.01

%

Interpublic

Group

of

Cos

Inc/The

6,588

$

Omnicom

Group

Inc

3,436

$

Aerospace

&

Defense

-

.68

%

ATI

Inc

(d) 2,470

Boeing

Co/The

(d) 11,234

2,258

Curtiss-Wright

Corp

677

General

Dynamics

Corp

21,094

7,275

Hexcel

Corp

1,428

L3Harris

Technologies

Inc

3,370

974

Leonardo

DRS

Inc

752

Loar

Holdings

Inc

(d) 84

Lockheed

Martin

Corp

2,718

1,337

Northrop

Grumman

Corp

2,432

1,419

RTX

Corp

24,128

4,307

Spirit

AeroSystems

Holdings

Inc

(d) 2,113

StandardAero

Inc

(d) 2,113

TransDigm

Group

Inc

822

1,076

$

19,569

Agriculture

-

.23

%

Altria

Group

Inc

30,471

1,718

Archer-Daniels-Midland

Co

8,552

518

Bunge

Global

SA

2,430

Darling

Ingredients

Inc

(d) 2,818

Philip

Morris

International

Inc

28,089

4,054

$

6,610

Airlines

-

.06

%

Alaska

Air

Group

Inc

(d) 1,928

American

Airlines

Group

Inc

(d) 11,025

Delta

Air

Lines

Inc

11,685

670

Southwest

Airlines

Co

7,616

United

Airlines

Holdings

Inc

(d) 5,812

547

$

1,673

Apparel

-

.07

%

Birkenstock

Holding

Plc

(d) 625

Columbia

Sportswear

Co

Crocs

Inc

(d) 1,104

NIKE

Inc

20,897

1,350

PVH

Corp

968

Ralph

Lauren

Corp

632

Tapestry

Inc

Under

Armour

Inc

-

Class

A

(d) 3,843

Under

Armour

Inc

-

Class

C

(d) 3,820

VF

Corp

6,336

$

1,918

Automobile

Manufacturers

-

.15

%

Cummins

Inc

2,473

1,083

Ford

Motor

Co

70,066

920

General

Motors

Co

17,199

1,188

Lucid

Group

Inc

(d),(e)

2,034

PACCAR

Inc

9,309

916

Rivian

Automotive

Inc

(d) 13,863

$

4,331

Automobile

Parts

&

Equipment

-

.56

%

Allison

Transmission

Holdings

Inc

1,282

Aptiv

PLC

(d) 542,850

44,025

Aurora

Innovation

Inc

(d) 19,882

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Parts

&

Equipment

(continued)

BorgWarner

Inc

3,936

$

Gentex

Corp

4,126

Lear

Corp

963

QuantumScape

Corp

(d) 7,619

$

44,742

Banks

-

.23

%

Bank

of

America

Corp

1,224,175

65,432

Bank

of

New

York

Mellon

Corp/The

11,820

1,276

Bank

of

Nova

Scotia/The

445,528

29,227

Bank

OZK

1,925

BOK

Financial

Corp

Citigroup

Inc

27,029

2,736

Citizens

Financial

Group

Inc

7,780

Columbia

Banking

System

Inc

5,340

Comerica

Inc

2,305

Commerce

Bancshares

Inc/MO

2,353

Cullen/Frost

Bankers

Inc

90,742

11,174

East

West

Bancorp

Inc

2,416

Fifth

Third

Bancorp

11,933

First

Citizens

BancShares

Inc/NC

First

Hawaiian

Inc

2,049

First

Horizon

Corp

8,994

FNB

Corp/PA

6,470

Goldman

Sachs

Group

Inc/The

5,130

4,049

Huntington

Bancshares

Inc/OH

27,868

JPMorgan

Chase

&

Co

87,473

27,214

KeyCorp

16,957

M&T

Bank

Corp

2,827

520

Morgan

Stanley

20,779

3,408

Northern

Trust

Corp

3,437

Pinnacle

Financial

Partners

Inc

1,304

PNC

Financial

Services

Group

Inc/The

7,136

1,303

Popular

Inc

1,158

Prosperity

Bancshares

Inc

1,674

Regions

Financial

Corp

16,108

SOUTHSTATE

BANK

CORP

120,848

10,714

State

Street

Corp

5,139

594

Synovus

Financial

Corp

2,533

Truist

Financial

Corp

23,305

1,040

US

Bancorp

28,046

1,309

Webster

Financial

Corp

2,965

Wells

Fargo

&

Co

504,479

43,875

Western

Alliance

Bancorp

353,338

27,331

Wintrust

Financial

Corp

1,191

Zions

Bancorp

NA

2,791

$

236,056

Beverages

-

.15

%

Boston

Beer

Co

Inc/The

(d) 132

Brown-Forman

Corp

-

A

Shares

889

Brown-Forman

Corp

-

B

Shares

2,997

Coca-Cola

Co/The

35,920

2,475

Coca-Cola

Consolidated

Inc

806

Constellation

Brands

Inc

2,608

Keurig

Dr

Pepper

Inc

1,637,061

44,462

Molson

Coors

Beverage

Co

3,225

PepsiCo

Inc

94,619

13,823

Primo

Brands

Corp

4,683

$

61,585

Biotechnology

-

.25

%

Amgen

Inc

2,544

759

Biogen

Inc

(d) 2,634

BioMarin

Pharmaceutical

Inc

(d) 3,378

Bio-Rad

Laboratories

Inc

(d),(e)

Certara

Inc

(d) 1,986

Corteva

Inc

12,260

753

Exelixis

Inc

(d) 825

Gilead

Sciences

Inc

16,438

1,969

Illumina

Inc

(d) 2,806

Incyte

Corp

(d) 2,118

Schedule

of

Investments

LargeCap

Value

Fund

III

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Insmed

Inc

(d) 227

$

Ionis

Pharmaceuticals

Inc

(d) 182

Moderna

Inc

(d) 6,236

Regeneron

Pharmaceuticals

Inc

1,881

1,226

Revolution

Medicines

Inc

(d) 3,130

Roivant

Sciences

Ltd

(d) 7,034

Royalty

Pharma

PLC

6,972

Sarepta

Therapeutics

Inc

(d) 317

United

Therapeutics

Corp

(d) 798

Viking

Therapeutics

Inc

(d) 1,643

$

7,245

Building

Materials

-

.13

%

Armstrong

World

Industries

Inc

566

Builders

FirstSource

Inc

(d) 1,965

Carlisle

Cos

Inc

678

Carrier

Global

Corp

14,331

853

CRH

PLC

241,237

28,731

Eagle

Materials

Inc

47,257

10,034

Fortune

Brands

Innovations

Inc

2,212

Hayward

Holdings

Inc

(d) 3,247

James

Hardie

Industries

PLC

(d) 1,075

Johnson

Controls

International

plc

413,227

47,269

Louisiana-Pacific

Corp

1,158

Martin

Marietta

Materials

Inc

1,081

663

Masco

Corp

3,753

Mohawk

Industries

Inc

(d) 945

Owens

Corning

1,530

Simpson

Manufacturing

Co

Inc

710

Trex

Co

Inc

(d) 1,951

Vulcan

Materials

Co

2,383

690

$

89,851

Chemicals

-

.40

%

Air

Products

and

Chemicals

Inc

146,392

35,513

Albemarle

Corp

2,121

Ashland

Inc

742

Axalta

Coating

Systems

Ltd

(d) 892,832

25,419

Celanese

Corp

2,265

CF

Industries

Holdings

Inc

2,937

Dow

Inc

12,677

DuPont

de

Nemours

Inc

7,485

611

Eastman

Chemical

Co

2,070

Ecolab

Inc

3,400

872

Element

Solutions

Inc

4,108

FMC

Corp

2,518

Huntsman

Corp

2,692

International

Flavors

&

Fragrances

Inc

4,566

Linde

PLC

8,470

3,543

LyondellBasell

Industries

NV

4,563

Mosaic

Co/The

5,979

NewMarket

Corp

Olin

Corp

1,870

PPG

Industries

Inc

4,047

RPM

International

Inc

2,245

Sherwin-Williams

Co/The

Solstice

Advanced

Materials

Inc

(d) 3,044

Westlake

Corp

548

$

68,884

Commercial

Services

-

.31

%

ADT

Inc

10,363

Affirm

Holdings

Inc

(d) 2,091

API

Group

Corp

(d) 6,700

Aramark

4,701

Automatic

Data

Processing

Inc

536

Avis

Budget

Group

Inc

(d),(e)

Block

Inc

(d) 6,196

Bright

Horizons

Family

Solutions

Inc

(d) 893

Clarivate

PLC

(d) 5,718

Equifax

Inc

1,846

Euronet

Worldwide

Inc

(d) 665

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

FTI

Consulting

Inc

(d) 570

$

Global

Payments

Inc

4,351

Grand

Canyon

Education

Inc

(d) 406

GXO

Logistics

Inc

(d) 2,053

H&R

Block

Inc

2,017

ManpowerGroup

Inc

754

MarketAxess

Holdings

Inc

676

Morningstar

Inc

NIQ

Global

Intelligence

Plc

(d) 391

Paylocity

Holding

Corp

(d) 75

PayPal

Holdings

Inc

17,280

1,197

Quanta

Services

Inc

595

Robert

Half

Inc

1,619

S&P

Global

Inc

5,521

2,690

Service

Corp

International/US

2,466

TransUnion

3,481

U-Haul

Holding

Co

1,025

U-Haul

Holding

Co

(d),(e)

United

Rentals

Inc

1,157

1,008

Valvoline

Inc

(d) 294

Verisk

Analytics

Inc

1,007

WEX

Inc

(d) 563

WillScot

Holdings

Corp

2,171

$

8,868

Computers

-

.18

%

Accenture

PLC

-

Class

A

33,705

8,429

Amdocs

Ltd

2,078

Amentum

Holdings

Inc

(d) 2,742

Apple

Inc

53,251

14,398

CACI

International

Inc

(d) 382

Cognizant

Technology

Solutions

Corp

228,885

16,681

Crane

NXT

Co

798

Dell

Technologies

Inc

77,344

12,530

DXC

Technology

Co

(d) 2,937

EPAM

Systems

Inc

(d) 1,029

Genpact

Ltd

2,939

Globant

SA

(d) 639

Hewlett

Packard

Enterprise

Co

23,534

575

HP

Inc

16,914

International

Business

Machines

Corp

16,768

5,155

KBR

Inc

2,172

Kyndryl

Holdings

Inc

(d) 3,904

Leidos

Holdings

Inc

2,300

Lumentum

Holdings

Inc

(d) 1,135

NetApp

Inc

2,169

Okta

Inc

(d) 1,801

Parsons

Corp

(d) 1,071

Pure

Storage

Inc

(d) 900

Rubrik

Inc

(d) 795

SailPoint

Inc

(d) 986

Sandisk

Corp/DE

(d) 2,435

Science

Applications

International

Corp

954

Super

Micro

Computer

Inc

(d) 4,956

Western

Digital

Corp

6,184

929

$

62,413

Consumer

Products

-

.44

%

Avery

Dennison

Corp

1,402

Church

&

Dwight

Co

Inc

132,517

11,620

Clorox

Co/The

2,175

Kimberly-Clark

Corp

3,839

Reynolds

Consumer

Products

Inc

1,110

$

12,597

Cosmetics

&

Personal

Care

-

.12

%

Colgate-Palmolive

Co

7,561

583

Coty

Inc

(d) 5,664

elf

Beauty

Inc

(d) 1,045

Estee

Lauder

Cos

Inc/The

4,160

Kenvue

Inc

34,117

Perrigo

Co

PLC

2,229

Schedule

of

Investments

LargeCap

Value

Fund

III

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Cosmetics

&

Personal

Care

(continued)

Procter

&

Gamble

Co/The

42,345

$

6,367

Unilever

PLC

ADR

402,262

24,212

$

32,251

Distribution

&

Wholesale

-

.05

%

Copart

Inc

(d) 993

Core

&

Main

Inc

(d) 1,616

Fastenal

Co

3,942

LKQ

Corp

4,910

Pool

Corp

528

RB

Global

Inc

3,090

SiteOne

Landscape

Supply

Inc

(d) 516

Watsco

Inc

625

WESCO

International

Inc

862

WW

Grainger

Inc

$

1,520

Diversified

Financial

Services

-

.20

%

Affiliated

Managers

Group

Inc

513

Air

Lease

Corp

1,906

Ally

Financial

Inc

4,335

American

Express

Co

105,762

38,151

Ameriprise

Financial

Inc

Apollo

Global

Management

Inc

2,216

Blackrock

Inc

2,751

2,979

Brookfield

Asset

Management

Ltd

4,462

Capital

One

Financial

Corp

87,689

19,290

Cboe

Global

Markets

Inc

1,890

Charles

Schwab

Corp/The

28,133

2,659

Circle

Internet

Group

Inc

(d),(e)

720

CME

Group

Inc

6,492

1,724

Coinbase

Global

Inc

(d) 3,421

1,176

Credit

Acceptance

Corp

(d),(e)

Evercore

Inc

-

Class

A

661

Franklin

Resources

Inc

5,866

Freedom

Holding

Corp/NV

(d),(e)

Hamilton

Lane

Inc

Houlihan

Lokey

Inc

621

Interactive

Brokers

Group

Inc

-

A

Shares

7,329

516

Intercontinental

Exchange

Inc

82,335

12,045

Invesco

Ltd

6,978

Janus

Henderson

Group

PLC

2,272

Jefferies

Financial

Group

Inc

2,209

Lazard

Inc

1,505

LPL

Financial

Holdings

Inc

105,208

39,696

Nasdaq

Inc

7,375

631

OneMain

Holdings

Inc

2,177

Raymond

James

Financial

Inc

3,300

524

Rocket

Cos

Inc

16,924

SEI

Investments

Co

1,956

SLM

Corp

496,847

13,340

SoFi

Technologies

Inc

(d) 17,591

522

Stifel

Financial

Corp

1,755

Synchrony

Financial

6,716

500

T

Rowe

Price

Group

Inc

3,894

TPG

Inc

Tradeweb

Markets

Inc

1,880

UWM

Holdings

Corp

2,195

Virtu

Financial

Inc

1,300

Visa

Inc

32,350

11,023

Voya

Financial

Inc

1,835

Western

Union

Co/The

5,286

XP

Inc

6,734

$

149,048

Electric

-

.91

%

AES

Corp/The

12,829

Alliant

Energy

Corp

4,576

Ameren

Corp

4,811

American

Electric

Power

Co

Inc

9,662

1,162

Brookfield

Renewable

Corp

(e) 2,436

CenterPoint

Energy

Inc

11,676

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

Clearway

Energy

Inc

-

Class

A

706

$

Clearway

Energy

Inc

-

Class

C

1,332

CMS

Energy

Corp

5,306

Consolidated

Edison

Inc

6,442

628

Constellation

Energy

Corp

5,650

2,130

Dominion

Energy

Inc

15,306

898

DTE

Energy

Co

3,741

507

Duke

Energy

Corp

14,051

1,747

Edison

International

6,812

Entergy

Corp

460,913

44,289

Evergy

Inc

4,098

Eversource

Energy

6,565

Exelon

Corp

18,132

836

FirstEnergy

Corp

9,824

IDACORP

Inc

1,049

NextEra

Energy

Inc

171,460

13,957

OGE

Energy

Corp

3,624

PG&E

Corp

1,636,420

26,117

Pinnacle

West

Capital

Corp

366,977

32,484

PPL

Corp

13,267

Public

Service

Enterprise

Group

Inc

8,938

720

Sempra

11,699

1,076

Southern

Co/The

135,646

12,756

Talen

Energy

Corp

(d) 815

WEC

Energy

Group

Inc

101,887

11,383

Xcel

Energy

Inc

528,494

42,898

$

198,302

Electrical

Components

&

Equipment

-

.19

%

Acuity

Inc

554

AMETEK

Inc

4,158

840

Eaton

Corp

PLC

7,069

2,697

Emerson

Electric

Co

10,180

1,421

Generac

Holdings

Inc

(d) 1,034

Littelfuse

Inc

Universal

Display

Corp

810

$

5,565

Electronics

-

.49

%

Allegion

plc

1,552

Arrow

Electronics

Inc

(d) 950

Avnet

Inc

1,690

Coherent

Corp

(d) 2,717

Flex

Ltd

(d) 6,810

Fortive

Corp

460,675

23,190

Garmin

Ltd

2,939

629

Honeywell

International

Inc

11,486

2,312

Hubbell

Inc

26,771

12,583

Ingram

Micro

Holding

Corp

Jabil

Inc

662

Keysight

Technologies

Inc

(d) 3,104

568

Mettler-Toledo

International

Inc

(d) 375

531

nVent

Electric

PLC

2,889

Ralliant

Corp

2,041

Sensata

Technologies

Holding

PLC

2,617

TD

SYNNEX

Corp

1,382

Trimble

Inc

(d) 4,245

Vontier

Corp

2,672

Woodward

Inc

1,067

$

42,640

Energy

-

Alternate

Sources

-

.02

%

First

Solar

Inc

(d) 1,831

Engineering

&

Construction

-

.05

%

AECOM

2,338

EMCOR

Group

Inc

522

Everus

Construction

Group

Inc

(d) 918

Jacobs

Solutions

Inc

2,144

MasTec

Inc

(d) 908

TopBuild

Corp

(d) 474

$

1,470

Schedule

of

Investments

LargeCap

Value

Fund

III

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Entertainment

-

.02

%

Caesars

Entertainment

Inc

(d) 4,190

$

Churchill

Downs

Inc

Flutter

Entertainment

PLC

(d) 546

Liberty

Media

Corp-Liberty

Live

-

A

Shares

(d) 324

Liberty

Media

Corp-Liberty

Live

-

C

Shares

(d) 929

Madison

Square

Garden

Sports

Corp

(d) 265

Penn

Entertainment

Inc

(d) 2,429

TKO

Group

Holdings

Inc

712

Vail

Resorts

Inc

$

595

Environmental

Control

-

.79

%

Clean

Harbors

Inc

(d) 911

Pentair

PLC

2,898

Republic

Services

Inc

3,657

762

Tetra

Tech

Inc

4,080

Veralto

Corp

109,394

10,795

Waste

Management

Inc

52,228

10,434

$

22,621

Food

-

.57

%

Albertsons

Cos

Inc

7,267

Campbell's

Company/The

3,539

Conagra

Brands

Inc

9,027

Flowers

Foods

Inc

3,056

General

Mills

Inc

9,805

Hershey

Co/The

62,777

10,649

Hormel

Foods

Corp

5,219

Ingredion

Inc

1,152

J

M

Smucker

Co/The

1,824

Kellanova

4,955

Kraft

Heinz

Co/The

15,309

Kroger

Co/The

10,864

691

Lamb

Weston

Holdings

Inc

2,589

McCormick

&

Co

Inc/MD

4,513

Mondelez

International

Inc

23,401

1,345

Performance

Food

Group

Co

(d) 2,363

Pilgrim's

Pride

Corp

678

Post

Holdings

Inc

(d) 898

Seaboard

Corp

Smithfield

Foods

Inc

695

Sysco

Corp

4,010

Tyson

Foods

Inc

4,987

US

Foods

Holding

Corp

(d) 4,108

$

16,472

Forest

Products

&

Paper

-

.01

%

International

Paper

Co

9,382

Gas

-

.04

%

Atmos

Energy

Corp

2,855

MDU

Resources

Group

Inc

3,318

National

Fuel

Gas

Co

1,618

NiSource

Inc

8,419

UGI

Corp

3,880

$

1,166

Hand

&

Machine

Tools

-

.03

%

Lincoln

Electric

Holdings

Inc

976

MSA

Safety

Inc

685

Snap-on

Inc

921

Stanley

Black

&

Decker

Inc

2,739

$

831

Healthcare

-

Products

-

.42

%

Abbott

Laboratories

140,754

17,400

Agilent

Technologies

Inc

5,143

753

Align

Technology

Inc

(d) 1,279

Avantor

Inc

(d) 1,698,870

20,081

Baxter

International

Inc

9,164

Bio-Techne

Corp

2,831

Boston

Scientific

Corp

(d) 22,066

2,223

Bruker

Corp

2,100

Caris

Life

Sciences

Inc

(d) 184

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Cooper

Cos

Inc/The

(d) 3,540

$

Danaher

Corp

11,521

2,481

DENTSPLY

SIRONA

Inc

3,260

Edwards

Lifesciences

Corp

(d) 10,308

850

Envista

Holdings

Corp

(d) 2,747

Exact

Sciences

Corp

(d) 3,119

GE

HealthCare

Technologies

Inc

8,186

614

Globus

Medical

Inc

(d) 2,052

Hologic

Inc

(d) 3,969

Medtronic

PLC

358,901

32,552

QIAGEN

NV

3,790

Repligen

Corp

(d) 901

ResMed

Inc

2,010

Revvity

Inc

2,120

Solventum

Corp

(d) 2,664

STERIS

PLC

1,771

Stryker

Corp

4,612

1,643

Teleflex

Inc

797

Thermo

Fisher

Scientific

Inc

26,998

15,318

Waters

Corp

(d) 510

West

Pharmaceutical

Services

Inc

1,290

Zimmer

Biomet

Holdings

Inc

3,522

$

98,091

Healthcare

-

Services

-

.86

%

Acadia

Healthcare

Co

Inc

(d) 1,490

Centene

Corp

(d) 8,885

Charles

River

Laboratories

International

Inc

(d) 880

Chemed

Corp

Cigna

Group/The

4,340

1,061

Elevance

Health

Inc

47,577

15,091

Encompass

Health

Corp

1,751

HCA

Healthcare

Inc

2,415

1,110

Humana

Inc

2,177

606

IQVIA

Holdings

Inc

(d) 3,051

660

Labcorp

Holdings

Inc

1,507

Molina

Healthcare

Inc

(d) 491

Quest

Diagnostics

Inc

2,010

Sotera

Health

Co

(d) 2,576

Tenet

Healthcare

Corp

(d) 1,573

UnitedHealth

Group

Inc

95,550

32,636

Universal

Health

Services

Inc

949

$

53,361

Home

Builders

-

.41

%

DR

Horton

Inc

4,808

717

Lennar

Corp

-

A

Shares

310,622

38,445

Lennar

Corp

-

B

Shares

NVR

Inc

(d) 51

PulteGroup

Inc

3,551

Thor

Industries

Inc

919

Toll

Brothers

Inc

1,738

$

40,309

Home

Furnishings

-

.01

%

Dolby

Laboratories

Inc

1,228

SharkNinja

Inc

(d) 1,257

Whirlpool

Corp

(e) 1,089

$

Housewares

-

.00

%

Newell

Brands

Inc

6,830

Scotts

Miracle-Gro

Co/The

715

$

Insurance

-

.10

%

Aflac

Inc

8,797

943

Allstate

Corp/The

4,762

912

American

Financial

Group

Inc/OH

1,193

American

International

Group

Inc

391,278

30,895

Aon

PLC

Arch

Capital

Group

Ltd

6,520

563

Arthur

J

Gallagher

&

Co

49,452

12,338

Assurant

Inc

912

Schedule

of

Investments

LargeCap

Value

Fund

III

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Assured

Guaranty

Ltd

930

$

Axis

Capital

Holdings

Ltd

1,448

Berkshire

Hathaway

Inc

-

Class

B

(d) 153,878

73,483

Brighthouse

Financial

Inc

(d) 936

Brown

&

Brown

Inc

4,504

Chubb

Ltd

6,720

1,861

Cincinnati

Financial

Corp

2,779

CNA

Financial

Corp

Corebridge

Financial

Inc

5,181

Everest

Group

Ltd

43,203

13,588

Fidelity

National

Financial

Inc

4,632

First

American

Financial

Corp

1,781

Globe

Life

Inc

1,494

Hanover

Insurance

Group

Inc/The

663

Hartford

Insurance

Group

Inc/The

5,065

629

Kemper

Corp

1,001

Lincoln

National

Corp

3,251

Loews

Corp

3,032

Markel

Group

Inc

(d) 179

Marsh

&

McLennan

Cos

Inc

7,855

1,399

MetLife

Inc

10,076

804

MGIC

Investment

Corp

4,255

Old

Republic

International

Corp

4,123

Primerica

Inc

595

Progressive

Corp/The

73,705

15,183

Prudential

Financial

Inc

6,337

659

Reinsurance

Group

of

America

Inc

1,190

RenaissanceRe

Holdings

Ltd

819

RLI

Corp

1,397

Travelers

Cos

Inc/The

4,082

1,097

Unum

Group

3,069

W

R

Berkley

Corp

5,241

White

Mountains

Insurance

Group

Ltd

Willis

Towers

Watson

PLC

50,651

15,859

$

175,057

Internet

-

.84

%

Alphabet

Inc

-

A

Shares

267,085

75,102

Alphabet

Inc

-

C

Shares

30,308

8,541

Amazon.com

Inc

(d) 136,091

33,237

Booking

Holdings

Inc

CDW

Corp/DE

2,202

eBay

Inc

8,241

670

Etsy

Inc

(d) 685

F5

Inc

(d) 1,036

Gen

Digital

Inc

8,761

IAC

Inc

(d) 1,101

Lyft

Inc

(d) 6,030

Maplebear

Inc

(d) 3,146

Match

Group

Inc

4,692

Meta

Platforms

Inc

26,241

17,013

Pinterest

Inc

(d) 5,301

Robinhood

Markets

Inc

(d) 11,576

1,699

Roku

Inc

(d) 1,978

Trump

Media

&

Technology

Group

Corp

(d),(e)

1,201

VeriSign

Inc

1,506

Wayfair

Inc

(d) 1,489

Zillow

Group

Inc

-

A

Shares

(d) 1,014

Zillow

Group

Inc

-

C

Shares

(d) 2,898

$

138,972

Iron

&

Steel

-

.06

%

Carpenter

Technology

Corp

711

Cleveland-Cliffs

Inc

(d) 8,871

Nucor

Corp

4,146

622

Reliance

Inc

950

Steel

Dynamics

Inc

2,290

$

1,584

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Leisure

Products

&

Services

-

.39

%

Amer

Sports

Inc

(d) 2,692

$

Brunswick

Corp/DE

1,330

Carnival

Corp

(d) 2,367,175

68,245

Harley-Davidson

Inc

1,792

Norwegian

Cruise

Line

Holdings

Ltd

(d) 876

YETI

Holdings

Inc

(d) 1,351

$

68,531

Lodging

-

.47

%

Boyd

Gaming

Corp

1,146

Choice

Hotels

International

Inc

Hyatt

Hotels

Corp

743

Marriott

International

Inc/MD

954

MGM

Resorts

International

(d) 3,697

Travel

+

Leisure

Co

676

Wyndham

Hotels

&

Resorts

Inc

Wynn

Resorts

Ltd

350,138

41,663

$

42,304

Machinery

-

Construction

&

Mining

-

.04

%

BWX

Technologies

Inc

1,327

Caterpillar

Inc

7,324

4,228

Oshkosh

Corp

1,154

Vertiv

Holdings

Co

130,344

25,138

$

29,792

Machinery

-

Diversified

-

.67

%

AGCO

Corp

1,141

Applied

Industrial

Technologies

Inc

685

CNH

Industrial

NV

16,652

Cognex

Corp

3,227

Crane

Co

885

Deere

&

Co

28,550

13,180

Dover

Corp

2,444

Esab

Corp

1,048

Flowserve

Corp

2,487

Gates

Industrial

Corp

PLC

(d) 4,625

Graco

Inc

2,945

IDEX

Corp

1,362

Ingersoll

Rand

Inc

7,217

551

Middleby

Corp/The

(d) 962

Nordson

Corp

970

Otis

Worldwide

Corp

7,067

655

Regal

Rexnord

Corp

1,149

Rockwell

Automation

Inc

1,875

691

Toro

Co/The

1,901

Westinghouse

Air

Brake

Technologies

Corp

3,060

626

Xylem

Inc/NY

4,391

662

$

19,095

Media

-

.30

%

Charter

Communications

Inc

(d) 1,590

Comcast

Corp

-

Class

A

66,162

1,842

FactSet

Research

Systems

Inc

637

Fox

Corp

-

A

Shares

3,838

Fox

Corp

-

B

Shares

2,817

Liberty

Broadband

Corp

-

A

Shares

(d) 266

Liberty

Broadband

Corp

-

C

Shares

(d) 1,618

Liberty

Global

Ltd

-

A

Shares

(d) 2,740

Liberty

Global

Ltd

-

C

Shares

(d) 2,272

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 258

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 2,559

New

York

Times

Co/The

3,030

News

Corp

-

A

Shares

6,765

News

Corp

-

B

Shares

2,557

Nexstar

Media

Group

Inc

Sirius

XM

Holdings

Inc

3,853

Walt

Disney

Co/The

32,680

3,680

Warner

Bros

Discovery

Inc

(d) 42,075

945

$

8,464

Schedule

of

Investments

LargeCap

Value

Fund

III

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Metal

Fabrication

&

Hardware

-

.22

%

Advanced

Drainage

Systems

Inc

40,493

$

5,671

Mueller

Industries

Inc

1,909

RBC

Bearings

Inc

(d) 442

Timken

Co/The

1,128

Valmont

Industries

Inc

$

6,299

Mining

-

.14

%

Alcoa

Corp

4,667

Anglogold

Ashanti

Plc

7,914

538

Freeport-McMoRan

Inc

25,680

1,071

MP

Materials

Corp

(d) 2,356

Newmont

Corp

19,847

1,607

Royal

Gold

Inc

1,449

Southern

Copper

Corp

1,472

$

3,994

Miscellaneous

Manufacturers

-

.59

%

3M

Co

8,091

1,347

A

O

Smith

Corp

2,192

Donaldson

Co

Inc

2,098

Entegris

Inc

441,191

40,400

Illinois

Tool

Works

Inc

3,558

868

ITT

Inc

1,410

Parker-Hannifin

Corp

2,321

1,794

Teledyne

Technologies

Inc

(d) 838

Textron

Inc

3,194

$

45,691

Office

&

Business

Equipment

-

.01

%

Zebra

Technologies

Corp

(d) 914

Oil

&

Gas

-

.98

%

Antero

Resources

Corp

(d) 5,489

APA

Corp

6,399

Chevron

Corp

242,515

38,249

Chord

Energy

Corp

1,055

Civitas

Resources

Inc

1,511

ConocoPhillips

22,865

2,032

Coterra

Energy

Inc

13,521

Devon

Energy

Corp

11,137

Diamondback

Energy

Inc

3,441

EOG

Resources

Inc

9,878

1,045

EQT

Corp

11,224

601

Expand

Energy

Corp

3,912

Exxon

Mobil

Corp

605,304

69,223

HF

Sinclair

Corp

2,595

Marathon

Petroleum

Corp

5,565

1,085

Matador

Resources

Co

2,107

Occidental

Petroleum

Corp

12,739

525

Ovintiv

Inc

4,627

Permian

Resources

Corp

1,367,733

17,178

Phillips

278,371

37,897

Range

Resources

Corp

4,468

Valero

Energy

Corp

5,636

956

Viper

Energy

Inc

3,079

Weatherford

International

PLC

1,284

$

171,584

Oil

&

Gas

Services

-

.76

%

Baker

Hughes

Co

17,791

861

Halliburton

Co

735,286

19,736

NOV

Inc

6,742

SLB

Ltd

24,953

900

TechnipFMC

PLC

7,424

$

21,902

Packaging

&

Containers

-

.44

%

Amcor

PLC

41,637

AptarGroup

Inc

1,222

Ball

Corp

5,036

Crown

Holdings

Inc

2,040

Graphic

Packaging

Holding

Co

5,330

Packaging

Corp

of

America

55,748

10,913

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Packaging

&

Containers

(continued)

Sealed

Air

Corp

2,825

$

Silgan

Holdings

Inc

1,793

Smurfit

WestRock

PLC

9,325

Sonoco

Products

Co

1,998

$

12,493

Pharmaceuticals

-

.37

%

Becton

Dickinson

&

Co

5,164

923

BellRing

Brands

Inc

(d) 2,550

Bristol-Myers

Squibb

Co

29,558

1,362

Cardinal

Health

Inc

2,120

CVS

Health

Corp

22,621

1,768

Elanco

Animal

Health

Inc

(d) 8,855

Henry

Schein

Inc

(d) 2,060

Jazz

Pharmaceuticals

PLC

(d) 1,051

Johnson

&

Johnson

101,749

19,217

McKesson

Corp

14,565

11,818

Merck

&

Co

Inc

638,048

54,859

Neurocrine

Biosciences

Inc

(d) 231

Organon

&

Co

4,251

Pfizer

Inc

102,626

2,530

Sanofi

SA

ADR

620,329

31,376

Viatris

Inc

21,166

Zoetis

Inc

1,626

$

125,320

Pipelines

-

.13

%

Antero

Midstream

Corp

6,094

Cheniere

Energy

Inc

2,187

DT

Midstream

Inc

1,784

Kinder

Morgan

Inc

34,926

915

ONEOK

Inc

11,195

750

Williams

Cos

Inc/The

20,698

1,198

$

3,627

Private

Equity

-

.42

%

Carlyle

Group

Inc/The

4,657

KKR

&

Co

Inc

100,473

11,889

$

12,137

Real

Estate

-

.05

%

CBRE

Group

Inc

(d) 4,777

728

CoStar

Group

Inc

(d) 6,538

Howard

Hughes

Holdings

Inc

(d) 508

Jones

Lang

LaSalle

Inc

(d) 619

$

1,407

REITs

-

.21

%

AGNC

Investment

Corp

18,798

Agree

Realty

Corp

151,515

11,062

Alexandria

Real

Estate

Equities

Inc

3,043

American

Homes

Rent

6,099

Americold

Realty

Trust

Inc

4,665

Annaly

Capital

Management

Inc

11,603

AvalonBay

Communities

Inc

2,565

Brixmor

Property

Group

Inc

5,839

BXP

Inc

2,808

Camden

Property

Trust

1,910

Cousins

Properties

Inc

3,387

Crown

Castle

Inc

7,763

700

CubeSmart

4,282

Digital

Realty

Trust

Inc

6,089

1,038

EastGroup

Properties

Inc

991

EPR

Properties

1,514

Equinix

Inc

1,762

1,491

Equity

LifeStyle

Properties

Inc

3,468

Equity

Residential

6,769

Essex

Property

Trust

Inc

1,148

Extra

Space

Storage

Inc

3,803

508

Federal

Realty

Investment

Trust

1,535

First

Industrial

Realty

Trust

Inc

2,338

Gaming

and

Leisure

Properties

Inc

4,901

Healthcare

Realty

Trust

Inc

5,981

Healthpeak

Properties

Inc

12,418

Schedule

of

Investments

LargeCap

Value

Fund

III

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Highwoods

Properties

Inc

1,735

$

Host

Hotels

&

Resorts

Inc

12,276

Invitation

Homes

Inc

10,956

Iron

Mountain

Inc

5,234

539

Kilroy

Realty

Corp

2,116

Kimco

Realty

Corp

11,970

Lineage

Inc

1,157

Medical

Properties

Trust

Inc

8,176

Mid-America

Apartment

Communities

Inc

2,053

Millrose

Properties

Inc

2,431

National

Storage

Affiliates

Trust

1,153

NNN

REIT

Inc

3,595

Omega

Healthcare

Investors

Inc

5,128

Park

Hotels

&

Resorts

Inc

3,215

Prologis

Inc

264,079

32,769

Public

Storage

100,547

28,008

Rayonier

Inc

3,142

Realty

Income

Corp

16,336

947

Regency

Centers

Corp

3,204

Rexford

Industrial

Realty

Inc

4,235

Rithm

Capital

Corp

9,649

SBA

Communications

Corp

1,936

Simon

Property

Group

Inc

4,550

800

STAG

Industrial

Inc

3,407

Starwood

Property

Trust

Inc

6,599

Sun

Communities

Inc

1,843

UDR

Inc

5,573

Ventas

Inc

8,179

604

VICI

Properties

Inc

1,068,379

32,040

Vornado

Realty

Trust

3,366

Welltower

Inc

12,085

2,188

Weyerhaeuser

Co

12,987

WP

Carey

Inc

3,855

$

120,813

Retail

-

.23

%

AutoNation

Inc

(d) 511

AutoZone

Inc

(d) 254

933

Bath

&

Body

Works

Inc

3,886

Best

Buy

Co

Inc

3,435

BJ's

Wholesale

Club

Holdings

Inc

(d) 1,963

CarMax

Inc

(d) 2,703

Casey's

General

Stores

Inc

559

Darden

Restaurants

Inc

Dick's

Sporting

Goods

Inc

1,131

Dillard's

Inc

Dollar

General

Corp

3,910

Dollar

Tree

Inc

(d) 3,613

Domino's

Pizza

Inc

Ferguson

Enterprises

Inc

3,290

818

Five

Below

Inc

(d) 971

Floor

&

Decor

Holdings

Inc

(d) 1,309

Freshpet

Inc

(d) 565

GameStop

Corp

(d) 7,769

Gap

Inc/The

4,151

Genuine

Parts

Co

2,501

Home

Depot

Inc/The

32,910

12,493

Lithia

Motors

Inc

Lowe's

Cos

Inc

10,111

2,408

Lululemon

Athletica

Inc

(d) 805

Macy's

Inc

4,874

McDonald's

Corp

48,738

14,545

MSC

Industrial

Direct

Co

Inc

892

Ollie's

Bargain

Outlet

Holdings

Inc

(d) 1,105

O'Reilly

Automotive

Inc

(d) 112,902

10,662

Penske

Automotive

Group

Inc

QXO

Inc

(d) 11,032

Restaurant

Brands

International

Inc

2,116

RH

(d) 209

Ross

Stores

Inc

4,654

740

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Starbucks

Corp

17,826

$

1,442

Target

Corp

8,134

754

TJX

Cos

Inc/The

10,099

1,415

Ulta

Beauty

Inc

(d) 604

Walmart

Inc

123,320

12,477

Wendy's

Co/The

1,877

Williams-Sonoma

Inc

1,816

Yum!

Brands

Inc

3,340

$

63,927

Savings

&

Loans

-

.00

%

TFS

Financial

Corp

1,067

Semiconductors

-

.16

%

Advanced

Micro

Devices

Inc

(d) 12,032

3,082

Allegro

MicroSystems

Inc

(d) 2,005

Amkor

Technology

Inc

1,870

Analog

Devices

Inc

8,959

2,097

Applied

Materials

Inc

10,340

2,410

Cirrus

Logic

Inc

(d) 941

GLOBALFOUNDRIES

Inc

(d) 1,682

Intel

Corp

(d) 78,942

3,157

IPG

Photonics

Corp

(d) 410

Lattice

Semiconductor

Corp

(d) 333

MACOM

Technology

Solutions

Holdings

Inc

(d) 877

Marvell

Technology

Inc

14,523

1,361

Microchip

Technology

Inc

672,835

41,999

Micron

Technology

Inc

20,135

4,506

MKS

Inc

1,230

ON

Semiconductor

Corp

(d) 7,538

Onto

Innovation

Inc

(d) 682

Qorvo

Inc

(d) 1,530

QUALCOMM

Inc

260,723

47,165

Skyworks

Solutions

Inc

2,714

Teradyne

Inc

2,848

518

Texas

Instruments

Inc

71,812

11,595

$

119,386

Shipbuilding

-

.01

%

Huntington

Ingalls

Industries

Inc

700

Software

-

.36

%

Akamai

Technologies

Inc

(d) 2,541

BILL

Holdings

Inc

(d) 1,680

Broadridge

Financial

Solutions

Inc

CCC

Intelligent

Solutions

Holdings

Inc

(d) 9,884

Concentrix

Corp

733

Dayforce

Inc

(d) 2,609

Docusign

Inc

(d) 804

DoubleVerify

Holdings

Inc

(d) 1,148

Dropbox

Inc

-

A

Shares

(d) 2,769

Electronic

Arts

Inc

98,110

19,628

Fair

Isaac

Corp

(d) 76

Fidelity

National

Information

Services

Inc

577,725

36,119

Fiserv

Inc

(d) 7,072

Informatica

Inc

(d) 1,735

Jack

Henry

&

Associates

Inc

1,308

Microsoft

Corp

21,811

11,294

MongoDB

Inc

(d) 1,286

MSCI

Inc

689

nCino

Inc

(d) 1,501

Nutanix

Inc

(d) 3,471

Oracle

Corp

132,254

34,731

Paychex

Inc

4,001

Paycom

Software

Inc

Pegasystems

Inc

952

PTC

Inc

(d) 1,901

Roper

Technologies

Inc

1,936

864

Salesforce

Inc

57,534

14,982

SentinelOne

Inc

(d) 1,329

SS&C

Technologies

Holdings

Inc

3,762

Strategy

Inc

(d) 4,500

1,213

Synopsys

Inc

(d) 885

Schedule

of

Investments

LargeCap

Value

Fund

III

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Take-Two

Interactive

Software

Inc

(d) 2,171

$

557

Teradata

Corp

(d) 1,204

Twilio

Inc

(d) 2,070

Tyler

Technologies

Inc

(d) 122

UiPath

Inc

(d) 7,258

Unity

Software

Inc

(d) 5,389

Veeva

Systems

Inc

(d) 543

Zoom

Communications

Inc

(d) 4,682

ZoomInfo

Technologies

Inc

(d) 4,816

$

125,181

Telecommunications

-

.91

%

AST

SpaceMobile

Inc

(d),(e)

AT&T

Inc

126,432

3,129

Ciena

Corp

(d) 2,543

Cisco

Systems

Inc

71,755

5,246

Corning

Inc

14,000

1,247

Frontier

Communications

Parent

Inc

(d) 4,402

GCI

Liberty

Inc

-

Class

A

(d) 53

GCI

Liberty

Inc

-

Class

C

(d) 359

Iridium

Communications

Inc

1,405

Millicom

International

Cellular

SA

1,853

Motorola

Solutions

Inc

1,727

703

T-Mobile

US

Inc

57,232

12,022

Verizon

Communications

Inc

76,239

3,030

$

26,176

Toys,

Games

&

Hobbies

-

.01

%

Hasbro

Inc

2,334

Mattel

Inc

(d) 5,854

$

Transportation

-

.72

%

CH

Robinson

Worldwide

Inc

2,118

CSX

Corp

342,248

12,328

Expeditors

International

of

Washington

Inc

2,423

FedEx

Corp

3,875

984

JB

Hunt

Transport

Services

Inc

174,054

29,391

Kirby

Corp

(d) 1,007

Knight-Swift

Transportation

Holdings

Inc

2,875

Landstar

System

Inc

704

Norfolk

Southern

Corp

4,077

1,155

Old

Dominion

Freight

Line

Inc

3,173

Ryder

System

Inc

716

Saia

Inc

(d) 481

Schneider

National

Inc

1,020

Union

Pacific

Corp

9,947

2,192

United

Parcel

Service

Inc

13,256

1,278

XPO

Inc

(d) 1,643

$

49,239

Water

-

.02

%

American

Water

Works

Co

Inc

3,516

Essential

Utilities

Inc

4,910

$

643

TOTAL

COMMON

STOCKS

$

2,686,580

Total

Investments

$

2,869,174

Other

Assets

and

Liabilities

- (0.02)%

(455)

TOTAL

NET

ASSETS

-

100.00%

$

2,868,719

(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

$529

or

0.02%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$530

or

0.02%

of

net

assets.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

90,344

$

1,563,078

$

1,607,241

$

46,181

$

90,344

$

1,563,078

$

1,607,241

$

46,181

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

4,074

$

—

$

—

$

—

$

4,074

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

LargeCap

Value

Fund

III

October

31,

2025

See

accompanying

notes.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

December

2025

Long

$

21,653

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

0.41%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.41%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

6,640,161

$

6,640

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b),(c)

122,580,828

122,581

$

129,221

TOTAL

INVESTMENT

COMPANIES

$

129,221

COMMON

STOCKS

-

100.12%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

10.61%

HEICO

Corp

-

Class

A

6,810,676

$

1,687,208

TransDigm

Group

Inc

1,267,303

1,658,278

$

3,345,486

Building

Materials

-

7.98%

Eagle

Materials

Inc

221,723

47,076

Martin

Marietta

Materials

Inc

1,614,055

989,577

Vulcan

Materials

Co

5,113,958

1,480,491

$

2,517,144

Chemicals

-

1.65%

Air

Products

and

Chemicals

Inc

914,922

221,951

Perimeter

Solutions

Inc

(c),(d)

8,127,842

191,086

Sherwin-Williams

Co/The

314,773

108,578

$

521,615

Commercial

Services

-

1.79%

Ashtead

Group

PLC

ADR

495,434

133,762

Moody's

Corp

197,356

94,790

Toast

Inc

(d) 4,502,683

162,727

Verisk

Analytics

Inc

790,884

173,014

$

564,293

Distribution

&

Wholesale

-

4.54%

Copart

Inc

(d) 25,407,599

1,092,781

Fastenal

Co

8,236,193

338,919

$

1,431,700

Diversified

Financial

Services

-

4.04%

Ares

Management

Corp

2,890,723

429,879

Brookfield

Asset

Management

Ltd

4,955,411

267,890

Brookfield

Wealth

Solutions

Ltd

(d),(e)

236,577

10,899

LPL

Financial

Holdings

Inc

1,495,320

564,199

$

1,272,867

Electric

-

4.25%

Brookfield

Infrastructure

Partners

LP

27,842,693

951,385

Brookfield

Renewable

Corp

(e) 2,564,888

110,957

Brookfield

Renewable

Partners

LP

9,033,020

275,868

$

1,338,210

Electrical

Components

&

Equipment

-

0.86%

AMETEK

Inc

1,348,468

272,539

Electronics

-

1.04%

Mettler-Toledo

International

Inc

(d) 231,908

328,449

Entertainment

-

3.97%

Liberty

Media

Corp-Liberty

Live

-

A

Shares

(d) 333,937

29,300

Liberty

Media

Corp-Liberty

Live

-

C

Shares

(d) 1,369,397

123,807

Live

Nation

Entertainment

Inc

(d) 7,343,020

1,098,002

$

1,251,109

Environmental

Control

-

0.93%

Veralto

Corp

610,380

60,232

Waste

Connections

Inc

1,388,784

232,872

$

293,104

Healthcare

-

Products

-

2.08%

IDEXX

Laboratories

Inc

(d) 712,153

448,307

Waters

Corp

(d) 597,167

208,770

$

657,077

Home

Builders

-

1.99%

Lennar

Corp

-

A

Shares

2,227,965

275,755

Lennar

Corp

-

B

Shares

38,980

4,602

NVR

Inc

(d) 48,141

347,136

$

627,493

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

-

8.67%

Arch

Capital

Group

Ltd

3,418,266

$

295,030

Arthur

J

Gallagher

&

Co

1,634,070

407,684

Brown

&

Brown

Inc

11,477,741

915,235

Markel

Group

Inc

(d) 408,046

805,699

Ryan

Specialty

Holdings

Inc

3,169,556

173,692

W

R

Berkley

Corp

1,913,661

136,521

$

2,733,861

Internet

-

0.33%

Wix.com

Ltd

(d) 712,943

103,762

Lodging

-

5.82%

Hilton

Worldwide

Holdings

Inc

5,765,506

1,481,504

Hyatt

Hotels

Corp

2,573,164

353,579

$

1,835,083

Machinery

-

Diversified

-

0.40%

Graco

Inc

1,537,888

125,753

Media

-

2.12%

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 809,584

73,656

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 5,958,613

594,968

$

668,624

Miscellaneous

Manufacturers

-

1.15%

Entegris

Inc

3,953,755

362,045

Private

Equity

-

8.98%

Brookfield

Corp

35,975,574

1,656,675

KKR

&

Co

Inc

9,910,176

1,172,671

$

2,829,346

Real

Estate

-

5.79%

CBRE

Group

Inc

(d) 7,068,788

1,077,495

CoStar

Group

Inc

(d) 10,866,019

747,691

Seaport

Entertainment

Group

Inc

(d),(e)

16,961

$

1,825,594

REITs

-

0.11%

Millrose

Properties

Inc

1,029,167

33,150

Retail

-

7.41%

Domino's

Pizza

Inc

1,206,664

480,807

Floor

&

Decor

Holdings

Inc

(d) 4,613,974

288,281

O'Reilly

Automotive

Inc

(d) 14,339,454

1,354,218

Ross

Stores

Inc

1,346,819

214,037

$

2,337,343

Software

-

13.61%

Appfolio

Inc

(d) 896,161

228,010

CCC

Intelligent

Solutions

Holdings

Inc

(d) 28,596,681

249,363

Constellation

Software

Inc/Canada

194,773

513,811

Constellation

Software

Inc/Canada

-

Warrants

(d),(f)

143,533

—

Fair

Isaac

Corp

(d) 283,299

470,143

Jack

Henry

&

Associates

Inc

193,416

28,808

Lumine

Group

Inc

(d) 365,748

8,712

MSCI

Inc

1,136,959

669,157

Procore

Technologies

Inc

(d) 2,503,371

184,799

Roper

Technologies

Inc

1,285,371

573,468

Synopsys

Inc

(d) 118,389

53,727

Topicus.com

Inc

(d) 719,849

71,193

Tyler

Technologies

Inc

(d) 1,045,327

497,848

Veeva

Systems

Inc

(d) 2,543,519

740,673

$

4,289,712

TOTAL

COMMON

STOCKS

$

31,565,359

Total

Investments

$

31,694,580

Other

Assets

and

Liabilities

- (0.53)%

(168,277)

TOTAL

NET

ASSETS

-

100.00%

$

31,526,303

Schedule

of

Investments

MidCap

Fund

October

31,

2025

See

accompanying

notes.

(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

$113,740

or

0.36%

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

$112,754

or

0.36%

of

net

assets.

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Affiliated

Securities

October

31,

2024

Purchases

(\*)

Sales

(\*)

October

31,

2025

Value

Cost

Proceeds

Value

Perimeter

Solutions

Inc

$

—

$

86,842

$

—

$

191,086

Perimeter

Solutions

SA

105,909

8,651

93,853

—

Principal

Government

Money

Market

Fund

-

Class

3.93%

28,530

4,011,289

3,917,238

122,581

$

134,439

$

4,106,782

$

4,011,091

$

313,667

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Perimeter

Solutions

Inc

$

—

$

—

$

—

$

104,244

Perimeter

Solutions

SA

—

—

—

(20,707)

Principal

Government

Money

Market

Fund

-

Class

3.93%

1,144

—

—

—

$

1,144

$

—

$

—

$

83,537

Amounts

in

thousands.

(\*)

Perimeter

Solutions

SA

converted

to

Perimeter

Solutions

Inc

effective

11/21/2024.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

MidCap

S&P

Index

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.24

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.07

%

iShares

Core

S&P

Mid-Cap

ETF

13,400

$

870

Money

Market

Funds

-

.17

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

188,795

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b),(c)

38,183,794

38,184

$

38,373

TOTAL

INVESTMENT

COMPANIES

$

39,243

COMMON

STOCKS

-

.82

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.14

%

AeroVironment

Inc

(d) 11,977

$

4,430

ATI

Inc

(d) 51,884

5,135

Curtiss-Wright

Corp

14,184

8,450

Hexcel

Corp

29,951

2,138

Kratos

Defense

&

Security

Solutions

Inc

(d) 63,539

5,757

$

25,910

Agriculture

-

.16

%

Darling

Ingredients

Inc

(d) 59,546

1,908

Airlines

-

.42

%

Alaska

Air

Group

Inc

(d) 43,406

1,812

American

Airlines

Group

Inc

(d) 248,380

3,261

$

5,073

Apparel

-

.56

%

Capri

Holdings

Ltd

(d) 44,814

930

Columbia

Sportswear

Co

9,690

Crocs

Inc

(d) 20,560

1,679

PVH

Corp

18,096

1,417

Under

Armour

Inc

-

Class

A

(d) 71,083

Under

Armour

Inc

-

Class

C

(d) 45,648

VF

Corp

123,514

1,734

$

6,772

Automobile

Parts

&

Equipment

-

.74

%

Autoliv

Inc

26,598

3,107

Gentex

Corp

82,623

1,937

Goodyear

Tire

&

Rubber

Co/The

(d) 107,677

742

Lear

Corp

20,028

2,096

Visteon

Corp

10,268

1,100

$

8,982

Banks

-

.08

%

Associated

Banc-Corp

61,500

1,523

Bank

OZK

39,849

1,793

Cadence

Bank

70,131

2,647

Columbia

Banking

System

Inc

112,571

3,017

Comerica

Inc

48,382

3,701

Commerce

Bancshares

Inc/MO

46,713

2,458

Cullen/Frost

Bankers

Inc

24,214

2,982

East

West

Bancorp

Inc

51,881

5,271

First

Financial

Bankshares

Inc

49,019

1,514

First

Horizon

Corp

191,132

4,083

Flagstar

Bank

NA

112,633

1,286

FNB

Corp/PA

135,193

2,125

Glacier

Bancorp

Inc

48,314

1,974

Hancock

Whitney

Corp

31,904

1,822

Home

BancShares

Inc/AR

68,995

1,843

International

Bancshares

Corp

20,354

1,351

Old

National

Bancorp/IN

131,279

2,682

Pinnacle

Financial

Partners

Inc

28,948

2,467

Prosperity

Bancshares

Inc

35,761

2,354

SOUTHSTATE

BANK

CORP

38,097

3,377

Synovus

Financial

Corp

52,251

2,332

Texas

Capital

Bancshares

Inc

(d) 17,224

1,444

UMB

Financial

Corp

26,867

2,872

United

Bankshares

Inc/WV

53,194

1,904

Valley

National

Bancorp

181,197

1,970

Webster

Financial

Corp

62,559

3,568

Western

Alliance

Bancorp

38,969

3,014

Wintrust

Financial

Corp

25,203

3,277

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Zions

Bancorp

NA

55,571

$

2,896

$

73,547

Beverages

-

.59

%

Boston

Beer

Co

Inc/The

(d) 2,977

616

Celsius

Holdings

Inc

(d) 60,200

3,626

Coca-Cola

Consolidated

Inc

22,559

2,941

$

7,183

Biotechnology

-

.78

%

BioMarin

Pharmaceutical

Inc

(d) 72,280

3,872

Bio-Rad

Laboratories

Inc

(d) 6,871

2,196

Cytokinetics

Inc

(d) 45,043

2,864

Exelixis

Inc

(d) 101,336

3,919

Halozyme

Therapeutics

Inc

(d) 44,030

2,870

Illumina

Inc

(d) 57,858

7,148

Roivant

Sciences

Ltd

(d) 161,946

3,237

United

Therapeutics

Corp

(d) 17,026

7,584

$

33,690

Building

Materials

-

.21

%

AAON

Inc

25,473

2,506

Carlisle

Cos

Inc

16,057

5,219

Eagle

Materials

Inc

12,216

2,594

Fortune

Brands

Innovations

Inc

45,187

2,295

Knife

River

Corp

(d) 21,330

1,290

Louisiana-Pacific

Corp

23,854

2,078

Owens

Corning

31,480

4,008

Simpson

Manufacturing

Co

Inc

15,667

2,765

Trex

Co

Inc

(d) 40,367

1,951

UFP

Industries

Inc

22,047

2,031

$

26,737

Chemicals

-

.23

%

Ashland

Inc

17,205

841

Avient

Corp

34,459

1,105

Axalta

Coating

Systems

Ltd

(d) 81,525

2,321

Cabot

Corp

20,027

1,352

NewMarket

Corp

2,935

2,254

Olin

Corp

43,156

893

RPM

International

Inc

48,325

5,281

Westlake

Corp

12,552

864

$

14,911

Commercial

Services

-

.57

%

API

Group

Corp

(d) 139,330

5,130

Aramark

98,946

3,748

Avis

Budget

Group

Inc

(d),(e)

6,359

865

Brink's

Co/The

15,682

1,743

Euronet

Worldwide

Inc

(d) 14,506

1,100

FTI

Consulting

Inc

(d) 11,951

1,972

Graham

Holdings

Co

1,279

1,295

Grand

Canyon

Education

Inc

(d) 10,443

1,966

GXO

Logistics

Inc

(d) 43,091

2,422

H&R

Block

Inc

50,397

2,507

Insperity

Inc

13,473

594

Morningstar

Inc

9,210

1,955

Paylocity

Holding

Corp

(d) 16,817

2,376

Service

Corp

International/US

52,792

4,409

Shift4

Payments

Inc

(d),(e)

25,331

1,750

TransUnion

73,327

5,953

Valvoline

Inc

(d) 47,850

1,580

WEX

Inc

(d) 12,898

1,882

$

43,247

Computers

-

.74

%

ASGN

Inc

(d) 16,487

738

CACI

International

Inc

(d) 8,280

4,655

Crane

NXT

Co

18,588

1,176

ExlService

Holdings

Inc

(d) 60,799

2,377

Genpact

Ltd

61,009

2,327

KBR

Inc

48,500

2,078

Kyndryl

Holdings

Inc

(d) 87,009

2,516

Lumentum

Holdings

Inc

(d) 26,276

5,296

Schedule

of

Investments

MidCap

S&P

Index

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

Maximus

Inc

21,212

$

1,763

Okta

Inc

(d) 62,926

5,760

Parsons

Corp

(d) 20,099

1,671

Pure

Storage

Inc

(d) 116,879

11,536

Qualys

Inc

(d) 13,588

1,675

Science

Applications

International

Corp

17,645

1,654

$

45,222

Cosmetics

&

Personal

Care

-

.36

%

Coty

Inc

(d) 137,911

548

elf

Beauty

Inc

(d) 22,327

2,727

Perrigo

Co

PLC

51,791

1,074

$

4,349

Distribution

&

Wholesale

-

.67

%

Core

&

Main

Inc

(d) 71,392

3,725

RB

Global

Inc

69,866

6,932

Watsco

Inc

13,139

4,836

WESCO

International

Inc

18,318

4,754

$

20,247

Diversified

Financial

Services

-

.91

%

Affiliated

Managers

Group

Inc

10,695

2,545

Ally

Financial

Inc

105,439

4,109

Evercore

Inc

-

Class

A

14,529

4,280

Federated

Hermes

Inc

27,823

1,349

Hamilton

Lane

Inc

15,228

1,735

Houlihan

Lokey

Inc

20,465

3,665

Janus

Henderson

Group

PLC

46,973

2,046

Jefferies

Financial

Group

Inc

62,119

3,282

SEI

Investments

Co

35,368

2,851

SLM

Corp

78,480

2,107

Stifel

Financial

Corp

38,462

4,555

Voya

Financial

Inc

36,295

2,702

$

35,226

Electric

-

.96

%

ALLETE

Inc

21,795

1,468

Black

Hills

Corp

27,423

1,740

IDACORP

Inc

20,340

2,624

Northwestern

Energy

Group

Inc

23,110

1,379

OGE

Energy

Corp

75,812

3,346

Ormat

Technologies

Inc

22,856

2,431

Portland

General

Electric

Co

41,243

1,884

Talen

Energy

Corp

(d) 17,198

6,875

TXNM

Energy

Inc

35,699

2,028

$

23,775

Electrical

Components

&

Equipment

-

.17

%

Acuity

Inc

11,423

4,170

Belden

Inc

14,913

1,817

EnerSys

14,104

1,779

Littelfuse

Inc

9,330

2,270

Novanta

Inc

(d) 13,542

1,720

Universal

Display

Corp

16,641

2,451

$

14,207

Electronics

-

.43

%

Arrow

Electronics

Inc

(d) 19,386

2,163

Avnet

Inc

31,566

1,529

Coherent

Corp

(d) 58,513

7,721

Flex

Ltd

(d) 141,284

8,833

nVent

Electric

PLC

60,586

6,928

Sensata

Technologies

Holding

PLC

54,823

1,745

TD

SYNNEX

Corp

28,868

4,518

Vontier

Corp

55,223

2,126

Woodward

Inc

22,574

5,917

$

41,480

Energy

-

Alternate

Sources

-

.47

%

NEXTracker

Inc

(d) 55,697

5,638

Engineering

&

Construction

-

.72

%

AECOM

49,856

6,698

Comfort

Systems

USA

Inc

13,252

12,796

Exponent

Inc

19,011

1,346

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

(continued)

Fluor

Corp

(d) 60,856

$

2,968

MasTec

Inc

(d) 23,079

4,712

TopBuild

Corp

(d) 10,533

4,450

$

32,970

Entertainment

-

.77

%

Churchill

Downs

Inc

25,078

2,488

Light

&

Wonder

Inc

(d) 31,601

2,297

Marriott

Vacations

Worldwide

Corp

10,421

688

Vail

Resorts

Inc

13,985

2,074

Warner

Music

Group

Corp

54,917

1,755

$

9,302

Environmental

Control

-

.59

%

Clean

Harbors

Inc

(d) 18,979

3,995

Tetra

Tech

Inc

98,916

3,164

$

7,159

Food

-

.06

%

Albertsons

Cos

Inc

151,736

2,684

Flowers

Foods

Inc

79,478

948

Ingredion

Inc

24,160

2,788

Marzetti

Company/The

7,678

1,204

Performance

Food

Group

Co

(d) 58,919

5,700

Pilgrim's

Pride

Corp

16,094

613

Post

Holdings

Inc

(d) 17,992

1,870

Sprouts

Farmers

Market

Inc

(d) 36,787

2,905

US

Foods

Holding

Corp

(d) 84,763

6,156

$

24,868

Gas

-

.05

%

National

Fuel

Gas

Co

34,016

2,684

New

Jersey

Resources

Corp

37,814

1,675

ONE

Gas

Inc

22,586

1,811

Southwest

Gas

Holdings

Inc

24,113

1,917

Spire

Inc

22,219

1,920

UGI

Corp

80,904

2,705

$

12,712

Hand

&

Machine

Tools

-

.58

%

Lincoln

Electric

Holdings

Inc

20,775

4,871

MSA

Safety

Inc

13,851

2,175

$

7,046

Healthcare

-

Products

-

.79

%

Avantor

Inc

(d) 256,627

3,033

Bruker

Corp

41,691

1,623

DENTSPLY

SIRONA

Inc

75,092

947

Envista

Holdings

Corp

(d) 62,557

1,273

Globus

Medical

Inc

(d) 42,397

2,560

Haemonetics

Corp

(d) 18,136

907

Lantheus

Holdings

Inc

(d) 25,595

1,477

LivaNova

PLC

(d) 20,554

1,082

Masimo

Corp

(d) 17,381

2,445

Penumbra

Inc

(d) 14,682

3,338

Repligen

Corp

(d) 19,905

2,967

$

21,652

Healthcare

-

Services

-

.19

%

Chemed

Corp

5,486

2,366

Encompass

Health

Corp

37,916

4,317

Ensign

Group

Inc/The

21,567

3,884

HealthEquity

Inc

(d) 32,552

3,079

Medpace

Holdings

Inc

(d) 8,355

4,887

Sotera

Health

Co

(d) 66,291

1,100

Tenet

Healthcare

Corp

(d) 33,260

6,868

$

26,501

Home

Builders

-

.90

%

KB

Home

25,617

1,599

Taylor

Morrison

Home

Corp

(d) 37,208

2,205

Thor

Industries

Inc

20,027

2,090

Toll

Brothers

Inc

36,958

4,988

$

10,882

Schedule

of

Investments

MidCap

S&P

Index

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Home

Furnishings

-

.77

%

Dolby

Laboratories

Inc

23,032

$

1,528

Somnigroup

International

Inc

79,007

6,268

Whirlpool

Corp

(e) 21,040

1,507

$

9,303

Housewares

-

.07

%

Scotts

Miracle-Gro

Co/The

16,734

896

Insurance

-

.69

%

American

Financial

Group

Inc/OH

26,054

3,431

Brighthouse

Financial

Inc

(d) 21,513

1,228

CNO

Financial

Group

Inc

36,488

1,460

Equitable

Holdings

Inc

112,755

5,570

Essent

Group

Ltd

37,092

2,247

Fidelity

National

Financial

Inc

96,148

5,311

First

American

Financial

Corp

38,322

2,395

Hanover

Insurance

Group

Inc/The

13,466

2,301

Kemper

Corp

23,617

1,063

Kinsale

Capital

Group

Inc

8,334

3,329

MGIC

Investment

Corp

86,776

2,379

Old

Republic

International

Corp

86,049

3,395

Primerica

Inc

12,194

3,169

Reinsurance

Group

of

America

Inc

24,881

4,540

RenaissanceRe

Holdings

Ltd

17,719

4,502

RLI

Corp

34,566

2,038

Ryan

Specialty

Holdings

Inc

42,413

2,324

Selective

Insurance

Group

Inc

22,906

1,726

Unum

Group

58,983

4,331

$

56,739

Internet

-

.74

%

Chewy

Inc

(d) 83,905

2,829

Hims

&

Hers

Health

Inc

(d) 77,830

3,538

Maplebear

Inc

(d) 69,415

2,559

$

8,926

Iron

&

Steel

-

.38

%

Carpenter

Technology

Corp

18,766

5,928

Cleveland-Cliffs

Inc

(d) 214,375

2,665

Commercial

Metals

Co

42,135

2,501

Reliance

Inc

19,799

5,592

$

16,686

Leisure

Products

&

Services

-

.67

%

Brunswick

Corp/DE

24,592

1,626

Harley-Davidson

Inc

45,755

1,234

Planet

Fitness

Inc

(d) 31,589

2,865

Polaris

Inc

20,104

1,329

YETI

Holdings

Inc

(d) 30,575

1,039

$

8,093

Lodging

-

.77

%

Boyd

Gaming

Corp

22,336

1,739

Choice

Hotels

International

Inc

7,780

723

Hilton

Grand

Vacations

Inc

(d) 23,219

963

Hyatt

Hotels

Corp

15,937

2,190

Travel

+

Leisure

Co

24,438

1,534

Wyndham

Hotels

&

Resorts

Inc

28,743

2,111

$

9,260

Machinery

-

Construction

&

Mining

-

.95

%

BWX

Technologies

Inc

34,407

7,350

Oshkosh

Corp

24,092

2,970

Terex

Corp

24,694

1,136

$

11,456

Machinery

-

Diversified

-

.41

%

AGCO

Corp

23,313

2,405

Applied

Industrial

Technologies

Inc

14,336

3,686

Chart

Industries

Inc

(d) 16,634

3,320

CNH

Industrial

NV

334,300

3,507

Cognex

Corp

63,203

2,616

Crane

Co

18,414

3,499

Esab

Corp

21,478

2,509

Flowserve

Corp

49,231

3,360

Graco

Inc

62,373

5,100

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

(continued)

Middleby

Corp/The

(d) 17,552

$

2,180

Regal

Rexnord

Corp

24,985

3,520

Toro

Co/The

37,148

2,776

Watts

Water

Technologies

Inc

10,321

2,814

$

41,292

Media

-

.46

%

New

York

Times

Co/The

60,997

3,476

Nexstar

Media

Group

Inc

10,728

2,100

$

5,576

Metal

Fabrication

&

Hardware

-

.50

%

Advanced

Drainage

Systems

Inc

26,925

3,771

Mueller

Industries

Inc

41,672

4,412

RBC

Bearings

Inc

(d) 11,833

5,071

Timken

Co/The

23,856

1,873

Valmont

Industries

Inc

7,431

3,072

$

18,199

Mining

-

.00

%

Alcoa

Corp

97,464

3,586

MP

Materials

Corp

(d),(e)

50,664

3,196

Royal

Gold

Inc

30,377

5,310

$

12,092

Miscellaneous

Manufacturers

-

.68

%

Donaldson

Co

Inc

43,862

3,695

Entegris

Inc

57,067

5,226

Fabrinet

(d) 13,489

5,943

ITT

Inc

29,363

5,434

$

20,298

Oil

&

Gas

-

.59

%

Antero

Resources

Corp

(d) 110,477

3,415

Chord

Energy

Corp

21,554

1,955

Civitas

Resources

Inc

31,393

905

CNX

Resources

Corp

(d) 53,235

1,792

HF

Sinclair

Corp

59,861

3,089

Matador

Resources

Co

44,052

1,738

Murphy

Oil

Corp

50,506

1,429

Ovintiv

Inc

96,756

3,629

PBF

Energy

Inc

30,923

1,057

Permian

Resources

Corp

263,217

3,306

Range

Resources

Corp

89,663

3,188

Valaris

Ltd

(d) 24,929

1,399

Viper

Energy

Inc

63,511

2,385

Weatherford

International

PLC

27,041

1,993

$

31,280

Oil

&

Gas

Services

-

.70

%

NOV

Inc

139,794

2,041

TechnipFMC

PLC

154,720

6,398

$

8,439

Packaging

&

Containers

-

.01

%

AptarGroup

Inc

24,799

2,877

Crown

Holdings

Inc

43,307

4,209

Graphic

Packaging

Holding

Co

111,517

1,783

Greif

Inc

-

Class

A

9,836

559

Silgan

Holdings

Inc

33,427

1,291

Sonoco

Products

Co

37,129

1,506

$

12,225

Pharmaceuticals

-

.29

%

BellRing

Brands

Inc

(d) 47,422

1,429

Elanco

Animal

Health

Inc

(d) 187,016

4,142

Jazz

Pharmaceuticals

PLC

(d) 22,834

3,143

Neurocrine

Biosciences

Inc

(d) 37,336

5,347

Option

Care

Health

Inc

(d) 61,093

1,590

$

15,651

Pipelines

-

.53

%

Antero

Midstream

Corp

126,086

2,175

DT

Midstream

Inc

38,243

4,187

$

6,362

Private

Equity

-

.43

%

Carlyle

Group

Inc/The

98,031

5,227

Schedule

of

Investments

MidCap

S&P

Index

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Real

Estate

-

.45

%

Jones

Lang

LaSalle

Inc

(d) 17,837

$

5,442

REITs

-

.49

%

Agree

Realty

Corp

41,584

3,036

American

Homes

Rent

122,655

3,876

Annaly

Capital

Management

Inc

241,696

5,117

Brixmor

Property

Group

Inc

115,225

3,014

COPT

Defense

Properties

42,419

1,195

Cousins

Properties

Inc

63,229

1,639

CubeSmart

85,840

3,234

EastGroup

Properties

Inc

20,048

3,499

EPR

Properties

28,653

1,405

Equity

LifeStyle

Properties

Inc

72,947

4,453

First

Industrial

Realty

Trust

Inc

49,842

2,755

Gaming

and

Leisure

Properties

Inc

106,531

4,758

Healthcare

Realty

Trust

Inc

132,356

2,345

Independence

Realty

Trust

Inc

87,868

1,400

Kilroy

Realty

Corp

40,965

1,731

Kite

Realty

Group

Trust

82,762

1,832

Lamar

Advertising

Co

32,674

3,875

National

Storage

Affiliates

Trust

26,577

773

NNN

REIT

Inc

71,064

2,875

Omega

Healthcare

Investors

Inc

111,045

4,667

Park

Hotels

&

Resorts

Inc

75,254

774

PotlatchDeltic

Corp

26,766

1,071

Rayonier

Inc

53,387

1,178

Rexford

Industrial

Realty

Inc

88,886

3,673

Sabra

Health

Care

REIT

Inc

90,265

1,608

STAG

Industrial

Inc

70,279

2,690

Starwood

Property

Trust

Inc

129,910

2,362

Vornado

Realty

Trust

60,725

2,304

WP

Carey

Inc

82,436

5,441

$

78,580

Retail

-

.34

%

Abercrombie

&

Fitch

Co

(d) 17,934

1,301

AutoNation

Inc

(d) 10,645

2,128

Bath

&

Body

Works

Inc

79,657

1,950

BJ's

Wholesale

Club

Holdings

Inc

(d) 49,708

4,387

Burlington

Stores

Inc

(d) 23,456

6,417

Casey's

General

Stores

Inc

13,998

7,184

Cava

Group

Inc

(d) 37,536

2,017

Dick's

Sporting

Goods

Inc

25,167

5,573

FirstCash

Holdings

Inc

14,694

2,329

Five

Below

Inc

(d) 20,726

3,260

Floor

&

Decor

Holdings

Inc

(d) 40,539

2,533

GameStop

Corp

(d) 154,918

3,453

Gap

Inc/The

85,663

1,957

Lithia

Motors

Inc

9,651

3,031

Macy's

Inc

102,216

1,992

MSC

Industrial

Direct

Co

Inc

17,184

1,459

Murphy

USA

Inc

6,609

2,367

Ollie's

Bargain

Outlet

Holdings

Inc

(d) 23,091

2,790

Penske

Automotive

Group

Inc

6,962

1,115

RH

(d) 5,781

997

Texas

Roadhouse

Inc

25,015

4,092

Wingstop

Inc

10,512

2,277

$

64,609

Semiconductors

-

.26

%

Allegro

MicroSystems

Inc

(d) 46,668

1,396

Amkor

Technology

Inc

42,795

1,381

Cirrus

Logic

Inc

(d) 19,323

2,563

IPG

Photonics

Corp

(d) 9,536

812

Lattice

Semiconductor

Corp

(d) 51,532

3,760

MACOM

Technology

Solutions

Holdings

Inc

(d) 24,106

3,571

MKS

Inc

25,281

3,633

Onto

Innovation

Inc

(d) 18,447

2,490

Power

Integrations

Inc

21,116

885

Rambus

Inc

(d) 40,502

4,165

Silicon

Laboratories

Inc

(d) 12,353

1,619

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Semiconductors

(continued)

Synaptics

Inc

(d) 14,509

$

1,029

$

27,304

Software

-

.07

%

Appfolio

Inc

(d) 8,610

2,191

Bentley

Systems

Inc

55,966

2,845

BILL

Holdings

Inc

(d) 34,516

1,714

Blackbaud

Inc

(d) 14,003

897

Commvault

Systems

Inc

(d) 16,737

2,330

Concentrix

Corp

16,845

679

Docusign

Inc

(d) 76,064

5,563

Doximity

Inc

(d) 51,344

3,389

Dropbox

Inc

-

A

Shares

(d) 69,671

2,020

Duolingo

Inc

(d) 14,941

4,044

Dynatrace

Inc

(d) 113,496

5,740

Guidewire

Software

Inc

(d) 31,695

7,405

Manhattan

Associates

Inc

(d) 22,764

4,145

Nutanix

Inc

(d) 100,911

7,189

Pegasystems

Inc

34,775

2,213

Twilio

Inc

(d) 57,758

7,790

ZoomInfo

Technologies

Inc

(d) 105,548

1,184

$

61,338

Telecommunications

-

.51

%

Ciena

Corp

(d) 53,217

10,107

EchoStar

Corp

(d) 50,622

3,790

Frontier

Communications

Parent

Inc

(d) 94,224

3,558

Iridium

Communications

Inc

39,945

765

$

18,220

Toys,

Games

&

Hobbies

-

.18

%

Mattel

Inc

(d) 121,286

2,229

Transportation

-

.53

%

Kirby

Corp

(d) 21,005

2,173

Knight-Swift

Transportation

Holdings

Inc

61,096

2,757

Landstar

System

Inc

13,045

1,675

Ryder

System

Inc

15,356

2,599

Saia

Inc

(d) 10,028

2,933

XPO

Inc

(d) 44,330

6,378

$

18,515

Trucking

&

Leasing

-

.17

%

GATX

Corp

13,401

2,102

Water

-

.34

%

Essential

Utilities

Inc

105,576

4,121

TOTAL

COMMON

STOCKS

$

1,171,656

Total

Investments

$

1,210,899

Other

Assets

and

Liabilities

- (0.06)%

(762)

TOTAL

NET

ASSETS

-

100.00%

$

1,210,137

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,339

or

0.28%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,256

or

0.27%

of

net

assets.

Schedule

of

Investments

MidCap

S&P

Index

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

17,344

$

457,365

$

436,525

$

38,184

$

17,344

$

457,365

$

436,525

$

38,184

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

1,102

$

—

$

—

$

—

$

1,102

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

Mid

Emini;

December

2025

Long

$

37,138

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Value

Fund

I

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.60

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.17

%

iShares

Russell

Mid-Cap

Value

ETF

27,700

$

3,829

Money

Market

Funds

-

.43

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

495,557

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(c)

77,539,222

77,539

$

78,035

TOTAL

INVESTMENT

COMPANIES

$

81,864

COMMON

STOCKS

-

.39

%

Shares

Held

Value

(000's)

Advertising

-

.02

%

Interpublic

Group

of

Cos

Inc/The

7,254

$

Omnicom

Group

Inc

3,778

$

Aerospace

&

Defense

-

.09

%

ATI

Inc

(d) 2,711

Curtiss-Wright

Corp

5,966

3,554

Hexcel

Corp

1,559

Howmet

Aerospace

Inc

18,930

3,899

L3Harris

Technologies

Inc

80,159

23,174

Leonardo

DRS

Inc

111,468

4,076

Loar

Holdings

Inc

(d) 105

Spirit

AeroSystems

Holdings

Inc

(d) 2,051

StandardAero

Inc

(d) 421,409

12,175

$

47,340

Agriculture

-

.78

%

Archer-Daniels-Midland

Co

285,417

17,276

Bunge

Global

SA

2,643

Darling

Ingredients

Inc

(d) 2,736

$

17,614

Airlines

-

.08

%

Alaska

Air

Group

Inc

(d) 1,871

American

Airlines

Group

Inc

(d) 12,034

Delta

Air

Lines

Inc

12,819

736

Southwest

Airlines

Co

8,314

United

Airlines

Holdings

Inc

(d) 6,393

601

$

1,825

Apparel

-

.31

%

Birkenstock

Holding

Plc

(d) 56,060

2,237

Columbia

Sportswear

Co

575

Crocs

Inc

(d) 1,071

PVH

Corp

939

Ralph

Lauren

Corp

13,780

4,405

Tapestry

Inc

Under

Armour

Inc

-

Class

A

(d) 4,162

Under

Armour

Inc

-

Class

C

(d) 4,062

VF

Corp

6,917

$

7,008

Automobile

Manufacturers

-

.11

%

Cummins

Inc

2,710

1,186

Ford

Motor

Co

76,842

1,009

Lucid

Group

Inc

(d),(e)

2,727

Rivian

Automotive

Inc

(d) 15,285

$

2,451

Automobile

Parts

&

Equipment

-

.39

%

Allison

Transmission

Holdings

Inc

1,366

Aptiv

PLC

(d) 4,275

Aurora

Innovation

Inc

(d) 21,503

BorgWarner

Inc

514,464

22,101

Gentex

Corp

362,778

8,506

Lear

Corp

1,098

QuantumScape

Corp

(d) 8,559

$

31,453

Banks

-

.69

%

Bank

of

New

York

Mellon

Corp/The

12,875

1,390

Bank

OZK

2,102

BOK

Financial

Corp

Citizens

Financial

Group

Inc

8,565

Columbia

Banking

System

Inc

5,812

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Comerica

Inc

2,492

$

Commerce

Bancshares

Inc/MO

2,390

Cullen/Frost

Bankers

Inc

1,154

East

West

Bancorp

Inc

2,657

Fifth

Third

Bancorp

13,137

547

First

Citizens

BancShares

Inc/NC

First

Hawaiian

Inc

2,467

First

Horizon

Corp

9,907

FNB

Corp/PA

7,317

Huntington

Bancshares

Inc/OH

1,617,871

24,979

KeyCorp

18,677

M&T

Bank

Corp

12,869

2,366

Northern

Trust

Corp

3,739

Pinnacle

Financial

Partners

Inc

1,358

Popular

Inc

1,170

Prosperity

Bancshares

Inc

1,792

Regions

Financial

Corp

17,744

SOUTHSTATE

BANK

CORP

1,954

State

Street

Corp

5,565

644

Synovus

Financial

Corp

2,695

Truist

Financial

Corp

591,000

26,376

Webster

Financial

Corp

3,263

Western

Alliance

Bancorp

1,638

Wintrust

Financial

Corp

1,284

Zions

Bancorp

NA

2,822

$

61,020

Beverages

-

.04

%

Boston

Beer

Co

Inc/The

(d) 179

Brown-Forman

Corp

-

A

Shares

961

Brown-Forman

Corp

-

B

Shares

2,910

Coca-Cola

Consolidated

Inc

918

Constellation

Brands

Inc

2,836

Molson

Coors

Beverage

Co

3,271

Primo

Brands

Corp

5,294

$

894

Biotechnology

-

.15

%

Alnylam

Pharmaceuticals

Inc

(d) 9,989

4,555

Biogen

Inc

(d) 2,841

BioMarin

Pharmaceutical

Inc

(d) 94,928

5,085

Bio-Rad

Laboratories

Inc

(d),(e)

Certara

Inc

(d) 2,663

Corteva

Inc

13,451

826

Exelixis

Inc

(d) 206,955

8,003

Illumina

Inc

(d) 3,081

Incyte

Corp

(d) 70,281

6,570

Insmed

Inc

(d) 36,863

6,989

Ionis

Pharmaceuticals

Inc

(d) 265

Moderna

Inc

(d) 6,961

Revolution

Medicines

Inc

(d) 3,373

Roivant

Sciences

Ltd

(d) 7,664

Royalty

Pharma

PLC

233,397

8,762

Sarepta

Therapeutics

Inc

(d) 399

United

Therapeutics

Corp

(d) 14,458

6,440

Viking

Therapeutics

Inc

(d) 1,977

$

48,841

Building

Materials

-

.69

%

Armstrong

World

Industries

Inc

62,171

11,839

Builders

FirstSource

Inc

(d) 111,126

12,910

Carlisle

Cos

Inc

745

Carrier

Global

Corp

179,500

10,679

Eagle

Materials

Inc

580

Fortune

Brands

Innovations

Inc

2,481

Hayward

Holdings

Inc

(d) 3,910

James

Hardie

Industries

PLC

(d) 1,167

Louisiana-Pacific

Corp

1,288

Martin

Marietta

Materials

Inc

1,171

718

Masco

Corp

4,127

Mohawk

Industries

Inc

(d) 994

Owens

Corning

1,658

Schedule

of

Investments

MidCap

Value

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Building

Materials

(continued)

Simpson

Manufacturing

Co

Inc

741

$

Trex

Co

Inc

(d) 2,178

Vulcan

Materials

Co

2,604

754

$

38,421

Chemicals

-

.91

%

Albemarle

Corp

2,276

Ashland

Inc

892

Axalta

Coating

Systems

Ltd

(d) 4,299

Celanese

Corp

2,198

CF

Industries

Holdings

Inc

297,269

24,760

Dow

Inc

13,964

DuPont

de

Nemours

Inc

8,238

673

Eastman

Chemical

Co

2,220

Element

Solutions

Inc

4,633

FMC

Corp

2,444

Huntsman

Corp

3,509

International

Flavors

&

Fragrances

Inc

5,021

LyondellBasell

Industries

NV

5,021

Mosaic

Co/The

6,200

NewMarket

Corp

Olin

Corp

2,510

PPG

Industries

Inc

4,450

RPM

International

Inc

224,991

24,587

Westlake

Corp

196,659

13,532

$

65,978

Commercial

Services

-

.67

%

ADT

Inc

10,055

Affirm

Holdings

Inc

(d) 2,102

API

Group

Corp

(d) 7,231

Aramark

5,178

Avis

Budget

Group

Inc

(d),(e)

Block

Inc

(d) 6,727

511

Bright

Horizons

Family

Solutions

Inc

(d) 975

Cintas

Corp

20,330

3,726

Clarivate

PLC

(d) 7,667

Equifax

Inc

2,002

Euronet

Worldwide

Inc

(d) 42,884

3,253

FTI

Consulting

Inc

(d) 85,852

14,167

Global

Payments

Inc

4,784

Grand

Canyon

Education

Inc

(d) 57,334

10,796

GXO

Logistics

Inc

(d) 2,199

H&R

Block

Inc

2,265

ManpowerGroup

Inc

1,014

MarketAxess

Holdings

Inc

6,731

1,078

Morningstar

Inc

NIQ

Global

Intelligence

Plc

(d) 527

Paylocity

Holding

Corp

(d) 95

Quanta

Services

Inc

652

Robert

Half

Inc

1,948

Service

Corp

International/US

2,708

TransUnion

3,802

U-Haul

Holding

Co

(d),(e)

U-Haul

Holding

Co

1,233

United

Rentals

Inc

1,262

1,099

Valvoline

Inc

(d) 372

Verisk

Analytics

Inc

1,098

WEX

Inc

(d) 614

WillScot

Holdings

Corp

2,613

$

37,956

Computers

-

.79

%

Amdocs

Ltd

2,133

Amentum

Holdings

Inc

(d) 3,136

CACI

International

Inc

(d) 426

Check

Point

Software

Technologies

Ltd

(d) 108,400

21,212

Cognizant

Technology

Solutions

Corp

9,725

709

Crane

NXT

Co

964

DXC

Technology

Co

(d) 3,924

EPAM

Systems

Inc

(d) 1,063

Genpact

Ltd

175,137

6,682

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

Globant

SA

(d) 768

$

Hewlett

Packard

Enterprise

Co

25,800

630

HP

Inc

251,114

6,949

KBR

Inc

2,340

Kyndryl

Holdings

Inc

(d) 4,469

Leidos

Holdings

Inc

2,498

Lumentum

Holdings

Inc

(d) 1,237

NetApp

Inc

2,379

Okta

Inc

(d) 1,945

Parsons

Corp

(d) 1,040

Pure

Storage

Inc

(d) 873

Rubrik

Inc

(d) 923

SailPoint

Inc

(d) 1,323

Sandisk

Corp/DE

(d) 2,658

530

Science

Applications

International

Corp

925

Super

Micro

Computer

Inc

(d) 5,446

Western

Digital

Corp

6,803

1,022

$

40,613

Consumer

Products

-

.04

%

Avery

Dennison

Corp

1,516

Church

&

Dwight

Co

Inc

4,825

Clorox

Co/The

2,415

Reynolds

Consumer

Products

Inc

1,201

$

989

Cosmetics

&

Personal

Care

-

.73

%

Coty

Inc

(d) 7,594

elf

Beauty

Inc

(d) 1,063

Estee

Lauder

Cos

Inc/The

164,566

15,912

Kenvue

Inc

37,400

537

Perrigo

Co

PLC

2,684

$

16,665

Distribution

&

Wholesale

-

.07

%

Core

&

Main

Inc

(d) 1,569

Fastenal

Co

4,002

LKQ

Corp

5,088

Pool

Corp

562

RB

Global

Inc

3,396

SiteOne

Landscape

Supply

Inc

(d) 590

Watsco

Inc

685

WESCO

International

Inc

928

WW

Grainger

Inc

$

1,585

Diversified

Financial

Services

-

.76

%

Affiliated

Managers

Group

Inc

20,522

4,884

Air

Lease

Corp

2,011

Ally

Financial

Inc

4,759

Ameriprise

Financial

Inc

Cboe

Global

Markets

Inc

52,846

12,981

Circle

Internet

Group

Inc

(d),(e)

823

Coinbase

Global

Inc

(d) 3,734

1,284

Credit

Acceptance

Corp

(d),(e)

Evercore

Inc

-

Class

A

33,031

9,730

Franklin

Resources

Inc

6,038

Freedom

Holding

Corp/NV

(d),(e)

Hamilton

Lane

Inc

Houlihan

Lokey

Inc

642

Invesco

Ltd

7,157

Janus

Henderson

Group

PLC

2,448

Jefferies

Financial

Group

Inc

2,240

Lazard

Inc

1,461

Nasdaq

Inc

8,117

694

OneMain

Holdings

Inc

2,303

Raymond

James

Financial

Inc

182,474

28,953

Rocket

Cos

Inc

18,741

SEI

Investments

Co

30,654

2,472

SLM

Corp

3,553

SoFi

Technologies

Inc

(d) 19,272

572

Stifel

Financial

Corp

28,009

3,317

Synchrony

Financial

7,329

545

Schedule

of

Investments

MidCap

Value

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

T

Rowe

Price

Group

Inc

4,281

$

TPG

Inc

Tradeweb

Markets

Inc

2,091

UWM

Holdings

Corp

3,070

Virtu

Financial

Inc

201,975

7,037

Voya

Financial

Inc

1,854

Western

Union

Co/The

6,355

XP

Inc

556,065

10,132

$

85,326

Electric

-

.75

%

AES

Corp/The

13,996

Alliant

Energy

Corp

609,735

40,742

Ameren

Corp

5,293

540

Brookfield

Renewable

Corp

(e) 2,796

CenterPoint

Energy

Inc

12,855

Clearway

Energy

Inc

-

Class

A

764

Clearway

Energy

Inc

-

Class

C

1,776

CMS

Energy

Corp

416,341

30,622

Consolidated

Edison

Inc

59,329

5,779

DTE

Energy

Co

4,052

549

Edison

International

198,647

11,001

Entergy

Corp

8,794

845

Evergy

Inc

4,496

Eversource

Energy

7,225

533

Exelon

Corp

75,555

3,484

FirstEnergy

Corp

10,818

IDACORP

Inc

1,046

NRG

Energy

Inc

17,154

2,948

OGE

Energy

Corp

3,929

PG&E

Corp

43,151

689

Pinnacle

West

Capital

Corp

2,304

PPL

Corp

14,607

533

Public

Service

Enterprise

Group

Inc

9,837

793

Talen

Energy

Corp

(d) 892

WEC

Energy

Group

Inc

46,305

5,174

Xcel

Energy

Inc

11,654

946

$

107,775

Electrical

Components

&

Equipment

-

.07

%

Acuity

Inc

606

AMETEK

Inc

4,510

911

Generac

Holdings

Inc

(d) 1,135

Littelfuse

Inc

Universal

Display

Corp

851

$

1,564

Electronics

-

.19

%

Allegion

plc

1,681

Arrow

Electronics

Inc

(d) 1,007

Avnet

Inc

1,641

Coherent

Corp

(d) 2,979

Flex

Ltd

(d) 164,560

10,288

Fortive

Corp

6,690

Garmin

Ltd

3,189

682

Hubbell

Inc

49,552

23,289

Ingram

Micro

Holding

Corp

526

Jabil

Inc

19,590

4,328

Keysight

Technologies

Inc

(d) 208,214

38,095

Mettler-Toledo

International

Inc

(d) 408

578

nVent

Electric

PLC

3,175

Ralliant

Corp

2,229

Sensata

Technologies

Holding

PLC

2,857

TD

SYNNEX

Corp

68,665

10,745

Trimble

Inc

(d) 345,666

27,567

Vontier

Corp

2,870

Woodward

Inc

1,154

$

117,749

Energy

-

Alternate

Sources

-

.02

%

First

Solar

Inc

(d) 1,987

530

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

-

.93

%

AECOM

102,167

$

13,726

EMCOR

Group

Inc

16,832

11,375

Everus

Construction

Group

Inc

(d) 1,002

Jacobs

Solutions

Inc

2,335

MasTec

Inc

(d) 952

TopBuild

Corp

(d) 42,721

18,049

$

43,799

Entertainment

-

.03

%

Caesars

Entertainment

Inc

(d) 4,066

Churchill

Downs

Inc

Flutter

Entertainment

PLC

(d) 582

Liberty

Media

Corp-Liberty

Live

-

A

Shares

(d) 424

Liberty

Media

Corp-Liberty

Live

-

C

Shares

(d) 901

Madison

Square

Garden

Sports

Corp

(d) 317

Penn

Entertainment

Inc

(d) 3,261

TKO

Group

Holdings

Inc

762

Vail

Resorts

Inc

$

646

Environmental

Control

-

.74

%

Clean

Harbors

Inc

(d) 982

Pentair

PLC

3,187

Republic

Services

Inc

76,400

15,909

Tetra

Tech

Inc

4,248

Veralto

Corp

2,791

$

16,866

Food

-

.43

%

Albertsons

Cos

Inc

7,941

Campbell's

Company/The

3,806

Conagra

Brands

Inc

9,373

Flowers

Foods

Inc

4,097

General

Mills

Inc

10,794

503

Hershey

Co/The

2,509

Hormel

Foods

Corp

10,404

Ingredion

Inc

1,242

J

M

Smucker

Co/The

2,002

Kellanova

5,439

Kraft

Heinz

Co/The

16,830

Kroger

Co/The

11,917

758

Lamb

Weston

Holdings

Inc

2,640

McCormick

&

Co

Inc/MD

4,963

Performance

Food

Group

Co

(d) 322,498

31,198

Pilgrim's

Pride

Corp

912

Post

Holdings

Inc

(d) 1,031

Seaboard

Corp

Smithfield

Foods

Inc

993

Sysco

Corp

4,403

Tyson

Foods

Inc

5,491

US

Foods

Holding

Corp

(d) 264,085

19,178

$

55,247

Forest

Products

&

Paper

-

.02

%

International

Paper

Co

10,330

Gas

-

.50

%

Atmos

Energy

Corp

3,083

529

MDU

Resources

Group

Inc

3,995

National

Fuel

Gas

Co

128,481

10,139

NiSource

Inc

9,269

UGI

Corp

4,209

$

11,275

Hand

&

Machine

Tools

-

.33

%

Lincoln

Electric

Holdings

Inc

126,347

29,622

MSA

Safety

Inc

720

Snap-on

Inc

1,009

Stanley

Black

&

Decker

Inc

3,011

$

30,278

Healthcare

-

Products

-

.50

%

Agilent

Technologies

Inc

5,592

818

Align

Technology

Inc

(d) 1,335

Avantor

Inc

(d) 13,020

Schedule

of

Investments

MidCap

Value

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Baxter

International

Inc

10,093

$

Bio-Techne

Corp

3,052

Bruker

Corp

2,035

Caris

Life

Sciences

Inc

(d) 250

Cooper

Cos

Inc/The

(d) 3,902

DENTSPLY

SIRONA

Inc

4,369

Envista

Holdings

Corp

(d) 3,308

Exact

Sciences

Corp

(d) 129,746

8,394

GE

HealthCare

Technologies

Inc

8,994

674

Globus

Medical

Inc

(d) 2,296

Hologic

Inc

(d) 425,066

31,417

QIAGEN

NV

4,170

Repligen

Corp

(d) 900

ResMed

Inc

48,346

11,936

Revvity

Inc

2,330

Solventum

Corp

(d) 2,875

STERIS

PLC

1,921

Teleflex

Inc

860

Waters

Corp

(d) 546

West

Pharmaceutical

Services

Inc

1,409

Zimmer

Biomet

Holdings

Inc

3,871

$

56,858

Healthcare

-

Services

-

.14

%

Acadia

Healthcare

Co

Inc

(d) 1,988

Centene

Corp

(d) 9,668

Charles

River

Laboratories

International

Inc

(d) 945

Chemed

Corp

Encompass

Health

Corp

42,614

4,852

Humana

Inc

2,377

661

IQVIA

Holdings

Inc

(d) 77,105

16,690

Labcorp

Holdings

Inc

113,132

28,731

Molina

Healthcare

Inc

(d) 77,777

11,905

Quest

Diagnostics

Inc

154,082

27,111

Sotera

Health

Co

(d) 3,101

Tenet

Healthcare

Corp

(d) 1,706

Universal

Health

Services

Inc

14,236

3,089

$

94,105

Home

Builders

-

.24

%

DR

Horton

Inc

24,858

3,706

Lennar

Corp

-

A

Shares

4,398

544

Lennar

Corp

-

B

Shares

NVR

Inc

(d) 55

PulteGroup

Inc

3,869

Thor

Industries

Inc

1,047

Toll

Brothers

Inc

1,909

$

5,503

Home

Furnishings

-

.01

%

Dolby

Laboratories

Inc

1,191

SharkNinja

Inc

(d) 1,337

Whirlpool

Corp

(e) 1,057

$

Housewares

-

.00

%

Newell

Brands

Inc

9,122

Scotts

Miracle-Gro

Co/The

860

$

Insurance

-

.46

%

Allstate

Corp/The

5,177

992

American

Financial

Group

Inc/OH

204,388

26,914

Arch

Capital

Group

Ltd

7,175

619

Assurant

Inc

983

Assured

Guaranty

Ltd

902

Axis

Capital

Holdings

Ltd

1,450

Brighthouse

Financial

Inc

(d) 1,248

Brown

&

Brown

Inc

4,910

Cincinnati

Financial

Corp

2,997

CNA

Financial

Corp

Corebridge

Financial

Inc

5,293

Everest

Group

Ltd

710

Fidelity

National

Financial

Inc

482,598

26,659

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

First

American

Financial

Corp

1,905

$

Globe

Life

Inc

1,619

Hanover

Insurance

Group

Inc/The

17,855

3,051

Hartford

Insurance

Group

Inc/The

213,020

26,452

Kemper

Corp

1,204

Lincoln

National

Corp

3,320

Loews

Corp

3,332

Markel

Group

Inc

(d) 195

MGIC

Investment

Corp

4,569

Old

Republic

International

Corp

622,978

24,583

Primerica

Inc

669

Prudential

Financial

Inc

6,971

725

Reinsurance

Group

of

America

Inc

1,284

RenaissanceRe

Holdings

Ltd

10,701

2,719

RLI

Corp

1,525

Unum

Group

3,324

W

R

Berkley

Corp

5,717

White

Mountains

Insurance

Group

Ltd

Willis

Towers

Watson

PLC

94,612

29,623

$

146,703

Internet

-

.12

%

CDW

Corp/DE

2,392

eBay

Inc

86,767

7,056

Etsy

Inc

(d) 824

Expedia

Group

Inc

139,700

30,734

F5

Inc

(d) 1,114

Gen

Digital

Inc

9,647

IAC

Inc

(d) 1,467

Lyft

Inc

(d) 565,241

11,565

Maplebear

Inc

(d) 237,326

8,748

Match

Group

Inc

4,789

Pinterest

Inc

(d) 262,623

8,693

Robinhood

Markets

Inc

(d) 12,597

1,849

Roku

Inc

(d) 2,186

Trump

Media

&

Technology

Group

Corp

(d),(e)

1,612

VeriSign

Inc

1,648

Wayfair

Inc

(d) 1,520

Zillow

Group

Inc

-

A

Shares

(d) 983

Zillow

Group

Inc

-

C

Shares

(d) 3,161

$

70,931

Iron

&

Steel

-

.96

%

Carpenter

Technology

Corp

779

Cleveland-Cliffs

Inc

(d) 9,561

Nucor

Corp

4,497

675

Reliance

Inc

1,036

Steel

Dynamics

Inc

130,065

20,394

$

21,726

Leisure

Products

&

Services

-

.47

%

Amer

Sports

Inc

(d) 2,939

Brunswick

Corp/DE

1,291

Carnival

Corp

(d) 360,129

10,382

Harley-Davidson

Inc

2,157

Norwegian

Cruise

Line

Holdings

Ltd

(d) 950

YETI

Holdings

Inc

(d) 1,626

$

10,694

Lodging

-

.51

%

Boyd

Gaming

Corp

1,112

Choice

Hotels

International

Inc

Hilton

Worldwide

Holdings

Inc

42,800

10,998

Hyatt

Hotels

Corp

782

MGM

Resorts

International

(d) 4,007

Travel

+

Leisure

Co

813

Wyndham

Hotels

&

Resorts

Inc

Wynn

Resorts

Ltd

1,602

$

11,615

Machinery

-

Construction

&

Mining

-

.02

%

BWX

Technologies

Inc

1,466

Oshkosh

Corp

1,243

$

Schedule

of

Investments

MidCap

Value

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

-

.85

%

AGCO

Corp

150,306

$

15,505

Applied

Industrial

Technologies

Inc

748

CNH

Industrial

NV

17,303

Cognex

Corp

94,786

3,923

Crane

Co

954

Dover

Corp

2,659

Esab

Corp

1,111

Flowserve

Corp

2,528

Gates

Industrial

Corp

PLC

(d) 4,995

Graco

Inc

3,237

IDEX

Corp

1,473

Ingersoll

Rand

Inc

7,942

606

Middleby

Corp/The

(d) 94,476

11,737

Nordson

Corp

1,047

Otis

Worldwide

Corp

7,776

721

Regal

Rexnord

Corp

117,385

16,538

Rockwell

Automation

Inc

14,161

5,216

Toro

Co/The

1,924

Westinghouse

Air

Brake

Technologies

Corp

3,319

679

Xylem

Inc/NY

200,168

30,195

$

87,476

Media

-

.53

%

Charter

Communications

Inc

(d) 1,727

FactSet

Research

Systems

Inc

699

Fox

Corp

-

A

Shares

4,172

Fox

Corp

-

B

Shares

2,912

Liberty

Broadband

Corp

-

A

Shares

(d) 329

Liberty

Broadband

Corp

-

C

Shares

(d) 1,739

Liberty

Global

Ltd

-

A

Shares

(d) 3,659

Liberty

Global

Ltd

-

C

Shares

(d) 209,701

2,338

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 348

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 2,807

New

York

Times

Co/The

116,032

6,612

News

Corp

-

A

Shares

7,450

News

Corp

-

B

Shares

2,482

Nexstar

Media

Group

Inc

522

Sirius

XM

Holdings

Inc

3,739

Warner

Bros

Discovery

Inc

(d) 45,928

1,031

$

11,932

Metal

Fabrication

&

Hardware

-

.63

%

Advanced

Drainage

Systems

Inc

1,377

Mueller

Industries

Inc

127,773

13,527

RBC

Bearings

Inc

(d) 485

Timken

Co/The

1,232

Valmont

Industries

Inc

$

14,189

Mining

-

.83

%

Alcoa

Corp

5,055

Anglogold

Ashanti

Plc

177,742

12,086

Franco-Nevada

Corp

104,400

19,484

MP

Materials

Corp

(d) 2,561

Royal

Gold

Inc

54,934

9,602

$

41,520

Miscellaneous

Manufacturers

-

.77

%

A

O

Smith

Corp

2,237

Donaldson

Co

Inc

2,277

Entegris

Inc

2,426

ITT

Inc

1,515

Teledyne

Technologies

Inc

(d) 906

Textron

Inc

198,778

16,063

$

17,383

Office

&

Business

Equipment

-

.68

%

Zebra

Technologies

Corp

(d) 57,001

15,348

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

-

.12

%

Antero

Resources

Corp

(d) 5,687

$

APA

Corp

6,971

Chord

Energy

Corp

157,388

14,278

Civitas

Resources

Inc

1,818

Coterra

Energy

Inc

974,824

23,065

Devon

Energy

Corp

607,068

19,724

Diamondback

Energy

Inc

3,725

533

EQT

Corp

12,261

657

Expand

Energy

Corp

4,300

HF

Sinclair

Corp

31,272

1,613

Marathon

Petroleum

Corp

34,015

6,630

Matador

Resources

Co

2,421

Occidental

Petroleum

Corp

13,915

573

Ovintiv

Inc

5,025

Permian

Resources

Corp

13,313

Phillips

7,431

1,012

Range

Resources

Corp

4,625

Valero

Energy

Corp

6,118

1,037

Viper

Energy

Inc

3,291

Weatherford

International

PLC

1,402

$

70,795

Oil

&

Gas

Services

-

.72

%

Baker

Hughes

Co

510,514

24,714

Halliburton

Co

16,926

NOV

Inc

7,331

TechnipFMC

PLC

333,636

13,796

$

39,071

Packaging

&

Containers

-

.50

%

Amcor

PLC

45,491

AptarGroup

Inc

201,772

23,408

Ball

Corp

5,466

Crown

Holdings

Inc

254,939

24,775

Graphic

Packaging

Holding

Co

6,058

Packaging

Corp

of

America

153,527

30,054

Sealed

Air

Corp

2,861

Silgan

Holdings

Inc

1,741

Smurfit

WestRock

PLC

10,267

Sonoco

Products

Co

1,940

$

79,571

Pharmaceuticals

-

.21

%

BellRing

Brands

Inc

(d) 2,475

Cardinal

Health

Inc

2,321

Elanco

Animal

Health

Inc

(d) 9,693

Henry

Schein

Inc

(d) 2,117

Jazz

Pharmaceuticals

PLC

(d) 1,127

Neurocrine

Biosciences

Inc

(d) 24,906

3,566

Organon

&

Co

5,682

Viatris

Inc

23,063

$

4,865

Pipelines

-

.12

%

Antero

Midstream

Corp

6,533

Cheniere

Energy

Inc

2,378

504

DT

Midstream

Inc

1,959

Kinder

Morgan

Inc

38,310

1,003

ONEOK

Inc

12,286

823

$

2,658

Private

Equity

-

.01

%

Carlyle

Group

Inc/The

5,118

Real

Estate

-

.07

%

CBRE

Group

Inc

(d) 5,193

791

CoStar

Group

Inc

(d) 7,195

Howard

Hughes

Holdings

Inc

(d) 677

Jones

Lang

LaSalle

Inc

(d) 678

$

1,547

REITs

-

.02

%

AGNC

Investment

Corp

20,514

Agree

Realty

Corp

2,086

Alexandria

Real

Estate

Equities

Inc

3,344

Schedule

of

Investments

MidCap

Value

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

American

Homes

Rent

6,715

$

Americold

Realty

Trust

Inc

5,616

Annaly

Capital

Management

Inc

12,677

AvalonBay

Communities

Inc

2,790

Brixmor

Property

Group

Inc

6,039

BXP

Inc

3,085

Camden

Property

Trust

199,204

19,817

Cousins

Properties

Inc

3,287

Crown

Castle

Inc

8,542

771

CubeSmart

4,432

Digital

Realty

Trust

Inc

6,627

1,129

EastGroup

Properties

Inc

1,028

EPR

Properties

1,470

Equity

LifeStyle

Properties

Inc

465,076

28,393

Equity

Residential

49,815

2,961

Essex

Property

Trust

Inc

1,232

Extra

Space

Storage

Inc

4,120

550

Federal

Realty

Investment

Trust

1,646

First

Industrial

Realty

Trust

Inc

2,482

Gaming

and

Leisure

Properties

Inc

5,345

Healthcare

Realty

Trust

Inc

6,464

Healthpeak

Properties

Inc

13,675

Highwoods

Properties

Inc

2,088

Host

Hotels

&

Resorts

Inc

13,527

Invitation

Homes

Inc

12,069

Iron

Mountain

Inc

5,747

592

Kilroy

Realty

Corp

2,311

Kimco

Realty

Corp

13,182

Lamar

Advertising

Co

233,900

27,738

Lineage

Inc

1,392

Medical

Properties

Trust

Inc

10,916

Mid-America

Apartment

Communities

Inc

2,280

Millrose

Properties

Inc

2,360

National

Storage

Affiliates

Trust

1,537

NNN

REIT

Inc

683,653

27,661

Omega

Healthcare

Investors

Inc

5,626

Park

Hotels

&

Resorts

Inc

4,295

Rayonier

Inc

3,396

Realty

Income

Corp

17,822

1,033

Regency

Centers

Corp

3,527

Rexford

Industrial

Realty

Inc

4,633

Rithm

Capital

Corp

10,396

SBA

Communications

Corp

2,104

Simon

Property

Group

Inc

83,034

14,594

STAG

Industrial

Inc

3,673

Starwood

Property

Trust

Inc

6,713

Sun

Communities

Inc

1,975

UDR

Inc

6,134

Ventas

Inc

8,931

659

VICI

Properties

Inc

95,951

2,878

Vornado

Realty

Trust

3,444

Weyerhaeuser

Co

14,304

WP

Carey

Inc

4,243

$

136,728

Retail

-

.31

%

AutoNation

Inc

(d) 562

AutoZone

Inc

(d) 4,595

16,884

Bath

&

Body

Works

Inc

4,389

Best

Buy

Co

Inc

3,776

BJ's

Wholesale

Club

Holdings

Inc

(d) 2,152

CarMax

Inc

(d) 2,961

Casey's

General

Stores

Inc

49,517

25,412

Darden

Restaurants

Inc

Dick's

Sporting

Goods

Inc

1,231

Dillard's

Inc

Dollar

General

Corp

111,884

11,038

Dollar

Tree

Inc

(d) 3,878

Domino's

Pizza

Inc

Ferguson

Enterprises

Inc

3,573

888

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Five

Below

Inc

(d) 34,042

$

5,354

Floor

&

Decor

Holdings

Inc

(d) 1,501

Freshpet

Inc

(d) 743

GameStop

Corp

(d) 8,048

Gap

Inc/The

4,771

Genuine

Parts

Co

2,694

Lithia

Motors

Inc

Lowe's

Cos

Inc

106,800

25,432

Lululemon

Athletica

Inc

(d) 863

Macy's

Inc

5,300

MSC

Industrial

Direct

Co

Inc

866

Ollie's

Bargain

Outlet

Holdings

Inc

(d) 1,173

Penske

Automotive

Group

Inc

100,061

16,017

QXO

Inc

(d) 12,052

Restaurant

Brands

International

Inc

2,267

RH

(d) 282

Ross

Stores

Inc

5,053

803

Texas

Roadhouse

Inc

68,200

11,156

Tractor

Supply

Co

330,600

17,889

Ulta

Beauty

Inc

(d) 666

Wendy's

Co/The

1,986

Williams-Sonoma

Inc

41,672

8,098

Yum!

Brands

Inc

3,639

503

$

143,358

Savings

&

Loans

-

.00

%

TFS

Financial

Corp

1,349

Semiconductors

-

.83

%

Allegro

MicroSystems

Inc

(d) 2,424

Amkor

Technology

Inc

2,249

Cirrus

Logic

Inc

(d) 992

GLOBALFOUNDRIES

Inc

(d) 2,024

IPG

Photonics

Corp

(d) 546

Lattice

Semiconductor

Corp

(d) 76,212

5,561

MACOM

Technology

Solutions

Holdings

Inc

(d) 927

Microchip

Technology

Inc

394,101

24,600

MKS

Inc

223,809

32,163

ON

Semiconductor

Corp

(d) 8,299

Onto

Innovation

Inc

(d) 745

Qorvo

Inc

(d) 1,660

Skyworks

Solutions

Inc

2,945

Teradyne

Inc

3,144

571

$

64,330

Shipbuilding

-

.01

%

Huntington

Ingalls

Industries

Inc

767

Software

-

.30

%

Akamai

Technologies

Inc

(d) 164,289

12,338

BILL

Holdings

Inc

(d) 1,835

Broadridge

Financial

Solutions

Inc

CCC

Intelligent

Solutions

Holdings

Inc

(d) 10,791

Concentrix

Corp

990

Dayforce

Inc

(d) 2,747

Docusign

Inc

(d) 968

DoubleVerify

Holdings

Inc

(d) 1,644

Dropbox

Inc

-

A

Shares

(d) 2,688

Electronic

Arts

Inc

4,936

987

Fair

Isaac

Corp

(d) 84

Fidelity

National

Information

Services

Inc

10,378

649

Informatica

Inc

(d) 2,291

Jack

Henry

&

Associates

Inc

1,414

MongoDB

Inc

(d) 1,405

506

MSCI

Inc

752

nCino

Inc

(d) 2,002

Nutanix

Inc

(d) 3,751

Paychex

Inc

4,330

507

Paycom

Software

Inc

Pegasystems

Inc

1,145

PTC

Inc

(d) 2,066

SentinelOne

Inc

(d) 1,783

SS&C

Technologies

Holdings

Inc

4,137

Schedule

of

Investments

MidCap

Value

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Take-Two

Interactive

Software

Inc

(d) 2,361

$

605

Teradata

Corp

(d) 1,616

Twilio

Inc

(d) 2,272

Tyler

Technologies

Inc

(d) 145

UiPath

Inc

(d) 7,924

Unity

Software

Inc

(d) 5,844

Veeva

Systems

Inc

(d) 34,079

9,924

Zoom

Communications

Inc

(d) 5,153

ZoomInfo

Technologies

Inc

(d) 5,822

$

29,542

Telecommunications

-

.82

%

AST

SpaceMobile

Inc

(d),(e)

Ciena

Corp

(d) 2,778

528

Corning

Inc

199,413

17,764

Frontier

Communications

Parent

Inc

(d) 4,801

GCI

Liberty

Inc

-

Class

A

(d) 65

GCI

Liberty

Inc

-

Class

C

(d) 453

Iridium

Communications

Inc

1,884

Millicom

International

Cellular

SA

2,024

$

18,650

Toys,

Games

&

Hobbies

-

.01

%

Hasbro

Inc

2,559

Mattel

Inc

(d) 6,618

$

Transportation

-

.95

%

CH

Robinson

Worldwide

Inc

22,046

3,395

CSX

Corp

764,800

27,548

Expeditors

International

of

Washington

Inc

2,689

JB

Hunt

Transport

Services

Inc

1,529

Kirby

Corp

(d) 1,100

Knight-Swift

Transportation

Holdings

Inc

448,601

20,241

Landstar

System

Inc

108,883

13,984

Old

Dominion

Freight

Line

Inc

3,456

Ryder

System

Inc

765

Saia

Inc

(d) 511

Schneider

National

Inc

1,138

XPO

Inc

(d) 1,779

$

66,912

Water

-

.34

%

American

Water

Works

Co

Inc

235,761

30,279

Essential

Utilities

Inc

5,522

$

30,494

TOTAL

COMMON

STOCKS

$

2,188,748

Total

Investments

$

2,270,612

Other

Assets

and

Liabilities

- 0.01%

TOTAL

NET

ASSETS

-

100.00%

$

2,270,787

(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

$496

or

0.02%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$496

or

0.02%

of

net

assets.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

51,595

$

1,139,510

$

1,113,566

$

77,539

$

51,595

$

1,139,510

$

1,113,566

$

77,539

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

2,928

$

—

$

—

$

—

$

2,928

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

Mid

Emini;

December

2025

Long

$

11,076

$

(207)

Total

$

(207)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Money

Market

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

3.71%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3.71%

DWS

Government

Money

Market

Series

-

Institutional

Class

4.02%

(a) 12,830,000

$

12,830

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Class

3.96%

(a) 6,900,000

6,900

Invesco

Government

&

Agency

Portfolio

-

Institutional

Class

3.97%

(a) 11,470,000

11,470

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.95%

(a) 8,800,000

8,800

$

40,000

TOTAL

INVESTMENT

COMPANIES

$

40,000

BONDS

-

5.97%

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

-

2.33%

ARI

Fleet

Lease

Trust

2025-A

4.51%,

02/17/2026

(b) $

874

$

874

ARI

Fleet

Lease

Trust

2025-B

4.56%,

05/15/2026

(b) 2,710

2,710

Carmax

Select

Receivables

Trust

2025-B

4.17%,

10/15/2026

3,380

3,380

Enterprise

Fleet

Financing

2025-2

LLC

4.56%,

05/20/2026

(b) 2,032

2,033

Enterprise

Fleet

Financing

2025-4

LLC

4.10%,

10/20/2026

(b) 3,000

3,000

Exeter

Automobile

Receivables

Trust

2025-4

4.50%,

09/15/2026

2,493

2,493

Westlake

Automobile

Receivables

Trust

2025-3

4.28%,

10/15/2026

(b) 4,000

4,000

Westlake

Automobile

Receivables

Trust

2025-P1

4.58%,

06/15/2026

(b) 1,833

1,833

World

Omni

Select

Auto

Trust

2025-A

4.22%,

10/15/2026

4,826

4,826

$

25,149

Insurance

-

1.58%

Met

Life

4.60%,

08/17/2026

9,000

9,000

New

York

Life

4.59%,

07/22/2026

8,000

8,000

$

17,000

Other

Asset

Backed

Securities

-

2.06%

GreatAmerica

Leasing

Receivables

Funding

LLC

4.46%,

03/16/2026

(b) 984

984

HPEFS

Equipment

Trust

2025-1

4.55%,

08/20/2026

(b) 4,856

4,856

HPEFS

Equipment

Trust

2025-2

4.15%,

10/20/2026

(b) 6,000

6,000

M&T

Equipment

2025-LEAF1

Notes

4.64%,

05/18/2026

(b) 2,203

2,203

NMEF

Funding

2025-B

LLC

4.51%,

07/15/2026

(b) 2,688

2,688

Volvo

Financial

Equipment

LLC

Series

2025-2

4.07%,

10/15/2026

(b) 5,432

5,433

$

22,164

TOTAL

BONDS

$

64,313

MUNICIPAL

BONDS

-

2.59%

Principal

Amount

(000's)

Value

(000's)

Colorado

-

0.22%

Colorado

Housing

and

Finance

Authority

(credit

support

from

Federal

Home

Loan

Bank)

4.15%,

11/07/2025

(c),(d)

$

2,340

$

2,340

Georgia

-

0.60%

Development

Authority

Of

Greene

County

(credit

support

from

US

Bank)

4.15%,

11/07/2025

(c),(d)

3,000

3,000

Valdosta-Lowndes

County

Industrial

Development

Authority

(credit

support

from

Wells

Fargo)

4.15%,

11/07/2025

(c),(d)

3,420

3,420

$

6,420

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Maryland

-

0.65%

City

of

Baltimore

MD

(credit

support

from

Toronto

Dominion

Bank)

4.15%,

11/07/2025

(c),(d)

$

6,955

$

6,955

New

York

-

0.35%

New

York

City

Housing

Development

Corp

(credit

support

from

Fannie

Mae)

4.09%,

11/07/2025

(c),(d)

4.12%,

11/07/2025

(c),(d)

3,500

3,500

$

3,800

Virginia

-

0.20%

Newport

News

Economic

Development

Authority

(credit

support

from

JPMorgan

Chase

&

Co)

4.18%,

11/07/2025

(c),(d)

2,195

2,195

Washington

-

0.57%

Washington

State

Housing

Finance

Commission

(credit

support

from

Federal

Home

Loan

Bank)

4.20%,

11/07/2025

(c),(d)

4,600

4,600

4.20%,

11/07/2025

(c),(d)

1,545

1,545

$

6,145

TOTAL

MUNICIPAL

BONDS

$

27,855

COMMERCIAL

PAPER

-

70.56%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

0.93%

General

Dynamics

Corp

4.05%,

11/18/2025

(b) $

6,000

$

5,988

4.13%,

11/04/2025

(b) 4,000

3,999

$

9,987

Agriculture

-

0.51%

Archer-Daniels-Midland

Co

4.12%,

11/05/2025

(b) 5,500

5,497

Automobile

Manufacturers

-

1.69%

Cummins

Inc

4.29%,

11/05/2025

(b) 5,300

5,297

Toyota

Motor

Credit

Corp

4.10%,

12/01/2025

1,500

1,495

4.15%,

12/19/2025

1,500

1,492

4.30%,

12/11/2025

4,000

3,981

Volvo

Treasury

North

America

LP

(credit

support

from

AB

Volvo)

4.05%,

01/02/2026

(b),(c)

6,000

5,958

$

18,223

Banks

-

14.04%

Barclays

Bank

PLC

4.03%,

01/02/2026

(b) 4,000

3,972

4.09%,

11/04/2025

(b) 6,000

5,998

4.30%,

11/06/2025

(b) 5,000

4,997

4.30%,

11/24/2025

(b) 5,700

5,684

4.31%,

11/28/2025

(b) 5,500

5,482

CAFCO

LLC

(credit

support

from

Citibank

NA)

4.37%,

11/05/2025

(b),(c)

5,000

4,998

DBS

Bank

Ltd

4.12%,

11/19/2025

(b),(e)

6,000

5,988

4.20%,

11/26/2025

(b),(e)

5,760

5,743

4.22%,

12/02/2025

(b),(e)

4,500

4,484

HSBC

USA

Inc

4.00%,

02/03/2026

(b) 2,565

2,538

4.15%,

11/03/2025

(b) 11,783

11,780

4.39%,

01/02/2026

(b) 2,501

2,482

Mizuho

Bank

Ltd/New

York

NY

4.05%,

11/06/2025

(b) 5,000

4,997

4.05%,

11/21/2025

(b) 2,045

2,040

MUFG

Bank

Ltd/New

York

NY

4.05%,

11/03/2025

14,745

14,742

National

Bank

of

Canada

4.38%,

11/07/2025

(b),(e)

3,500

3,498

Schedule

of

Investments

Money

Market

Fund

October

31,

2025

See

accompanying

notes.

COMMERCIAL

PAPER

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

National

Bank

of

Kuwait/New

York

NY

4.08%,

01/29/2026

(b) $

6,000

$

5,940

4.11%,

01/22/2026

(b) 6,000

5,944

4.42%,

11/28/2025

(b) 5,000

4,983

Oversea-Chinese

Banking

Corp

Ltd

4.05%,

01/22/2026

(b),(e)

5,500

5,449

Sheffield

Receivables

Co

LLC

4.06%,

12/08/2025

(b) 6,000

5,975

4.11%,

11/04/2025

(b) 8,605

8,602

Sheffield

Receivables

Co

LLC

(credit

support

from

SHEFFIELD

RECEIVABLES)

4.15%,

11/13/2025

(b),(c)

10,000

9,986

Toronto-Dominion

Bank/The

4.10%,

11/28/2025

(b),(e)

6,000

5,982

4.11%,

12/19/2025

(b),(e)

6,000

5,967

4.14%,

12/05/2025

(b),(e)

3,000

2,988

$

151,239

Beverages

-

1.67%

Brown-Forman

Corp

4.00%,

11/14/2025

(b) 6,000

5,991

4.15%,

11/03/2025

(b) 6,000

5,999

4.20%,

11/05/2025

(b) 6,000

5,997

$

17,987

Commercial

Services

-

2.23%

Experian

Finance

PLC

(credit

support

from

Experian

PLC)

4.16%,

11/17/2025

(b),(c)

6,000

5,989

4.18%,

11/12/2025

(b),(c)

6,000

5,992

4.18%,

11/13/2025

(b),(c)

6,000

5,992

4.25%,

11/04/2025

(b),(c)

6,000

5,998

$

23,971

Consumer

Products

-

0.83%

Kimberly-Clark

Corp

4.05%,

11/13/2025

(b) 3,000

2,996

4.06%,

11/05/2025

(b) 6,000

5,997

$

8,993

Cosmetics

&

Personal

Care

-

0.49%

Unilever

Finance

Netherlands

BV

(credit

support

from

Unilever

PLC)

4.30%,

11/13/2025

(b),(c)

5,260

5,252

Diversified

Financial

Services

-

24.11%

Anglesea

Funding

LLC

3.92%,

11/06/2025

(b) 7,000

6,996

3.93%,

11/07/2025

(b) 7,500

7,495

BofA

Securities

Inc

4.08%,

12/01/2025

6,000

5,980

4.11%,

11/13/2025

1,839

1,836

Cabot

Trail

Funding

LLC

4.05%,

01/15/2026

(b) 5,000

4,958

4.08%,

01/12/2026

(b) 3,650

3,620

4.35%,

11/12/2025

(b) 6,000

5,992

Chesham

Finance

Ltd

/

Chesham

Finance

LLC

3.92%,

11/03/2025

(b) 20,000

19,996

Columbia

Funding

Co

LLC

3.98%,

01/07/2026

(b) 6,500

6,452

4.00%,

01/08/2026

(b) 5,300

5,260

4.14%,

11/03/2025

(b) 6,000

5,999

4.30%,

11/17/2025

(b) 3,400

3,393

DCAT

LLC

4.03%,

01/22/2026

4,680

4,637

4.08%,

01/07/2026

5,000

4,962

4.10%,

01/05/2026

5,500

5,459

4.14%,

11/12/2025

6,000

5,992

4.30%,

11/06/2025

3,900

3,898

Glencove

Funding

LLC

4.33%,

11/04/2025

(b) 4,900

4,898

4.39%,

11/03/2025

(b) 5,000

4,999

COMMERCIAL

PAPER

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Gotham

Funding

Corp

4.06%,

01/02/2026

(b) $

5,000

$

4,965

Great

Bear

Funding

LLC

4.00%,

11/03/2025

(b) 13,000

12,997

4.15%,

11/04/2025

(b) 6,000

5,998

4.15%,

11/07/2025

(b) 6,200

6,196

JP

Morgan

Securities

LLC

4.12%,

11/17/2025

6,000

5,989

Lion

Bay

Funding

LLC

3.92%,

11/06/2025

(b) 6,500

6,496

4.00%,

12/01/2025

(b) 5,500

5,482

LMA-Americas

LLC

4.08%,

11/12/2025

(b) 5,000

4,994

4.09%,

01/06/2026

(b) 6,000

5,955

4.14%,

11/14/2025

(b) 5,000

4,993

4.15%,

11/20/2025

(b) 6,000

5,987

Longship

Funding

LLC

3.98%,

12/11/2025

(b) 6,000

5,973

LSEGA

Financing

PLC

(credit

support

from

London

Stock

Exchange

Group

PLC)

4.19%,

11/14/2025

(b),(c)

5,000

4,992

4.20%,

11/10/2025

(b),(c)

6,000

5,994

4.24%,

11/07/2025

(b),(c)

10,000

9,993

4.25%,

11/20/2025

(b),(c)

5,050

5,039

Manhattan

Asset

Funding

Co

LLC

4.10%,

12/02/2025

(b) 5,000

4,982

4.15%,

11/03/2025

(b) 6,550

6,548

4.21%,

11/06/2025

(b) 5,000

4,997

4.37%,

11/14/2025

(b) 4,500

4,493

Nieuw

Amsterdam

Receivables

Corp

BV

4.07%,

12/04/2025

(b) 3,000

2,989

Podium

Funding

Trust

4.15%,

02/27/2026

4,940

4,873

4.33%,

01/16/2026

6,000

5,945

Prudential

International

Treasury

Ltd

(credit

support

from

Prudential

PLC)

4.03%,

11/04/2025

(b),(c)

5,000

4,998

Thunder

Bay

Funding

LLC

4.08%,

11/03/2025

(b) 4,965

4,964

$

259,654

Electric

-

2.83%

Berkshire

Hathaway

Energy

Co

4.13%,

11/17/2025

(b) 4,500

4,492

National

Rural

Utilities

Cooperative

Finance

Corp

4.08%,

11/06/2025

5,000

4,997

4.09%,

11/14/2025

5,000

4,993

4.11%,

11/13/2025

5,000

4,993

4.12%,

11/04/2025

6,000

5,998

4.13%,

11/07/2025

5,000

4,996

$

30,469

Electrical

Components

&

Equipment

-

0.56%

Emerson

Electric

Co

4.05%,

01/05/2026

(b) 1,100

1,092

4.08%,

11/07/2025

(b) 5,000

4,996

$

6,088

Healthcare

-

Products

-

1.81%

Medtronic

Global

Holdings

SCA

(credit

support

from

Medtronic

PLC)

4.13%,

11/14/2025

(b),(c)

5,500

5,492

4.15%,

11/12/2025

(b),(c)

3,000

2,996

4.17%,

11/17/2025

(b),(c)

5,000

4,991

4.18%,

11/24/2025

(b),(c)

6,000

5,984

$

19,463

Healthcare

-

Services

-

0.56%

UnitedHealth

Group

Inc

4.16%,

11/03/2025

(b) 6,000

5,999

Schedule

of

Investments

Money

Market

Fund

October

31,

2025

See

accompanying

notes.

COMMERCIAL

PAPER

(continued)

Principal

Amount

(000's)

Value

(000's)

Holding

Companies

-

Diversified

-

0.56%

Koch

Cos

LLC

4.01%,

12/02/2025

$

6,000

$

5,981

Insurance

-

0.95%

New

York

Life

Capital

Corp

(credit

support

from

New

York

Life

Insurance)

4.30%,

12/05/2025

(b),(c)

3,772

3,757

Prudential

Financial

Inc

3.95%,

11/10/2025

(b) 6,500

6,493

$

10,250

Investment

Companies

-

0.58%

St

Lawrence

Funding

LLC

3.92%,

11/06/2025

(b) 6,200

6,197

Machinery

-

Construction

&

Mining

-

0.56%

Caterpillar

Financial

Services

Corp

(credit

support

from

Caterpillar

Inc)

4.06%,

11/06/2025

(c) 6,000

5,997

Machinery

-

Diversified

-

0.56%

John

Deere

Capital

Corp

4.00%,

11/21/2025

(b) 6,000

5,987

Mining

-

0.46%

Rio

Tinto

Finance

USA

PLC

(credit

support

from

Rio

Tinto

PLC)

4.10%,

11/19/2025

(b),(c)

5,000

4,990

Oil

&

Gas

-

4.81%

BP

Capital

Markets

PLC

(credit

support

from

BP

PLC)

3.99%,

11/07/2025

(b),(c)

7,000

6,995

4.03%,

11/05/2025

(b),(c)

6,500

6,497

4.05%,

11/04/2025

(b),(c)

6,000

5,998

4.07%,

11/03/2025

(b),(c)

6,000

5,999

TotalEnergies

Capital

SA

(credit

support

from

Total

SA)

4.02%,

03/13/2026

(b),(c)

5,780

5,695

4.05%,

12/30/2025

(b),(c)

5,000

4,967

4.10%,

11/03/2025

(b),(c)

6,000

5,998

4.10%,

11/04/2025

(b),(c)

3,700

3,699

4.10%,

11/05/2025

(b),(c)

6,000

5,997

$

51,845

Oil

&

Gas

Services

-

1.11%

Schlumberger

Investment

SA

(credit

support

from

Schlumberger

NV)

4.10%,

12/03/2025

(b),(c)

6,000

5,978

4.20%,

11/19/2025

(b),(c)

6,000

5,987

$

11,965

Pharmaceuticals

-

1.71%

Novartis

Finance

Corp

(credit

support

from

Novartis

AG)

4.05%,

11/05/2025

(b),(c)

9,500

9,496

4.05%,

11/10/2025

(b),(c)

6,000

5,994

Sanofi

SA

4.15%,

12/29/2025

(b) 3,000

2,980

$

18,470

Retail

-

1.86%

Home

Depot

Inc/The

3.93%,

11/06/2025

(b) 6,500

6,497

4.00%,

11/07/2025

(b) 7,000

6,995

4.08%,

11/05/2025

(b) 6,500

6,497

$

19,989

Semiconductors

-

0.57%

Analog

Devices

Inc

3.93%,

11/13/2025

(b) 6,200

6,192

Telecommunications

-

2.17%

Telstra

Group

Ltd

(credit

support

from

Telstra

Corporation)

4.05%,

01/30/2026

(b),(c)

6,000

5,939

4.18%,

11/25/2025

(b),(c)

6,500

6,482

4.20%,

12/10/2025

(b),(c)

6,000

5,973

COMMERCIAL

PAPER

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Telstra

Group

Ltd

(credit

support

from

Telstra

Corporation)

(continued)

4.32%,

11/24/2025

(b),(c)

$

5,000

$

4,986

$

23,380

Water

-

2.40%

American

Water

Capital

Corp

(credit

support

from

American

Water

Works)

4.01%,

11/14/2025

(b),(c)

5,000

4,993

4.14%,

11/12/2025

(b),(c)

3,900

3,895

4.16%,

11/10/2025

(b),(c)

6,000

5,994

4.17%,

11/03/2025

(b),(c)

6,000

5,999

4.17%,

11/07/2025

(b),(c)

5,000

4,996

$

25,877

TOTAL

COMMERCIAL

PAPER

$

759,942

REPURCHASE

AGREEMENTS

-

17.64%

Maturity

Amount

(000's)

Value

(000's)

Banks

-

17.64%

Bank

of

New

York

Mellon

Repurchase

Agreement;

4.13%

traded

10/31/2025

maturing

11/03/2025

(collateralized

by

US

Government

Security;

$265,200,053;

3.875%;

dated

06/30/2030)

$

40,005

$

40,000

Barclays

Capital

Repurchase

Agreement;

4.15%

traded

10/31/2025

maturing

11/03/2025

(collateralized

by

US

Government

Security;

$40,800,058;

3.875%;

dated

04/30/2030)

40,005

40,000

Goldman

Sachs

Repurchase

Agreement;

4.14%

traded

10/31/2025

maturing

11/03/2025

(collateralized

by

US

Government

Securities;

$30,600,048;

2.50%-4.625%;

dated

04/30/2029-02/15/2046)

30,003

30,000

HSBC

Bank

USA

Repurchase

Agreement;

4.13%

traded

10/31/2025

maturing

11/03/2025

(collateralized

by

US

Government

Securities;

$40,800,001;

2.30%-4.56%;

dated

06/01/2028-07/01/2033)

40,005

40,000

Merrill

Lynch

Repurchase

Agreement;

4.14%

traded

10/31/2025

maturing

11/03/2025

(collateralized

by

US

Government

Securities;

$40,800,000;

0.00%-6.64%;

dated

07/31/2026-12/15/2058)

40,005

40,000

$

190,000

TOTAL

REPURCHASE

AGREEMENTS

$

190,000

Total

Investments

$

1,082,110

Other

Assets

and

Liabilities

- (0.47)%

(5,079)

TOTAL

NET

ASSETS

-

100.00%

$

1,077,031

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$687,320

or

63.82%

of

net

assets.

(c) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(d) 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

issued

by

foreign

bank

and

denominated

in

USD.

Schedule

of

Investments

Overseas

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.08

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.25

%

iShares

MSCI

EAFE

Value

ETF

60,800

$

4,160

Money

Market

Funds

-

.83

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

515,426

515

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b),(c)

177,142,987

177,143

$

177,658

TOTAL

INVESTMENT

COMPANIES

$

181,818

COMMON

STOCKS

-

.65

%

Shares

Held

Value

(000's)

Advertising

-

.27

%

Publicis

Groupe

SA

4,402

$

WPP

PLC

1,033,631

3,906

$

4,347

Aerospace

&

Defense

-

.21

%

IHI

Corp

9,900

QinetiQ

Group

PLC

993,714

6,275

Rolls-Royce

Holdings

PLC

1,310,717

20,170

Thales

SA

33,904

9,668

$

36,318

Agriculture

-

.66

%

British

American

Tobacco

PLC

182,129

9,328

Imperial

Brands

PLC

14,846

590

Japan

Tobacco

Inc

23,100

805

Wilmar

International

Ltd

37,100

$

10,812

Airlines

-

.02

%

ANA

Holdings

Inc

3,100

Deutsche

Lufthansa

AG

11,537

Japan

Airlines

Co

Ltd

2,800

Singapore

Airlines

Ltd

29,100

$

Apparel

-

.35

%

Kering

SA

97,150

34,501

LVMH

Moet

Hennessy

Louis

Vuitton

SE

5,715

4,039

$

38,540

Automobile

Manufacturers

-

.50

%

Bayerische

Motoren

Werke

AG

5,397

503

Daimler

Truck

Holding

AG

5,939

Honda

Motor

Co

Ltd

76,100

769

Isuzu

Motors

Ltd

10,400

Mercedes-Benz

Group

AG

13,888

901

Nissan

Motor

Co

Ltd

(d),(e)

43,000

Renault

SA

3,697

Stellantis

NV

38,773

Subaru

Corp

11,300

Suzuki

Motor

Corp

19,600

Toyota

Motor

Corp

182,250

3,716

Volvo

AB

-

B

Shares

30,550

837

$

8,261

Automobile

Parts

&

Equipment

-

.04

%

Aisin

Corp

9,500

Aumovio

SE

(d) 156,316

6,721

Bridgestone

Corp

11,000

Cie

Generale

des

Etablissements

Michelin

SCA

12,893

Continental

AG

105,762

8,082

Denso

Corp

21,800

Sumitomo

Electric

Industries

Ltd

13,800

503

Toyota

Industries

Corp

3,100

$

17,010

Banks

-

.17

%

ABN

AMRO

Bank

NV

(f) 398,625

11,910

AIB

Group

PLC

41,089

ANZ

Group

Holdings

Ltd

661,110

15,835

Banca

Mediolanum

SpA

4,299

Banca

Monte

dei

Paschi

di

Siena

SpA

37,977

Banco

Bilbao

Vizcaya

Argentaria

SA

110,823

2,233

Banco

BPM

SpA

21,852

Banco

Comercial

Portugues

SA

159,873

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Banco

de

Sabadell

SA

96,614

$

Banco

Santander

SA

186,052

1,896

Bank

Hapoalim

BM

24,037

Bank

Leumi

Le-Israel

BM

28,722

583

Bank

of

Ireland

Group

PLC

18,526

Bank

of

Nova

Scotia/The

226,900

14,882

Bankinter

SA

12,963

Banque

Cantonale

Vaudoise

580

Barclays

PLC

4,976,012

26,690

BNP

Paribas

SA

371,998

28,814

BOC

Hong

Kong

Holdings

Ltd

70,800

BPER

Banca

SPA

28,119

CaixaBank

SA

74,937

792

Chiba

Bank

Ltd/The

10,900

Commerzbank

AG

14,807

540

Credit

Agricole

SA

20,366

Danske

Bank

A/S

12,846

574

Deutsche

Bank

AG

243,329

8,711

DNB

Bank

ASA

17,049

Erste

Group

Bank

AG

5,921

613

Eurobank

Ergasias

Services

and

Holdings

SA

514,244

1,934

FinecoBank

Banca

Fineco

SpA

7,643

Grupo

Financiero

Banorte

SAB

de

CV

1,438,400

13,503

Hang

Seng

Bank

Ltd

14,500

HSBC

Holdings

PLC

335,413

4,696

ING

Groep

NV

289,989

7,241

Intesa

Sanpaolo

SpA

273,883

1,765

Israel

Discount

Bank

Ltd

23,571

Japan

Post

Bank

Co

Ltd

34,200

KBC

Group

NV

4,415

531

Lloyds

Banking

Group

PLC

1,151,866

1,351

Macquarie

Group

Ltd

6,963

993

Mitsubishi

UFJ

Financial

Group

Inc

220,400

3,329

Mizrahi

Tefahot

Bank

Ltd

3,001

Mizuho

Financial

Group

Inc

48,400

1,621

National

Australia

Bank

Ltd

58,901

1,679

NatWest

Group

PLC

894,262

6,885

Nordea

Bank

Abp

911,662

15,595

Oversea-Chinese

Banking

Corp

Ltd

65,100

852

Resona

Holdings

Inc

14,000

Shinhan

Financial

Group

Co

Ltd

119,697

6,148

Skandinaviska

Enskilda

Banken

AB

29,111

556

Societe

Generale

SA

142,945

9,065

Standard

Chartered

PLC

1,087,798

22,330

Sumitomo

Mitsui

Financial

Group

Inc

199,000

5,388

Sumitomo

Mitsui

Trust

Group

Inc

12,414

Svenska

Handelsbanken

AB

28,047

Swedbank

AB

16,326

UniCredit

SpA

167,713

12,419

United

Overseas

Bank

Ltd

309,100

8,221

Westpac

Banking

Corp

65,803

1,665

Yokohama

Financial

Group

Inc

19,700

$

248,859

Beverages

-

.73

%

Anheuser-Busch

InBev

SA/NV

175,751

10,717

Carlsberg

AS

74,864

8,802

Davide

Campari-Milano

NV

7,795

Diageo

PLC

570,971

13,133

Heineken

Holding

NV

2,494

Heineken

NV

145,932

11,300

JDE

Peet's

NV

3,286

Kirin

Holdings

Co

Ltd

5,300

Pernod

Ricard

SA

3,881

$

44,749

Building

Materials

-

.91

%

AGC

Inc

3,800

Amrize

Ltd

(d) 9,811

508

Cie

de

Saint-Gobain

SA

167,148

16,223

Heidelberg

Materials

AG

2,572

603

Schedule

of

Investments

Overseas

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Building

Materials

(continued)

Holcim

AG

(d) 9,811

$

872

Svenska

Cellulosa

AB

SCA

11,680

TOTO

Ltd

506,600

12,850

$

31,331

Chemicals

-

.47

%

Akzo

Nobel

NV

376,954

24,911

Arkema

SA

117,271

6,961

Asahi

Kasei

Corp

23,600

BASF

SE

17,165

847

Covestro

AG

(d) 3,453

DSM-Firmenich

AG

3,578

EMS-Chemie

Holding

AG

Evonik

Industries

AG

4,928

ICL

Group

Ltd

14,892

Mitsubishi

Chemical

Group

Corp

24,600

Nitto

Denko

Corp

13,600

Syensqo

SA

73,999

6,109

Toray

Industries

Inc

26,600

Yara

International

ASA

3,185

$

40,515

Commercial

Services

-

.22

%

Dai

Nippon

Printing

Co

Ltd

7,500

Nexi

SpA

(f) 10,649

Persol

Holdings

Co

Ltd

1,266,700

2,101

Randstad

NV

155,231

6,084

RELX

PLC

244,929

10,788

Rentokil

Initial

PLC

48,577

Secom

Co

Ltd

5,300

Securitas

AB

9,457

SGS

SA

1,594

TOPPAN

Holdings

Inc

4,600

$

20,036

Computers

-

.35

%

Capgemini

SE

143,083

22,012

Otsuka

Corp

1,300

SCSK

Corp

900

Teleperformance

SE

1,038

$

22,145

Consumer

Products

-

.30

%

Henkel

AG

&

Co

KGaA

1,999

Reckitt

Benckiser

Group

PLC

276,556

21,154

$

21,303

Cosmetics

&

Personal

Care

-

.08

%

Kao

Corp

5,800

Unilever

PLC

16,503

990

$

1,236

Distribution

&

Wholesale

-

.29

%

Bunzl

PLC

6,301

Marubeni

Corp

27,200

668

Mitsubishi

Corp

62,000

1,489

Mitsui

&

Co

Ltd

47,500

1,168

Rexel

SA

4,312

Sumitomo

Corp

21,000

611

Toyota

Tsusho

Corp

13,300

$

4,684

Diversified

Financial

Services

-

.62

%

AerCap

Holdings

NV

3,393

Amundi

SA

(f) 1,186

ASX

Ltd

1,870

Azimut

Holding

SpA

342,345

13,398

Daiwa

Securities

Group

Inc

25,700

Euronext

NV

(f) 527

Japan

Exchange

Group

Inc

9,600

Julius

Baer

Group

Ltd

231,357

15,619

Mitsubishi

HC

Capital

Inc

17,000

Nomura

Holdings

Inc

57,800

ORIX

Corp

22,400

548

SBI

Holdings

Inc

3,500

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

Schroders

PLC

13,945

$

St

James's

Place

PLC

688,517

11,748

$

43,063

Electric

-

.38

%

Chubu

Electric

Power

Co

Inc

13,100

Contact

Energy

Ltd

16,108

E.ON

SE

184,293

3,429

EDP

SA

60,348

Elia

Group

SA/NV

839

Enel

SpA

1,787,545

18,082

Engie

SA

35,122

822

Fortum

Oyj

648,423

14,459

Iberdrola

SA

122,050

2,474

Kansai

Electric

Power

Co

Inc/The

18,300

Meridian

Energy

Ltd

25,157

National

Grid

PLC

896,044

13,435

Origin

Energy

Ltd

33,128

Orsted

AS

(d),(f)

10,163

Power

Assets

Holdings

Ltd

26,500

Redeia

Corp

SA

7,803

RWE

AG

12,158

599

Terna

-

Rete

Elettrica

Nazionale

27,054

$

55,374

Electrical

Components

&

Equipment

-

.49

%

Signify

NV

(f) 333,624

7,986

Electronics

-

.19

%

Kyocera

Corp

24,800

MINEBEA

MITSUMI

Inc

631,400

12,479

Murata

Manufacturing

Co

Ltd

1,260,586

27,179

Sensata

Technologies

Holding

PLC

387,486

12,334

Shimadzu

Corp

1,600

$

52,364

Energy

-

Alternate

Sources

-

.69

%

Vestas

Wind

Systems

A/S

555,255

11,356

Engineering

&

Construction

-

.71

%

Acciona

SA

Auckland

International

Airport

Ltd

32,469

Bouygues

SA

3,681

Eiffage

SA

1,320

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(d) 117,787

10,096

Kajima

Corp

8,200

Keppel

Ltd

28,000

Obayashi

Corp

12,500

Skanska

AB

6,544

Taisei

Corp

3,000

$

11,719

Entertainment

-

.01

%

Genting

Singapore

Ltd

117,500

Lottery

Corp

Ltd/The

14,989

Toho

Co

Ltd/Tokyo

700

$

Food

-

.40

%

Barry

Callebaut

AG

(e) 45

Carrefour

SA

11,327

Danone

SA

12,449

1,099

J

Sainsbury

PLC

33,168

Kerry

Group

PLC

1,103

Kesko

Oyj

5,252

Koninklijke

Ahold

Delhaize

NV

17,457

714

MEIJI

Holdings

Co

Ltd

4,700

Nestle

SA

32,206

3,077

Orkla

ASA

4,782

Salmar

ASA

806

Tesco

PLC

126,245

762

WH

Group

Ltd

(f) 160,000

Yakult

Honsha

Co

Ltd

3,200

$

6,628

Schedule

of

Investments

Overseas

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Food

Service

-

.00

%

Sodexo

SA

1,108

$

Forest

Products

&

Paper

-

.03

%

Holmen

AB

1,467

Mondi

PLC

8,488

UPM-Kymmene

Oyj

10,147

$

Gas

-

.76

%

Centrica

PLC

5,277,118

12,437

Enagas

SA

143,348

2,275

Osaka

Gas

Co

Ltd

6,900

Sembcorp

Industries

Ltd

(e) 17,100

Snam

SpA

2,254,599

13,905

$

28,920

Hand

&

Machine

Tools

-

.77

%

Fuji

Electric

Co

Ltd

2,600

Makita

Corp

402,746

12,175

Schindler

Holding

AG

-

PC

Schindler

Holding

AG

-

REG

$

12,577

Healthcare

-

Products

-

.83

%

Elekta

AB

1,418,888

7,212

FUJIFILM

Holdings

Corp

21,600

501

Getinge

AB

423,701

9,925

Koninklijke

Philips

NV

536,390

14,695

Olympus

Corp

1,001,627

12,327

QIAGEN

NV

2,084

Smith

&

Nephew

PLC

983,072

18,153

$

62,911

Healthcare

-

Services

-

.06

%

Eurofins

Scientific

SE

1,140

Fresenius

Medical

Care

AG

4,232

Fresenius

SE

&

Co

KGaA

8,124

Sonic

Healthcare

Ltd

9,029

$

900

Holding

Companies

-

Diversified

-

.36

%

Jardine

Matheson

Holdings

Ltd

99,370

5,834

Swire

Pacific

Ltd

7,000

$

5,892

Home

Builders

-

.34

%

Barratt

Redrow

PLC

26,309

Berkeley

Group

Holdings

PLC

92,600

4,906

Daiwa

House

Industry

Co

Ltd

10,800

Sekisui

Chemical

Co

Ltd

7,300

$

5,529

Home

Furnishings

-

.03

%

Panasonic

Holdings

Corp

44,700

519

Insurance

-

.07

%

Aegon

Ltd

25,427

Ageas

SA/NV

2,869

AIA

Group

Ltd

1,425,400

13,871

Allianz

SE

7,426

2,984

ASR

Nederland

NV

3,016

Aviva

PLC

58,784

517

AXA

SA

34,084

1,479

Dai-ichi

Life

Holdings

Inc

33,600

Generali

16,391

631

Helvetia

Holding

AG

714

Insurance

Australia

Group

Ltd

45,487

Japan

Post

Holdings

Co

Ltd

34,300

Japan

Post

Insurance

Co

Ltd

3,600

Legal

&

General

Group

PLC

3,116,182

9,738

M&G

PLC

3,081,695

10,669

Medibank

Pvt

Ltd

34,434

MS&AD

Insurance

Group

Holdings

Inc

24,800

511

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

2,512

1,554

NN

Group

NV

5,174

Phoenix

Financial

Ltd

4,344

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Phoenix

Group

Holdings

PLC

13,508

$

Prudential

PLC

683,358

9,505

QBE

Insurance

Group

Ltd

18,873

Sampo

Oyj

46,559

519

Samsung

Fire

&

Marine

Insurance

Co

Ltd

12,550

3,884

SCOR

SE

377,585

11,430

Sompo

Holdings

Inc

292,300

8,908

Suncorp

Group

Ltd

20,823

Swiss

Life

Holding

AG

549

596

Swiss

Re

AG

5,745

1,049

T&D

Holdings

Inc

9,500

Tryg

A/S

6,465

Unipol

Assicurazioni

SpA

6,899

Zurich

Insurance

Group

AG

2,815

1,958

$

83,224

Internet

-

.67

%

LY

Corp

34,700

Prosus

NV

(d) 16,357

1,130

Rakuten

Group

Inc

(d) 10,200

Tencent

Holdings

Ltd

120,200

9,764

$

11,063

Investment

Companies

-

.05

%

EXOR

NV

1,800

Groupe

Bruxelles

Lambert

NV

1,539

Industrivarden

AB

-

A

Shares

1,483

Industrivarden

AB

-

C

Shares

1,949

L

E

Lundbergforetagen

AB

1,463

Sofina

SA

Washington

H

Soul

Pattinson

&

Co

Ltd

6,595

$

761

Iron

&

Steel

-

.26

%

ArcelorMittal

SA

82,800

3,161

BlueScope

Steel

Ltd

5,483

Fortescue

Ltd

32,563

JFE

Holdings

Inc

11,100

Nippon

Steel

Corp

92,900

$

4,206

Leisure

Products

&

Services

-

.88

%

Carnival

Corp

(d) 492,768

14,206

Shimano

Inc

900

Yamaha

Motor

Co

Ltd

17,700

$

14,428

Lodging

-

.01

%

Whitbread

PLC

3,363

Machinery

-

Construction

&

Mining

-

.62

%

Komatsu

Ltd

284,147

9,505

Mitsubishi

Electric

Corp

23,900

679

$

10,184

Machinery

-

Diversified

-

.64

%

FANUC

Corp

454,100

15,154

Hexagon

AB

570,466

6,954

Kone

Oyj

2,288

Kubota

Corp

18,800

Nabtesco

Corp

456,958

11,447

Omron

Corp

429,679

11,981

SMC

Corp

40,100

13,727

Spirax

Group

PLC

504

$

59,706

Media

-

.00

%

Pearson

PLC

5,638

Metal

Fabrication

&

Hardware

-

.62

%

MISUMI

Group

Inc

634,769

9,897

SKF

AB

6,559

Tenaris

SA

7,216

$

10,208

Schedule

of

Investments

Overseas

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Mining

-

.46

%

Anglo

American

PLC

21,520

$

814

Barrick

Mining

Corp

164,015

5,384

BHP

Group

Ltd

97,608

2,783

Boliden

AB

(d) 354,700

15,905

Glencore

PLC

(d) 1,234,834

5,916

Norsk

Hydro

ASA

13,317

Northern

Star

Resources

Ltd

436,699

7,042

Rio

Tinto

Ltd

7,140

620

Rio

Tinto

PLC

21,705

1,565

South32

Ltd

86,616

Sumitomo

Metal

Mining

Co

Ltd

3,100

$

40,399

Miscellaneous

Manufacturers

-

.19

%

Alstom

SA

(d) 1,008,363

25,217

Chemring

Group

PLC

842,813

6,353

Siemens

AG

7,307

2,071

Smiths

Group

PLC

69,399

2,298

$

35,939

Office

&

Business

Equipment

-

.01

%

Canon

Inc

5,900

Oil

&

Gas

-

.24

%

Aker

BP

ASA

423,672

10,980

Bollore

SE

13,523

BP

PLC

2,693,189

15,779

DCC

PLC

(e) 1,890

ENEOS

Holdings

Inc

33,710

Eni

SpA

39,331

725

Equinor

ASA

312,881

7,494

Idemitsu

Kosan

Co

Ltd

14,900

Inpex

Corp

17,000

Neste

Oyj

2,847

OMV

AG

2,833

Repsol

SA

22,256

Santos

Ltd

62,461

Shell

PLC

113,313

4,248

Suncor

Energy

Inc

230,432

9,176

TotalEnergies

SE

39,481

2,465

Woodside

Energy

Group

Ltd

36,512

592

$

53,169

Oil

&

Gas

Services

-

.46

%

Saipem

SpA

2,899,903

7,560

Packaging

&

Containers

-

.67

%

Amcor

PLC

1,098,437

8,678

SIG

Group

AG

3,820

Smurfit

WestRock

PLC

185,786

6,859

Stora

Enso

Oyj

1,021,074

11,889

$

27,469

Pharmaceuticals

-

.11

%

Astellas

Pharma

Inc

34,700

AstraZeneca

PLC

139,850

23,068

Bayer

AG

18,891

588

Eisai

Co

Ltd

5,100

Grifols

SA

1,695

GSK

PLC

359,613

8,420

Hikma

Pharmaceuticals

PLC

3,200

Ipsen

SA

726

Kyowa

Kirin

Co

Ltd

4,600

Merck

KGaA

2,486

Novartis

AG

18,279

2,262

Novo

Nordisk

A/S

193,396

9,521

Roche

Holding

AG

69,900

22,642

Sandoz

Group

AG

8,040

536

Sanofi

SA

147,751

14,947

Shionogi

&

Co

Ltd

14,500

Takeda

Pharmaceutical

Co

Ltd

10,700

Teva

Pharmaceutical

Industries

Ltd

ADR

(d) 14,336

$

83,922

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pipelines

-

.01

%

APA

Group

25,088

$

Private

Equity

-

.03

%

3i

Group

PLC

6,552

CapitaLand

Investment

Ltd/Singapore

45,600

$

Real

Estate

-

.19

%

Azrieli

Group

Ltd

818

CK

Asset

Holdings

Ltd

37,000

Daito

Trust

Construction

Co

Ltd

5,700

Fastighets

AB

Balder

(d) 13,807

Henderson

Land

Development

Co

Ltd

28,438

Hongkong

Land

Holdings

Ltd

21,001

Hulic

Co

Ltd

8,900

LEG

Immobilien

SE

1,455

Mitsubishi

Estate

Co

Ltd

13,300

Mitsui

Fudosan

Co

Ltd

50,800

529

Sekisui

House

Ltd

11,400

Sino

Land

Co

Ltd

70,000

Sumitomo

Realty

&

Development

Co

Ltd

6,000

Sun

Hung

Kai

Properties

Ltd

27,883

Swiss

Prime

Site

AG

1,543

Vonovia

SE

7,232

Wharf

Real

Estate

Investment

Co

Ltd

32,000

$

3,174

REITs

-

.18

%

CapitaLand

Ascendas

REIT

75,600

CapitaLand

Integrated

Commercial

Trust

113,300

Covivio

SA/France

1,074

Gecina

SA

886

Goodman

Group

13,669

Klepierre

SA

4,138

Land

Securities

Group

PLC

13,609

Link

REIT

49,880

LondonMetric

Property

PLC

4,082,655

10,214

Nippon

Building

Fund

Inc

Scentre

Group

100,171

Segro

PLC

740,927

6,799

Stockland

46,156

Unibail-Rodamco-Westfield

(d) 2,342

Vicinity

Ltd

74,595

$

19,318

Retail

-

.05

%

Associated

British

Foods

PLC

6,212

CK

Hutchison

Holdings

Ltd

52,000

JD

Sports

Fashion

PLC

48,793

Kingfisher

PLC

33,761

MatsukiyoCocokara

&

Co

2,200

Nitori

Holdings

Co

Ltd

2,700

Swatch

Group

AG/The

-

BR

$

888

Semiconductors

-

.26

%

ASMPT

Ltd

608,254

6,402

Infineon

Technologies

AG

617,246

24,500

Renesas

Electronics

Corp

1,698,200

20,972

Samsung

Electronics

Co

Ltd

283,856

21,368

SK

hynix

Inc

32,694

12,721

STMicroelectronics

NV

13,142

$

86,286

Shipbuilding

-

.00

%

Yangzijiang

Shipbuilding

Holdings

Ltd

17,200

Software

-

.85

%

Nice

Ltd

(d) 426

SAP

SE

53,659

13,955

$

14,013

Telecommunications

-

.13

%

BT

Group

PLC

115,005

Deutsche

Telekom

AG

493,510

15,286

Elisa

Oyj

2,736

Schedule

of

Investments

Overseas

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Telecommunications

(continued)

HKT

Trust

&

HKT

Ltd

76,000

$

KDDI

Corp

183,200

2,921

Koninklijke

KPN

NV

74,790

Nokia

OYJ

1,365,103

9,312

NTT

Inc

575,600

592

Orange

SA

35,806

573

Singapore

Telecommunications

Ltd

92,800

SoftBank

Corp

552,500

785

SoftBank

Group

Corp

9,200

1,614

Swisscom

AG

(d) 498

Tele2

AB

10,528

Telecom

Italia

SpA/Milano

(d) 221,116

Telefonaktiebolaget

LM

Ericsson

53,816

546

Telefonica

SA

70,878

Telenor

ASA

11,840

Telia

Co

AB

45,375

Telstra

Group

Ltd

76,636

Vodafone

Group

PLC

374,460

$

34,865

Toys,

Games

&

Hobbies

-

.22

%

Bandai

Namco

Holdings

Inc

4,000

Nintendo

Co

Ltd

39,900

3,403

$

3,528

Transportation

-

.48

%

AP

Moller

-

Maersk

A/S

-

A

AP

Moller

-

Maersk

A/S

-

B

Canadian

Pacific

Kansas

City

Ltd

175,535

12,632

Central

Japan

Railway

Co

14,900

Deutsche

Post

AG

198,717

9,130

East

Japan

Railway

Co

12,000

Getlink

SE

2,907

Hankyu

Hanshin

Holdings

Inc

4,600

Kawasaki

Kisen

Kaisha

Ltd

(e) 6,800

Kuehne

+

Nagel

International

AG

928

Mitsui

OSK

Lines

Ltd

(e) 6,700

MTR

Corp

Ltd

15,000

Nippon

Yusen

KK

8,300

Poste

Italiane

SpA

(f) 8,790

SG

Holdings

Co

Ltd

5,500

SITC

International

Holdings

Co

Ltd

26,000

Tokyo

Metro

Co

Ltd

1,600

Tokyu

Corp

4,800

West

Japan

Railway

Co

8,100

$

24,278

Water

-

.05

%

Severn

Trent

PLC

5,205

United

Utilities

Group

PLC

13,111

Veolia

Environnement

SA

12,109

$

797

TOTAL

COMMON

STOCKS

$

1,487,317

PREFERRED

STOCKS

-

.69

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.68

%

Bayerische

Motoren

Werke

AG

4.32%

1,078

$

Dr

Ing

hc

F

Porsche

AG

1.49%

(e),(f)

200,053

10,467

Porsche

Automobil

Holding

SE

1.91%

2,945

Volkswagen

AG

6.36%

3,965

$

11,090

Consumer

Products

-

.01

%

Henkel

AG

&

Co

KGaA

2.04%

3,085

TOTAL

PREFERRED

STOCKS

$

11,340

Total

Investments

$

1,680,475

Other

Assets

and

Liabilities

- (2.42)%

(39,715)

TOTAL

NET

ASSETS

-

100.00%

$

1,640,760

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$8,805

or

0.54%

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

$8,144

or

0.50%

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

$31,130

or

1.90%

of

net

assets.

Schedule

of

Investments

Overseas

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

11,503

$

1,328,362

$

1,162,722

$

177,143

$

11,503

$

1,328,362

$

1,162,722

$

177,143

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

909

$

—

$

—

$

—

$

909

$

—

$

—

$

—

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;

December

2025

Long

$

15,579

$

(11)

Total

$

(11)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Principal

Capital

Appreciation

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.81

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.81

%

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b)

93,887,950

$

93,888

TOTAL

INVESTMENT

COMPANIES

$

93,888

COMMON

STOCKS

-

.62

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.98

%

Boeing

Co/The

(c) 76,409

$

15,360

RTX

Corp

197,005

35,165

$

50,525

Apparel

-

.37

%

Birkenstock

Holding

Plc

(c) 482,361

19,251

Automobile

Manufacturers

-

.74

%

Cummins

Inc

69,042

30,218

PACCAR

Inc

180,258

17,738

Tesla

Inc

(c) 206,105

94,099

$

142,055

Banks

-

.65

%

East

West

Bancorp

Inc

249,970

25,397

JPMorgan

Chase

&

Co

516,357

160,649

Morgan

Stanley

222,557

36,500

Wintrust

Financial

Corp

140,503

18,268

$

240,814

Biotechnology

-

.91

%

Gilead

Sciences

Inc

107,512

12,879

Vertex

Pharmaceuticals

Inc

(c) 80,000

34,045

$

46,924

Building

Materials

-

.17

%

CRH

PLC

436,929

52,038

Modine

Manufacturing

Co

(c) 199,104

30,505

Trane

Technologies

PLC

66,358

29,772

$

112,315

Chemicals

-

.84

%

Linde

PLC

104,489

43,708

Commercial

Services

-

.51

%

Service

Corp

International/US

319,415

26,674

Computers

-

.05

%

Apple

Inc

1,213,239

328,024

Western

Digital

Corp

247,128

37,121

$

365,145

Cosmetics

&

Personal

Care

-

.62

%

Procter

&

Gamble

Co/The

212,265

31,918

Diversified

Financial

Services

-

.96

%

American

Express

Co

110,583

39,891

Ameriprise

Financial

Inc

79,897

36,175

Nasdaq

Inc

591,206

50,542

Visa

Inc

383,492

130,671

$

257,279

Electric

-

.83

%

Constellation

Energy

Corp

171,720

64,739

NRG

Energy

Inc

176,343

30,306

$

95,045

Electrical

Components

&

Equipment

-

.80

%

Eaton

Corp

PLC

109,054

41,611

Energy

-

Alternate

Sources

-

.55

%

NEXTracker

Inc

(c) 283,377

28,683

Environmental

Control

-

.98

%

Republic

Services

Inc

243,085

50,620

Food

-

.15

%

Sprouts

Farmers

Market

Inc

(c) 99,411

7,850

Gas

-

.57

%

Atmos

Energy

Corp

170,475

29,274

Healthcare

-

Products

-

.24

%

Abbott

Laboratories

200,956

24,842

Stryker

Corp

25,744

9,171

Thermo

Fisher

Scientific

Inc

144,926

82,230

$

116,243

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Services

-

.67

%

HCA

Healthcare

Inc

75,203

$

34,569

Home

Builders

-

.67

%

DR

Horton

Inc

232,154

34,610

Insurance

-

.56

%

Berkshire

Hathaway

Inc

-

Class

B

(c) 138,082

65,940

Progressive

Corp/The

71,390

14,706

$

80,646

Internet

-

.40

%

Alphabet

Inc

-

A

Shares

906,144

254,799

Amazon.com

Inc

(c) 805,905

196,818

AppLovin

Corp

(c) 34,126

21,750

Meta

Platforms

Inc

195,205

126,561

Netflix

Inc

(c) 28,034

31,366

Palo

Alto

Networks

Inc

(c) 300,011

66,074

Reddit

Inc

(c) 159,637

33,356

Shopify

Inc

(c) 286,662

49,839

Spotify

Technology

SA

(c) 36,567

23,963

Uber

Technologies

Inc

(c) 468,866

45,246

$

849,772

Investment

Companies

-

.40

%

Riot

Platforms

Inc

(c) 1,044,592

20,662

Machinery

-

Construction

&

Mining

-

.48

%

BWX

Technologies

Inc

114,800

24,522

Caterpillar

Inc

19,173

11,068

GE

Vernova

Inc

70,073

41,003

$

76,593

Machinery

-

Diversified

-

.38

%

Deere

&

Co

43,143

19,916

Media

-

.55

%

Nexstar

Media

Group

Inc

145,860

28,549

Mining

-

.36

%

Cameco

Corp

183,126

18,717

Miscellaneous

Manufacturers

-

.82

%

Parker-Hannifin

Corp

54,742

42,306

Oil

&

Gas

-

.30

%

Expand

Energy

Corp

195,667

20,215

Exxon

Mobil

Corp

288,170

32,955

Marathon

Petroleum

Corp

337,408

65,764

$

118,934

Pharmaceuticals

-

.85

%

AbbVie

Inc

249,841

54,475

Eli

Lilly

&

Co

71,602

61,783

McKesson

Corp

90,160

73,150

Novartis

AG

ADR

502,296

62,179

$

251,587

Pipelines

-

.71

%

Kinder

Morgan

Inc

1,414,562

37,047

Private

Equity

-

.55

%

KKR

&

Co

Inc

243,000

28,754

REITs

-

.13

%

Equinix

Inc

3,836

3,245

Extra

Space

Storage

Inc

109,427

14,613

Regency

Centers

Corp

586,932

40,469

$

58,327

Retail

-

.58

%

Casey's

General

Stores

Inc

140,752

72,232

Costco

Wholesale

Corp

70,560

64,312

Domino's

Pizza

Inc

49,258

19,627

O'Reilly

Automotive

Inc

(c) 411,285

38,842

TJX

Cos

Inc/The

563,006

78,900

Tractor

Supply

Co

279,824

15,141

$

289,054

Semiconductors

-

.97

%

Broadcom

Inc

490,948

181,469

KLA

Corp

50,140

60,606

Lam

Research

Corp

416,038

65,509

NVIDIA

Corp

1,976,179

400,157

Schedule

of

Investments

Principal

Capital

Appreciation

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Semiconductors

(continued)

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

226,838

$

68,149

$

775,890

Software

-

.23

%

Broadridge

Financial

Solutions

Inc

113,060

24,918

Cloudflare

Inc

(c) 162,118

41,065

Datadog

Inc

(c) 128,517

20,924

Fair

Isaac

Corp

(c) 15,545

25,797

Microsoft

Corp

673,743

348,871

Salesforce

Inc

41,862

10,901

ServiceNow

Inc

(c) 18,186

16,718

Twilio

Inc

(c) 157,776

21,281

Workday

Inc

(c) 82,794

19,864

$

530,339

Telecommunications

-

.09

%

Arista

Networks

Inc

(c) 275,621

43,463

Motorola

Solutions

Inc

73,756

29,997

T-Mobile

US

Inc

166,898

35,057

$

108,517

TOTAL

COMMON

STOCKS

$

5,110,723

Total

Investments

$

5,204,611

Other

Assets

and

Liabilities

- (0.43)%

(22,244)

TOTAL

NET

ASSETS

-

100.00%

$

5,182,367

(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

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

24,066

$

1,530,851

$

1,461,029

$

93,888

$

24,066

$

1,530,851

$

1,461,029

$

93,888

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

1,965

$

—

$

—

$

—

$

1,965

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

LifeTime

2015

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.85

%

Blue

Chip

Fund

(a) 137,053

$

7,084

Core

Fixed

Income

Fund

(a) 8,104,200

70,831

Diversified

Real

Asset

Fund

(a) 64,641

780

Global

Emerging

Markets

Fund

(a) 109,570

3,828

High

Yield

Fund

(a) 1,953,663

13,129

International

Equity

Fund

(a) 1,113,438

18,160

International

Small

Company

Fund

(a) 72,495

905

LargeCap

Growth

Fund

I

(a) 398,484

7,595

MidCap

Fund

(a) 34,857

1,580

Real

Estate

Securities

Fund

(a) 116,073

3,258

SmallCap

Fund

(a) 95,882

3,065

SmallCap

S&P

600

Index

Fund

(a) 12,713

Small-MidCap

Dividend

Income

Fund

(a) 90,029

1,759

$

132,312

Principal

Funds,

Inc.

Institutional

Class

-

.16

%

Equity

Income

Fund

(a) 170,933

7,337

Inflation

Protection

Fund

(a) 1,447,022

11,663

LargeCap

S&P

500

Index

Fund

(a) 361,914

12,030

LargeCap

Value

Fund

III

(a) 320,253

6,591

Short-Term

Income

Fund

(a) 2,809,065

34,130

$

71,751

TOTAL

INVESTMENT

COMPANIES

$

204,063

Total

Investments

$

204,063

Other

Assets

and

Liabilities

- (0.01)%

(28)

TOTAL

NET

ASSETS

-

100.00%

$

204,035

(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.

Schedule

of

Investments

Principal

LifeTime

2015

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

9,912

$

868

$

4,665

$

7,084

Core

Fixed

Income

Fund

79,079

12,850

22,598

70,831

Diversified

International

Fund

18,969

1,270

20,157

—

Diversified

Real

Asset

Fund

976

780

Equity

Income

Fund

9,245

1,570

3,409

7,337

Global

Emerging

Markets

Fund

2,009

1,804

630

3,828

High

Income

Fund

1,855

2,224

—

High

Yield

Fund

15,974

4,494

6,899

13,129

High

Yield

Fund

-

Institutional

Class

—

2,150

2,150

—

Inflation

Protection

Fund

13,640

1,979

4,202

11,663

International

Equity

Fund

—

20,405

5,562

18,160

International

Small

Company

Fund

1,842

1,509

905

LargeCap

Growth

Fund

I

9,895

2,828

4,381

7,595

LargeCap

S&P

500

Index

Fund

10,329

3,231

3,111

12,030

LargeCap

Value

Fund

III

9,272

1,359

3,948

6,591

MidCap

Fund

2,415

1,036

1,580

Real

Estate

Securities

Fund

4,387

1,272

3,258

Short-Term

Income

Fund

41,120

5,389

12,879

34,130

SmallCap

Fund

3,277

707

1,202

3,065

SmallCap

S&P

600

Index

Fund

—

909

541

Small-MidCap

Dividend

Income

Fund

2,137

839

1,759

$

236,333

$

63,436

$

103,533

$

204,063

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

2,544

$

$

(1,575)

Core

Fixed

Income

Fund

2,768

(1,522)

—

3,022

Diversified

International

Fund

6,635

509

(6,717)

Diversified

Real

Asset

Fund

(10)

—

Equity

Income

Fund

1,006

760

(1,075)

Global

Emerging

Markets

Fund

—

637

High

Income

Fund

(8)

—

High

Yield

Fund

972

(42)

—

(398)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

—

International

Equity

Fund

—

—

2,870

International

Small

Company

Fund

—

LargeCap

Growth

Fund

I

1,138

2,345

(1,885)

LargeCap

S&P

500

Index

Fund

1,756

(175)

LargeCap

Value

Fund

III

940

563

(1,032)

MidCap

Fund

(112)

Real

Estate

Securities

Fund

(47)

(204)

Short-Term

Income

Fund

1,413

(34)

—

534

SmallCap

Fund

SmallCap

S&P

600

Index

Fund

(42)

Small-MidCap

Dividend

Income

Fund

(2)

$

6,828

$

13,008

$

4,984

$

(5,181)

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2020

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.10

%

Blue

Chip

Fund

(a) 1,582,554

$

81,802

Core

Fixed

Income

Fund

(a) 75,976,846

664,038

Diversified

Real

Asset

Fund

(a) 611,336

7,379

Global

Emerging

Markets

Fund

(a) 1,263,289

44,139

High

Yield

Fund

(a) 17,645,680

118,579

International

Equity

Fund

(a) 12,838,413

209,395

International

Small

Company

Fund

(a) 841,692

10,504

LargeCap

Growth

Fund

I

(a) 4,600,311

87,682

MidCap

Fund

(a) 402,684

18,250

Real

Estate

Securities

Fund

(a) 1,134,711

31,851

SmallCap

Fund

(a) 1,105,167

35,332

SmallCap

S&P

600

Index

Fund

(a) 145,880

3,873

Small-MidCap

Dividend

Income

Fund

(a) 1,041,078

20,343

$

1,333,167

Principal

Funds,

Inc.

Institutional

Class

-

.91

%

Equity

Income

Fund

(a) 1,986,564

85,263

Inflation

Protection

Fund

(a) 13,083,214

105,451

LargeCap

S&P

500

Index

Fund

(a) 4,154,829

138,106

LargeCap

Value

Fund

III

(a) 3,699,067

76,127

Short-Term

Income

Fund

(a) 22,969,873

279,084

$

684,031

TOTAL

INVESTMENT

COMPANIES

$

2,017,198

Total

Investments

$

2,017,198

Other

Assets

and

Liabilities

- (0.01)%

(215)

TOTAL

NET

ASSETS

-

100.00%

$

2,016,983

(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.

Schedule

of

Investments

Principal

LifeTime

2020

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

118,173

$

5,541

$

53,052

$

81,802

Core

Fixed

Income

Fund

730,173

94,355

174,580

664,038

Diversified

International

Fund

225,830

11,553

236,379

—

Diversified

Real

Asset

Fund

9,355

2,606

7,379

Equity

Income

Fund

110,253

12,391

36,122

85,263

Global

Emerging

Markets

Fund

24,718

18,279

6,435

44,139

High

Income

Fund

16,009

19,075

—

High

Yield

Fund

139,663

36,681

54,060

118,579

High

Yield

Fund

-

Institutional

Class

—

18,437

18,437

—

Inflation

Protection

Fund

119,610

14,581

30,958

105,451

International

Equity

Fund

—

236,270

65,817

209,395

International

Small

Company

Fund

21,833

4,209

16,899

10,504

LargeCap

Growth

Fund

I

117,961

29,254

49,717

87,682

LargeCap

S&P

500

Index

Fund

123,994

29,493

33,819

138,106

LargeCap

Value

Fund

III

110,572

9,853

42,811

76,127

MidCap

Fund

28,767

983

11,401

18,250

Real

Estate

Securities

Fund

43,093

1,676

10,421

31,851

Short-Term

Income

Fund

318,699

41,537

85,076

279,084

SmallCap

Fund

41,006

5,329

13,956

35,332

SmallCap

S&P

600

Index

Fund

—

11,023

6,796

3,873

Small-MidCap

Dividend

Income

Fund

25,451

3,440

8,789

20,343

$

2,325,160

$

585,599

$

977,206

$

2,017,198

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

31,406

$

5,180

$

(20,266)

Core

Fixed

Income

Fund

25,778

(12,903)

—

26,993

Diversified

International

Fund

5,381

1,536

6,157

(2,540)

Diversified

Real

Asset

Fund

(394)

—

731

Equity

Income

Fund

1,877

12,287

9,233

(13,546)

Global

Emerging

Markets

Fund

—

7,487

High

Income

Fund

(68)

—

2,713

High

Yield

Fund

8,635

(359)

—

(3,346)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

3,794

(2,517)

—

4,735

International

Equity

Fund

—

5,846

—

33,096

International

Small

Company

Fund

592

—

1,255

LargeCap

Growth

Fund

I

665

11,816

28,380

(21,632)

LargeCap

S&P

500

Index

Fund

1,751

21,098

1,610

(2,660)

LargeCap

Value

Fund

III

1,545

11,412

6,827

(12,899)

MidCap

Fund

862

(501)

Real

Estate

Securities

Fund

941

(509)

640

(1,988)

Short-Term

Income

Fund

11,129

(355)

—

4,279

SmallCap

Fund

2,873

SmallCap

S&P

600

Index

Fund

(506)

Small-MidCap

Dividend

Income

Fund

(62)

707

$

63,925

$

79,064

$

60,281

$

4,581

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2025

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.37

%

Blue

Chip

Fund

(a) 1,266,075

$

65,444

Core

Fixed

Income

Fund

(a) 50,016,188

437,141

Diversified

Real

Asset

Fund

(a) 434,825

5,248

Global

Emerging

Markets

Fund

(a) 1,009,341

35,266

High

Yield

Fund

(a) 10,630,759

71,439

International

Equity

Fund

(a) 10,264,705

167,417

International

Small

Company

Fund

(a) 675,877

8,435

LargeCap

Growth

Fund

I

(a) 3,679,485

70,131

MidCap

Fund

(a) 322,600

14,620

Real

Estate

Securities

Fund

(a) 764,334

21,455

SmallCap

Fund

(a) 885,088

28,296

SmallCap

S&P

600

Index

Fund

(a) 116,344

3,089

Small-MidCap

Dividend

Income

Fund

(a) 833,756

16,292

$

944,273

Principal

Funds,

Inc.

Institutional

Class

-

.64

%

Equity

Income

Fund

(a) 1,588,494

68,178

Inflation

Protection

Fund

(a) 7,881,071

63,521

LargeCap

S&P

500

Index

Fund

(a) 3,320,010

110,357

LargeCap

Value

Fund

III

(a) 2,960,201

60,921

Short-Term

Income

Fund

(a) 11,026,310

133,970

$

436,947

TOTAL

INVESTMENT

COMPANIES

$

1,381,220

Total

Investments

$

1,381,220

Other

Assets

and

Liabilities

- (0.01)%

(88)

TOTAL

NET

ASSETS

-

100.00%

$

1,381,132

(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.

Schedule

of

Investments

Principal

LifeTime

2025

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

92,702

$

5,857

$

42,002

$

65,444

Core

Fixed

Income

Fund

476,339

69,610

117,938

437,141

Diversified

International

Fund

176,852

9,758

185,791

—

Diversified

Real

Asset

Fund

6,469

1,811

5,248

Equity

Income

Fund

86,711

11,389

28,983

68,178

Global

Emerging

Markets

Fund

19,452

15,087

5,263

35,266

High

Income

Fund

9,415

11,320

—

High

Yield

Fund

81,871

24,066

32,205

71,439

High

Yield

Fund

-

Institutional

Class

—

10,944

10,944

—

Inflation

Protection

Fund

70,562

10,650

19,002

63,521

International

Equity

Fund

—

188,841

52,289

167,417

International

Small

Company

Fund

16,814

3,826

13,282

8,435

LargeCap

Growth

Fund

I

92,591

24,581

39,437

70,131

LargeCap

S&P

500

Index

Fund

94,480

27,361

25,817

110,357

LargeCap

Value

Fund

III

86,937

9,434

34,283

60,921

MidCap

Fund

22,690

1,237

9,216

14,620

Real

Estate

Securities

Fund

28,672

1,707

7,245

21,455

Short-Term

Income

Fund

146,617

27,717

42,174

133,970

SmallCap

Fund

31,006

5,323

10,476

28,296

SmallCap

S&P

600

Index

Fund

—

8,490

5,130

3,089

Small-MidCap

Dividend

Income

Fund

19,960

3,055

6,897

16,292

$

1,560,140

$

459,531

$

701,505

$

1,381,220

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

22,799

$

4,059

$

(13,912)

Core

Fixed

Income

Fund

16,899

(2,695)

—

11,825

Diversified

International

Fund

4,243

30,316

4,850

(31,135)

Diversified

Real

Asset

Fund

(86)

—

Equity

Income

Fund

1,492

5,297

7,254

(6,236)

Global

Emerging

Markets

Fund

—

5,912

High

Income

Fund

(42)

—

1,700

High

Yield

Fund

5,140

(212)

—

(2,081)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

2,251

(1,035)

—

2,346

International

Equity

Fund

—

4,403

—

26,462

International

Small

Company

Fund

—

1,063

LargeCap

Growth

Fund

I

525

5,724

22,380

(13,328)

LargeCap

S&P

500

Index

Fund

1,339

7,959

1,232

6,374

LargeCap

Value

Fund

III

1,220

6,621

5,397

(7,788)

MidCap

Fund

924

680

(1,015)

Real

Estate

Securities

Fund

633

(335)

(1,344)

Short-Term

Income

Fund

5,171

(40)

—

1,850

SmallCap

Fund

2,366

SmallCap

S&P

600

Index

Fund

(393)

Small-MidCap

Dividend

Income

Fund

(56)

553

$

40,704

$

79,833

$

47,358

$

(16,779)

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2030

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.37

%

Blue

Chip

Fund

(a) 5,669,361

$

293,049

Core

Fixed

Income

Fund

(a) 170,549,188

1,490,600

Diversified

Real

Asset

Fund

(a) 2,017,051

24,346

Global

Emerging

Markets

Fund

(a) 4,512,314

157,660

High

Yield

Fund

(a) 35,630,144

239,435

International

Equity

Fund

(a) 45,914,557

748,866

International

Small

Company

Fund

(a) 3,040,744

37,949

LargeCap

Growth

Fund

I

(a) 16,471,463

313,946

MidCap

Fund

(a) 1,446,733

65,566

Real

Estate

Securities

Fund

(a) 2,963,928

83,197

SmallCap

Fund

(a) 3,963,623

126,717

SmallCap

S&P

600

Index

Fund

(a) 519,106

13,782

Small-MidCap

Dividend

Income

Fund

(a) 3,735,951

73,001

$

3,668,114

Principal

Funds,

Inc.

Institutional

Class

-

.64

%

Equity

Income

Fund

(a) 7,114,055

305,335

Inflation

Protection

Fund

(a) 24,825,014

200,090

LargeCap

S&P

500

Index

Fund

(a) 14,831,268

492,991

LargeCap

Value

Fund

III

(a) 13,259,170

272,874

Short-Term

Income

Fund

(a) 22,516,284

273,573

$

1,544,863

TOTAL

INVESTMENT

COMPANIES

$

5,212,977

Total

Investments

$

5,212,977

Other

Assets

and

Liabilities

- (0.01)%

(443)

TOTAL

NET

ASSETS

-

100.00%

$

5,212,534

(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.

Schedule

of

Investments

Principal

LifeTime

2030

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

389,421

$

19,785

$

154,766

$

293,049

Core

Fixed

Income

Fund

1,483,949

242,694

266,681

1,490,600

Diversified

International

Fund

746,648

39,369

782,698

—

Diversified

Real

Asset

Fund

26,793

1,012

4,536

24,346

Equity

Income

Fund

365,327

42,830

99,759

305,335

Global

Emerging

Markets

Fund

79,804

67,135

15,445

157,660

High

Income

Fund

29,338

771

35,377

—

High

Yield

Fund

252,490

72,832

78,670

239,435

High

Yield

Fund

-

Institutional

Class

—

34,208

34,208

—

Inflation

Protection

Fund

211,704

29,643

45,479

200,090

International

Equity

Fund

—

791,244

176,736

748,866

International

Small

Company

Fund

68,575

13,501

48,985

37,949

LargeCap

Growth

Fund

I

389,076

98,479

143,805

313,946

LargeCap

S&P

500

Index

Fund

393,887

124,053

86,957

492,991

LargeCap

Value

Fund

III

366,230

34,331

123,775

272,874

MidCap

Fund

96,172

3,747

33,838

65,566

Real

Estate

Securities

Fund

102,880

4,621

18,194

83,197

Short-Term

Income

Fund

267,128

75,839

72,661

273,573

SmallCap

Fund

130,201

19,139

33,995

126,717

SmallCap

S&P

600

Index

Fund

—

34,853

19,963

13,782

Small-MidCap

Dividend

Income

Fund

84,376

10,478

22,709

73,001

$

5,483,999

$

1,760,564

$

2,299,237

$

5,212,977

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

506

$

42,561

$

17,153

$

(3,952)

Core

Fixed

Income

Fund

54,618

(10,320)

—

40,958

Diversified

International

Fund

17,917

41,381

20,582

(44,700)

Diversified

Real

Asset

Fund

841

(23)

—

1,100

Equity

Income

Fund

6,430

6,568

30,761

(9,631)

Global

Emerging

Markets

Fund

—

26,017

High

Income

Fund

771

(135)

—

5,403

High

Yield

Fund

16,496

(532)

—

(6,685)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

6,488

(104)

—

4,326

International

Equity

Fund

—

15,997

—

118,361

International

Small

Company

Fund

1,876

1,195

—

3,663

LargeCap

Growth

Fund

I

2,207

15,981

94,147

(45,785)

LargeCap

S&P

500

Index

Fund

5,591

31,036

5,139

30,972

LargeCap

Value

Fund

III

5,150

24,742

22,760

(28,654)

MidCap

Fund

1,059

2,901

(1,574)

Real

Estate

Securities

Fund

1,968

(2,408)

1,916

(3,702)

Short-Term

Income

Fund

9,471

(13)

—

3,280

SmallCap

Fund

1,251

1,273

11,025

SmallCap

S&P

600

Index

Fund

908

(1,579)

Small-MidCap

Dividend

Income

Fund

1,372

(155)

2,360

1,011

$

133,608

$

167,797

$

199,900

$

99,854

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2035

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.27

%

Blue

Chip

Fund

(a) 2,555,300

$

132,083

Core

Fixed

Income

Fund

(a) 68,304,677

596,983

Global

Emerging

Markets

Fund

(a) 2,031,017

70,964

High

Yield

Fund

(a) 12,959,462

87,088

International

Equity

Fund

(a) 20,677,952

337,257

International

Small

Company

Fund

(a) 1,374,895

17,159

LargeCap

Growth

Fund

I

(a) 7,421,485

141,453

MidCap

Fund

(a) 653,524

29,618

Real

Estate

Securities

Fund

(a) 1,455,597

40,859

SmallCap

Fund

(a) 1,787,168

57,136

SmallCap

S&P

600

Index

Fund

(a) 233,076

6,188

Small-MidCap

Dividend

Income

Fund

(a) 1,683,434

32,894

$

1,549,682

Principal

Funds,

Inc.

Institutional

Class

-

.74

%

Equity

Income

Fund

(a) 3,187,139

136,792

LargeCap

S&P

500

Index

Fund

(a) 6,697,526

222,626

LargeCap

Value

Fund

III

(a) 5,977,239

123,011

$

482,429

TOTAL

INVESTMENT

COMPANIES

$

2,032,111

Total

Investments

$

2,032,111

Other

Assets

and

Liabilities

- (0.01)%

(110)

TOTAL

NET

ASSETS

-

100.00%

$

2,032,001

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

161,293

$

13,252

$

59,249

$

132,083

Core

Fixed

Income

Fund

552,431

118,396

85,675

596,983

Diversified

International

Fund

309,490

19,817

328,020

—

Equity

Income

Fund

151,781

23,143

37,243

136,792

Global

Emerging

Markets

Fund

32,871

31,847

5,268

70,964

High

Income

Fund

9,586

12,213

—

High

Yield

Fund

85,397

27,753

23,027

87,088

High

Yield

Fund

-

Institutional

Class

—

11,832

11,832

—

International

Equity

Fund

—

346,890

68,671

337,257

International

Small

Company

Fund

30,327

5,207

20,613

17,159

LargeCap

Growth

Fund

I

161,264

46,361

54,579

141,453

LargeCap

S&P

500

Index

Fund

164,862

59,804

29,861

222,626

LargeCap

Value

Fund

III

152,101

19,618

47,349

123,011

MidCap

Fund

40,003

3,080

13,173

29,618

Real

Estate

Securities

Fund

46,930

3,881

7,071

40,859

SmallCap

Fund

54,844

10,085

12,633

57,136

SmallCap

S&P

600

Index

Fund

—

15,482

8,811

6,188

Small-MidCap

Dividend

Income

Fund

35,005

5,768

8,258

32,894

$

1,988,185

$

762,467

$

833,546

$

2,032,111

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

10,496

$

7,157

$

6,291

Core

Fixed

Income

Fund

20,869

—

11,822

Diversified

International

Fund

7,570

28,629

8,718

(29,916)

Equity

Income

Fund

2,777

677

12,882

(1,566)

Global

Emerging

Markets

Fund

—

11,492

High

Income

Fund

(46)

—

2,422

High

Yield

Fund

5,830

(139)

—

(2,896)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

5,728

—

53,310

International

Small

Company

Fund

857

—

2,104

LargeCap

Growth

Fund

I

927

(1,218)

39,552

(10,375)

LargeCap

S&P

500

Index

Fund

2,374

2,367

2,180

25,454

LargeCap

Value

Fund

III

2,173

1,911

9,594

(3,270)

MidCap

Fund

936

1,218

(1,228)

Real

Estate

Securities

Fund

985

853

(2,937)

SmallCap

Fund

538

547

4,814

SmallCap

S&P

600

Index

Fund

(699)

Small-MidCap

Dividend

Income

Fund

593

(73)

989

$

46,239

$

49,731

$

84,093

$

65,274

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2040

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.06

%

Blue

Chip

Fund

(a) 7,041,147

$

363,957

Core

Fixed

Income

Fund

(a) 103,899,785

908,084

Global

Emerging

Markets

Fund

(a) 5,599,952

195,662

High

Yield

Fund

(a) 22,993,405

154,516

International

Equity

Fund

(a) 57,000,446

929,677

International

Small

Company

Fund

(a) 3,784,719

47,233

LargeCap

Growth

Fund

I

(a) 20,452,229

389,820

MidCap

Fund

(a) 1,797,879

81,480

Real

Estate

Securities

Fund

(a) 3,304,201

92,749

SmallCap

Fund

(a) 4,924,399

157,433

SmallCap

S&P

600

Index

Fund

(a) 643,169

17,076

Small-MidCap

Dividend

Income

Fund

(a) 4,643,139

90,727

$

3,428,414

Principal

Funds,

Inc.

Institutional

Class

-

.95

%

Equity

Income

Fund

(a) 8,788,874

377,218

LargeCap

S&P

500

Index

Fund

(a) 18,460,682

613,633

LargeCap

Value

Fund

III

(a) 16,469,043

338,933

$

1,329,784

TOTAL

INVESTMENT

COMPANIES

$

4,758,198

Total

Investments

$

4,758,198

Other

Assets

and

Liabilities

- (0.01)%

(365)

TOTAL

NET

ASSETS

-

100.00%

$

4,757,833

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

459,086

$

24,542

$

166,752

$

363,957

Core

Fixed

Income

Fund

808,049

213,303

130,614

908,084

Diversified

International

Fund

882,611

47,877

926,882

—

Equity

Income

Fund

431,826

52,160

104,191

377,218

Global

Emerging

Markets

Fund

92,626

86,224

15,284

195,662

High

Income

Fund

16,487

21,014

—

High

Yield

Fund

143,355

54,021

37,765

154,516

High

Yield

Fund

-

Institutional

Class

—

20,356

20,356

—

International

Equity

Fund

—

953,452

188,487

929,677

International

Small

Company

Fund

84,687

13,317

56,949

47,233

LargeCap

Growth

Fund

I

458,919

117,830

153,668

389,820

LargeCap

S&P

500

Index

Fund

470,015

156,933

90,044

613,633

LargeCap

Value

Fund

III

432,810

42,083

132,178

338,933

MidCap

Fund

114,244

4,805

36,878

81,480

Real

Estate

Securities

Fund

111,163

5,355

17,121

92,749

SmallCap

Fund

156,294

22,442

34,986

157,433

SmallCap

S&P

600

Index

Fund

—

43,092

24,692

17,076

Small-MidCap

Dividend

Income

Fund

99,757

12,498

22,701

90,727

$

4,761,929

$

1,870,723

$

2,180,562

$

4,758,198

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

599

$

32,536

$

20,272

$

14,545

Core

Fixed

Income

Fund

30,577

(20)

—

17,366

Diversified

International

Fund

21,318

43,737

24,565

(47,343)

Equity

Income

Fund

7,763

2,361

36,459

(4,938)

Global

Emerging

Markets

Fund

—

32,006

High

Income

Fund

(94)

—

4,188

High

Yield

Fund

9,918

(182)

—

(4,913)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

17,802

—

146,910

International

Small

Company

Fund

2,345

1,480

—

4,698

LargeCap

Growth

Fund

I

2,615

(1,993)

111,545

(31,268)

LargeCap

S&P

500

Index

Fund

6,702

9,400

6,160

67,329

LargeCap

Value

Fund

III

6,118

12,642

27,033

(16,424)

MidCap

Fund

3,375

3,458

(4,066)

Real

Estate

Securities

Fund

2,274

524

1,998

(7,172)

SmallCap

Fund

1,514

1,540

13,255

SmallCap

S&P

600

Index

Fund

627

1,123

(1,951)

Small-MidCap

Dividend

Income

Fund

1,657

(137)

2,799

1,310

$

94,619

$

122,576

$

236,952

$

183,532

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2045

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.64

%

Blue

Chip

Fund

(a) 2,977,482

$

153,906

Core

Fixed

Income

Fund

(a) 22,018,759

192,444

Global

Emerging

Markets

Fund

(a) 2,365,232

82,641

High

Yield

Fund

(a) 6,154,505

41,358

International

Equity

Fund

(a) 24,087,394

392,865

International

Small

Company

Fund

(a) 1,605,359

20,035

LargeCap

Growth

Fund

I

(a) 8,646,205

164,797

MidCap

Fund

(a) 761,568

34,514

Real

Estate

Securities

Fund

(a) 1,239,269

34,786

SmallCap

Fund

(a) 2,082,747

66,586

SmallCap

S&P

600

Index

Fund

(a) 271,328

7,204

Small-MidCap

Dividend

Income

Fund

(a) 1,963,413

38,365

$

1,229,501

Principal

Funds,

Inc.

Institutional

Class

-

.37

%

Equity

Income

Fund

(a) 3,697,098

158,680

LargeCap

S&P

500

Index

Fund

(a) 7,819,650

259,925

LargeCap

Value

Fund

III

(a) 6,965,420

143,348

$

561,953

TOTAL

INVESTMENT

COMPANIES

$

1,791,454

Total

Investments

$

1,791,454

Other

Assets

and

Liabilities

- (0.01)%

(101)

TOTAL

NET

ASSETS

-

100.00%

$

1,791,353

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

179,416

$

15,983

$

60,702

$

153,906

Core

Fixed

Income

Fund

157,787

55,149

24,057

192,444

Diversified

International

Fund

346,192

21,269

366,005

—

Equity

Income

Fund

169,141

28,129

38,014

158,680

Global

Emerging

Markets

Fund

36,901

38,057

5,533

82,641

High

Income

Fund

4,051

5,216

—

High

Yield

Fund

35,737

15,531

8,599

41,358

High

Yield

Fund

-

Institutional

Class

—

5,055

5,055

—

International

Equity

Fund

—

397,130

72,003

392,865

International

Small

Company

Fund

33,206

6,210

21,969

20,035

LargeCap

Growth

Fund

I

179,435

52,920

55,422

164,797

LargeCap

S&P

500

Index

Fund

186,411

73,380

31,768

259,925

LargeCap

Value

Fund

III

169,474

24,178

49,144

143,348

MidCap

Fund

44,877

3,846

13,845

34,514

Real

Estate

Securities

Fund

39,194

3,563

5,548

34,786

SmallCap

Fund

62,593

12,043

13,682

66,586

SmallCap

S&P

600

Index

Fund

—

17,004

9,281

7,204

Small-MidCap

Dividend

Income

Fund

39,405

6,585

8,077

38,365

$

1,683,820

$

776,139

$

793,920

$

1,791,454

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

7,651

$

7,968

$

11,558

Core

Fixed

Income

Fund

6,216

—

3,561

Diversified

International

Fund

8,493

20,890

9,784

(22,346)

Equity

Income

Fund

3,149

512

14,370

(1,088)

Global

Emerging

Markets

Fund

—

13,212

High

Income

Fund

(23)

—

1,081

High

Yield

Fund

2,569

(34)

—

(1,277)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

5,606

—

62,132

International

Small

Company

Fund

942

—

2,369

LargeCap

Growth

Fund

I

1,034

(2,298)

44,108

(9,838)

LargeCap

S&P

500

Index

Fund

2,689

1,219

2,470

30,683

LargeCap

Value

Fund

III

2,427

1,001

10,718

(2,161)

MidCap

Fund

1,368

(615)

Real

Estate

Securities

Fund

836

714

(2,435)

SmallCap

Fund

616

(5)

627

5,637

SmallCap

S&P

600

Index

Fund

(755)

Small-MidCap

Dividend

Income

Fund

676

(68)

1,115

520

$

30,305

$

35,177

$

93,685

$

90,238

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2050

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.77

%

Blue

Chip

Fund

(a) 6,204,593

$

320,715

Core

Fixed

Income

Fund

(a) 16,202,322

141,608

Global

Emerging

Markets

Fund

(a) 4,931,382

172,303

High

Yield

Fund

(a) 5,998,889

40,313

International

Equity

Fund

(a) 50,214,500

818,999

International

Small

Company

Fund

(a) 3,341,559

41,703

LargeCap

Growth

Fund

I

(a) 18,018,688

343,436

MidCap

Fund

(a) 1,585,440

71,852

Real

Estate

Securities

Fund

(a) 2,314,899

64,979

SmallCap

Fund

(a) 4,339,237

138,725

SmallCap

S&P

600

Index

Fund

(a) 565,851

15,023

Small-MidCap

Dividend

Income

Fund

(a) 4,093,399

79,985

$

2,249,641

Principal

Funds,

Inc.

Institutional

Class

-

.24

%

Equity

Income

Fund

(a) 7,700,298

330,497

LargeCap

S&P

500

Index

Fund

(a) 16,309,940

542,143

LargeCap

Value

Fund

III

(a) 14,513,325

298,684

$

1,171,324

TOTAL

INVESTMENT

COMPANIES

$

3,420,965

Total

Investments

$

3,420,965

Other

Assets

and

Liabilities

- (0.01)%

(272)

TOTAL

NET

ASSETS

-

100.00%

$

3,420,693

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

387,324

$

25,252

$

132,412

$

320,715

Core

Fixed

Income

Fund

111,382

49,326

21,526

141,608

Diversified

International

Fund

744,415

41,835

782,889

—

Equity

Income

Fund

365,071

51,540

84,532

330,497

Global

Emerging

Markets

Fund

78,119

80,050

13,403

172,303

High

Income

Fund

3,683

4,856

—

High

Yield

Fund

33,723

16,670

8,808

40,313

High

Yield

Fund

-

Institutional

Class

—

4,708

4,708

—

International

Equity

Fund

—

823,832

146,016

818,999

International

Small

Company

Fund

72,023

13,487

49,028

41,703

LargeCap

Growth

Fund

I

387,302

104,010

121,234

343,436

LargeCap

S&P

500

Index

Fund

393,123

155,108

71,780

542,143

LargeCap

Value

Fund

III

365,834

43,013

107,507

298,684

MidCap

Fund

97,065

5,916

30,456

71,852

Real

Estate

Securities

Fund

77,113

4,796

12,272

64,979

SmallCap

Fund

132,352

23,825

29,390

138,725

SmallCap

S&P

600

Index

Fund

—

36,779

20,652

15,023

Small-MidCap

Dividend

Income

Fund

84,786

12,423

18,267

79,985

$

3,333,315

$

1,492,667

$

1,659,736

$

3,420,965

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

506

$

20,306

$

17,101

$

20,245

Core

Fixed

Income

Fund

4,377

(1)

—

2,427

Diversified

International

Fund

18,001

38,367

20,661

(41,728)

Equity

Income

Fund

6,627

1,278

30,820

(2,860)

Global

Emerging

Markets

Fund

—

27,506

High

Income

Fund

(26)

—

1,102

High

Yield

Fund

2,420

(34)

—

(1,238)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

11,720

—

129,463

International

Small

Company

Fund

1,996

1,008

—

4,213

LargeCap

Growth

Fund

I

2,207

(3,300)

94,158

(23,342)

LargeCap

S&P

500

Index

Fund

5,607

3,787

5,152

61,905

LargeCap

Value

Fund

III

5,174

2,610

22,856

(5,266)

MidCap

Fund

1,302

2,937

(1,975)

Real

Estate

Securities

Fund

1,582

1,387

(4,914)

SmallCap

Fund

1,282

1,304

11,562

SmallCap

S&P

600

Index

Fund

547

958

(1,651)

Small-MidCap

Dividend

Income

Fund

1,415

(114)

2,379

1,157

$

51,958

$

78,113

$

199,713

$

176,606

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2055

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.94

%

Blue

Chip

Fund

(a) 2,260,723

$

116,857

Core

Fixed

Income

Fund

(a) 3,169,813

27,704

Global

Emerging

Markets

Fund

(a) 1,793,572

62,667

High

Yield

Fund

(a) 1,338,181

8,992

International

Equity

Fund

(a) 18,276,801

298,095

International

Small

Company

Fund

(a) 1,223,367

15,268

LargeCap

Growth

Fund

I

(a) 6,562,822

125,087

MidCap

Fund

(a) 579,391

26,258

Real

Estate

Securities

Fund

(a) 833,901

23,408

SmallCap

Fund

(a) 1,581,895

50,573

SmallCap

S&P

600

Index

Fund

(a) 205,275

5,450

Small-MidCap

Dividend

Income

Fund

(a) 1,491,053

29,135

$

789,494

Principal

Funds,

Inc.

Institutional

Class

-

.07

%

Equity

Income

Fund

(a) 2,791,265

119,801

LargeCap

S&P

500

Index

Fund

(a) 5,947,630

197,699

LargeCap

Value

Fund

III

(a) 5,289,528

108,859

$

426,359

TOTAL

INVESTMENT

COMPANIES

$

1,215,853

Total

Investments

$

1,215,853

Other

Assets

and

Liabilities

- (0.01)%

(79)

TOTAL

NET

ASSETS

-

100.00%

$

1,215,774

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

131,527

$

14,132

$

43,047

$

116,857

Core

Fixed

Income

Fund

30,671

4,452

8,066

27,704

Diversified

International

Fund

253,931

17,436

270,009

—

Equity

Income

Fund

124,436

24,278

28,545

119,801

Global

Emerging

Markets

Fund

26,939

30,481

4,499

62,667

High

Income

Fund

1,134

1,474

—

High

Yield

Fund

9,775

2,979

3,378

8,992

High

Yield

Fund

-

Institutional

Class

—

1,429

1,429

—

International

Equity

Fund

—

294,957

46,838

298,095

International

Small

Company

Fund

24,595

5,573

16,754

15,268

LargeCap

Growth

Fund

I

131,592

41,254

39,165

125,087

LargeCap

S&P

500

Index

Fund

134,266

62,696

22,720

197,699

LargeCap

Value

Fund

III

124,649

21,363

36,387

108,859

MidCap

Fund

33,436

3,801

10,663

26,258

Real

Estate

Securities

Fund

26,248

2,933

4,135

23,408

SmallCap

Fund

45,965

11,056

10,654

50,573

SmallCap

S&P

600

Index

Fund

—

12,617

6,786

5,450

Small-MidCap

Dividend

Income

Fund

29,200

5,898

6,294

29,135

$

1,128,364

$

557,365

$

560,843

$

1,215,853

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

3,246

$

5,859

$

10,999

Core

Fixed

Income

Fund

1,128

(21)

—

668

Diversified

International

Fund

6,241

10,075

7,135

(11,433)

Equity

Income

Fund

2,321

10,608

(583)

Global

Emerging

Markets

Fund

—

9,745

High

Income

Fund

(7)

—

High

Yield

Fund

672

(18)

—

(366)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

2,855

—

47,121

International

Small

Company

Fund

700

—

1,778

LargeCap

Growth

Fund

I

759

(909)

32,396

(7,685)

LargeCap

S&P

500

Index

Fund

1,940

725

1,782

22,732

LargeCap

Value

Fund

III

1,788

7,895

(1,180)

MidCap

Fund

1,023

(452)

Real

Estate

Securities

Fund

557

(1,643)

SmallCap

Fund

(12)

4,218

SmallCap

S&P

600

Index

Fund

(557)

Small-MidCap

Dividend

Income

Fund

(45)

830

$

17,495

$

16,912

$

68,797

$

74,055

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2060

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.95

%

Blue

Chip

Fund

(a) 2,221,467

$

114,828

Core

Fixed

Income

Fund

(a) 3,117,180

27,244

Global

Emerging

Markets

Fund

(a) 1,761,392

61,543

High

Yield

Fund

(a) 1,315,795

8,842

International

Equity

Fund

(a) 17,952,890

292,813

International

Small

Company

Fund

(a) 1,203,995

15,026

LargeCap

Growth

Fund

I

(a) 6,448,076

122,900

MidCap

Fund

(a) 569,688

25,818

Real

Estate

Securities

Fund

(a) 825,407

23,169

SmallCap

Fund

(a) 1,554,765

49,706

SmallCap

S&P

600

Index

Fund

(a) 201,431

5,348

Small-MidCap

Dividend

Income

Fund

(a) 1,465,287

28,632

$

775,869

Principal

Funds,

Inc.

Institutional

Class

-

.06

%

Equity

Income

Fund

(a) 2,742,606

117,712

LargeCap

S&P

500

Index

Fund

(a) 5,840,263

194,130

LargeCap

Value

Fund

III

(a) 5,198,189

106,979

$

418,821

TOTAL

INVESTMENT

COMPANIES

$

1,194,690

Total

Investments

$

1,194,690

Other

Assets

and

Liabilities

- (0.01)%

(71)

TOTAL

NET

ASSETS

-

100.00%

$

1,194,619

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

126,062

$

15,184

$

40,329

$

114,828

Core

Fixed

Income

Fund

29,550

4,754

7,712

27,244

Diversified

International

Fund

243,614

17,677

260,153

—

Equity

Income

Fund

119,389

24,839

26,411

117,712

Global

Emerging

Markets

Fund

25,733

30,343

4,056

61,543

High

Income

Fund

1,110

1,406

—

High

Yield

Fund

9,322

3,029

3,174

8,842

High

Yield

Fund

-

Institutional

Class

—

1,362

1,362

—

International

Equity

Fund

—

286,886

42,776

292,813

International

Small

Company

Fund

23,689

5,326

15,844

15,026

LargeCap

Growth

Fund

I

126,137

41,070

36,562

122,900

LargeCap

S&P

500

Index

Fund

128,642

63,264

20,710

194,130

LargeCap

Value

Fund

III

119,603

21,992

34,134

106,979

MidCap

Fund

32,109

4,005

10,001

25,818

Real

Estate

Securities

Fund

25,223

3,204

3,688

23,169

SmallCap

Fund

44,030

11,188

9,737

49,706

SmallCap

S&P

600

Index

Fund

—

12,180

6,463

5,348

Small-MidCap

Dividend

Income

Fund

28,010

5,942

5,694

28,632

$

1,082,223

$

552,275

$

530,212

$

1,194,690

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

2,369

$

5,609

$

11,542

Core

Fixed

Income

Fund

1,101

(31)

—

683

Diversified

International

Fund

5,958

7,221

6,850

(8,359)

Equity

Income

Fund

2,249

10,165

(280)

Global

Emerging

Markets

Fund

—

9,521

High

Income

Fund

(6)

—

High

Yield

Fund

655

(14)

—

(321)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

2,410

—

46,293

International

Small

Company

Fund

668

—

1,580

LargeCap

Growth

Fund

I

725

(618)

30,937

(7,127)

LargeCap

S&P

500

Index

Fund

1,852

539

1,701

22,395

LargeCap

Value

Fund

III

1,709

7,545

(854)

MidCap

Fund

981

(394)

Real

Estate

Securities

Fund

544

(1,574)

SmallCap

Fund

4,217

SmallCap

S&P

600

Index

Fund

(535)

Small-MidCap

Dividend

Income

Fund

(20)

795

$

16,796

$

12,951

$

65,797

$

77,453

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2065

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.99

%

Blue

Chip

Fund

(a) 528,071

$

27,296

Core

Fixed

Income

Fund

(a) 743,963

6,502

Global

Emerging

Markets

Fund

(a) 417,162

14,576

High

Yield

Fund

(a) 313,954

2,110

International

Equity

Fund

(a) 4,257,662

69,442

International

Small

Company

Fund

(a) 288,964

3,606

LargeCap

Growth

Fund

I

(a) 1,531,789

29,196

MidCap

Fund

(a) 135,980

6,163

Real

Estate

Securities

Fund

(a) 199,680

5,605

SmallCap

Fund

(a) 370,128

11,833

SmallCap

S&P

600

Index

Fund

(a) 47,443

1,259

Small-MidCap

Dividend

Income

Fund

(a) 348,613

6,812

$

184,400

Principal

Funds,

Inc.

Institutional

Class

-

.02

%

Equity

Income

Fund

(a) 651,875

27,979

LargeCap

S&P

500

Index

Fund

(a) 1,381,895

45,934

LargeCap

Value

Fund

III

(a) 1,236,494

25,447

$

99,360

TOTAL

INVESTMENT

COMPANIES

$

283,760

Total

Investments

$

283,760

Other

Assets

and

Liabilities

- (0.01)%

(30)

TOTAL

NET

ASSETS

-

100.00%

$

283,730

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

25,865

$

7,584

$

9,269

$

27,296

Core

Fixed

Income

Fund

6,160

2,329

2,143

6,502

Diversified

International

Fund

50,198

5,726

55,718

—

Equity

Income

Fund

24,645

9,450

6,265

27,979

Global

Emerging

Markets

Fund

5,334

8,080

1,021

14,576

High

Income

Fund

—

High

Yield

Fund

1,943

1,048

831

2,110

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

68,634

10,309

69,442

International

Small

Company

Fund

4,937

1,944

3,719

3,606

LargeCap

Growth

Fund

I

25,901

13,020

8,431

29,196

LargeCap

S&P

500

Index

Fund

26,374

19,177

4,844

45,934

LargeCap

Value

Fund

III

24,680

8,848

8,122

25,447

MidCap

Fund

6,701

2,080

2,532

6,163

Real

Estate

Securities

Fund

5,257

1,652

956

5,605

SmallCap

Fund

9,244

4,169

2,620

11,833

SmallCap

S&P

600

Index

Fund

—

2,597

1,259

1,259

Small-MidCap

Dividend

Income

Fund

5,867

2,441

1,600

6,812

$

223,336

$

159,047

$

120,172

$

283,760

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

$

1,169

$

2,982

Core

Fixed

Income

Fund

—

Diversified

International

Fund

1,266

989

1,463

(1,195)

Equity

Income

Fund

501

2,134

Global

Emerging

Markets

Fund

—

2,182

High

Income

Fund

(1)

—

High

Yield

Fund

(3)

—

(47)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

10,861

International

Small

Company

Fund

—

LargeCap

Growth

Fund

I

(30)

6,509

(1,264)

LargeCap

S&P

500

Index

Fund

5,215

LargeCap

Value

Fund

III

1,598

MidCap

Fund

(90)

Real

Estate

Securities

Fund

(349)

SmallCap

Fund

(4)

1,044

SmallCap

S&P

600

Index

Fund

(109)

Small-MidCap

Dividend

Income

Fund

(6)

$

3,627

$

1,454

$

13,870

$

20,095

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2070

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.13

%

Blue

Chip

Fund

(a) 172,327

$

8,908

Core

Fixed

Income

Fund

(a) 246,070

2,151

Global

Emerging

Markets

Fund

(a) 134,307

4,693

High

Yield

Fund

(a) 103,784

697

International

Equity

Fund

(a) 1,377,637

22,469

International

Small

Company

Fund

(a) 97,594

1,218

LargeCap

Growth

Fund

I

(a) 498,660

9,505

MidCap

Fund

(a) 45,013

2,040

Real

Estate

Securities

Fund

(a) 67,344

1,890

SmallCap

Fund

(a) 121,438

3,882

SmallCap

S&P

600

Index

Fund

(a) 14,907

Small-MidCap

Dividend

Income

Fund

(a) 114,291

2,233

$

60,082

Principal

Funds,

Inc.

Institutional

Class

-

.89

%

Equity

Income

Fund

(a) 212,540

9,122

LargeCap

S&P

500

Index

Fund

(a) 443,590

14,745

LargeCap

Value

Fund

III

(a) 404,488

8,324

$

32,191

TOTAL

INVESTMENT

COMPANIES

$

92,273

Total

Investments

$

92,273

Other

Assets

and

Liabilities

- (0.02)%

(14)

TOTAL

NET

ASSETS

-

100.00%

$

92,259

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

5,108

$

5,369

$

2,448

$

8,908

Core

Fixed

Income

Fund

1,248

1,680

829

2,151

Diversified

International

Fund

9,958

2,998

12,958

—

Equity

Income

Fund

4,874

5,769

1,746

9,122

Global

Emerging

Markets

Fund

1,078

3,280

4,693

High

Income

Fund

—

High

Yield

Fund

598

697

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

21,862

2,589

22,469

International

Small

Company

Fund

999

1,379

1,317

1,218

LargeCap

Growth

Fund

I

5,124

6,462

2,217

9,505

LargeCap

S&P

500

Index

Fund

5,200

9,252

1,241

14,745

LargeCap

Value

Fund

III

4,886

5,610

2,358

8,324

MidCap

Fund

1,338

1,561

827

2,040

Real

Estate

Securities

Fund

1,043

1,220

1,890

SmallCap

Fund

1,891

2,569

930

3,882

SmallCap

S&P

600

Index

Fund

—

655

Small-MidCap

Dividend

Income

Fund

1,180

1,579

577

2,233

$

44,366

$

71,887

$

31,269

$

92,273

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

(33)

$

$

912

Core

Fixed

Income

Fund

—

—

Diversified

International

Fund

(197)

Equity

Income

Fund

(49)

Global

Emerging

Markets

Fund

—

—

636

High

Income

Fund

—

—

(2)

High

Yield

Fund

(1)

—

—

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

3,187

International

Small

Company

Fund

—

LargeCap

Growth

Fund

I

(141)

1,314

LargeCap

S&P

500

Index

Fund

(13)

1,547

LargeCap

Value

Fund

III

(37)

MidCap

Fund

(20)

(12)

Real

Estate

Securities

Fund

(7)

(75)

SmallCap

Fund

(45)

SmallCap

S&P

600

Index

Fund

(1)

Small-MidCap

Dividend

Income

Fund

(12)

$

810

$

(144)

$

2,825

$

7,433

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2015

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.91

%

Diversified

Real

Asset

Fund

(a) 166,936

$

2,015

Global

Emerging

Markets

Fund

(a) 248,761

8,692

High

Yield

Fund

(a) 4,516,346

30,350

International

Equity

Fund

(a) 2,542,042

41,461

International

Small

Company

Fund

(a) 175,558

2,191

MidCap

S&P

Index

Fund

(a) 342,112

7,885

Real

Estate

Securities

Fund

(a) 280,922

7,885

SmallCap

S&P

600

Index

Fund

(a) 289,643

7,690

$

108,169

Principal

Funds,

Inc.

Institutional

Class

-

.11

%

Bond

Market

Index

Fund

(a) 18,516,136

163,868

Inflation

Protection

Fund

(a) 3,365,329

27,125

LargeCap

S&P

500

Index

Fund

(a) 2,832,633

94,157

Short-Term

Income

Fund

(a) 6,496,171

78,928

$

364,078

TOTAL

INVESTMENT

COMPANIES

$

472,247

Total

Investments

$

472,247

Other

Assets

and

Liabilities

- (0.02)%

(91)

TOTAL

NET

ASSETS

-

100.00%

$

472,156

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

109,735

$

57,824

$

7,917

$

163,868

Diversified

International

Fund

25,739

3,726

29,431

—

Diversified

Real

Asset

Fund

1,629

705

2,015

Global

Emerging

Markets

Fund

2,780

4,864

8,692

High

Income

Fund

2,436

2,881

—

High

Yield

Fund

21,370

14,464

4,945

30,350

High

Yield

Fund

-

Institutional

Class

—

2,784

2,784

—

Inflation

Protection

Fund

19,179

9,414

2,146

27,125

International

Equity

Fund

—

39,727

4,725

41,461

International

Small

Company

Fund

2,610

1,450

2,152

2,191

LargeCap

S&P

500

Index

Fund

65,490

27,912

13,583

94,157

MidCap

S&P

Index

Fund

6,540

3,899

2,163

7,885

Real

Estate

Securities

Fund

5,904

2,850

7,885

Short-Term

Income

Fund

56,585

27,846

6,427

78,928

SmallCap

S&P

600

Index

Fund

4,544

4,092

841

7,690

$

324,541

$

201,621

$

81,080

$

472,247

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

3,990

$

—

$

—

$

4,226

Diversified

International

Fund

662

3,556

779

(3,590)

Diversified

Real

Asset

Fund

—

Global

Emerging

Markets

Fund

—

1,278

High

Income

Fund

(9)

—

High

Yield

Fund

1,747

(31)

—

(508)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

652

—

—

678

International

Equity

Fund

—

—

6,373

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

980

899

14,281

MidCap

S&P

Index

Fund

631

(392)

Real

Estate

Securities

Fund

(1)

(410)

Short-Term

Income

Fund

2,546

—

—

924

SmallCap

S&P

600

Index

Fund

(106)

$

11,278

$

3,700

$

2,773

$

23,465

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2020

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.73

%

Diversified

Real

Asset

Fund

(a) 206,393

$

2,491

Global

Emerging

Markets

Fund

(a) 376,748

13,164

High

Yield

Fund

(a) 5,290,531

35,552

International

Equity

Fund

(a) 3,835,750

62,561

International

Small

Company

Fund

(a) 255,147

3,184

MidCap

S&P

Index

Fund

(a) 508,690

11,725

Real

Estate

Securities

Fund

(a) 344,455

9,669

SmallCap

S&P

600

Index

Fund

(a) 434,988

11,549

$

149,895

Principal

Funds,

Inc.

Institutional

Class

-

.28

%

Bond

Market

Index

Fund

(a) 22,520,018

199,302

Inflation

Protection

Fund

(a) 3,928,975

31,668

LargeCap

S&P

500

Index

Fund

(a) 4,262,079

141,671

Short-Term

Income

Fund

(a) 6,887,208

83,680

$

456,321

TOTAL

INVESTMENT

COMPANIES

$

606,216

Total

Investments

$

606,216

Other

Assets

and

Liabilities

- (0.01)%

(72)

TOTAL

NET

ASSETS

-

100.00%

$

606,144

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

170,802

$

44,091

$

20,288

$

199,302

Diversified

International

Fund

52,473

3,947

56,227

—

Diversified

Real

Asset

Fund

2,339

2,491

Global

Emerging

Markets

Fund

5,624

6,227

786

13,164

High

Income

Fund

3,647

4,352

—

High

Yield

Fund

31,977

13,015

8,589

35,552

High

Yield

Fund

-

Institutional

Class

—

4,206

4,206

—

Inflation

Protection

Fund

28,149

6,525

3,736

31,668

International

Equity

Fund

—

63,570

11,715

62,561

International

Small

Company

Fund

5,044

1,297

3,574

3,184

LargeCap

S&P

500

Index

Fund

133,703

19,350

34,563

141,671

MidCap

S&P

Index

Fund

12,725

3,548

3,685

11,725

Real

Estate

Securities

Fund

9,932

1,682

1,311

9,669

Short-Term

Income

Fund

74,272

19,725

11,365

83,680

SmallCap

S&P

600

Index

Fund

9,524

4,828

2,341

11,549

$

540,211

$

192,508

$

167,092

$

606,216

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

6,022

$

(7)

$

—

$

4,704

Diversified

International

Fund

1,300

9,042

1,506

(9,235)

Diversified

Real

Asset

Fund

—

Global

Emerging

Markets

Fund

—

2,097

High

Income

Fund

(14)

—

623

High

Yield

Fund

2,282

(64)

—

(787)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

925

—

729

International

Equity

Fund

—

799

—

9,907

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

1,946

2,961

1,789

20,220

MidCap

S&P

Index

Fund

1,192

(928)

Real

Estate

Securities

Fund

(12)

(622)

Short-Term

Income

Fund

2,948

(4)

—

1,052

SmallCap

S&P

600

Index

Fund

—

745

(462)

$

16,613

$

12,934

$

5,386

$

27,655

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2025

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.85

%

Diversified

Real

Asset

Fund

(a) 389,224

$

4,698

Global

Emerging

Markets

Fund

(a) 815,552

28,495

High

Yield

Fund

(a) 8,668,379

58,251

International

Equity

Fund

(a) 8,321,249

135,720

International

Small

Company

Fund

(a) 564,771

7,048

MidCap

S&P

Index

Fund

(a) 1,112,771

25,649

Real

Estate

Securities

Fund

(a) 644,055

18,079

SmallCap

S&P

600

Index

Fund

(a) 947,176

25,148

$

303,088

Principal

Funds,

Inc.

Institutional

Class

-

.16

%

Bond

Market

Index

Fund

(a) 40,320,404

356,835

Inflation

Protection

Fund

(a) 6,446,726

51,961

LargeCap

S&P

500

Index

Fund

(a) 9,259,626

307,790

Short-Term

Income

Fund

(a) 8,988,896

109,215

$

825,801

TOTAL

INVESTMENT

COMPANIES

$

1,128,889

Total

Investments

$

1,128,889

Other

Assets

and

Liabilities

- (0.01)%

(130)

TOTAL

NET

ASSETS

-

100.00%

$

1,128,759

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

273,319

$

92,312

$

17,493

$

356,835

Diversified

International

Fund

100,230

10,977

110,953

—

Diversified

Real

Asset

Fund

4,073

1,024

588

4,698

Global

Emerging

Markets

Fund

10,796

14,178

858

28,495

High

Income

Fund

5,325

6,346

—

High

Yield

Fund

45,543

24,094

10,155

58,251

High

Yield

Fund

-

Institutional

Class

—

6,134

6,134

—

Inflation

Protection

Fund

40,866

13,335

3,465

51,961

International

Equity

Fund

—

131,256

17,746

135,720

International

Small

Company

Fund

9,846

3,310

7,016

7,048

LargeCap

S&P

500

Index

Fund

254,566

57,263

52,435

307,790

MidCap

S&P

Index

Fund

25,032

8,783

6,440

25,649

Real

Estate

Securities

Fund

16,208

4,195

1,247

18,079

Short-Term

Income

Fund

83,522

33,677

9,240

109,215

SmallCap

S&P

600

Index

Fund

17,916

11,312

3,325

25,148

$

887,242

$

411,990

$

253,441

$

1,128,889

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

9,759

$

$

—

$

8,696

Diversified

International

Fund

2,528

10,904

2,962

(11,158)

Diversified

Real

Asset

Fund

—

Global

Emerging

Markets

Fund

—

4,378

High

Income

Fund

(21)

—

902

High

Yield

Fund

3,493

(76)

—

(1,155)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

1,362

—

—

1,225

International

Equity

Fund

—

825

—

21,385

International

Small

Company

Fund

—

839

LargeCap

S&P

500

Index

Fund

3,755

999

3,449

47,397

MidCap

S&P

Index

Fund

852

2,381

(1,748)

Real

Estate

Securities

Fund

(2)

(1,075)

Short-Term

Income

Fund

3,527

(4)

—

1,260

SmallCap

S&P

600

Index

Fund

1,427

(756)

$

26,661

$

12,728

$

10,476

$

70,370

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2030

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.04

%

Diversified

Real

Asset

Fund

(a) 536,463

$

6,475

Global

Emerging

Markets

Fund

(a) 1,190,973

41,613

High

Yield

Fund

(a) 9,485,316

63,741

International

Equity

Fund

(a) 12,161,768

198,358

International

Small

Company

Fund

(a) 830,201

10,361

MidCap

S&P

Index

Fund

(a) 1,630,071

37,573

Real

Estate

Securities

Fund

(a) 820,257

23,025

SmallCap

S&P

600

Index

Fund

(a) 1,386,722

36,818

$

417,964

Principal

Funds,

Inc.

Institutional

Class

-

.97

%

Bond

Market

Index

Fund

(a) 44,881,983

397,206

Inflation

Protection

Fund

(a) 6,628,467

53,425

LargeCap

S&P

500

Index

Fund

(a) 13,538,121

450,007

Short-Term

Income

Fund

(a) 5,987,181

72,744

$

973,382

TOTAL

INVESTMENT

COMPANIES

$

1,391,346

Total

Investments

$

1,391,346

Other

Assets

and

Liabilities

- (0.01)%

(190)

TOTAL

NET

ASSETS

-

100.00%

$

1,391,156

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

269,539

$

130,945

$

12,901

$

397,206

Diversified

International

Fund

132,651

17,808

150,244

—

Diversified

Real

Asset

Fund

4,748

1,684

6,475

Global

Emerging

Markets

Fund

14,205

22,016

741

41,613

High

Income

Fund

5,186

6,227

—

High

Yield

Fund

44,506

29,180

8,694

63,741

High

Yield

Fund

-

Institutional

Class

—

6,020

6,020

—

Inflation

Protection

Fund

37,893

17,669

3,383

53,425

International

Equity

Fund

—

187,791

20,439

198,358

International

Small

Company

Fund

13,077

5,711

9,747

10,361

LargeCap

S&P

500

Index

Fund

337,016

107,622

62,590

450,007

MidCap

S&P

Index

Fund

33,305

15,663

9,171

37,573

Real

Estate

Securities

Fund

18,855

6,790

1,359

23,025

Short-Term

Income

Fund

47,156

31,245

6,380

72,744

SmallCap

S&P

600

Index

Fund

23,981

18,079

4,305

36,818

$

982,118

$

598,359

$

302,422

$

1,391,346

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

9,744

$

—

$

—

$

9,623

Diversified

International

Fund

3,381

13,722

3,977

(13,937)

Diversified

Real

Asset

Fund

—

—

Global

Emerging

Markets

Fund

(1)

—

6,134

High

Income

Fund

(20)

—

925

High

Yield

Fund

3,602

(61)

—

(1,190)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

1,252

—

—

1,246

International

Equity

Fund

—

—

30,721

International

Small

Company

Fund

—

1,255

LargeCap

S&P

500

Index

Fund

5,006

4,570

67,848

MidCap

S&P

Index

Fund

1,140

(3)

3,170

(2,221)

Real

Estate

Securities

Fund

(1,262)

Short-Term

Income

Fund

2,075

(3)

—

726

SmallCap

S&P

600

Index

Fund

(2)

1,911

(935)

$

27,876

$

14,094

$

13,995

$

99,197

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2035

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.29

%

Global

Emerging

Markets

Fund

(a) 947,786

$

33,116

High

Yield

Fund

(a) 6,092,236

40,940

International

Equity

Fund

(a) 9,678,471

157,856

International

Small

Company

Fund

(a) 661,632

8,257

MidCap

S&P

Index

Fund

(a) 1,297,241

29,901

Real

Estate

Securities

Fund

(a) 695,295

19,517

SmallCap

S&P

600

Index

Fund

(a) 1,103,220

29,290

$

318,877

Principal

Funds,

Inc.

Institutional

Class

-

.72

%

Bond

Market

Index

Fund

(a) 31,740,765

280,906

LargeCap

S&P

500

Index

Fund

(a) 10,773,315

358,105

$

639,011

TOTAL

INVESTMENT

COMPANIES

$

957,888

Total

Investments

$

957,888

Other

Assets

and

Liabilities

- (0.01)%

(117)

TOTAL

NET

ASSETS

-

100.00%

$

957,771

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

199,855

$

87,744

$

13,342

$

280,906

Diversified

International

Fund

111,116

12,609

123,419

—

Global

Emerging

Markets

Fund

11,784

17,195

818

33,116

High

Income

Fund

3,437

4,188

—

High

Yield

Fund

30,465

16,841

5,480

40,940

High

Yield

Fund

-

Institutional

Class

—

4,051

4,051

—

International

Equity

Fund

—

149,591

16,851

157,856

International

Small

Company

Fund

10,932

4,004

7,732

8,257

LargeCap

S&P

500

Index

Fund

282,174

71,010

49,964

358,105

MidCap

S&P

Index

Fund

27,507

10,951

6,730

29,901

Real

Estate

Securities

Fund

16,959

4,961

1,268

19,517

SmallCap

S&P

600

Index

Fund

20,051

13,335

3,270

29,290

$

714,280

$

392,382

$

237,113

$

957,888

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

7,070

$

—

$

—

$

6,649

Diversified

International

Fund

2,813

9,130

3,288

(9,436)

Global

Emerging

Markets

Fund

—

4,954

High

Income

Fund

(14)

—

675

High

Yield

Fund

2,391

(33)

—

(853)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

512

—

24,604

International

Small

Company

Fund

—

921

LargeCap

S&P

500

Index

Fund

4,174

3,831

54,584

MidCap

S&P

Index

Fund

940

2,623

(1,850)

Real

Estate

Securities

Fund

(1,136)

SmallCap

S&P

600

Index

Fund

1,598

(828)

$

18,629

$

10,055

$

11,657

$

78,284

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2040

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.98

%

Global

Emerging

Markets

Fund

(a) 1,387,407

$

48,476

High

Yield

Fund

(a) 5,738,504

38,563

International

Equity

Fund

(a) 14,166,188

231,051

International

Small

Company

Fund

(a) 965,254

12,046

MidCap

S&P

Index

Fund

(a) 1,896,420

43,712

Real

Estate

Securities

Fund

(a) 852,462

23,929

SmallCap

S&P

600

Index

Fund

(a) 1,613,287

42,833

$

440,610

Principal

Funds,

Inc.

Institutional

Class

-

.03

%

Bond

Market

Index

Fund

(a) 25,633,614

226,858

LargeCap

S&P

500

Index

Fund

(a) 15,763,790

523,988

$

750,846

TOTAL

INVESTMENT

COMPANIES

$

1,191,456

Total

Investments

$

1,191,456

Other

Assets

and

Liabilities

- (0.01)%

(154)

TOTAL

NET

ASSETS

-

100.00%

$

1,191,302

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

133,659

$

94,343

$

6,562

$

226,858

Diversified

International

Fund

144,186

21,033

164,946

—

Global

Emerging

Markets

Fund

15,446

26,845

907

48,476

High

Income

Fund

2,703

3,291

—

High

Yield

Fund

23,419

19,464

3,643

38,563

High

Yield

Fund

-

Institutional

Class

—

3,184

3,184

—

International

Equity

Fund

—

216,168

20,874

231,051

International

Small

Company

Fund

14,205

7,591

11,329

12,046

LargeCap

S&P

500

Index

Fund

366,634

138,670

59,944

523,988

MidCap

S&P

Index

Fund

35,818

19,851

9,721

43,712

Real

Estate

Securities

Fund

18,377

8,031

1,180

23,929

SmallCap

S&P

600

Index

Fund

26,311

21,643

4,240

42,833

$

780,758

$

576,894

$

289,821

$

1,191,456

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

4,813

$

—

$

—

$

5,418

Diversified

International

Fund

3,715

11,838

4,384

(12,111)

Global

Emerging

Markets

Fund

—

—

7,092

High

Income

Fund

(11)

—

528

High

Yield

Fund

2,035

(22)

—

(655)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

35,344

International

Small

Company

Fund

—

1,476

LargeCap

S&P

500

Index

Fund

5,504

5,054

78,376

MidCap

S&P

Index

Fund

1,246

3,479

(2,253)

Real

Estate

Securities

Fund

(1,300)

SmallCap

S&P

600

Index

Fund

2,134

(895)

$

18,856

$

12,605

$

15,400

$

111,020

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2045

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.90

%

Global

Emerging

Markets

Fund

(a) 841,533

$

29,403

High

Yield

Fund

(a) 2,196,673

14,762

International

Equity

Fund

(a) 8,582,273

139,977

International

Small

Company

Fund

(a) 578,081

7,214

MidCap

S&P

Index

Fund

(a) 1,143,631

26,361

Real

Estate

Securities

Fund

(a) 445,475

12,504

SmallCap

S&P

600

Index

Fund

(a) 975,295

25,894

$

256,115

Principal

Funds,

Inc.

Institutional

Class

-

.11

%

Bond

Market

Index

Fund

(a) 7,769,773

68,763

LargeCap

S&P

500

Index

Fund

(a) 9,539,439

317,091

$

385,854

TOTAL

INVESTMENT

COMPANIES

$

641,969

Total

Investments

$

641,969

Other

Assets

and

Liabilities

- (0.01)%

(77)

TOTAL

NET

ASSETS

-

100.00%

$

641,892

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

45,656

$

25,765

$

4,254

$

68,763

Diversified

International

Fund

99,185

11,982

110,929

—

Global

Emerging

Markets

Fund

10,636

15,356

1,036

29,403

High

Income

Fund

1,162

1,403

—

High

Yield

Fund

10,220

6,624

1,806

14,762

High

Yield

Fund

-

Institutional

Class

—

1,355

1,355

—

International

Equity

Fund

—

133,571

16,131

139,977

International

Small

Company

Fund

9,718

3,324

6,774

7,214

LargeCap

S&P

500

Index

Fund

252,094

58,334

42,574

317,091

MidCap

S&P

Index

Fund

24,617

9,230

5,860

26,361

Real

Estate

Securities

Fund

11,242

3,042

1,037

12,504

SmallCap

S&P

600

Index

Fund

18,266

11,890

3,469

25,894

$

482,796

$

280,504

$

196,628

$

641,969

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

1,615

$

—

$

—

$

1,596

Diversified

International

Fund

2,507

7,513

2,946

(7,751)

Global

Emerging

Markets

Fund

—

4,445

High

Income

Fund

(4)

—

High

Yield

Fund

832

(7)

—

(269)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

644

—

21,893

International

Small

Company

Fund

—

873

LargeCap

S&P

500

Index

Fund

3,726

567

3,420

48,670

MidCap

S&P

Index

Fund

840

2,345

(1,648)

Real

Estate

Securities

Fund

(744)

SmallCap

S&P

600

Index

Fund

1,452

(804)

$

10,485

$

8,822

$

10,373

$

66,475

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2050

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.99

%

Global

Emerging

Markets

Fund

(a) 868,870

$

30,358

High

Yield

Fund

(a) 1,061,099

7,131

International

Equity

Fund

(a) 8,858,817

144,487

International

Small

Company

Fund

(a) 595,150

7,428

MidCap

S&P

Index

Fund

(a) 1,179,013

27,176

Real

Estate

Securities

Fund

(a) 417,212

11,711

SmallCap

S&P

600

Index

Fund

(a) 1,006,064

26,711

$

255,002

Principal

Funds,

Inc.

Institutional

Class

-

.02

%

Bond

Market

Index

Fund

(a) 2,833,862

25,080

LargeCap

S&P

500

Index

Fund

(a) 9,843,924

327,212

$

352,292

TOTAL

INVESTMENT

COMPANIES

$

607,294

Total

Investments

$

607,294

Other

Assets

and

Liabilities

- (0.01)%

(72)

TOTAL

NET

ASSETS

-

100.00%

$

607,222

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

14,620

$

10,987

$

1,137

$

25,080

Diversified

International

Fund

96,214

11,591

107,590

—

Global

Emerging

Markets

Fund

10,261

16,319

757

30,358

High

Income

Fund

578

—

High

Yield

Fund

4,387

3,498

659

7,131

High

Yield

Fund

-

Institutional

Class

—

558

558

—

International

Equity

Fund

—

134,360

12,857

144,487

International

Small

Company

Fund

9,497

3,795

6,866

7,428

LargeCap

S&P

500

Index

Fund

244,559

64,365

32,371

327,212

MidCap

S&P

Index

Fund

23,950

9,903

5,253

27,176

Real

Estate

Securities

Fund

10,015

3,093

726

11,711

SmallCap

S&P

600

Index

Fund

17,553

12,535

2,816

26,711

$

431,545

$

271,017

$

172,168

$

607,294

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

516

$

—

$

—

$

610

Diversified

International

Fund

2,419

7,576

2,857

(7,791)

Global

Emerging

Markets

Fund

—

4,533

High

Income

Fund

(1)

—

High

Yield

Fund

(3)

—

(92)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

529

—

22,455

International

Small

Company

Fund

—

932

LargeCap

S&P

500

Index

Fund

3,601

3,306

50,351

MidCap

S&P

Index

Fund

814

2,271

(1,444)

Real

Estate

Securities

Fund

(672)

SmallCap

S&P

600

Index

Fund

1,392

(566)

$

8,637

$

8,507

$

10,012

$

68,393

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2055

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.53

%

Global

Emerging

Markets

Fund

(a) 570,655

$

19,939

High

Yield

Fund

(a) 428,373

2,879

International

Equity

Fund

(a) 5,822,885

94,971

International

Small

Company

Fund

(a) 393,703

4,914

MidCap

S&P

Index

Fund

(a) 776,977

17,909

Real

Estate

Securities

Fund

(a) 269,031

7,552

SmallCap

S&P

600

Index

Fund

(a) 662,237

17,582

$

165,746

Principal

Funds,

Inc.

Institutional

Class

-

.49

%

Bond

Market

Index

Fund

(a) 1,003,646

8,882

LargeCap

S&P

500

Index

Fund

(a) 6,472,475

215,145

$

224,027

TOTAL

INVESTMENT

COMPANIES

$

389,773

Total

Investments

$

389,773

Other

Assets

and

Liabilities

- (0.02)%

(61)

TOTAL

NET

ASSETS

-

100.00%

$

389,712

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

7,495

$

2,928

$

1,815

$

8,882

Diversified

International

Fund

60,686

8,406

68,980

—

Global

Emerging

Markets

Fund

6,491

11,078

547

19,939

High

Income

Fund

—

High

Yield

Fund

2,344

1,384

787

2,879

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

87,782

7,551

94,971

International

Small

Company

Fund

6,010

2,735

4,471

4,914

LargeCap

S&P

500

Index

Fund

153,858

47,022

18,187

215,145

MidCap

S&P

Index

Fund

15,325

7,077

3,521

17,909

Real

Estate

Securities

Fund

6,297

2,236

551

7,552

SmallCap

S&P

600

Index

Fund

11,289

8,800

2,083

17,582

$

270,071

$

179,772

$

109,138

$

389,773

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

(2)

$

—

$

Diversified

International

Fund

1,540

4,416

1,822

(4,528)

Global

Emerging

Markets

Fund

—

2,916

High

Income

Fund

(1)

—

High

Yield

Fund

(3)

—

(59)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

14,494

International

Small

Company

Fund

—

621

LargeCap

S&P

500

Index

Fund

2,283

2,097

32,414

MidCap

S&P

Index

Fund

525

1,467

(976)

Real

Estate

Securities

Fund

—

(430)

SmallCap

S&P

600

Index

Fund

903

(427)

$

5,391

$

4,721

$

6,407

$

44,347

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2060

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.55

%

Global

Emerging

Markets

Fund

(a) 322,501

$

11,268

High

Yield

Fund

(a) 243,195

1,634

International

Equity

Fund

(a) 3,293,479

53,717

International

Small

Company

Fund

(a) 224,150

2,797

MidCap

S&P

Index

Fund

(a) 440,651

10,157

Real

Estate

Securities

Fund

(a) 154,994

4,351

SmallCap

S&P

600

Index

Fund

(a) 375,103

9,959

$

93,883

Principal

Funds,

Inc.

Institutional

Class

-

.47

%

Bond

Market

Index

Fund

(a) 569,844

5,043

LargeCap

S&P

500

Index

Fund

(a) 3,662,538

121,743

$

126,786

TOTAL

INVESTMENT

COMPANIES

$

220,669

Total

Investments

$

220,669

Other

Assets

and

Liabilities

- (0.02)%

(49)

TOTAL

NET

ASSETS

-

100.00%

$

220,620

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

3,992

$

2,019

$

1,124

$

5,043

Diversified

International

Fund

32,148

4,928

36,998

—

Global

Emerging

Markets

Fund

3,456

6,499

11,268

High

Income

Fund

—

High

Yield

Fund

1,252

879

1,634

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

49,396

3,802

53,717

International

Small

Company

Fund

3,202

1,786

2,552

2,797

LargeCap

S&P

500

Index

Fund

81,426

32,004

9,754

121,743

MidCap

S&P

Index

Fund

8,163

4,612

2,135

10,157

Real

Estate

Securities

Fund

3,358

1,516

4,351

SmallCap

S&P

600

Index

Fund

6,023

5,318

1,196

9,959

$

143,166

$

109,127

$

58,950

$

220,669

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

Diversified

International

Fund

826

2,295

969

(2,373)

Global

Emerging

Markets

Fund

—

1,606

High

Income

Fund

—

—

High

Yield

Fund

(1)

—

(28)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

8,025

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

1,219

1,116

18,058

MidCap

S&P

Index

Fund

788

(484)

Real

Estate

Securities

Fund

—

(234)

SmallCap

S&P

600

Index

Fund

(188)

$

2,892

$

2,407

$

3,422

$

24,919

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2065

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.57

%

Global

Emerging

Markets

Fund

(a) 119,225

$

4,166

High

Yield

Fund

(a) 90,768

610

International

Equity

Fund

(a) 1,219,683

19,893

International

Small

Company

Fund

(a) 84,336

1,053

MidCap

S&P

Index

Fund

(a) 164,273

3,786

Real

Estate

Securities

Fund

(a) 57,972

1,627

SmallCap

S&P

600

Index

Fund

(a) 139,401

3,701

$

34,836

Principal

Funds,

Inc.

Institutional

Class

-

.47

%

Bond

Market

Index

Fund

(a) 212,669

1,882

LargeCap

S&P

500

Index

Fund

(a) 1,358,104

45,144

$

47,026

TOTAL

INVESTMENT

COMPANIES

$

81,862

Total

Investments

$

81,862

Other

Assets

and

Liabilities

- (0.04)%

(35)

TOTAL

NET

ASSETS

-

100.00%

$

81,827

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

1,329

$

961

$

$

1,882

Diversified

International

Fund

10,531

2,488

13,019

—

Global

Emerging

Markets

Fund

1,134

2,563

4,166

High

Income

Fund

—

High

Yield

Fund

610

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

18,644

1,700

19,893

International

Small

Company

Fund

1,067

837

984

1,053

LargeCap

S&P

500

Index

Fund

26,583

15,670

3,600

45,144

MidCap

S&P

Index

Fund

2,759

2,113

920

3,786

Real

Estate

Securities

Fund

1,115

725

1,627

SmallCap

S&P

600

Index

Fund

2,018

2,249

502

3,701

$

46,999

$

46,702

$

21,743

$

81,862

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

Diversified

International

Fund

545

(545)

Global

Emerging

Markets

Fund

—

—

584

High

Income

Fund

—

—

High

Yield

Fund

—

—

(11)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

2,924

International

Small

Company

Fund

—

—

LargeCap

S&P

500

Index

Fund

6,490

MidCap

S&P

Index

Fund

—

(166)

Real

Estate

Securities

Fund

—

(80)

SmallCap

S&P

600

Index

Fund

—

(64)

$

974

$

571

$

1,165

$

9,333

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2070

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.06

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.61

%

Global

Emerging

Markets

Fund

(a) 17,678

$

618

High

Yield

Fund

(a) 14,019

International

Equity

Fund

(a) 182,249

2,972

International

Small

Company

Fund

(a) 13,460

MidCap

S&P

Index

Fund

(a) 25,240

582

Real

Estate

Securities

Fund

(a) 9,007

SmallCap

S&P

600

Index

Fund

(a) 21,148

562

$

5,249

Principal

Funds,

Inc.

Institutional

Class

-

.45

%

Bond

Market

Index

Fund

(a) 32,825

LargeCap

S&P

500

Index

Fund

(a) 204,149

6,786

$

7,076

TOTAL

INVESTMENT

COMPANIES

$

12,325

Total

Investments

$

12,325

Other

Assets

and

Liabilities

- (0.06)%

(8)

TOTAL

NET

ASSETS

-

100.00%

$

12,317

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

$

$

$

Diversified

International

Fund

920

573

1,497

—

Global

Emerging

Markets

Fund

618

High

Income

Fund

—

—

High

Yield

Fund

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

2,917

2,972

International

Small

Company

Fund

LargeCap

S&P

500

Index

Fund

2,331

4,712

1,121

6,786

MidCap

S&P

Index

Fund

592

582

Real

Estate

Securities

Fund

SmallCap

S&P

600

Index

Fund

526

562

$

4,107

$

10,693

$

3,823

$

12,325

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

Diversified

International

Fund

(48)

Global

Emerging

Markets

Fund

—

—

—

High

Income

Fund

—

—

—

—

High

Yield

Fund

—

—

—

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

—

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

862

MidCap

S&P

Index

Fund

(1)

(10)

Real

Estate

Securities

Fund

—

(10)

SmallCap

S&P

600

Index

Fund

(1)

—

$

$

$

$

1,295

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

Income

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.91

%

Diversified

Real

Asset

Fund

(a) 68,599

$

828

Global

Emerging

Markets

Fund

(a) 99,531

3,478

High

Yield

Fund

(a) 1,796,366

12,071

International

Equity

Fund

(a) 1,015,011

16,555

International

Small

Company

Fund

(a) 68,647

857

MidCap

S&P

Index

Fund

(a) 135,502

3,123

Real

Estate

Securities

Fund

(a) 109,141

3,064

SmallCap

S&P

600

Index

Fund

(a) 115,349

3,062

$

43,038

Principal

Funds,

Inc.

Institutional

Class

-

.11

%

Bond

Market

Index

Fund

(a) 7,365,340

65,183

Inflation

Protection

Fund

(a) 1,335,604

10,765

LargeCap

S&P

500

Index

Fund

(a) 1,129,255

37,537

Short-Term

Income

Fund

(a) 2,583,445

31,389

$

144,874

TOTAL

INVESTMENT

COMPANIES

$

187,912

Total

Investments

$

187,912

Other

Assets

and

Liabilities

- (0.02)%

(37)

TOTAL

NET

ASSETS

-

100.00%

$

187,875

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

54,113

$

17,698

$

8,164

$

65,183

Diversified

International

Fund

12,646

1,165

13,767

—

Diversified

Real

Asset

Fund

914

828

Global

Emerging

Markets

Fund

1,374

1,780

3,478

High

Income

Fund

1,148

1,366

—

High

Yield

Fund

10,580

4,986

3,223

12,071

High

Yield

Fund

-

Institutional

Class

—

1,320

1,320

—

Inflation

Protection

Fund

9,471

2,745

1,700

10,765

International

Equity

Fund

—

16,677

2,880

16,555

International

Small

Company

Fund

1,266

966

857

LargeCap

S&P

500

Index

Fund

31,985

7,838

8,312

37,537

MidCap

S&P

Index

Fund

3,228

1,190

1,067

3,123

Real

Estate

Securities

Fund

2,811

900

3,064

Short-Term

Income

Fund

27,876

8,309

5,198

31,389

SmallCap

S&P

600

Index

Fund

2,341

1,410

578

3,062

$

159,753

$

66,691

$

49,531

$

187,912

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

1,930

$

—

$

—

$

1,536

Diversified

International

Fund

809

(853)

Diversified

Real

Asset

Fund

—

Global

Emerging

Markets

Fund

—

541

High

Income

Fund

(4)

—

High

Yield

Fund

776

(19)

—

(253)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

—

International

Equity

Fund

—

—

2,623

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

5,827

MidCap

S&P

Index

Fund

(233)

Real

Estate

Securities

Fund

—

(189)

Short-Term

Income

Fund

1,127

(1)

—

SmallCap

S&P

600

Index

Fund

—

(111)

$

5,263

$

1,168

$

1,336

$

9,831

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.86

%

Blue

Chip

Fund

(a) 486,710

$

25,158

Core

Fixed

Income

Fund

(a) 28,795,451

251,672

Diversified

Real

Asset

Fund

(a) 239,987

2,897

Global

Emerging

Markets

Fund

(a) 387,190

13,528

High

Yield

Fund

(a) 6,942,389

46,653

International

Equity

Fund

(a) 3,941,017

64,278

International

Small

Company

Fund

(a) 261,341

3,262

LargeCap

Growth

Fund

I

(a) 1,413,850

26,948

MidCap

Fund

(a) 124,393

5,637

Real

Estate

Securities

Fund

(a) 418,243

11,740

SmallCap

Fund

(a) 340,563

10,888

SmallCap

S&P

600

Index

Fund

(a) 44,490

1,181

Small-MidCap

Dividend

Income

Fund

(a) 320,548

6,264

$

470,106

Principal

Funds,

Inc.

Institutional

Class

-

.15

%

Equity

Income

Fund

(a) 608,166

26,102

Inflation

Protection

Fund

(a) 5,151,249

41,519

LargeCap

S&P

500

Index

Fund

(a) 1,275,691

42,404

LargeCap

Value

Fund

III

(a) 1,138,365

23,428

Short-Term

Income

Fund

(a) 9,983,414

121,298

$

254,751

TOTAL

INVESTMENT

COMPANIES

$

724,857

Total

Investments

$

724,857

Other

Assets

and

Liabilities

- (0.01)%

(76)

TOTAL

NET

ASSETS

-

100.00%

$

724,781

(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.

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

33,023

$

2,269

$

13,428

$

25,158

Core

Fixed

Income

Fund

265,468

35,932

55,024

251,672

Diversified

International

Fund

63,552

3,621

66,881

—

Diversified

Real

Asset

Fund

3,337

775

2,897

Equity

Income

Fund

31,023

4,705

9,400

26,102

Global

Emerging

Markets

Fund

6,637

6,226

1,559

13,528

High

Income

Fund

6,174

7,401

—

High

Yield

Fund

52,801

13,833

18,499

46,653

High

Yield

Fund

-

Institutional

Class

—

7,155

7,155

—

Inflation

Protection

Fund

45,872

4,997

10,231

41,519

International

Equity

Fund

—

68,612

15,764

64,278

International

Small

Company

Fund

6,070

1,309

4,524

3,262

LargeCap

Growth

Fund

I

32,993

8,930

12,498

26,948

LargeCap

S&P

500

Index

Fund

33,694

11,365

7,996

42,404

LargeCap

Value

Fund

III

31,095

3,996

11,356

23,428

MidCap

Fund

8,168

2,988

5,637

Real

Estate

Securities

Fund

14,733

978

3,100

11,740

Short-Term

Income

Fund

137,787

14,910

33,124

121,298

SmallCap

Fund

11,462

1,698

3,199

10,888

SmallCap

S&P

600

Index

Fund

—

3,078

1,797

1,181

Small-MidCap

Dividend

Income

Fund

7,192

1,191

2,199

6,264

$

791,081

$

195,671

$

288,898

$

724,857

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

6,537

$

1,448

$

(3,243)

Core

Fixed

Income

Fund

9,533

(3,184)

—

8,480

Diversified

International

Fund

1,524

(4,086)

1,740

3,794

Diversified

Real

Asset

Fund

—

Equity

Income

Fund

544

735

2,599

(961)

Global

Emerging

Markets

Fund

—

2,216

High

Income

Fund

(27)

—

1,092

High

Yield

Fund

3,345

(138)

—

(1,344)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

1,461

(43)

—

924

International

Equity

Fund

—

1,270

—

10,160

International

Small

Company

Fund

—

LargeCap

Growth

Fund

I

(75)

7,965

(2,402)

LargeCap

S&P

500

Index

Fund

630

4,711

LargeCap

Value

Fund

III

1,928

(594)

MidCap

Fund

(122)

Real

Estate

Securities

Fund

(122)

(749)

Short-Term

Income

Fund

4,864

—

1,710

SmallCap

Fund

914

SmallCap

S&P

600

Index

Fund

(141)

Small-MidCap

Dividend

Income

Fund

(15)

$

23,458

$

2,197

$

16,976

$

24,806

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Real

Estate

Securities

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

1.26%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.26%

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b)

77,998,182

$

77,998

TOTAL

INVESTMENT

COMPANIES

$

77,998

COMMON

STOCKS

-

98.77%

Shares

Held

Value

(000's)

Lodging

-

0.86%

Hyatt

Hotels

Corp

389,020

$

53,455

REITs

-

97.91%

American

Healthcare

REIT

Inc

2,037,728

92,350

American

Homes

Rent

4,653,804

147,060

American

Tower

Corp

3,024,617

541,346

Americold

Realty

Trust

Inc

3,171,782

40,884

AvalonBay

Communities

Inc

1,615,547

280,976

Cousins

Properties

Inc

3,829,561

99,301

Crown

Castle

Inc

1,771,345

159,811

Digital

Realty

Trust

Inc

1,267,140

215,933

EastGroup

Properties

Inc

719,707

125,611

Equinix

Inc

624,169

528,053

Equity

LifeStyle

Properties

Inc

1,424,368

86,958

Essex

Property

Trust

Inc

549,598

138,372

Extra

Space

Storage

Inc

2,206,247

294,622

Gaming

and

Leisure

Properties

Inc

2,326,958

103,922

Healthpeak

Properties

Inc

10,072,005

180,793

Hudson

Pacific

Properties

Inc

(c) 7,995,588

19,509

InvenTrust

Properties

Corp

2,125,729

58,245

Invitation

Homes

Inc

5,993,086

168,705

Iron

Mountain

Inc

737,206

75,895

Kilroy

Realty

Corp

1,950,039

82,389

National

Health

Investors

Inc

841,545

62,704

NETSTREIT

Corp

(a) 4,451,754

82,892

Prologis

Inc

3,140,310

389,681

Regency

Centers

Corp

2,970,806

204,837

Rexford

Industrial

Realty

Inc

3,534,710

146,054

Ryman

Hospitality

Properties

Inc

965,166

83,883

Sabra

Health

Care

REIT

Inc

7,986,891

142,326

Saul

Centers

Inc

279,987

8,290

Simon

Property

Group

Inc

908,335

159,649

Smartstop

Self

Storage

REIT

Inc

1,018,017

34,969

Ventas

Inc

5,353,550

395,038

VICI

Properties

Inc

6,995,686

209,801

Vornado

Realty

Trust

2,096,382

79,537

Welltower

Inc

3,181,452

575,970

Weyerhaeuser

Co

1,706,517

39,250

$

6,055,616

TOTAL

COMMON

STOCKS

$

6,109,071

Total

Investments

$

6,187,069

Other

Assets

and

Liabilities

- (0.03)%

(1,850)

TOTAL

NET

ASSETS

-

100.00%

$

6,185,219

(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

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

NETSTREIT

Corp

$

30,288

$

38,587

$

—

$

82,892

Principal

Government

Money

Market

Fund

-

Class

3.93%

142,428

659,218

723,648

77,998

$

172,716

$

697,805

$

723,648

$

160,890

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

NETSTREIT

Corp

$

3,176

$

—

$

—

$

14,017

Principal

Government

Money

Market

Fund

-

Class

3.93%

3,433

—

—

—

$

6,609

$

—

$

—

$

14,017

Amounts

in

thousands.

Schedule

of

Investments

SAM

Balanced

Portfolio

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.65

%

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b)

31,087,988

$

31,088

Principal

Exchange-Traded

Funds

-

.40

%

Principal

International

Equity

ETF

(a) 8,465,387

271,147

Principal

U.S.

Mega-Cap

ETF

(a) 8,471,257

587,434

Principal

U.S.

Small-Cap

ETF

(a) 2,962,700

167,422

$

1,026,003

Principal

Funds,

Inc.

Class

-

.41

%

Blue

Chip

Fund

(a) 1,640,196

84,782

Core

Fixed

Income

Fund

(a) 67,554,454

590,426

Diversified

Real

Asset

Fund

(a) 9,448,085

114,038

Global

Emerging

Markets

Fund

(a) 6,008,433

209,935

High

Yield

Fund

(a) 30,680,183

206,171

International

Equity

Index

Fund

(a) 11,488,171

160,030

International

Small

Company

Fund

(a) 3,295,407

41,127

LargeCap

Growth

Fund

I

(a) 3,843,164

73,251

MidCap

Fund

(a) 464,343

21,044

Real

Estate

Securities

Fund

(a) 1,045,469

29,346

Small-MidCap

Dividend

Income

Fund

(a) 3,688,975

72,082

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 10,156,247

95,367

$

1,697,599

Principal

Funds,

Inc.

Institutional

Class

-

.58

%

Bond

Market

Index

Fund

(a) 32,105,068

284,130

Equity

Income

Fund

(a) 8,015,742

344,036

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 11,473,390

110,374

Global

Listed

Infrastructure

Fund

(a) 1,921,404

22,961

Government

&

High

Quality

Bond

Fund

(a) 5,829,586

53,457

Inflation

Protection

Fund

(a) 14,761,327

118,976

LargeCap

S&P

500

Index

Fund

(a) 3,071,781

102,106

LargeCap

Value

Fund

III

(a) 8,067,122

166,021

Overseas

Fund

(a) 19,673,737

238,446

Principal

Capital

Appreciation

Fund

(a) 5,001,640

472,255

Short-Term

Income

Fund

(a) 10,594,797

128,727

$

2,041,489

TOTAL

INVESTMENT

COMPANIES

$

4,796,179

Total

Investments

$

4,796,179

Other

Assets

and

Liabilities

- (0.04)%

(2,043)

TOTAL

NET

ASSETS

-

100.00%

$

4,794,136

(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

SAM

Balanced

Portfolio

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

231,165

$

12,039

$

178,069

$

84,782

Bond

Market

Index

Fund

203,829

93,724

21,413

284,130

Core

Fixed

Income

Fund

756,946

31,284

210,114

590,426

Diversified

International

Fund

162,466

8,774

171,474

—

Diversified

Real

Asset

Fund

140,588

4,965

36,769

114,038

Equity

Income

Fund

337,857

162,129

166,788

344,036

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

86,486

39,289

21,324

110,374

Global

Emerging

Markets

Fund

90,341

103,256

12,965

209,935

Global

Listed

Infrastructure

Fund

—

22,796

651

22,961

Government

&

High

Quality

Bond

Fund

58,511

2,566

9,157

53,457

High

Yield

Fund

121,904

101,057

16,623

206,171

Inflation

Protection

Fund

92,013

35,267

11,946

118,976

International

Equity

Index

Fund

21,577

136,818

2,374

160,030

International

Small

Company

Fund

43,821

1,735

12,068

41,127

LargeCap

Growth

Fund

I

156,758

115,923

195,177

73,251

LargeCap

S&P

500

Index

Fund

98,263

3,735

16,471

102,106

LargeCap

Value

Fund

III

258,926

20,566

108,553

166,021

MidCap

Fund

177,675

6,997

165,635

21,044

Overseas

Fund

156,968

213,638

138,374

238,446

Principal

Capital

Appreciation

Fund

431,060

137,527

161,415

472,255

Principal

Government

Money

Market

Fund

-

Class

3.93%

23,647

74,555

67,114

31,088

Principal

International

Equity

ETF

—

253,663

12,575

271,147

Principal

U.S.

Mega-Cap

ETF

536,245

151,930

230,110

587,434

Principal

U.S.

Small-Cap

ETF

127,799

92,288

61,023

167,422

Principal

Value

ETF

—

59,791

58,539

—

Real

Estate

Securities

Fund

33,006

1,635

3,304

29,346

Short-Term

Income

Fund

82,766

57,598

13,068

128,727

Small-MidCap

Dividend

Income

Fund

69,881

26,272

23,716

72,082

Spectrum

Preferred

and

Capital

Securities

Income

Fund

119,283

7,412

33,143

95,367

$

4,619,781

$

1,979,229

$

2,159,952

$

4,796,179

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

122,637

$

10,252

$

(102,990)

Bond

Market

Index

Fund

8,037

(508)

—

8,498

Core

Fixed

Income

Fund

25,150

(15,692)

—

28,002

Diversified

International

Fund

3,945

59,188

4,592

(58,954)

Diversified

Real

Asset

Fund

4,192

(2,554)

—

7,808

Equity

Income

Fund

6,802

28,093

28,348

(17,255)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

5,142

(3,248)

—

9,171

Global

Emerging

Markets

Fund

673

—

28,630

Global

Listed

Infrastructure

Fund

—

—

808

Government

&

High

Quality

Bond

Fund

2,055

(470)

—

2,007

High

Yield

Fund

11,368

(437)

—

Inflation

Protection

Fund

2,945

(1,446)

—

5,088

International

Equity

Index

Fund

723

3,707

International

Small

Company

Fund

1,668

1,484

—

6,155

LargeCap

Growth

Fund

I

896

16,111

38,211

(20,364)

LargeCap

S&P

500

Index

Fund

1,403

4,018

1,290

12,561

LargeCap

Value

Fund

III

3,675

4,292

16,253

(9,210)

MidCap

Fund

11,733

5,420

(9,726)

Overseas

Fund

11,505

3,155

11,376

3,059

Principal

Capital

Appreciation

Fund

3,008

15,190

18,940

49,893

Principal

Government

Money

Market

Fund

-

Class

3.93%

1,195

—

—

—

Principal

International

Equity

ETF

—

—

29,720

Principal

U.S.

Mega-Cap

ETF

5,296

38,179

—

91,190

Principal

U.S.

Small-Cap

ETF

703

10,841

—

(2,483)

Principal

Value

ETF

(1,252)

—

—

Real

Estate

Securities

Fund

662

637

(2,133)

Short-Term

Income

Fund

3,650

—

1,411

Small-MidCap

Dividend

Income

Fund

1,047

2,198

1,975

(2,553)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

6,424

(2,643)

—

4,458

$

112,857

$

290,353

$

137,521

$

66,768

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.65

%

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b)

12,321,182

$

12,321

Principal

Exchange-Traded

Funds

-

.97

%

Principal

International

Equity

ETF

(a) 2,065,178

66,148

Principal

U.S.

Mega-Cap

ETF

(a) 2,294,648

159,121

Principal

U.S.

Small-Cap

ETF

(a) 666,700

37,675

$

262,944

Principal

Funds,

Inc.

Class

-

.18

%

Blue

Chip

Fund

(a) 497,352

25,708

Core

Fixed

Income

Fund

(a) 48,780,170

426,339

Diversified

Real

Asset

Fund

(a) 2,907,082

35,088

Global

Emerging

Markets

Fund

(a) 1,547,283

54,062

High

Yield

Fund

(a) 14,851,782

99,804

International

Equity

Index

Fund

(a) 2,940,166

40,957

International

Small

Company

Fund

(a) 869,468

10,851

LargeCap

Growth

Fund

I

(a) 752,230

14,337

MidCap

Fund

(a) 180,098

8,162

Real

Estate

Securities

Fund

(a) 406,918

11,422

Small-MidCap

Dividend

Income

Fund

(a) 1,039,194

20,306

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 5,000,733

46,957

$

793,993

Principal

Funds,

Inc.

Institutional

Class

-

.24

%

Bond

Market

Index

Fund

(a) 21,816,714

193,078

Equity

Income

Fund

(a) 2,488,229

106,795

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 10,814,657

104,037

Global

Listed

Infrastructure

Fund

(a) 738,087

8,820

Government

&

High

Quality

Bond

Fund

(a) 4,561,144

41,826

Inflation

Protection

Fund

(a) 9,601,681

77,390

LargeCap

S&P

500

Index

Fund

(a) 846,573

28,140

LargeCap

Value

Fund

III

(a) 905,838

18,642

Overseas

Fund

(a) 4,866,874

58,987

Principal

Capital

Appreciation

Fund

(a) 1,144,040

108,020

Short-Term

Income

Fund

(a) 5,601,892

68,063

$

813,798

TOTAL

INVESTMENT

COMPANIES

$

1,883,056

Total

Investments

$

1,883,056

Other

Assets

and

Liabilities

- (0.04)%

(733)

TOTAL

NET

ASSETS

-

100.00%

$

1,882,323

(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

SAM

Conservative

Balanced

Portfolio

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

74,185

$

3,892

$

58,064

$

25,708

Bond

Market

Index

Fund

160,210

44,943

17,100

193,078

Core

Fixed

Income

Fund

524,588

26,145

133,039

426,339

Diversified

International

Fund

45,382

2,567

48,007

—

Diversified

Real

Asset

Fund

46,769

2,001

15,296

35,088

Equity

Income

Fund

116,226

37,243

49,483

106,795

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

80,298

23,581

6,214

104,037

Global

Emerging

Markets

Fund

22,894

29,848

6,309

54,062

Global

Listed

Infrastructure

Fund

—

9,159

651

8,820

Government

&

High

Quality

Bond

Fund

42,728

3,059

5,160

41,826

High

Yield

Fund

54,125

55,235

9,648

99,804

Inflation

Protection

Fund

69,272

15,138

8,927

77,390

International

Equity

Index

Fund

8,614

32,113

1,277

40,957

International

Small

Company

Fund

10,746

644

2,546

10,851

LargeCap

Growth

Fund

I

22,649

5,866

12,573

14,337

LargeCap

S&P

500

Index

Fund

29,539

1,309

7,320

28,140

LargeCap

Value

Fund

III

33,586

2,866

16,861

18,642

MidCap

Fund

32,407

1,391

25,790

8,162

Overseas

Fund

29,157

32,716

5,772

58,987

Principal

Capital

Appreciation

Fund

113,188

36,783

57,403

108,020

Principal

Government

Money

Market

Fund

-

Class

3.93%

10,742

28,383

26,804

12,321

Principal

International

Equity

ETF

—

62,599

4,607

66,148

Principal

U.S.

Mega-Cap

ETF

143,917

38,225

57,232

159,121

Principal

U.S.

Small-Cap

ETF

29,629

22,829

16,438

37,675

Principal

Value

ETF

—

18,298

17,983

—

Real

Estate

Securities

Fund

13,309

1,104

2,178

11,422

Short-Term

Income

Fund

50,827

23,827

7,387

68,063

Small-MidCap

Dividend

Income

Fund

32,507

1,965

14,160

20,306

Spectrum

Preferred

and

Capital

Securities

Income

Fund

61,991

9,725

25,793

46,957

$

1,859,485

$

573,454

$

660,022

$

1,883,056

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

39,961

$

3,290

$

(34,266)

Bond

Market

Index

Fund

5,781

(653)

—

5,678

Core

Fixed

Income

Fund

17,593

(15,950)

—

24,595

Diversified

International

Fund

1,103

14,942

1,281

(14,884)

Diversified

Real

Asset

Fund

1,320

(70)

—

1,684

Equity

Income

Fund

2,127

7,367

9,747

(4,558)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

5,132

(923)

—

7,295

Global

Emerging

Markets

Fund

—

7,277

Global

Listed

Infrastructure

Fund

—

—

Government

&

High

Quality

Bond

Fund

1,569

(240)

—

1,439

High

Yield

Fund

5,177

(82)

—

Inflation

Protection

Fund

2,219

(1,063)

—

2,970

International

Equity

Index

Fund

1,382

International

Small

Company

Fund

—

1,671

LargeCap

Growth

Fund

I

1,707

5,491

(3,312)

LargeCap

S&P

500

Index

Fund

1,799

2,813

LargeCap

Value

Fund

III

1,304

2,087

(2,253)

MidCap

Fund

(391)

986

545

Overseas

Fund

2,147

(173)

2,120

3,059

Principal

Capital

Appreciation

Fund

783

7,242

4,914

8,210

Principal

Government

Money

Market

Fund

-

Class

3.93%

550

—

—

—

Principal

International

Equity

ETF

—

—

8,032

Principal

U.S.

Mega-Cap

ETF

1,394

10,131

—

24,080

Principal

U.S.

Small-Cap

ETF

4,255

—

(2,600)

Principal

Value

ETF

(315)

—

—

Real

Estate

Securities

Fund

(879)

Short-Term

Income

Fund

2,098

(6)

—

802

Small-MidCap

Dividend

Income

Fund

500

521

906

(527)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

3,369

(2,046)

—

3,080

$

55,363

$

68,324

$

31,547

$

41,815

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.51

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.00

%

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b)

4,873

$

Principal

Exchange-Traded

Funds

-

.06

%

Principal

International

Equity

ETF

(a) 7,404,025

237,151

Principal

U.S.

Mega-Cap

ETF

(a) 7,103,445

492,584

Principal

U.S.

Small-Cap

ETF

(a) 2,749,800

155,391

$

885,126

Principal

Funds,

Inc.

Class

-

.94

%

Blue

Chip

Fund

(a) 1,493,668

77,208

Core

Fixed

Income

Fund

(a) 22,628,987

197,777

Diversified

Real

Asset

Fund

(a) 6,312,270

76,189

Global

Emerging

Markets

Fund

(a) 5,525,727

193,069

High

Yield

Fund

(a) 9,191,182

61,765

International

Equity

Index

Fund

(a) 9,614,176

133,925

International

Small

Company

Fund

(a) 3,556,865

44,390

LargeCap

Growth

Fund

I

(a) 5,419,385

103,294

MidCap

Fund

(a) 363,089

16,455

Real

Estate

Securities

Fund

(a) 1,262,703

35,444

Small-MidCap

Dividend

Income

Fund

(a) 2,603,133

50,865

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 2,838,641

26,655

$

1,017,036

Principal

Funds,

Inc.

Institutional

Class

-

.51

%

Bond

Market

Index

Fund

(a) 13,231,984

117,103

Equity

Income

Fund

(a) 6,588,619

282,784

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 3,453,403

33,222

Global

Listed

Infrastructure

Fund

(a) 2,738,352

32,723

Government

&

High

Quality

Bond

Fund

(a) 1,574,861

14,442

Inflation

Protection

Fund

(a) 5,792,789

46,690

LargeCap

S&P

500

Index

Fund

(a) 2,342,942

77,879

LargeCap

Value

Fund

III

(a) 8,894,029

183,039

Overseas

Fund

(a) 19,343,499

234,443

Principal

Capital

Appreciation

Fund

(a) 4,828,586

455,915

$

1,478,240

TOTAL

INVESTMENT

COMPANIES

$

3,380,407

Total

Investments

$

3,380,407

Other

Assets

and

Liabilities

- 0.49%

16,617

TOTAL

NET

ASSETS

-

100.00%

$

3,397,024

(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

SAM

Conservative

Growth

Portfolio

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

233,808

$

11,213

$

189,178

$

77,208

Bond

Market

Index

Fund

84,104

40,343

10,461

117,103

Core

Fixed

Income

Fund

252,687

10,087

69,323

197,777

Diversified

International

Fund

131,053

7,724

139,021

—

Diversified

Real

Asset

Fund

108,895

3,308

39,787

76,189

Equity

Income

Fund

349,172

66,790

132,752

282,784

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

32,633

2,439

4,283

33,222

Global

Emerging

Markets

Fund

85,979

99,810

21,312

193,069

Global

Listed

Infrastructure

Fund

—

32,074

507

32,723

Government

&

High

Quality

Bond

Fund

15,494

874

2,349

14,442

High

Yield

Fund

32,683

34,736

5,637

61,765

Inflation

Protection

Fund

18,288

30,459

4,023

46,690

International

Equity

Index

Fund

28,686

105,627

5,269

133,925

International

Small

Company

Fund

45,484

2,025

11,363

44,390

LargeCap

Growth

Fund

I

140,913

55,805

86,088

103,294

LargeCap

S&P

500

Index

Fund

78,165

2,669

15,879

77,879

LargeCap

Value

Fund

III

237,492

20,185

73,500

183,039

MidCap

Fund

144,886

8,012

137,913

16,455

Overseas

Fund

124,655

121,733

25,450

234,443

Principal

Capital

Appreciation

Fund

399,651

91,988

93,285

455,915

Principal

Government

Money

Market

Fund

-

Class

3.93%

19,881

70,263

90,139

Principal

International

Equity

ETF

—

220,319

8,134

237,151

Principal

U.S.

Mega-Cap

ETF

410,885

107,791

126,792

492,584

Principal

U.S.

Small-Cap

ETF

118,718

78,419

50,037

155,391

Principal

Value

ETF

—

50,335

49,117

—

Real

Estate

Securities

Fund

39,260

2,041

3,476

35,444

Small-MidCap

Dividend

Income

Fund

45,348

20,164

14,385

50,865

Spectrum

Preferred

and

Capital

Securities

Income

Fund

38,224

2,305

14,466

26,655

$

3,217,044

$

1,299,538

$

1,423,926

$

3,380,407

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

132,116

$

10,289

$

(110,751)

Bond

Market

Index

Fund

2,877

(162)

—

3,279

Core

Fixed

Income

Fund

8,549

(6,625)

—

10,951

Diversified

International

Fund

3,205

46,977

3,739

(46,733)

Diversified

Real

Asset

Fund

3,066

(586)

—

4,359

Equity

Income

Fund

6,286

43,449

29,177

(43,875)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

2,015

(617)

—

3,050

Global

Emerging

Markets

Fund

1,544

—

27,048

Global

Listed

Infrastructure

Fund

—

—

1,151

Government

&

High

Quality

Bond

Fund

559

(109)

—

532

High

Yield

Fund

3,355

(53)

—

Inflation

Protection

Fund

600

(323)

—

2,289

International

Equity

Index

Fund

963

653

4,228

International

Small

Company

Fund

1,721

1,422

—

6,822

LargeCap

Growth

Fund

I

799

(434)

34,072

(6,902)

LargeCap

S&P

500

Index

Fund

1,108

4,220

1,020

8,704

LargeCap

Value

Fund

III

3,373

4,106

14,912

(5,244)

MidCap

Fund

7,831

4,422

(6,361)

Overseas

Fund

9,708

(1,040)

9,584

14,545

Principal

Capital

Appreciation

Fund

2,841

7,657

17,802

49,904

Principal

Government

Money

Market

Fund

-

Class

3.93%

890

—

—

—

Principal

International

Equity

ETF

—

—

24,747

Principal

U.S.

Mega-Cap

ETF

4,164

21,770

—

78,930

Principal

U.S.

Small-Cap

ETF

686

8,549

—

(258)

Principal

Value

ETF

(1,218)

—

—

Real

Estate

Securities

Fund

813

730

(2,513)

Small-MidCap

Dividend

Income

Fund

690

1,283

(306)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

2,032

(1,045)

—

1,637

$

61,525

$

268,482

$

127,333

$

19,269

Amounts

in

thousands.

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.52

%

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b)

11,600,574

$

11,601

Principal

Exchange-Traded

Funds

-

.19

%

Principal

Active

High

Yield

ETF

(a) 2,073,084

39,876

Principal

International

Equity

ETF

(a) 2,286,147

73,225

Principal

U.S.

Mega-Cap

ETF

(a) 1,873,095

129,889

Principal

U.S.

Small-Cap

ETF

(a) 516,000

29,159

$

272,149

Principal

Funds,

Inc.

Class

-

.25

%

Core

Fixed

Income

Fund

(a) 76,074,373

664,890

Diversified

Real

Asset

Fund

(a) 1,956,118

23,610

Global

Emerging

Markets

Fund

(a) 483,659

16,899

High

Yield

Fund

(a) 13,662,965

91,815

International

Equity

Index

Fund

(a) 2,016,831

28,095

LargeCap

Growth

Fund

I

(a) 439,726

8,381

MidCap

Fund

(a) 245,525

11,127

Real

Estate

Securities

Fund

(a) 380,770

10,688

Small-MidCap

Dividend

Income

Fund

(a) 1,439,676

28,131

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 6,317,838

59,325

$

942,961

Principal

Funds,

Inc.

Institutional

Class

-

.08

%

Bond

Market

Index

Fund

(a) 31,391,472

277,815

Equity

Income

Fund

(a) 1,837,954

78,885

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 17,337,614

166,788

Government

&

High

Quality

Bond

Fund

(a) 10,693,149

98,056

Inflation

Protection

Fund

(a) 16,698,424

134,589

LargeCap

S&P

500

Index

Fund

(a) 391,086

13,000

LargeCap

Value

Fund

III

(a) 1,937,914

39,882

Overseas

Fund

(a) 1,704,849

20,663

Principal

Capital

Appreciation

Fund

(a) 788,679

74,467

Short-Term

Income

Fund

(a) 8,391,141

101,952

$

1,006,097

TOTAL

INVESTMENT

COMPANIES

$

2,232,808

Total

Investments

$

2,232,808

Other

Assets

and

Liabilities

- (0.04)%

(846)

TOTAL

NET

ASSETS

-

100.00%

$

2,231,962

(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

SAM

Flexible

Income

Portfolio

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

283,421

$

26,062

$

37,967

$

277,815

Core

Fixed

Income

Fund

820,586

32,253

201,782

664,890

Diversified

International

Fund

58,735

3,151

61,941

—

Diversified

Real

Asset

Fund

27,507

919

5,813

23,610

Equity

Income

Fund

77,317

35,353

36,776

78,885

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

131,306

45,058

19,500

166,788

Global

Emerging

Markets

Fund

—

16,332

2,190

16,899

Government

&

High

Quality

Bond

Fund

100,457

4,821

10,030

98,056

High

Yield

Fund

27,590

73,568

9,667

91,815

Inflation

Protection

Fund

141,231

9,690

19,260

134,589

International

Equity

Index

Fund

—

28,061

—

28,095

LargeCap

Growth

Fund

I

22,620

5,725

17,300

8,381

LargeCap

S&P

500

Index

Fund

25,294

915

16,406

13,000

LargeCap

Value

Fund

III

52,816

4,353

16,333

39,882

MidCap

Fund

23,408

910

13,326

11,127

Overseas

Fund

16,335

8,589

6,247

20,663

Principal

Active

High

Yield

ETF

40,363

—

—

39,876

Principal

Capital

Appreciation

Fund

98,927

11,483

46,496

74,467

Principal

Government

Money

Market

Fund

-

Class

3.93%

17,105

20,821

26,325

11,601

Principal

International

Equity

ETF

—

71,852

8,578

73,225

Principal

U.S.

Mega-Cap

ETF

158,989

17,432

80,381

129,889

Principal

U.S.

Small-Cap

ETF

14,467

17,179

3,775

29,159

Principal

Value

ETF

—

11,632

11,370

—

Real

Estate

Securities

Fund

11,876

705

1,189

10,688

Short-Term

Income

Fund

84,492

29,963

13,782

101,952

Small-MidCap

Dividend

Income

Fund

41,084

9,301

21,763

28,131

Spectrum

Preferred

and

Capital

Securities

Income

Fund

77,189

18,428

37,750

59,325

$

2,353,115

$

504,556

$

725,947

$

2,232,808

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

9,924

$

(1,149)

$

—

$

7,448

Core

Fixed

Income

Fund

27,710

(24,847)

—

38,680

Diversified

International

Fund

1,419

6,435

1,641

(6,380)

Diversified

Real

Asset

Fund

800

510

—

Equity

Income

Fund

1,432

8,934

6,464

(5,943)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

8,105

(2,754)

—

12,678

Global

Emerging

Markets

Fund

—

—

2,604

Government

&

High

Quality

Bond

Fund

3,664

(1,142)

—

3,950

High

Yield

Fund

4,149

—

Inflation

Protection

Fund

4,513

(2,213)

—

5,141

International

Equity

Index

Fund

—

—

—

LargeCap

Growth

Fund

I

2,042

5,489

(4,706)

LargeCap

S&P

500

Index

Fund

5,100

(1,903)

LargeCap

Value

Fund

III

737

3,259

(1,085)

MidCap

Fund

(149)

712

Overseas

Fund

1,588

(172)

1,568

2,158

Principal

Active

High

Yield

ETF

2,867

—

—

(487)

Principal

Capital

Appreciation

Fund

679

10,128

4,265

Principal

Government

Money

Market

Fund

-

Class

3.93%

716

—

—

—

Principal

International

Equity

ETF

—

—

9,720

Principal

U.S.

Mega-Cap

ETF

1,418

24,201

—

9,648

Principal

U.S.

Small-Cap

ETF

—

845

Principal

Value

ETF

(262)

—

—

Real

Estate

Securities

Fund

(765)

Short-Term

Income

Fund

3,396

—

1,241

Small-MidCap

Dividend

Income

Fund

553

2,891

1,142

(3,382)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

4,348

(2,681)

—

4,139

$

79,006

$

25,933

$

25,082

$

75,151

Amounts

in

thousands.

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.60

%

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b)

14,720,046

$

14,720

Principal

Exchange-Traded

Funds

-

.74

%

Principal

International

Equity

ETF

(a) 5,724,130

183,344

Principal

U.S.

Mega-Cap

ETF

(a) 5,430,800

376,596

Principal

U.S.

Small-Cap

ETF

(a) 2,371,500

134,013

Principal

Value

ETF

(a) 233,000

12,019

$

705,972

Principal

Funds,

Inc.

Class

-

.11

%

Blue

Chip

Fund

(a) 1,313,509

67,895

Diversified

Real

Asset

Fund

(a) 4,782,652

57,727

Global

Emerging

Markets

Fund

(a) 4,880,379

170,520

International

Equity

Index

Fund

(a) 8,541,583

118,984

International

Small

Company

Fund

(a) 4,163,217

51,957

LargeCap

Growth

Fund

I

(a) 5,851,721

111,534

MidCap

Fund

(a) 286,207

12,971

Real

Estate

Securities

Fund

(a) 645,989

18,133

Small-MidCap

Dividend

Income

Fund

(a) 2,882,826

56,330

$

666,051

Principal

Funds,

Inc.

Institutional

Class

-

.59

%

Equity

Income

Fund

(a) 5,172,170

221,990

Global

Listed

Infrastructure

Fund

(a) 1,958,029

23,398

Inflation

Protection

Fund

(a) 4,231,330

34,105

LargeCap

S&P

500

Index

Fund

(a) 2,110,888

70,166

LargeCap

Value

Fund

III

(a) 7,333,260

150,918

Overseas

Fund

(a) 16,600,704

201,201

Principal

Capital

Appreciation

Fund

(a) 3,909,323

369,118

$

1,070,896

TOTAL

INVESTMENT

COMPANIES

$

2,457,639

Total

Investments

$

2,457,639

Other

Assets

and

Liabilities

- (0.04)%

(1,009)

TOTAL

NET

ASSETS

-

100.00%

$

2,456,630

(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

SAM

Strategic

Growth

Portfolio

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

190,250

$

9,601

$

146,788

$

67,895

Bond

Market

Index

Fund

—

16,915

17,165

—

Diversified

International

Fund

128,926

8,055

137,220

—

Diversified

Real

Asset

Fund

80,693

2,825

28,583

57,727

Equity

Income

Fund

284,475

37,368

97,682

221,990

Global

Emerging

Markets

Fund

78,749

81,087

16,004

170,520

Global

Listed

Infrastructure

Fund

—

22,911

23,398

Inflation

Protection

Fund

—

34,364

1,339

34,105

International

Equity

Index

Fund

26,301

94,276

6,005

118,984

International

Small

Company

Fund

52,595

3,306

13,654

51,957

LargeCap

Growth

Fund

I

115,081

68,976

69,316

111,534

LargeCap

S&P

500

Index

Fund

65,802

2,592

9,586

70,166

LargeCap

Value

Fund

III

209,760

20,979

78,755

150,918

MidCap

Fund

117,146

4,954

110,725

12,971

Overseas

Fund

111,750

106,918

29,094

201,201

Principal

Capital

Appreciation

Fund

333,675

35,561

43,161

369,118

Principal

Government

Money

Market

Fund

-

Class

3.93%

16,448

51,532

53,260

14,720

Principal

International

Equity

ETF

—

157,889

—

183,344

Principal

U.S.

Mega-Cap

ETF

312,846

31,450

38,853

376,596

Principal

U.S.

Small-Cap

ETF

96,419

72,427

41,404

134,013

Principal

Value

ETF

—

60,607

49,220

12,019

Real

Estate

Securities

Fund

18,503

2,210

1,397

18,133

Small-MidCap

Dividend

Income

Fund

28,754

30,329

2,888

56,330

$

2,268,173

$

957,132

$

992,438

$

2,457,639

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

76,945

$

8,395

$

(62,113)

Bond

Market

Index

Fund

—

—

—

Diversified

International

Fund

3,163

42,114

3,684

(41,875)

Diversified

Real

Asset

Fund

2,277

(2,268)

—

5,060

Equity

Income

Fund

4,874

14,195

23,840

(16,366)

Global

Emerging

Markets

Fund

847

—

25,841

Global

Listed

Infrastructure

Fund

—

—

823

Inflation

Protection

Fund

—

—

1,059

International

Equity

Index

Fund

897

652

3,760

International

Small

Company

Fund

2,020

—

9,704

LargeCap

Growth

Fund

I

660

5,726

28,138

(8,933)

LargeCap

S&P

500

Index

Fund

937

2,278

862

9,080

LargeCap

Value

Fund

III

2,969

5,240

13,139

(6,306)

MidCap

Fund

6,278

3,577

(4,682)

Overseas

Fund

9,002

(1,467)

8,887

13,094

Principal

Capital

Appreciation

Fund

2,354

3,381

14,768

39,662

Principal

Government

Money

Market

Fund

-

Class

3.93%

653

—

—

—

Principal

International

Equity

ETF

—

—

—

25,455

Principal

U.S.

Mega-Cap

ETF

3,000

6,701

—

64,452

Principal

U.S.

Small-Cap

ETF

554

7,056

—

(485)

Principal

Value

ETF

864

—

523

Real

Estate

Securities

Fund

(27)

(1,156)

Small-MidCap

Dividend

Income

Fund

(178)

809

$

35,898

$

167,862

$

106,723

$

56,910

Amounts

in

thousands.

Schedule

of

Investments

Short-Term

Income

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.08

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.08

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

290,738

$

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b),(c)

179,090,210

179,090

$

179,381

TOTAL

INVESTMENT

COMPANIES

$

179,381

BONDS

-

.88

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.33

%

BAE

Systems

PLC

5.13%,

03/26/2029

(d) $

8,600

$

8,857

General

Electric

Co

4.30%,

07/29/2030

6,000

6,045

Lockheed

Martin

Corp

4.50%,

02/15/2029

13,350

13,558

Northrop

Grumman

Corp

4.60%,

02/01/2029

10,000

10,160

RTX

Corp

5.75%,

11/08/2026

8,075

8,206

$

46,826

Agriculture

-

.47

%

Bunge

Ltd

Finance

Corp

4.10%,

01/07/2028

5,500

5,511

4.20%,

09/17/2029

11,000

10,989

$

16,500

Airlines

-

.52

%

Alaska

Airlines

2020-1

Class

A

Pass

Through

Trust

4.80%,

02/15/2029

(d) 7,905

7,927

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(d) 10,600

10,569

$

18,496

Automobile

Asset

Backed

Securities

-

.96

%

AmeriCredit

Automobile

Receivables

Trust

2024-1

5.75%,

02/18/2028

563

563

BMW

Vehicle

Owner

Trust

2024-A

5.42%,

02/25/2027

598

599

BofA

Auto

Trust

2025-1

4.52%,

11/22/2027

(d) 2,970

2,972

Chase

Auto

Owner

Trust

2024-5

4.40%,

11/26/2027

(d) 3,372

3,374

Chase

Auto

Owner

Trust

2025-1

4.40%,

07/25/2028

(d) 9,300

9,321

Consumer

Portfolio

Services

Auto

Trust

2025-A

4.77%,

10/16/2028

(d) 4,880

4,888

Consumer

Portfolio

Services

Auto

Trust

2025-B

4.74%,

02/15/2029

(d) 4,702

4,712

CPS

Auto

Receivables

Trust

2024-B

5.78%,

01/18/2028

(d) 1,041

1,042

CPS

Auto

Receivables

Trust

2024-C

5.88%,

02/15/2028

(d) 1,757

1,761

CPS

Auto

Receivables

Trust

2024-D

4.91%,

06/15/2028

(d) 3,662

3,666

CPS

Auto

Receivables

Trust

2025-C

4.71%,

03/15/2029

(d) 5,386

5,396

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-3

5.35%,

06/16/2027

2,629

2,633

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-4

4.53%,

10/18/2027

4,166

4,170

GM

Financial

Consumer

Automobile

Receivables

Trust

2025-1

4.44%,

01/18/2028

8,563

8,572

Gm

Financial

Consumer

Automobile

Receivables

Trust

2025-3

4.32%,

06/16/2028

8,800

8,818

GM

Financial

Consumer

Automobile

Receivables

Trust

2025-4

3.88%,

12/18/2028

(e) 9,500

9,491

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

(continued)

Nissan

Auto

Receivables

2024-B

Owner

Trust

4.51%,

06/15/2027

$

6,288

$

6,294

OneMain

Direct

Auto

Receivables

Trust

2019-1

3.63%,

09/14/2027

(d) 697

697

Onemain

Direct

Auto

Receivables

Trust

2022-1

4.65%,

03/14/2029

(d) 1,948

1,948

Santander

Drive

Auto

Receivables

Trust

2024-5

4.88%,

09/15/2027

871

871

Toyota

Auto

Loan

Extended

Note

Trust

2023-1

4.93%,

06/25/2036

(d) 7,600

7,765

Toyota

Auto

Receivables

2024-D

Owner

Trust

4.55%,

08/16/2027

2,645

2,648

Westlake

Automobile

Receivables

Trust

2024-2

5.75%,

08/16/2027

(d) 1,701

1,704

Westlake

Automobile

Receivables

Trust

2024-3

4.82%,

09/15/2027

(d) 3,267

3,272

Westlake

Automobile

Receivables

Trust

2025-1

4.66%,

01/18/2028

(d) 7,043

7,056

Westlake

Automobile

Receivables

Trust

2025-2

4.66%,

09/15/2028

(d) 5,900

5,909

Westlake

Automobile

Receivables

Trust

2025-3

4.31%,

04/17/2028

(d) 10,250

10,250

Westlake

Automobile

Receivables

Trust

2025-P1

4.65%,

02/15/2028

(d) 7,500

7,518

World

Omni

Auto

Receivables

Trust

2025-A

4.49%,

04/17/2028

9,035

9,045

World

Omni

Auto

Receivables

Trust

2025-C

4.19%,

10/16/2028

12,500

12,513

World

Omni

Auto

Receivables

Trust

2025-D

3.91%,

02/15/2029

12,500

12,498

World

Omni

Select

Auto

Trust

2024-A

5.37%,

02/15/2028

2,328

2,331

World

Omni

Select

Auto

Trust

2025-A

4.14%,

05/15/2030

11,000

10,986

$

175,283

Banks

-

.17

%

AIB

Group

PLC

5.32%,

05/15/2031

(d),(f)

2,500

2,574

Secured

Overnight

Financing

Rate

+

1.65%

Bank

of

America

Corp

4.98%,

01/24/2029

(f) 9,400

9,567

Secured

Overnight

Financing

Rate

+

0.83%

5.16%,

01/24/2031

(f) 9,400

9,706

Secured

Overnight

Financing

Rate

+

1.00%

Bank

of

Ireland

Group

PLC

5.60%,

03/20/2030

(d),(f)

14,100

14,617

Secured

Overnight

Financing

Rate

+

1.62%

Bank

of

Montreal

0.95%,

01/22/2027

(f) 14,700

14,593

Secured

Overnight

Financing

Rate

+

0.60%

5.00%,

01/27/2029

(f) 2,000

2,039

Secured

Overnight

Financing

Rate

+

0.67%

Bank

of

New

York

Mellon

Corp/The

4.44%,

06/09/2028

(f) 9,200

9,259

Secured

Overnight

Financing

Rate

+

0.68%

Bank

of

New

York

Mellon/The

4.73%,

04/20/2029

(f) 5,750

5,843

Secured

Overnight

Financing

Rate

+

1.14%

Bank

of

Nova

Scotia/The

1.30%,

09/15/2026

5,300

5,180

4.40%,

09/08/2028

(f) 9,400

9,452

Secured

Overnight

Financing

Rate

+

1.00%

Barclays

PLC

2.28%,

11/24/2027

(f) 7,308

7,159

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

Schedule

of

Investments

Short-Term

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

BNP

Paribas

SA

4.79%,

05/09/2029

(d),(f)

$

8,000

$

8,070

Secured

Overnight

Financing

Rate

+

1.45%

5.09%,

05/09/2031

(d),(f)

10,600

10,780

Secured

Overnight

Financing

Rate

+

1.68%

Canadian

Imperial

Bank

of

Commerce

5.93%,

10/02/2026

(g) 6,900

7,021

5.99%,

10/03/2028

3,440

3,616

Citibank

NA

4.88%,

11/19/2027

(f) 8,000

8,056

Secured

Overnight

Financing

Rate

+

0.71%

Citigroup

Inc

1.12%,

01/28/2027

(f) 19,600

19,454

Secured

Overnight

Financing

Rate

+

0.77%

4.54%,

09/19/2030

(f) 9,500

9,562

Secured

Overnight

Financing

Rate

+

1.34%

5.17%,

02/13/2030

(f) 8,000

8,211

Secured

Overnight

Financing

Rate

+

1.36%

Deutsche

Bank

AG/New

York

NY

5.41%,

05/10/2029

6,100

6,340

6.82%,

11/20/2029

(f) 7,100

7,582

Secured

Overnight

Financing

Rate

+

2.51%

Fifth

Third

Bancorp

4.89%,

09/06/2030

(f) 3,400

3,446

Secured

Overnight

Financing

Rate

+

1.49%

Fifth

Third

Bank

NA

4.97%,

01/28/2028

(f) 2,800

2,825

Secured

Overnight

Financing

Rate

+

0.81%

Goldman

Sachs

Group

Inc/The

2.64%,

02/24/2028

(f) 8,600

8,432

Secured

Overnight

Financing

Rate

+

1.11%

4.48%,

08/23/2028

(f) 10,500

10,554

Secured

Overnight

Financing

Rate

+

1.73%

5.09%,

12/09/2026

14,700

14,707

Secured

Overnight

Financing

Rate

+

0.79%

5.21%,

01/28/2031

(f) 12,500

12,899

Secured

Overnight

Financing

Rate

+

1.08%

5.22%,

04/23/2031

(f) 12,500

12,900

Secured

Overnight

Financing

Rate

+

1.58%

5.73%,

04/25/2030

(f) 8,235

8,605

Secured

Overnight

Financing

Rate

+

1.27%

JPMorgan

Chase

&

Co

1.04%,

02/04/2027

(f) 15,800

15,672

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.70%

1.05%,

11/19/2026

(f) 19,600

19,572

Secured

Overnight

Financing

Rate

+

0.80%

4.45%,

12/05/2029

(f) 6,650

6,706

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

4.51%,

10/22/2028

(f) 8,400

8,465

Secured

Overnight

Financing

Rate

+

0.86%

4.92%,

01/24/2029

(f) 6,000

6,107

Secured

Overnight

Financing

Rate

+

0.80%

5.57%,

04/22/2028

(f) 6,200

6,326

Secured

Overnight

Financing

Rate

+

0.93%

5.58%,

04/22/2030

(f) 6,200

6,470

Secured

Overnight

Financing

Rate

+

1.16%

KeyBank

NA/Cleveland

OH

5.85%,

11/15/2027

15,900

16,365

Mizuho

Financial

Group

Inc

4.71%,

07/08/2031

(f) 9,300

9,411

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Morgan

Stanley

1.59%,

05/04/2027

(f) $

10,750

$

10,604

Secured

Overnight

Financing

Rate

+

0.88%

2.48%,

01/21/2028

(f) 6,000

5,881

Secured

Overnight

Financing

Rate

+

1.00%

4.65%,

10/18/2030

(f) 10,000

10,119

Secured

Overnight

Financing

Rate

+

1.10%

5.05%,

01/28/2027

(f) 10,000

10,015

Secured

Overnight

Financing

Rate

+

1.30%

5.17%,

01/16/2030

(f) 9,350

9,602

Secured

Overnight

Financing

Rate

+

1.45%

5.23%,

01/15/2031

(f) 7,500

7,743

Secured

Overnight

Financing

Rate

+

1.11%

5.65%,

04/13/2028

(f) 2,575

2,628

Secured

Overnight

Financing

Rate

+

1.01%

5.66%,

04/18/2030

(f) 6,200

6,468

Secured

Overnight

Financing

Rate

+

1.26%

Morgan

Stanley

Bank

NA

5.02%,

01/12/2029

(f) 10,500

10,680

Secured

Overnight

Financing

Rate

+

0.91%

NatWest

Group

PLC

4.96%,

08/15/2030

(f) 9,500

9,682

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.22%

5.34%,

11/15/2028

9,500

9,598

Secured

Overnight

Financing

Rate

+

1.30%

PNC

Bank

NA

4.54%,

05/13/2027

(f) 8,750

8,763

Secured

Overnight

Financing

Rate

+

0.63%

PNC

Financial

Services

Group

Inc/The

4.90%,

05/13/2031

(f) 8,750

8,928

Secured

Overnight

Financing

Rate

+

1.33%

5.22%,

01/29/2031

(f) 6,400

6,617

Secured

Overnight

Financing

Rate

+

1.07%

Royal

Bank

of

Canada

0.88%,

01/20/2026

(g) 14,700

14,603

4.70%,

08/06/2031

(f) 11,300

11,443

Secured

Overnight

Financing

Rate

+

1.06%

Societe

Generale

SA

5.50%,

04/13/2029

(d),(f)

12,500

12,793

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%

5.51%,

05/22/2031

(d),(f)

9,300

9,562

Secured

Overnight

Financing

Rate

+

1.65%

Swedbank

AB

5.00%,

11/20/2029

(d) 8,500

8,772

Toronto-Dominion

Bank/The

0.75%,

01/06/2026

14,700

14,612

Truist

Financial

Corp

1.27%,

03/02/2027

(f) 5,230

5,177

Secured

Overnight

Financing

Rate

+

0.61%

7.16%,

10/30/2029

(f) 10,000

10,809

Secured

Overnight

Financing

Rate

+

2.45%

UBS

Group

AG

3.87%,

01/12/2029

(d),(f)

15,000

14,895

Month

USD

LIBOR

+

1.41%

US

Bancorp

5.10%,

07/23/2030

(f) 4,800

4,934

Secured

Overnight

Financing

Rate

+

1.25%

5.38%,

01/23/2030

(f) 3,675

3,798

Secured

Overnight

Financing

Rate

+

1.56%

US

Bank

NA/Cincinnati

OH

4.73%,

05/15/2028

(f) 8,750

8,825

Secured

Overnight

Financing

Rate

+

0.91%

Schedule

of

Investments

Short-Term

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Wells

Fargo

&

Co

5.15%,

04/23/2031

(f) $

9,500

$

9,797

Secured

Overnight

Financing

Rate

+

1.50%

5.24%,

01/24/2031

(f) 4,250

4,399

Secured

Overnight

Financing

Rate

+

1.11%

5.71%,

04/22/2028

(f) 6,200

6,336

Secured

Overnight

Financing

Rate

+

1.07%

$

606,226

Biotechnology

-

.42

%

Amgen

Inc

5.15%,

03/02/2028

9,100

9,303

Gilead

Sciences

Inc

4.80%,

11/15/2029

5,500

5,645

$

14,948

Building

Materials

-

.26

%

Vulcan

Materials

Co

4.95%,

12/01/2029

9,000

9,228

Chemicals

-

.64

%

Sherwin-Williams

Co/The

4.30%,

08/15/2028

8,000

8,037

4.50%,

08/15/2030

6,500

6,542

Westlake

Corp

3.60%,

08/15/2026

7,900

7,854

$

22,433

Commercial

Mortgage

Backed

Securities

-

.22

%

1301

Trust

2025-AOA

5.06%,

08/11/2042

(d),(h)

8,400

8,524

ALA

Trust

2025-OANA

5.78%,

06/15/2040

(d) 9,300

9,335

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.74%

Arbor

Multifamily

Mortgage

Securities

Trust

2022-MF4

3.27%,

02/15/2055

(d),(h)

5,627

5,561

ARES

Trust

2025-IND3

5.53%,

04/15/2042

(d) 9,200

9,200

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

BFLD

Commercial

Mortgage

Trust

2024-UNIV

5.52%,

11/15/2041

(d) 8,900

8,906

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

BFLD

Commercial

Mortgage

Trust

2025-5MW

4.67%,

10/10/2042

(d),(h)

8,200

8,194

BFLD

Commercial

Mortgage

Trust

2025-660F

5.46%,

11/15/2042

(d) 8,750

8,761

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

BX

2024-PALM

5.57%,

06/15/2037

(d) 10,125

10,131

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.54%

BX

Commercial

Mortgage

Trust

2021-ACNT

5.00%,

11/15/2038

(d) 8,582

8,571

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.96%

BX

Commercial

Mortgage

Trust

2021-VOLT

4.85%,

09/15/2036

(d) 14,532

14,523

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.81%

BX

Commercial

Mortgage

Trust

2024-AIRC

5.72%,

08/15/2039

(d) 15,915

15,935

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

BX

Commercial

Mortgage

Trust

2024-GPA3

5.32%,

12/15/2039

(d) 1,525

1,527

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

BX

Trust

2021-BXMF

4.78%,

10/15/2026

(d) $

8,595

$

8,573

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.75%

BX

Trust

2021-LGCY

4.65%,

10/15/2036

(d) 10,700

10,657

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.62%

BX

Trust

2025-DIME

5.18%,

02/15/2035

(d) 9,400

9,382

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.15%

BX

Trust

2025-TAIL

5.43%,

06/15/2035

(d) 12,200

12,208

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

DBC

2025-DBC

Mortgage

Trust

5.40%,

06/15/2038

(d) 10,000

10,013

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.35%

ELP

Commercial

Mortgage

Trust

2021-ELP

4.85%,

11/15/2038

(d) 14,876

14,848

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.82%

GS

Mortgage

Securities

Corp

Trust

2023-SHIP

4.32%,

09/10/2038

(d),(h)

2,350

2,343

GSAT

Trust

2025-BMF

5.53%,

07/15/2040

(d) 8,800

8,808

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2021-MHC

5.20%,

04/15/2038

(d) 11,431

11,427

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.16%

KRE

Commercial

Mortgage

Trust

2025-AIP4

5.33%,

03/15/2042

(d) 12,600

12,584

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

LBA

Trust

2024-7IND

5.48%,

10/15/2041

(d) 8,367

8,373

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

LBA

Trust

2024-BOLT

5.62%,

06/15/2039

(d) 12,750

12,758

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

Life

2022-BMR

Mortgage

Trust

5.33%,

05/15/2039

(d) 18,400

17,802

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

MED

Commercial

Mortgage

Trust

2024-MOB

5.62%,

05/15/2041

(d) 15,000

14,954

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

MHC

Commercial

Mortgage

Trust

2021-MHC

4.95%,

04/15/2038

(d) 2,468

2,467

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.92%

MHP

2021-STOR

4.85%,

07/15/2038

(d) 8,800

8,784

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.81%

MHP

2022-MHIL

4.85%,

01/15/2039

(d) 745

744

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.81%

Schedule

of

Investments

Short-Term

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

NYC

Commercial

Mortgage

Trust

2025-28L

0.00%,

11/05/2038

(e),(i)

$

9,000

$

8,992

PENN

Commercial

Mortgage

Trust

2025-P11

5.34%,

08/10/2042

(d),(h)

7,000

7,116

PRM5

Trust

2025-PRM5

4.47%,

03/10/2033

(d),(h)

5,000

4,978

SREIT

Trust

2021-MFP

4.88%,

11/15/2038

(d) 10,989

10,972

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.85%

TEXAS

Commercial

Mortgage

Trust

2025-TWR

5.33%,

04/15/2042

(d) 7,500

7,486

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

WB

Commercial

Mortgage

Trust

2024-HQ

5.94%,

03/15/2040

(d),(h)

10,000

10,013

$

325,450

Computers

-

.39

%

Apple

Inc

4.00%,

05/12/2028

(g) 11,500

11,554

Dell

International

LLC

/

EMC

Corp

4.75%,

04/01/2028

4,000

4,056

5.00%,

04/01/2030

9,250

9,475

Hewlett

Packard

Enterprise

Co

4.40%,

09/25/2027

14,500

14,556

4.55%,

10/15/2029

9,500

9,555

$

49,196

Diversified

Financial

Services

-

.48

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.38%,

11/15/2030

7,500

7,461

6.45%,

04/15/2027

9,127

9,396

$

16,857

Electric

-

.14

%

AES

Corp/The

1.38%,

01/15/2026

14,600

14,508

Alliant

Energy

Finance

LLC

1.40%,

03/15/2026

(d) 4,600

4,547

5.95%,

03/30/2029

(d) 8,800

9,210

Black

Hills

Corp

4.55%,

01/31/2031

5,750

5,738

Consumers

Energy

Co

4.90%,

02/15/2029

8,200

8,420

Dominion

Energy

Inc

4.60%,

05/15/2028

11,000

11,119

DTE

Energy

Co

3.40%,

06/15/2029

2,000

1,938

5.10%,

03/01/2029

5,000

5,126

Evergy

Kansas

Central

Inc

4.70%,

03/13/2028

4,100

4,136

Exelon

Corp

5.15%,

03/15/2029

6,330

6,510

Fortis

Inc/Canada

3.06%,

10/04/2026

14,594

14,446

NextEra

Energy

Capital

Holdings

Inc

4.69%,

09/01/2027

5,000

5,054

4.90%,

02/28/2028

3,458

3,518

4.90%,

03/15/2029

10,000

10,242

NRG

Energy

Inc

4.73%,

10/15/2030

(d) 7,100

7,082

OGE

Energy

Corp

5.45%,

05/15/2029

10,000

10,384

PacifiCorp

5.10%,

02/15/2029

9,050

9,289

Public

Service

Enterprise

Group

Inc

4.90%,

03/15/2030

4,100

4,185

5.20%,

04/01/2029

10,000

10,297

5.88%,

10/15/2028

8,000

8,375

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Southern

Co/The

5.50%,

03/15/2029

$

10,300

$

10,709

Southern

Power

Co

4.25%,

10/01/2030

6,250

6,214

Southwestern

Electric

Power

Co

1.65%,

03/15/2026

11,600

11,492

Tampa

Electric

Co

4.90%,

03/01/2029

2,340

2,393

Vistra

Operations

Co

LLC

3.70%,

01/30/2027

(d) 19,500

19,345

Wisconsin

Public

Service

Corp

4.55%,

12/01/2029

5,500

5,586

Xcel

Energy

Inc

1.75%,

03/15/2027

7,000

6,775

$

216,638

Environmental

Control

-

.26

%

Republic

Services

Inc

4.75%,

07/15/2030

9,000

9,213

Food

-

.45

%

Mars

Inc

4.60%,

03/01/2028

(d) 6,300

6,374

4.80%,

03/01/2030

(d),(g)

9,400

9,603

$

15,977

Gas

-

.08

%

NiSource

Inc

5.25%,

03/30/2028

2,700

2,768

Healthcare

-

Products

-

.11

%

Solventum

Corp

5.40%,

03/01/2029

3,877

4,010

Healthcare

-

Services

-

.27

%

Centene

Corp

4.25%,

12/15/2027

16,500

16,262

Cigna

Group/The

1.25%,

03/15/2026

3,534

3,495

HCA

Inc

4.30%,

11/15/2030

2,000

1,990

5.25%,

06/15/2026

20,000

20,020

5.88%,

02/01/2029

3,000

3,125

$

44,892

Home

Equity

Asset

Backed

Securities

-

.79

%

JP

Morgan

Mortgage

Trust

2023-HE1

5.93%,

11/25/2053

(d) 1,195

1,200

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.75%

JP

Morgan

Mortgage

Trust

2023-HE2

5.88%,

03/20/2054

(d) 5,427

5,448

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.70%

JP

Morgan

Mortgage

Trust

2023-HE3

5.78%,

05/20/2054

(d) 4,028

4,041

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.60%

JP

Morgan

Mortgage

Trust

Series

2024-HE3

5.38%,

02/25/2055

(d) 9,673

9,673

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.20%

JP

Morgan

Mortgage

Trust

Series

2025-CES1

5.67%,

05/25/2055

(d),(h)

7,442

7,495

JP

Morgan

Mortgage

Trust

Series

2025-CES2

5.59%,

06/25/2055

(d),(h)

12,744

12,827

JP

Morgan

Mortgage

Trust

Series

2025-HE1

5.33%,

07/20/2055

(d) 22,694

22,661

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.15%

$

63,345

Schedule

of

Investments

Short-Term

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

-

.45

%

Aon

North

America

Inc

5.15%,

03/01/2029

$

14,000

$

14,403

Arthur

J

Gallagher

&

Co

4.85%,

12/15/2029

4,200

4,287

Brown

&

Brown

Inc

4.90%,

06/23/2030

3,700

3,751

Guardian

Life

Global

Funding

0.88%,

12/10/2025

(d) 8,647

8,616

Markel

Group

Inc

3.50%,

11/01/2027

4,719

4,654

New

York

Life

Global

Funding

4.60%,

12/05/2029

(d) 4,800

4,870

4.60%,

06/03/2030

(d) 9,350

9,501

Northwestern

Mutual

Global

Funding

0.80%,

01/14/2026

(d) 14,500

14,405

4.96%,

01/13/2030

(d) 12,200

12,525

5.07%,

03/25/2027

(d) 9,500

9,647

$

86,659

Internet

-

.38

%

eBay

Inc

1.40%,

05/10/2026

13,530

13,337

Machinery

-

Diversified

-

.28

%

Ingersoll

Rand

Inc

5.20%,

06/15/2027

6,000

6,089

Westinghouse

Air

Brake

Technologies

Corp

4.90%,

05/29/2030

3,850

3,935

$

10,024

Media

-

.44

%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6.10%,

06/01/2029

15,000

15,681

Mining

-

.17

%

Glencore

Funding

LLC

5.19%,

04/01/2030

(d) 6,000

6,176

Mortgage

Backed

Securities

-

.54

%

Chase

Home

Lending

Mortgage

Trust

2025-3

5.50%,

02/25/2056

(d),(h)

8,196

8,236

Chase

Home

Lending

Mortgage

Trust

Series

2024-2

6.50%,

02/25/2055

(d),(h)

5,497

5,555

CHL

Mortgage

Pass-Through

Trust

2003-46

5.79%,

01/19/2034

(h) 93

Credit

Suisse

First

Boston

Mortgage

Securities

Corp

5.00%,

01/25/2038

GS

Mortgage-Backed

Securities

Corp

Trust

2021-PJ3

2.50%,

08/25/2051

(d),(h)

2,938

2,641

JP

Morgan

Mortgage

Trust

2004-A3

6.51%,

07/25/2034

(h) 75

JP

Morgan

Mortgage

Trust

2004-S1

5.00%,

09/25/2034

JP

Morgan

Mortgage

Trust

2021-1

2.50%,

06/25/2051

(d),(h)

9,304

8,596

JP

Morgan

Mortgage

Trust

2023-10

6.00%,

05/25/2054

(d),(h)

549

551

JP

Morgan

Mortgage

Trust

2023-8

6.00%,

02/25/2054

(d),(h)

5,700

5,760

JP

Morgan

Mortgage

Trust

2025-1

6.00%,

06/25/2055

(d),(h)

1,856

1,873

JP

Morgan

Mortgage

Trust

Series

2024-CES1

5.92%,

06/25/2054

(d),(h)

7,593

7,643

Metlife

Securitization

Trust

2019-1

3.75%,

04/25/2058

(d),(h)

754

744

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2020-1

2.50%,

12/25/2050

(d),(h)

3,764

3,424

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2025-1

5.50%,

03/25/2055

(d),(h)

6,812

6,837

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Oceanview

Mortgage

Trust

2021-3

2.50%,

06/25/2051

(d),(h)

$

9,734

$

8,718

PHH

Mortgage

Trust

Series

2008-CIM1

6.50%,

06/25/2038

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.36%

PSMC

2021-3

Trust

2.50%,

08/25/2051

(d),(h)

8,532

7,712

Sequoia

Mortgage

Trust

2020-4

2.50%,

11/25/2050

(d),(h)

5,851

5,454

Sequoia

Mortgage

Trust

2021-3

2.50%,

05/25/2051

(d),(h)

15,661

14,054

Sequoia

Mortgage

Trust

2021-4

2.50%,

06/25/2051

(d),(h)

15,758

14,130

Sequoia

Mortgage

Trust

2024-1

5.83%,

01/25/2054

(d),(h)

1,646

1,644

Sequoia

Mortgage

Trust

2024-2

6.00%,

03/25/2054

(d),(h)

2,221

2,226

Sequoia

Mortgage

Trust

2024-4

6.00%,

05/25/2054

(d),(h)

7,371

7,453

Sequoia

Mortgage

Trust

2025-1

6.00%,

01/25/2055

(d),(h)

2,533

2,545

Wells

Fargo

Mortgage

Backed

Securities

2020-3

Trust

3.00%,

06/25/2050

(d),(h)

Wells

Fargo

Mortgage

Backed

Securities

2020-4

Trust

3.00%,

07/25/2050

(d),(h)

4,174

3,647

Wells

Fargo

Mortgage

Backed

Securities

2020-5

Trust

2.50%,

09/25/2050

(d),(h)

3,642

3,392

Wells

Fargo

Mortgage

Backed

Securities

2021-1

Trust

2.50%,

12/25/2050

(d),(h)

1,570

1,433

$

124,985

Office

&

Business

Equipment

-

.31

%

CDW

LLC

/

CDW

Finance

Corp

2.67%,

12/01/2026

11,000

10,805

Oil

&

Gas

-

.00

%

Canadian

Natural

Resources

Ltd

5.00%,

12/15/2029

(d) 4,800

4,901

Diamondback

Energy

Inc

5.15%,

01/30/2030

7,500

7,696

5.20%,

04/18/2027

8,150

8,262

EOG

Resources

Inc

4.40%,

07/15/2028

4,600

4,646

Occidental

Petroleum

Corp

5.20%,

08/01/2029

9,500

9,699

$

35,204

Oil

&

Gas

Services

-

.37

%

Schlumberger

Holdings

Corp

5.00%,

05/29/2027

(d) 6,400

6,482

5.00%,

11/15/2029

(d) 6,400

6,584

$

13,066

Other

Asset

Backed

Securities

-

.51

%

1988

CLO

Ltd

5.10%,

04/15/2038

(d) 9,750

9,740

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Capital

CLO

II

5.19%,

07/15/2034

(d) 10,000

9,999

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

720

East

CLO

V

Ltd

5.41%,

07/20/2037

(d) 5,500

5,506

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.53%

Schedule

of

Investments

Short-Term

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

AB

BSL

CLO

Ltd

5.18%,

04/20/2038

(d) $

9,500

$

9,512

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

Ares

LIV

CLO

Ltd

5.21%,

07/15/2038

(d) 4,500

4,503

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.31%

Bardot

CLO

Ltd

4.84%,

10/22/2032

(d) 10,143

10,143

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.98%

CCG

Receivables

Trust

2024-1

4.99%,

03/15/2032

(d) 3,288

3,314

CCG

Receivables

Trust

2025-2

4.12%,

10/14/2026

(d) 6,250

6,251

4.14%,

08/15/2034

(d) 6,250

6,246

Cerberus

Loan

Funding

XXIV

LP

5.25%,

07/15/2030

(d) 8,197

8,189

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.35%

CF

Hippolyta

Issuer

LLC

1.53%,

03/15/2061

(d) 24,098

20,032

1.69%,

07/15/2060

(d) 13,246

11,330

CNH

Equipment

Trust

2024-B

5.42%,

10/15/2027

1,451

1,454

Dell

Equipment

Finance

Trust

2024-1

5.58%,

03/22/2030

(d) 568

569

Dell

Equipment

Finance

Trust

2025-2

4.10%,

02/22/2028

(d) 6,350

6,354

Dewolf

Park

CLO

Ltd

5.09%,

10/15/2030

(d) 2,765

2,765

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.18%

DLLAA

2025-1

LLC

4.70%,

10/20/2027

(d) 7,467

7,487

Dllad

2024-1

LLC

5.50%,

08/20/2027

(d) 2,840

2,854

DLLAD

2025-1

LLC

4.46%,

11/20/2028

(d) 12,300

12,348

Empower

CLO

2025-1

Ltd

5.19%,

07/20/2038

(d) 12,600

12,616

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.31%

GreatAmerica

Leasing

Receivables

Funding

LLC

Series

2024-1

5.32%,

08/17/2026

(d) 2,152

2,156

Lake

Shore

MM

CLO

II

Ltd

5.28%,

10/17/2031

(d) 5,300

5,297

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

Madison

Park

Funding

XL-R

Ltd

5.25%,

10/16/2038

(d) 12,750

12,768

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

Magnetite

XLVII

Ltd

5.19%,

01/25/2038

(d) 6,250

6,270

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.33%

Maranon

Loan

Funding

2021-3

Ltd

5.65%,

10/15/2036

(d) 6,300

6,294

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Marathon

CLO

XIII

Ltd

5.10%,

04/15/2032

(d) 10,297

10,296

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

MVW

2021-1W

LLC

1.14%,

01/22/2041

(d) $

1,270

$

1,219

MVW

2023-2

LLC

6.18%,

11/20/2040

(d) 4,940

5,067

MVW

2024-2

LLC

4.43%,

03/20/2042

(d) 12,600

12,603

New

Mountain

CLO

Ltd

5.28%,

10/15/2037

(d) 6,300

6,306

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

New

Mountain

CLO

Ltd

5.08%,

03/31/2038

(d) 9,500

9,497

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Oaktree

CLO

2019-4

Ltd

5.39%,

07/20/2037

(d) 19,000

19,021

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

Oaktree

CLO

2024-25

Ltd

5.43%,

04/20/2037

(d) 6,300

6,315

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.55%

PFS

Financing

Corp

4.85%,

02/15/2030

(d) 12,550

12,722

4.95%,

02/15/2029

(d) 13,350

13,468

5.52%,

10/15/2028

(d) 4,500

4,554

Signal

Peak

CLO

Ltd

5.33%,

07/18/2037

(d) 6,250

6,266

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.45%

T-Mobile

US

Trust

2025-2

4.34%,

04/22/2030

(d) 13,000

13,077

Trafigura

Securitisation

Finance

PLC

5.98%,

11/15/2027

(d) 15,000

15,188

Verizon

Master

Trust

4.17%,

08/20/2030

5,500

5,518

4.35%,

08/20/2032

(d) 5,500

5,541

4.49%,

01/22/2029

16,000

16,010

4.62%,

11/20/2030

9,700

9,817

5.16%,

06/20/2029

13,800

13,892

Voya

2012-4

Ltd

5.17%,

10/15/2030

(d) 629

629

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

$

371,003

Packaging

&

Containers

-

.57

%

Graphic

Packaging

International

LLC

1.51%,

04/15/2026

(d) 9,800

9,663

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

10,000

10,307

$

19,970

Pharmaceuticals

-

.45

%

AbbVie

Inc

4.80%,

03/15/2029

10,000

10,232

Astrazeneca

Finance

LLC

4.85%,

02/26/2029

9,400

9,639

Bristol-Myers

Squibb

Co

4.90%,

02/22/2029

10,000

10,263

Eli

Lilly

&

Co

4.50%,

02/09/2029

10,000

10,168

4.55%,

02/12/2028

6,250

6,348

4.75%,

02/12/2030

4,300

4,416

$

51,066

Pipelines

-

.95

%

Columbia

Pipelines

Holding

Co

LLC

6.04%,

08/15/2028

(d) 11,350

11,820

6.06%,

08/15/2026

(d) 3,450

3,489

Schedule

of

Investments

Short-Term

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Enbridge

Inc

5.30%,

04/05/2029

$

3,850

$

3,973

5.90%,

11/15/2026

11,275

11,463

Energy

Transfer

LP

4.40%,

03/15/2027

5,250

5,259

5.55%,

02/15/2028

10,000

10,284

Kinder

Morgan

Inc

5.00%,

02/01/2029

10,000

10,223

5.10%,

08/01/2029

6,000

6,162

ONEOK

Inc

4.25%,

09/24/2027

11,700

11,712

4.40%,

10/15/2029

7,900

7,899

5.55%,

11/01/2026

6,000

6,072

Williams

Cos

Inc/The

4.63%,

06/30/2030

8,750

8,815

5.40%,

03/02/2026

7,000

7,026

$

104,197

REITs

-

.78

%

American

Homes

Rent

LP

4.95%,

06/15/2030

5,998

6,111

American

Tower

Corp

5.00%,

01/31/2030

3,800

3,892

American

Tower

Trust

#1

3.65%,

03/15/2048

(d) 6,300

6,198

5.49%,

03/15/2053

(d) 11,585

11,791

CubeSmart

LP

4.00%,

11/15/2025

(g) 3,275

3,273

Omega

Healthcare

Investors

Inc

5.20%,

07/01/2030

6,000

6,088

Public

Storage

Operating

Co

4.38%,

07/01/2030

9,250

9,308

4.74%,

04/16/2027

9,550

9,580

Secured

Overnight

Financing

Rate

+

0.70%

SBA

Tower

Trust

1.63%,

05/15/2051

(d) 19,400

18,852

1.88%,

07/15/2050

(d) 6,463

6,428

2.33%,

07/15/2052

(d) 2,800

2,666

Welltower

OP

LLC

4.50%,

07/01/2030

14,000

14,152

$

98,339

Semiconductors

-

.41

%

Advanced

Micro

Devices

Inc

4.21%,

09/24/2026

6,300

6,317

4.32%,

03/24/2028

6,300

6,362

Broadcom

Inc

4.60%,

07/15/2030

9,500

9,640

5.05%,

07/12/2029

7,400

7,620

Marvell

Technology

Inc

4.75%,

07/15/2030

9,500

9,616

Texas

Instruments

Inc

4.60%,

02/08/2029

(g) 10,000

10,213

$

49,768

Software

-

.27

%

Oracle

Corp

4.20%,

09/27/2029

9,300

9,224

4.80%,

08/03/2028

9,400

9,535

Roper

Technologies

Inc

4.50%,

10/15/2029

7,400

7,465

Take-Two

Interactive

Software

Inc

4.95%,

03/28/2028

10,700

10,889

5.40%,

06/12/2029

7,400

7,660

$

44,773

Student

Loan

Asset

Backed

Securities

-

.20

%

Commonbond

Student

Loan

Trust

2018-BGS

3.56%,

09/25/2045

(d) 1,565

1,505

Commonbond

Student

Loan

Trust

2018-C-GS

3.87%,

02/25/2046

(d) 2,012

1,955

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

(continued)

Commonbond

Student

Loan

Trust

2019-A-GS

2.54%,

01/25/2047

(d) $

3,948

$

3,617

Commonbond

Student

Loan

Trust

2020-A-GS

1.98%,

08/25/2050

(d) 1,625

1,464

Commonbond

Student

Loan

Trust

2021-A-GS

1.20%,

03/25/2052

(d) 7,524

6,424

Commonbond

Student

Loan

Trust

2021-B-GS

1.17%,

09/25/2051

(d) 2,371

2,058

EDvestinU

Private

Education

Loan

Issue

No

LLC

1.80%,

11/25/2045

(d) 5,065

4,745

ELFI

Graduate

Loan

Program

2024-A

LLC

5.56%,

08/25/2049

(d) 3,706

3,779

Navient

Education

Loan

Trust

2025-A

5.02%,

07/15/2055

(d) 4,755

4,805

Navient

Private

Education

Refi

Loan

Trust

2019-A

3.42%,

01/15/2043

(d) 234

Navient

Private

Education

Refi

Loan

Trust

2019-G

2.40%,

10/15/2068

(d) 1,826

1,777

Navient

Private

Education

Refi

Loan

Trust

2020-D

1.69%,

05/15/2069

(d) 2,641

2,513

Navient

Private

Education

Refi

Loan

Trust

2020-F

1.22%,

07/15/2069

(d) 1,737

1,641

Navient

Private

Education

Refi

Loan

Trust

2020-G

1.17%,

09/16/2069

(d) 1,912

1,797

Navient

Private

Education

Refi

Loan

Trust

2020-H

1.31%,

01/15/2069

(d) 2,453

2,312

Navient

Private

Education

Refi

Loan

Trust

2021-A

0.84%,

05/15/2069

(d) 2,634

2,413

Navient

Private

Education

Refi

Loan

Trust

2021-B

0.94%,

07/15/2069

(d) 5,884

5,380

Navient

Private

Education

Refi

Loan

Trust

2021-C

1.06%,

10/15/2069

(d) 5,645

5,160

Navient

Private

Education

Refi

Loan

Trust

2021-E

0.97%,

12/16/2069

(d) 8,354

7,513

Navient

Private

Education

Refi

Loan

Trust

2021-F

1.11%,

02/18/2070

(d) 3,626

3,224

Navient

Private

Education

Refi

Loan

Trust

2022-A

2.23%,

07/15/2070

(d) 3,388

3,105

Navient

Private

Education

Refi

Loan

Trust

2023-A

5.51%,

10/15/2071

(d) 1,996

2,048

Navient

Private

Education

Refi

Loan

Trust

2024-A

5.66%,

10/15/2072

(d) 7,851

8,065

Navient

Refinance

Loan

Trust

2025-B

4.72%,

09/15/2055

(d) 12,700

12,697

Nelnet

Student

Loan

Trust

2021-A

1.36%,

04/20/2062

(d) 11,941

11,218

Nelnet

Student

Loan

Trust

2021-C

1.32%,

04/20/2062

(d) 4,180

3,909

Nelnet

Student

Loan

Trust

2021-D

1.63%,

04/20/2062

(d) 5,714

5,431

SLM

Private

Credit

Student

Loan

Trust

2004-A

4.70%,

06/15/2033

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.66%

SLM

Private

Credit

Student

Loan

Trust

2006-A

4.59%,

06/15/2039

8,211

7,891

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.55%

SLM

Private

Credit

Student

Loan

Trust

2006-B

4.50%,

12/15/2039

4,736

4,605

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

SMB

Private

Education

Loan

Trust

2021-A

1.07%,

01/15/2053

(d) 4,918

4,489

SMB

Private

Education

Loan

Trust

2021-B

1.31%,

07/17/2051

(d) 7,321

6,907

SMB

Private

Education

Loan

Trust

2021-E

1.68%,

02/15/2051

(d) 7,168

6,803

Schedule

of

Investments

Short-Term

Income

Fund

October

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

(continued)

SMB

Private

Education

Loan

Trust

2022-C

4.48%,

05/16/2050

(d) $

6,527

$

6,519

$

148,131

Telecommunications

-

.53

%

AT&T

Inc

1.70%,

03/25/2026

9,400

9,308

4.70%,

08/15/2030

9,000

9,128

Cisco

Systems

Inc

4.75%,

02/24/2030

9,400

9,634

4.85%,

02/26/2029

10,000

10,249

Crown

Castle

Towers

LLC

4.24%,

07/15/2048

(d) 1,650

1,635

NTT

Finance

Corp

4.62%,

07/16/2028

(d) 9,300

9,403

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

5.15%,

09/20/2029

(d) 4,750

4,777

$

54,134

Transportation

-

.31

%

Ryder

System

Inc

1.75%,

09/01/2026

11,000

10,796

TOTAL

BONDS

$

2,926,400

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.37

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.00

%

6.47%,

09/01/2035

$

$

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.25%

Federal

National

Mortgage

Association

(FNMA)

-

.00

%

6.14%,

07/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.56%

6.18%,

02/01/2037

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.01%

6.37%,

08/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.63%

6.41%,

11/01/2032

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.29%

6.42%,

10/01/2035

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.68%

6.51%,

07/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.64%

6.51%,

02/01/2035

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

6-Month

+

2.01%

6.52%,

12/01/2032

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.64%

6.75%,

01/01/2035

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.75%

$

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.00

%

7.50%,

10/01/2029

U.S.

Treasury

-

.37

%

3.25%,

06/30/2029

184,000

181,520

4.00%,

01/15/2027

126,600

127,045

4.13%,

08/31/2030

8,000

8,143

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

4.50%,

07/15/2026

$

119,400

$

119,977

$

436,685

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

436,774

Total

Investments

$

3,542,555

Other

Assets

and

Liabilities

- (0.33)%

(11,769)

TOTAL

NET

ASSETS

-

100.00%

$

3,530,786

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,911

or

0.14%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,383,253

or

39.18%

of

net

assets.

(e) Security

purchased

on

a

when-issued

basis.

(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

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,748

or

0.13%

of

net

assets.

(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) Non-income

producing

security

Schedule

of

Investments

Short-Term

Income

Fund

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

171,923

$

1,559,694

$

1,552,527

$

179,090

$

171,923

$

1,559,694

$

1,552,527

$

179,090

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

4,938

$

—

$

—

$

—

$

4,938

$

—

$

—

$

—

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

Year

Treasury Note;

December

2025

Long

$

32,763

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.37

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.37

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

796,593

$

797

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b),(c)

52,827,104

52,827

$

53,624

TOTAL

INVESTMENT

COMPANIES

$

53,624

COMMON

STOCKS

-

.22

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.95

%

AAR

Corp

(d) 229,800

$

19,351

Curtiss-Wright

Corp

41,700

24,842

$

44,193

Agriculture

-

.44

%

Darling

Ingredients

Inc

(d) 410,400

13,153

Vital

Farms

Inc

(d) 590,300

19,392

$

32,545

Apparel

-

.70

%

PVH

Corp

202,500

15,862

Automobile

Parts

&

Equipment

-

.63

%

Visteon

Corp

133,400

14,295

Banks

-

.64

%

Ameris

Bancorp

335,100

24,000

First

Horizon

Corp

1,404,300

29,996

FNB

Corp/PA

1,560,796

24,536

Independent

Bank

Corp/MI

149,000

4,503

National

Bank

Holdings

Corp

200,700

7,157

Pinnacle

Financial

Partners

Inc

199,700

17,016

Popular

Inc

279,700

31,178

UMB

Financial

Corp

302,100

32,288

Webster

Financial

Corp

407,322

23,234

Wintrust

Financial

Corp

188,100

24,457

$

218,365

Biotechnology

-

.59

%

Axsome

Therapeutics

Inc

(d) 168,400

22,732

Bicycle

Therapeutics

PLC

ADR

(d) 572,500

4,620

Bridgebio

Pharma

Inc

(d) 511,400

32,034

Cytokinetics

Inc

(d) 435,500

27,694

Denali

Therapeutics

Inc

(d) 709,600

11,552

Immunocore

Holdings

PLC

ADR

(d) 215,700

7,138

Immunome

Inc

(d) 562,800

9,044

Insmed

Inc

(d) 283,800

53,809

Iovance

Biotherapeutics

Inc

(d) 1,527,100

3,008

Structure

Therapeutics

Inc

ADR

(d) 402,700

13,418

Viking

Therapeutics

Inc

(d) 249,300

9,493

$

194,542

Building

Materials

-

.27

%

Eagle

Materials

Inc

47,718

10,132

Louisiana-Pacific

Corp

110,400

9,617

Modine

Manufacturing

Co

(d) 302,900

46,407

SPX

Technologies

Inc

(d) 136,760

30,619

Trex

Co

Inc

(d) 468,500

22,638

$

119,413

Commercial

Services

-

.53

%

ABM

Industries

Inc

442,100

19,010

Huron

Consulting

Group

Inc

(d) 142,900

23,498

Stride

Inc

(d) 216,500

14,731

$

57,239

Computers

-

.87

%

Netskope

Inc

(d) 562,500

13,298

Parsons

Corp

(d) 281,900

23,437

SailPoint

Inc

(d) 237,400

5,147

Varonis

Systems

Inc

(d) 658,600

23,202

$

65,084

Distribution

&

Wholesale

-

.59

%

WESCO

International

Inc

138,500

35,945

Diversified

Financial

Services

-

.83

%

Hamilton

Lane

Inc

172,500

19,658

Janus

Henderson

Group

PLC

279,600

12,179

Jefferson

Capital

Inc

360,920

6,814

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

Lazard

Inc

595,400

$

29,056

OneMain

Holdings

Inc

246,300

14,579

Stifel

Financial

Corp

228,400

27,049

$

109,335

Electrical

Components

&

Equipment

-

.98

%

EnerSys

175,907

22,192

Electronics

-

.78

%

Advanced

Energy

Industries

Inc

195,900

39,715

TD

SYNNEX

Corp

147,877

23,141

$

62,856

Engineering

&

Construction

-

.91

%

Dycom

Industries

Inc

(d) 134,300

38,651

MYR

Group

Inc

(d) 134,300

29,237

Sterling

Infrastructure

Inc

(d) 114,700

43,345

$

111,233

Entertainment

-

.91

%

TKO

Group

Holdings

Inc

109,000

20,536

Food

-

.94

%

Performance

Food

Group

Co

(d) 219,118

21,198

Gas

-

.58

%

Southwest

Gas

Holdings

Inc

450,600

35,823

Healthcare

-

Products

-

.60

%

Castle

Biosciences

Inc

(d) 858,338

21,888

Exact

Sciences

Corp

(d) 477,400

30,883

Natera

Inc

(d) 144,600

28,765

$

81,536

Healthcare

-

Services

-

.53

%

Addus

HomeCare

Corp

(d) 159,100

18,597

LifeStance

Health

Group

Inc

(d) 1,387,100

6,797

Privia

Health

Group

Inc

(d) 1,020,239

24,792

RadNet

Inc

(d) 392,900

29,856

$

80,042

Home

Builders

-

.33

%

Taylor

Morrison

Home

Corp

(d) 507,800

30,097

Insurance

-

.37

%

Axis

Capital

Holdings

Ltd

99,800

9,347

CNO

Financial

Group

Inc

521,066

20,853

Essent

Group

Ltd

271,900

16,469

Lincoln

National

Corp

707,500

29,715

$

76,384

Internet

-

.60

%

Stubhub

Holdings

Inc

(d),(e)

714,500

13,683

Iron

&

Steel

-

.26

%

Commercial

Metals

Co

478,800

28,422

Leisure

Products

&

Services

-

.32

%

Life

Time

Group

Holdings

Inc

(d) 905,400

22,390

Lindblad

Expeditions

Holdings

Inc

(d) 627,000

7,562

$

29,952

Machinery

-

Diversified

-

.09

%

Mueller

Water

Products

Inc

-

Class

A

1,094,000

28,072

Regal

Rexnord

Corp

92,400

13,018

Zurn

Elkay

Water

Solutions

Corp

614,600

28,954

$

70,044

Mining

-

.26

%

OR

Royalties

Inc

181,500

5,804

Miscellaneous

Manufacturers

-

.29

%

Entegris

Inc

131,940

12,082

Fabrinet

(d) 39,051

17,205

$

29,287

Oil

&

Gas

-

.72

%

Chord

Energy

Corp

119,600

10,850

Gulfport

Energy

Corp

(d) 157,000

29,203

Patterson-UTI

Energy

Inc

3,431,830

21,518

$

61,571

Schedule

of

Investments

SmallCap

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

Services

-

.08

%

Helix

Energy

Solutions

Group

Inc

(d) 1,928,700

$

12,961

Solaris

Energy

Infrastructure

Inc

640,700

34,104

$

47,065

Packaging

&

Containers

-

.46

%

Graphic

Packaging

Holding

Co

654,400

10,464

Pharmaceuticals

-

.40

%

AdaptHealth

Corp

(d) 767,300

6,898

BellRing

Brands

Inc

(d) 156,800

4,724

Collegium

Pharmaceutical

Inc

(d) 559,000

20,124

$

31,746

Real

Estate

-

.90

%

Newmark

Group

Inc

1,141,400

20,351

REITs

-

.73

%

Agree

Realty

Corp

440,100

32,132

American

Healthcare

REIT

Inc

344,600

15,617

Cousins

Properties

Inc

614,900

15,944

First

Industrial

Realty

Trust

Inc

433,400

23,958

Ladder

Capital

Corp

677,100

7,157

Rexford

Industrial

Realty

Inc

296,800

12,264

$

107,072

Retail

-

.01

%

American

Eagle

Outfitters

Inc

502,900

8,403

BJ's

Wholesale

Club

Holdings

Inc

(d) 215,151

18,989

Boot

Barn

Holdings

Inc

(d) 95,700

18,150

$

45,542

Semiconductors

-

.39

%

Allegro

MicroSystems

Inc

(d) 691,600

20,693

SiTime

Corp

(d) 115,100

33,337

$

54,030

Software

-

.31

%

Agilysys

Inc

(d) 168,500

21,140

Clearwater

Analytics

Holdings

Inc

(d) 1,029,400

18,951

JFrog

Ltd

(d) 612,900

29,101

Progress

Software

Corp

(d) 280,600

11,965

ServiceTitan

Inc

(d) 193,100

18,221

Sophia

Genetics

SA

(d) 689,000

3,445

Vertex

Inc

(d) 437,826

10,026

Via

Transportation

Inc

(d) 140,200

7,491

$

120,340

Telecommunications

-

.35

%

Credo

Technology

Group

Holding

Ltd

(d) 284,095

53,302

Transportation

-

.27

%

Teekay

Tankers

Ltd

317,200

19,349

World

Kinect

Corp

362,500

9,371

$

28,720

Water

-

.81

%

American

States

Water

Co

258,600

18,441

TOTAL

COMMON

STOCKS

$

2,224,551

Total

Investments

$

2,278,175

Other

Assets

and

Liabilities

- (0.59)%

(13,452)

TOTAL

NET

ASSETS

-

100.00%

$

2,264,723

(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

$13,617

or

0.60%

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

$13,546

or

0.60%

of

net

assets.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

18,986

$

860,677

$

826,836

$

52,827

$

18,986

$

860,677

$

826,836

$

52,827

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

697

$

—

$

—

$

—

$

697

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.99

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.07

%

iShares

Russell

2000

Growth

ETF

(a) 4,500

$

1,488

Money

Market

Funds

-

.92

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(b),(c)

2,301,619

2,302

Principal

Government

Money

Market

Fund

-

Class

3.93%

(b),(c),(d)

105,600,092

105,600

$

107,902

TOTAL

INVESTMENT

COMPANIES

$

109,390

COMMON

STOCKS

-

.45

%

Shares

Held

Value

(000's)

Advertising

-

.00

%

Boston

Omaha

Corp

(e) 83

$

Stagwell

Inc

(e) 6,064

TechTarget

Inc

(e) 186

$

Aerospace

&

Defense

-

.80

%

AAR

Corp

(e) 99,515

8,380

AeroVironment

Inc

(e) 89,242

33,012

AIRO

Group

Holdings

Inc

(e) 262

Amprius

Technologies

Inc

(e) 4,898

Archer

Aviation

Inc

(e) 28,854

Astronics

Corp

(e) 1,423

ATI

Inc

(e) 69,716

6,900

Curtiss-Wright

Corp

19,590

11,670

Eve

Holding

Inc

(a),(e)

2,675

Intuitive

Machines

Inc

(e) 432

Joby

Aviation

Inc

(e) 24,129

Karman

Holdings

Inc

(e) 114,115

9,613

Kratos

Defense

&

Security

Solutions

Inc

(e) 348,660

31,589

Leonardo

DRS

Inc

205,262

7,504

Loar

Holdings

Inc

(e) 97,675

7,729

Mercury

Systems

Inc

(e) 128,571

9,953

Moog

Inc

1,474

Red

Cat

Holdings

Inc

(a),(e)

4,443

Redwire

Corp

(a),(e)

2,562

StandardAero

Inc

(e) 651,166

18,812

Voyager

Technologies

Inc

(e) 78,471

2,400

$

148,836

Agriculture

-

.35

%

Ispire

Technology

Inc

(a),(e)

987

Turning

Point

Brands

Inc

794

Vital

Farms

Inc

(e) 229,082

7,525

$

7,599

Airlines

-

.28

%

Allegiant

Travel

Co

(e) 99,261

6,172

flyExclusive

Inc

(e) 256

Frontier

Group

Holdings

Inc

(e) 2,996

Sun

Country

Airlines

Holdings

Inc

(e) 1,629

$

6,205

Apparel

-

.02

%

Ermenegildo

Zegna

NV

3,228

Hanesbrands

Inc

(e) 18,369

Kontoor

Brands

Inc

2,335

Steven

Madden

Ltd

Wolverine

World

Wide

Inc

4,193

$

Automobile

Manufacturers

-

.01

%

Blue

Bird

Corp

(e) 1,634

REV

Group

Inc

2,542

$

Automobile

Parts

&

Equipment

-

.15

%

Aeva

Technologies

Inc

(e) 1,576

Dorman

Products

Inc

(e) 1,446

Douglas

Dynamics

Inc

990

Fox

Factory

Holding

Corp

(e) 552

indie

Semiconductor

Inc

(a),(e)

3,894

Luminar

Technologies

Inc

(a),(e)

792

Microvast

Holdings

Inc

(a),(e)

6,648

Solid

Power

Inc

(e) 929

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Parts

&

Equipment

(continued)

Visteon

Corp

27,794

$

2,978

XPEL

Inc

(e) 1,239

$

3,346

Banks

-

.22

%

Amerant

Bancorp

Inc

793

Arrow

Financial

Corp

BancFirst

Corp

1,003

Bancorp

Inc/The

(e) 139,105

9,093

Bank

First

Corp

Bank

of

Hawaii

Corp

1,577

Bank7

Corp

Bankwell

Financial

Group

Inc

Bridgewater

Bancshares

Inc

(e) 516

Cadence

Bank

110,332

4,164

California

BanCorp

(e) 177

Capital

Bancorp

Inc

Carter

Bankshares

Inc

(e) 292

Citizens

Financial

Services

Inc

City

Holding

Co

Coastal

Financial

Corp/WA

(e) 25,162

2,680

CoastalSouth

Bancshares

Inc

(e) 55

Community

Financial

System

Inc

602

Community

West

Bancshares

ConnectOne

Bancorp

Inc

661

Customers

Bancorp

Inc

(e) 78,110

5,243

Dime

Community

Bancshares

Inc

Eagle

Bancorp

Inc

Eagle

Financial

Services

Inc

Esquire

Financial

Holdings

Inc

Finwise

Bancorp

(e) 285

First

BanCorp/Puerto

Rico

4,568

First

Business

Financial

Services

Inc

First

Community

Corp/SC

First

Financial

Bankshares

Inc

7,018

First

Financial

Corp

First

Internet

Bancorp

First

Merchants

Corp

First

National

Corp/VA

Five

Star

Bancorp

562

Glacier

Bancorp

Inc

1,300

Hanover

Bancorp

Inc

—

Hope

Bancorp

Inc

International

Bancshares

Corp

Lakeland

Financial

Corp

705

LINKBANCORP

Inc

Live

Oak

Bancshares

Inc

764

MainStreet

Bancshares

Inc

Meridian

Corp

Metrocity

Bankshares

Inc

660

Metropolitan

Bank

Holding

Corp

NBT

Bancorp

Inc

Nicolet

Bankshares

Inc

Northeast

Bank

Northrim

BanCorp

Inc

591

Old

National

Bancorp/IN

2,112

OP

Bancorp

Orange

County

Bancorp

Inc

Origin

Bancorp

Inc

Pathward

Financial

Inc

1,230

Patriot

National

Bancorp

Inc

(e) 2,648

PCB

Bancorp

Peapack-Gladstone

Financial

Corp

Peoples

Financial

Services

Corp

Princeton

Bancorp

Inc

Prosperity

Bancshares

Inc

255,051

16,787

Richmond

Mutual

BanCorp

Inc

(a) 54

ServisFirst

Bancshares

Inc

2,689

Shore

Bancshares

Inc

SmartFinancial

Inc

Schedule

of

Investments

SmallCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Stock

Yards

Bancorp

Inc

1,279

$

Texas

Capital

Bancshares

Inc

(e) 317

Triumph

Financial

Inc

(e) 550

UMB

Financial

Corp

60,239

6,438

Union

Bankshares

Inc/Morrisville

VT

Unity

Bancorp

Inc

Valley

National

Bancorp

6,268

WesBanco

Inc

91,167

2,744

West

BanCorp

Inc

$

48,734

Beverages

-

.40

%

BRC

Inc

(a),(e)

5,067

Celsius

Holdings

Inc

(e) 141,967

8,551

National

Beverage

Corp

(e) 1,243

Vita

Coco

Co

Inc/The

(e) 2,279

Westrock

Coffee

Co

(a),(e)

1,889

Zevia

PBC

(e) 1,779

$

8,706

Biotechnology

-

.30

%

Aardvark

Therapeutics

Inc

(e) 226

Abeona

Therapeutics

Inc

(e) 2,168

Absci

Corp

(a),(e)

5,387

ACADIA

Pharmaceuticals

Inc

(e) 124,377

2,823

ADC

Therapeutics

SA

(e) 4,068

ADMA

Biologics

Inc

(e) 12,104

Akero

Therapeutics

Inc

(e) 3,661

Aldeyra

Therapeutics

Inc

(e) 2,313

Alpha

Teknova

Inc

(a),(e)

533

Altimmune

Inc

(a),(e)

4,582

Amicus

Therapeutics

Inc

(e) 14,543

AnaptysBio

Inc

(e) 986

Anavex

Life

Sciences

Corp

(a),(e)

4,386

ANI

Pharmaceuticals

Inc

(e) 952

Apogee

Therapeutics

Inc

(a),(e)

118,094

6,683

Arbutus

Biopharma

Corp

(e) 7,505

Arcellx

Inc

(e) 1,793

Arcturus

Therapeutics

Holdings

Inc

(e) 581

Arcus

Biosciences

Inc

(e) 2,643

Arcutis

Biotherapeutics

Inc

(e) 5,578

Ardelyx

Inc

(e) 12,355

ArriVent

Biopharma

Inc

(a),(e)

1,233

Arrowhead

Pharmaceuticals

Inc

(e) 6,288

ARS

Pharmaceuticals

Inc

(e) 2,996

Atlantic

International

Corp

(e) 429

Aura

Biosciences

Inc

(e) 744

Aurinia

Pharmaceuticals

Inc

(e) 6,066

Avidity

Biosciences

Inc

(e) 4,878

Axsome

Therapeutics

Inc

(e) 28,326

3,824

Beam

Therapeutics

Inc

(e) 4,978

Benitec

Biopharma

Inc

(e) 779

Bicara

Therapeutics

Inc

(a),(e)

BioCryst

Pharmaceuticals

Inc

(e) 10,932

Biohaven

Ltd

(e) 150,702

2,593

Blueprint

Medicines

Corp

-

Contingent

Value

Rights

(e),(f)

65,056

—

Bridgebio

Pharma

Inc

(e) 311,061

19,485

Bright

Minds

Biosciences

Inc

(e) 259

Capricor

Therapeutics

Inc

(a),(e)

2,017

Cardiff

Oncology

Inc

(a),(e)

2,003

Cartesian

Therapeutics

Inc

(a),(e)

Cartesian

Therapeutics

Inc

-

Contingent

Value

Rights

(e),(f)

3,555

Celcuity

Inc

(e) 65,328

5,041

CG

oncology

Inc

(e) 119,650

5,177

Cogent

Biosciences

Inc

(e) 426,725

6,956

Compass

Therapeutics

Inc

(e) 2,775

Crinetics

Pharmaceuticals

Inc

(e) 4,707

Cytokinetics

Inc

(e) 113,152

7,195

Day

One

Biopharmaceuticals

Inc

(e) 259

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Denali

Therapeutics

Inc

(e) 237,629

$

3,869

DiaMedica

Therapeutics

Inc

(e) 1,663

Dianthus

Therapeutics

Inc

(e) 105,062

3,675

Disc

Medicine

Inc

(e) 1,209

Dynavax

Technologies

Corp

(e) 5,373

Dyne

Therapeutics

Inc

(e) 1,799

Edgewise

Therapeutics

Inc

(e) 3,505

Eledon

Pharmaceuticals

Inc

(e) 260

Esperion

Therapeutics

Inc

(a),(e)

4,048

Evolus

Inc

(e) 3,088

Forafric

Global

PLC

(e) 168

Geron

Corp

(e) 28,433

Gossamer

Bio

Inc

(e) 9,893

Greenwich

Lifesciences

Inc

(e) 419

Halozyme

Therapeutics

Inc

(e) 55,001

3,586

Humacyte

Inc

(a),(e)

1,536

ImmunityBio

Inc

(e) 9,917

Immunome

Inc

(e) 4,041

Immunovant

Inc

(e) 3,573

Inmune

Bio

Inc

(e) 1,530

Innoviva

Inc

(e) 2,880

Janux

Therapeutics

Inc

(e) 713

Krystal

Biotech

Inc

(e) 1,298

Kymera

Therapeutics

Inc

(e) 54,758

3,386

Legend

Biotech

Corp

ADR

(e) 104,874

3,398

LENZ

Therapeutics

Inc

(e) 822

Ligand

Pharmaceuticals

Inc

(e) 118

Liquidia

Corp

(e) 3,358

Maze

Therapeutics

Inc

(e) 76

MeiraGTx

Holdings

plc

(e) 1,622

Metsera

Inc

(e) 1,541

Mind

Medicine

MindMed

Inc

(e) 1,316

Mineralys

Therapeutics

Inc

(e) 110,344

4,509

Monopar

Therapeutics

Inc

(e) 185

Nektar

Therapeutics

(e) 75,396

4,895

NeoGenomics

Inc

(e) 644

Newamsterdam

Pharma

Co

NV

(e) 132,884

5,043

Niagen

Bioscience

Inc

(e) 2,720

Novavax

Inc

(a),(e)

6,468

Nuvalent

Inc

(e) 52,560

5,220

Nuvation

Bio

Inc

(a),(e)

1,359

Omeros

Corp

(a),(e)

3,011

Organogenesis

Holdings

Inc

(e) 3,842

Palvella

Therapeutics

Inc

(e) 4,137

Phathom

Pharmaceuticals

Inc

(e) 593

Praxis

Precision

Medicines

Inc

(e) 87

Precigen

Inc

(a),(e)

7,364

Protalix

BioTherapeutics

Inc

(a),(e)

3,653

Prothena

Corp

PLC

(e) 257

PTC

Therapeutics

Inc

(e) 3,308

Rapport

Therapeutics

Inc

(e) 101,255

2,929

Recursion

Pharmaceuticals

Inc

(a),(e)

19,158

Rezolute

Inc

(e) 3,466

Rigel

Pharmaceuticals

Inc

(e) 884

Rocket

Pharmaceuticals

Inc

(e) 677

Sana

Biotechnology

Inc

(e) 1,029

Savara

Inc

(e) 924,721

3,838

Scholar

Rock

Holding

Corp

(e) 3,879

Sionna

Therapeutics

Inc

(a),(e)

632

Soleno

Therapeutics

Inc

(e) 145,665

9,783

Stoke

Therapeutics

Inc

(e) 2,322

Structure

Therapeutics

Inc

ADR

(e) 77,110

2,569

Syndax

Pharmaceuticals

Inc

(e) 4,178

Tarsus

Pharmaceuticals

Inc

(e) 2,051

Taysha

Gene

Therapies

Inc

(e) 11,071

Tectonic

Therapeutic

Inc

(a),(e)

Tevogen

Bio

Holdings

Inc

(e) 810

TG

Therapeutics

Inc

(e) 7,575

Theravance

Biopharma

Inc

(e) 1,563

Schedule

of

Investments

SmallCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Travere

Therapeutics

Inc

(e) 500,310

$

17,591

TriSalus

Life

Sciences

Inc

(e) 265

Tvardi

Therapeutics

Inc

(e) 29

—

Ultragenyx

Pharmaceutical

Inc

(e) 93,762

3,244

UroGen

Pharma

Ltd

(e) 1,572

Vera

Therapeutics

Inc

(e) 2,682

Veracyte

Inc

(e) 4,078

Verastem

Inc

(e) 1,524

Vericel

Corp

(e) 2,623

Viridian

Therapeutics

Inc

(e) 215,385

5,090

WaVe

Life

Sciences

Ltd

(e) 701,793

6,344

Xenon

Pharmaceuticals

Inc

(e) 129,112

5,413

XOMA

Royalty

Corp

(e) 347

Zevra

Therapeutics

Inc

(e) 2,827

Zymeworks

Inc

(e) 2,551

$

159,894

Building

Materials

-

.41

%

AAON

Inc

(a) 89,987

8,854

Armstrong

World

Industries

Inc

46,218

8,801

Eagle

Materials

Inc

32,902

6,986

Griffon

Corp

2,011

James

Hardie

Industries

PLC

(e) 304,887

6,381

Knife

River

Corp

(e) 2,997

LSI

Industries

Inc

1,028

Modine

Manufacturing

Co

(e) 179,380

27,483

Simpson

Manufacturing

Co

Inc

34,837

6,149

Smith-Midland

Corp

(e) 143

SPX

Technologies

Inc

(e) 140,748

31,512

Tecnoglass

Inc

1,255

Titan

America

SA

1,368

UFP

Industries

Inc

$

96,636

Chemicals

-

.70

%

Balchem

Corp

1,720

Cabot

Corp

2,657

Calumet

Inc

(e) 417

Chemours

Co/The

7,858

Codexis

Inc

(e) 3,503

Element

Solutions

Inc

309,529

8,271

Hawkins

Inc

1,022

HB

Fuller

Co

105,428

6,049

Ingevity

Corp

(e) 1,885

Innospec

Inc

Oil-Dri

Corp

of

America

Sensient

Technologies

Corp

2,201

$

15,366

Coal

-

.01

%

Alpha

Metallurgical

Resources

Inc

(e) 183

Core

Natural

Resources

Inc

945

Hallador

Energy

Co

(e) 1,484

Ramaco

Resources

Inc

-

A

Shares

(e) 1,493

$

Commercial

Services

-

.18

%

Adtalem

Global

Education

Inc

(e) 1,859

AirSculpt

Technologies

Inc

(a),(e)

644

Alarm.com

Holdings

Inc

(e) 2,468

Alta

Equipment

Group

Inc

American

Public

Education

Inc

(e) 822

Arlo

Technologies

Inc

(e) 386,562

7,476

Barrett

Business

Services

Inc

1,293

Bright

Horizons

Family

Solutions

Inc

(e) 122,010

13,327

Brink's

Co/The

2,206

Cadiz

Inc

(e) 2,881

Carriage

Services

Inc

726

Cass

Information

Systems

Inc

537

CBIZ

Inc

(e) 2,562

Cimpress

PLC

(e) 190

CompoSecure

Inc

(e) 2,038

CoreCivic

Inc

(e) 931

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

Coursera

Inc

(e) 7,241

$

CPI

Card

Group

Inc

(e) 310

CRA

International

Inc

Distribution

Solutions

Group

Inc

(a),(e)

Driven

Brands

Holdings

Inc

(e) 3,118

Emerald

Holding

Inc

956

European

Wax

Center

Inc

(e) 1,437

EVERTEC

Inc

3,364

First

Advantage

Corp

(a),(e)

320,981

4,054

Flywire

Corp

(e) 5,548

Franklin

Covey

Co

(e) 487

FTI

Consulting

Inc

(e) 52,041

8,587

GEO

Group

Inc/The

(e) 7,057

Hackett

Group

Inc/The

1,180

Healthcare

Services

Group

Inc

(e) 1,698

Herc

Holdings

Inc

1,712

Hertz

Global

Holdings

Inc

(a),(e)

6,214

HireQuest

Inc

(a) 96

Huron

Consulting

Group

Inc

(e) 892

Information

Services

Group

Inc

867

Insperity

Inc

1,863

John

Wiley

&

Sons

Inc

2,007

Kforce

Inc

754

KinderCare

Learning

Cos

Inc

(e) 259,756

1,532

Korn

Ferry

1,220

Laureate

Education

Inc

(e) 2,325

Legalzoom.com

Inc

(e) 6,102

Legence

Corp

(e) 177,884

7,359

Lifecore

Biomedical

Inc

(e) 1,042

Lincoln

Educational

Services

Corp

(e) 1,521

Marqeta

Inc

(e) 9,274

Mercurity

Fintech

Holding

Inc

(a),(e)

Mister

Car

Wash

Inc

(e) 1,606,045

8,978

National

Research

Corp

663

NIQ

Global

Intelligence

Plc

(e) 444,361

5,510

Payoneer

Global

Inc

(e) 14,549

Priority

Technology

Holdings

Inc

(e) 1,495

Progyny

Inc

(e) 3,903

Quad/Graphics

Inc

1,064

RCM

Technologies

Inc

(e) 257

Remitly

Global

Inc

(e) 8,712

Rentokil

Initial

PLC

ADR

(a) 180,417

5,019

Sezzle

Inc

(e) 759

Shift4

Payments

Inc

(e) 58,658

4,053

SoundThinking

Inc

(e) 500

Spire

Global

Inc

(a),(e)

1,544

StoneCo

Ltd

(e) 13,122

Stride

Inc

(e) 2,239

TIC

Solutions

Inc

(e) 2,069

Transcat

Inc

(e) 253

TriNet

Group

Inc

1,553

Udemy

Inc

(e) 5,105

Universal

Technical

Institute

Inc

(e) 2,417

Upbound

Group

Inc

916

USCB

Financial

Holdings

Inc

Verra

Mobility

Corp

(e) 8,336

Willdan

Group

Inc

(e) 495

ZipRecruiter

Inc

(e) 3,827

$

69,571

Computers

-

.18

%

Cantaloupe

Inc

(e) 3,058

CSP

Inc

Diebold

Nixdorf

Inc

(e) 1,232

D-Wave

Quantum

Inc

(a),(e)

230,166

8,530

Grid

Dynamics

Holdings

Inc

(e) 2,790

Insight

Enterprises

Inc

(e) 515

Integral

Ad

Science

Holding

Corp

(e) 564

Lumentum

Holdings

Inc

(e) 125,630

25,322

Maximus

Inc

2,953

Schedule

of

Investments

SmallCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

Mitek

Systems

Inc

(e) 471

$

NCR

Atleos

Corp

(e) 3,810

Netskope

Inc

(e) 136,571

3,229

NextNav

Inc

(e) 4,624

OneSpan

Inc

PAR

Technology

Corp

(e) 1,206

Parsons

Corp

(e) 85,869

7,139

Qualys

Inc

(e) 1,915

Rapid7

Inc

(e) 3,340

Rigetti

Computing

Inc

(e) 98,313

4,352

Rimini

Street

Inc

(e) 413

Rubrik

Inc

(e) 103,535

7,793

SailPoint

Inc

(e) 79,627

1,726

Tenable

Holdings

Inc

(e) 99,905

2,899

Unisys

Corp

(e) 2,786

V2X

Inc

(e) 81

Varonis

Systems

Inc

(e) 217,008

7,645

Vuzix

Corp

(a),(e)

3,167

$

69,653

Consumer

Products

-

.01

%

Co

713

Cosmetics

&

Personal

Care

-

.01

%

Beauty

Health

Co/The

(e) 5,081

Honest

Co

Inc/The

(e) 2,801

Interparfums

Inc

960

Prestige

Consumer

Healthcare

Inc

(e) 483

Solesence

Inc

(a),(e)

1,291

$

Distribution

&

Wholesale

-

.18

%

Global

Industrial

Co

725

OPENLANE

Inc

(e) 332,448

8,783

Rush

Enterprises

Inc

-

Class

A

1,705

Rush

Enterprises

Inc

-

Class

B

(a) 244

SiteOne

Landscape

Supply

Inc

(e) 36,867

4,784

ThredUp

Inc

(e) 4,777

VSE

Corp

67,192

12,140

$

25,867

Diversified

Financial

Services

-

.46

%

Acadian

Asset

Management

Inc

1,381

Artisan

Partners

Asset

Management

Inc

1,790

Atlanticus

Holdings

Corp

(e) 34

Bakkt

Holdings

Inc/US

(e) 77

BGC

Group

Inc

18,959

Brookfield

Business

Corp

Burford

Capital

Ltd

6,713

Cohen

&

Steers

Inc

1,310

Columbia

Financial

Inc

(e) 125

Dave

Inc

(e) 485

Diamond

Hill

Investment

Group

Inc

Enova

International

Inc

(e) 1,263

Federal

Agricultural

Mortgage

Corp

First

Western

Financial

Inc

(e) 200

GBank

Financial

Holdings

Inc

(e) 43,342

1,572

GCM

Grosvenor

Inc

2,263

Houlihan

Lokey

Inc

67,666

12,117

International

Money

Express

Inc

(e) 1,429

Jefferson

Capital

Inc

LendingClub

Corp

(e) 143,601

2,497

LendingTree

Inc

(e) 81,931

5,244

Marex

Group

PLC

196,138

5,953

Moelis

&

Co

120,381

7,624

NerdWallet

Inc

(e) 2,146

OppFi

Inc

1,291

Pagseguro

Digital

Ltd

5,791

Paysign

Inc

(e) 1,799

Perella

Weinberg

Partners

190,940

3,566

Piper

Sandler

Cos

51,319

16,384

PJT

Partners

Inc

1,203

Regional

Management

Corp

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

Resolute

Holdings

Management

Inc

(a),(e)

$

Siebert

Financial

Corp

(e) 104

—

StepStone

Group

Inc

150,714

9,176

Stifel

Financial

Corp

82,465

9,766

StoneX

Group

Inc

(e) 2,393

Upstart

Holdings

Inc

(e) 4,413

Victory

Capital

Holdings

Inc

2,319

Vroom

Inc

(a),(e)

—

WisdomTree

Inc

6,274

$

75,747

Electric

-

.01

%

Genie

Energy

Ltd

MGE

Energy

Inc

1,007

Oklo

Inc

(a),(e)

1,333

Otter

Tail

Corp

$

Electrical

Components

&

Equipment

-

.51

%

American

Superconductor

Corp

(e) 119,959

7,106

AZZ

Inc

1,556

Belden

Inc

2,076

Energizer

Holdings

Inc

2,709

EnerSys

Generac

Holdings

Inc

(e) 12,069

2,028

Graham

Corp

(e) 567

Insteel

Industries

Inc

554

Littelfuse

Inc

4,722

1,149

nLight

Inc

(e) 137,828

4,550

Novanta

Inc

(e) 62,738

7,968

Powell

Industries

Inc

Universal

Display

Corp

64,810

9,545

$

33,075

Electronics

-

.76

%

Advanced

Energy

Industries

Inc

48,442

9,820

Allient

Inc

Applied

Optoelectronics

Inc

(a),(e)

158,948

5,652

Atmus

Filtration

Technologies

Inc

3,926

Badger

Meter

Inc

1,555

CTS

Corp

Enovix

Corp

(a),(e)

8,595

ESCO

Technologies

Inc

83,399

18,304

Evolv

Technologies

Holdings

Inc

(e) 700,869

5,425

Itron

Inc

(e) 1,153

Knowles

Corp

(e) 306

Kopin

Corp

(a),(e)

8,204

KULR

Technology

Group

Inc

(a),(e)

2,146

Mesa

Laboratories

Inc

MicroVision

Inc

(a),(e)

9,452

Mirion

Technologies

Inc

(e) 551,848

16,208

M-Tron

Industries

Inc

(e) 129

Napco

Security

Technologies

Inc

103,396

4,565

Neonode

Inc

(a),(e)

871

NVE

Corp

OSI

Systems

Inc

(e) 840

Plexus

Corp

(e) 1,309

Sanmina

Corp

(e) 1,226

SKYX

Platforms

Corp

(e) 3,248

TTM

Technologies

Inc

(e) 237,820

15,981

Turtle

Beach

Corp

(e) 531

Vicor

Corp

(e) 1,211

Woodward

Inc

18,613

4,879

$

82,336

Energy

-

Alternate

Sources

-

.05

%

Array

Technologies

Inc

(e) 1,843

ASP

Isotopes

Inc

(a),(e)

3,981

Eos

Energy

Enterprises

Inc

(a),(e)

13,300

Fluence

Energy

Inc

(a),(e)

3,216

Montauk

Renewables

Inc

(e) 1,021

NEXTracker

Inc

(e) 6,118

619

OPAL

Fuels

Inc

(e) 967

Schedule

of

Investments

SmallCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Energy

-

Alternate

Sources

(continued)

REX

American

Resources

Corp

(e) 416

$

Shoals

Technologies

Group

Inc

(e) 1,416

SunPower

Inc

(a),(e)

1,002

Verde

Clean

Fuels

Inc

(e) 442

XCF

Global

Inc

(e) 1,019

$

993

Engineering

&

Construction

-

.63

%

908

Devices

Inc

(e) 1,256

Arcosa

Inc

713

Argan

Inc

23,861

7,306

Bowman

Consulting

Group

Ltd

(e) 13,861

600

Centuri

Holdings

Inc

(e) 3,652

Concrete

Pumping

Holdings

Inc

Construction

Partners

Inc

(e) 89,603

10,246

Dycom

Industries

Inc

(e) 1,468

Energy

Services

of

America

Corp

(a) 619

Everus

Construction

Group

Inc

(e) 101,846

9,257

Exponent

Inc

2,664

Fluor

Corp

(e) 47,410

2,312

Frontdoor

Inc

(e) 3,899

Granite

Construction

Inc

1,976

IES

Holdings

Inc

(e) 472

Latham

Group

Inc

(e) 293,119

2,125

Limbach

Holdings

Inc

(e) 539

MYR

Group

Inc

(e) 808

Orion

Group

Holdings

Inc

(e) 421

Primoris

Services

Corp

96,582

13,669

Sterling

Infrastructure

Inc

(e) 20,772

7,849

TopBuild

Corp

(e) 5,884

2,486

TSS

Inc/MD

(a),(e)

956

$

57,524

Entertainment

-

.89

%

Accel

Entertainment

Inc

(e) 2,819

Atlanta

Braves

Holdings

Inc

-

A

shares

(a),(e)

Atlanta

Braves

Holdings

Inc

-

C

shares

(e) 2,403

Bally's

Corp

(a),(e)

Cinemark

Holdings

Inc

5,416

IMAX

Corp

(e) 112,982

3,671

Inspired

Entertainment

Inc

(e) 1,309

Madison

Square

Garden

Entertainment

Corp

(e) 2,055

Monarch

Casino

&

Resort

Inc

667

Pursuit

Attractions

and

Hospitality

Inc

(e) 68

RCI

Hospitality

Holdings

Inc

Red

Rock

Resorts

Inc

1,395

Reservoir

Media

Inc

(e) 178

Rush

Street

Interactive

Inc

(e) 882,165

14,961

Six

Flags

Entertainment

Corp

(e) 4,017

Super

Group

SGHC

Ltd

8,313

United

Parks

&

Resorts

Inc

(e) 1,334

$

19,419

Environmental

Control

-

.42

%

Casella

Waste

Systems

Inc

(e) 93,832

8,311

CECO

Environmental

Corp

(e) 85,803

4,194

Energy

Recovery

Inc

(e) 2,781

Perma-Fix

Environmental

Services

Inc

(e) 191

PureCycle

Technologies

Inc

(e) 6,770

Waste

Connections

Inc

110,599

18,545

$

31,179

Food

-

.51

%

Beyond

Meat

Inc

(e) 440

Calavo

Growers

Inc

829

Cal-Maine

Foods

Inc

2,393

Chefs'

Warehouse

Inc/The

(e) 166,560

9,827

J

&

J

Snack

Foods

Corp

813

John

B

Sanfilippo

&

Son

Inc

Lifeway

Foods

Inc

(e) 269

Mama's

Creations

Inc

(e) 1,786

Marzetti

Company/The

1,052

Nathan's

Famous

Inc

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Food

(continued)

Natural

Grocers

by

Vitamin

Cottage

Inc

647

$

Simply

Good

Foods

Co/The

(e) 3,152

SunOpta

Inc

(e) 5,023

Tootsie

Roll

Industries

Inc

942

Utz

Brands

Inc

72,163

760

$

11,248

Forest

Products

&

Paper

-

.00

%

Sylvamo

Corp

Gas

-

.00

%

Chesapeake

Utilities

Corp

RGC

Resources

Inc

$

Hand

&

Machine

Tools

-

.37

%

Cadre

Holdings

Inc

(a) 1,463

Enerpac

Tool

Group

Corp

67,503

2,770

Franklin

Electric

Co

Inc

2,078

MSA

Safety

Inc

32,482

5,101

$

8,130

Healthcare

-

Products

-

.92

%

10X

Genomics

Inc

(e) 1,453

Accuray

Inc

(e) 5,041

Adaptive

Biotechnologies

Corp

(e) 7,792

Alphatec

Holdings

Inc

(e) 378,847

7,194

AngioDynamics

Inc

(e) 449

Anteris

Technologies

Global

Corp

(e) 1,779

Artivion

Inc

(e) 1,595

AtriCure

Inc

(e) 255,414

8,824

Avita

Medical

Inc

(a),(e)

933

Axogen

Inc

(e) 2,277

Beta

Bionics

Inc

(a),(e)

1,734

BioLife

Solutions

Inc

(e) 1,963

Bio-Techne

Corp

213,049

13,330

Bioventus

Inc

(e) 2,588

Bruker

Corp

310,553

12,093

Butterfly

Network

Inc

(e) 9,965

CapsoVision

Inc

(e) 295

CareDx

Inc

(e) 2,841

Caris

Life

Sciences

Inc

(e) 142,999

4,301

Ceribell

Inc

(e) 1,402

Cerus

Corp

(e) 10,360

ClearPoint

Neuro

Inc

(e) 1,360

CVRx

Inc

(e) 842

Delcath

Systems

Inc

(e) 1,668

Electromed

Inc

(e) 354

Embecta

Corp

Establishment

Labs

Holdings

Inc

(a),(e)

266,010

12,755

Glaukos

Corp

(e) 130,056

11,454

Guardant

Health

Inc

(e) 203,798

18,957

Haemonetics

Corp

(e) 2,500

ICU

Medical

Inc

(e) 950

Integer

Holdings

Corp

(e) 1,790

iRadimed

Corp

iRhythm

Technologies

Inc

(e) 1,670

Kestra

Medical

Technologies

Ltd

(a),(e)

311,226

8,521

KORU

Medical

Systems

Inc

(e) 2,264

Lantheus

Holdings

Inc

(e) 3,573

LeMaitre

Vascular

Inc

1,092

LENSAR

Inc

(a),(e)

LivaNova

PLC

(e) 121,739

6,407

Lucid

Diagnostics

Inc

(e) 2,113

Merit

Medical

Systems

Inc

(e) 63,985

5,601

MiMedx

Group

Inc

(e) 6,235

Myomo

Inc

(e) 1,742

NeuroPace

Inc

(e) 1,260

Novocure

Ltd

(e) 5,327

OmniAb

Inc

(e) 998

OmniAb

Inc

-

Rights

(e) 95

—

OmniAb

Inc

-

Rights

(e) 95

—

OrthoPediatrics

Corp

(e) 206,684

3,481

Schedule

of

Investments

SmallCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Outset

Medical

Inc

(e) 335

$

PROCEPT

BioRobotics

Corp

(e) 248,150

8,445

Pulmonx

Corp

(e) 2,288

Pulse

Biosciences

Inc

(a),(e)

990

Quanterix

Corp

(e) 252

QuidelOrtho

Corp

(e) 1,505

Repligen

Corp

(e) 74,813

11,152

RxSight

Inc

(e) 1,825

Sanara

Medtech

Inc

(e) 159

SANUWAVE

Health

Inc

(e) 367

Semler

Scientific

Inc

(e) 127

Shoulder

Innovations

Inc

(e) 247

SI-BONE

Inc

(e) 347,151

5,148

STAAR

Surgical

Co

(e) 2,232

Stereotaxis

Inc

(e) 3,450

Surmodics

Inc

(e) 762

Tandem

Diabetes

Care

Inc

(e) 3,495

TransMedics

Group

Inc

(e) 89,608

11,787

Treace

Medical

Concepts

Inc

(e) 2,676

Twist

Bioscience

Corp

(e) 3,084

UFP

Technologies

Inc

(e) 393

$

151,633

Healthcare

-

Services

-

.88

%

Addus

HomeCare

Corp

(e) 460

agilon

health

Inc

(e) 17,303

Ardent

Health

Inc

(e) 116

Astrana

Health

Inc

(e) 2,118

Aveanna

Healthcare

Holdings

Inc

(e) 279,284

2,528

BrightSpring

Health

Services

Inc

(e) 344,677

11,391

Brookdale

Senior

Living

Inc

(e) 10,614

Clover

Health

Investments

Corp

(e) 21,183

Community

Health

Systems

Inc

(e) 4,335

Concentra

Group

Holdings

Parent

Inc

5,728

CorVel

Corp

(e) 1,510

Encompass

Health

Corp

111,487

12,693

Ensign

Group

Inc/The

2,944

530

GeneDx

Holdings

Corp

(e) 35,950

4,921

Ginkgo

Bioworks

Holdings

Inc

(e) 177

HealthEquity

Inc

(e) 193,260

18,279

Innovage

Holding

Corp

(e) 481

Joint

Corp/The

(e) 742

LifeStance

Health

Group

Inc

(e) 403,852

1,979

Nano-X

Imaging

Ltd

(a),(e)

801

Neuronetics

Inc

(a),(e)

1,895

Oncology

Institute

Inc/The

(a),(e)

3,145

Oscar

Health

Inc

(e) 10,122

PACS

Group

Inc

(e) 2,126

Pennant

Group

Inc/The

(e) 1,745

Privia

Health

Group

Inc

(e) 5,994

RadNet

Inc

(e) 126,652

9,624

SBC

Medical

Group

Holdings

Inc

(a),(e)

—

Sonida

Senior

Living

Inc

(e) 182

Teladoc

Health

Inc

(e) 1,771

US

Physical

Therapy

Inc

Viemed

Healthcare

Inc

(e) 1,825

$

62,998

Home

Builders

-

.04

%

Cavco

Industries

Inc

(e) 399

Champion

Homes

Inc

(e) 2,990

Dream

Finders

Homes

Inc

(e) 379

Green

Brick

Partners

Inc

(e) 537

Installed

Building

Products

Inc

1,227

LCI

Industries

$

778

Home

Furnishings

-

.79

%

Alliance

Laundry

Holdings

Inc

(e) 171,608

4,547

Arhaus

Inc

(e) 405,654

4,065

Daktronics

Inc

(e) 355

Lovesac

Co/The

(e) 436

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Home

Furnishings

(continued)

SharkNinja

Inc

(e) 100,454

$

8,589

Sonos

Inc

(e) 5,624

$

17,310

Insurance

-

.16

%

Abacus

Global

Management

Inc

(e) 647

American

Coastal

Insurance

Corp

677

American

Integrity

Insurance

Group

Inc

(e) 159

AMERISAFE

Inc

Aspen

Insurance

Holdings

Ltd

(a),(e)

524

Ategrity

Specialty

Holdings

LLC

(e) 89,479

1,739

Baldwin

Insurance

Group

Inc/The

(e) 3,655

Bowhead

Specialty

Holdings

Inc

(e) 855

Crawford

&

Co

856

F&G

Annuities

&

Life

Inc

Goosehead

Insurance

Inc

981

HCI

Group

Inc

540

Heritage

Insurance

Holdings

Inc

(e) 871

Hippo

Holdings

Inc

(e) 536

Investors

Title

Co

Kestrel

Group

Ltd

(e) 160

Kingstone

Cos

Inc

555

Kingsway

Financial

Services

Inc

(e) 1,187

Lemonade

Inc

(a),(e)

2,887

Neptune

Insurance

Holdings

Inc

(e) 198,896

5,108

Palomar

Holdings

Inc

(e) 62,556

7,132

Root

Inc/OH

(a),(e)

601

Selective

Insurance

Group

Inc

2,797

Selectquote

Inc

(e) 5,162

SiriusPoint

Ltd

(e) 637

Skyward

Specialty

Insurance

Group

Inc

(e) 150,591

6,866

Slide

Insurance

Holdings

Inc

(e) 529

Tiptree

Inc

Trupanion

Inc

(e) 1,937

TWFG

Inc

(a),(e)

146,722

3,574

Universal

Insurance

Holdings

Inc

$

25,391

Internet

-

.23

%

Arena

Group

Holdings

Inc/The

(e) 885

AudioEye

Inc

(e) 418

Backblaze

Inc

(e) 2,817

BARK

Inc

(e) 4,870

Bumble

Inc

(e) 429

Cargurus

Inc

(e) 4,283

Cogent

Communications

Holdings

Inc

160,748

6,631

Crexendo

Inc

(e) 758

Entravision

Communications

Corp

835

EverQuote

Inc

(e) 161,161

3,471

Figs

Inc

(e) 4,644

fuboTV

Inc

(e) 17,413

Gambling.com

Group

Ltd

(a),(e)

863

Grindr

Inc

(e) 1,721

Groupon

Inc

(e) 1,277

HealthStream

Inc

542

Hims

&

Hers

Health

Inc

(e) 81,766

3,717

LifeMD

Inc

(e) 1,382

Liquidity

Services

Inc

(e) 1,185

Magnite

Inc

(e) 7,302

MediaAlpha

Inc

(e) 1,849

Nerdy

Inc

(a),(e)

4,026

OptimizeRx

Corp

(e) 882

Q2

Holdings

Inc

(e) 101,632

6,276

QuinStreet

Inc

(e) 2,835

RealReal

Inc/The

(e) 1,278

Revolve

Group

Inc

(e) 2,100

Rumble

Inc

(a),(e)

1,495

Serve

Robotics

Inc

(e) 2,160

Sprinklr

Inc

(e) 5,796

Stitch

Fix

Inc

(e) 536

Stubhub

Holdings

Inc

(a),(e)

304,610

5,833

Schedule

of

Investments

SmallCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Internet

(continued)

Travelzoo

(e) 431

$

TripAdvisor

Inc

(e) 2,917

Tucows

Inc

(e) 73

Upwork

Inc

(e) 6,414

Vivid

Seats

Inc

(a),(e)

Yelp

Inc

(e) 3,240

$

26,968

Investment

Companies

-

.15

%

Bitdeer

Technologies

Group

(a),(e)

4,696

Core

Scientific

Inc

(e) 12,348

FTAI

Infrastructure

Inc

5,629

Terawulf

Inc

(a),(e)

14,004

Trinity

Capital

Inc

179,519

2,709

$

3,326

Iron

&

Steel

-

.32

%

Carpenter

Technology

Corp

22,239

7,025

Leisure

Products

&

Services

-

.43

%

Acushnet

Holdings

Corp

1,446

Global

Business

Travel

Group

I

(a),(e)

4,411

Life

Time

Group

Holdings

Inc

(e) 162,249

4,012

Lindblad

Expeditions

Holdings

Inc

(e) 1,945

Livewire

Group

Inc

(a),(e)

1,925

Marine

Products

Corp

OneSpaWorld

Holdings

Ltd

217,292

5,056

Peloton

Interactive

Inc

(e) 6,841

Sabre

Corp

(e) 4,987

Xponential

Fitness

Inc

(e) 1,440

$

9,322

Lodging

-

.01

%

Hilton

Grand

Vacations

Inc

(e) 2,996

Machinery

-

Construction

&

Mining

-

.84

%

Bloom

Energy

Corp

(e) 261,004

34,494

BWX

Technologies

Inc

25,217

5,387

Lightbridge

Corp

(a),(e)

1,079

NANO

Nuclear

Energy

Inc

(a),(e)

1,505

NuScale

Power

Corp

(e) 6,610

$

40,278

Machinery

-

Diversified

-

.40

%

Aebi

Schmidt

Holding

AG

Alamo

Group

Inc

Albany

International

Corp

Applied

Industrial

Technologies

Inc

33,323

8,567

Cactus

Inc

72,715

3,211

Chart

Industries

Inc

(e) 2,370

CSW

Industrials

Inc

853

DXP

Enterprises

Inc/TX

(e) 681

Esab

Corp

66,287

7,744

Gorman-Rupp

Co/The

1,098

IDEX

Corp

24,750

4,244

Kadant

Inc

16,916

4,680

Lindsay

Corp

570

Mueller

Water

Products

Inc

-

Class

A

157,790

4,049

Power

Solutions

International

Inc

(e) 325

Pro-Dex

Inc

(a),(e)

Richtech

Robotics

Inc

(e) 3,608

Thermon

Group

Holdings

Inc

(e) 213

Watts

Water

Technologies

Inc

1,438

Zurn

Elkay

Water

Solutions

Corp

398,955

18,795

$

52,679

Media

-

.00

%

Altice

USA

Inc

(e) 2,064

CuriosityStream

Inc

1,561

Gannett

Co

Inc

(e) 6,656

GCI

Liberty

Inc

-

Escrow

(e),(f)

157,046

—

Thryv

Holdings

Inc

(e) 1,905

Value

Line

Inc

$

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Metal

Fabrication

&

Hardware

-

.54

%

Janus

International

Group

Inc

(e) 2,617

$

Mayville

Engineering

Co

Inc

(e) 74

Omega

Flex

Inc

Standex

International

Corp

513

Valmont

Industries

Inc

27,698

11,451

Worthington

Enterprises

Inc

504

Xometry

Inc

(e) 2,262

$

11,741

Mining

-

.12

%

American

Battery

Technology

Co

(a),(e)

2,656

Centrus

Energy

Corp

(e) 638

Century

Aluminum

Co

(e) 2,722

Coeur

Mining

Inc

(e) 16,735

Compass

Minerals

International

Inc

(e) 1,352

Constellium

SE

(e) 2,739

Contango

ORE

Inc

(e) 510

Critical

Metals

Corp

(a),(e)

628

Dakota

Gold

Corp

(e) 4,842

Energy

Fuels

Inc/Canada

(a),(e)

2,971

Hecla

Mining

Co

7,414

Idaho

Strategic

Resources

Inc

(e) 664

Ivanhoe

Electric

Inc

/

US

(e) 3,841

Kaiser

Aluminum

Corp

Lifezone

Metals

Ltd

(a),(e)

1,454

NioCorp

Developments

Ltd

(a),(e)

3,606

Novagold

Resources

Inc

(e) 14,735

Perpetua

Resources

Corp

(e) 3,908

United

States

Antimony

Corp

(e) 4,809

United

States

Lime

&

Minerals

Inc

566

Uranium

Energy

Corp

(e) 22,253

US

Gold

Corp

(a),(e)

648

US

Goldmining

Inc

(e) 115

USA

Rare

Earth

Inc

(e) 51,140

995

Vox

Royalty

Corp

2,328

$

2,705

Miscellaneous

Manufacturers

-

.23

%

Byrna

Technologies

Inc

(e) 949

Enpro

Inc

86,925

20,167

Entegris

Inc

113,905

10,430

Fabrinet

(e) 69,206

30,490

Federal

Signal

Corp

3,149

ITT

Inc

48,731

9,019

JBT

Marel

Corp

1,320

Materion

Corp

Myers

Industries

Inc

Park

Aerospace

Corp

571

Sight

Sciences

Inc

(e) 2,164

Sturm

Ruger

&

Co

Inc

Trinity

Industries

Inc

1,987

$

70,780

Office

&

Business

Equipment

-

.00

%

Pitney

Bowes

Inc

3,292

Office

Furnishings

-

.00

%

CompX

International

Inc

HNI

Corp

1,344

Interface

Inc

$

Oil

&

Gas

-

.27

%

Comstock

Resources

Inc

(e) 2,683

CVR

Energy

Inc

1,591

Delek

US

Holdings

Inc

3,099

Empire

Petroleum

Corp

(a),(e)

727

Epsilon

Energy

Ltd

Evolution

Petroleum

Corp

1,440

Gulfport

Energy

Corp

(e) 19,632

3,652

Infinity

Natural

Resources

Inc

(e) 131

Kolibri

Global

Energy

Inc

(e) 330

Magnolia

Oil

&

Gas

Corp

1,929

NextNRG

Inc

(e) 307

Schedule

of

Investments

SmallCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

Par

Pacific

Holdings

Inc

(e) 736

$

Permian

Resources

Corp

31,074

PrimeEnergy

Resources

Corp

(e) 6

Riley

Exploration

Permian

Inc

Sable

Offshore

Corp

(e) 135,956

1,422

Seadrill

Ltd

(e) 1,169

VAALCO

Energy

Inc

(a) 653

$

5,818

Oil

&

Gas

Services

-

.56

%

Archrock

Inc

8,632

Atlas

Energy

Solutions

Inc

(a) 2,905

DMC

Global

Inc

(e) 336

Flotek

Industries

Inc

(e) 268

Flowco

Holdings

Inc

586

Helix

Energy

Solutions

Group

Inc

(e) 1,723

Kodiak

Gas

Services

Inc

3,526

Matrix

Service

Co

(e) 321

National

Energy

Services

Reunited

Corp

(e) 444

Natural

Gas

Services

Group

Inc

Oceaneering

International

Inc

(e) 676,050

15,745

Select

Water

Solutions

Inc

SLB

Ltd

119,723

4,317

Solaris

Energy

Infrastructure

Inc

(a) 157,656

8,392

TechnipFMC

PLC

50,648

2,094

TETRA

Technologies

Inc

(e) 432,271

3,052

Tidewater

Inc

(e) 2,415

$

34,154

Packaging

&

Containers

-

.00

%

Ardagh

Metal

Packaging

SA

1,867

Karat

Packaging

Inc

O-I

Glass

Inc

(e) 1,952

$

Pharmaceuticals

-

.93

%

Actuate

Therapeutics

Inc

(a),(e)

Akebia

Therapeutics

Inc

(e) 1,451

Alector

Inc

(e) 635

Alkermes

PLC

(e) 6,341

Amneal

Pharmaceuticals

Inc

(e) 6,881

Amphastar

Pharmaceuticals

Inc

(e) 178

Amylyx

Pharmaceuticals

Inc

(e) 2,802

Aquestive

Therapeutics

Inc

(e) 1,524

Arvinas

Inc

(e) 457

Ascendis

Pharma

A/S

ADR

(e) 23,841

4,806

aTyr

Pharma

Inc

(a),(e)

4,247

Avadel

Pharmaceuticals

PLC

(e) 4,673

Biote

Corp

(e) 620

Candel

Therapeutics

Inc

(a),(e)

1,996

Catalyst

Pharmaceuticals

Inc

(e) 6,032

Coherus

Oncology

Inc

(e) 2,523

Collegium

Pharmaceutical

Inc

(e) 156,196

5,623

Corcept

Therapeutics

Inc

(e) 53,708

3,946

CorMedix

Inc

(a),(e)

3,658

Corvus

Pharmaceuticals

Inc

(a),(e)

3,072

Enliven

Therapeutics

Inc

(e) 2,172

Eton

Pharmaceuticals

Inc

(e) 1,309

Fennec

Pharmaceuticals

Inc

(e) 329

FitLife

Brands

Inc

(e) 205

Foghorn

Therapeutics

Inc

(e) 1,184

Fulcrum

Therapeutics

Inc

(e) 300

Guardian

Pharmacy

Services

Inc

(e) 997

Gyre

Therapeutics

Inc

(a),(e)

Harmony

Biosciences

Holdings

Inc

(e) 2,269

Harrow

Inc

(a),(e)

1,626

Herbalife

Ltd

(e) 3,921

Heron

Therapeutics

Inc

(e) 901

Indivior

PLC

(e) 5,376

Inhibikase

Therapeutics

Inc

(e) 370

Ironwood

Pharmaceuticals

Inc

(e) 7,711

Journey

Medical

Corp

(e) 643

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pharmaceuticals

(continued)

KalVista

Pharmaceuticals

Inc

(a),(e)

320,606

$

3,497

Lifevantage

Corp

554

Madrigal

Pharmaceuticals

Inc

(e) 12,679

5,312

MannKind

Corp

(e) 15,810

MediWound

Ltd

(a),(e)

Mirum

Pharmaceuticals

Inc

(e) 90,328

6,563

Nature's

Sunshine

Products

Inc

(e) 235

Neurocrine

Biosciences

Inc

(e) 28,747

4,117

Nuvectis

Pharma

Inc

(a),(e)

675

Ocular

Therapeutix

Inc

(e) 338,781

3,950

Option

Care

Health

Inc

(e) 8,599

ORIC

Pharmaceuticals

Inc

(e) 863

Pacira

BioSciences

Inc

(e) 209

Phibro

Animal

Health

Corp

1,070

Protagonist

Therapeutics

Inc

(e) 3,049

Rhythm

Pharmaceuticals

Inc

(e) 71,403

8,123

SELLAS

Life

Sciences

Group

Inc

(e) 6,033

SIGA

Technologies

Inc

1,708

Spyre

Therapeutics

Inc

(e) 156,891

3,837

Supernus

Pharmaceuticals

Inc

(e) 238

Trevi

Therapeutics

Inc

(e) 807,938

9,420

TuHURA

Biosciences

Inc

(e) 1,764

Vaxcyte

Inc

(e) 71,612

3,243

Xeris

Biopharma

Holdings

Inc

(e) 7,900

$

64,283

Pipelines

-

.08

%

Excelerate

Energy

Inc

65,326

1,693

Kinetik

Holdings

Inc

(a) 1,643

NextDecade

Corp

(e) 7,056

$

1,798

Private

Equity

-

.00

%

P10

Inc

2,975

Patria

Investments

Ltd

3,364

$

Real

Estate

-

.37

%

Compass

Inc

(e) 392,313

3,024

eXp

World

Holdings

Inc

4,580

FirstService

Corp

30,010

4,784

Maui

Land

&

Pineapple

Co

Inc

(e) 337

McGrath

RentCorp

976

Real

Brokerage

Inc/The

(a),(e)

5,559

Sky

Harbour

Group

Corp

(a),(e)

1,114

St

Joe

Co/The

1,971

$

8,109

REITs

-

.37

%

ACRES

Commercial

Realty

Corp

(e) 56

Alexander's

Inc

American

Healthcare

REIT

Inc

2,942

Angel

Oak

Mortgage

REIT

Inc

Apartment

Investment

and

Management

Co

4,008

Apollo

Commercial

Real

Estate

Finance

Inc

3,615

CareTrust

REIT

Inc

1,143

CBL

&

Associates

Properties

Inc

685

Clipper

Realty

Inc

DiamondRock

Hospitality

Co

6,210

EastGroup

Properties

Inc

40,020

6,985

Gladstone

Commercial

Corp

National

Health

Investors

Inc

567

NETSTREIT

Corp

1,194

NexPoint

Residential

Trust

Inc

Outfront

Media

Inc

7,268

Phillips

Edison

&

Co

Inc

1,157

PotlatchDeltic

Corp

Ryman

Hospitality

Properties

Inc

3,223

Saul

Centers

Inc

630

Strawberry

Fields

REIT

Inc

Sunstone

Hotel

Investors

Inc

715

Tanger

Inc

5,268

Two

Harbors

Investment

Corp

2,797

Schedule

of

Investments

SmallCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

UMH

Properties

Inc

4,092

$

Universal

Health

Realty

Income

Trust

556

Xenia

Hotels

&

Resorts

Inc

885

$

8,170

Retail

-

.05

%

Abercrombie

&

Fitch

Co

(e) 2,469

Arko

Corp

BJ's

Restaurants

Inc

(e) 124,713

4,235

Black

Rock

Coffee

Bar

Inc

(e) 98,135

2,518

Bloomin'

Brands

Inc

2,724

Boot

Barn

Holdings

Inc

(e) 101,329

19,218

Brinker

International

Inc

(e) 2,320

Buckle

Inc/The

1,532

Build-A-Bear

Workshop

Inc

627

Camping

World

Holdings

Inc

3,151

Casey's

General

Stores

Inc

23,316

11,966

Cheesecake

Factory

Inc/The

2,423

Cracker

Barrel

Old

Country

Store

Inc

Dave

&

Buster's

Entertainment

Inc

(e) 1,394

Denny's

Corp

(e) 292

Dine

Brands

Global

Inc

Dutch

Bros

Inc

(e) 149,656

8,312

Envela

Corp

(a),(e)

EVgo

Inc

(e) 1,020

First

Watch

Restaurant

Group

Inc

(e) 264,636

4,364

FirstCash

Holdings

Inc

2,076

Five

Below

Inc

(e) 19,695

3,097

Freshpet

Inc

(e) 87,442

4,303

Genesco

Inc

(e) 47

Group

Automotive

Inc

Jack

in

the

Box

Inc

827

Krispy

Kreme

Inc

684

Kura

Sushi

USA

Inc

(a),(e)

MarineMax

Inc

(e) 71

National

Vision

Holdings

Inc

(e) 591,440

15,230

Ollie's

Bargain

Outlet

Holdings

Inc

(e) 140,764

17,006

Papa

John's

International

Inc

Patrick

Industries

Inc

1,688

Petco

Health

&

Wellness

Co

Inc

(e) 434

Portillo's

Inc

(a),(e)

692,584

3,705

PriceSmart

Inc

1,345

RH

(e) 38,861

6,703

Savers

Value

Village

Inc

(a),(e)

1,844

Shake

Shack

Inc

(e) 2,024

Sonic

Automotive

Inc

Sweetgreen

Inc

(e) 5,450

Texas

Roadhouse

Inc

10,529

1,722

Tile

Shop

Holdings

Inc

(e) 647

Urban

Outfitters

Inc

(e) 1,120

Victoria's

Secret

&

Co

(e) 1,089

Warby

Parker

Inc

(e) 5,118

Wingstop

Inc

(a) 28,161

6,101

$

110,557

Savings

&

Loans

-

.44

%

Axos

Financial

Inc

(e) 122,629

9,562

Banc

of

California

Inc

Greene

County

Bancorp

Inc

Hingham

Institution

For

Savings

The

(a) 2

Northfield

Bancorp

Inc

Provident

Financial

Services

Inc

1,078

Southern

Missouri

Bancorp

Inc

$

9,600

Semiconductors

-

.74

%

Aehr

Test

Systems

(a),(e)

1,166

Aeluma

Inc

(a),(e)

Allegro

MicroSystems

Inc

(e) 195,556

5,851

Ambarella

Inc

(e) 2,134

Ambiq

Micro

Inc

(a),(e)

56,402

1,724

Arteris

Inc

(e) 187

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Semiconductors

(continued)

Atomera

Inc

(a),(e)

1,954

$

Axcelis

Technologies

Inc

(e) 143

Blaize

Holdings

Inc

(a),(e)

2,468

CEVA

Inc

(e) 1,055

FormFactor

Inc

(e) 3,043

Impinj

Inc

(e) 21,799

4,407

IPG

Photonics

Corp

(e) 35,384

3,012

Kulicke

&

Soffa

Industries

Inc

99,285

3,964

Lattice

Semiconductor

Corp

(e) 151,875

11,081

MACOM

Technology

Solutions

Holdings

Inc

(e) 98,837

14,641

MaxLinear

Inc

(e) 553

Navitas

Semiconductor

Corp

(a),(e)

1,255

Onto

Innovation

Inc

(e) 28,928

3,904

Ouster

Inc

(e) 2,647

Power

Integrations

Inc

102,535

4,295

Rambus

Inc

(e) 301,242

30,980

Semtech

Corp

(e) 326,396

22,149

Silicon

Laboratories

Inc

(e) 1,690

SiTime

Corp

(e) 110,692

32,061

SkyWater

Technology

Inc

(a),(e)

293,959

5,140

Synaptics

Inc

(e) 41,330

2,932

Tower

Semiconductor

Ltd

(e) 9,352

797

Ultra

Clean

Holdings

Inc

(e) 162

$

147,716

Software

-

.87

%

Accelerant

Holdings

(e) 181,635

2,111

ACI

Worldwide

Inc

(e) 5,528

ACV

Auctions

Inc

(e) 826,175

7,493

Adeia

Inc

5,003

Agilysys

Inc

(e) 79,065

9,919

Airship

AI

Holdings

Inc

(a),(e)

826

Alignment

Healthcare

Inc

(e) 7,622

Alkami

Technology

Inc

(e) 366,224

7,431

Amplitude

Inc

(e) 739,839

7,436

Appian

Corp

(e) 2,058

Arrive

AI

Inc

(e) 45

—

Asana

Inc

(e) 4,508

AvePoint

Inc

(e) 6,930

Bandwidth

Inc

(e) 337

BigBear.ai

Holdings

Inc

(a),(e)

3,538

Blackbaud

Inc

(e) 1,600

BlackLine

Inc

(e) 2,702

Blend

Labs

Inc

(e) 11,050

Box

Inc

(e) 5,692

Braze

Inc

(e) 265,658

7,614

Bullish

(a),(e)

103,172

5,217

C3.ai

Inc

(e) 6,384

Carlsmed

Inc

(e) 353

CCC

Intelligent

Solutions

Holdings

Inc

(e) 2,377,059

20,728

Cerence

Inc

(e) 661

Claritev

Corp

(a),(e)

Clear

Secure

Inc

(a) 4,356

Clearwater

Analytics

Holdings

Inc

(e) 487,287

8,971

Climb

Global

Solutions

Inc

Commerce.com

Inc

(e) 3,691

Commvault

Systems

Inc

(e) 38,824

5,405

Confluent

Inc

(e) 372,905

8,715

CS

Disco

Inc

(e) 885

CSG

Systems

International

Inc

1,285

Daily

Journal

Corp

(e) 51

Digimarc

Corp

(e) 819

Digital

Turbine

Inc

(e) 3,564

DigitalOcean

Holdings

Inc

(e) 3,546

Domo

Inc

(e) 1,561

Donnelley

Financial

Solutions

Inc

(e) 983

Dynatrace

Inc

(e) 332,973

16,838

eGain

Corp

(e) 641

EverCommerce

Inc

(a),(e)

770

Evolent

Health

Inc

(e) 2,141

Schedule

of

Investments

SmallCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Expensify

Inc

(e) 1,682

$

Five9

Inc

(e) 4,007

Freshworks

Inc

(e) 10,490

Genius

Sports

Ltd

(e) 467,738

5,267

Golden

Matrix

Group

Inc

(e) 1,027

Guidewire

Software

Inc

(e) 26,325

6,151

HeartFlow

Inc

(a),(e)

196,237

7,293

I3

Verticals

Inc

(e) 85

IBEX

Holdings

Ltd

(e) 571

Ibotta

Inc

(a),(e)

722

Innodata

Inc

(e) 1,610

Intapp

Inc

(e) 2,934

IonQ

Inc

(e) 198,494

12,382

Jamf

Holding

Corp

(e) 3,694

JFrog

Ltd

(e) 188,279

8,939

Kaltura

Inc

(e) 4,730

Klaviyo

Inc

(e) 316,899

8,239

Life360

Inc

(e) 17,133

1,691

LiveRamp

Holdings

Inc

(e) 3,385

McGraw

Hill

Inc

(e) 876

Nutex

Health

Inc

(e) 172

Omada

Health

Inc

(a),(e)

62,227

1,528

Onestream

Inc

(e) 367,059

6,934

Pagaya

Technologies

Ltd

(e) 2,382

PagerDuty

Inc

(e) 4,442

PDF

Solutions

Inc

(e) 245,334

7,147

Phreesia

Inc

(e) 99,280

2,248

Planet

Labs

PBC

(e) 12,194

Playtika

Holding

Corp

689

Porch

Group

Inc

(e) 3,400

Progress

Software

Corp

(e) 2,219

PROS

Holdings

Inc

(e) 2,279

Quantum

Computing

Inc

(e) 7,000

Rackspace

Technology

Inc

(e) 1,508

Red

Violet

Inc

565

ReposiTrak

Inc

589

Rezolve

AI

PLC

(e) 7,642

Sapiens

International

Corp

NV

1,613

Schrodinger

Inc/United

States

(e) 2,936

SEMrush

Holdings

Inc

(e) 2,652

ServiceTitan

Inc

(e) 81,861

7,724

Simulations

Plus

Inc

(e) 875

SoundHound

AI

Inc

(e) 19,144

Sprout

Social

Inc

(e) 2,693

SPS

Commerce

Inc

(e) 1,983

Synchronoss

Technologies

Inc

(e) 744

Take-Two

Interactive

Software

Inc

(e) 29,013

7,438

Talkspace

Inc

(e) 7,479

TruBridge

Inc

(e) 597

Vertex

Inc

(e) 345,520

7,912

Via

Transportation

Inc

(e) 64,187

3,430

Viant

Technology

Inc

(e) 707

Vimeo

Inc

(e) 3,220

VTEX

(e) 3,026

Waystar

Holding

Corp

(e) 259,933

9,319

Weave

Communications

Inc

(e) 3,043

WM

Technology

Inc

(e) 4,575

Workiva

Inc

(e) 2,621

Yext

Inc

(e) 5,285

Zeta

Global

Holdings

Corp

(e) 9,724

Zspace

Inc

(e) 154

—

$

216,068

Telecommunications

-

.84

%

A10

Networks

Inc

3,171

ADTRAN

Holdings

Inc

(e) 3,897

Anterix

Inc

(e) 590

Applied

Digital

Corp

(e) 8,489

BK

Technologies

Corp

(e) 177

BlackSky

Technology

Inc

(a),(e)

1,601

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Telecommunications

(continued)

Calix

Inc

(e) 3,089

$

Clearfield

Inc

(e) 297

CommScope

Holding

Co

Inc

(e) 6,856

Credo

Technology

Group

Holding

Ltd

(e) 269,164

50,500

DigitalBridge

Group

Inc

390,534

4,620

Extreme

Networks

Inc

(e) 6,882

Frequency

Electronics

Inc

(e) 345

Globalstar

Inc

(e) 2,611

Gogo

Inc

(e) 4,016

Harmonic

Inc

(e) 1,480

IDT

Corp

-

Class

B

637

Inseego

Corp

(a),(e)

InterDigital

Inc

14,306

5,178

Lumen

Technologies

Inc

(e) 44,109

Ooma

Inc

(e) 1,427

Preformed

Line

Products

Co

(a) 13

Satellogic

Inc

(a),(e)

3,254

Viavi

Solutions

Inc

(e) 11,563

$

62,146

Transportation

-

.04

%

Costamare

Bulkers

Holdings

Ltd

(e) 51

Covenant

Logistics

Group

Inc

CryoPort

Inc

(e) 567

FLEX

LNG

Ltd

Forward

Air

Corp

(e) 474

Proficient

Auto

Logistics

Inc

(a),(e)

63,427

RXO

Inc

(e) 504

Saia

Inc

(e) 900

Werner

Enterprises

Inc

World

Kinect

Corp

$

795

Trucking

&

Leasing

-

.00

%

GATX

Corp

Willis

Lease

Finance

Corp

$

Water

-

.01

%

American

States

Water

Co

1,305

Consolidated

Water

Co

Ltd

Global

Water

Resources

Inc

622

Middlesex

Water

Co

York

Water

Co/The

$

TOTAL

COMMON

STOCKS

$

2,134,258

Total

Investments

$

2,243,648

Other

Assets

and

Liabilities

- (2.44)%

(53,543)

TOTAL

NET

ASSETS

-

100.00%

$

2,190,105

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$46,823

or

2.14%

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

$48,512

or

2.22%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Non-income

producing

security

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Schedule

of

Investments

SmallCap

Growth

Fund

I

October

31,

2025

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

82,817

$

1,466,646

$

1,443,863

$

105,600

$

82,817

$

1,466,646

$

1,443,863

$

105,600

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

2,030

$

—

$

—

$

—

$

2,030

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

December

2025

Long

$

2,116

$

(23)

Total

$

(23)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.50

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.14

%

iShares

Core

S&P

Small-Cap

ETF

14,744

$

1,737

Money

Market

Funds

-

.36

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(a),(b)

245,273

Principal

Government

Money

Market

Fund

-

Class

3.93%

(a),(b),(c)

40,747,332

40,747

$

40,992

TOTAL

INVESTMENT

COMPANIES

$

42,729

COMMON

STOCKS

-

.70

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.91

%

AAR

Corp

(d) 31,124

$

2,621

Mercury

Systems

Inc

(d) 42,711

3,306

Moog

Inc

23,028

4,717

National

Presto

Industries

Inc

4,288

$

11,103

Agriculture

-

.27

%

Andersons

Inc/The

27,514

1,274

Fresh

Del

Monte

Produce

Inc

26,816

948

Universal

Corp/VA

20,158

1,022

$

3,244

Airlines

-

.45

%

Allegiant

Travel

Co

(d) 10,921

679

JetBlue

Airways

Corp

(d) 235,678

990

SkyWest

Inc

(d) 32,712

3,287

Sun

Country

Airlines

Holdings

Inc

(d) 43,188

530

$

5,486

Apparel

-

.83

%

Carter's

Inc

29,511

927

Hanesbrands

Inc

(d) 286,588

1,894

Kontoor

Brands

Inc

41,417

3,351

Oxford

Industries

Inc

11,371

Steven

Madden

Ltd

58,853

1,996

Wolverine

World

Wide

Inc

65,822

1,494

$

10,081

Automobile

Parts

&

Equipment

-

.62

%

Adient

PLC

(d) 65,814

1,526

American

Axle

&

Manufacturing

Holdings

Inc

(d) 96,126

596

BorgWarner

Inc

175,297

7,531

Dana

Inc

106,246

2,157

Dorman

Products

Inc

(d) 22,510

3,019

Fox

Factory

Holding

Corp

(d) 33,862

749

Gentherm

Inc

(d) 24,723

910

Phinia

Inc

31,514

1,636

Standard

Motor

Products

Inc

16,920

628

Titan

International

Inc

(d) 38,819

XPEL

Inc

(d) 20,398

695

$

19,740

Banks

-

.71

%

Ameris

Bancorp

52,023

3,726

Atlantic

Union

Bankshares

Corp

115,445

3,754

BancFirst

Corp

16,732

1,821

Bancorp

Inc/The

(d) 37,316

2,439

Bank

of

Hawaii

Corp

32,215

2,092

BankUnited

Inc

60,929

2,442

Banner

Corp

28,015

1,692

Cathay

General

Bancorp

55,970

2,544

Central

Pacific

Financial

Corp

21,856

623

City

Holding

Co

11,744

1,384

Community

Financial

System

Inc

42,818

2,376

Customers

Bancorp

Inc

(d) 23,823

1,599

CVB

Financial

Corp

104,945

1,928

Dime

Community

Bancshares

Inc

33,065

868

Eagle

Bancorp

Inc

22,386

FB

Financial

Corp

34,024

1,838

First

BanCorp/Puerto

Rico

129,137

2,517

First

Bancorp/Southern

Pines

NC

33,587

1,630

First

Commonwealth

Financial

Corp

84,410

1,291

First

Financial

Bancorp

77,568

1,816

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

First

Hawaiian

Inc

100,957

$

2,476

Fulton

Financial

Corp

147,519

2,562

Hanmi

Financial

Corp

24,194

639

Heritage

Financial

Corp/WA

27,504

610

Hilltop

Holdings

Inc

35,724

1,154

Hope

Bancorp

Inc

103,836

1,089

Independent

Bank

Corp

40,434

2,721

Lakeland

Financial

Corp

20,680

1,180

National

Bank

Holdings

Corp

30,818

1,099

NBT

Bancorp

Inc

42,443

1,718

OFG

Bancorp

36,063

1,394

Park

National

Corp

11,590

1,764

Pathward

Financial

Inc

18,593

1,265

Preferred

Bank/Los

Angeles

CA

9,325

842

Renasant

Corp

76,971

2,588

S&T

Bancorp

Inc

31,063

1,138

Seacoast

Banking

Corp

of

Florida

70,297

2,130

ServisFirst

Bancshares

Inc

40,706

2,860

Simmons

First

National

Corp

117,220

2,037

Southside

Bancshares

Inc

22,905

644

Stellar

Bancorp

Inc

37,439

1,102

Tompkins

Financial

Corp

10,286

653

Triumph

Financial

Inc

(d) 18,263

995

TrustCo

Bank

Corp

NY

15,270

576

Trustmark

Corp

48,901

1,820

United

Community

Banks

Inc/GA

98,403

2,873

Walker

&

Dunlop

Inc

27,597

2,206

Westamerica

BanCorp

20,626

983

$

81,873

Beverages

-

.08

%

MGP

Ingredients

Inc

11,383

National

Beverage

Corp

(d) 18,957

650

$

925

Biotechnology

-

.88

%

ACADIA

Pharmaceuticals

Inc

(d) 101,136

2,296

ADMA

Biologics

Inc

(d) 193,312

2,992

ANI

Pharmaceuticals

Inc

(d) 14,003

1,269

Arcus

Biosciences

Inc

(d) 56,040

1,105

Arrowhead

Pharmaceuticals

Inc

(d) 112,000

4,748

Certara

Inc

(d) 97,588

1,135

Cytek

Biosciences

Inc

(d) 88,631

Dynavax

Technologies

Corp

(d) 80,746

828

Innoviva

Inc

(d) 48,498

883

Krystal

Biotech

Inc

(d) 20,870

4,122

Ligand

Pharmaceuticals

Inc

(d) 15,878

3,038

Myriad

Genetics

Inc

(d) 75,374

606

NeoGenomics

Inc

(d) 104,646

1,022

Sarepta

Therapeutics

Inc

(d) 79,155

1,900

TG

Therapeutics

Inc

(d) 109,915

3,823

Veracyte

Inc

(d) 63,731

2,299

Vericel

Corp

(d) 40,876

1,433

Vir

Biotechnology

Inc

(d) 76,521

Xencor

Inc

(d) 57,777

850

$

35,151

Building

Materials

-

.22

%

American

Woodmark

Corp

(d) 11,792

751

Apogee

Enterprises

Inc

17,440

638

Armstrong

World

Industries

Inc

35,045

6,674

Boise

Cascade

Co

30,245

2,132

Gibraltar

Industries

Inc

(d) 23,905

1,491

Griffon

Corp

31,680

2,345

Hayward

Holdings

Inc

(d) 161,506

2,741

Masterbrand

Inc

(d) 102,663

1,297

SPX

Technologies

Inc

(d) 40,019

8,960

$

27,029

Chemicals

-

.67

%

AdvanSix

Inc

21,744

Balchem

Corp

26,293

4,033

Celanese

Corp

88,707

3,410

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Chemicals

(continued)

Chemours

Co/The

121,268

$

1,624

Element

Solutions

Inc

183,987

4,916

FMC

Corp

101,189

1,535

Hawkins

Inc

16,914

2,399

HB

Fuller

Co

43,714

2,508

Ingevity

Corp

(d) 29,540

1,587

Innospec

Inc

20,116

1,480

Koppers

Holdings

Inc

15,970

Minerals

Technologies

Inc

25,416

1,442

Quaker

Chemical

Corp

11,134

1,546

Rogers

Corp

(d) 13,654

1,195

Sensient

Technologies

Corp

34,402

3,244

Stepan

Co

17,404

755

$

32,529

Coal

-

.90

%

Alpha

Metallurgical

Resources

Inc

(d) 8,885

1,540

Core

Natural

Resources

Inc

41,696

3,294

Peabody

Energy

Corp

98,504

2,701

SunCoke

Energy

Inc

68,586

549

Warrior

Met

Coal

Inc

42,584

2,889

$

10,973

Commercial

Services

-

.88

%

ABM

Industries

Inc

50,433

2,169

Adtalem

Global

Education

Inc

(d) 29,129

2,855

Alarm.com

Holdings

Inc

(d) 40,426

1,990

AMN

Healthcare

Services

Inc

(d) 31,044

611

Arlo

Technologies

Inc

(d) 84,549

1,635

CoreCivic

Inc

(d) 86,727

1,607

Deluxe

Corp

36,360

658

EVERTEC

Inc

51,830

1,475

GEO

Group

Inc/The

(d) 112,450

1,908

Healthcare

Services

Group

Inc

(d) 58,660

1,048

Heidrick

&

Struggles

International

Inc

16,797

980

Hertz

Global

Holdings

Inc

(d),(e)

100,705

517

John

Wiley

&

Sons

Inc

33,207

1,224

Korn

Ferry

42,390

2,743

ManpowerGroup

Inc

37,498

1,150

MarketAxess

Holdings

Inc

30,271

4,845

Matthews

International

Corp

24,941

584

Mister

Car

Wash

Inc

(d) 79,535

Monro

Inc

24,285

Payoneer

Global

Inc

(d) 236,428

1,369

Perdoceo

Education

Corp

49,459

1,571

PROG

Holdings

Inc

32,032

927

Progyny

Inc

(d) 64,775

1,212

Robert

Half

Inc

80,994

2,121

Strategic

Education

Inc

19,162

1,456

Stride

Inc

(d) 34,876

2,373

Upbound

Group

Inc

42,210

818

Verra

Mobility

Corp

(d) 129,242

3,000

Vestis

Corp

90,781

WillScot

Holdings

Corp

147,497

3,208

$

47,332

Computers

-

.91

%

Amentum

Holdings

Inc

(d) 124,183

2,783

Corsair

Gaming

Inc

(d) 37,794

DXC

Technology

Co

(d) 145,004

2,059

Grid

Dynamics

Holdings

Inc

(d) 53,498

500

Insight

Enterprises

Inc

(d) 25,496

2,549

NCR

Atleos

Corp

(d) 59,610

2,200

NCR

Voyix

Corp

(d) 111,981

1,278

NetScout

Systems

Inc

(d) 55,313

1,538

Sandisk

Corp/DE

(d) 111,822

22,289

$

35,504

Consumer

Products

-

.45

%

Central

Garden

&

Pet

Co

(d) 6,565

Central

Garden

&

Pet

Co

-

A

Shares

(d) 41,813

1,163

Helen

of

Troy

Ltd

(d) 18,594

Quanex

Building

Products

Corp

37,033

526

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Consumer

Products

(continued)

Reynolds

Consumer

Products

Inc

44,287

$

1,082

Co

10,966

2,131

$

5,450

Cosmetics

&

Personal

Care

-

.37

%

Edgewell

Personal

Care

Co

37,640

730

Interparfums

Inc

14,833

1,322

Prestige

Consumer

Healthcare

Inc

(d) 39,865

2,416

$

4,468

Distribution

&

Wholesale

-

.90

%

G-III

Apparel

Group

Ltd

(d) 30,871

829

OPENLANE

Inc

(d) 86,114

2,275

Resideo

Technologies

Inc

(d) 110,869

4,745

Rush

Enterprises

Inc

-

Class

A

49,613

2,451

ScanSource

Inc

(d) 16,839

723

$

11,023

Diversified

Financial

Services

-

.35

%

Acadian

Asset

Management

Inc

21,467

1,033

Air

Lease

Corp

85,106

5,435

Artisan

Partners

Asset

Management

Inc

57,087

2,492

BGC

Group

Inc

295,571

2,702

Bread

Financial

Holdings

Inc

37,783

2,367

Cohen

&

Steers

Inc

22,306

1,524

Enact

Holdings

Inc

23,896

854

Encore

Capital

Group

Inc

(d) 18,641

775

Enova

International

Inc

(d) 20,265

2,423

EZCORP

Inc

(d) 46,923

856

Moelis

&

Co

60,090

3,806

Navient

Corp

55,577

680

Piper

Sandler

Cos

13,468

4,300

PJT

Partners

Inc

19,691

3,172

PRA

Group

Inc

(d) 31,652

Radian

Group

Inc

109,725

3,724

StepStone

Group

Inc

58,543

3,564

StoneX

Group

Inc

(d) 37,611

3,457

Victory

Capital

Holdings

Inc

40,032

2,493

Virtu

Financial

Inc

64,403

2,244

Virtus

Investment

Partners

Inc

5,141

837

Western

Union

Co/The

263,383

2,457

WisdomTree

Inc

97,411

1,165

World

Acceptance

Corp

(d) 2,530

$

53,116

Electric

-

.92

%

Avista

Corp

65,706

2,500

Clearway

Energy

Inc

-

Class

A

28,039

841

Clearway

Energy

Inc

-

Class

C

67,450

2,154

MGE

Energy

Inc

29,602

2,453

Otter

Tail

Corp

33,946

2,621

Unitil

Corp

14,325

699

$

11,268

Electrical

Components

&

Equipment

-

.57

%

AZZ

Inc

24,316

2,428

Energizer

Holdings

Inc

49,219

1,143

Insteel

Industries

Inc

15,723

Powell

Industries

Inc

7,629

2,925

$

6,987

Electronics

-

.65

%

Advanced

Energy

Industries

Inc

30,507

6,185

Badger

Meter

Inc

23,875

4,308

Benchmark

Electronics

Inc

29,089

1,275

Brady

Corp

35,462

2,692

CTS

Corp

23,877

991

ESCO

Technologies

Inc

20,923

4,592

Itron

Inc

(d) 37,038

3,716

Knowles

Corp

(d) 69,576

1,643

Mirion

Technologies

Inc

(d) 198,580

5,832

OSI

Systems

Inc

(d) 12,786

3,560

Plexus

Corp

(d) 21,865

3,059

Ralliant

Corp

91,327

4,011

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electronics

(continued)

Sanmina

Corp

(d) 43,168

$

5,916

TTM

Technologies

Inc

(d) 83,690

5,624

Vicor

Corp

(d) 18,546

1,683

Vishay

Intertechnology

Inc

100,035

1,698

$

56,785

Energy

-

Alternate

Sources

-

.78

%

Enphase

Energy

Inc

(d) 105,918

3,232

REX

American

Resources

Corp

(d) 22,945

735

SolarEdge

Technologies

Inc

(d),(e)

48,098

1,688

Sunrun

Inc

(d) 186,913

3,880

$

9,535

Engineering

&

Construction

-

.87

%

Arcosa

Inc

39,733

4,053

Dycom

Industries

Inc

(d) 23,434

6,744

Everus

Construction

Group

Inc

(d) 41,321

3,756

Frontdoor

Inc

(d) 59,014

3,920

Granite

Construction

Inc

35,473

3,651

MYR

Group

Inc

(d) 12,578

2,738

Sterling

Infrastructure

Inc

(d) 24,645

9,313

Uniti

Group

Inc

(d) 144,964

835

$

35,010

Entertainment

-

.26

%

Caesars

Entertainment

Inc

(d) 168,490

3,387

Cinemark

Holdings

Inc

82,938

2,240

Golden

Entertainment

Inc

15,891

Madison

Square

Garden

Sports

Corp

(d) 14,525

3,114

Monarch

Casino

&

Resort

Inc

10,064

907

Penn

Entertainment

Inc

(d) 113,816

1,873

Pursuit

Attractions

and

Hospitality

Inc

(d) 17,407

618

Six

Flags

Entertainment

Corp

(d) 82,042

1,885

United

Parks

&

Resorts

Inc

(d) 22,281

1,078

$

15,423

Environmental

Control

-

.07

%

Enviri

Corp

(d) 65,332

798

Food

-

.99

%

Cal-Maine

Foods

Inc

36,930

3,242

Chefs'

Warehouse

Inc/The

(d) 29,387

1,734

Grocery

Outlet

Holding

Corp

(d) 79,471

1,082

J

&

J

Snack

Foods

Corp

12,618

1,068

John

B

Sanfilippo

&

Son

Inc

7,421

Simply

Good

Foods

Co/The

(d) 74,930

1,466

Tootsie

Roll

Industries

Inc

15,918

562

TreeHouse

Foods

Inc

(d) 35,998

655

United

Natural

Foods

Inc

(d) 49,063

1,847

$

12,122

Forest

Products

&

Paper

-

.09

%

Sylvamo

Corp

27,472

1,115

Gas

-

.58

%

Chesapeake

Utilities

Corp

19,075

2,428

MDU

Resources

Group

Inc

165,526

3,175

Northwest

Natural

Holding

Co

33,162

1,510

$

7,113

Hand

&

Machine

Tools

-

.50

%

Enerpac

Tool

Group

Corp

43,692

1,793

Franklin

Electric

Co

Inc

30,994

2,937

Kennametal

Inc

61,583

1,352

$

6,082

Healthcare

-

Products

-

.12

%

Artivion

Inc

(d) 33,634

1,526

Avanos

Medical

Inc

(d) 37,589

Azenta

Inc

(d) 33,048

998

BioLife

Solutions

Inc

(d) 31,431

876

CONMED

Corp

25,074

1,103

Embecta

Corp

47,377

632

Enovis

Corp

(d) 46,303

1,447

Glaukos

Corp

(d) 46,458

4,092

ICU

Medical

Inc

(d) 20,000

2,402

Inspire

Medical

Systems

Inc

(d) 21,800

1,571

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Integer

Holdings

Corp

(d) 28,384

$

1,833

Integra

LifeSciences

Holdings

Corp

(d) 54,277

652

LeMaitre

Vascular

Inc

16,872

1,461

Merit

Medical

Systems

Inc

(d) 47,972

4,199

Neogen

Corp

(d) 175,954

1,086

OmniAb

Inc

-

Rights

(d) 7,689

—

OmniAb

Inc

-

Rights

(d) 7,689

—

Omnicell

Inc

(d) 37,210

1,249

QuidelOrtho

Corp

(d) 55,002

1,484

STAAR

Surgical

Co

(d) 40,141

1,038

Tandem

Diabetes

Care

Inc

(d) 54,736

766

Teleflex

Inc

35,802

4,456

TransMedics

Group

Inc

(d) 27,618

3,633

UFP

Technologies

Inc

(d) 6,249

1,204

$

38,126

Healthcare

-

Services

-

.90

%

Acadia

Healthcare

Co

Inc

(d) 74,808

1,608

Addus

HomeCare

Corp

(d) 14,716

1,720

Astrana

Health

Inc

(d) 34,782

1,086

BrightSpring

Health

Services

Inc

(d) 89,619

2,962

Concentra

Group

Holdings

Parent

Inc

96,559

1,924

CorVel

Corp

(d) 25,355

1,875

Fortrea

Holdings

Inc

(d) 73,555

769

National

HealthCare

Corp

10,048

1,200

Pediatrix

Medical

Group

Inc

(d) 69,171

1,174

Privia

Health

Group

Inc

(d) 93,456

2,271

RadNet

Inc

(d) 56,076

4,261

Select

Medical

Holdings

Corp

89,392

1,236

US

Physical

Therapy

Inc

12,317

1,063

$

23,149

Home

Builders

-

.20

%

Cavco

Industries

Inc

(d) 6,417

3,400

Century

Communities

Inc

20,916

1,242

Champion

Homes

Inc

(d) 45,782

3,124

Dream

Finders

Homes

Inc

(d) 23,352

Green

Brick

Partners

Inc

(d) 24,702

1,599

Installed

Building

Products

Inc

18,486

4,589

LCI

Industries

19,642

2,033

LGI

Homes

Inc

(d) 16,435

671

M/I

Homes

Inc

(d) 21,381

2,677

Meritage

Homes

Corp

57,641

3,894

Tri

Pointe

Homes

Inc

(d) 70,887

2,258

Winnebago

Industries

Inc

22,707

856

$

26,805

Home

Furnishings

-

.33

%

Ethan

Allen

Interiors

Inc

18,745

Leggett

&

Platt

Inc

109,646

1,024

MillerKnoll

Inc

54,928

858

Sonos

Inc

(d) 97,922

1,682

$

4,017

Housewares

-

.10

%

Newell

Brands

Inc

339,508

1,154

Insurance

-

.96

%

AMERISAFE

Inc

15,373

616

Assured

Guaranty

Ltd

36,240

2,920

Employers

Holdings

Inc

19,046

726

Genworth

Financial

Inc

(d) 332,487

2,806

Goosehead

Insurance

Inc

20,534

1,410

HCI

Group

Inc

8,703

1,776

Horace

Mann

Educators

Corp

32,966

1,474

Jackson

Financial

Inc

56,427

5,688

Lincoln

National

Corp

136,682

5,741

Mercury

General

Corp

21,536

1,665

NMI

Holdings

Inc

(d) 62,841

2,289

Palomar

Holdings

Inc

(d) 21,699

2,474

ProAssurance

Corp

(d) 41,648

998

Safety

Insurance

Group

Inc

12,063

829

SiriusPoint

Ltd

(d) 84,180

1,532

Stewart

Information

Services

Corp

22,680

1,548

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Trupanion

Inc

(d) 27,166

$

1,086

United

Fire

Group

Inc

17,758

537

$

36,115

Internet

-

.92

%

Angi

Inc

(d) 29,813

Cargurus

Inc

(d) 68,892

2,420

Cars.com

Inc

(d) 46,291

Cogent

Communications

Holdings

Inc

38,498

1,588

ePlus

Inc

21,357

1,562

Etsy

Inc

(d) 80,286

4,978

HealthStream

Inc

19,209

IAC

Inc

(d) 54,821

1,766

Liquidity

Services

Inc

(d) 19,229

Q2

Holdings

Inc

(d) 50,580

3,124

QuinStreet

Inc

(d) 46,135

682

Shutterstock

Inc

19,539

Sprinklr

Inc

(d) 98,347

759

TripAdvisor

Inc

(d) 94,078

1,511

Yelp

Inc

(d) 48,529

1,601

Ziff

Davis

Inc

(d) 33,215

1,126

$

23,432

Investment

Companies

-

.01

%

Cleanspark

Inc

(d) 227,701

4,053

HA

Sustainable

Infrastructure

Capital

Inc

100,373

2,781

MARA

Holdings

Inc

(d) 300,102

5,483

$

12,317

Leisure

Products

&

Services

-

.28

%

Acushnet

Holdings

Corp

22,331

1,727

Sabre

Corp

(d) 319,591

654

Topgolf

Callaway

Brands

Corp

(d) 113,199

1,065

$

3,446

Machinery

-

Construction

&

Mining

-

.07

%

Astec

Industries

Inc

18,530

862

Machinery

-

Diversified

-

.38

%

Alamo

Group

Inc

8,734

1,561

Albany

International

Corp

23,896

1,352

Cactus

Inc

55,552

2,454

CSW

Industrials

Inc

13,613

3,409

DXP

Enterprises

Inc/TX

(d) 10,300

1,232

Gates

Industrial

Corp

PLC

(d) 208,663

4,607

Ichor

Holdings

Ltd

(d) 27,807

631

Kadant

Inc

9,543

2,640

Lindsay

Corp

8,802

979

Mueller

Water

Products

Inc

-

Class

A

126,611

3,249

Tennant

Co

14,960

1,197

Zurn

Elkay

Water

Solutions

Corp

120,800

5,691

$

29,002

Media

-

.32

%

Cable

One

Inc

3,741

556

Scholastic

Corp

18,285

524

TEGNA

Inc

130,324

2,563

Thryv

Holdings

Inc

(d) 33,455

$

3,901

Metal

Fabrication

&

Hardware

-

.49

%

Metallus

Inc

(d) 29,137

512

Proto

Labs

Inc

(d) 19,339

962

Standex

International

Corp

9,779

2,281

Worthington

Enterprises

Inc

25,426

1,426

Worthington

Steel

Inc

26,374

844

$

6,025

Mining

-

.77

%

Century

Aluminum

Co

(d) 43,098

1,277

Hecla

Mining

Co

535,642

6,894

Kaiser

Aluminum

Corp

12,982

1,175

$

9,346

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Miscellaneous

Manufacturers

-

.73

%

Enpro

Inc

17,059

$

3,958

Federal

Signal

Corp

49,250

5,813

Hillenbrand

Inc

57,096

1,804

JBT

Marel

Corp

42,102

5,309

Materion

Corp

16,794

1,925

Sturm

Ruger

&

Co

Inc

13,091

555

Trinity

Industries

Inc

65,484

1,793

$

21,157

Office

&

Business

Equipment

-

.10

%

Pitney

Bowes

Inc

128,279

1,267

Office

Furnishings

-

.22

%

HNI

Corp

37,133

1,520

Interface

Inc

47,277

1,177

$

2,697

Oil

&

Gas

-

.89

%

California

Resources

Corp

58,974

2,782

Comstock

Resources

Inc

(d) 64,100

1,202

Crescent

Energy

Co

150,569

1,269

CVR

Energy

Inc

24,430

870

Helmerich

&

Payne

Inc

80,555

2,115

Magnolia

Oil

&

Gas

Corp

150,101

3,371

Noble

Corp

PLC

101,642

2,983

Northern

Oil

&

Gas

Inc

78,677

1,741

Par

Pacific

Holdings

Inc

(d) 41,164

1,646

Patterson-UTI

Energy

Inc

283,938

1,780

SM

Energy

Co

93,123

1,945

Talos

Energy

Inc

(d) 104,700

1,027

Vital

Energy

Inc

(d) 23,576

$

23,102

Oil

&

Gas

Services

-

.39

%

Archrock

Inc

142,430

3,599

Atlas

Energy

Solutions

Inc

(e) 62,146

769

Bristow

Group

Inc

(d) 20,305

826

Core

Laboratories

Inc

37,987

606

DNOW

Inc

(d) 86,766

1,276

Helix

Energy

Solutions

Group

Inc

(d) 110,736

744

Innovex

International

Inc

(d) 31,200

626

Kodiak

Gas

Services

Inc

53,313

1,966

Liberty

Energy

Inc

131,198

2,376

Oceaneering

International

Inc

(d) 81,176

1,891

RPC

Inc

72,047

Tidewater

Inc

(d) 37,286

1,886

$

16,940

Packaging

&

Containers

-

.44

%

O-I

Glass

Inc

(d) 124,812

1,409

Sealed

Air

Corp

119,159

3,993

$

5,402

Pharmaceuticals

-

.13

%

AdaptHealth

Corp

(d) 86,852

781

Alkermes

PLC

(d) 133,726

4,105

Amphastar

Pharmaceuticals

Inc

(d) 29,001

740

Catalyst

Pharmaceuticals

Inc

(d) 93,197

1,982

Collegium

Pharmaceutical

Inc

(d) 25,517

919

Corcept

Therapeutics

Inc

(d) 75,970

5,581

Harmony

Biosciences

Holdings

Inc

(d) 32,156

919

Organon

&

Co

210,595

1,422

Pacira

BioSciences

Inc

(d) 36,398

778

Phibro

Animal

Health

Corp

16,498

694

Premier

Inc

66,704

1,876

Protagonist

Therapeutics

Inc

(d) 47,371

3,724

Supernus

Pharmaceuticals

Inc

(d) 45,423

2,504

$

26,025

Pipelines

-

.11

%

Kinetik

Holdings

Inc

(e) 35,355

1,362

Real

Estate

-

.56

%

Cushman

&

Wakefield

PLC

(d) 187,557

2,944

eXp

World

Holdings

Inc

72,599

743

Kennedy-Wilson

Holdings

Inc

97,189

735

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Real

Estate

(continued)

Marcus

&

Millichap

Inc

19,579

$

572

St

Joe

Co/The

32,366

1,838

$

6,832

REITs

-

.21

%

Acadia

Realty

Trust

106,132

2,024

Adamas

Trust

Inc

68,040

Alexander

&

Baldwin

Inc

58,935

941

American

Assets

Trust

Inc

38,256

731

Apollo

Commercial

Real

Estate

Finance

Inc

105,801

1,036

Apple

Hospitality

REIT

Inc

178,543

1,998

Arbor

Realty

Trust

Inc

155,780

1,572

Armada

Hoffler

Properties

Inc

64,934

ARMOUR

Residential

REIT

Inc

91,186

1,479

Blackstone

Mortgage

Trust

Inc

129,181

2,387

Brandywine

Realty

Trust

140,709

CareTrust

REIT

Inc

178,460

6,184

Centerspace

13,573

804

Curbline

Properties

Corp

78,412

1,808

DiamondRock

Hospitality

Co

166,030

1,298

Douglas

Emmett

Inc

135,645

1,755

Easterly

Government

Properties

Inc

34,866

754

Ellington

Financial

Inc

80,922

1,078

Elme

Communities

71,417

1,175

Essential

Properties

Realty

Trust

Inc

160,510

4,796

Four

Corners

Property

Trust

Inc

84,624

2,001

Franklin

BSP

Realty

Trust

Inc

66,649

676

Getty

Realty

Corp

42,176

1,157

Global

Net

Lease

Inc

160,978

1,227

Highwoods

Properties

Inc

87,548

2,506

Innovative

Industrial

Properties

Inc

22,700

1,138

JBG

SMITH

Properties

50,000

974

KKR

Real

Estate

Finance

Trust

Inc

44,158

LTC

Properties

Inc

37,207

1,305

LXP

Industrial

Trust

239,612

2,274

Macerich

Co/The

204,750

3,511

Medical

Properties

Trust

Inc

399,294

2,064

Millrose

Properties

Inc

97,424

3,138

NexPoint

Residential

Trust

Inc

17,969

551

Outfront

Media

Inc

117,854

2,085

Pebblebrook

Hotel

Trust

96,054

1,005

PennyMac

Mortgage

Investment

Trust

70,490

849

Phillips

Edison

&

Co

Inc

101,746

3,443

Ready

Capital

Corp

125,130

Redwood

Trust

Inc

104,681

556

Ryman

Hospitality

Properties

Inc

51,036

4,436

Safehold

Inc

37,202

537

Saul

Centers

Inc

10,065

SITE

Centers

Corp

42,482

SL

Green

Realty

Corp

57,534

2,954

Summit

Hotel

Properties

Inc

85,774

Sunstone

Hotel

Investors

Inc

153,890

1,362

Tanger

Inc

91,681

2,985

Terreno

Realty

Corp

83,683

4,781

Two

Harbors

Investment

Corp

84,355

820

Universal

Health

Realty

Income

Trust

10,339

Urban

Edge

Properties

101,900

1,960

Veris

Residential

Inc

65,790

945

Whitestone

REIT

36,368

Xenia

Hotels

&

Resorts

Inc

77,589

954

$

88,003

Retail

-

.15

%

Academy

Sports

&

Outdoors

Inc

53,850

2,579

Advance

Auto

Parts

Inc

48,592

2,290

American

Eagle

Outfitters

Inc

130,535

2,181

Asbury

Automotive

Group

Inc

(d) 15,929

3,737

BJ's

Restaurants

Inc

(d) 17,920

609

Bloomin'

Brands

Inc

62,019

Boot

Barn

Holdings

Inc

(d) 24,755

4,695

Brinker

International

Inc

(d) 36,012

3,913

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Buckle

Inc/The

24,398

$

1,337

Caleres

Inc

27,378

CarMax

Inc

(d) 121,067

5,074

Cheesecake

Factory

Inc/The

37,122

1,849

Cracker

Barrel

Old

Country

Store

Inc

18,037

608

Dave

&

Buster's

Entertainment

Inc

(d) 21,845

Freshpet

Inc

(d) 39,515

1,944

Group

Automotive

Inc

10,274

4,084

Guess?

Inc

24,860

Kohl's

Corp

90,763

1,477

La-Z-Boy

Inc

33,347

1,057

MarineMax

Inc

(d) 15,300

National

Vision

Holdings

Inc

(d) 64,155

1,652

Papa

John's

International

Inc

26,536

1,348

Patrick

Industries

Inc

26,962

2,814

PC

Connection

Inc

9,254

564

PriceSmart

Inc

20,407

2,346

Sally

Beauty

Holdings

Inc

(d) 80,155

1,211

Shake

Shack

Inc

(d) 32,607

3,147

Shoe

Carnival

Inc

14,392

Signet

Jewelers

Ltd

33,338

3,295

Sonic

Automotive

Inc

12,004

763

Urban

Outfitters

Inc

(d) 43,570

2,815

Victoria's

Secret

&

Co

(d) 64,687

2,280

Wendy's

Co/The

128,129

1,094

$

62,875

Savings

&

Loans

-

.24

%

Axos

Financial

Inc

(d) 45,665

3,561

Banc

of

California

Inc

106,199

1,802

Beacon

Financial

Corp

67,345

1,639

Capitol

Federal

Financial

Inc

98,990

598

Northwest

Bancshares

Inc

118,444

1,387

Provident

Financial

Services

Inc

105,816

1,935

WaFd

Inc

63,827

1,853

WSFS

Financial

Corp

45,338

2,362

$

15,137

Semiconductors

-

.19

%

ACM

Research

Inc

(d) 42,634

1,768

Alpha

&

Omega

Semiconductor

Ltd

(d) 20,008

561

Axcelis

Technologies

Inc

(d) 25,453

2,025

CEVA

Inc

(d) 19,345

526

Cohu

Inc

(d) 37,815

900

Diodes

Inc

(d) 37,622

2,007

FormFactor

Inc

(d) 62,468

3,433

Impinj

Inc

(d) 20,974

4,240

Kulicke

&

Soffa

Industries

Inc

42,243

1,687

MaxLinear

Inc

(d) 66,307

1,005

Penguin

Solutions

Inc

(d) 38,628

860

Photronics

Inc

(d) 48,727

1,165

Qorvo

Inc

(d) 68,305

6,483

Semtech

Corp

(d) 70,181

4,762

SiTime

Corp

(d) 17,697

5,126

Ultra

Clean

Holdings

Inc

(d) 36,731

1,007

Veeco

Instruments

Inc

(d) 48,735

1,401

$

38,956

Software

-

.98

%

ACI

Worldwide

Inc

(d) 83,594

3,982

Adeia

Inc

88,597

1,510

Agilysys

Inc

(d) 20,556

2,579

BlackLine

Inc

(d) 42,111

2,411

Box

Inc

(d) 117,310

3,764

Clear

Secure

Inc

70,275

2,141

CSG

Systems

International

Inc

22,206

1,738

Digi

International

Inc

(d) 30,071

1,103

DigitalOcean

Holdings

Inc

(d) 55,309

2,249

Donnelley

Financial

Solutions

Inc

(d) 22,272

1,023

DoubleVerify

Holdings

Inc

(d) 110,018

1,252

LiveRamp

Holdings

Inc

(d) 53,144

1,453

N-able

Inc/US

(d) 60,624

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

PDF

Solutions

Inc

(d) 25,912

$

755

Progress

Software

Corp

(d) 34,919

1,489

Schrodinger

Inc/United

States

(d) 45,417

955

SPS

Commerce

Inc

(d) 30,712

2,526

Teradata

Corp

(d) 76,552

1,596

Waystar

Holding

Corp

(d) 93,158

3,340

$

36,341

Telecommunications

-

.82

%

A10

Networks

Inc

58,449

1,043

Calix

Inc

(d) 48,139

3,293

Extreme

Networks

Inc

(d) 106,981

2,035

Gogo

Inc

(d) 60,461

550

Harmonic

Inc

(d) 92,154

986

InterDigital

Inc

20,905

7,567

Lumen

Technologies

Inc

(d) 764,766

7,862

Shenandoah

Telecommunications

Co

36,911

Telephone

and

Data

Systems

Inc

79,615

3,090

Viasat

Inc

(d) 108,763

4,331

Viavi

Solutions

Inc

(d) 180,847

3,201

$

34,413

Textiles

-

.15

%

UniFirst

Corp/MA

12,147

1,875

Transportation

-

.24

%

ArcBest

Corp

18,409

1,368

Dorian

LPG

Ltd

29,710

857

Forward

Air

Corp

(d) 17,708

Heartland

Express

Inc

36,995

Hub

Group

Inc

49,126

1,809

International

Seaways

Inc

32,791

1,680

Marten

Transport

Ltd

46,886

Matson

Inc

25,754

2,600

RXO

Inc

(d) 132,841

2,355

Schneider

National

Inc

40,345

862

Werner

Enterprises

Inc

48,466

1,270

World

Kinect

Corp

44,995

1,163

$

15,067

Trucking

&

Leasing

-

.09

%

Greenbrier

Cos

Inc/The

25,017

1,045

Water

-

.53

%

American

States

Water

Co

31,194

2,224

California

Water

Service

Group

48,265

2,142

H2O

America

26,583

1,230

Middlesex

Water

Co

14,593

839

$

6,435

TOTAL

COMMON

STOCKS

$

1,179,893

Total

Investments

$

1,222,622

Other

Assets

and

Liabilities

- (0.20)%

(2,392)

TOTAL

NET

ASSETS

-

100.00%

$

1,220,230

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,115

or

0.34%

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

$4,128

or

0.34%

of

net

assets.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

22,194

$

558,180

$

539,627

$

40,747

$

22,194

$

558,180

$

539,627

$

40,747

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

1,067

$

—

$

—

$

—

$

1,067

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

December

2025

Long

$

39,589

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

Value

Fund

II

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.56

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.70

%

iShares

Russell

2000

Value

ETF

(a) 167,069

$

29,593

Money

Market

Funds

-

.86

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.96%

(b),(c)

996,211

996

Principal

Government

Money

Market

Fund

-

Class

3.93%

(b),(c),(d)

52,210,934

52,211

$

53,207

TOTAL

INVESTMENT

COMPANIES

$

82,800

COMMON

STOCKS

-

.00

%

Shares

Held

Value

(000's)

Advertising

-

.26

%

Advantage

Solutions

Inc

(e) 5,662

$

Boston

Omaha

Corp

(e) 1,151

National

CineMedia

Inc

359,049

1,587

Nexxen

International

Ltd

(a),(e)

2,169

Stagwell

Inc

(e) 262,700

1,248

TechTarget

Inc

(e) 1,480

$

2,883

Aerospace

&

Defense

-

.18

%

AAR

Corp

(e) 1,426

AerSale

Corp

(e) 1,830

AIRO

Group

Holdings

Inc

(e) 129

Astronics

Corp

(e) 148

Ducommun

Inc

(e) 729

Hexcel

Corp

169,400

12,095

Intuitive

Machines

Inc

(e) 5,496

Mercury

Systems

Inc

(e) 2,141

National

Presto

Industries

Inc

3,795

Voyager

Technologies

Inc

(e) 223

$

12,949

Agriculture

-

.03

%

Alico

Inc

Andersons

Inc/The

1,732

Dole

PLC

3,777

Fresh

Del

Monte

Produce

Inc

1,765

Limoneira

Co

894

Tejon

Ranch

Co

(e) 1,131

Turning

Point

Brands

Inc

Universal

Corp/VA

1,299

$

Airlines

-

.09

%

Allegiant

Travel

Co

(e) 618

flyExclusive

Inc

(e) 271

Frontier

Group

Holdings

Inc

(e) 1,650

JetBlue

Airways

Corp

(e) 17,694

SkyWest

Inc

(e) 2,162

Sun

Country

Airlines

Holdings

Inc

(e) 52,125

640

$

977

Apparel

-

.81

%

Capri

Holdings

Ltd

(e) 6,204

Carter's

Inc

31,493

989

Columbia

Sportswear

Co

19,200

953

Gildan

Activewear

Inc

(a) 127,390

7,425

Kontoor

Brands

Inc

552

Lakeland

Industries

Inc

(a) 550

Oxford

Industries

Inc

37,892

1,396

PVH

Corp

92,660

7,258

Rocky

Brands

Inc

Steven

Madden

Ltd

47,343

1,606

Superior

Group

of

Cos

Inc

725

Torrid

Holdings

Inc

(a),(e)

1,735

Weyco

Group

Inc

$

19,840

Automobile

Manufacturers

-

.22

%

Blue

Bird

Corp

(e) 22,800

1,139

Faraday

Future

Intelligent

Electric

Inc

(a),(e)

5,500

Hyliion

Holdings

Corp

(e) 6,657

REV

Group

Inc

7,900

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Manufacturers

(continued)

Wabash

National

Corp

102,239

$

819

$

2,387

Automobile

Parts

&

Equipment

-

.21

%

Adient

PLC

(e) 82,758

1,919

American

Axle

&

Manufacturing

Holdings

Inc

(e) 6,054

Cooper-Standard

Holdings

Inc

(e) 920

Dana

Inc

7,070

Douglas

Dynamics

Inc

33,435

1,011

Fox

Factory

Holding

Corp

(e) 1,679

Garrett

Motion

Inc

7,180

Gentex

Corp

69,800

1,637

Gentherm

Inc

(e) 1,623

Goodyear

Tire

&

Rubber

Co/The

(e) 149,474

1,030

Holley

Inc

(e) 3,387

indie

Semiconductor

Inc

(a),(e)

6,389

Lear

Corp

18,100

1,894

Luminar

Technologies

Inc

(a),(e)

1,858

Methode

Electronics

Inc

196,663

1,324

Microvast

Holdings

Inc

(a),(e)

4,067

Miller

Industries

Inc/TN

21,659

869

Motorcar

Parts

of

America

Inc

(e) 713

Phinia

Inc

21,130

1,096

Solid

Power

Inc

(e) 7,455

Standard

Motor

Products

Inc

1,116

Strattec

Security

Corp

(e) 221

Titan

International

Inc

(e) 2,764

Visteon

Corp

17,138

1,836

$

13,248

Banks

-

.92

%

1st

Source

Corp

23,581

1,402

ACNB

Corp

547

Alerus

Financial

Corp

1,240

Amalgamated

Financial

Corp

1,224

Amerant

Bancorp

Inc

73,562

1,234

Ameris

Bancorp

3,554

Ames

National

Corp

506

Arrow

Financial

Corp

19,243

536

Associated

Banc-Corp

43,663

1,081

Atlantic

Union

Bankshares

Corp

7,644

BancFirst

Corp

Bank

First

Corp

Bank

of

Hawaii

Corp

Bank

of

Marin

Bancorp

44,799

1,153

Bank

of

NT

Butterfield

&

Son

Ltd/The

2,223

Bank7

Corp

11,734

BankUnited

Inc

49,568

1,987

Bankwell

Financial

Group

Inc

Banner

Corp

1,819

Bar

Harbor

Bankshares

813

BayCom

Corp

16,561

BCB

Bancorp

Inc

833

Blue

Foundry

Bancorp

(e) 1,071

Blue

Ridge

Bankshares

Inc

(e) 3,623

Bridgewater

Bancshares

Inc

(e) 23,392

Burke

&

Herbert

Financial

Services

Corp

16,257

957

Business

First

Bancshares

Inc

1,512

Byline

Bancorp

Inc

1,671

C&F

Financial

Corp

Cadence

Bank

10,020

California

BanCorp

(e) 1,026

Camden

National

Corp

28,195

1,076

Capital

Bancorp

Inc

16,554

Capital

City

Bank

Group

Inc

725

Carter

Bankshares

Inc

(e) 29,733

508

Cathay

General

Bancorp

33,229

1,511

CB

Financial

Services

Inc

(a) 244

Central

Pacific

Financial

Corp

48,204

1,374

Chain

Bridge

Bancorp

Inc

(e) 128

Chemung

Financial

Corp

Schedule

of

Investments

SmallCap

Value

Fund

II

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

ChoiceOne

Financial

Services

Inc

767

$

Citizens

&

Northern

Corp

852

Citizens

Financial

Services

Inc

City

Holding

Co

Civista

Bancshares

Inc

21,642

CNB

Financial

Corp/PA

21,312

524

CoastalSouth

Bancshares

Inc

(e) 219

Colony

Bankcorp

Inc

29,695

Columbia

Banking

System

Inc

69,516

1,863

Community

Financial

System

Inc

2,204

Community

Trust

Bancorp

Inc

17,895

916

Community

West

Bancshares

781

ConnectOne

Bancorp

Inc

83,199

2,002

Cullen/Frost

Bankers

Inc

90,485

11,142

Customers

Bancorp

Inc

(e) 1,463

CVB

Financial

Corp

7,052

Dime

Community

Bancshares

Inc

59,576

1,564

Eagle

Bancorp

Inc

91,175

1,527

Eagle

Financial

Services

Inc

Eastern

Bankshares

Inc

10,513

ECB

Bancorp

Inc/MD

(e) 457

Enterprise

Financial

Services

Corp

25,766

1,349

Equity

Bancshares

Inc

761

Farmers

&

Merchants

Bancorp

Inc/Archbold

OH

722

Farmers

National

Banc

Corp

36,730

FB

Bancorp

Inc

(a),(e)

1,015

FB

Financial

Corp

2,215

Fidelity

D&D

Bancorp

Inc

Financial

Institutions

Inc

56,088

1,594

Finwise

Bancorp

(e) 194

First

Bancorp

Inc/The

578

First

BanCorp/Puerto

Rico

3,955

First

Bancorp/Southern

Pines

NC

2,149

First

Bank/Hamilton

NJ

1,183

First

Busey

Corp

86,393

1,932

First

Business

Financial

Services

Inc

First

Commonwealth

Financial

Corp

5,562

First

Community

Bankshares

Inc

846

First

Community

Corp/SC

First

Financial

Bancorp

5,080

First

Financial

Corp

17,457

931

First

Foundation

Inc

(e) 241,975

1,316

First

Hawaiian

Inc

75,707

1,857

First

Internet

Bancorp

25,284

First

Interstate

BancSystem

Inc

51,603

1,613

First

Merchants

Corp

50,963

1,808

First

Mid

Bancshares

Inc

26,059

931

First

National

Corp/VA

First

United

Corp

Firstsun

Capital

Bancorp

(e) 27,675

942

Five

Star

Bancorp

13,705

Flagstar

Bank

NA

167,382

1,912

FNB

Corp/PA

32,900

517

Franklin

Financial

Services

Corp

Fulton

Financial

Corp

9,756

FVCBankcorp

Inc

878

German

American

Bancorp

Inc

1,920

Glacier

Bancorp

Inc

5,533

Great

Southern

Bancorp

Inc

17,424

970

Hancock

Whitney

Corp

4,607

Hanmi

Financial

Corp

65,251

1,722

Hanover

Bancorp

Inc

(a) 231

HarborOne

Bancorp

Inc

(a) 1,975

Hawthorn

Bancshares

Inc

HBT

Financial

Inc

652

Heritage

Commerce

Corp

157,196

1,634

Heritage

Financial

Corp/WA

44,650

991

Hilltop

Holdings

Inc

57,861

1,869

Home

BancShares

Inc/AR

10,110

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Hope

Bancorp

Inc

174,609

$

1,832

Horizon

Bancorp

Inc/IN

89,001

1,389

Huntington

Bancshares

Inc/OH

100,659

1,554

Independent

Bank

Corp

22,643

1,523

Independent

Bank

Corp/MI

1,060

International

Bancshares

Corp

2,619

Investar

Holding

Corp

521

John

Marshall

Bancorp

Inc

678

Kearny

Financial

Corp/MD

171,921

1,099

Lakeland

Financial

Corp

582

Landmark

Bancorp

Inc/Manhattan

KS

LCNB

Corp

766

LINKBANCORP

Inc

1,135

Live

Oak

Bancshares

Inc

51,570

1,606

MainStreet

Bancshares

Inc

Mechanics

Bancorp

(e) 33,745

Mercantile

Bank

Corp

31,346

1,375

Merchants

Bancorp/IN

55,802

1,741

Meridian

Corp

Metrocity

Bankshares

Inc

Metropolitan

Bank

Holding

Corp

Mid

Penn

Bancorp

Inc

17,504

Middlefield

Banc

Corp

Midland

States

Bancorp

Inc

53,248

780

MidWestOne

Financial

Group

Inc

899

MVB

Financial

Corp

619

National

Bank

Holdings

Corp

2,008

National

Bankshares

Inc

NB

Bancorp

Inc

(a) 107,987

1,951

NBT

Bancorp

Inc

2,549

NewtekOne

Inc

1,410

Nicolet

Bankshares

Inc

516

Northeast

Bank

19,583

1,689

Northeast

Community

Bancorp

Inc

663

Northpointe

Bancshares

Inc

601

Northrim

BanCorp

Inc

595

Norwood

Financial

Corp

Oak

Valley

Bancorp

OFG

Bancorp

2,369

Ohio

Valley

Banc

Corp

Old

National

Bancorp/IN

16,581

Old

Second

Bancorp

Inc

2,662

OP

Bancorp

645

Orange

County

Bancorp

Inc

Origin

Bancorp

Inc

39,849

1,381

Orrstown

Financial

Services

Inc

982

Park

National

Corp

795

Parke

Bancorp

Inc

565

PCB

Bancorp

538

Peapack-Gladstone

Financial

Corp

37,924

960

Peoples

Bancorp

Inc/OH

1,853

Peoples

Bancorp

of

North

Carolina

Inc

Peoples

Financial

Services

Corp

Pioneer

Bancorp

Inc/NY

(e) 676

Plumas

Bancorp

(a) 331

Ponce

Financial

Group

Inc

(e) 1,119

Preferred

Bank/Los

Angeles

CA

21,021

1,897

Primis

Financial

Corp

1,266

Princeton

Bancorp

Inc

Prosperity

Bancshares

Inc

179,415

11,809

Provident

Bancorp

Inc

(e) 859

QCR

Holdings

Inc

21,272

1,582

RBB

Bancorp

28,353

528

Red

River

Bancshares

Inc

Renasant

Corp

5,050

Republic

Bancorp

Inc/KY

Rhinebeck

Bancorp

Inc

(e) 332

Richmond

Mutual

BanCorp

Inc

(a) 493

S&T

Bancorp

Inc

2,035

Schedule

of

Investments

SmallCap

Value

Fund

II

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

SB

Financial

Group

Inc

$

Seacoast

Banking

Corp

of

Florida

4,553

Shore

Bancshares

Inc

61,774

965

Sierra

Bancorp

16,676

Simmons

First

National

Corp

103,367

1,797

SmartFinancial

Inc

635

South

Plains

Financial

Inc

661

Southern

First

Bancshares

Inc

(e) 428

Southside

Bancshares

Inc

1,540

SR

Bancorp

Inc

Stellar

Bancorp

Inc

2,509

Stock

Yards

Bancorp

Inc

Synovus

Financial

Corp

9,300

Texas

Capital

Bancshares

Inc

(e) 2,098

Third

Coast

Bancshares

Inc

(e) 662

Tompkins

Financial

Corp

19,256

1,222

Towne

Bank/Portsmouth

VA

29,192

949

TriCo

Bancshares

43,933

1,943

Triumph

Financial

Inc

(e) 649

TrustCo

Bank

Corp

NY

38,496

1,452

Trustmark

Corp

3,028

UMB

Financial

Corp

3,569

Union

Bankshares

Inc/Morrisville

VT

United

Bankshares

Inc/WV

7,586

United

Community

Banks

Inc/GA

35,035

1,023

United

Security

Bancshares/Fresno

CA

831

Unity

Bancorp

Inc

Univest

Financial

Corp

50,219

1,474

Valley

National

Bancorp

154,003

1,674

Virginia

National

Bankshares

Corp

Walker

&

Dunlop

Inc

1,760

Washington

Trust

Bancorp

Inc

51,665

1,407

WesBanco

Inc

4,796

West

BanCorp

Inc

691

Westamerica

BanCorp

1,307

Western

New

England

Bancorp

Inc

1,032

Zions

Bancorp

NA

233,440

12,165

$

130,538

Beverages

-

.94

%

Coca-Cola

Consolidated

Inc

78,490

10,234

MGP

Ingredients

Inc

802

$

10,253

Biotechnology

-

.54

%

4D

Molecular

Therapeutics

Inc

(e) 2,128

Aardvark

Therapeutics

Inc

(e) 223

Abeona

Therapeutics

Inc

(e) 183

Absci

Corp

(a),(e)

1,652

Aldeyra

Therapeutics

Inc

(e) 740

Allogene

Therapeutics

Inc

(e) 8,622

Alpha

Teknova

Inc

(a),(e)

Alumis

Inc

(a),(e)

3,002

ANI

Pharmaceuticals

Inc

(e) 10,100

915

Annexon

Inc

(e) 5,446

Arbutus

Biopharma

Corp

(e) 494

Arcturus

Therapeutics

Holdings

Inc

(e) 925

Arcus

Biosciences

Inc

(e) 977

Astria

Therapeutics

Inc

(e) 1,959

Atea

Pharmaceuticals

Inc

(e) 4,359

Atlantic

International

Corp

(e) 375

Aura

Biosciences

Inc

(e) 1,786

Avidity

Biosciences

Inc

(e) 433

Bicara

Therapeutics

Inc

(a),(e)

1,715

BioAge

Labs

Inc

(e) 1,425

Cardiff

Oncology

Inc

(a),(e)

2,283

Cartesian

Therapeutics

Inc

(a),(e)

554

Cartesian

Therapeutics

Inc

-

Contingent

Value

Rights

(e),(f)

12,004

Celcuity

Inc

(e) 90

Celldex

Therapeutics

Inc

(e) 3,493

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Cogent

Biosciences

Inc

(e) 431

$

Compass

Therapeutics

Inc

(e) 2,793

CRISPR

Therapeutics

AG

(a),(e)

4,444

Cullinan

Therapeutics

Inc

(e) 2,714

Cytek

Biosciences

Inc

(e) 6,178

Cytokinetics

Inc

(e) 5,559

Day

One

Biopharmaceuticals

Inc

(e) 3,734

Denali

Therapeutics

Inc

(e) 6,645

Design

Therapeutics

Inc

(e) 1,435

Dianthus

Therapeutics

Inc

(e) 811

Dyne

Therapeutics

Inc

(e) 3,943

Editas

Medicine

Inc

(e) 4,532

Eledon

Pharmaceuticals

Inc

(e) 2,997

Emergent

BioSolutions

Inc

(e) 2,899

Entrada

Therapeutics

Inc

(e) 1,600

Erasca

Inc

(e) 9,290

Esperion

Therapeutics

Inc

(a),(e)

7,466

EyePoint

Pharmaceuticals

Inc

(e) 3,107

Fate

Therapeutics

Inc

(e) 6,534

Forafric

Global

PLC

(e) 51

—

Halozyme

Therapeutics

Inc

(e) 21,500

1,402

Humacyte

Inc

(a),(e)

5,461

Ideaya

Biosciences

Inc

(e) 4,301

ImmunityBio

Inc

(a),(e)

2,294

Inhibrx

Biosciences

Inc

(a),(e)

Innoviva

Inc

(e) 461

Intellia

Therapeutics

Inc

(a),(e)

5,288

Iovance

Biotherapeutics

Inc

(e) 14,139

Jade

Biosciences

Inc

1,845

Janux

Therapeutics

Inc

(e) 1,410

Keros

Therapeutics

Inc

(e) 1,765

Kodiak

Sciences

Inc

(e) 1,714

Korro

Bio

Inc

(e) 356

Kura

Oncology

Inc

(e) 4,317

Larimar

Therapeutics

Inc

(e) 2,525

Lexeo

Therapeutics

Inc

(a),(e)

1,349

Ligand

Pharmaceuticals

Inc

(e) 905

Maravai

LifeSciences

Holdings

Inc

(e) 6,181

Maze

Therapeutics

Inc

(e) 991

MBX

Biosciences

Inc

(a),(e)

872

MeiraGTx

Holdings

plc

(e) 686

Metsera

Inc

(e) 1,258

Mind

Medicine

MindMed

Inc

(e) 2,757

Monte

Rosa

Therapeutics

Inc

(e) 2,460

Myriad

Genetics

Inc

(e) 4,835

NeoGenomics

Inc

(e) 6,167

Nkarta

Inc

(e) 2,419

Novavax

Inc

(a),(e)

1,422

Nurix

Therapeutics

Inc

(e) 4,058

Nuvation

Bio

Inc

(e) 12,337

Olema

Pharmaceuticals

Inc

(e) 3,148

Omeros

Corp

(a),(e)

Oruka

Therapeutics

Inc

(e) 1,437

Palvella

Therapeutics

Inc

(e) 34

Perspective

Therapeutics

Inc

(e) 3,581

Phathom

Pharmaceuticals

Inc

(a),(e)

1,680

Praxis

Precision

Medicines

Inc

(e) 1,019

Precigen

Inc

(e) 524

Prime

Medicine

Inc

(a),(e)

4,244

Protara

Therapeutics

Inc

(a),(e)

1,940

Prothena

Corp

PLC

(e) 1,922

PTC

Therapeutics

Inc

(e) 771

Puma

Biotechnology

Inc

(e) 2,413

Rapport

Therapeutics

Inc

(e) 964

REGENXBIO

Inc

(e) 2,509

Relay

Therapeutics

Inc

(e) 7,004

Replimune

Group

Inc

(e) 3,652

Rezolute

Inc

(e) 675

Rocket

Pharmaceuticals

Inc

(e) 3,858

Schedule

of

Investments

SmallCap

Value

Fund

II

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Sana

Biotechnology

Inc

(a),(e)

6,329

$

Scholar

Rock

Holding

Corp

(e) 353

Septerna

Inc

(a),(e)

1,101

Solid

Biosciences

Inc

(e) 3,166

Syndax

Pharmaceuticals

Inc

(e) 343

Tango

Therapeutics

Inc

(a),(e)

3,808

Tectonic

Therapeutic

Inc

(a),(e)

547

Terns

Pharmaceuticals

Inc

(e) 3,827

Tevogen

Bio

Holdings

Inc

(e) 1,741

Theravance

Biopharma

Inc

(e) 422

Third

Harmonic

Bio

Inc

(e),(f)

1,482

—

Travere

Therapeutics

Inc

(e) 335

TriSalus

Life

Sciences

Inc

(e) 895

Tvardi

Therapeutics

Inc

(a),(e)

Tyra

Biosciences

Inc

(e) 1,354

Upstream

Bio

Inc

(a),(e)

1,718

UroGen

Pharma

Ltd

(e) 392

Verastem

Inc

(e) 1,134

Vir

Biotechnology

Inc

(e) 4,700

Viridian

Therapeutics

Inc

(e) 783

WaVe

Life

Sciences

Ltd

(e) 771

Xencor

Inc

(e) 3,784

XOMA

Royalty

Corp

(e) 166

Zenas

Biopharma

Inc

(a),(e)

890

$

5,928

Building

Materials

-

.26

%

AirJoule

Technologies

Corp

(a),(e)

1,435

American

Woodmark

Corp

(e) 24,155

1,539

Apogee

Enterprises

Inc

36,405

1,333

Armstrong

World

Industries

Inc

4,300

819

Aspen

Aerogels

Inc

(a),(e)

3,619

Boise

Cascade

Co

2,015

Carlisle

Cos

Inc

22,405

7,283

Eagle

Materials

Inc

46,620

9,898

Fortune

Brands

Innovations

Inc

36,600

1,859

Gibraltar

Industries

Inc

(e) 1,591

JELD-WEN

Holding

Inc

(e) 4,697

LSI

Industries

Inc

Masterbrand

Inc

(e) 6,772

NWPX

Infrastructure

Inc

(e) 517

UFP

Industries

Inc

17,937

1,652

$

24,808

Chemicals

-

.23

%

AdvanSix

Inc

21,302

American

Vanguard

Corp

(e) 84,062

Avient

Corp

4,928

Axalta

Coating

Systems

Ltd

(e) 65,800

1,873

Cabot

Corp

6,537

Calumet

Inc

(e) 3,227

Codexis

Inc

(e) 961

Ecovyst

Inc

(e) 236,680

1,938

Element

Solutions

Inc

586,710

15,677

Hawkins

Inc

47,110

6,683

HB

Fuller

Co

33,858

1,943

Huntsman

Corp

162,500

1,346

Ingevity

Corp

(e) 16,300

876

Innospec

Inc

19,520

1,436

Intrepid

Potash

Inc

(e) 578

Koppers

Holdings

Inc

1,054

Kronos

Worldwide

Inc

1,311

Mativ

Holdings

Inc

2,853

Minerals

Technologies

Inc

1,677

Oil-Dri

Corp

of

America

Olin

Corp

74,500

1,542

Orion

SA

3,197

Perimeter

Solutions

Inc

(e) 7,476

Quaker

Chemical

Corp

750

Rayonier

Advanced

Materials

Inc

(e) 3,393

Rogers

Corp

(e) 997

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Chemicals

(continued)

Stepan

Co

1,158

$

Trinseo

PLC

2,181

Tronox

Holdings

PLC

6,223

Valhi

Inc

$

35,419

Coal

-

.06

%

Alpha

Metallurgical

Resources

Inc

(e) 440

Core

Natural

Resources

Inc

1,819

Hallador

Energy

Co

(e) 142

NACCO

Industries

Inc

Peabody

Energy

Corp

6,559

SunCoke

Energy

Inc

4,511

Warrior

Met

Coal

Inc

2,800

$

639

Commercial

Services

-

.89

%

ABM

Industries

Inc

32,394

1,393

Acacia

Research

Corp

(e) 2,056

AirSculpt

Technologies

Inc

(a),(e)

Alight

Inc

22,864

Alta

Equipment

Group

Inc

1,011

American

Public

Education

Inc

(e) 83

AMN

Healthcare

Services

Inc

(e) 2,045

BrightView

Holdings

Inc

3,813

Brink's

Co/The

15,800

1,756

Cass

Information

Systems

Inc

11,236

Cimpress

PLC

(e) 633

CompoSecure

Inc

(e) 278

CoreCivic

Inc

(e) 4,879

Cross

Country

Healthcare

Inc

(e) 1,776

Custom

Truck

One

Source

Inc

(e) 3,237

Deluxe

Corp

2,327

Distribution

Solutions

Group

Inc

(a),(e)

Emerald

Holding

Inc

113,900

500

Ennis

Inc

25,640

Euronet

Worldwide

Inc

(e) 21,800

1,654

European

Wax

Center

Inc

(e) 107

—

First

Advantage

Corp

(e) 1,414

Flywire

Corp

(e) 675

Forrester

Research

Inc

(e) 54,201

Franklin

Covey

Co

(e) 21,846

Graham

Holdings

Co

Green

Dot

Corp

(e) 2,830

GXO

Logistics

Inc

(e) 89,505

5,031

Hackett

Group

Inc/The

Healthcare

Services

Group

Inc

(e) 100,983

1,805

Heidrick

&

Struggles

International

Inc

1,081

Herc

Holdings

Inc

77,405

10,995

HireQuest

Inc

(a) 366

ICF

International

Inc

974

Information

Services

Group

Inc

1,358

Insperity

Inc

19,100

843

John

Wiley

&

Sons

Inc

Kelly

Services

Inc

1,685

Kforce

Inc

65,424

1,655

Korn

Ferry

14,005

906

Laureate

Education

Inc

(e) 42,932

1,246

Lifecore

Biomedical

Inc

(e) 566

ManpowerGroup

Inc

35,900

1,101

MarketWise

Inc

(a) 108

Marqeta

Inc

(e) 11,023

Matthews

International

Corp

1,584

Medifast

Inc

(a),(e)

647

Mercurity

Fintech

Holding

Inc

(a),(e)

1,609

Mister

Car

Wash

Inc

(e) 681

Monro

Inc

1,623

National

Research

Corp

51,600

689

NPK

International

Inc

(e) 4,174

Paysafe

Ltd

(e) 1,850

Perdoceo

Education

Corp

3,293

Schedule

of

Investments

SmallCap

Value

Fund

II

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

PROG

Holdings

Inc

2,099

$

Quad/Graphics

Inc

518

Repay

Holdings

Corp

(e) 4,181

Resources

Connection

Inc

130,591

575

Robert

Half

Inc

55,900

1,464

Sezzle

Inc

(e) 75

Strategic

Education

Inc

1,243

Target

Hospitality

Corp

(e) 1,726

TIC

Solutions

Inc

(a),(e)

6,960

Transcat

Inc

(e) 244

TriNet

Group

Inc

90,175

5,410

TrueBlue

Inc

(e) 207,834

985

Upbound

Group

Inc

1,833

USCB

Financial

Holdings

Inc

Valvoline

Inc

(e) 322,800

10,656

Vestis

Corp

6,034

WEX

Inc

(e) 12,100

1,765

Willdan

Group

Inc

(e) 251

$

53,577

Computers

-

.73

%

3D

Systems

Corp

(a),(e)

7,458

Amentum

Holdings

Inc

(e) 42,200

946

ASGN

Inc

(e) 40,998

1,835

Conduent

Inc

(e) 8,350

Corsair

Gaming

Inc

(e) 2,530

Crane

NXT

Co

29,100

1,841

Cricut

Inc

2,619

CSP

Inc

Diebold

Nixdorf

Inc

(e) 98

Grid

Dynamics

Holdings

Inc

(e) 750

Insight

Enterprises

Inc

(e) 1,012

Integral

Ad

Science

Holding

Corp

(e) 3,497

Maximus

Inc

18,000

1,496

Mitek

Systems

Inc

(e) 2,032

NCR

Voyix

Corp

(e) 7,414

NetScout

Systems

Inc

(e) 3,733

OneSpan

Inc

1,682

PAR

Technology

Corp

(e) 877

Rimini

Street

Inc

(e) 2,301

Science

Applications

International

Corp

13,900

1,302

Telos

Corp

(e) 2,891

TTEC

Holdings

Inc

(e) 1,381

Unisys

Corp

(e) 992

V2X

Inc

(e) 938

Vuzix

Corp

(a),(e)

$

7,996

Consumer

Products

-

.37

%

ACCO

Brands

Corp

4,905

Acme

United

Corp

(a) 200

Central

Garden

&

Pet

Co

(a),(e)

29,284

898

Central

Garden

&

Pet

Co

-

A

Shares

(e) 2,671

Helen

of

Troy

Ltd

(e) 58,786

1,095

Quanex

Building

Products

Corp

2,466

Reynolds

Consumer

Products

Inc

76,100

1,860

Spectrum

Brands

Holdings

Inc

1,260

$

4,056

Cosmetics

&

Personal

Care

-

.10

%

Beauty

Health

Co/The

(e) 1,205

Edgewell

Personal

Care

Co

47,529

922

Honest

Co

Inc/The

(a),(e)

2,652

Olaplex

Holdings

Inc

(e) 7,990

Prestige

Consumer

Healthcare

Inc

(e) 2,161

Waldencast

plc

(e) 2,711

$

1,077

Distribution

&

Wholesale

-

.29

%

A-Mark

Precious

Metals

Inc

1,044

EVI

Industries

Inc

G-III

Apparel

Group

Ltd

(e) 35,783

961

Global

Industrial

Co

33,161

942

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Distribution

&

Wholesale

(continued)

Hudson

Technologies

Inc

(e) 2,149

$

MRC

Global

Inc

(e) 4,529

OPENLANE

Inc

(e) 5,702

Resideo

Technologies

Inc

(e) 39,998

1,712

Rush

Enterprises

Inc

-

Class

A

149,771

7,401

Rush

Enterprises

Inc

-

Class

B

(a) 212

ScanSource

Inc

(e) 36,044

1,547

Titan

Machinery

Inc

(e) 90,153

1,478

VSE

Corp

WESCO

International

Inc

41,185

10,689

$

25,039

Diversified

Financial

Services

-

.22

%

AlTi

Global

Inc

(e) 2,557

Artisan

Partners

Asset

Management

Inc

342,489

14,953

Atlanticus

Holdings

Corp

(e) 285

Bakkt

Holdings

Inc/US

(e) 494

Better

Home

&

Finance

Holding

Co

(a),(e)

Bread

Financial

Holdings

Inc

32,917

2,062

Brookfield

Business

Corp

778

Burford

Capital

Ltd

3,896

Cohen

&

Steers

Inc

Columbia

Financial

Inc

(e) 1,387

Consumer

Portfolio

Services

Inc

(e) 596

Diamond

Hill

Investment

Group

Inc

10,701

1,374

Enact

Holdings

Inc

54,555

1,949

Encore

Capital

Group

Inc

(e) 1,213

Federal

Agricultural

Mortgage

Corp

Federated

Hermes

Inc

38,900

1,886

Finance

Of

America

Cos

Inc

(e) 253

First

Western

Financial

Inc

(e) 20,306

Forge

Global

Holdings

Inc

(a),(e)

572

GBank

Financial

Holdings

Inc

(e) 457

GCM

Grosvenor

Inc

International

Money

Express

Inc

(e) 70,600

1,051

Invesco

Ltd

38,700

917

Janus

Henderson

Group

PLC

18,800

819

Jefferson

Capital

Inc

LendingClub

Corp

(e) 6,034

LendingTree

Inc

(e) 46

loanDepot

Inc

(e) 4,713

Marex

Group

PLC

915

Medallion

Financial

Corp

977

Navient

Corp

150,798

1,844

Nelnet

Inc

692

Onity

Group

Inc

(e) 378

Oportun

Financial

Corp

(e) 2,103

Pagseguro

Digital

Ltd

3,662

PennyMac

Financial

Services

Inc

1,570

PRA

Group

Inc

(e) 2,114

Radian

Group

Inc

61,888

2,101

Regional

Management

Corp

Resolute

Holdings

Management

Inc

(a),(e)

Security

National

Financial

Corp

(a),(e)

929

Siebert

Financial

Corp

(a),(e)

878

Silvercrest

Asset

Management

Group

Inc

SLM

Corp

69,100

1,855

SWK

Holdings

Corp

Velocity

Financial

Inc

(e) 571

Virtus

Investment

Partners

Inc

10,835

1,764

Voya

Financial

Inc

18,400

1,370

Vroom

Inc

(a),(e)

Westwood

Holdings

Group

Inc

World

Acceptance

Corp

(e) 148

$

35,306

Electric

-

.14

%

ALLETE

Inc

3,143

Ameresco

Inc

(e) 1,696

Avista

Corp

53,868

2,049

Black

Hills

Corp

36,550

2,319

Schedule

of

Investments

SmallCap

Value

Fund

II

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

Genie

Energy

Ltd

1,090

$

Hawaiian

Electric

Industries

Inc

(e) 9,313

MGE

Energy

Inc

948

Northwestern

Energy

Group

Inc

34,395

2,053

Oklo

Inc

(e) 4,473

594

Ormat

Technologies

Inc

3,270

Otter

Tail

Corp

12,625

975

Portland

General

Electric

Co

50,442

2,304

TXNM

Energy

Inc

5,216

Unitil

Corp

22,046

1,074

$

12,494

Electrical

Components

&

Equipment

-

.16

%

AZZ

Inc

5,500

549

Energizer

Holdings

Inc

38,644

898

EnerSys

1,949

Insteel

Industries

Inc

nLight

Inc

(e) 2,396

$

1,786

Electronics

-

.15

%

Allient

Inc

704

Applied

Optoelectronics

Inc

(a),(e)

579

Arrow

Electronics

Inc

(e) 12,500

1,394

Atkore

Inc

22,433

1,553

Atmus

Filtration

Technologies

Inc

39,738

1,808

Avnet

Inc

37,000

1,793

Bel

Fuse

Inc

-

A

Shares

Bel

Fuse

Inc

-

B

Shares

557

Benchmark

Electronics

Inc

1,893

Coherent

Corp

(e) 128,590

16,969

CTS

Corp

1,331

Ingram

Micro

Holding

Corp

(a) 50,500

1,159

Itron

Inc

(e) 1,256

Kimball

Electronics

Inc

(e) 45,736

1,330

Knowles

Corp

(e) 4,252

MicroVision

Inc

(a),(e)

5,513

Neonode

Inc

(a),(e)

—

Plexus

Corp

(e) 7,402

1,035

Sanmina

Corp

(e) 94,655

12,972

Sensata

Technologies

Holding

PLC

55,600

1,770

Standard

BioTools

Inc

(e) 16,069

TTM

Technologies

Inc

(e) 5,410

Turtle

Beach

Corp

(e) 330

Vishay

Intertechnology

Inc

86,843

1,475

Vontier

Corp

33,700

1,297

$

45,473

Energy

-

Alternate

Sources

-

.85

%

Array

Technologies

Inc

(e) 6,336

Fluence

Energy

Inc

(a),(e)

820

FutureFuel

Corp

1,513

Gevo

Inc

(a),(e)

12,145

Green

Plains

Inc

(e) 3,478

Montauk

Renewables

Inc

(e) 3,182

NEXTracker

Inc

(e) 66,876

6,770

OPAL

Fuels

Inc

(e) 526

Plug

Power

Inc

(e) 58,577

REX

American

Resources

Corp

(e) 57,605

1,845

Shoals

Technologies

Group

Inc

(e) 7,536

SunPower

Inc

(a),(e)

2,958

Sunrun

Inc

(e) 11,204

T1

Energy

Inc

(e) 5,974

XCF

Global

Inc

(e) 1,506

$

9,262

Engineering

&

Construction

-

.33

%

908

Devices

Inc

(e) 439

Arcosa

Inc

1,866

Bowman

Consulting

Group

Ltd

(e) 60

Concrete

Pumping

Holdings

Inc

1,126

Fluor

Corp

(e) 44,629

2,176

Granite

Construction

Inc

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

(continued)

Great

Lakes

Dredge

&

Dock

Corp

(e) 3,525

$

Latham

Group

Inc

(e) 371

Mistras

Group

Inc

(e) 989

Orion

Group

Holdings

Inc

(e) 1,748

Primoris

Services

Corp

Southland

Holdings

Inc

(e) 757

Tutor

Perini

Corp

(e) 16,333

1,100

Uniti

Group

Inc

(e) 7,524

$

3,659

Entertainment

-

.52

%

Accel

Entertainment

Inc

(e) 135,900

1,385

AMC

Entertainment

Holdings

Inc

(e) 23,082

Brightstar

Lottery

PLC

113,319

1,888

Churchill

Downs

Inc

43,120

4,277

Golden

Entertainment

Inc

1,046

Lionsgate

Studios

Corp

(e) 10,962

Marriott

Vacations

Worldwide

Corp

27,640

1,824

Monarch

Casino

&

Resort

Inc

5,700

513

Pursuit

Attractions

and

Hospitality

Inc

(e) 1,057

RCI

Hospitality

Holdings

Inc

Red

Rock

Resorts

Inc

90,333

4,816

Reservoir

Media

Inc

(e) 1,005

Six

Flags

Entertainment

Corp

(e) 994

Starz

Entertainment

Corp

(e) 691

United

Parks

&

Resorts

Inc

(e) 35,013

1,695

Webtoon

Entertainment

Inc

(a),(e)

965

$

16,646

Environmental

Control

-

.00

%

Arq

Inc

(e) 1,699

Clean

Harbors

Inc

(e) 51,580

10,858

Enviri

Corp

(e) 4,032

Montrose

Environmental

Group

Inc

(e) 1,681

Perma-Fix

Environmental

Services

Inc

(e) 785

Pure

Cycle

Corp

(e) 1,127

$

10,985

Food

-

.19

%

B&G

Foods

Inc

(a) 4,364

Beyond

Meat

Inc

(e) 3,833

Calavo

Growers

Inc

Grocery

Outlet

Holding

Corp

(e) 5,078

Hain

Celestial

Group

Inc/The

(e) 5,439

HF

Foods

Group

Inc

(e) 2,572

Ingles

Markets

Inc

785

John

B

Sanfilippo

&

Son

Inc

24,130

1,515

Mission

Produce

Inc

(e) 2,248

Nathan's

Famous

Inc

Seneca

Foods

Corp

-

Class

A

(e) 257

Simply

Good

Foods

Co/The

(e) 1,784

TreeHouse

Foods

Inc

(e) 2,653

United

Natural

Foods

Inc

(e) 3,195

Utz

Brands

Inc

3,838

Village

Super

Market

Inc

521

Weis

Markets

Inc

887

$

2,048

Forest

Products

&

Paper

-

.09

%

Magnera

Corp

(e) 1,895

Sylvamo

Corp

22,727

923

$

940

Gas

-

.76

%

Brookfield

Infrastructure

Corp

(a) 6,455

Chesapeake

Utilities

Corp

813

MDU

Resources

Group

Inc

81,400

1,561

New

Jersey

Resources

Corp

45,593

2,020

Northwest

Natural

Holding

Co

249,302

11,350

ONE

Gas

Inc

15,395

1,234

RGC

Resources

Inc

Southwest

Gas

Holdings

Inc

3,468

Spire

Inc

155,092

13,401

$

30,247

Schedule

of

Investments

SmallCap

Value

Fund

II

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Hand

&

Machine

Tools

-

.93

%

Kennametal

Inc

22,850

$

502

Lincoln

Electric

Holdings

Inc

41,265

9,675

Luxfer

Holdings

PLC

1,510

$

10,195

Healthcare

-

Products

-

.84

%

10X

Genomics

Inc

(e) 4,214

Accuray

Inc

(e) 651

AngioDynamics

Inc

(e) 1,713

Artivion

Inc

(e) 406

Avanos

Medical

Inc

(e) 2,443

Azenta

Inc

(e) 2,179

Beta

Bionics

Inc

(e) 267

Bruker

Corp

293,755

11,439

CapsoVision

Inc

(e) 257

Castle

Biosciences

Inc

(e) 1,506

CONMED

Corp

1,647

Embecta

Corp

2,770

Enovis

Corp

(e) 3,058

Envista

Holdings

Corp

(e) 46,300

942

GRAIL

Inc

(a),(e)

1,668

ICU

Medical

Inc

(e) 322

Inmode

Ltd

(e) 119,000

1,758

Inogen

Inc

(e) 1,353

Integra

LifeSciences

Holdings

Corp

(e) 3,552

Kestra

Medical

Technologies

Ltd

(a),(e)

Lantheus

Holdings

Inc

(e) 34,700

2,002

LivaNova

PLC

(e) 36,857

1,940

Lucid

Diagnostics

Inc

(e) 2,882

MaxCyte

Inc

(e) 6,075

Merit

Medical

Systems

Inc

(e) 230

Neogen

Corp

(e) 11,703

OmniAb

Inc

(e) 476

—

OmniAb

Inc

(e) 4,307

OmniAb

Inc

(e) 476

—

Omnicell

Inc

(e) 2,489

OraSure

Technologies

Inc

(e) 4,276

Orthofix

Medical

Inc

(e) 2,035

OrthoPediatrics

Corp

(e) 690

Outset

Medical

Inc

(a),(e)

572

Pacific

Biosciences

of

California

Inc

(e) 14,966

Quanterix

Corp

(e) 2,118

Quantum-Si

Inc

(a),(e)

8,933

QuidelOrtho

Corp

(e) 2,047

Semler

Scientific

Inc

(e) 572

Shoulder

Innovations

Inc

(e) 96

STAAR

Surgical

Co

(e) 401

Stereotaxis

Inc

(e) 231

Tactile

Systems

Technology

Inc

(e) 1,238

Utah

Medical

Products

Inc

16,326

948

Varex

Imaging

Corp

(e) 2,124

$

20,169

Healthcare

-

Services

-

.35

%

Acadia

Healthcare

Co

Inc

(e) 75,800

1,630

Addus

HomeCare

Corp

(e) 501

Ardent

Health

Inc

(e) 73,055

1,064

Astrana

Health

Inc

(e) 58,200

1,816

Aveanna

Healthcare

Holdings

Inc

(e) 712

Brookdale

Senior

Living

Inc

(e) 1,409

Community

Health

Systems

Inc

(e) 2,531

Concentra

Group

Holdings

Parent

Inc

64,752

1,290

DocGo

Inc

(e) 5,474

Enhabit

Inc

(e) 2,693

Fortrea

Holdings

Inc

(e) 4,856

Fulgent

Genetics

Inc

(e) 1,124

Ginkgo

Bioworks

Holdings

Inc

(e) 1,953

Innovage

Holding

Corp

(e) 747

LifeStance

Health

Group

Inc

(e) 3,350

Molina

Healthcare

Inc

(e) 46,500

7,117

Nano-X

Imaging

Ltd

(a),(e)

2,785

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Services

(continued)

National

HealthCare

Corp

681

$

OPKO

Health

Inc

(e) 21,977

PACS

Group

Inc

(e) 195

Pediatrix

Medical

Group

Inc

(e) 4,536

Personalis

Inc

(e) 2,666

RadNet

Inc

(e) 688

SBC

Medical

Group

Holdings

Inc

(a),(e)

Select

Medical

Holdings

Corp

79,523

1,100

Sonida

Senior

Living

Inc

(a),(e)

Strata

Critical

Medical

Inc

(e) 3,489

Surgery

Partners

Inc

(a),(e)

4,136

Teladoc

Health

Inc

(e) 7,582

US

Physical

Therapy

Inc

$

14,737

Home

Builders

-

.11

%

Beazer

Homes

USA

Inc

(e) 1,465

Century

Communities

Inc

8,470

503

Dream

Finders

Homes

Inc

(e) 1,196

Forestar

Group

Inc

(e) 1,064

Green

Brick

Partners

Inc

(e) 8,092

523

Hovnanian

Enterprises

Inc

(e) 248

Installed

Building

Products

Inc

17,665

4,385

KB

Home

11,994

748

LCI

Industries

1,171

LGI

Homes

Inc

(e) 1,097

M/I

Homes

Inc

(e) 5,399

676

Meritage

Homes

Corp

81,278

5,491

Taylor

Morrison

Home

Corp

(e) 90,658

5,373

Thor

Industries

Inc

17,400

1,816

Tri

Pointe

Homes

Inc

(e) 47,704

1,519

Winnebago

Industries

Inc

46,736

1,763

$

23,078

Home

Furnishings

-

.19

%

Daktronics

Inc

(e) 1,665

Ethan

Allen

Interiors

Inc

1,226

Flexsteel

Industries

Inc

Hamilton

Beach

Brands

Holding

Co

Leggett

&

Platt

Inc

110,717

1,034

Lovesac

Co/The

(e) 341

MillerKnoll

Inc

57,798

903

Sleep

Number

Corp

(a),(e)

1,086

Sonos

Inc

(e) 584

Traeger

Inc

(e) 1,978

Xperi

Inc

(e) 2,540

$

2,050

Insurance

-

.24

%

Abacus

Global

Management

Inc

(e) 1,683

Ambac

Financial

Group

Inc

(e) 2,419

American

Coastal

Insurance

Corp

693

American

Integrity

Insurance

Group

Inc

(e) 284

AMERISAFE

Inc

Aspen

Insurance

Holdings

Ltd

(a),(e)

36,428

1,339

Assured

Guaranty

Ltd

12,700

1,023

Ategrity

Specialty

Holdings

LLC

(e) 263

Citizens

Inc/TX

(e) 2,572

CNO

Financial

Group

Inc

54,794

2,192

Donegal

Group

Inc

891

eHealth

Inc

(e) 1,729

Employers

Holdings

Inc

21,684

827

Essent

Group

Ltd

35,461

2,148

F&G

Annuities

&

Life

Inc

47,466

1,408

Fidelis

Insurance

Holdings

Ltd

3,083

Genworth

Financial

Inc

(e) 22,051

GoHealth

Inc

(e) 415

Goosehead

Insurance

Inc

Greenlight

Capital

Re

Ltd

(e) 1,421

Hamilton

Insurance

Group

Ltd

(e) 2,421

Hanover

Insurance

Group

Inc/The

73,800

12,611

Heritage

Insurance

Holdings

Inc

(e) 307

Schedule

of

Investments

SmallCap

Value

Fund

II

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Hippo

Holdings

Inc

(e) 470

$

Horace

Mann

Educators

Corp

24,591

1,099

Investors

Title

Co

Jackson

Financial

Inc

3,841

James

River

Group

Holdings

Ltd

2,097

Kemper

Corp

38,400

1,728

Kestrel

Group

Ltd

(e) 74

Kingstone

Cos

Inc

Lincoln

National

Corp

34,500

1,449

MBIA

Inc

(e) 2,455

Mercury

General

Corp

1,434

MGIC

Investment

Corp

37,200

1,020

NI

Holdings

Inc

(e) 411

NMI

Holdings

Inc

(e) 54,781

1,996

ProAssurance

Corp

(e) 2,694

Safety

Insurance

Group

Inc

791

Selective

Insurance

Group

Inc

166,340

12,532

Selectquote

Inc

(e) 2,339

SiriusPoint

Ltd

(e) 4,917

Slide

Insurance

Holdings

Inc

(e) 946

Stewart

Information

Services

Corp

20,940

1,430

Tiptree

Inc

955

United

Fire

Group

Inc

20,077

607

Universal

Insurance

Holdings

Inc

1,084

White

Mountains

Insurance

Group

Ltd

940

1,790

$

46,497

Internet

-

.20

%

1-800-Flowers.com

Inc

(a),(e)

1,317

Angi

Inc

(e) 2,140

BARK

Inc

(e) 1,524

Bed

Bath

&

Beyond

Inc

(e) 2,963

Bumble

Inc

(e) 3,648

Cars.com

Inc

(e) 3,074

Entravision

Communications

Corp

3,034

ePlus

Inc

22,661

1,658

Eventbrite

Inc

(e) 4,544

Gaia

Inc

(e) 1,050

Getty

Images

Holdings

Inc

(a),(e)

5,913

HealthStream

Inc

807

Lands'

End

Inc

(a),(e)

706

LifeMD

Inc

(e) 716

Newsmax

Inc

(a),(e)

661

Nextdoor

Holdings

Inc

(e) 11,159

Open

Lending

Corp

(e) 5,830

RealReal

Inc/The

(e) 3,856

Rumble

Inc

(a),(e)

4,346

Serve

Robotics

Inc

(e) 277

Shutterstock

Inc

1,334

Stitch

Fix

Inc

(e) 5,222

Triller

Group

Inc

(e) 7,462

TripAdvisor

Inc

(e) 3,195

TrueCar

Inc

(e) 4,730

Tucows

Inc

(e) 343

Vivid

Seats

Inc

(a),(e)

Ziff

Davis

Inc

(e) 2,230

$

2,162

Investment

Companies

-

.17

%

Bit

Digital

Inc

(e) 17,043

Cannae

Holdings

Inc

3,046

Cipher

Mining

Inc

(e) 14,182

Cleanspark

Inc

(e) 14,846

Compass

Diversified

Holdings

3,556

Core

Scientific

Inc

(e) 2,581

HA

Sustainable

Infrastructure

Capital

Inc

6,442

Hut

Corp

(e) 5,048

MARA

Holdings

Inc

(a),(e)

19,918

Riot

Platforms

Inc

(e) 18,685

Terawulf

Inc

(a),(e)

844

$

1,905

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Iron

&

Steel

-

.82

%

Commercial

Metals

Co

151,299

$

8,981

Friedman

Industries

Inc

$

8,990

Leisure

Products

&

Services

-

.59

%

American

Outdoor

Brands

Inc

(e) 738

Brunswick

Corp/DE

27,400

1,811

Clarus

Corp

1,679

Escalade

Inc

607

Global

Business

Travel

Group

I

(a),(e)

637

Harley-Davidson

Inc

67,600

1,824

Johnson

Outdoors

Inc

Malibu

Boats

Inc

(e) 1,009

Marine

Products

Corp

MasterCraft

Boat

Holdings

Inc

(e) 884

Peloton

Interactive

Inc

(e) 13,089

Polaris

Inc

25,669

1,696

Sabre

Corp

(e) 13,953

Topgolf

Callaway

Brands

Corp

(e) 7,033

YETI

Holdings

Inc

(e) 26,500

901

$

6,506

Lodging

-

.42

%

Boyd

Gaming

Corp

12,600

981

Hilton

Grand

Vacations

Inc

(e) 41,500

1,720

Marcus

Corp/The

1,328

Travel

+

Leisure

Co

30,200

1,896

$

4,616

Machinery

-

Construction

&

Mining

-

.02

%

Astec

Industries

Inc

1,228

Hyster-Yale

Inc

618

Manitowoc

Co

Inc/The

(e) 1,854

NANO

Nuclear

Energy

Inc

(a),(e)

Net

Power

Inc

(a),(e)

1,823

Terex

Corp

3,448

$

Machinery

-

Diversified

-

.02

%

Aebi

Schmidt

Holding

AG

1,907

Alamo

Group

Inc

Albany

International

Corp

16,494

933

Cactus

Inc

26,000

1,148

Columbus

McKinnon

Corp/NY

131,113

2,128

CSW

Industrials

Inc

27,050

6,774

Eastman

Kodak

Co

(e) 3,487

Flowserve

Corp

36,000

2,457

Gates

Industrial

Corp

PLC

(e) 43,100

952

Gencor

Industries

Inc

(e) 621

Ichor

Holdings

Ltd

(e) 1,777

Palladyne

AI

Corp

(a),(e)

1,365

Power

Solutions

International

Inc

(e) 31

Tennant

Co

18,594

1,488

Thermon

Group

Holdings

Inc

(e) 69,583

2,000

Watts

Water

Technologies

Inc

15,045

4,101

$

22,155

Media

-

.13

%

Altice

USA

Inc

(e) 11,624

AMC

Networks

Inc

(e) 1,837

Cable

One

Inc

CuriosityStream

Inc

EW

Scripps

Co/The

(e) 3,776

Gannett

Co

Inc

(e) 1,044

Gray

Media

Inc

4,659

iHeartMedia

Inc

(e) 6,746

Liberty

Latin

America

Ltd

-

Class

A

(e) 1,568

Liberty

Latin

America

Ltd

-

Class

C

(e) 6,764

Scholastic

Corp

1,122

Sinclair

Inc

2,025

Sphere

Entertainment

Co

(e) 1,481

TEGNA

Inc

50,963

1,003

Value

Line

Inc

Schedule

of

Investments

SmallCap

Value

Fund

II

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

(continued)

WideOpenWest

Inc

(e) 2,877

$

$

1,383

Metal

Fabrication

&

Hardware

-

.29

%

Ascent

Industries

Co

(e) 404

Eastern

Co/The

Helios

Technologies

Inc

1,764

Hillman

Solutions

Corp

(e) 10,581

Janus

International

Group

Inc

(e) 206,444

1,982

L

B

Foster

Co

(e) 14,451

Mayville

Engineering

Co

Inc

(e) 732

Metallus

Inc

(e) 1,922

Mueller

Industries

Inc

84,215

8,916

Olympic

Steel

Inc

531

Park-Ohio

Holdings

Corp

547

Proto

Labs

Inc

(e) 1,258

Ryerson

Holding

Corp

1,433

Standex

International

Corp

Timken

Co/The

23,200

1,821

Tredegar

Corp

(e) 1,519

Valmont

Industries

Inc

27,705

11,454

Worthington

Enterprises

Inc

1,129

Worthington

Steel

Inc

1,736

$

25,106

Mining

-

.41

%

American

Battery

Technology

Co

(a),(e)

2,383

Caledonia

Mining

Corp

PLC

892

Centrus

Energy

Corp

(e) 188

Coeur

Mining

Inc

(e) 17,198

Compass

Minerals

International

Inc

(e) 442

Constellium

SE

(e) 72,613

1,142

Critical

Metals

Corp

(a),(e)

1,085

Encore

Energy

Corp

(a),(e)

9,642

Energy

Fuels

Inc/Canada

(a),(e)

8,407

Ferroglobe

PLC

6,253

Hecla

Mining

Co

24,529

Ivanhoe

Electric

Inc

/

US

(e) 751

Kaiser

Aluminum

Corp

23,136

2,095

Novagold

Resources

Inc

(e) 1,259

SSR

Mining

Inc

(e) 10,930

$

4,476

Miscellaneous

Manufacturers

-

.14

%

Core

Molding

Technologies

Inc

(e) 483

Enpro

Inc

989

Hillenbrand

Inc

61,856

1,955

JBT

Marel

Corp

68,678

8,660

LSB

Industries

Inc

(e) 2,885

Materion

Corp

896

Myers

Industries

Inc

80,738

1,399

NL

Industries

Inc

618

Outdoor

Holding

Co

(e) 4,656

Park

Aerospace

Corp

Smith

&

Wesson

Brands

Inc

2,382

Sturm

Ruger

&

Co

Inc

556

Trinity

Industries

Inc

2,321

$

12,510

Office

&

Business

Equipment

-

.01

%

Pitney

Bowes

Inc

5,820

Xerox

Holdings

Corp

6,473

$

Office

Furnishings

-

.02

%

CompX

International

Inc

HNI

Corp

1,000

Interface

Inc

2,736

Steelcase

Inc

4,454

Virco

Mfg.

Corp

746

$

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

-

.03

%

Antero

Resources

Corp

(e) 260,645

$

8,057

Baytex

Energy

Corp

793,571

1,920

Berry

Corp

4,382

BKV

Corp

(a),(e)

909

Borr

Drilling

Ltd

(e) 13,243

California

Resources

Corp

25,341

1,196

CNX

Resources

Corp

(e) 7,341

Comstock

Resources

Inc

(e) 1,170

Crescent

Energy

Co

226,747

1,912

CVR

Energy

Inc

57,900

2,061

Delek

US

Holdings

Inc

56,200

2,122

Diversified

Energy

Co

PLC

3,057

Empire

Petroleum

Corp

(a),(e)

Epsilon

Energy

Ltd

1,003

Evolution

Petroleum

Corp

Granite

Ridge

Resources

Inc

3,075

Helmerich

&

Payne

Inc

5,173

HighPeak

Energy

Inc

(a) 1,099

Infinity

Natural

Resources

Inc

(e) 757

Kolibri

Global

Energy

Inc

(e) 1,413

Kosmos

Energy

Ltd

(e) 1,181,579

1,855

Magnolia

Oil

&

Gas

Corp

7,996

Matador

Resources

Co

162,860

6,426

Murphy

Oil

Corp

376,848

10,665

Nabors

Industries

Ltd

(e) 800

NextNRG

Inc

(e) 1,044

Noble

Corp

PLC

175,633

5,155

Northern

Oil

&

Gas

Inc

(a) 88,934

1,968

Par

Pacific

Holdings

Inc

(e) 54,397

2,175

Patterson-UTI

Energy

Inc

18,909

PBF

Energy

Inc

67,932

2,321

Permian

Resources

Corp

568,320

7,138

Prairie

Operating

Co

(a),(e)

1,581

PrimeEnergy

Resources

Corp

(e) 13

Riley

Exploration

Permian

Inc

589

SandRidge

Energy

Inc

1,955

Seadrill

Ltd

(e) 2,128

SM

Energy

Co

88,332

1,845

Talos

Energy

Inc

(e) 191,440

1,878

Transocean

Ltd

(e) 45,697

VAALCO

Energy

Inc

(a) 509,198

2,001

Valaris

Ltd

(e) 22,385

1,256

Vital

Energy

Inc

(e) 116,523

1,831

Vitesse

Energy

Inc

(a) 1,571

W&T

Offshore

Inc

5,646

Weatherford

International

PLC

13,600

1,002

$

66,021

Oil

&

Gas

Services

-

.35

%

Archrock

Inc

160,345

4,052

Atlas

Energy

Solutions

Inc

(a) 1,178

Bristow

Group

Inc

(e) 1,508

Core

Laboratories

Inc

89,323

1,424

DMC

Global

Inc

(e) 787

DNOW

Inc

(e) 5,547

Expro

Group

Holdings

NV

(e) 148,739

2,020

Flotek

Industries

Inc

(e) 621

Flowco

Holdings

Inc

503

Forum

Energy

Technologies

Inc

(e) 597

Helix

Energy

Solutions

Group

Inc

(e) 171,425

1,152

Innovex

International

Inc

(e) 78,677

1,579

Liberty

Energy

Inc

82,055

1,486

Mammoth

Energy

Services

Inc

(e) 1,555

Matrix

Service

Co

(e) 1,169

National

Energy

Services

Reunited

Corp

(e) 90,365

1,141

Natural

Gas

Services

Group

Inc

NOV

Inc

141,900

2,072

Oceaneering

International

Inc

(e) 586

Oil

States

International

Inc

(e) 232,978

1,391

ProFrac

Holding

Corp

(a),(e)

237,840

1,301

Schedule

of

Investments

SmallCap

Value

Fund

II

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

Services

(continued)

ProPetro

Holding

Corp

(e) 223,207

$

2,317

Ranger

Energy

Services

Inc

1,079

RPC

Inc

230,464

1,198

SEACOR

Marine

Holdings

Inc

(e) 1,234

Select

Water

Solutions

Inc

83,654

967

TETRA

Technologies

Inc

(e) 408,932

2,887

Tidewater

Inc

(e) 10,611

537

$

25,790

Packaging

&

Containers

-

.23

%

Ardagh

Metal

Packaging

SA

5,887

Clearwater

Paper

Corp

(e) 903

Greif

Inc

-

Class

A

1,340

Greif

Inc

-

Class

B

O-I

Glass

Inc

(e) 6,181

Ranpak

Holdings

Corp

(e) 2,522

Sonoco

Products

Co

22,000

892

TriMas

Corp

40,947

1,455

$

2,559

Pharmaceuticals

-

.51

%

Aclaris

Therapeutics

Inc

(e) 4,653

AdaptHealth

Corp

(e) 5,428

Agios

Pharmaceuticals

Inc

(e) 3,007

Akebia

Therapeutics

Inc

(e) 11,712

Alector

Inc

(e) 3,818

Alkermes

PLC

(e) 2,154

Amneal

Pharmaceuticals

Inc

(e) 1,090

Amphastar

Pharmaceuticals

Inc

(e) 60,749

1,549

Amylyx

Pharmaceuticals

Inc

(e) 890

Anika

Therapeutics

Inc

(e) 709

Aquestive

Therapeutics

Inc

(e) 3,203

Arvinas

Inc

(e) 3,227

AstraZeneca

PLC

-

Contingent

Value

Rights

(e),(f)

3,047

aTyr

Pharma

Inc

(a),(e)

620

—

Biote

Corp

(e) 1,231

Candel

Therapeutics

Inc

(a),(e)

Cidara

Therapeutics

Inc

(e) 818

Coherus

Oncology

Inc

(a),(e)

4,074

Enanta

Pharmaceuticals

Inc

(e) 1,147

Fennec

Pharmaceuticals

Inc

(e) 1,031

Foghorn

Therapeutics

Inc

(e) 578

Fulcrum

Therapeutics

Inc

(e) 2,222

Herbalife

Ltd

(e) 1,496

Heron

Therapeutics

Inc

(e) 7,725

Indivior

PLC

(e) 973

Inhibikase

Therapeutics

Inc

(e) 3,541

Ironwood

Pharmaceuticals

Inc

(e) 1,349

Jazz

Pharmaceuticals

PLC

(e) 14,000

1,927

MediWound

Ltd

(a),(e)

Nature's

Sunshine

Products

Inc

(e) 776

Neurogene

Inc

(e) 528

ORIC

Pharmaceuticals

Inc

(e) 2,185

Owens

&

Minor

Inc

(e) 4,157

Pacira

BioSciences

Inc

(e) 2,211

Premier

Inc

4,429

SIGA

Technologies

Inc

100,569

833

Spyre

Therapeutics

Inc

(e) 870

Supernus

Pharmaceuticals

Inc

(e) 2,653

Tonix

Pharmaceuticals

Holding

Corp

(a),(e)

532

USANA

Health

Sciences

Inc

(e) 591

Vanda

Pharmaceuticals

Inc

(e) 3,169

Vaxcyte

Inc

(e) 6,132

Voyager

Therapeutics

Inc

(e) 2,649

$

5,626

Pipelines

-

.30

%

Excelerate

Energy

Inc

49,286

1,277

Golar

LNG

Ltd

5,354

Kinetik

Holdings

Inc

(a) 638

New

Fortress

Energy

Inc

(a),(e)

10,023

NextDecade

Corp

(a),(e)

294,100

1,744

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pipelines

(continued)

Summit

Midstream

Corp

(e) 506

$

$

3,289

Private

Equity

-

.00

%

Chicago

Atlantic

Real

Estate

Finance

Inc

1,033

Real

Estate

-

.91

%

American

Realty

Investors

Inc

(e) 109

Anywhere

Real

Estate

Inc

(e) 5,646

Cushman

&

Wakefield

PLC

(e) 1,026,094

16,110

Douglas

Elliman

Inc

(e) 365,603

903

FRP

Holdings

Inc

(a),(e)

625

Kennedy-Wilson

Holdings

Inc

6,443

Legacy

Housing

Corp

(e) 23,923

537

Logistic

Properties

Of

The

Americas

(e) 269

Marcus

&

Millichap

Inc

33,390

975

Maui

Land

&

Pineapple

Co

Inc

(a),(e)

—

McGrath

RentCorp

4,127

Mobile

Infrastructure

Corp

(a),(e)

1,055

Newmark

Group

Inc

8,306

RE/MAX

Holdings

Inc

(e) 1,042

RMR

Group

Inc/The

63,838

988

Seaport

Entertainment

Group

Inc

(e) 425

Seritage

Growth

Properties

(e) 168,349

683

Stratus

Properties

Inc

(e) 401

Transcontinental

Realty

Investors

Inc

(e) 114

$

20,946

REITs

-

.86

%

Acadia

Realty

Trust

7,045

ACRES

Commercial

Realty

Corp

(e) 306

Adamas

Trust

Inc

4,423

Advanced

Flower

Capital

Inc

1,344

AG

Mortgage

Investment

Trust

Inc

1,498

Alexander

&

Baldwin

Inc

3,911

Alpine

Income

Property

Trust

Inc

719

American

Assets

Trust

Inc

73,148

1,398

American

Healthcare

REIT

Inc

5,510

Angel

Oak

Mortgage

REIT

Inc

Apartment

Investment

and

Management

Co

3,164

Apollo

Commercial

Real

Estate

Finance

Inc

96,959

949

Apple

Hospitality

REIT

Inc

11,970

Arbor

Realty

Trust

Inc

10,189

Ares

Commercial

Real

Estate

Corp

204,822

914

Armada

Hoffler

Properties

Inc

4,150

ARMOUR

Residential

REIT

Inc

5,923

Blackstone

Mortgage

Trust

Inc

8,682

Braemar

Hotels

&

Resorts

Inc

3,540

Brandywine

Realty

Trust

252,218

865

BrightSpire

Capital

Inc

189,882

980

Broadstone

Net

Lease

Inc

10,134

BRT

Apartments

Corp

617

CareTrust

REIT

Inc

10,310

CBL

&

Associates

Properties

Inc

Centerspace

885

Chatham

Lodging

Trust

2,651

Chimera

Investment

Corp

4,192

City

Office

REIT

Inc

2,225

Claros

Mortgage

Trust

Inc

(e) 287,795

921

Clipper

Realty

Inc

943

Community

Healthcare

Trust

Inc

1,444

COPT

Defense

Properties

6,112

CTO

Realty

Growth

Inc

1,593

Curbline

Properties

Corp

5,187

DiamondRock

Hospitality

Co

130,550

1,020

Diversified

Healthcare

Trust

11,733

Douglas

Emmett

Inc

141,575

1,832

Dynex

Capital

Inc

6,940

Easterly

Government

Properties

Inc

2,202

Ellington

Financial

Inc

4,908

Elme

Communities

4,679

Empire

State

Realty

Trust

Inc

127,742

944

Schedule

of

Investments

SmallCap

Value

Fund

II

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Essential

Properties

Realty

Trust

Inc

10,665

$

Farmland

Partners

Inc

2,148

Four

Corners

Property

Trust

Inc

5,319

Franklin

BSP

Realty

Trust

Inc

4,348

Franklin

Street

Properties

Corp

4,756

FrontView

REIT

Inc

1,096

Getty

Realty

Corp

2,845

Gladstone

Commercial

Corp

1,951

Gladstone

Land

Corp

1,939

Global

Medical

REIT

Inc

43,045

1,322

Global

Net

Lease

Inc

10,714

Granite

Point

Mortgage

Trust

Inc

156,715

Hudson

Pacific

Properties

Inc

(e) 19,914

Independence

Realty

Trust

Inc

12,598

Industrial

Logistics

Properties

Trust

3,040

Innovative

Industrial

Properties

Inc

1,473

InvenTrust

Properties

Corp

4,180

Invesco

Mortgage

Capital

Inc

3,581

JBG

SMITH

Properties

3,307

Kite

Realty

Group

Trust

11,857

KKR

Real

Estate

Finance

Trust

Inc

3,083

Ladder

Capital

Corp

6,084

LTC

Properties

Inc

2,418

Lument

Finance

Trust

Inc

3,178

LXP

Industrial

Trust

15,593

Macerich

Co/The

13,588

MFA

Financial

Inc

5,481

Modiv

Industrial

Inc

562

National

Health

Investors

Inc

1,909

NET

Lease

Office

Properties

795

NETSTREIT

Corp

3,798

NexPoint

Diversified

Real

Estate

Trust

2,048

Nexpoint

Real

Estate

Finance

Inc

NexPoint

Residential

Trust

Inc

811

One

Liberty

Properties

Inc

1,007

Orchid

Island

Capital

Inc

6,835

Paramount

Group

Inc

(e) 9,976

Park

Hotels

&

Resorts

Inc

164,200

1,690

Peakstone

Realty

Trust

1,978

Pebblebrook

Hotel

Trust

173,547

1,816

PennyMac

Mortgage

Investment

Trust

4,638

Phillips

Edison

&

Co

Inc

5,548

Piedmont

Realty

Trust

Inc

6,622

Plymouth

Industrial

REIT

Inc

2,157

Postal

Realty

Trust

Inc

1,225

PotlatchDeltic

Corp

3,965

Ready

Capital

Corp

8,765

Redwood

Trust

Inc

7,088

Rithm

Property

Trust

Inc

2,235

RLJ

Lodging

Trust

7,848

Sabra

Health

Care

REIT

Inc

12,718

Safehold

Inc

2,965

Saul

Centers

Inc

Service

Properties

Trust

8,667

Seven

Hills

Realty

Trust

874

Sila

Realty

Trust

Inc

2,971

SITE

Centers

Corp

2,716

SL

Green

Realty

Corp

3,839

Smartstop

Self

Storage

REIT

Inc

1,664

STAG

Industrial

Inc

238,795

9,139

Strawberry

Fields

REIT

Inc

Summit

Hotel

Properties

Inc

5,738

Sunrise

Realty

Trust

Inc

578

Sunstone

Hotel

Investors

Inc

9,457

Tanger

Inc

589

Terreno

Realty

Corp

5,476

TPG

RE

Finance

Trust

Inc

3,541

Two

Harbors

Investment

Corp

2,776

Universal

Health

Realty

Income

Trust

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Urban

Edge

Properties

6,789

$

Veris

Residential

Inc

4,230

Whitestone

REIT

2,378

Xenia

Hotels

&

Resorts

Inc

4,479

$

31,303

Retail

-

.73

%

Academy

Sports

&

Outdoors

Inc

12,863

616

Advance

Auto

Parts

Inc

3,224

American

Eagle

Outfitters

Inc

8,676

America's

Car-Mart

Inc/TX

(e) 426

Arko

Corp

3,626

Asbury

Automotive

Group

Inc

(e) 6,602

1,549

Barnes

&

Noble

Education

Inc

(e) 968

Bassett

Furniture

Industries

Inc

Bath

&

Body

Works

Inc

295,215

7,227

Biglari

Holdings

Inc

(e) 38

BJ's

Restaurants

Inc

(e) 390

Bloomin'

Brands

Inc

147,576

1,008

BlueLinx

Holdings

Inc

(e) 427

Buckle

Inc/The

Caleres

Inc

1,845

Citi

Trends

Inc

(e) 287

Clean

Energy

Fuels

Corp

(e) 9,329

Cracker

Barrel

Old

Country

Store

Inc

846

Dave

&

Buster's

Entertainment

Inc

(e) 32,100

Denny's

Corp

(e) 231,186

904

Designer

Brands

Inc

(a) 1,974

Dine

Brands

Global

Inc

(a) 718

El

Pollo

Loco

Holdings

Inc

(e) 99,949

1,021

EVgo

Inc

(a),(e)

5,940

FirstCash

Holdings

Inc

65,240

10,341

Genesco

Inc

(e) 537

Group

Automotive

Inc

3,367

1,338

Haverty

Furniture

Cos

Inc

66,575

1,452

J

Jill

Inc

(a) 440

Jack

in

the

Box

Inc

Kohl's

Corp

5,806

Krispy

Kreme

Inc

(a) 3,840

La-Z-Boy

Inc

2,216

MarineMax

Inc

(e) 43,356

1,074

Movado

Group

Inc

866

MSC

Industrial

Direct

Co

Inc

21,300

1,809

National

Vision

Holdings

Inc

(e) 4,163

Nu

Skin

Enterprises

Inc

2,579

ODP

Corp/The

(e) 1,469

OneWater

Marine

Inc

(a),(e)

61,505

955

Papa

John's

International

Inc

1,605

PC

Connection

Inc

8,029

Petco

Health

&

Wellness

Co

Inc

(e) 4,117

PetMed

Express

Inc

(e) 119,863

Portillo's

Inc

(e) 3,185

Sally

Beauty

Holdings

Inc

(e) 5,404

Savers

Value

Village

Inc

(a),(e)

Shoe

Carnival

Inc

1,018

Signet

Jewelers

Ltd

13,023

1,288

Sonic

Automotive

Inc

19,734

1,254

Tile

Shop

Holdings

Inc

(e) 937

Urban

Outfitters

Inc

(e) 2,140

Victoria's

Secret

&

Co

(e) 2,627

Warby

Parker

Inc

(e) 318,900

6,247

Winmark

Corp

Zumiez

Inc

(e) 770

$

40,814

Savings

&

Loans

-

.51

%

Axos

Financial

Inc

(e) 2,535

Banc

of

California

Inc

111,982

1,901

BankFinancial

Corp

670

Beacon

Financial

Corp

77,391

1,884

BV

Financial

Inc

(e) 453

Schedule

of

Investments

SmallCap

Value

Fund

II

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Savings

&

Loans

(continued)

Capitol

Federal

Financial

Inc

280,455

$

1,694

CF

Bankshares

Inc

Citizens

Community

Bancorp

Inc/WI

576

Eagle

Bancorp

Montana

Inc

Finward

Bancorp

First

Capital

Inc

First

Savings

Financial

Group

Inc

Flushing

Financial

Corp

81,149

1,109

FS

Bancorp

Inc

Greene

County

Bancorp

Inc

Hingham

Institution

For

Savings

The

(a) 6,016

1,771

Home

Bancorp

Inc

18,431

979

HomeTrust

Bancshares

Inc

841

Northfield

Bancorp

Inc

82,732

845

Northwest

Bancshares

Inc

7,746

OceanFirst

Financial

Corp

99,082

1,802

Provident

Financial

Services

Inc

108,512

1,985

Riverview

Bancorp

Inc

1,163

Sound

Financial

Bancorp

Inc

(a) 138

Southern

Missouri

Bancorp

Inc

8,939

Timberland

Bancorp

Inc/WA

WaFd

Inc

50,125

1,455

Waterstone

Financial

Inc

876

WSFS

Financial

Corp

2,991

$

16,488

Semiconductors

-

.90

%

ACM

Research

Inc

(e) 2,689

Aehr

Test

Systems

(a),(e)

Aeluma

Inc

(e) 520

Alpha

&

Omega

Semiconductor

Ltd

(e) 1,322

Ambiq

Micro

Inc

(a),(e)

Arteris

Inc

(e) 1,466

Axcelis

Technologies

Inc

(e) 1,589

Blaize

Holdings

Inc

(a),(e)

1,570

CEVA

Inc

(e) 189

Cirrus

Logic

Inc

(e) 44,365

5,885

Cohu

Inc

(e) 2,410

Diodes

Inc

(e) 18,310

977

FormFactor

Inc

(e) 1,036

Kulicke

&

Soffa

Industries

Inc

1,126

MaxLinear

Inc

(e) 3,767

Navitas

Semiconductor

Corp

(e) 5,978

Penguin

Solutions

Inc

(e) 2,752

Photronics

Inc

(e) 83,810

2,003

Richardson

Electronics

Ltd/United

States

689

Synaptics

Inc

(e) 1,881

Ultra

Clean

Holdings

Inc

(e) 2,213

Veeco

Instruments

Inc

(e) 3,047

Vishay

Precision

Group

Inc

(e) 656

$

9,863

Shipbuilding

-

.43

%

Huntington

Ingalls

Industries

Inc

48,740

15,695

Software

-

.23

%

8x8

Inc

(e) 7,183

ACI

Worldwide

Inc

(e) 26,600

1,267

Adeia

Inc

117,177

1,997

Airship

AI

Holdings

Inc

(a),(e)

Arrive

AI

Inc

(e) 385

Asure

Software

Inc

(e) 1,385

Bandwidth

Inc

(e) 1,188

BigBear.ai

Holdings

Inc

(a),(e)

11,858

Blackbaud

Inc

(e) 394

Box

Inc

(e) 1,653

Carlsmed

Inc

(e) 141

CCC

Intelligent

Solutions

Holdings

Inc

(e) 861,715

7,514

Cerence

Inc

(e) 1,497

Consensus

Cloud

Solutions

Inc

(e) 1,068

CS

Disco

Inc

(e) 509

CSG

Systems

International

Inc

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Daily

Journal

Corp

(e) 15

$

Definitive

Healthcare

Corp

(e) 2,131

Digi

International

Inc

(e) 1,944

Digital

Turbine

Inc

(e) 2,080

Domo

Inc

(e) 260

Donnelley

Financial

Solutions

Inc

(e) 398

eGain

Corp

(e) 336

Evolent

Health

Inc

(e) 4,252

Expensify

Inc

(e) 2,024

Fastly

Inc

(e) 7,315

GigaCloud

Technology

Inc

(e) 1,333

Health

Catalyst

Inc

(e) 3,846

I3

Verticals

Inc

(e) 1,132

Immersion

Corp

1,685

McGraw

Hill

Inc

(e) 462

N-able

Inc/US

(e) 3,944

Omada

Health

Inc

(a),(e)

ON24

Inc

(e) 2,011

Playstudios

Inc

(e) 5,083

Playtika

Holding

Corp

2,452

Porch

Group

Inc

(e) 888

PubMatic

Inc

(e) 2,242

Rackspace

Technology

Inc

(e) 3,548

Silvaco

Group

Inc

(e) 471

Skillsoft

Corp

(e) 254

Teads

Holding

Co

(e) 2,313

Verint

Systems

Inc

(e) 3,191

Vimeo

Inc

(e) 4,579

Waystar

Holding

Corp

(e) 911

Workiva

Inc

(e) 21,400

1,819

$

13,429

Supranational

Bank

-

.01

%

Banco

Latinoamericano

de

Comercio

Exterior

SA

1,512

Telecommunications

-

.61

%

A10

Networks

Inc

617

Applied

Digital

Corp

(e) 2,758

ATN

International

Inc

596

Aviat

Networks

Inc

(e) 47,267

1,179

Ciena

Corp

(e) 34,970

6,642

Clearfield

Inc

(e) 348

CommScope

Holding

Co

Inc

(e) 4,351

DigitalBridge

Group

Inc

9,148

EchoStar

Corp

(e) 7,269

544

Harmonic

Inc

(e) 4,480

IDT

Corp

-

Class

B

Inseego

Corp

(a),(e)

541

Lumen

Technologies

Inc

(e) 805,356

8,279

NETGEAR

Inc

(e) 1,476

Powerfleet

Inc

NJ

(e) 6,513

Preformed

Line

Products

Co

(a) 119

Ribbon

Communications

Inc

(e) 5,300

Satellogic

Inc

(a),(e)

1,072

Shenandoah

Telecommunications

Co

2,677

Spok

Holdings

Inc

1,094

Telephone

and

Data

Systems

Inc

5,331

Viasat

Inc

(e) 6,319

$

17,660

Textiles

-

.09

%

UniFirst

Corp/MA

6,076

938

Toys,

Games

&

Hobbies

-

.19

%

Funko

Inc

(e) 2,089

JAKKS

Pacific

Inc

58,673

998

Mattel

Inc

(e) 57,700

1,060

$

2,064

Transportation

-

.24

%

ArcBest

Corp

1,213

Ardmore

Shipping

Corp

1,846

Costamare

Bulkers

Holdings

Ltd

(e) 465

Costamare

Inc

2,327

Schedule

of

Investments

SmallCap

Value

Fund

II

October

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

(continued)

Covenant

Logistics

Group

Inc

690

$

CryoPort

Inc

(e) 2,107

DHT

Holdings

Inc

6,795

Dorian

LPG

Ltd

1,996

FLEX

LNG

Ltd

1,404

Forward

Air

Corp

(e) 711

Genco

Shipping

&

Trading

Ltd

1,779

Heartland

Express

Inc

187,334

1,462

Himalaya

Shipping

Ltd

(a),(e)

1,696

Hub

Group

Inc

3,198

International

Seaways

Inc

13,110

672

Marten

Transport

Ltd

43,987

Matson

Inc

11,343

1,145

Navigator

Holdings

Ltd

1,708

Nordic

American

Tankers

Ltd

10,827

PAMT

CORP

(e) 386

Pangaea

Logistics

Solutions

Ltd

1,792

Proficient

Auto

Logistics

Inc

(a),(e)

1,418

Radiant

Logistics

Inc

(e) 1,886

RXO

Inc

(e) 8,165

Safe

Bulkers

Inc

3,008

Schneider

National

Inc

162,555

3,474

Scorpio

Tankers

Inc

2,372

SFL

Corp

Ltd

6,468

Teekay

Corp

Ltd

2,729

Teekay

Tankers

Ltd

1,290

Universal

Logistics

Holdings

Inc

(a) 433

Werner

Enterprises

Inc

123,206

3,228

World

Kinect

Corp

79,715

2,060

$

13,600

Trucking

&

Leasing

-

.19

%

GATX

Corp

73,859

11,585

Greenbrier

Cos

Inc/The

33,753

1,410

Willis

Lease

Finance

Corp

$

13,013

Water

-

.24

%

American

States

Water

Co

719

Artesian

Resources

Corp

15,200

California

Water

Service

Group

3,195

Consolidated

Water

Co

Ltd

587

Global

Water

Resources

Inc

H2O

America

39,162

1,811

Middlesex

Water

Co

798

York

Water

Co/The

679

$

2,582

TOTAL

COMMON

STOCKS

$

1,029,596

Total

Investments

$

1,112,396

Other

Assets

and

Liabilities

- (1.56)%

(17,040)

TOTAL

NET

ASSETS

-

100.00%

$

1,095,356

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$17,481

or

1.60%

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

$17,776

or

1.62%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Non-income

producing

security

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Affiliated

Securities

October

31,

2024

Purchases

Sales

October

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

26,059

$

840,951

$

814,799

$

52,211

$

26,059

$

840,951

$

814,799

$

52,211

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

3.93%

$

1,371

$

—

$

—

$

—

$

1,371

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

December

2025

Long

$

3,859

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Tax-Exempt

Bond

Fund

October

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

0.05%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.05%

iShares

National

Muni

Bond

ETF

528

$

iShares

Short-Term

National

Muni

Bond

ETF

JPMorgan

Ultra-Short

Municipal

Income

ETF

State

Street

SPDR

Nuveen

ICE

High

Yield

Municipal

Bond

ETF

—

VanEck

High

Yield

Muni

ETF

2,363

$

TOTAL

INVESTMENT

COMPANIES

$

MUNICIPAL

BONDS

-

105.41%

Principal

Amount

(000's)

Value

(000's)

Alabama

-

4.85%

Energy

Southeast

A

Cooperative

District

5.25%,

07/01/2054

(a) $

3,220

$

3,536

Lower

Alabama

Gas

District/The

5.00%,

09/01/2034

5,000

5,434

5.00%,

09/01/2046

3,445

3,724

Phenix

City

Industrial

Development

Board

4.13%,

05/15/2035

3,000

2,959

Southeast

Energy

Authority

A

Cooperative

District

5.00%,

01/01/2056

(a) 5,000

5,352

Tuscaloosa

County

Industrial

Development

Authority

5.25%,

05/01/2044

(b) 2,997

3,016

$

24,021

Arizona

-

1.74%

Arizona

Industrial

Development

Authority

5.13%,

01/01/2059

575

535

Maricopa

County

Industrial

Development

Authority

4.00%,

01/01/2041

6,300

6,071

Navajo

Nation

5.50%,

12/01/2030

(b) 1,990

1,992

$

8,598

Arkansas

-

0.20%

Arkansas

Development

Finance

Authority

5.45%,

09/01/2052

1,000

1,004

California

-

13.39%

California

Community

Choice

Financing

Authority

5.00%,

07/01/2053

(a) 5,000

5,288

California

Educational

Facilities

Authority

5.00%,

04/01/2051

3,000

3,431

California

Housing

Finance

Agency

(credit

support

from

Federal

Home

Loan

Mortgage

Corporation

Collateral)

3.75%,

03/25/2035

(c) 6,812

6,893

California

Infrastructure

&

Economic

Development

Bank

9.50%,

01/01/2065

(a),(b)

7,500

6,000

California

Municipal

Finance

Authority

4.00%,

07/15/2029

2,050

2,072

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

5.00%,

05/15/2031

(c) 2,240

2,382

California

Public

Finance

Authority

6.50%,

06/01/2054

(b) 8,000

7,779

California

State

Public

Works

Board

5.00%,

02/01/2032

2,500

2,865

California

Statewide

Communities

Development

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

05/15/2031

(c) 2,000

2,198

Chino

Valley

Unified

School

District

5.00%,

08/01/2055

(d) 2,430

2,507

City

of

Long

Beach

CA

Airport

System

Revenue

(credit

support

from

Assured

Guaranty)

5.25%,

06/01/2047

(c) 1,650

1,699

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

City

of

Los

Angeles

Department

of

Airports

5.00%,

05/15/2029

$

1,250

$

1,341

5.00%,

05/15/2037

(d) 3,824

4,145

5.00%,

05/15/2044

(d) 5,150

5,202

Sacramento

Area

Flood

Control

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

10/01/2039

(c) 1,340

1,341

San

Diego

Unified

School

District/CA

0.00%,

07/01/2032

(e) 5,000

4,124

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

5.00%,

05/01/2040

1,500

1,554

State

of

California

5.00%,

08/01/2045

5,000

5,471

$

66,292

Colorado

-

0.86%

Rib

Floater

Trust

Various

States

4.10%,

12/15/2042

(a),(b)

1,000

1,000

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado

5.00%,

04/01/2035

(b) 3,000

3,281

$

4,281

Connecticut

-

1.27%

Connecticut

State

Health

&

Educational

Facilities

Authority

5.00%,

07/01/2064

(a) 2,000

2,337

Mohegan

Tribal

Finance

Authority

7.00%,

02/01/2045

(b) 3,900

3,931

$

6,268

District

of

Columbia

-

0.46%

District

of

Columbia

5.00%,

04/01/2060

(a) 2,000

2,257

Florida

-

6.53%

City

of

Lakeland

FL

Department

of

Electric

Utilities

5.25%,

10/01/2036

5,010

5,743

Collier

County

Health

Facilities

Authority

5.00%,

05/01/2043

3,050

3,068

Collier

County

Industrial

Development

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

10/01/2049

(c) 1,500

1,562

County

of

Miami-Dade

FL

Aviation

Revenue

5.00%,

10/01/2049

(d) 7,000

7,034

Florida

Development

Finance

Corp

5.50%,

07/01/2053

2,500

2,087

6.13%,

07/01/2032

(a),(b)

4,000

4,033

Florida

Development

Finance

Corp

(credit

support

from

Assured

Guaranty)

5.25%,

07/01/2047

(c) 4,550

4,527

Greater

Orlando

Aviation

Authority

5.25%,

10/01/2049

(d) 3,000

3,166

Palm

Beach

County

Health

Facilities

Authority

7.50%,

05/15/2053

1,000

1,110

$

32,330

Georgia

-

6.03%

Atlanta

Development

Authority/The

5.00%,

04/01/2034

(b) 5,650

5,767

5.50%,

04/01/2039

(b) 2,500

2,569

City

of

Atlanta

GA

Airport

Passenger

Facility

Charge

5.00%,

07/01/2032

9,235

10,334

George

L

Smith

II

Congress

Center

Authority

5.00%,

01/01/2036

(b) 1,752

1,791

Georgia

Ports

Authority

5.00%,

07/01/2047

1,000

1,048

5.25%,

07/01/2043

3,585

3,870

Schedule

of

Investments

Tax-Exempt

Bond

Fund

October

31,

2025

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Georgia

(continued)

Main

Street

Natural

Gas

Inc

5.00%,

12/01/2055

(a) $

4,100

$

4,496

$

29,875

Illinois

-

8.28%

Chicago

Board

of

Education

5.50%,

12/01/2045

(f) 1,500

1,467

City

of

Chicago

IL

6.00%,

01/01/2050

4,500

4,720

6.00%,

01/01/2050

1,000

1,054

6.00%,

01/01/2055

1,500

1,574

7.46%,

02/15/2026

County

of

Cook

IL

Sales

Tax

Revenue

5.25%,

11/15/2035

1,500

1,563

Illinois

State

Toll

Highway

Authority

4.00%,

01/01/2046

5.00%,

12/01/2031

5,200

5,217

5.00%,

01/01/2040

(d) 2,000

2,004

5.25%,

01/01/2043

(d) 2,340

2,522

Metropolitan

Pier

&

Exposition

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

4.00%,

12/15/2042

(c) 5,000

4,790

Metropolitan

Pier

&

Exposition

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp)

5.50%,

06/15/2029

(c) 1,785

1,872

Sales

Tax

Securitization

Corp

5.00%,

01/01/2036

2,700

2,856

5.00%,

01/01/2040

3,000

3,071

State

of

Illinois

5.50%,

10/01/2044

6,855

7,301

United

City

of

Yorkville

IL

5.75%,

03/01/2028

Village

of

Gilberts

IL

Special

Service

Area

No

5.38%,

03/01/2034

$

41,015

Indiana

-

0.15%

City

of

Whiting

IN

3.00%,

11/01/2051

1,000

727

Iowa

-

0.11%

Iowa

Finance

Authority

7.50%,

05/15/2053

500

555

Kentucky

-

3.38%

County

of

Trimble

KY

1.30%,

09/01/2044

(a) 1,000

934

Kentucky

Public

Energy

Authority

5.00%,

12/01/2033

5,000

5,215

5.00%,

01/01/2055

(a) 3,000

3,259

Kentucky

Turnpike

Authority

5.00%,

07/01/2031

6,550

7,353

$

16,761

Louisiana

-

3.12%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

3.50%,

11/01/2032

7,155

7,057

4.40%,

11/01/2044

(b) 1,600

1,518

5.50%,

11/01/2039

(b) 1,715

1,769

Louisiana

Public

Facilities

Authority

0.00%,

07/01/2039

(e) 417

—

0.00%,

07/01/2039

(e) 659

—

Parish

of

St

James

LA

6.10%,

12/01/2040

(a),(b)

1,000

1,100

Parish

of

St

John

the

Baptist

LA

3.30%,

06/01/2037

(a) 2,000

2,024

Tender

Option

Bond

Trust

Receipts/Certificates

4.07%,

06/01/2029

(a),(b)

2,000

2,000

$

15,468

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Maryland

-

0.64%

Maryland

Economic

Development

Corp

5.00%,

07/01/2048

(a),(b)

$

3,000

$

3,165

Massachusetts

-

3.99%

Massachusetts

Development

Finance

Agency

5.00%,

07/15/2040

10,770

12,752

5.00%,

07/01/2050

1,000

1,140

5.00%,

05/15/2055

(a) 5,000

5,849

$

19,741

Michigan

-

1.70%

City

of

Detroit

MI

5.00%,

04/01/2050

1,000

1,005

5.50%,

04/01/2050

1,000

1,028

Detroit

City

School

District

(credit

support

from

Qualified

School

Bond

Loan

Fund)

5.00%,

05/01/2038

(c) 2,000

2,124

Kentwood

Economic

Development

Corp

5.00%,

11/15/2041

1,000

999

Michigan

Finance

Authority

4.00%,

02/15/2044

3,500

3,270

$

8,426

Minnesota

-

1.03%

State

of

Minnesota

4.00%,

08/01/2041

5,000

5,097

Missouri

-

0.23%

City

of

St

Louis

MO

Airport

Revenue

5.00%,

07/01/2044

1,100

1,121

Montana

-

0.57%

Montana

Board

of

Housing

(credit

support

from

Federal

Housing

Administration,

Guaranteed

by

the

Department

of

Veterans

Affairs

and

HUD)

4.00%,

06/01/2045

(c) 805

783

Montana

Facility

Finance

Authority

4.13%,

07/01/2038

2,000

2,016

$

2,799

Nevada

-

2.99%

Las

Vegas

Convention

&

Visitors

Authority

5.00%,

07/01/2043

(d) 8,950

9,153

5.25%,

07/01/2049

(d) 5,400

5,673

$

14,826

New

Hampshire

-

0.43%

New

Hampshire

Business

Finance

Authority

3.75%,

07/01/2045

(a),(b)

1,000

829

4.13%,

01/20/2034

4.88%,

11/01/2042

(b) 1,000

899

$

2,118

New

Jersey

-

4.80%

Casino

Reinvestment

Development

Authority

Inc

(credit

support

from

Assured

Guaranty)

5.00%,

11/01/2042

(c) 1,000

1,068

New

Jersey

Economic

Development

Authority

5.75%,

04/01/2031

1,005

1,011

New

Jersey

Turnpike

Authority

5.25%,

01/01/2049

1,000

1,072

South

Jersey

Port

Corp

5.00%,

01/01/2042

5,000

5,065

State

of

New

Jersey

4.00%,

06/01/2031

5,000

5,360

Tobacco

Settlement

Financing

Corp

4.00%,

06/01/2037

5,195

5,159

5.25%,

06/01/2046

5,000

5,012

$

23,747

New

Mexico

-

0.11%

City

of

Farmington

NM

2.15%,

04/01/2033

600

522

Schedule

of

Investments

Tax-Exempt

Bond

Fund

October

31,

2025

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

New

York

-

11.91%

Metropolitan

Transportation

Authority

4.00%,

11/15/2044

$

735

$

688

5.00%,

11/15/2032

1,000

1,099

5.00%,

11/15/2045

3,025

3,102

New

York

City

Municipal

Water

Finance

Authority

5.25%,

06/15/2046

2,000

2,131

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

5.25%,

11/01/2038

2,835

3,164

5.50%,

05/01/2042

3,050

3,396

New

York

Energy

Finance

Development

Corp

5.00%,

07/01/2056

(a) 2,050

2,204

New

York

State

Dormitory

Authority

4.00%,

09/01/2045

1,500

1,313

5.00%,

10/01/2038

1,000

1,038

5.00%,

10/01/2048

(d) 2,000

2,242

5.00%,

10/01/2050

(d) 5,500

6,146

5.25%,

03/15/2049

1,000

1,065

New

York

State

Dormitory

Authority

(credit

support

from

Assured

Guaranty)

5.25%,

10/01/2043

(c) 1,000

1,063

5.50%,

10/01/2054

(c) 3,000

3,217

New

York

Transportation

Development

Corp

4.00%,

10/31/2041

1,000

946

4.00%,

12/01/2042

1,000

914

5.00%,

01/01/2032

5,000

5,146

5.00%,

01/01/2034

3,200

3,271

5.00%,

10/01/2040

2,000

2,031

5.00%,

07/01/2046

3,500

3,485

5.63%,

04/01/2040

1,000

1,050

6.00%,

06/30/2059

1,500

1,595

New

York

Transportation

Development

Corp

(credit

support

from

Assured

Guaranty)

6.00%,

06/30/2050

(c) 4,000

4,347

Oneida

Indian

Nation

of

New

York

6.00%,

09/01/2043

(b) 1,900

2,045

Tompkins

County

Development

Corp

0.00%,

07/01/2027

(e) 115

Westchester

County

Local

Development

Corp

(credit

support

from

Assured

Guaranty)

5.75%,

11/01/2048

(c) 2,075

2,263

$

58,984

North

Carolina

-

0.33%

Raleigh

Durham

Airport

Authority

5.00%,

05/01/2033

1,500

1,617

Ohio

-

3.81%

Buckeye

Tobacco

Settlement

Financing

Authority

4.00%,

06/01/2037

1,125

1,110

4.00%,

06/01/2039

1,850

1,778

5.00%,

06/01/2055

5,000

4,190

County

of

Cuyahoga

OH

5.00%,

12/01/2049

2,655

2,769

County

of

Hamilton

OH

5.00%,

01/01/2036

1,435

1,437

Ohio

Air

Quality

Development

Authority

4.25%,

01/15/2038

(b) 1,000

1,003

4.50%,

01/15/2048

(b) 850

791

Ohio

State

University/The

5.00%,

12/01/2033

5,000

5,800

$

18,878

Oklahoma

-

0.58%

Tulsa

Municipal

Airport

Trust

Trustees/OK

6.25%,

12/01/2035

2,500

2,883

Oregon

-

1.13%

State

of

Oregon

Department

of

Transportation

5.00%,

11/15/2034

4,750

5,609

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Territory

-

0.03%

Nuveen

AMT-Free

Municipal

Credit

Income

Fund

3.67%,

03/01/2029

(a) $

$

Pennsylvania

-

3.29%

Allegheny

County

Industrial

Development

Authority

5.13%,

05/01/2030

1,630

1,719

City

of

Philadelphia

PA

5.00%,

02/01/2037

2,000

2,119

General

Authority

of

Southcentral

Pennsylvania

(credit

support

from

Assured

Guaranty)

4.00%,

06/01/2049

(c) 3,400

3,157

Lancaster

Industrial

Development

Authority

4.00%,

07/01/2051

1,000

818

Pennsylvania

Economic

Development

Financing

Authority

5.50%,

06/30/2043

4,100

4,280

Pennsylvania

Turnpike

Commission

5.00%,

12/01/2029

2,000

2,177

Philadelphia

Authority

for

Industrial

Development

4.00%,

07/01/2049

1,050

977

Philadelphia

Gas

Works

Co

(credit

support

from

Assured

Guaranty)

5.25%,

08/01/2054

(c) 1,000

1,054

$

16,301

Puerto

Rico

-

0.82%

Commonwealth

of

Puerto

Rico

0.00%,

07/01/2033

(e) 428

0.00%,

11/01/2043

(a),(e)

1,372

876

4.00%,

07/01/2033

4.00%,

07/01/2037

4.00%,

07/01/2041

4.00%,

07/01/2046

5.75%,

07/01/2031

Puerto

Rico

Sales

Tax

Financing

Corp

Sales

Tax

Revenue

5.00%,

07/01/2058

1,850

1,797

$

4,050

South

Carolina

-

1.40%

South

Carolina

Jobs-Economic

Development

Authority

0.00%,

06/01/2031

(b),(e)

1,000

0.00%,

06/01/2051

(b),(e)

4,500

5.25%,

11/15/2047

1,830

1,800

5.25%,

11/15/2052

1,500

1,445

South

Carolina

Public

Service

Authority

5.25%,

12/01/2050

2,930

3,098

$

6,948

Texas

-

7.85%

Central

Texas

Regional

Mobility

Authority

5.00%,

01/01/2048

2,740

2,771

City

of

Galveston

TX

Wharves

&

Terminal

Revenue

5.50%,

08/01/2041

1,800

1,927

City

of

Houston

TX

Airport

System

Revenue

6.63%,

07/15/2038

5,770

5,770

Lower

Colorado

River

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

05/15/2044

(c) 4,055

4,304

Mission

Economic

Development

Corp

5.00%,

12/01/2064

(a) 2,500

2,601

Permanent

University

Fund

-

University

of

Texas

System

5.00%,

07/01/2036

6,305

7,462

Port

of

Beaumont

Navigation

District

3.63%,

01/01/2035

(b) 4,535

4,222

Schedule

of

Investments

Tax-Exempt

Bond

Fund

October

31,

2025

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Texas

(continued)

Tarrant

County

Cultural

Education

Facilities

Finance

Corp

4.13%,

12/01/2054

$

1,000

$

937

5.00%,

11/15/2037

2,060

2,073

5.00%,

12/01/2044

2,000

2,127

Texas

Municipal

Gas

Acquisition

&

Supply

Corp

V

5.00%,

01/01/2055

(a) 4,225

4,650

$

38,844

Utah

-

3.35%

City

of

Salt

Lake

City

UT

Airport

Revenue

5.00%,

07/01/2040

(d) 2,040

2,211

5.25%,

07/01/2042

(d) 2,040

2,206

5.50%,

07/01/2050

(d) 1,360

1,455

5.50%,

07/01/2055

(d) 1,360

1,450

Mida

Mountain

Village

Public

Infrastructure

District

6.00%,

06/15/2054

(b) 2,000

2,059

Utah

Infrastructure

Agency

5.00%,

10/15/2032

4,385

4,485

5.00%,

10/15/2037

1,500

1,518

5.38%,

10/15/2040

1,200

1,217

$

16,601

Virginia

-

2.24%

County

of

Fairfax

VA

(credit

support

from

State

Aid

Withholding)

4.00%,

10/01/2039

(c) 5,000

5,140

Fairfax

County

Redevelopment

&

Housing

Authority

5.00%,

10/01/2039

3,000

3,117

Virginia

Small

Business

Financing

Authority

3.00%,

01/01/2041

3,480

2,845

$

11,102

Washington

-

1.16%

Port

of

Seattle

WA

5.00%,

08/01/2030

5,250

5,733

Wisconsin

-

0.65%

Public

Finance

Authority

5.00%,

10/01/2043

(b) 1,500

1,490

5.75%,

06/30/2060

600

620

6.50%,

06/30/2060

1,000

1,102

$

3,212

TOTAL

MUNICIPAL

BONDS

$

521,926

Total

Investments

$

522,149

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(6.63)%

Notes

with

interest

rates

of

3.23%

-

3.34%

at

October

31,

2025

and

contractual

maturities

of

collateral

from

2026-2049.

(g) $

(32,815)

(32,815)

Total

Net

Investments

$

489,334

Other

Assets

and

Liabilities

- 1.17%

5,796

TOTAL

NET

ASSETS

-

100.00%

$

495,130

(a) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(b) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$64,654

or

13.06%

of

net

assets.

(c) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(d) Security

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

fund.

(e) Non-income

producing

security

(f) Security

purchased

on

a

when-issued

basis.

(g) Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

October

31,

2025. Glossary

to

the

Schedule

of

Investments

October

31,

2025

See

accompanying

notes.

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNH

Chinese

Renminbi

COP

Colombian

Peso

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

Sterling

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

New

Shekel

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

PEN

Peruvian

Nuevo

Sol

PLN

Polish

Zloty

TRY

Turkish

Lira

USD/$

United

States

Dollar

ZAR

South

African

Rand

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

CALIFORNIA

MUNICIPAL

FUND

Class

A

shares

2025

$

.86

$

.33

($

.02)

$

.31

($

.34)

($

.34)

$

.83

2024

.30

.30

.56

.86

(0

.30)

(0

.30)

.86

2023

.27

.28

.02

.30

(0

.27)

(0

.27)

.30

2022

.02

.25

(1

.75)

(1

.50)

(0

.25)

(0

.25)

.27

2021

.85

.24

.17

.41

(0

.24)

(0

.24)

.02

Class

C

shares

2025

.88

.25

(0

.02)

.23

(0

.26)

(0

.26)

.85

2024

.32

.21

.56

.77

(0

.21)

(0

.21)

.88

2023

.29

.20

.02

.22

(0

.19)

(0

.19)

.32

2022

.05

.16

(1

.76)

(1

.60)

(0

.16)

(0

.16)

.29

2021

.87

.15

.18

.33

(0

.15)

(0

.15)

.05

Institutional

shares

2025

.87

.35

(0

.02)

.33

(0

.36)

(0

.36)

.84

2024

.30

.32

.57

.89

(0

.32)

(0

.32)

.87

2023

.27

.31

.02

.33

(0

.30)

(0

.30)

.30

2022

.03

.27

(1

.76)

(1

.49)

(0

.27)

(0

.27)

.27

2021

.86

.26

.18

.44

(0

.27)

(0

.27)

.03

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.19

%

(b) $

335,447

.85

%

.71

%

(c) 3

.40

%

.2

%

.27

(b) 323,809

.87

.71

(c) 3

.02

.9

.19

(b) 301,835

.89

.72

(c) 2

.89

.5

(13

.86)

(b) ,(d)

328,411

.78

.72

(c) 2

.42

.9

.89

(b) ,(d)

471,777

.79

.76

(c) 2

.11

.2

.34

(b) 16,019

.67

.53

(c) 2

.57

.2

.34

(b) 20,508

.70

.54

(c) 2

.18

.9

.32

(b) 21,229

.73

.56

(c) 2

.05

.5

(14

.55)

(b) 26,031

.60

.54

(c) 1

.59

.9

.05

(b) 39,213

.59

.56

(c) 1

.31

.2

.44

293,382

.60

(e) 0

.46

(c) ,(e)

.64

.2

.64

279,440

.62

(e) 0

.46

(c) ,(e)

.27

.9

.46

235,290

.63

(e) 0

.46

(c) ,(e)

.15

.5

(13

.65)

198,684

.53

(e) 0

.47

(c) ,(e)

.68

.9

.05

217,309

.54

(e) 0

.51

(c) ,(e)

.36

.2

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Excludes

interest

expense

and

fees

paid

through

inverse

floater

agreements.

See

"Operating

Policies"

in

notes

to

financial

statements.

(d) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

CORE

FIXED

INCOME

FUND

Class

A

shares

2025

$

.53

$

.27

$

.21

$

.48

($

.29)

($

.29)

$

.72

2024

.95

.25

.60

.85

(0

.27)

(0

.27)

.53

2023

.19

.22

(0

.22)

–

(0

.24)

(0

.24)

.95

2022

.95

.16

(1

.72)

(1

.56)

(0

.20)

(0

.20)

.19

2021

.17

.13

(0

.16)

(0

.03)

(0

.19)

(0

.19)

.95

Class

J

shares

2025

.55

.28

.21

.49

(0

.30)

(0

.30)

.74

2024

.97

.26

.60

.86

(0

.28)

(0

.28)

.55

2023

.21

.23

(0

.22)

.01

(0

.25)

(0

.25)

.97

2022

.98

.17

(1

.72)

(1

.55)

(0

.22)

(0

.22)

.21

2021

.19

.15

(0

.15)

–

(0

.21)

(0

.21)

.98

Institutional

shares

2025

.56

.29

.21

.50

(0

.31)

(0

.31)

.75

2024

.98

.27

.60

.87

(0

.29)

(0

.29)

.56

2023

.22

.24

(0

.21)

.03

(0

.27)

(0

.27)

.98

2022

.99

.18

(1

.72)

(1

.54)

(0

.23)

(0

.23)

.22

2021

.20

.16

(0

.15)

.01

(0

.22)

(0

.22)

.99

shares

2025

.58

.25

.22

.47

(0

.27)

(0

.27)

.78

2024

.00

.23

.60

.83

(0

.25)

(0

.25)

.58

2023

.24

.20

(0

.21)

(0

.01)

(0

.23)

(0

.23)

.00

2022

.01

.14

(1

.72)

(1

.58)

(0

.19)

(0

.19)

.24

2021

.22

.11

(0

.15)

(0

.04)

(0

.17)

(0

.17)

.01

shares

2025

.55

.28

.21

.49

(0

.30)

(0

.30)

.74

2024

.97

.26

.60

.86

(0

.28)

(0

.28)

.55

2023

.21

.23

(0

.21)

.02

(0

.26)

(0

.26)

.97

2022

.98

.17

(1

.73)

(1

.56)

(0

.21)

(0

.21)

.21

2021

.19

.14

(0

.15)

(0

.01)

(0

.20)

(0

.20)

.98

shares

2025

.55

.30

.21

.51

(0

.32)

(0

.32)

.74

2024

.97

.28

.60

.88

(0

.30)

(0

.30)

.55

2023

.21

.25

(0

.21)

.04

(0

.28)

(0

.28)

.97

2022

.98

.19

(1

.72)

(1

.53)

(0

.24)

(0

.24)

.21

2021

.19

.17

(0

.15)

.02

(0

.23)

(0

.23)

.98

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.74

%

(b) $

194,772

.71

%

–

%

.15

%

.4

%

.76

(b) 207,573

.71

–

.94

.9

(0

.10)

(b) 201,448

.79

–

.57

.9

(15

.89)

(b) ,(c)

199,804

.76

–

.71

.7

(0

.18)

(b) ,(c)

293,606

.78

–

.30

.8

.88

(b) 79,136

.57

(d) 0

.57

(e) 3

.29

.4

.91

(b) 82,571

.55

(d) 0

.56

(e) 3

.11

.9

.04

(b) 79,226

.65

(d) 0

.67

(e) 2

.70

.9

(15

.74)

(b) 84,794

.62

(d) 0

.64

(e) 1

.85

.7

(0

.05)

(b) 114,866

.64

(d) 0

.66

(e) 1

.44

.8

.01

603,826

.43

(f) –

.43

.4

.01

542,411

.44

(f) –

.20

.9

.23

785,524

.46

(f) –

.90

.9

(15

.60)

636,066

.47

(f) –

.00

.7

.06

770,550

.54

(f) –

.55

.8

.62

16,453

.90

–

.96

.4

.47

9,170

.91

–

.74

.9

(0

.25)

9,070

.95

–

.40

.9

(15

.97)

10,025

.95

–

.52

.7

(0

.38)

12,325

.98

–

.10

.8

.85

21,689

.59

–

.27

.4

.85

17,233

.60

–

.05

.9

.06

19,969

.64

–

.72

.9

(15

.76)

18,198

.64

–

.81

.7

(0

.07)

32,242

.67

–

.41

.8

.12

9,816,682

.34

–

.53

.4

.14

9,972,321

.34

–

.31

.9

.32

8,552,003

.38

–

.97

.9

(15

.54)

8,288,998

.38

–

.10

.7

.18

9,159,603

.41

(f) –

.67

.8

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(d) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(e) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(f) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

CORE

PLUS

BOND

FUND

Class

A

shares

2025

$

.07

$

.39

$

.13

$

.52

($

.39)

$

–

($

.39)

$

.20

2024

.51

.35

.55

.90

(0

.34)

–

(0

.34)

.07

2023

.84

.29

(0

.35)

(0

.06)

(0

.27)

–

(0

.27)

.51

2022

.99

.20

(2

.05)

(1

.85)

(0

.17)

(0

.13)

(0

.30)

.84

2021

.57

.17

(0

.03)

.14

(0

.19)

(0

.53)

(0

.72)

.99

Class

J

shares

2025

.15

.39

.13

.52

(0

.39)

–

(0

.39)

.28

2024

.58

.35

.56

.91

(0

.34)

–

(0

.34)

.15

2023

.91

.28

(0

.35)

(0

.07)

(0

.26)

–

(0

.26)

.58

2022

.08

.20

(2

.07)

(1

.87)

(0

.17)

(0

.13)

(0

.30)

.91

2021

.66

.18

(0

.03)

.15

(0

.20)

(0

.53)

(0

.73)

.08

Institutional

shares

2025

.06

.42

.13

.55

(0

.42)

–

(0

.42)

.19

2024

.51

.38

.54

.92

(0

.37)

–

(0

.37)

.06

2023

.84

.31

(0

.35)

(0

.04)

(0

.29)

–

(0

.29)

.51

2022

.98

.23

(2

.04)

(1

.81)

(0

.20)

(0

.13)

(0

.33)

.84

2021

.57

.21

(0

.04)

.17

(0

.23)

(0

.53)

(0

.76)

.98

shares

2025

.99

.37

.12

.49

(0

.37)

–

(0

.37)

.11

2024

.44

.33

.54

.87

(0

.32)

–

(0

.32)

.99

2023

.77

.26

(0

.34)

(0

.08)

(0

.25)

–

(0

.25)

.44

2022

.91

.18

(2

.04)

(1

.86)

(0

.15)

(0

.13)

(0

.28)

.77

2021

.49

.15

(0

.03)

.12

(0

.17)

(0

.53)

(0

.70)

.91

shares

2025

.00

.40

.13

.53

(0

.40)

–

(0

.40)

.13

2024

.46

.36

.53

.89

(0

.35)

–

(0

.35)

.00

2023

.78

.29

(0

.33)

(0

.04)

(0

.28)

–

(0

.28)

.46

2022

.92

.21

(2

.04)

(1

.83)

(0

.18)

(0

.13)

(0

.31)

.78

2021

.50

.18

(0

.03)

.15

(0

.20)

(0

.53)

(0

.73)

.92

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.89

%

(b) $

63,683

.80

%

(c) –

%

.33

%

.0

%

.68

(b) 64,346

.81

(c) –

.83

.6

(0

.83)

(b) 65,589

.84

(c) –

.16

.0

(17

.03)

(b) 69,698

.84

(c) –

.04

.7

.24

(b) 94,268

.84

(c) –

.54

.5

.83

(b) 94,654

.81

(d) 0

.81

(e) 4

.32

.0

.72

(b) 95,565

.80

(d) 0

.81

(e) 3

.85

.6

(0

.93)

(b) 94,195

.94

(d) 0

.98

(e) 3

.06

.0

(17

.08)

(b) 103,790

.85

(d) 0

.93

(e) 2

.04

.7

.25

(b) 142,242

.82

(d) 0

.91

(e) 1

.56

.5

.24

322,956

.48

(c) –

.65

.0

.90

330,925

.51

(c) –

.14

.6

(0

.44)

(f) 330,432

.56

(c) –

.44

.0

(16

.89)

(f) 350,465

.56

(c) –

.34

.7

.54

(f) 398,554

.56

(c) –

.85

.5

.62

16,579

.01

–

.13

.0

.42

13,628

.02

–

.62

.6

(1

.06)

14,967

.07

(c) –

.93

.0

(17

.25)

13,893

.07

(c) –

.81

.7

.03

20,465

.07

(c) –

.33

.5

.04

20,704

.70

–

.43

.0

.62

37,351

.71

–

.94

.6

(0

.64)

37,949

.76

(c) –

.24

.0

(16

.98)

38,423

.76

(c) –

.16

.7

.34

44,691

.76

(c) –

.64

.5

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit.

(d) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(e) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(f) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

Tax

Return

of

Capital

Distribution

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

INCOME

FUND

Class

A

shares

2025

$

.96

$

.69

$

.08

$

.77

($

.68)

$

–

($

.68)

$

.05

2024

.26

.73

.71

.44

(0

.74)

–

(0

.74)

.96

2023

.58

.70

(0

.35)

.35

(0

.67)

–

(0

.67)

.26

2022

.87

.55

(2

.27)

(1

.72)

(0

.56)

(0

.01)

(0

.57)

.58

2021

.57

.56

.32

.88

(0

.58)

–

(0

.58)

.87

Class

C

shares

2025

.89

.59

.07

.66

(0

.58)

–

(0

.58)

.97

2024

.19

.64

.71

.35

(0

.65)

–

(0

.65)

.89

2023

.51

.61

(0

.35)

.26

(0

.58)

–

(0

.58)

.19

2022

.78

.45

(2

.25)

(1

.80)

(0

.47)

–

(0

.47)

.51

2021

.49

.47

.29

.76

(0

.47)

–

(0

.47)

.78

Institutional

shares

2025

.89

.73

.06

.79

(0

.72)

–

(0

.72)

.96

2024

.20

.76

.71

.47

(0

.78)

–

(0

.78)

.89

2023

.52

.74

(0

.35)

.39

(0

.71)

–

(0

.71)

.20

2022

.79

.59

(2

.24)

(1

.65)

(0

.61)

(0

.01)

(0

.62)

.52

2021

.50

.61

.31

.92

(0

.63)

–

(0

.63)

.79

shares

2025

.88

.73

.07

.80

(0

.72)

–

(0

.72)

.96

2024

.19

.76

.71

.47

(0

.78)

–

(0

.78)

.88

2023

.51

.73

(0

.33)

.40

(0

.72)

–

(0

.72)

.19

2022

.78

.58

(2

.23)

(1

.65)

(0

.61)

(0

.01)

(0

.62)

.51

2021

.49

.62

.30

.92

(0

.63)

–

(0

.63)

.78

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.65

%

(b) $

881,096

.03

%

(c) 5

.77

%

.9

%

.01

(b) 970,669

.02

(c) 6

.11

.3

.98

(b) 1,024,316

.03

(d) 5

.95

.1

(12

.68)

(b) 1,156,493

.01

(d) 4

.31

.1

.13

(b) 1,475,288

.02

(d) 4

.10

.6

.75

(b) 83,393

.80

(c) 5

.01

.9

.25

(b) 130,856

.77

(c) 5

.38

.3

.18

(b) 168,004

.79

(d) 5

.17

.1

(13

.30)

(b) 269,493

.77

(d) 3

.50

.1

.24

(b) 469,597

.76

(d) 3

.48

.6

.89

1,361,939

.69

(c) ,(d)

.12

.9

.38

1,401,376

.69

(c) ,(d)

.43

.3

.36

1,341,117

.68

(d) 6

.30

.1

(12

.31)

1,769,364

.68

(d) 4

.63

.1

.52

2,448,424

.68

(d) 4

.48

.6

.98

70,372

.68

(c) ,(d)

.14

.9

.40

104,439

.68

(c) ,(d)

.41

.3

.37

104,419

.67

(d) 6

.25

.1

(12

.31)

43,433

.67

(d) 4

.49

.1

.54

101,194

.68

(d) 4

.54

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Includes

0.01%

of

expenses

associated

with

the

reclaim

of

foreign

taxes

paid.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(d) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

INTERNATIONAL

FUND

Class

A

shares

2025

$

.22

$

.21

$

.99

$

.20

($

.28)

($

.40)

($

.68)

$

.74

2024

.87

.19

.44

.63

(0

.28)

–

(0

.28)

.22

2023

.77

.16

.01

.17

(0

.07)

–

(0

.07)

.87

2022

.33

.21

(3

.85)

(3

.64)

(0

.50)

(1

.42)

(1

.92)

.77

2021

.74

.18

.52

.70

(0

.11)

–

(0

.11)

.33

Class

J

shares

2025

.02

.22

.93

.15

(0

.30)

(0

.40)

(0

.70)

.47

2024

.70

.21

.41

.62

(0

.30)

–

(0

.30)

.02

2023

.62

.17

.00

.17

(0

.09)

–

(0

.09)

.70

2022

.13

.22

(3

.79)

(3

.57)

(0

.52)

(1

.42)

(1

.94)

.62

2021

.58

.20

.48

.68

(0

.13)

–

(0

.13)

.13

Institutional

shares

2025

.14

.24

.99

.23

(0

.32)

(0

.40)

(0

.72)

.65

2024

.81

.23

.43

.66

(0

.33)

–

(0

.33)

.14

2023

.71

.21

.01

.22

(0

.12)

–

(0

.12)

.81

2022

.25

.25

(3

.82)

(3

.57)

(0

.55)

(1

.42)

(1

.97)

.71

2021

.68

.24

.49

.73

(0

.16)

–

(0

.16)

.25

shares

2025

.17

.18

.98

.16

(0

.27)

(0

.40)

(0

.67)

.66

2024

.84

.18

.43

.61

(0

.28)

–

(0

.28)

.17

2023

.74

.15

.00

.15

(0

.05)

–

(0

.05)

.84

2022

.28

.19

(3

.83)

(3

.64)

(0

.48)

(1

.42)

(1

.90)

.74

2021

.70

.17

.51

.68

(0

.10)

–

(0

.10)

.28

shares

2025

.38

.23

.02

.25

(0

.31)

(0

.40)

(0

.71)

.92

2024

.00

.22

.47

.69

(0

.31)

–

(0

.31)

.38

2023

.89

.18

.02

.20

(0

.09)

–

(0

.09)

.00

2022

.48

.23

(3

.88)

(3

.65)

(0

.52)

(1

.42)

(1

.94)

.89

2021

.85

.21

.56

.77

(0

.14)

–

(0

.14)

.48

shares

2025

.15

.11

.13

.24

(0

.34)

(0

.40)

(0

.74)

.65

2024

.82

.25

.43

.68

(0

.35)

–

(0

.35)

.15

2023

.73

.22

.00

.22

(0

.13)

–

(0

.13)

.82

2022

.27

.26

(3

.82)

(3

.56)

(0

.56)

(1

.42)

(1

.98)

.73

2021

.69

.23

.52

.75

(0

.17)

–

(0

.17)

.27

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.68

%

(b) $

249,627

.22

%

(c) –

%

.40

%

.2

%

.37

(b) 221,725

.18

(d) –

.40

.0

.89

(b) 197,169

.29

(e) –

.28

.2

(25

.02)

(b) 193,894

.23

(e) –

.65

.0

.16

(b) 267,701

.18

–

.16

.7

.79

(b) ,(f)

183,313

.11

(c) ,(g)

.12

(h) 1

.51

.2

.60

(b) 151,958

.05

(d) ,(g)

.06

(h) 1

.54

.0

.01

(b) 133,313

.17

(e) ,(g)

.19

(h) 1

.41

.2

(24

.93)

(b) 125,792

.12

(e) ,(g)

.14

(h) 1

.76

.0

.35

(b) 178,815

.05

(g) 1

.08

(h) 1

.28

.7

.12

165,766

.86

(c) ,(i)

–

.63

.2

.79

197,038

.86

(d) ,(i)

–

.67

.0

.40

388,034

.88

(e) ,(i)

–

.70

.2

(24

.77)

402,288

.88

(e) ,(i)

–

.99

.0

.63

(f) 557,003

.85

(i) –

.50

.7

.43

14,816

.39

(c) –

.22

.2

.23

10,274

.32

(d) –

.27

.0

.77

9,612

.36

(e) –

.19

.2

(25

.09)

9,164

.35

(e) –

.50

.0

.03

14,118

.32

–

.06

.7

.83

24,228

.08

(c) –

.53

.2

.63

18,466

.01

(d) –

.57

.0

.10

17,975

.05

(e) –

.49

.2

(24

.85)

23,589

.04

(e) –

.76

.0

.41

41,789

.01

–

.35

.7

.23

554,680

.76

(c) ,(i)

–

.76

.2

.89

6,157,664

.76

(d) –

.80

.0

.40

3,725,314

.79

(e) ,(i)

–

.78

.2

(24

.66)

3,254,802

.78

(e) ,(i)

–

.08

.0

.71

4,491,999

.74

(i) –

.51

.7

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Includes

0.01%

of

expense

associated

with

consulting

fees.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(d) 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.

(e) Includes

0.03%

of

expenses

associated

with

the

reclaim

of

foreign

taxes

paid.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(f) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(g) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(h) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(i) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

EQUITY

INCOME

FUND

Class

A

shares

2025

$

.04

$

.52

$

.59

$

.11

($

.59)

($

.72)

($

.31)

$

.84

2024

.09

.66

.18

.84

(0

.63)

(0

.26)

(0

.89)

.04

2023

.30

.69

(0

.88)

(0

.19)

(0

.67)

(1

.35)

(2

.02)

.09

2022

.63

.56

(4

.79)

(4

.23)

(0

.49)

(1

.61)

(2

.10)

.30

2021

.66

.51

.94

.45

(0

.48)

–

(0

.48)

.63

Class

C

shares

2025

.64

.19

.47

.66

(0

.29)

(3

.72)

(4

.01)

.29

2024

.04

.36

.84

.20

(0

.34)

(0

.26)

(0

.60)

.64

2023

.23

.41

(0

.85)

(0

.44)

(0

.40)

(1

.35)

(1

.75)

.04

2022

.42

.26

(4

.63)

(4

.37)

(0

.21)

(1

.61)

(1

.82)

.23

2021

.78

.22

.62

.84

(0

.20)

–

(0

.20)

.42

Class

J

shares

2025

.10

.56

.59

.15

(0

.63)

(3

.72)

(4

.35)

.90

2024

.13

.71

.20

.91

(0

.68)

(0

.26)

(0

.94)

.10

2023

.34

.73

(0

.89)

(0

.16)

(0

.70)

(1

.35)

(2

.05)

.13

2022

.68

.60

(4

.80)

(4

.20)

(0

.53)

(1

.61)

(2

.14)

.34

2021

.70

.55

.94

.49

(0

.51)

–

(0

.51)

.68

Institutional

shares

2025

.11

.65

.60

.25

(0

.72)

(3

.72)

(4

.44)

.92

2024

.14

.80

.20

.00

(0

.77)

(0

.26)

(1

.03)

.11

2023

.36

.82

(0

.89)

(0

.07)

(0

.80)

(1

.35)

(2

.15)

.14

2022

.69

.69

(4

.79)

(4

.10)

(0

.62)

(1

.61)

(2

.23)

.36

2021

.71

.64

.95

.59

(0

.61)

–

(0

.61)

.69

shares

2025

.87

.42

.58

.00

(0

.50)

(3

.72)

(4

.22)

.65

2024

.97

.57

.14

.71

(0

.55)

(0

.26)

(0

.81)

.87

2023

.18

.62

(0

.88)

(0

.26)

(0

.60)

(1

.35)

(1

.95)

.97

2022

.49

.48

(4

.77)

(4

.29)

(0

.41)

(1

.61)

(2

.02)

.18

2021

.56

.43

.90

.33

(0

.40)

–

(0

.40)

.49

shares

2025

.05

.55

.59

.14

(0

.63)

(3

.72)

(4

.35)

.84

2024

.10

.71

.17

.88

(0

.67)

(0

.26)

(0

.93)

.05

2023

.31

.73

(0

.88)

(0

.15)

(0

.71)

(1

.35)

(2

.06)

.10

2022

.64

.60

(4

.79)

(4

.19)

(0

.53)

(1

.61)

(2

.14)

.31

2021

.67

.55

.93

.48

(0

.51)

–

(0

.51)

.64

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.27

%

(b) $

1,255,226

.85

%

–

%

.27

%

.7

%

.11

(b) 1,296,060

.85

–

.68

.3

(0

.83)

(b) 1,078,315

.87

–

.96

.3

(10

.64)

(b) 1,176,246

.86

–

.48

.9

.51

(b) 1,424,668

.86

–

.33

.0

.41

(b) 66,019

.63

–

.49

.7

.10

(b) 74,647

.62

–

.94

.3

(1

.59)

(b) 72,774

.65

–

.20

.3

(11

.33)

(b) ,(c)

97,145

.62

–

.72

.9

.49

(b) ,(c)

125,768

.61

–

.61

.0

.37

(b) 91,168

.74

(d) 0

.74

(e) 1

.37

.7

.27

(b) 89,080

.74

(d) 0

.75

(e) 1

.79

.3

(0

.75)

(b) 70,291

.79

(d) 0

.81

(e) 2

.05

.3

(10

.55)

(b) 76,630

.77

(d) 0

.79

(e) 1

.58

.9

.60

(b) 86,651

.77

(d) 0

.79

(e) 1

.42

.0

.64

6,860,500

.52

(f) –

.59

.7

.55

7,405,320

.52

(f) –

.01

.3

(0

.50)

6,448,013

.52

(f) –

.32

.3

(10

.32)

(c) 7,731,338

.52

(f) –

.82

.9

.97

(c) 9,001,763

.52

(f) –

.68

.0

.02

29,054

.08

–

.04

.7

.79

29,118

.08

–

.46

.3

(1

.05)

25,777

.08

–

.77

.3

(10

.81)

30,045

.08

–

.27

.9

.21

33,754

.07

–

.12

.0

.34

166,162

.77

–

.34

.7

.21

129,846

.77

–

.80

.3

(0

.73)

127,806

.77

–

.07

.3

(10

.54)

147,468

.77

–

.57

.9

.62

179,232

.76

–

.43

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(d) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(e) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(f) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

FINISTERRE

EMERGING

MARKETS

TOTAL

RETURN

BOND

FUND

Institutional

shares

2025

$

.93

$

.68

$

.57

$

.25

($

.56)

$

–

$

–

($

.56)

$

.62

2024

.25

.72

.61

.33

(0

.65)

–

–

(0

.65)

.93

2023

.92

.61

.26

.87

(0

.54)

–

–

(0

.54)

.25

2022

.28

.49

(2

.21)

(1

.72)

(0

.64)

–

–

(0

.64)

.92

2021

.24

.39

.07

.46

(0

.29)

(0

.09)

(0

.04)

(0

.42)

.28

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.54

%

$

810,064

.84

%

(b) 7

.43

%

.7

%

.48

660,597

.85

(b) 8

.18

.3

.97

447,683

.85

(b) 7

.02

.8

(17

.17)

378,572

.84

(b) 5

.24

.4

.47

770,197

.85

(b) 3

.69

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

EMERGING

MARKETS

FUND

Class

A

shares

2025

$

.87

$

.25

$

.12

$

.37

$

–

$

–

$

–

$

.24

2024

.69

.27

.36

.63

(0

.45)

–

(0

.45)

.87

2023

.06

.28

.59

.87

(0

.24)

–

(0

.24)

.69

2022

.87

.37

(10

.12)

(9

.75)

(0

.31)

(1

.75)

(2

.06)

.06

2021

.98

.20

.73

.93

(0

.04)

–

(0

.04)

.87

Class

J

shares

2025

.70

.28

.76

.04

(0

.02)

–

(0

.02)

.72

2024

.72

.30

.17

.47

(0

.49)

–

(0

.49)

.70

2023

.23

.30

.47

.77

(0

.28)

–

(0

.28)

.72

2022

.64

.38

(9

.67)

(9

.29)

(0

.37)

(1

.75)

(2

.12)

.23

2021

.94

.25

.53

.78

(0

.08)

–

(0

.08)

.64

Institutional

shares

2025

.57

.36

.00

.36

(0

.07)

–

(0

.07)

.86

2024

.44

.22

.45

.67

(0

.54)

–

(0

.54)

.57

2023

.86

.36

.54

.90

(0

.32)

–

(0

.32)

.44

2022

.58

.47

(10

.01)

(9

.54)

(0

.43)

(1

.75)

(2

.18)

.86

2021

.72

.32

.66

.98

(0

.12)

–

(0

.12)

.58

shares

2025

.49

.22

.99

.21

–

–

–

.70

2024

.37

.22

.31

.53

(0

.41)

–

(0

.41)

.49

2023

.79

.23

.56

.79

(0

.21)

–

(0

.21)

.37

2022

.46

.31

(9

.96)

(9

.65)

(0

.27)

(1

.75)

(2

.02)

.79

2021

.64

.17

.65

.82

–

–

–

.46

shares

2025

.72

.31

.08

.39

(0

.04)

–

(0

.04)

.07

2024

.52

.30

.34

.64

(0

.44)

–

(0

.44)

.72

2023

.93

.31

.56

.87

(0

.28)

–

(0

.28)

.52

2022

.66

.40

(10

.02)

(9

.62)

(0

.36)

(1

.75)

(2

.11)

.93

2021

.79

.26

.69

.95

(0

.08)

–

(0

.08)

.66

shares

2025

.62

.37

.04

.41

(0

.09)

–

(0

.09)

.94

2024

.47

.14

.56

.70

(0

.55)

–

(0

.55)

.62

2023

.88

.35

.58

.93

(0

.34)

–

(0

.34)

.47

2022

.60

.44

(9

.95)

(9

.51)

(0

.46)

(1

.75)

(2

.21)

.88

2021

.74

.36

.65

.01

(0

.15)

–

(0

.15)

.60

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.15

%

(b) $

81,802

.45

%

(c) ,(d)

–

%

.86

%

.3

%

.63

(b) 67,819

.46

(c) ,(e)

–

.06

.5

.33

(b) 63,629

.47

(c) –

.20

.4

(32

.46)

(b) 60,893

.55

(c) –

.44

.7

.27

(b) 91,585

.56

(c) ,(e)

–

.63

.9

.30

(b) 94,926

.31

(d) ,(f)

.35

(g) 1

.00

.3

.84

(b) 71,586

.31

(e) ,(f)

.45

(g) 1

.22

.5

.46

(b) 65,679

.31

(f) 1

.59

(g) 1

.35

.4

(32

.31)

(b) 61,730

.37

(f) 1

.52

(g) 1

.58

.7

.46

(b) 99,899

.38

(e) ,(f)

.48

(g) 0

.80

.9

.57

51,112

.11

(c) ,(d)

–

.25

.3

.07

31,746

.11

(c) ,(e)

–

.89

.5

.66

67,145

.12

(c) –

.54

.4

(32

.20)

60,449

.20

(c) –

.90

.7

.66

73,485

.21

(c) ,(e)

–

.98

.9

.99

6,676

.56

(d) –

.75

.3

.45

3,762

.63

(e) –

.88

.5

.10

4,132

.66

–

.00

.4

(32

.54)

3,733

.69

–

.23

.7

.09

6,358

.68

(e) –

.53

.9

.43

6,200

.25

(d) –

.07

.3

.81

3,027

.32

(e) –

.20

.5

.42

4,691

.35

–

.32

.4

(32

.32)

4,563

.38

–

.60

.7

.48

8,234

.37

(e) –

.79

.9

.70

5,299,251

.00

(c) ,(d)

–

.25

.3

.16

2,240,199

.02

(c) ,(e)

–

.51

.5

.81

3,961

.04

(c) –

.51

.4

(32

.14)

(h) 2,165

.09

(c) –

.71

.7

.79

(h) 4,121

.10

(c) ,(e)

–

.12

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit.

(d) Includes

0.01%

of

expense

associated

with

consulting

fees.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(e) 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.

(f) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(g) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(h) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

REAL

ESTATE

SECURITIES

FUND

Class

A

shares

2025

$

.04

$

.16

($

.04)

$

.12

($

.20)

$

–

($

.20)

$

.96

2024

.25

.16

.83

.99

(0

.20)

–

(0

.20)

.04

2023

.69

.16

(0

.54)

(0

.38)

(0

.06)

–

(0

.06)

.25

2022

.83

.14

(3

.03)

(2

.89)

(0

.21)

(0

.04)

(0

.25)

.69

2021

.98

.12

.80

.92

(0

.07)

–

(0

.07)

.83

Institutional

shares

2025

.86

.21

(0

.04)

.17

(0

.23)

–

(0

.23)

.80

2024

.90

.21

.99

.20

(0

.24)

–

(0

.24)

.86

2023

.37

.21

(0

.58)

(0

.37)

(0

.10)

–

(0

.10)

.90

2022

.76

.19

(3

.30)

(3

.11)

(0

.24)

(0

.04)

(0

.28)

.37

2021

.64

.16

.04

.20

(0

.08)

–

(0

.08)

.76

shares

2025

.78

.19

(0

.08)

.11

(0

.21)

–

(0

.21)

.68

2024

.84

.15

.00

.15

(0

.21)

–

(0

.21)

.78

2023

.31

.16

(0

.58)

(0

.42)

(0

.05)

–

(0

.05)

.84

2022

.68

.13

(3

.26)

(3

.13)

(0

.20)

(0

.04)

(0

.24)

.31

2021

.61

.12

.02

.14

(0

.07)

–

(0

.07)

.68

shares

2025

.83

.19

(0

.04)

.15

(0

.22)

–

(0

.22)

.76

2024

.87

.20

.99

.19

(0

.23)

–

(0

.23)

.83

2023

.35

.19

(0

.59)

(0

.40)

(0

.08)

–

(0

.08)

.87

2022

.74

.18

(3

.28)

(3

.10)

(0

.25)

(0

.04)

(0

.29)

.35

2021

.64

.14

.03

.17

(0

.07)

–

(0

.07)

.74

shares

2025

.87

.22

(0

.04)

.18

(0

.24)

–

(0

.24)

.81

2024

.91

.22

.99

.21

(0

.25)

–

(0

.25)

.87

2023

.38

.22

(0

.59)

(0

.37)

(0

.10)

–

(0

.10)

.91

2022

.77

.19

(3

.29)

(3

.10)

(0

.25)

(0

.04)

(0

.29)

.38

2021

.64

.17

.04

.21

(0

.08)

–

(0

.08)

.77

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.47

%

(b) $

48,016

.36

%

.82

%

.1

%

.66

(b) 58,008

.33

(c) 1

.95

.5

(4

.98)

(b) 55,011

.36

.01

.3

(27

.34)

(b) 82,943

.31

.45

.8

.76

(b) 112,900

.29

.22

.9

.94

1,015,951

.94

(d) 2

.22

.1

.08

1,044,659

.95

(c) ,(d)

.33

.5

(4

.54)

1,090,278

.94

(d) 2

.43

.3

(27

.10)

1,422,719

.94

(d) 1

.79

.8

.21

2,394,983

.94

(d) 1

.53

.9

.27

.46

.02

.1

.53

1,846

.46

(c) 1

.62

.5

(5

.13)

724

.45

.88

.3

(27

.40)

578

.45

.27

.8

.57

544

.44

.11

.9

.66

10,798

.15

.01

.1

.97

8,510

.15

(c) 2

.13

.5

(4

.84)

6,431

.14

.24

.3

(27

.13)

5,935

.14

.79

.8

.91

.13

.27

.9

.00

524,726

.90

.33

.1

.27

(e) 721,279

.90

(c) 2

.39

.5

(4

.59)

(e) 650,870

.89

.47

.3

(27

.02)

707,703

.88

(d) 1

.84

.8

.35

1,585,562

.87

(d) 1

.59

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Includes

0.01%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(d) Subject

to

Manager's

contractual

expense

limit.

(e) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

GOVERNMENT

&

HIGH

QUALITY

BOND

FUND

Class

A

shares

2025

$

.89

$

.32

$

.26

$

.58

($

.31)

($

.31)

$

.16

2024

.26

.24

.64

.88

(0

.25)

(0

.25)

.89

2023

.62

.20

(0

.33)

(0

.13)

(0

.23)

(0

.23)

.26

2022

.32

.09

(1

.66)

(1

.57)

(0

.13)

(0

.13)

.62

2021

.59

.03

(0

.18)

(0

.15)

(0

.12)

(0

.12)

.32

Class

J

shares

2025

.92

.31

.25

.56

(0

.30)

(0

.30)

.18

2024

.28

.24

.64

.88

(0

.24)

(0

.24)

.92

2023

.64

.20

(0

.34)

(0

.14)

(0

.22)

(0

.22)

.28

2022

.35

.09

(1

.68)

(1

.59)

(0

.12)

(0

.12)

.64

2021

.62

.03

(0

.19)

(0

.16)

(0

.11)

(0

.11)

.35

Institutional

shares

2025

.91

.34

.26

.60

(0

.34)

(0

.34)

.17

2024

.28

.27

.63

.90

(0

.27)

(0

.27)

.91

2023

.63

.23

(0

.32)

(0

.09)

(0

.26)

(0

.26)

.28

2022

.34

.11

(1

.67)

(1

.56)

(0

.15)

(0

.15)

.63

2021

.61

.06

(0

.19)

(0

.13)

(0

.14)

(0

.14)

.34

shares

2025

.92

.30

.25

.55

(0

.29)

(0

.29)

.18

2024

.28

.23

.64

.87

(0

.23)

(0

.23)

.92

2023

.64

.19

(0

.33)

(0

.14)

(0

.22)

(0

.22)

.28

2022

.34

.07

(1

.66)

(1

.59)

(0

.11)

(0

.11)

.64

2021

.62

.01

(0

.19)

(0

.18)

(0

.10)

(0

.10)

.34

shares

2025

.92

.33

.26

.59

(0

.32)

(0

.32)

.19

2024

.29

.25

.64

.89

(0

.26)

(0

.26)

.92

2023

.64

.22

(0

.32)

(0

.10)

(0

.25)

(0

.25)

.29

2022

.35

.10

(1

.67)

(1

.57)

(0

.14)

(0

.14)

.64

2021

.62

.05

(0

.19)

(0

.14)

(0

.13)

(0

.13)

.35

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.67

%

(b) $

134,176

.80

%

–

%

.54

%

.0

%

.66

(b) 141,861

.81

–

.72

.7

(1

.65)

(b) 145,881

.85

–

.30

.0

(15

.37)

(b) 172,969

.78

–

.94

.1

(1

.44)

(b) 229,225

.77

–

.32

.7

.45

(b) 68,322

.87

(c) 0

.87

(d) 3

.46

.0

.72

(b) 68,059

.83

(c) 0

.85

(d) 2

.69

.7

(1

.71)

(b) 68,323

.91

(c) 0

.93

(d) 2

.24

.0

(15

.46)

(b) 77,181

.82

(c) 0

.84

(d) 0

.90

.1

(1

.47)

(b) 99,128

.80

(c) 0

.83

(d) 0

.29

.7

.82

410,206

.53

(e) –

.80

.0

.93

444,116

.53

(e) –

.99

.7

(1

.22)

393,944

.53

(e) –

.62

.0

(15

.22)

500,833

.52

(e) –

.18

.1

(1

.19)

770,058

.52

(e) –

.58

.7

.34

3,816

.98

(e) –

.36

.0

.56

2,736

.98

(e) –

.54

.7

(1

.78)

3,034

.98

(e) –

.17

.0

(15

.51)

3,656

.98

(e) –

.73

.1

(1

.74)

5,493

.98

(e) –

.11

.7

.78

7,974

.67

(e) –

.67

.0

.77

5,868

.67

(e) –

.86

.7

(1

.36)

8,534

.67

(e) –

.48

.0

(15

.33)

8,761

.67

(e) –

.02

.1

(1

.34)

16,336

.67

(e) –

.43

.7

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

GOVERNMENT

MONEY

MARKET

FUND

Institutional

shares

2025

$

.00

$

.04

$

–

$

.04

($

.04)

($

.04)

$

.00

2024

.00

.05

–

.05

(0

.05)

(0

.05)

.00

2023

.00

.04

.01

.05

(0

.05)

(0

.05)

.00

2022

.00

.01

–

.01

(0

.01)

(0

.01)

.00

2021

.00

–

–

–

–

–

.00

shares

2025

.00

.04

–

.04

(0

.04)

(0

.04)

.00

2024

.00

.05

–

.05

(0

.05)

(0

.05)

.00

2023(d)

.00

.04

–

.04

(0

.04)

(0

.04)

.00

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.28

%

$

746,786

.19

%

(b) 0

.21

%

(c) 4

.15

%

.25

352,741

.19

(b) 0

.21

(c) 5

.11

.71

191,888

.15

(b) 0

.16

(c) 3

.71

.81

2,979,627

.14

(b) 0

.15

(c) 0

.73

.00

3,657,679

.04

(b) 0

.16

(c) 0

.00

.33

4,133,987

.14

(b) 0

.16

(c) 4

.22

.31

3,389,284

.14

(b) 0

.16

(c) 5

.17

.35

(e) 2,582,939

.14

(b) ,(f)

.16

(c) ,(f)

.80

(f) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Subject

to

Manager's

contractual

and/or

voluntary

expense

limit.

(c) Excludes

expense

reimbursement

from

Manager.

(d) Period

from

December

12,

2022,

date

operations

commenced,

through

October

31,

2023. (e) Total

return

amounts

have

not

been

annualized.

(f) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

HIGH

YIELD

FUND

Class

A

shares

2025

$

.83

$

.43

($

.03)

$

.40

($

.44)

($

.44)

$

.79

2024

.31

.42

.52

.94

(0

.42)

(0

.42)

.83

2023

.29

.37

.03

.40

(0

.38)

(0

.38)

.31

2022

.33

.32

(1

.02)

(0

.70)

(0

.34)

(0

.34)

.29

2021

.01

.32

.35

.67

(0

.35)

(0

.35)

.33

Class

C

shares

2025

.93

.38

(0

.03)

.35

(0

.38)

(0

.38)

.90

2024

.40

.37

.53

.90

(0

.37)

(0

.37)

.93

2023

.38

.32

.02

.34

(0

.32)

(0

.32)

.40

2022

.43

.27

(1

.03)

(0

.76)

(0

.29)

(0

.29)

.38

2021

.10

.28

.34

.62

(0

.29)

(0

.29)

.43

Institutional

shares

2025

.76

.44

(0

.02)

.42

(0

.46)

(0

.46)

.72

2024

.25

.43

.52

.95

(0

.44)

(0

.44)

.76

2023

.24

.39

.02

.41

(0

.40)

(0

.40)

.25

2022

.27

.34

(1

.01)

(0

.67)

(0

.36)

(0

.36)

.24

2021

.96

.34

.34

.68

(0

.37)

(0

.37)

.27

shares

2025

.76

.45

(0

.02)

.43

(0

.47)

(0

.47)

.72

2024

.25

.44

.51

.95

(0

.44)

(0

.44)

.76

2023

.24

.39

.02

.41

(0

.40)

(0

.40)

.25

2022

.27

.35

(1

.01)

(0

.66)

(0

.37)

(0

.37)

.24

2021

.96

.35

.34

.69

(0

.38)

(0

.38)

.27

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.04

%

(b) $

398,406

.89

%

.32

%

.3

%

.15

(b) 421,065

.91

.22

.1

.31

(b) 414,017

.94

.70

.0

(9

.71)

(b) 426,999

.91

.74

.1

.64

(b) 539,969

.91

.44

.0

.26

(b) 19,944

.68

.54

.3

.21

(b) 24,716

.69

.44

.1

.37

(b) 29,469

.75

.88

.0

(10

.42)

(b) 39,928

.69

.94

.1

.87

(b) 62,973

.64

.74

.0

.41

1,413,016

.60

(c) 6

.60

.3

.48

1,359,544

.61

(c) 6

.52

.1

.55

1,183,194

.61

(c) 6

.03

.0

(9

.50)

(d) 1,140,046

.61

(c) 5

.04

.1

.05

(d) 1,535,963

.61

(c) 4

.73

.0

.51

4,828,028

.51

.70

.3

.57

4,045,178

.53

.56

.1

.64

687,216

.53

.13

.0

(9

.42)

(d) 557,144

.52

.12

.1

.15

(d) 757,781

.52

(c) 4

.84

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit.

(d) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

INFLATION

PROTECTION

FUND

Class

J

shares

2025

$

.40

$

.29

$

.08

$

.37

($

.23)

$

–

($

.23)

$

.54

2024

.09

.23

.33

.56

(0

.25)

–

(0

.25)

.40

2023

.63

.25

(0

.33)

(0

.08)

(0

.46)

–

(0

.46)

.09

2022

.31

.53

(1

.56)

(1

.03)

(0

.36)

(0

.29)

(0

.65)

.63

2021

.83

.28

.24

.52

(0

.04)

–

(0

.04)

.31

Institutional

shares

2025

.88

.34

.10

.44

(0

.26)

–

(0

.26)

.06

2024

.54

.29

.33

.62

(0

.28)

–

(0

.28)

.88

2023

.09

.30

(0

.36)

(0

.06)

(0

.49)

–

(0

.49)

.54

2022

.83

.56

(1

.62)

(1

.06)

(0

.39)

(0

.29)

(0

.68)

.09

2021

.29

.29

.30

.59

(0

.05)

–

(0

.05)

.83

shares

2025

.43

.28

.10

.38

(0

.22)

–

(0

.22)

.59

2024

.13

.22

.31

.53

(0

.23)

–

(0

.23)

.43

2023

.67

.22

(0

.31)

(0

.09)

(0

.45)

–

(0

.45)

.13

2022

.34

.50

(1

.55)

(1

.05)

(0

.33)

(0

.29)

(0

.62)

.67

2021

.86

.25

.26

.51

(0

.03)

–

(0

.03)

.34

shares

2025

.71

.32

.07

.39

(0

.24)

–

(0

.24)

.86

2024

.35

.25

.34

.59

(0

.23)

–

(0

.23)

.71

2023

.90

.27

(0

.35)

(0

.08)

(0

.47)

–

(0

.47)

.35

2022

.62

.54

(1

.60)

(1

.06)

(0

.37)

(0

.29)

(0

.66)

.90

2021

.10

.29

.27

.56

(0

.04)

–

(0

.04)

.62

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.20

%

(b) $

11,859

.79

%

(c) 0

.79

%

(d) 4

.00

%

.4

%

.94

(b) 11,483

.73

(c) 0

.75

(d) 3

.13

.6

(1

.18)

(b) 13,956

.78

(c) 0

.80

(d) 3

.37

.3

(11

.90)

(b) 18,034

.73

(c) 0

.75

(d) 6

.29

.3

.85

(b) 16,550

.85

(c) 0

.87

(d) 3

.04

.7

.78

2,364,710

.38

–

.38

.4

.29

2,218,800

.39

–

.68

.6

(0

.86)

1,447,786

.40

–

.78

.3

(11

.61)

1,616,313

.39

–

.34

.3

.33

1,471,415

.39

–

.03

.7

.26

4,557

.95

–

.82

.4

.54

4,656

.96

–

.97

.6

(1

.31)

4,708

.96

–

.00

.3

(12

.09)

6,749

.96

–

.90

.3

.80

7,120

.96

–

.76

.7

.34

3,347

.64

–

.16

.4

.15

1,719

.65

–

.24

.6

(1

.14)

3,492

.65

–

.48

.3

(11

.83)

4,251

.65

–

.26

.3

.16

4,114

.65

–

.06

.7

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

FUND

Institutional

shares

2025

$

.60

$

.23

$

.28

$

.51

($

.47)

($

.30)

($

.77)

$

.34

2024

.01

.29

.70

.99

(0

.40)

–

(0

.40)

.60

2023

.24

.38

.74

.12

(0

.35)

–

(0

.35)

.01

2022

.41

.41

(5

.23)

(4

.82)

(0

.41)

(1

.94)

(2

.35)

.24

2021

.19

.44

.88

.32

(0

.21)

(0

.89)

(1

.10)

.41

shares

2025

.59

.18

.25

.43

(0

.47)

(1

.30)

(1

.77)

.25

2024

.99

.22

.70

.92

(0

.32)

–

(0

.32)

.59

2023

.21

.31

.75

.06

(0

.28)

–

(0

.28)

.99

2022

.35

.34

(5

.22)

(4

.88)

(0

.32)

(1

.94)

(2

.26)

.21

2021

.15

.38

.85

.23

(0

.14)

(0

.89)

(1

.03)

.35

shares

2025

.62

.23

.26

.49

(0

.48)

(1

.30)

(1

.78)

.33

2024

.02

.27

.70

.97

(0

.37)

–

(0

.37)

.62

2023

.26

.40

.70

.10

(0

.34)

–

(0

.34)

.02

2022

.39

.38

(5

.23)

(4

.85)

(0

.34)

(1

.94)

(2

.28)

.26

2021

.17

.40

.90

.30

(0

.19)

(0

.89)

(1

.08)

.39

shares

2025

.60

.35

.17

.52

(0

.51)

(1

.30)

(1

.81)

.31

2024

.01

.31

.69

.00

(0

.41)

–

(0

.41)

.60

2023

.25

.39

.74

.13

(0

.37)

–

(0

.37)

.01

2022

.41

.42

(5

.22)

(4

.80)

(0

.42)

(1

.94)

(2

.36)

.25

2021

.19

.45

.89

.34

(0

.23)

(0

.89)

(1

.12)

.41

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.59

%

$

19,871

.77

%

(b) 1

.63

%

.3

%

.19

18,176

.81

(b) ,(c)

.12

.0

.06

88,447

.92

(b) ,(d)

.98

.8

(29

.86)

88,476

.87

(b) 2

.93

.5

.33

133,135

.90

(b) 2

.43

.0

.02

2,879

.20

.24

.3

.58

1,110

.29

(c) 1

.56

.0

.50

969

.40

(d) 2

.45

.8

(30

.14)

1,649

.34

.40

.5

.72

3,029

.36

.11

.0

.40

3,473

.89

.55

.3

.06

2,462

.98

(c) 1

.92

.0

.81

2,058

.09

(d) 3

.09

.8

(29

.95)

.03

.73

.5

.12

(e) 755

.05

.21

.0

.75

6,504,278

.62

(b) 2

.35

.3

.30

208,314

.71

(b) ,(c)

.21

.0

.09

180,658

.82

(b) ,(d)

.09

.8

(29

.73)

181,468

.76

(b) 3

.06

.5

.47

204,338

.79

(b) 2

.51

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Subject

to

Manager's

contractual

expense

limit.

(c) Includes

0.02%

of

expenses

associated

with

the

reclaim

of

foreign

taxes

paid.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(d) Includes

0.13%

of

expenses

associated

with

the

reclaim

of

foreign

taxes

paid.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(e) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

LARGECAP

GROWTH

FUND

I

Class

A

shares

2025

$

.24

($

.07)

$

.19

$

.12

($

.26)

($

.26)

$

.10

2024

.77

(0

.05)

.56

.51

(1

.04)

(1

.04)

.24

2023

.20

(0

.05)

.14

.09

(1

.52)

(1

.52)

.77

2022

.75

(0

.08)

(6

.95)

(7

.03)

(2

.52)

(2

.52)

.20

2021

.39

(0

.11)

.91

.80

(1

.44)

(1

.44)

.75

Class

J

shares

2025

.38

(0

.03)

.20

.17

(5

.26)

(5

.26)

.29

2024

.25

(0

.01)

.18

.17

(1

.04)

(1

.04)

.38

2023

.17

(0

.02)

.62

.60

(1

.52)

(1

.52)

.25

2022

.22

(0

.04)

(5

.49)

(5

.53)

(2

.52)

(2

.52)

.17

2021

.10

(0

.06)

.62

.56

(1

.44)

(1

.44)

.22

Institutional

shares

2025

.74

(0

.04)

.52

.48

(5

.26)

(5

.26)

.96

2024

.82

.01

.95

.96

(1

.04)

(1

.04)

.74

2023

.05

(0

.01)

.30

.29

(1

.52)

(1

.52)

.82

2022

.95

(0

.03)

(7

.35)

(7

.38)

(2

.52)

(2

.52)

.05

2021

.20

(0

.05)

.24

.19

(1

.44)

(1

.44)

.95

shares

2025

.89

(0

.09)

.71

.62

(5

.26)

(5

.26)

.25

2024

.11

(0

.08)

.90

.82

(1

.04)

(1

.04)

.89

2023

.80

(0

.07)

.90

.83

(1

.52)

(1

.52)

.11

2022

.70

(0

.10)

(6

.28)

(6

.38)

(2

.52)

(2

.52)

.80

2021

.94

(0

.14)

.34

.20

(1

.44)

(1

.44)

.70

shares

2025

.20

(0

.06)

.20

.14

(5

.26)

(5

.26)

.08

2024

.73

(0

.03)

.54

.51

(1

.04)

(1

.04)

.20

2023

.15

(0

.03)

.13

.10

(1

.52)

(1

.52)

.73

2022

.65

(0

.06)

(6

.92)

(6

.98)

(2

.52)

(2

.52)

.15

2021

.29

(0

.08)

.88

.80

(1

.44)

(1

.44)

.65

shares

2025

.81

(0

.02)

.53

.51

(5

.26)

(5

.26)

.06

2024

.85

.01

.99

.00

(1

.04)

(1

.04)

.81

2023

.07

.01

.29

.30

(1

.52)

(1

.52)

.85

2022

.96

(0

.02)

(7

.35)

(7

.37)

(2

.52)

(2

.52)

.07

2021

.19

(0

.03)

.25

.22

(1

.45)

(1

.45)

.96

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.09

%

(b) $

569,409

.93

%

(c) –

%

(0

.45)

%

.7

%

.80

(b) 533,056

.94

(c) –

(0

.28)

.6

.90

(b) ,(d)

423,684

.00

(c) –

(0

.37)

.5

(32

.72)

(b) 389,907

.96

(c) –

(0

.46)

.4

.72

(b) 632,010

.95

(c) –

(0

.51)

.1

.36

(b) 454,528

.78

(e) 0

.80

(f) (0

.30)

.7

.04

(b) 424,765

.77

(e) 0

.80

(f) (0

.11)

.6

.11

(b) ,(d)

319,716

.80

(e) 0

.84

(f) (0

.17)

.5

(32

.65)

(b) ,(g)

269,806

.79

(e) 0

.83

(f) (0

.29)

.4

.03

(b) ,(g)

445,587

.78

(e) 0

.82

(f) (0

.34)

.1

.44

487,852

.67

(c) –

(0

.20)

.7

.08

693,756

.67

(c) –

.06

.6

.31

(d) 2,516,629

.68

(c) –

(0

.05)

.5

(32

.53)

2,371,763

.68

(c) –

(0

.18)

.4

.14

3,460,761

.67

(c) –

(0

.23)

.1

.85

76,190

.16

(c) –

(0

.69)

.7

.43

71,500

.16

(c) –

(0

.50)

.6

.69

(d) 63,841

.16

(c) –

(0

.53)

.5

(32

.85)

(g) 58,977

.16

(c) –

(0

.66)

.4

.54

(g) 102,793

.15

(c) –

(0

.71)

.1

.26

154,277

.85

(c) –

(0

.38)

.7

.91

133,666

.85

(c) –

(0

.18)

.6

.04

(d) 148,543

.85

(c) –

(0

.21)

.5

(32

.64)

158,035

.85

(c) –

(0

.35)

.4

.94

364,553

.84

(c) –

(0

.40)

.1

.55

6,704,503

.59

(c) –

(0

.11)

.7

.27

8,162,259

.59

(c) –

.07

.6

.36

(d) 6,955,555

.59

(c) –

.04

.5

(32

.47)

6,257,991

.59

(c) –

(0

.09)

.4

.24

(g) 9,740,176

.59

(c) –

(0

.15)

.1

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit.

(d) During

the

fiscal

year

ending

October

31,

2023,

the

Fund

experienced

a

one-time

gain

of

approximately

$0.03/share

as

a

result

of

a

reimbursement

by

a

service

provider.

If

such

gain

had

not

been

recognized,

the

total

return

amounts

expressed

herein

would

have

been

lower.

(e) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(f) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(g) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

LARGECAP

S&P

500

INDEX

FUND

Class

A

shares

2025

$

.11

$

.30

$

.49

$

.79

($

.29)

($

.43)

($

.72)

$

.18

2024

.25

.30

.47

.77

(0

.27)

(0

.64)

(0

.91)

.11

2023

.91

.27

.59

.86

(0

.25)

(0

.27)

(0

.52)

.25

2022

.67

.24

(3

.75)

(3

.51)

(0

.20)

(3

.05)

(3

.25)

.91

2021

.14

.24

.88

.12

(0

.33)

(1

.26)

(1

.59)

.67

Class

J

shares

2025

.72

.31

.40

.71

(0

.30)

(0

.43)

(0

.73)

.70

2024

.97

.32

.36

.68

(0

.29)

(0

.64)

(0

.93)

.72

2023

.65

.29

.56

.85

(0

.26)

(0

.27)

(0

.53)

.97

2022

.36

.25

(3

.70)

(3

.45)

(0

.21)

(3

.05)

(3

.26)

.65

2021

.93

.25

.78

.03

(0

.34)

(1

.26)

(1

.60)

.36

Institutional

shares

2025

.15

.37

.49

.86

(0

.34)

(0

.43)

(0

.77)

.24

2024

.29

.36

.46

.82

(0

.32)

(0

.64)

(0

.96)

.15

2023

.94

.33

.59

.92

(0

.30)

(0

.27)

(0

.57)

.29

2022

.70

.29

(3

.75)

(3

.46)

(0

.25)

(3

.05)

(3

.30)

.94

2021

.16

.30

.88

.18

(0

.38)

(1

.26)

(1

.64)

.70

shares

2025

.13

.20

.48

.68

(0

.20)

(0

.43)

(0

.63)

.18

2024

.28

.22

.48

.70

(0

.21)

(0

.64)

(0

.85)

.13

2023

.91

.21

.60

.81

(0

.17)

(0

.27)

(0

.44)

.28

2022

.67

.17

(3

.76)

(3

.59)

(0

.12)

(3

.05)

(3

.17)

.91

2021

.15

.17

.87

.04

(0

.26)

(1

.26)

(1

.52)

.67

shares

2025

.67

.30

.58

.88

(0

.29)

(0

.43)

(0

.72)

.83

2024

.66

.30

.62

.92

(0

.27)

(0

.64)

(0

.91)

.67

2023

.27

.28

.63

.91

(0

.25)

(0

.27)

(0

.52)

.66

2022

.09

.24

(3

.82)

(3

.58)

(0

.19)

(3

.05)

(3

.24)

.27

2021

.44

.24

.99

.23

(0

.32)

(1

.26)

(1

.58)

.09

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.03

%

(b) $

963,461

.31

%

–

%

.03

%

.2

%

.50

(b) 805,883

.33

–

.19

.3

.61

(b) 616,516

.42

–

.29

.9

(14

.93)

(b) 544,686

.40

–

.10

.7

.29

(b) 651,354

.40

–

.00

.8

.08

(b) 1,445,305

.27

(c) 0

.27

(d) 1

.08

.2

.58

(b) 1,244,170

.27

(c) 0

.28

(d) 1

.25

.3

.71

(b) 892,669

.34

(c) 0

.36

(d) 1

.37

.9

(14

.87)

(b) 810,657

.34

(c) 0

.36

(d) 1

.15

.7

.31

(b) 970,126

.35

(c) 0

.37

(d) 1

.06

.8

.32

7,790,209

.10

–

.24

.2

.75

5,998,941

.11

–

.40

.3

.93

4,143,385

.16

–

.55

.9

(14

.73)

3,639,186

.16

–

.34

.7

.61

4,069,356

.17

–

.27

.8

.60

197,091

.66

–

.69

.2

.03

169,311

.67

–

.85

.3

.32

136,914

.71

–

.00

.9

(15

.21)

133,978

.72

–

.77

.7

.78

192,913

.72

–

.70

.8

.97

446,848

.35

–

.99

.2

.47

296,387

.36

–

.16

.3

.67

238,426

.40

–

.31

.9

(14

.94)

256,634

.41

–

.08

.7

.22

327,673

.41

–

.99

.8

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

LARGECAP

VALUE

FUND

III

Class

J

shares

2025

$

.31

$

.23

$

.11

$

.34

($

.23)

($

.33)

($

.56)

$

.09

2024

.27

.25

.33

.58

(0

.23)

(0

.31)

(0

.54)

.31

2023

.01

.22

(0

.29)

(0

.07)

(0

.24)

(1

.43)

(1

.67)

.27

2022

.70

.21

(1

.16)

(0

.95)

(0

.14)

(1

.60)

(1

.74)

.01

2021

.67

.15

.10

.25

(0

.22)

–

(0

.22)

.70

Institutional

shares

2025

.76

.29

.13

.42

(0

.27)

(1

.33)

(1

.60)

.58

2024

.63

.30

.42

.72

(0

.28)

(0

.31)

(0

.59)

.76

2023

.36

.28

(0

.29)

(0

.01)

(0

.29)

(1

.43)

(1

.72)

.63

2022

.07

.26

(1

.18)

(0

.92)

(0

.19)

(1

.60)

(1

.79)

.36

2021

.94

.21

.19

.40

(0

.27)

–

(0

.27)

.07

shares

2025

.05

.18

.23

.41

(0

.19)

(1

.33)

(1

.52)

.94

2024

.64

.21

.69

.90

(0

.18)

(0

.31)

(0

.49)

.05

2023

.36

.19

(0

.30)

(0

.11)

(0

.18)

(1

.43)

(1

.61)

.64

2022

.13

.16

(1

.24)

(1

.08)

(0

.09)

(1

.60)

(1

.69)

.36

2021

.67

.10

.53

.63

(0

.17)

–

(0

.17)

.13

shares

2025

.97

.24

.14

.38

(0

.22)

(1

.33)

(1

.55)

.80

2024

.80

.26

.46

.72

(0

.24)

(0

.31)

(0

.55)

.97

2023

.52

.23

(0

.28)

(0

.05)

(0

.24)

(1

.43)

(1

.67)

.80

2022

.22

.22

(1

.20)

(0

.98)

(0

.12)

(1

.60)

(1

.72)

.52

2021

.04

.16

.25

.41

(0

.23)

–

(0

.23)

.22

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.28

%

(b) $

86,965

.91

%

(c) 0

.95

%

(d) 1

.19

%

.5

%

.69

(b) 88,878

.93

(c) 1

.01

(d) 1

.36

.1

(0

.46)

(b) 76,888

.00

(c) 1

.09

(d) 1

.31

.9

(4

.80)

(b) 82,605

.97

(c) 1

.06

(d) 1

.13

.6

.96

(b) 84,871

.98

(c) 1

.07

(d) 0

.82

.3

.54

2,767,672

.67

(e) –

.45

.5

.97

3,682,407

.70

(e) –

.57

.1

(0

.13)

2,556,406

.72

(e) –

.59

.9

(4

.56)

2,634,970

.70

(e) –

.39

.6

.27

3,457,999

.70

(e) –

.07

.3

.00

9,191

.23

(e) –

.88

.5

.19

6,886

.26

(e) –

.03

.1

(0

.67)

5,941

.27

(e) –

.04

.9

(5

.11)

6,078

.26

(e) –

.83

.6

.56

7,133

.27

(e) –

.52

.3

.24

4,891

.92

(e) –

.20

.5

.61

5,485

.95

(e) –

.36

.1

(0

.34)

5,618

.96

(e) –

.34

.9

(4

.81)

5,432

.95

(e) –

.15

.6

.94

8,722

.96

(e) –

.84

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

MIDCAP

FUND

Class

A

shares

2025

$

.52

($

.12)

$

.17

$

.05

$

–

($

.40)

($

.40)

$

.17

2024

.74

.07

.66

.73

–

(0

.95)

(0

.95)

.52

2023

.71

(0

.10)

.12

.02

–

(0

.99)

(0

.99)

.74

2022

.87

(0

.09)

(8

.74)

(8

.83)

–

(3

.33)

(3

.33)

.71

2021

.19

(0

.19)

.26

.07

–

(0

.39)

(0

.39)

.87

Class

C

shares

2025

.12

(0

.40)

.99

.59

–

(1

.40)

(1

.40)

.31

2024

.69

(0

.21)

.59

.38

–

(0

.95)

(0

.95)

.12

2023

.19

(0

.31)

.80

.49

–

(0

.99)

(0

.99)

.69

2022

.32

(0

.31)

(7

.49)

(7

.80)

–

(3

.33)

(3

.33)

.19

2021

.51

(0

.39)

.59

.20

–

(0

.39)

(0

.39)

.32

Class

J

shares

2025

.73

(0

.07)

.15

.08

(0

.03)

(1

.40)

(1

.43)

.38

2024

.43

.12

.13

.25

–

(0

.95)

(0

.95)

.73

2023

.44

(0

.05)

.03

.98

–

(0

.99)

(0

.99)

.43

2022

.18

(0

.04)

(8

.37)

(8

.41)

–

(3

.33)

(3

.33)

.44

2021

.96

(0

.12)

.73

.61

–

(0

.39)

(0

.39)

.18

Institutional

shares

2025

.49

(0

.02)

.23

.21

(0

.06)

(1

.40)

(1

.46)

.24

2024

.08

.17

.20

.37

(0

.01)

(0

.95)

(0

.96)

.49

2023

.88

(0

.01)

.20

.19

–

(0

.99)

(0

.99)

.08

2022

.26

–

(9

.05)

(9

.05)

–

(3

.33)

(3

.33)

.88

2021

.08

(0

.09)

.66

.57

–

(0

.39)

(0

.39)

.26

shares

2025

.79

(0

.25)

.17

.92

(0

.01)

(1

.40)

(1

.41)

.30

2024

.58

(0

.03)

.19

.16

–

(0

.95)

(0

.95)

.79

2023

.68

(0

.16)

.05

.89

–

(0

.99)

(0

.99)

.58

2022

.63

(0

.16)

(8

.46)

(8

.62)

–

(3

.33)

(3

.33)

.68

2021

.38

(0

.26)

.90

.64

–

(0

.39)

(0

.39)

.63

shares

2025

.34

(0

.12)

.25

.13

–

(1

.40)

(1

.40)

.07

2024

.31

.10

.88

.98

–

(0

.95)

(0

.95)

.34

2023

.21

(0

.07)

.16

.09

–

(0

.99)

(0

.99)

.31

2022

.47

(0

.06)

(8

.87)

(8

.93)

–

(3

.33)

(3

.33)

.21

2021

.57

(0

.15)

.44

.29

–

(0

.39)

(0

.39)

.47

shares

2025

.56

.02

.23

.25

(0

.09)

(1

.40)

(1

.49)

.32

2024

.13

.21

.21

.42

(0

.04)

(0

.95)

(0

.99)

.56

2023

.90

.01

.21

.22

–

(0

.99)

(0

.99)

.13

2022

.26

.03

(9

.06)

(9

.03)

–

(3

.33)

(3

.33)

.90

2021

.05

(0

.06)

.66

.60

–

(0

.39)

(0

.39)

.26

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.28

%

(b) $

1,893,507

.90

%

–

%

(0

.28)

%

.7

%

.69

(b) 1,994,144

.91

–

.18

.5

.62

(b) 1,590,186

.95

–

(0

.30)

.1

(22

.25)

(b) 1,591,916

.94

–

(0

.27)

.1

.63

(b) 2,198,683

.93

–

(0

.50)

.4

.45

(b) 29,747

.71

–

(1

.10)

.7

.55

(b) 34,593

.72

–

(0

.64)

.5

.71

(b) 29,926

.78

–

(1

.13)

.1

(22

.84)

(b) 40,097

.72

–

(1

.06)

.1

.62

(b) 72,682

.67

–

(1

.21)

.4

.45

(b) 471,374

.76

(c) 0

.76

(d) (0

.15)

.7

.87

(b) 385,523

.76

(c) 0

.78

(d) 0

.32

.5

.78

(b) 293,360

.80

(c) 0

.82

(d) (0

.16)

.1

(22

.13)

(b) 292,151

.79

(c) 0

.81

(d) (0

.12)

.1

.85

(b) ,(e)

407,907

.78

(c) 0

.80

(d) (0

.34)

.4

.54

15,681,298

.67

–

(0

.04)

.7

.00

13,863,432

.67

–

.41

.5

.92

9,079,129

.68

–

(0

.04)

.1

(22

.05)

(e) 10,110,818

.67

(f) –

.00

.1

.03

(e) 15,790,247

.67

(f) –

(0

.24)

.4

.06

164,861

.13

–

(0

.60)

.7

.36

51,069

.14

–

(0

.07)

.5

.41

40,789

.15

–

(0

.51)

.1

(22

.42)

44,432

.15

–

(0

.49)

.1

.32

(e) 73,376

.15

–

(0

.71)

.4

.43

235,966

.82

–

(0

.26)

.7

.75

281,715

.83

–

.24

.5

.74

219,018

.84

–

(0

.21)

.1

(22

.16)

296,351

.84

–

(0

.17)

.1

.76

(e) 427,065

.84

–

(0

.40)

.4

.63

13,049,550

.57

–

.05

.7

.11

11,302,031

.59

–

.50

.5

.01

6,835,701

.60

(f) –

.04

.1

(21

.98)

5,989,509

.59

(f) –

.09

.1

.13

5,220,374

.59

(f) –

(0

.15)

.4

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(f) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

MIDCAP

S&P

INDEX

FUND

Class

J

shares

2025

$

.74

$

.25

$

.00

$

.25

($

.29)

($

.76)

($

.05)

$

.94

2024

.60

.27

.65

.92

(0

.26)

(0

.52)

(0

.78)

.74

2023

.31

.24

(0

.52)

(0

.28)

(0

.24)

(1

.19)

(1

.43)

.60

2022

.15

.24

(3

.04)

(2

.80)

(0

.25)

(1

.79)

(2

.04)

.31

2021

.23

.26

.18

.44

(0

.21)

(1

.31)

(1

.52)

.15

Institutional

shares

2025

.79

.29

.06

.35

(0

.32)

(2

.76)

(3

.08)

.06

2024

.39

.31

.90

.21

(0

.29)

(0

.52)

(0

.81)

.79

2023

.11

.28

(0

.54)

(0

.26)

(0

.27)

(1

.19)

(1

.46)

.39

2022

.06

.28

(3

.16)

(2

.88)

(0

.28)

(1

.79)

(2

.07)

.11

2021

.84

.31

.46

.77

(0

.24)

(1

.31)

(1

.55)

.06

shares

2025

.40

.19

.08

.27

(0

.21)

(2

.76)

(2

.97)

.70

2024

.86

.21

.03

.24

(0

.18)

(0

.52)

(0

.70)

.40

2023

.57

.19

(0

.54)

(0

.35)

(0

.17)

(1

.19)

(1

.36)

.86

2022

.57

.18

(3

.24)

(3

.06)

(0

.15)

(1

.79)

(1

.94)

.57

2021

.19

.19

.64

.83

(0

.14)

(1

.31)

(1

.45)

.57

shares

2025

.90

.26

.10

.36

(0

.29)

(2

.76)

(3

.05)

.21

2024

.22

.28

.17

.45

(0

.25)

(0

.52)

(0

.77)

.90

2023

.95

.26

(0

.57)

(0

.31)

(0

.23)

(1

.19)

(1

.42)

.22

2022

.00

.25

(3

.28)

(3

.03)

(0

.23)

(1

.79)

(2

.02)

.95

2021

.48

.27

.76

.03

(0

.20)

(1

.31)

(1

.51)

.00

shares

2025

.78

.31

.05

.36

(0

.33)

(2

.76)

(3

.09)

.05

2024

.39

.33

.89

.22

(0

.31)

(0

.52)

(0

.83)

.78

2023

.11

.30

(0

.54)

(0

.24)

(0

.29)

(1

.19)

(1

.48)

.39

2022

.05

.30

(3

.15)

(2

.85)

(0

.30)

(1

.79)

(2

.09)

.11

2021

.83

.32

.46

.78

(0

.25)

(1

.31)

(1

.56)

.05

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.96

%

(b) $

147,752

.38

%

(c) 0

.38

%

(d) 1

.15

%

.2

%

.43

(b) 153,543

.36

(c) 0

.38

(d) 1

.23

.9

(1

.41)

(b) 122,039

.40

(c) 0

.42

(d) 1

.21

.4

(11

.85)

(b) 127,212

.39

(c) 0

.41

(d) 1

.12

.9

.22

(b) 151,143

.39

(c) 0

.41

(d) 1

.11

.2

.10

221,252

.25

–

.28

.2

.61

213,290

.25

–

.35

.9

(1

.25)

183,105

.25

–

.36

.4

(11

.73)

188,790

.23

–

.27

.9

.45

251,222

.22

–

.27

.2

.59

63,217

.73

–

.80

.2

.92

66,175

.73

–

.87

.9

(1

.70)

59,228

.73

–

.88

.4

(12

.15)

67,797

.73

–

.77

.9

.71

88,428

.73

–

.76

.2

.88

112,221

.42

–

.11

.2

.42

90,491

.42

–

.18

.9

(1

.45)

76,662

.42

–

.19

.4

(11

.87)

95,818

.42

–

.08

.9

.14

122,169

.42

–

.08

.2

.19

665,695

.16

–

.36

.2

.67

701,967

.16

–

.45

.9

(1

.18)

740,171

.16

–

.44

.4

(11

.64)

712,153

.16

(e) –

.36

.9

.58

740,456

.16

(e) –

.34

.2

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

MIDCAP

VALUE

FUND

I

Class

A

shares

2025

$

.40

$

.12

$

.13

$

.25

($

.19)

($

.52)

($

.71)

$

.94

2024

.89

.14

.06

.20

(0

.15)

(0

.54)

(0

.69)

.40

2023

.23

.15

(0

.45)

(0

.30)

(0

.16)

(0

.88)

(1

.04)

.89

2022

.93

.18

(0

.92)

(0

.74)

(0

.16)

(1

.80)

(1

.96)

.23

2021

.76

.16

.14

.30

(0

.13)

–

(0

.13)

.93

Class

J

shares

2025

.19

.15

.12

.27

(0

.22)

(2

.52)

(2

.74)

.72

2024

.72

.18

.02

.20

(0

.19)

(0

.54)

(0

.73)

.19

2023

.06

.18

(0

.45)

(0

.27)

(0

.19)

(0

.88)

(1

.07)

.72

2022

.74

.21

(0

.90)

(0

.69)

(0

.19)

(1

.80)

(1

.99)

.06

2021

.65

.19

.08

.27

(0

.18)

–

(0

.18)

.74

Institutional

shares

2025

.48

.19

.11

.30

(0

.24)

(2

.52)

(2

.76)

.02

2024

.95

.21

.08

.29

(0

.22)

(0

.54)

(0

.76)

.48

2023

.29

.22

(0

.46)

(0

.24)

(0

.22)

(0

.88)

(1

.10)

.95

2022

.98

.25

(0

.93)

(0

.68)

(0

.21)

(1

.80)

(2

.01)

.29

2021

.81

.22

.16

.38

(0

.21)

–

(0

.21)

.98

shares

2025

.08

.10

.12

.22

(0

.18)

(2

.52)

(2

.70)

.60

2024

.65

.12

.99

.11

(0

.14)

(0

.54)

(0

.68)

.08

2023

.98

.13

(0

.44)

(0

.31)

(0

.14)

(0

.88)

(1

.02)

.65

2022

.65

.16

(0

.90)

(0

.74)

(0

.13)

(1

.80)

(1

.93)

.98

2021

.60

.14

.05

.19

(0

.14)

–

(0

.14)

.65

shares

2025

.31

.15

.12

.27

(0

.22)

(2

.52)

(2

.74)

.84

2024

.82

.17

.05

.22

(0

.19)

(0

.54)

(0

.73)

.31

2023

.16

.18

(0

.45)

(0

.27)

(0

.19)

(0

.88)

(1

.07)

.82

2022

.85

.21

(0

.91)

(0

.70)

(0

.19)

(1

.80)

(1

.99)

.16

2021

.72

.19

.12

.31

(0

.18)

–

(0

.18)

.85

shares

2025

.53

.19

.12

.31

(0

.25)

(2

.52)

(2

.77)

.07

2024

.00

.22

.08

.30

(0

.23)

(0

.54)

(0

.77)

.53

2023

.33

.23

(0

.45)

(0

.22)

(0

.23)

(0

.88)

(1

.11)

.00

2022

.02

.26

(0

.92)

(0

.66)

(0

.23)

(1

.80)

(2

.03)

.33

2021

.84

.24

.16

.40

(0

.22)

–

(0

.22)

.02

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.91

%

(b) $

46,944

.06

%

(c) –

%

.77

%

.6

%

.83

(b) 47,518

.05

(c) –

.83

.3

(2

.02)

(b) 40,844

.12

(c) –

.93

.9

(4

.18)

(b) 46,917

.09

(c) –

.06

.1

.69

(b) 42,833

.10

(c) –

.90

.5

.06

(b) 170,931

.87

(d) 0

.89

(e) 0

.95

.6

.20

(b) 188,451

.84

(d) 0

.88

(e) 1

.04

.3

(1

.85)

(b) 162,873

.90

(d) 0

.94

(e) 1

.16

.9

(3

.97)

(b) 180,636

.88

(d) 0

.92

(e) 1

.27

.1

.98

(b) 190,633

.89

(d) 0

.93

(e) 1

.11

.5

.23

864,142

.69

(c) –

.15

.6

.40

1,282,618

.69

(c) –

.20

.3

(1

.64)

1,076,199

.69

(c) –

.36

.9

(3

.82)

1,106,800

.69

(c) –

.49

.1

.23

349,246

.72

(c) –

.29

.5

.74

12,331

.20

(c) –

.62

.6

.68

11,020

.19

(c) –

.69

.3

(2

.12)

10,065

.19

(c) –

.86

.9

(4

.26)

11,582

.19

(c) –

.95

.1

.47

13,975

.20

(c) –

.81

.5

.05

31,004

.89

(c) –

.93

.6

.14

29,770

.88

(c) –

.01

.3

(1

.82)

28,298

.88

(c) –

.17

.9

(4

.00)

28,272

.88

(c) –

.27

.1

.02

29,746

.89

(c) –

.12

.5

.28

1,145,435

.64

(c) –

.19

.6

.39

1,271,063

.63

(c) –

.28

.3

(1

.51)

2,089,882

.62

(c) –

.43

.9

(3

.78)

(f) 2,249,267

.62

(c) –

.53

.1

.41

(f) 2,312,305

.63

(c) –

.38

.5

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit.

(d) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(e) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(f) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

MONEY

MARKET

FUND

Class

A

shares

2025

$

.00

$

.04

$

.04

($

.04)

($

.04)

$

.00

2024

.00

.05

.05

(0

.05)

(0

.05)

.00

2023

.00

.04

.04

(0

.04)

(0

.04)

.00

2022

.00

.01

.01

(0

.01)

(0

.01)

.00

2021

.00

–

–

–

–

.00

Class

J

shares

2025

.00

.04

.04

(0

.04)

(0

.04)

.00

2024

.00

.05

.05

(0

.05)

(0

.05)

.00

2023

.00

.04

.04

(0

.04)

(0

.04)

.00

2022

.00

.01

.01

(0

.01)

(0

.01)

.00

2021

.00

–

–

–

–

.00

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.12

%

(b) $

348,977

.46

%

(c) 0

.46

%

(d) 4

.02

%

.08

(b) 348,944

.47

(c) 0

.47

(d) 4

.96

.53

(b) 341,831

.49

(c) 0

.49

(d) 4

.43

.63

(b) 352,832

.50

(c) 0

.54

(d) 0

.67

.00

(b) 293,949

.12

(c) 0

.55

(d) 0

.00

.15

(b) 728,054

.43

(e) 0

.58

(f) 4

.05

.12

(b) 700,884

.43

(e) 0

.58

(f) 5

.00

.58

(b) 654,501

.45

(e) 0

.60

(f) 4

.48

.64

(b) 625,829

.49

(e) 0

.64

(f) 0

.76

.00

(b) 411,033

.12

(e) 0

.66

(f) 0

.00

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

and/or

voluntary

expense

limit.

(d) Excludes

expense

reimbursement

from

Manager.

(e) Subject

to

Manager's

contractual

and

voluntary

expense

limit

and/or

Distributor's

contractual

distribution

fee

limit.

(f) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

OVERSEAS

FUND

Institutional

shares

2025

$

.15

$

.28

$

.28

$

.56

($

.51)

($

.08)

($

.59)

$

.12

2024

.03

.31

.48

.79

(0

.30)

(0

.37)

(0

.67)

.15

2023

.90

.30

.59

.89

(0

.23)

(0

.53)

(0

.76)

.03

2022

.44

.26

(1

.98)

(1

.72)

(0

.28)

(0

.54)

(0

.82)

.90

2021

.12

.20

.31

.51

(0

.19)

–

(0

.19)

.44

shares

2025

.97

.25

.23

.48

(0

.39)

(1

.08)

(1

.47)

.98

2024

.88

.25

.46

.71

(0

.25)

(0

.37)

(0

.62)

.97

2023

.78

.24

.57

.81

(0

.18)

(0

.53)

(0

.71)

.88

2022

.30

.20

(1

.96)

(1

.76)

(0

.22)

(0

.54)

(0

.76)

.78

2021

.02

.14

.27

.41

(0

.13)

–

(0

.13)

.30

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.66

%

$

1,639,934

.91

%

(b) 2

.57

%

.5

%

.27

1,157,795

.90

(b) 2

.83

.0

.01

2,143,073

.97

(b) 2

.86

.3

(16

.05)

1,703,672

.97

(b) 2

.56

.2

.48

2,927,281

.94

(b) 1

.79

.8

.92

826

.46

(b) 2

.34

.5

.68

.45

(b) 2

.37

.0

.27

717

.52

(b) 2

.31

.3

(16

.52)

.52

(b) 2

.01

.2

.73

604

.49

(b) 1

.29

.8

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

CAPITAL

APPRECIATION

FUND

Class

A

shares

2025

$

.71

$

.24

$

.84

$

.08

($

.37)

($

.79)

($

.16)

$

.63

2024

.41

.44

.33

.77

(0

.47)

–

(0

.47)

.71

2023

.59

.44

.75

.19

(0

.37)

–

(0

.37)

.41

2022

.28

.38

(8

.95)

(8

.57)

(0

.27)

(5

.85)

(6

.12)

.59

2021

.30

.36

.57

.93

(0

.43)

(2

.52)

(2

.95)

.28

Institutional

shares

2025

.89

.49

.40

.89

(0

.58)

(3

.79)

(4

.37)

.41

2024

.69

.67

.19

.86

(0

.66)

–

(0

.66)

.89

2023

.67

.64

.93

.57

(0

.55)

–

(0

.55)

.69

2022

.67

.57

(9

.26)

(8

.69)

(0

.46)

(5

.85)

(6

.31)

.67

2021

.00

.57

.22

.79

(0

.60)

(2

.52)

(3

.12)

.67

shares

2025

.68

.03

.82

.85

(0

.24)

(3

.79)

(4

.03)

.50

2024

.45

.24

.36

.60

(0

.37)

–

(0

.37)

.68

2023

.61

.30

.77

.07

(0

.23)

–

(0

.23)

.45

2022

.37

.24

(8

.98)

(8

.74)

(0

.17)

(5

.85)

(6

.02)

.61

2021

.37

.21

.62

.83

(0

.31)

(2

.52)

(2

.83)

.37

shares

2025

.68

.29

.18

.47

(0

.43)

(3

.79)

(4

.22)

.93

2024

.83

.50

.86

.36

(0

.51)

–

(0

.51)

.68

2023

.88

.49

.87

.36

(0

.41)

–

(0

.41)

.83

2022

.77

.43

(9

.17)

(8

.74)

(0

.30)

(5

.85)

(6

.15)

.88

2021

.35

.42

.98

.40

(0

.46)

(2

.52)

(2

.98)

.77

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

%

(b) $

1,520,610

.73

%

.29

%

.8

%

.15

(b) 1,405,974

.74

.60

.4

.75

(b) 1,085,264

.78

.76

.2

(13

.77)

(b) ,(c)

1,037,510

.77

.66

.5

.26

(b) ,(c)

1,288,915

.80

.59

.9

.52

(c) 3,566,464

.45

.57

.8

.55

3,171,457

.45

.88

.4

.12

2,351,308

.46

.07

.2

(13

.51)

(c) 2,022,614

.46

.97

.5

.71

(c) 961,957

.49

(d) 0

.90

.9

.88

(c) 51,979

.99

.03

.8

.81

41,756

.99

.32

.4

.51

24,142

.01

.52

.2

(13

.98)

19,275

.01

.42

.5

.94

20,459

.04

.35

.9

.23

43,314

.68

.35

.8

.24

35,981

.68

.66

.4

.85

31,171

.70

.83

.2

(13

.72)

27,542

.70

.73

.5

.37

33,672

.73

.68

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(d) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

2015

FUND

Institutional

shares

2025

$

.89

$

.27

$

.53

$

.80

($

.28)

($

.31)

($

.59)

$

.10

2024

.96

.27

.05

.32

(0

.25)

(0

.14)

(0

.39)

.89

2023

.28

.24

.07

.31

(0

.22)

(0

.41)

(0

.63)

.96

2022

.57

.29

(1

.78)

(1

.49)

(0

.26)

(0

.54)

(0

.80)

.28

2021

.66

.20

.26

.46

(0

.20)

(0

.35)

(0

.55)

.57

shares

2025

.59

.22

.50

.72

(0

.23)

(0

.31)

(0

.54)

.77

2024

.70

.21

.02

.23

(0

.20)

(0

.14)

(0

.34)

.59

2023

.02

.19

.07

.26

(0

.17)

(0

.41)

(0

.58)

.70

2022

.25

.23

(1

.72)

(1

.49)

(0

.20)

(0

.54)

(0

.74)

.02

2021

.38

.14

.22

.36

(0

.14)

(0

.35)

(0

.49)

.25

shares

2025

.71

.25

.51

.76

(0

.26)

(0

.31)

(0

.57)

.90

2024

.80

.25

.03

.28

(0

.23)

(0

.14)

(0

.37)

.71

2023

.13

.22

.06

.28

(0

.20)

(0

.41)

(0

.61)

.80

2022

.39

.27

(1

.76)

(1

.49)

(0

.23)

(0

.54)

(0

.77)

.13

2021

.50

.17

.24

.41

(0

.17)

(0

.35)

(0

.52)

.39

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.60

%

$

171,205

.03

%

.14

%

.3

%

.00

198,424

.02

.13

.8

.80

204,780

.02

.98

.5

(15

.15)

223,930

.02

.16

.2

.48

304,277

.02

.91

.3

.95

13,511

.58

.59

.3

.35

14,578

.58

.57

.8

.21

16,887

.58

.41

.5

(15

.57)

19,212

.58

.64

.2

.85

28,808

.58

.38

.3

.36

19,319

.27

.92

.3

.80

13,193

.27

.94

.8

.44

17,102

.27

.74

.5

(15

.35)

18,499

.27

.97

.2

.25

26,565

.27

.67

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

2020

FUND

Class

A

shares

2025

$

.00

$

.33

$

.88

$

.21

($

.33)

($

.53)

($

.86)

$

.35

2024

.52

.33

.72

.05

(0

.30)

(0

.27)

(0

.57)

.00

2023

.14

.29

.14

.43

(0

.25)

(0

.80)

(1

.05)

.52

2022

.80

.38

(2

.74)

(2

.36)

(0

.33)

(0

.97)

(1

.30)

.14

2021

.07

.23

.30

.53

(0

.23)

(0

.57)

(0

.80)

.80

Class

J

shares

2025

.78

.35

.85

.20

(0

.35)

(0

.53)

(0

.88)

.10

2024

.33

.35

.70

.05

(0

.33)

(0

.27)

(0

.60)

.78

2023

.96

.31

.14

.45

(0

.28)

(0

.80)

(1

.08)

.33

2022

.59

.41

(2

.72)

(2

.31)

(0

.35)

(0

.97)

(1

.32)

.96

2021

.89

.25

.28

.53

(0

.26)

(0

.57)

(0

.83)

.59

Institutional

shares

2025

.89

.38

.86

.24

(0

.37)

(0

.53)

(0

.90)

.23

2024

.43

.37

.71

.08

(0

.35)

(0

.27)

(0

.62)

.89

2023

.06

.33

.14

.47

(0

.30)

(0

.80)

(1

.10)

.43

2022

.70

.44

(2

.73)

(2

.29)

(0

.38)

(0

.97)

(1

.35)

.06

2021

.99

.28

.28

.56

(0

.28)

(0

.57)

(0

.85)

.70

shares

2025

.70

.30

.86

.16

(0

.31)

(0

.53)

(0

.84)

.02

2024

.27

.30

.68

.98

(0

.28)

(0

.27)

(0

.55)

.70

2023

.89

.26

.14

.40

(0

.22)

(0

.80)

(1

.02)

.27

2022

.49

.36

(2

.70)

(2

.34)

(0

.29)

(0

.97)

(1

.26)

.89

2021

.82

.19

.25

.44

(0

.20)

(0

.57)

(0

.77)

.49

shares

2025

.79

.34

.86

.20

(0

.34)

(0

.53)

(0

.87)

.12

2024

.35

.34

.68

.02

(0

.31)

(0

.27)

(0

.58)

.79

2023

.97

.31

.13

.44

(0

.26)

(0

.80)

(1

.06)

.35

2022

.60

.40

(2

.72)

(2

.32)

(0

.34)

(0

.97)

(1

.31)

.97

2021

.90

.24

.28

.52

(0

.25)

(0

.57)

(0

.82)

.60

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.98

%

(b) $

82,201

.33

%

–

%

.63

%

.6

%

.15

(b) 86,973

.33

–

.64

.4

.73

(b) 81,249

.38

–

.44

.8

(16

.17)

(b) 88,607

.36

(c) –

.84

.2

.52

(b) 112,642

.35

(c) –

.50

.6

.12

(b) 649,774

.17

(d) 0

.17

(e) 2

.79

.6

.47

(b) 669,174

.15

(d) 0

.17

(e) 2

.82

.4

.91

(b) 640,253

.16

(d) 0

.18

(e) 2

.64

.8

(16

.05)

(b) 679,727

.17

(d) 0

.19

(e) 3

.06

.2

.69

(b) ,(f)

910,454

.18

(d) 0

.20

(e) 1

.68

.6

.36

1,143,548

.01

–

.99

.6

.57

1,401,110

.01

–

.98

.4

.07

1,427,262

.01

–

.82

.8

(15

.85)

1,640,911

.01

–

.25

.2

.87

2,424,308

.01

–

.86

.6

.76

61,765

.57

–

.43

.6

.86

60,266

.57

–

.41

.4

.51

62,249

.57

–

.26

.8

(16

.37)

(f) 77,582

.57

–

.69

.2

.24

(f) 112,088

.57

–

.30

.6

.10

79,695

.26

–

.75

.6

.20

74,174

.26

–

.76

.4

.88

85,830

.26

–

.60

.8

(16

.13)

103,555

.26

–

.02

.2

.62

154,635

.26

–

.63

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit.

(d) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(e) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(f) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

2025

FUND

Institutional

shares

2025

$

.67

$

.32

$

.90

$

.22

($

.31)

($

.38)

($

.69)

$

.20

2024

.13

.31

.69

.00

(0

.28)

(0

.18)

(0

.46)

.67

2023

.47

.27

.18

.45

(0

.24)

(0

.55)

(0

.79)

.13

2022

.55

.37

(2

.48)

(2

.11)

(0

.33)

(0

.64)

(0

.97)

.47

2021

.64

.23

.33

.56

(0

.23)

(0

.42)

(0

.65)

.55

shares

2025

.31

.25

.88

.13

(0

.25)

(0

.38)

(0

.63)

.81

2024

.83

.24

.65

.89

(0

.23)

(0

.18)

(0

.41)

.31

2023

.18

.21

.17

.38

(0

.18)

(0

.55)

(0

.73)

.83

2022

.20

.31

(2

.43)

(2

.12)

(0

.26)

(0

.64)

(0

.90)

.18

2021

.35

.16

.27

.43

(0

.16)

(0

.42)

(0

.58)

.20

shares

2025

.54

.29

.90

.19

(0

.29)

(0

.38)

(0

.67)

.06

2024

.02

.28

.68

.96

(0

.26)

(0

.18)

(0

.44)

.54

2023

.36

.25

.17

.42

(0

.21)

(0

.55)

(0

.76)

.02

2022

.42

.36

(2

.48)

(2

.12)

(0

.30)

(0

.64)

(0

.94)

.36

2021

.54

.20

.30

.50

(0

.20)

(0

.42)

(0

.62)

.42

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

%

$

1,198,282

.01

%

.80

%

.0

%

.13

1,357,468

.01

.78

.4

.49

1,267,266

.01

.60

.4

(16

.71)

1,283,002

.01

.21

.6

.55

1,534,067

.01

.76

.0

.57

90,789

.57

.21

.0

.46

91,488

.57

.23

.4

.83

86,339

.58

.07

.4

(17

.18)

98,077

.57

.73

.6

.95

132,449

.57

.23

.0

.92

92,061

.26

.56

.0

.84

73,269

.26

.58

.4

.25

81,215

.27

.40

.4

(16

.95)

89,987

.26

.09

.6

.20

123,237

.26

.54

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

2030

FUND

Class

A

shares

2025

$

.71

$

.32

$

.32

$

.64

($

.32)

($

.48)

($

.80)

$

.55

2024

.50

.31

.43

.74

(0

.28)

(0

.25)

(0

.53)

.71

2023

.12

.24

.32

.56

(0

.20)

(0

.98)

(1

.18)

.50

2022

.49

.42

(3

.42)

(3

.00)

(0

.35)

(1

.02)

(1

.37)

.12

2021

.76

.22

.45

.67

(0

.22)

(0

.72)

(0

.94)

.49

Class

J

shares

2025

.60

.34

.32

.66

(0

.35)

(0

.48)

(0

.83)

.43

2024

.41

.33

.42

.75

(0

.31)

(0

.25)

(0

.56)

.60

2023

.04

.26

.32

.58

(0

.23)

(0

.98)

(1

.21)

.41

2022

.39

.44

(3

.39)

(2

.95)

(0

.38)

(1

.02)

(1

.40)

.04

2021

.67

.26

.43

.69

(0

.25)

(0

.72)

(0

.97)

.39

Institutional

shares

2025

.68

.37

.32

.69

(0

.37)

(0

.48)

(0

.85)

.52

2024

.48

.36

.42

.78

(0

.33)

(0

.25)

(0

.58)

.68

2023

.10

.29

.32

.61

(0

.25)

(0

.98)

(1

.23)

.48

2022

.47

.46

(3

.40)

(2

.94)

(0

.41)

(1

.02)

(1

.43)

.10

2021

.73

.28

.45

.73

(0

.27)

(0

.72)

(0

.99)

.47

shares

2025

.55

.29

.30

.59

(0

.29)

(0

.48)

(0

.77)

.37

2024

.37

.28

.41

.69

(0

.26)

(0

.25)

(0

.51)

.55

2023

.99

.21

.32

.53

(0

.17)

(0

.98)

(1

.15)

.37

2022

.33

.39

(3

.39)

(3

.00)

(0

.32)

(1

.02)

(1

.34)

.99

2021

.63

.19

.42

.61

(0

.19)

(0

.72)

(0

.91)

.33

shares

2025

.64

.34

.31

.65

(0

.34)

(0

.48)

(0

.82)

.47

2024

.44

.33

.41

.74

(0

.29)

(0

.25)

(0

.54)

.64

2023

.07

.26

.31

.57

(0

.22)

(0

.98)

(1

.20)

.44

2022

.43

.43

(3

.40)

(2

.97)

(0

.37)

(1

.02)

(1

.39)

.07

2021

.70

.25

.44

.69

(0

.24)

(0

.72)

(0

.96)

.43

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.81

%

(b) $

141,118

.32

%

–

%

.20

%

.1

%

.27

(b) 139,779

.33

–

.20

.7

.42

(b) 121,782

.38

(c) –

.84

.2

(18

.48)

(b) 129,354

.37

(c) –

.83

.1

.68

(b) 168,435

.36

(c) –

.34

.0

.03

(b) 1,127,744

.17

(d) 0

.17

(e) 2

.36

.1

.52

(b) 1,133,064

.16

(d) 0

.17

(e) 2

.39

.7

.59

(b) 1,019,722

.17

(d) 0

.19

(e) 2

.05

.2

(18

.33)

(b) 1,041,206

.18

(d) 0

.20

(e) 3

.02

.1

.00

(b) 1,388,404

.18

(d) 0

.20

(e) 1

.56

.0

.21

3,610,149

.01

–

.54

.1

.67

3,850,068

.01

–

.53

.7

.84

3,387,912

.01

–

.21

.2

(18

.22)

3,437,305

.01

–

.15

.1

.21

4,530,236

.01

–

.71

.0

.59

145,283

.57

–

.99

.1

.04

133,904

.57

–

.98

.7

.20

123,110

.57

–

.64

.2

(18

.66)

125,371

.57

–

.65

.1

.46

176,532

.57

–

.14

.0

.93

188,240

.26

–

.32

.1

.42

157,441

.26

–

.34

.7

.49

167,033

.26

–

.99

.2

(18

.42)

184,436

.26

–

.94

.1

.88

242,659

.26

–

.49

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit.

(d) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(e) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

2035

FUND

Institutional

shares

2025

$

.41

$

.31

$

.35

$

.66

($

.29)

($

.45)

($

.74)

$

.33

2024

.22

.30

.40

.70

(0

.27)

(0

.24)

(0

.51)

.41

2023

.43

.23

.37

.60

(0

.19)

(0

.62)

(0

.81)

.22

2022

.10

.41

(3

.07)

(2

.66)

(0

.40)

(0

.61)

(1

.01)

.43

2021

.34

.24

.24

.48

(0

.23)

(0

.49)

(0

.72)

.10

shares

2025

.06

.23

.32

.55

(0

.22)

(0

.45)

(0

.67)

.94

2024

.95

.23

.32

.55

(0

.20)

(0

.24)

(0

.44)

.06

2023

.17

.16

.37

.53

(0

.13)

(0

.62)

(0

.75)

.95

2022

.78

.34

(3

.02)

(2

.68)

(0

.32)

(0

.61)

(0

.93)

.17

2021

.09

.15

.19

.34

(0

.16)

(0

.49)

(0

.65)

.78

shares

2025

.29

.27

.34

.61

(0

.27)

(0

.45)

(0

.72)

.18

2024

.13

.27

.37

.64

(0

.24)

(0

.24)

(0

.48)

.29

2023

.34

.20

.37

.57

(0

.16)

(0

.62)

(0

.78)

.13

2022

.99

.40

(3

.08)

(2

.68)

(0

.36)

(0

.61)

(0

.97)

.34

2021

.26

.21

.21

.42

(0

.20)

(0

.49)

(0

.69)

.99

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.16

%

$

1,802,566

.01

%

.33

%

.2

%

.53

1,765,103

.01

.36

.5

.54

1,439,309

.01

.97

.3

(18

.85)

1,301,768

.01

.19

.6

.95

1,468,727

.01

.66

.5

.56

101,596

.57

.76

.2

.73

97,523

.57

.82

.5

.94

86,441

.58

.42

.3

(19

.30)

85,620

.57

.75

.6

.31

110,352

.57

.11

.5

.82

127,839

.26

.07

.2

.16

80,745

.26

.17

.5

.30

83,168

.27

.77

.3

(19

.06)

86,155

.26

.14

.6

.61

113,877

.26

.45

.5

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

2040

FUND

Class

A

shares

2025

$

.41

$

.27

$

.89

$

.16

($

.26)

($

.81)

($

.07)

$

.50

2024

.54

.27

.22

.49

(0

.25)

(0

.37)

(0

.62)

.41

2023

.86

.19

.59

.78

(0

.16)

(0

.94)

(1

.10)

.54

2022

.81

.46

(3

.88)

(3

.42)

(0

.46)

(1

.07)

(1

.53)

.86

2021

.20

.22

.35

.57

(0

.23)

(0

.73)

(0

.96)

.81

Class

J

shares

2025

.69

.30

.92

.22

(0

.29)

(0

.81)

(1

.10)

.81

2024

.76

.30

.28

.58

(0

.28)

(0

.37)

(0

.65)

.69

2023

.07

.22

.60

.82

(0

.19)

(0

.94)

(1

.13)

.76

2022

.07

.50

(3

.94)

(3

.44)

(0

.49)

(1

.07)

(1

.56)

.07

2021

.39

.26

.41

.67

(0

.26)

(0

.73)

(0

.99)

.07

Institutional

shares

2025

.92

.34

.95

.29

(0

.32)

(0

.81)

(1

.13)

.08

2024

.95

.33

.31

.64

(0

.30)

(0

.37)

(0

.67)

.92

2023

.24

.24

.62

.86

(0

.21)

(0

.94)

(1

.15)

.95

2022

.29

.53

(3

.99)

(3

.46)

(0

.52)

(1

.07)

(1

.59)

.24

2021

.55

.29

.46

.75

(0

.28)

(0

.73)

(1

.01)

.29

shares

2025

.53

.24

.91

.15

(0

.24)

(0

.81)

(1

.05)

.63

2024

.65

.24

.23

.47

(0

.22)

(0

.37)

(0

.59)

.53

2023

.95

.16

.61

.77

(0

.13)

(0

.94)

(1

.07)

.65

2022

.93

.44

(3

.93)

(3

.49)

(0

.42)

(1

.07)

(1

.49)

.95

2021

.29

.18

.39

.57

(0

.20)

(0

.73)

(0

.93)

.93

shares

2025

.78

.30

.92

.22

(0

.28)

(0

.81)

(1

.09)

.91

2024

.83

.30

.28

.58

(0

.26)

(0

.37)

(0

.63)

.78

2023

.13

.21

.61

.82

(0

.18)

(0

.94)

(1

.12)

.83

2022

.15

.49

(3

.97)

(3

.48)

(0

.47)

(1

.07)

(1

.54)

.13

2021

.45

.25

.42

.67

(0

.24)

(0

.73)

(0

.97)

.15

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.15

%

(b) $

134,166

.34

%

(c) –

%

.65

%

.9

%

.30

(b) 121,589

.35

(c) –

.74

.8

.96

(b) 99,851

.38

(c) –

.34

.4

(19

.68)

(b) 101,428

.38

(c) –

.94

.8

.00

(b) 126,454

.38

(c) –

.24

.0

.28

(b) 929,280

.18

(d) 0

.18

(e) 1

.83

.9

.56

(b) 875,149

.17

(d) 0

.18

(e) 1

.93

.8

.15

(b) 733,117

.18

(d) 0

.20

(e) 1

.53

.4

(19

.53)

(b) 724,982

.18

(d) 0

.20

(e) 3

.17

.8

.30

(b) 948,713

.18

(d) 0

.21

(e) 1

.44

.0

.50

3,388,019

.01

–

.01

.9

.68

3,432,790

.01

–

.08

.8

.42

2,798,971

.01

–

.70

.4

(19

.43)

2,684,679

.01

–

.30

.8

.56

3,429,237

.01

–

.61

.0

.89

127,899

.57

–

.48

.9

.95

120,638

.57

–

.52

.8

.83

99,443

.57

–

.13

.4

(19

.88)

96,348

.57

–

.81

.8

.81

129,032

.57

–

.02

.0

.21

178,469

.26

–

.83

.9

.45

146,695

.26

–

.87

.8

.12

142,339

.26

–

.49

.4

(19

.62)

147,107

.26

–

.08

.8

.19

187,926

.26

–

.39

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit.

(d) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(e) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

2045

FUND

Institutional

shares

2025

$

.03

$

.27

$

.94

$

.21

($

.25)

($

.54)

($

.79)

$

.45

2024

.22

.26

.12

.38

(0

.24)

(0

.33)

(0

.57)

.03

2023

.43

.18

.63

.81

(0

.16)

(0

.86)

(1

.02)

.22

2022

.56

.44

(3

.51)

(3

.07)

(0

.47)

(0

.59)

(1

.06)

.43

2021

.95

.23

.05

.28

(0

.24)

(0

.43)

(0

.67)

.56

shares

2025

.46

.18

.87

.05

(0

.18)

(0

.54)

(0

.72)

.79

2024

.78

.18

.00

.18

(0

.17)

(0

.33)

(0

.50)

.46

2023

.01

.11

.61

.72

(0

.09)

(0

.86)

(0

.95)

.78

2022

.03

.38

(3

.43)

(3

.05)

(0

.38)

(0

.59)

(0

.97)

.01

2021

.57

.14

.91

.05

(0

.16)

(0

.43)

(0

.59)

.03

shares

2025

.71

.22

.90

.12

(0

.22)

(0

.54)

(0

.76)

.07

2024

.97

.23

.05

.28

(0

.21)

(0

.33)

(0

.54)

.71

2023

.20

.16

.60

.76

(0

.13)

(0

.86)

(0

.99)

.97

2022

.26

.43

(3

.47)

(3

.04)

(0

.43)

(0

.59)

(1

.02)

.20

2021

.74

.19

.96

.15

(0

.20)

(0

.43)

(0

.63)

.26

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.58

%

$

1,597,934

.01

%

.76

%

.6

%

.28

1,502,321

.01

.85

.7

.92

1,152,378

.01

.46

.4

(19

.76)

1,010,879

.01

.21

.8

.82

1,139,261

.01

.50

.2

.92

83,240

.57

.21

.6

.56

79,631

.57

.34

.7

.35

68,323

.58

.92

.4

(20

.17)

66,131

.57

.85

.8

.97

88,634

.57

.93

.2

.26

110,179

.26

.51

.6

.98

72,547

.26

.67

.7

.60

68,730

.27

.28

.4

(19

.89)

69,495

.26

.17

.8

.37

91,388

.26

.28

.2

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

2050

FUND

Class

A

shares

2025

$

.04

$

.21

$

.51

$

.72

($

.21)

($

.84)

($

.05)

$

.71

2024

.54

.22

.92

.14

(0

.21)

(0

.43)

(0

.64)

.04

2023

.82

.15

.81

.96

(0

.12)

(1

.12)

(1

.24)

.54

2022

.06

.49

(4

.30)

(3

.81)

(0

.49)

(0

.94)

(1

.43)

.82

2021

.63

.21

.06

.27

(0

.22)

(0

.62)

(0

.84)

.06

Class

J

shares

2025

.21

.23

.38

.61

(0

.24)

(0

.84)

(1

.08)

.74

2024

.90

.25

.73

.98

(0

.24)

(0

.43)

(0

.67)

.21

2023

.22

.16

.79

.95

(0

.15)

(1

.12)

(1

.27)

.90

2022

.30

.51

(4

.13)

(3

.62)

(0

.52)

(0

.94)

(1

.46)

.22

2021

.06

.23

.88

.11

(0

.25)

(0

.62)

(0

.87)

.30

Institutional

shares

2025

.98

.28

.49

.77

(0

.27)

(0

.84)

(1

.11)

.64

2024

.49

.29

.90

.19

(0

.27)

(0

.43)

(0

.70)

.98

2023

.78

.20

.81

.01

(0

.18)

(1

.12)

(1

.30)

.49

2022

.99

.55

(4

.26)

(3

.71)

(0

.56)

(0

.94)

(1

.50)

.78

2021

.57

.28

.04

.32

(0

.28)

(0

.62)

(0

.90)

.99

shares

2025

.58

.18

.43

.61

(0

.18)

(0

.84)

(1

.02)

.17

2024

.20

.19

.81

.00

(0

.19)

(0

.43)

(0

.62)

.58

2023

.50

.11

.80

.91

(0

.09)

(1

.12)

(1

.21)

.20

2022

.64

.46

(4

.20)

(3

.74)

(0

.46)

(0

.94)

(1

.40)

.50

2021

.33

.16

.97

.13

(0

.20)

(0

.62)

(0

.82)

.64

shares

2025

.85

.24

.46

.70

(0

.24)

(0

.84)

(1

.08)

.47

2024

.39

.24

.88

.12

(0

.23)

(0

.43)

(0

.66)

.85

2023

.69

.17

.79

.96

(0

.14)

(1

.12)

(1

.26)

.39

2022

.88

.51

(4

.25)

(3

.74)

(0

.51)

(0

.94)

(1

.45)

.69

2021

.49

.23

.02

.25

(0

.24)

(0

.62)

(0

.86)

.88

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.01

%

(b) $

128,223

.38

%

(c) –

%

.16

%

.7

%

.14

(b) 113,939

.38

(c) –

.31

.1

.94

(b) 90,827

.38

(c) –

.97

.6

(20

.32)

(b) 87,266

.38

(c) –

.93

.9

.64

(b) 105,294

.38

(c) –

.11

.0

.21

(b) 318,377

.20

(d) 0

.21

(e) 1

.34

.7

.33

(b) 293,958

.19

(d) 0

.20

(e) 1

.51

.1

.14

(b) 242,027

.23

(d) 0

.25

(e) 1

.12

.6

(20

.17)

(b) 235,469

.22

(d) 0

.24

(e) 3

.17

.9

.90

(b) 312,540

.21

(d) 0

.24

(e) 1

.29

.0

.43

2,728,357

.01

–

.56

.7

.62

2,677,540

.01

–

.69

.1

.31

2,116,797

.01

–

.32

.6

(19

.96)

1,951,777

.01

–

.29

.9

.15

2,422,742

.01

–

.49

.0

.80

104,059

.57

–

.02

.7

.78

93,764

.57

–

.13

.1

.73

76,894

.57

–

.76

.6

(20

.41)

71,732

.57

–

.80

.9

.33

94,767

.57

–

.87

.0

.09

141,677

.26

–

.36

.7

.30

102,140

.26

–

.45

.1

.00

93,301

.26

–

.16

.6

(20

.18)

99,622

.26

–

.12

.9

.84

128,805

.26

–

.27

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit.

(d) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(e) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

2055

FUND

Institutional

shares

2025

$

.89

$

.26

$

.41

$

.67

($

.26)

($

.55)

($

.81)

$

.75

2024

.59

.26

.66

.92

(0

.25)

(0

.37)

(0

.62)

.89

2023

.75

.18

.78

.96

(0

.17)

(0

.95)

(1

.12)

.59

2022

.20

.48

(3

.92)

(3

.44)

(0

.51)

(0

.50)

(1

.01)

.75

2021

.87

.23

.71

.94

(0

.25)

(0

.36)

(0

.61)

.20

shares

2025

.21

.16

.31

.47

(0

.17)

(0

.55)

(0

.72)

.96

2024

.07

.17

.52

.69

(0

.18)

(0

.37)

(0

.55)

.21

2023

.27

.10

.74

.84

(0

.09)

(0

.95)

(1

.04)

.07

2022

.60

.41

(3

.82)

(3

.41)

(0

.42)

(0

.50)

(0

.92)

.27

2021

.45

.13

.56

.69

(0

.18)

(0

.36)

(0

.54)

.60

shares

2025

.56

.20

.38

.58

(0

.23)

(0

.55)

(0

.78)

.36

2024

.33

.23

.59

.82

(0

.22)

(0

.37)

(0

.59)

.56

2023

.52

.17

.72

.89

(0

.13)

(0

.95)

(1

.08)

.33

2022

.91

.47

(3

.90)

(3

.43)

(0

.46)

(0

.50)

(0

.96)

.52

2021

.66

.20

.63

.83

(0

.22)

(0

.36)

(0

.58)

.91

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.61

%

$

1,089,194

.01

%

.52

%

.3

%

.52

1,016,220

.01

.63

.6

.38

744,667

.01

.28

.3

(19

.95)

613,004

.01

.12

.6

.38

658,064

.01

.37

.9

.00

56,461

.58

.98

.3

.82

53,518

.58

.12

.6

.72

43,506

.58

.74

.3

(20

.37)

38,419

.58

.78

.6

.53

48,174

.58

.81

.9

.35

70,119

.27

.21

.3

.27

40,644

.27

.46

.6

.00

35,853

.27

.22

.3

(20

.14)

40,556

.27

.12

.6

.08

50,443

.27

.19

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

2060

FUND

Class

J

shares

2025

$

.86

$

.21

$

.56

$

.77

($

.22)

($

.54)

($

.76)

$

.87

2024

.36

.23

.87

.10

(0

.21)

(0

.39)

(0

.60)

.86

2023

.52

.14

.81

.95

(0

.12)

(0

.99)

(1

.11)

.36

2022

.13

.48

(4

.18)

(3

.70)

(0

.47)

(0

.44)

(0

.91)

.52

2021

.47

.17

.04

.21

(0

.21)

(0

.34)

(0

.55)

.13

Institutional

shares

2025

.07

.28

.59

.87

(0

.28)

(0

.54)

(0

.82)

.12

2024

.52

.28

.93

.21

(0

.27)

(0

.39)

(0

.66)

.07

2023

.68

.19

.82

.01

(0

.18)

(0

.99)

(1

.17)

.52

2022

.32

.51

(4

.17)

(3

.66)

(0

.54)

(0

.44)

(0

.98)

.68

2021

.60

.24

.08

.32

(0

.26)

(0

.34)

(0

.60)

.32

shares

2025

.68

.17

.53

.70

(0

.19)

(0

.54)

(0

.73)

.65

2024

.24

.18

.84

.02

(0

.19)

(0

.39)

(0

.58)

.68

2023

.41

.10

.82

.92

(0

.10)

(0

.99)

(1

.09)

.24

2022

.00

.43

(4

.14)

(3

.71)

(0

.44)

(0

.44)

(0

.88)

.41

2021

.38

.13

.01

.14

(0

.18)

(0

.34)

(0

.52)

.00

shares

2025

.87

.22

.56

.78

(0

.24)

(0

.54)

(0

.78)

.87

2024

.37

.24

.88

.12

(0

.23)

(0

.39)

(0

.62)

.87

2023

.54

.18

.78

.96

(0

.14)

(0

.99)

(1

.13)

.37

2022

.14

.48

(4

.15)

(3

.67)

(0

.49)

(0

.44)

(0

.93)

.54

2021

.48

.20

.02

.22

(0

.22)

(0

.34)

(0

.56)

.14

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.21

%

(b) $

19,658

.35

%

(c) 0

.35

%

(d) 1

.15

%

.4

%

.17

(b) 17,409

.35

(c) 0

.36

(d) 1

.37

.3

.96

(b) 14,751

.38

(c) 0

.46

(d) 0

.98

.6

(20

.23)

(b) 14,614

.38

(c) 0

.43

(d) 2

.94

.7

.62

(b) 18,803

.38

(c) 0

.43

(d) 0

.94

.3

.61

1,088,171

.01

–

.50

.4

.64

989,955

.01

–

.66

.3

.30

726,855

.01

–

.28

.6

(19

.92)

594,766

.01

–

.13

.7

.12

629,044

.02

–

.32

.3

.94

40,226

.58

–

.95

.4

.83

32,512

.58

–

.09

.3

.79

24,915

.58

–

.71

.6

(20

.41)

19,914

.58

–

.67

.7

.38

22,111

.58

–

.75

.3

.29

46,564

.27

–

.22

.4

.26

29,231

.27

–

.42

.3

.05

27,953

.27

–

.18

.6

(20

.10)

28,139

.27

–

.94

.7

.74

30,796

.27

–

.13

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

2065

FUND

Institutional

shares

2025

$

.73

$

.22

$

.13

$

.35

($

.22)

($

.32)

($

.54)

$

.54

2024

.79

.21

.20

.41

(0

.21)

(0

.26)

(0

.47)

.73

2023

.71

.14

.68

.82

(0

.14)

(0

.60)

(0

.74)

.79

2022

.19

.38

(3

.30)

(2

.92)

(0

.42)

(0

.14)

(0

.56)

.71

2021

.33

.15

.03

.18

(0

.19)

(0

.13)

(0

.32)

.19

shares

2025

.52

.14

.10

.24

(0

.15)

(0

.32)

(0

.47)

.29

2024

.63

.14

.16

.30

(0

.15)

(0

.26)

(0

.41)

.52

2023

.57

.08

.66

.74

(0

.08)

(0

.60)

(0

.68)

.63

2022

.04

.30

(3

.26)

(2

.96)

(0

.37)

(0

.14)

(0

.51)

.57

2021

.21

.07

.00

.07

(0

.11)

(0

.13)

(0

.24)

.04

shares

2025

.61

.17

.13

.30

(0

.20)

(0

.32)

(0

.52)

.39

2024

.70

.18

.18

.36

(0

.19)

(0

.26)

(0

.45)

.61

2023

.63

.15

.63

.78

(0

.11)

(0

.60)

(0

.71)

.70

2022

.10

.33

(3

.26)

(2

.93)

(0

.40)

(0

.14)

(0

.54)

.63

2021

.27

.14

.99

.13

(0

.17)

(0

.13)

(0

.30)

.10

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.57

%

$

257,069

.03

%

.45

%

.3

%

.47

204,205

.03

.53

.6

.29

126,627

.04

(b) 1

.18

.7

(19

.92)

83,762

.05

(b) 2

.96

.4

.37

73,568

.08

(b) 1

.04

.5

.94

12,318

.58

.91

.3

.87

9,360

.59

.04

.6

.65

7,872

.59

(b) 0

.63

.7

(20

.37)

4,642

.59

(b) 2

.34

.4

.70

4,115

.60

(b) 0

.49

.5

.31

14,343

.27

.14

.3

.17

6,777

.28

.34

.6

.04

4,707

.28

(b) 1

.25

.7

(20

.11)

5,055

.28

(b) 2

.57

.4

.09

3,917

.29

(b) 0

.98

.5

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

2070

FUND

Class

J

shares

2025

$

12.86 $

0.11 $

1.92 $

2.03 ($

0.15)

($

0.18)

($

0.33)

2024

10.09 0.11 2.83 2.94 (0.17)

–

(0.17)

2023(e)

10.00 0.02 0.07 0.09 –

–

–

Institutional

shares

2025

12.83 0.16 1.91 2.07 (0.18)

(0.18)

(0.36)

2024

10.06 0.13 2.81 2.94 (0.17)

–

(0.17)

2023(e)

10.00 0.03 0.03 0.06 –

–

–

shares

2025

12.71 0.10 1.87 1.97 (0.14)

(0.18)

(0.32)

2024

10.02 0.06 2.80 2.86 (0.17)

–

(0.17)

2023(e)

10.00 (0.01)

0.03 0.02 –

–

–

shares

2025

12.78 0.13 1.89 2.02 (0.16)

(0.18)

(0.34)

2024

10.04 0.09 2.82 2.91 (0.17)

–

(0.17)

2023(e)

10.00 0.02 0.02 0.04 –

–

–

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

Net

Asset

Value,

End

of

Period

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

$

14.56 16.22 %

(b) $

1,032

0.30 %

(c) 3.36 %

(d) 0.81 %

47.9 %

12.86 29.36 (b) 330

0.30 (c) 8.13 (d) 0.89 54.0 10.09 0.90 (b),(f)

0.30 (c),(g)

62.61 (d),(g)

0.24 (g) 94.1 (g) 14.54 16.57 86,735

0.05 (h) –

1.20 47.9 12.83 29.45 41,700

0.05 (h) –

1.08 54.0 10.06 0.60 (f) 8,476

0.05 (g),(h)

–

0.49 (g) 94.1 (g) 14.36 15.91 1,699

0.61 (h) –

0.73 47.9 12.71 28.76 772

0.62 (h) –

0.45 54.0 10.02 0.20 (f) 282

0.62 (g),(h)

–

(0.14)

(g) 94.1 (g) 14.46 16.26 2,793

0.30 (h) –

0.96 47.9 12.78 29.20 1,074

0.31 (h) –

0.72 54.0 10.04 0.40 (f) 136

0.31 (g),(h)

–

0.23 (g) 94.1 (g) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Period

from

March

1,

2023,

date

operations

commenced,

through

October

31,

2023. (f) Total

return

amounts

have

not

been

annualized.

(g) Computed

on

an

annualized

basis.

(h) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

HYBRID

2015

FUND

Class

J

shares

2025

$

.64

$

.32

$

.85

$

.17

($

.33)

($

.05)

($

.38)

$

.43

2024

.26

.32

.43

.75

(0

.32)

(0

.05)

(0

.37)

.64

2023

.44

.22

.12

.34

(0

.21)

(0

.31)

(0

.52)

.26

2022

.91

.23

(2

.00)

(1

.77)

(0

.28)

(0

.42)

(0

.70)

.44

2021

.75

.39

.34

.73

(0

.48)

(0

.09)

(0

.57)

.91

Institutional

shares

2025

.71

.39

.80

.19

(0

.34)

(0

.05)

(0

.39)

.51

2024

.32

.38

.39

.77

(0

.33)

(0

.05)

(0

.38)

.71

2023

.49

.26

.10

.36

(0

.22)

(0

.31)

(0

.53)

.32

2022

.96

.31

(2

.07)

(1

.76)

(0

.29)

(0

.42)

(0

.71)

.49

2021

.80

.48

.27

.75

(0

.50)

(0

.09)

(0

.59)

.96

shares

2025

.73

.38

.83

.21

(0

.35)

(0

.05)

(0

.40)

.54

2024

.34

.37

.40

.77

(0

.33)

(0

.05)

(0

.38)

.73

2023

.51

.28

.08

.36

(0

.22)

(0

.31)

(0

.53)

.34

2022

.98

.32

(2

.07)

(1

.75)

(0

.30)

(0

.42)

(0

.72)

.51

2021

.82

.50

.26

.76

(0

.51)

(0

.09)

(0

.60)

.98

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.40

%

(b) $

421,875

.17

%

(c) 0

.18

%

(d) 2

.69

%

.5

%

.29

(b) 271,360

.16

(c) 0

.18

(d) 2

.89

.8

.27

(b) 168,885

.17

(c) 0

.19

(d) 2

.07

.8

(14

.50)

(b) 96,345

.23

(c) 0

.25

(d) 2

.07

.1

.07

(b) 55,458

.23

(c) 0

.25

(d) 3

.10

.6

.52

12,172

.05

(e) –

.30

.5

.39

16,141

.05

(e) –

.39

.8

.48

16,961

.05

(e) –

.49

.8

(14

.35)

18,704

.05

(e) –

.72

.1

.21

22,888

.05

(e) –

.85

.6

.62

38,109

.02

(e) –

.21

.5

.39

36,979

.02

(e) –

.23

.8

.51

31,245

.02

(e) –

.66

.8

(14

.30)

46,216

.02

(e) –

.78

.1

.21

58,859

.02

(e) –

.98

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

HYBRID

2020

FUND

Class

J

shares

2025

$

.04

$

.34

$

.98

$

.32

($

.34)

($

.04)

($

.38)

$

.98

2024

.46

.34

.62

.96

(0

.33)

(0

.05)

(0

.38)

.04

2023

.80

.22

.15

.37

(0

.21)

(0

.50)

(0

.71)

.46

2022

.47

.28

(2

.19)

(1

.91)

(0

.30)

(0

.46)

(0

.76)

.80

2021

.92

.37

.76

.13

(0

.47)

(0

.11)

(0

.58)

.47

Institutional

shares

2025

.12

.38

.96

.34

(0

.35)

(0

.04)

(0

.39)

.07

2024

.53

.36

.62

.98

(0

.34)

(0

.05)

(0

.39)

.12

2023

.86

.26

.13

.39

(0

.22)

(0

.50)

(0

.72)

.53

2022

.54

.33

(2

.24)

(1

.91)

(0

.31)

(0

.46)

(0

.77)

.86

2021

.97

.45

.71

.16

(0

.48)

(0

.11)

(0

.59)

.54

shares

2025

.12

.36

.99

.35

(0

.36)

(0

.04)

(0

.40)

.07

2024

.53

.37

.61

.98

(0

.34)

(0

.05)

(0

.39)

.12

2023

.86

.27

.13

.40

(0

.23)

(0

.50)

(0

.73)

.53

2022

.54

.33

(2

.24)

(1

.91)

(0

.31)

(0

.46)

(0

.77)

.86

2021

.97

.49

.68

.17

(0

.49)

(0

.11)

(0

.60)

.54

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.32

%

(b) $

390,600

.17

%

(c) 0

.17

%

(d) 2

.77

%

.1

%

.03

(b) 341,998

.15

(c) 0

.17

(d) 2

.90

.4

.57

(b) 265,194

.16

(c) 0

.18

(d) 2

.05

.1

(15

.02)

(b) 205,008

.18

(c) 0

.20

(d) 2

.38

.4

.31

(b) 184,994

.19

(c) 0

.21

(d) 2

.87

.2

.43

33,850

.05

(e) –

.09

.1

.09

36,532

.05

(e) –

.11

.4

.77

38,504

.05

(e) –

.39

.1

(14

.95)

42,581

.05

(e) –

.78

.4

.50

58,554

.05

(e) –

.44

.2

.47

181,694

.02

(e) –

.90

.1

.13

161,618

.02

(e) –

.17

.4

.81

146,660

.02

(e) –

.44

.1

(14

.91)

187,400

.02

(e) –

.77

.4

.54

233,947

.02

(e) –

.78

.2

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

HYBRID

2025

FUND

Class

J

shares

2025

$

.00

$

.33

$

.22

$

.55

($

.35)

($

.07)

($

.42)

$

.13

2024

.15

.33

.93

.26

(0

.33)

(0

.08)

(0

.41)

.00

2023

.43

.21

.23

.44

(0

.21)

(0

.51)

(0

.72)

.15

2022

.27

.29

(2

.42)

(2

.13)

(0

.32)

(0

.39)

(0

.71)

.43

2021

.20

.37

.25

.62

(0

.46)

(0

.09)

(0

.55)

.27

Institutional

shares

2025

.07

.39

.19

.58

(0

.36)

(0

.07)

(0

.43)

.22

2024

.21

.39

.89

.28

(0

.34)

(0

.08)

(0

.42)

.07

2023

.48

.25

.21

.46

(0

.22)

(0

.51)

(0

.73)

.21

2022

.33

.34

(2

.47)

(2

.13)

(0

.33)

(0

.39)

(0

.72)

.48

2021

.24

.45

.20

.65

(0

.47)

(0

.09)

(0

.56)

.33

shares

2025

.08

.36

.22

.58

(0

.36)

(0

.07)

(0

.43)

.23

2024

.21

.36

.93

.29

(0

.34)

(0

.08)

(0

.42)

.08

2023

.49

.25

.21

.46

(0

.23)

(0

.51)

(0

.74)

.21

2022

.34

.35

(2

.48)

(2

.13)

(0

.33)

(0

.39)

(0

.72)

.49

2021

.25

.47

.19

.66

(0

.48)

(0

.09)

(0

.57)

.34

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.27

%

(b) $

836,376

.16

%

(c) 0

.16

%

(d) 2

.52

%

.4

%

.64

(b) 627,376

.14

(c) 0

.16

(d) 2

.61

.6

.03

(b) 421,507

.15

(c) 0

.17

(d) 1

.81

.3

(15

.71)

(b) 272,529

.18

(c) 0

.20

(d) 2

.30

.6

.94

(b) 207,361

.19

(c) 0

.21

(d) 2

.69

.2

.45

56,365

.05

(e) –

.94

.4

.70

59,042

.05

(e) –

.09

.6

.20

61,975

.05

(e) –

.13

.3

(15

.63)

64,787

.05

(e) –

.70

.6

.14

75,042

.05

(e) –

.27

.2

.47

236,018

.02

(e) –

.71

.4

.83

200,740

.02

(e) –

.86

.6

.15

158,302

.02

(e) –

.19

.3

(15

.60)

178,008

.02

(e) –

.73

.6

.16

206,615

.02

(e) –

.42

.2

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

HYBRID

2030

FUND

Class

J

shares

2025

$

.40

$

.30

$

.48

$

.78

($

.33)

($

.08)

($

.41)

$

.77

2024

.23

.29

.29

.58

(0

.32)

(0

.09)

(0

.41)

.40

2023

.63

.16

.31

.47

(0

.17)

(0

.70)

(0

.87)

.23

2022

.78

.28

(2

.67)

(2

.39)

(0

.32)

(0

.44)

(0

.76)

.63

2021

.32

.37

.67

.04

(0

.45)

(0

.13)

(0

.58)

.78

Institutional

shares

2025

.51

.38

.43

.81

(0

.34)

(0

.08)

(0

.42)

.90

2024

.31

.38

.24

.62

(0

.33)

(0

.09)

(0

.42)

.51

2023

.71

.19

.30

.49

(0

.19)

(0

.70)

(0

.89)

.31

2022

.86

.33

(2

.70)

(2

.37)

(0

.34)

(0

.44)

(0

.78)

.71

2021

.38

.41

.66

.07

(0

.46)

(0

.13)

(0

.59)

.86

shares

2025

.50

.34

.47

.81

(0

.34)

(0

.08)

(0

.42)

.89

2024

.31

.35

.27

.62

(0

.34)

(0

.09)

(0

.43)

.50

2023

.71

.20

.29

.49

(0

.19)

(0

.70)

(0

.89)

.31

2022

.86

.33

(2

.70)

(2

.37)

(0

.34)

(0

.44)

(0

.78)

.71

2021

.37

.45

.63

.08

(0

.46)

(0

.13)

(0

.59)

.86

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.62

%

(b) $

921,591

.17

%

(c) 0

.17

%

(d) 2

.22

%

.4

%

.35

(b) 599,229

.15

(c) 0

.16

(d) 2

.29

.9

.25

(b) 317,418

.16

(c) 0

.18

(d) 1

.41

.5

(17

.04)

(b) 203,444

.19

(c) 0

.21

(d) 2

.17

.7

.23

(b) 177,896

.20

(c) 0

.22

(d) 2

.61

.9

.74

76,499

.05

(e) –

.74

.4

.54

77,524

.05

(e) –

.97

.9

.35

83,006

.05

(e) –

.65

.5

(16

.87)

77,067

.05

(e) –

.56

.7

.38

92,984

.05

(e) –

.93

.9

.80

393,066

.01

(e) –

.47

.4

.49

305,260

.02

(e) –

.74

.9

.39

245,018

.02

(e) –

.70

.5

(16

.84)

237,340

.02

(e) –

.54

.7

.52

261,855

.02

(e) –

.23

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

HYBRID

2035

FUND

Class

J

shares

2025

$

.33

$

.30

$

.77

$

.07

($

.34)

($

.11)

($

.45)

$

.95

2024

.82

.28

.65

.93

(0

.31)

(0

.11)

(0

.42)

.33

2023

.20

.17

.41

.58

(0

.17)

(0

.79)

(0

.96)

.82

2022

.50

.31

(2

.88)

(2

.57)

(0

.34)

(0

.39)

(0

.73)

.20

2021

.56

.33

.14

.47

(0

.42)

(0

.11)

(0

.53)

.50

Institutional

shares

2025

.44

.37

.73

.10

(0

.35)

(0

.11)

(0

.46)

.08

2024

.90

.36

.61

.97

(0

.32)

(0

.11)

(0

.43)

.44

2023

.28

.19

.41

.60

(0

.19)

(0

.79)

(0

.98)

.90

2022

.59

.34

(2

.90)

(2

.56)

(0

.36)

(0

.39)

(0

.75)

.28

2021

.62

.40

.12

.52

(0

.44)

(0

.11)

(0

.55)

.59

shares

2025

.46

.34

.77

.11

(0

.36)

(0

.11)

(0

.47)

.10

2024

.92

.33

.65

.98

(0

.33)

(0

.11)

(0

.44)

.46

2023

.30

.20

.40

.60

(0

.19)

(0

.79)

(0

.98)

.92

2022

.61

.35

(2

.91)

(2

.56)

(0

.36)

(0

.39)

(0

.75)

.30

2021

.64

.42

.10

.52

(0

.44)

(0

.11)

(0

.55)

.61

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.89

%

(b) $

563,757

.17

%

(c) 0

.17

%

(d) 2

.07

%

.3

%

.26

(b) 382,526

.17

(c) 0

.18

(d) 2

.08

.5

.99

(b) 226,807

.17

(c) 0

.19

(d) 1

.37

.1

(17

.38)

(b) 158,186

.20

(c) 0

.22

(d) 2

.27

.6

.22

(b) 143,236

.21

(c) 0

.24

(d) 2

.22

.6

.03

84,443

.05

(e) –

.48

.3

.44

79,917

.05

(e) –

.61

.5

.09

77,698

.05

(e) –

.55

.1

(17

.25)

71,210

.05

(e) –

.50

.6

.46

79,002

.05

(e) –

.75

.6

.04

309,571

.02

(e) –

.33

.3

.43

251,756

.02

(e) –

.40

.5

.12

183,007

.02

(e) –

.62

.1

(17

.21)

167,461

.02

(e) –

.55

.6

.45

180,539

.02

(e) –

.84

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

HYBRID

2040

FUND

Class

J

shares

2025

$

.93

$

.27

$

.13

$

.40

($

.32)

($

.14)

($

.46)

$

.87

2024

.05

.25

.04

.29

(0

.28)

(0

.13)

(0

.41)

.93

2023

.41

.15

.51

.66

(0

.16)

(0

.86)

(1

.02)

.05

2022

.84

.30

(2

.98)

(2

.68)

(0

.35)

(0

.40)

(0

.75)

.41

2021

.58

.30

.48

.78

(0

.38)

(0

.14)

(0

.52)

.84

Institutional

shares

2025

.06

.35

.09

.44

(0

.33)

(0

.14)

(0

.47)

.03

2024

.14

.31

.03

.34

(0

.29)

(0

.13)

(0

.42)

.06

2023

.50

.18

.50

.68

(0

.18)

(0

.86)

(1

.04)

.14

2022

.93

.36

(3

.02)

(2

.66)

(0

.37)

(0

.40)

(0

.77)

.50

2021

.64

.36

.47

.83

(0

.40)

(0

.14)

(0

.54)

.93

shares

2025

.08

.31

.14

.45

(0

.33)

(0

.14)

(0

.47)

.06

2024

.16

.30

.05

.35

(0

.30)

(0

.13)

(0

.43)

.08

2023

.52

.19

.49

.68

(0

.18)

(0

.86)

(1

.04)

.16

2022

.96

.35

(3

.02)

(2

.67)

(0

.37)

(0

.40)

(0

.77)

.52

2021

.66

.38

.46

.84

(0

.40)

(0

.14)

(0

.54)

.96

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.57

%

(b) $

716,575

.18

%

(c) 0

.18

%

(d) 1

.76

%

.8

%

.74

(b) 420,423

.16

(c) 0

.18

(d) 1

.79

.7

.74

(b) 234,630

.18

(c) 0

.20

(d) 1

.21

.8

(17

.72)

(b) 138,511

.21

(c) 0

.23

(d) 2

.18

.5

.64

(b) 115,496

.22

(c) 0

.24

(d) 1

.98

.9

.72

79,643

.05

(e) –

.28

.8

.97

75,455

.05

(e) –

.21

.7

.83

67,043

.05

(e) –

.47

.8

(17

.53)

58,528

.05

(e) –

.58

.5

.90

68,006

.05

(e) –

.42

.9

.80

395,084

.02

(e) –

.97

.8

.95

284,795

.02

(e) –

.14

.7

.86

210,538

.02

(e) –

.52

.8

(17

.54)

187,431

.02

(e) –

.50

.5

.97

194,948

.02

(e) –

.56

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

HYBRID

2045

FUND

Class

J

shares

2025

$

.63

$

.28

$

.43

$

.71

($

.30)

($

.18)

($

.48)

$

.86

2024

.42

.24

.38

.62

(0

.26)

(0

.15)

(0

.41)

.63

2023

.82

.15

.59

.74

(0

.16)

(0

.98)

(1

.14)

.42

2022

.35

.30

(3

.09)

(2

.79)

(0

.37)

(0

.37)

(0

.74)

.82

2021

.71

.28

.83

.11

(0

.35)

(0

.12)

(0

.47)

.35

Institutional

shares

2025

.74

.34

.42

.76

(0

.32)

(0

.18)

(0

.50)

.00

2024

.51

.30

.36

.66

(0

.28)

(0

.15)

(0

.43)

.74

2023

.90

.18

.59

.77

(0

.18)

(0

.98)

(1

.16)

.51

2022

.44

.36

(3

.14)

(2

.78)

(0

.39)

(0

.37)

(0

.76)

.90

2021

.77

.34

.82

.16

(0

.37)

(0

.12)

(0

.49)

.44

shares

2025

.77

.30

.47

.77

(0

.33)

(0

.18)

(0

.51)

.03

2024

.53

.28

.39

.67

(0

.28)

(0

.15)

(0

.43)

.77

2023

.92

.18

.59

.77

(0

.18)

(0

.98)

(1

.16)

.53

2022

.46

.36

(3

.14)

(2

.78)

(0

.39)

(0

.37)

(0

.76)

.92

2021

.79

.35

.81

.16

(0

.37)

(0

.12)

(0

.49)

.46

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.88

%

(b) $

293,165

.19

%

(c) 0

.19

%

(d) 1

.72

%

.2

%

.59

(b) 212,485

.18

(c) 0

.19

(d) 1

.65

.2

.18

(b) 125,834

.21

(c) 0

.23

(d) 1

.15

.8

(17

.90)

(b) 86,099

.24

(c) 0

.26

(d) 2

.10

.9

.92

(b) 70,004

.26

(c) 0

.28

(d) 1

.81

.5

.08

64,961

.05

(e) –

.07

.2

.69

62,223

.05

(e) –

.06

.2

.39

56,859

.05

(e) –

.38

.8

(17

.75)

49,445

.05

(e) –

.52

.9

.20

55,809

.05

(e) –

.22

.5

.08

283,766

.02

(e) –

.83

.2

.76

208,027

.02

(e) –

.90

.2

.42

147,185

.02

(e) –

.39

.8

(17

.71)

119,980

.02

(e) –

.49

.9

.18

122,476

.02

(e) –

.30

.5

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

HYBRID

2050

FUND

Class

J

shares

2025

$

.10

$

.26

$

.70

$

.96

($

.28)

($

.20)

($

.48)

$

.58

2024

.64

.22

.64

.86

(0

.24)

(0

.16)

(0

.40)

.10

2023

.98

.14

.64

.78

(0

.15)

(0

.97)

(1

.12)

.64

2022

.55

.29

(3

.14)

(2

.85)

(0

.36)

(0

.36)

(0

.72)

.98

2021

.73

.26

.02

.28

(0

.32)

(0

.14)

(0

.46)

.55

Institutional

shares

2025

.20

.30

.72

.02

(0

.31)

(0

.20)

(0

.51)

.71

2024

.71

.27

.64

.91

(0

.26)

(0

.16)

(0

.42)

.20

2023

.05

.17

.64

.81

(0

.18)

(0

.97)

(1

.15)

.71

2022

.63

.36

(3

.19)

(2

.83)

(0

.39)

(0

.36)

(0

.75)

.05

2021

.77

.32

.02

.34

(0

.34)

(0

.14)

(0

.48)

.63

shares

2025

.20

.27

.76

.03

(0

.31)

(0

.20)

(0

.51)

.72

2024

.72

.26

.64

.90

(0

.26)

(0

.16)

(0

.42)

.20

2023

.05

.17

.65

.82

(0

.18)

(0

.97)

(1

.15)

.72

2022

.63

.35

(3

.17)

(2

.82)

(0

.40)

(0

.36)

(0

.76)

.05

2021

.78

.32

.01

.33

(0

.34)

(0

.14)

(0

.48)

.63

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.95

%

(b) $

238,731

.21

%

(c) 0

.21

%

(d) 1

.53

%

.7

%

.00

(b) 173,862

.20

(c) 0

.22

(d) 1

.44

.1

.52

(b) 103,198

.23

(c) 0

.25

(d) 1

.05

.5

(18

.01)

(b) 70,033

.26

(c) 0

.28

(d) 2

.05

.3

.17

(b) 57,162

.28

(c) 0

.30

(d) 1

.65

.1

.18

68,856

.05

(e) –

.79

.7

.24

56,693

.05

(e) –

.78

.1

.68

46,298

.05

(e) –

.32

.5

(17

.85)

39,987

.05

(e) –

.47

.3

.60

43,480

.05

(e) –

.04

.1

.27

299,635

.02

(e) –

.63

.7

.17

200,935

.02

(e) –

.72

.1

.80

139,155

.02

(e) –

.30

.5

(17

.83)

108,293

.02

(e) –

.45

.3

.53

105,040

.02

(e) –

.08

.1

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

HYBRID

2055

FUND

Class

J

shares

2025

$

.57

$

.24

$

.85

$

.09

($

.29)

($

.20)

($

.49)

$

.17

2024

.00

.20

.76

.96

(0

.24)

(0

.15)

(0

.39)

.57

2023

.31

.12

.68

.80

(0

.16)

(0

.95)

(1

.11)

.00

2022

.92

.29

(3

.22)

(2

.93)

(0

.37)

(0

.31)

(0

.68)

.31

2021

.86

.21

.28

.49

(0

.30)

(0

.13)

(0

.43)

.92

Institutional

shares

2025

.71

.33

.82

.15

(0

.31)

(0

.20)

(0

.51)

.35

2024

.10

.28

.75

.03

(0

.27)

(0

.15)

(0

.42)

.71

2023

.40

.17

.66

.83

(0

.18)

(0

.95)

(1

.13)

.10

2022

.01

.36

(3

.26)

(2

.90)

(0

.40)

(0

.31)

(0

.71)

.40

2021

.92

.28

.27

.55

(0

.33)

(0

.13)

(0

.46)

.01

shares

2025

.75

.28

.88

.16

(0

.32)

(0

.20)

(0

.52)

.39

2024

.13

.26

.78

.04

(0

.27)

(0

.15)

(0

.42)

.75

2023

.43

.17

.67

.84

(0

.19)

(0

.95)

(1

.14)

.13

2022

.04

.35

(3

.25)

(2

.90)

(0

.40)

(0

.31)

(0

.71)

.43

2021

.94

.30

.26

.56

(0

.33)

(0

.13)

(0

.46)

.04

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.19

%

(b) $

162,437

.26

%

(c) 0

.26

%

(d) 1

.40

%

.7

%

.91

(b) 106,439

.26

(c) 0

.27

(d) 1

.30

.8

.44

(b) 55,536

.30

(c) 0

.35

(d) 0

.91

.3

(18

.06)

(b) 32,146

.30

(c) 0

.39

(d) 1

.96

.4

.47

(b) 24,427

.30

(c) 0

.44

(d) 1

.30

.1

.46

38,515

.05

(e) –

.90

.7

.21

37,805

.05

(e) –

.81

.8

.70

30,824

.05

(e) –

.27

.3

(17

.82)

24,173

.05

(e) –

.45

.4

.76

25,049

.05

(e) –

.74

.1

.45

188,760

.02

(e) –

.61

.7

.25

125,778

.02

(e) –

.66

.8

.72

80,370

.02

(e) –

.24

.3

(17

.77)

55,493

.02

(e) –

.39

.4

.79

50,453

.02

(e) –

.92

.1

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

HYBRID

2060

FUND

Class

J

shares

2025

$

.08

$

.24

$

.93

$

.17

($

.29)

($

.20)

($

.49)

$

.76

2024

.39

.19

.89

.08

(0

.25)

(0

.14)

(0

.39)

.08

2023

.56

.12

.70

.82

(0

.16)

(0

.83)

(0

.99)

.39

2022

.18

.27

(3

.26)

(2

.99)

(0

.38)

(0

.25)

(0

.63)

.56

2021

.97

.19

.44

.63

(0

.30)

(0

.12)

(0

.42)

.18

Institutional

shares

2025

.30

.33

.93

.26

(0

.32)

(0

.20)

(0

.52)

.04

2024

.55

.29

.88

.17

(0

.28)

(0

.14)

(0

.42)

.30

2023

.71

.17

.69

.86

(0

.19)

(0

.83)

(1

.02)

.55

2022

.33

.35

(3

.31)

(2

.96)

(0

.41)

(0

.25)

(0

.66)

.71

2021

.07

.24

.45

.69

(0

.31)

(0

.12)

(0

.43)

.33

shares

2025

.36

.29

.99

.28

(0

.33)

(0

.20)

(0

.53)

.11

2024

.59

.27

.92

.19

(0

.28)

(0

.14)

(0

.42)

.36

2023

.74

.17

.70

.87

(0

.19)

(0

.83)

(1

.02)

.59

2022

.37

.35

(3

.32)

(2

.97)

(0

.41)

(0

.25)

(0

.66)

.74

2021

.09

.28

.43

.71

(0

.31)

(0

.12)

(0

.43)

.37

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.09

%

(b) $

93,839

.30

%

(c) 0

.35

%

(d) 1

.35

%

.5

%

.91

(b) 58,029

.30

(c) 0

.37

(d) 1

.21

.4

.47

(b) 27,750

.30

(c) 0

.52

(d) 0

.89

.6

(18

.08)

(b) 15,523

.30

(c) 0

.58

(d) 1

.79

.8

.20

(b) 9,593

.30

(c) 0

.82

(d) 1

.16

.9

.43

23,393

.05

(e) –

.84

.5

.22

18,781

.05

(e) –

.80

.4

.68

14,276

.05

(e) –

.23

.6

(17

.80)

10,035

.05

(e) –

.35

.8

.46

9,423

.05

(e) –

.48

.9

.45

103,388

.02

(e) –

.59

.5

.29

66,316

.02

(e) –

.64

.4

.74

39,797

.02

(e) –

.20

.6

(17

.81)

24,880

.02

(e) –

.30

.8

.56

19,773

.02

(e) –

.70

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

HYBRID

2065

FUND

Class

J

shares

2025

$

.47

$

.19

$

.69

$

.88

($

.27)

($

.16)

$

–

($

.43)

$

.92

2024

.12

.17

.52

.69

(0

.23)

(0

.11)

–

(0

.34)

.47

2023

.20

.12

.62

.74

(0

.16)

(0

.66)

–

(0

.82)

.12

2022

.22

.30

(2

.98)

(2

.68)

(0

.34)

–

–

(0

.34)

.20

2021

.36

.17

.95

.12

(0

.25)

–

(0

.01)

(0

.26)

.22

Institutional

shares

2025

.74

.28

.68

.96

(0

.29)

(0

.16)

–

(0

.45)

.25

2024

.31

.23

.56

.79

(0

.25)

(0

.11)

–

(0

.36)

.74

2023

.36

.14

.64

.78

(0

.17)

(0

.66)

–

(0

.83)

.31

2022

.38

.29

(2

.96)

(2

.67)

(0

.35)

–

–

(0

.35)

.36

2021

.45

.19

.00

.19

(0

.25)

–

(0

.01)

(0

.26)

.38

shares

2025

.76

.26

.72

.98

(0

.29)

(0

.16)

–

(0

.45)

.29

2024

.33

.23

.56

.79

(0

.25)

(0

.11)

–

(0

.36)

.76

2023

.37

.13

.66

.79

(0

.17)

(0

.66)

–

(0

.83)

.33

2022

.39

.28

(2

.95)

(2

.67)

(0

.35)

–

–

(0

.35)

.37

2021

.45

.27

.93

.20

(0

.25)

–

(0

.01)

(0

.26)

.39

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.12

%

(b) $

38,114

.30

%

(c) 0

.53

%

(d) 1

.20

%

.6

%

.91

(b) 20,034

.30

(c) 0

.62

(d) 1

.17

.7

.37

(b) 8,800

.30

(c) 0

.87

(d) 0

.96

.3

(18

.04)

(b) 5,632

.30

(c) 0

.89

(d) 2

.26

.4

.67

(b) 5,381

.30

(c) 1

.24

(d) 1

.19

.3

.39

4,973

.05

(e) –

.71

.6

.25

3,547

.05

(e) –

.52

.7

.67

1,946

.05

(e) –

.11

.3

(17

.81)

1,463

.05

(e) –

.12

.4

.00

1,312

.05

(e) –

.29

.3

.49

38,740

.02

(e) –

.58

.6

.20

23,393

.02

(e) –

.56

.7

.75

12,636

.02

(e) –

.04

.3

(17

.80)

5,956

.02

(e) –

.07

.4

.09

3,340

.02

(e) –

.91

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

HYBRID

2070

FUND

Class

J

shares

2025

$

13.10 $

0.13 $

2.31 $

2.44 ($

0.24)

($

0.10)

($

0.34)

$

15.20 2024

10.15 0.12 3.04 3.16 (0.20)

(0.01)

(0.21)

13.10 2023(e)

10.00 (0.01)

0.16 0.15 –

–

–

10.15 Institutional

shares

2025

12.99 0.08 2.38 2.46 (0.24)

(0.10)

(0.34)

15.11 2024

10.06 0.10 3.04 3.14 (0.20)

(0.01)

(0.21)

12.99 2023(e)

10.00 0.01 0.05 0.06 –

–

–

10.06 R-6

shares

2025

13.00 0.20 2.26 2.46 (0.24)

(0.10)

(0.34)

15.12 2024

10.07 0.09 3.05 3.14 (0.20)

(0.01)

(0.21)

13.00 2023(e)

10.00 0.01 0.06 0.07 –

–

–

10.07 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

19.07 %

(b) $

3,513

0.30 %

(c) 1.49 %

(d) 0.94 %

49.5 %

31.44 (b) 1,164

0.30 (c) 3.97 (d) 0.98 48.0 1.50 (b),(f)

0.30 (c),(g)

40.52 (d),(g)

(0.14)

(g) 130.0 (g) 19.39 2,396

0.05 (h) –

0.61 49.5 31.53 263

0.05 (h) –

0.76 48.0 0.60 (f) 36

0.05 (g),(h)

–

0.10 (g) 130.0 (g) 19.37 6,408

0.02 (h) –

1.47 49.5 31.50 2,667

0.02 (h) –

0.74 48.0 0.70 (f) 282

0.02 (g),(h)

–

0.16 (g) 130.0 (g) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Period

from

March

1,

2023,

date

operations

commenced,

through

October

31,

2023. (f) Total

return

amounts

have

not

been

annualized.

(g) Computed

on

an

annualized

basis.

(h) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

HYBRID

INCOME

FUND

Class

J

shares

2025

$

.54

$

.31

$

.74

$

.05

($

.30)

($

.01)

($

.31)

$

.28

2024

.33

.29

.27

.56

(0

.31)

(0

.04)

(0

.35)

.54

2023

.49

.20

.10

.30

(0

.19)

(0

.27)

(0

.46)

.33

2022

.69

.23

(1

.83)

(1

.60)

(0

.25)

(0

.35)

(0

.60)

.49

2021

.18

.39

.66

.05

(0

.50)

(0

.04)

(0

.54)

.69

Institutional

shares

2025

.60

.37

.70

.07

(0

.31)

(0

.01)

(0

.32)

.35

2024

.38

.35

.22

.57

(0

.31)

(0

.04)

(0

.35)

.60

2023

.54

.25

.07

.32

(0

.21)

(0

.27)

(0

.48)

.38

2022

.74

.29

(1

.86)

(1

.57)

(0

.28)

(0

.35)

(0

.63)

.54

2021

.23

.43

.63

.06

(0

.51)

(0

.04)

(0

.55)

.74

shares

2025

.62

.32

.77

.09

(0

.32)

(0

.01)

(0

.33)

.38

2024

.40

.33

.25

.58

(0

.32)

(0

.04)

(0

.36)

.62

2023

.56

.26

.06

.32

(0

.21)

(0

.27)

(0

.48)

.40

2022

.76

.27

(1

.84)

(1

.57)

(0

.28)

(0

.35)

(0

.63)

.56

2021

.24

.52

.56

.08

(0

.52)

(0

.04)

(0

.56)

.76

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

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

.33

%

(b) $

133,941

.19

%

(c) 0

.19

%

(d) 2

.89

%

.3

%

.97

(b) 111,227

.19

(c) 0

.21

(d) 2

.84

.1

.27

(b) 69,130

.17

(c) 0

.19

(d) 2

.10

.7

(14

.39)

(b) 42,296

.26

(c) 0

.28

(d) 2

.23

.5

.56

(b) 33,456

.28

(c) 0

.30

(d) 3

.38

.6

.50

7,746

.05

(e) –

.50

.3

.08

8,420

.05

(e) –

.44

.1

.42

10,053

.05

(e) –

.54

.7

(14

.17)

11,474

.05

(e) –

.76

.5

.69

17,255

.05

(e) –

.74

.6

.61

46,188

.02

(e) –

.96

.3

.07

40,075

.02

(e) –

.18

.1

.45

25,367

.02

(e) –

.65

.7

(14

.13)

33,623

.02

(e) –

.61

.5

.78

34,760

.02

(e) –

.48

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

PRINCIPAL

LIFETIME

STRATEGIC

INCOME

FUND

Class

A

shares

2025

$

.73

$

.32

$

.71

$

.03

($

.32)

($

.16)

($

.48)

$

.28

2024

.31

.32

.35

.67

(0

.25)

–

(0

.25)

.73

2023

.46

.26

.08

.34

(0

.24)

(0

.25)

(0

.49)

.31

2022

.24

.31

(2

.18)

(1

.87)

(0

.31)

(0

.60)

(0

.91)

.46

2021

.51

.22

.95

.17

(0

.22)

(0

.22)

(0

.44)

.24

Class

J

shares

2025

.53

.34

.70

.04

(0

.35)

(0

.16)

(0

.51)

.06

2024

.14

.33

.33

.66

(0

.27)

–

(0

.27)

.53

2023

.29

.26

.10

.36

(0

.26)

(0

.25)

(0

.51)

.14

2022

.04

.32

(2

.15)

(1

.83)

(0

.32)

(0

.60)

(0

.92)

.29

2021

.33

.23

.94

.17

(0

.24)

(0

.22)

(0

.46)

.04

Institutional

shares

2025

.62

.37

.70

.07

(0

.36)

(0

.16)

(0

.52)

.17

2024

.21

.35

.34

.69

(0

.28)

–

(0

.28)

.62

2023

.37

.30

.08

.38

(0

.29)

(0

.25)

(0

.54)

.21

2022

.13

.36

(2

.17)

(1

.81)

(0

.35)

(0

.60)

(0

.95)

.37

2021

.41

.26

.94

.20

(0

.26)

(0

.22)

(0

.48)

.13

shares

2025

.48

.29

.70

.99

(0

.31)

(0

.16)

(0

.47)

.00

2024

.10

.29

.32

.61

(0

.23)

–

(0

.23)

.48

2023

.25

.23

.09

.32

(0

.22)

(0

.25)

(0

.47)

.10

2022

.99

.29

(2

.16)

(1

.87)

(0

.27)

(0

.60)

(0

.87)

.25

2021

.27

.19

.94

.13

(0

.19)

(0

.22)

(0

.41)

.99

shares

2025

.61

.34

.70

.04

(0

.34)

(0

.16)

(0

.50)

.15

2024

.20

.33

.34

.67

(0

.26)

–

(0

.26)

.61

2023

.36

.27

.08

.35

(0

.26)

(0

.25)

(0

.51)

.20

2022

.12

.33

(2

.18)

(1

.85)

(0

.31)

(0

.60)

(0

.91)

.36

2021

.39

.24

.94

.18

(0

.23)

(0

.22)

(0

.45)

.12

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.19

%

(b) $

37,164

.38

%

(c) –

%

.77

%

.4

%

.36

(b) 37,093

.37

(c) –

.80

.7

.28

(b) 35,755

.38

(c) –

.43

.8

(15

.14)

(b) 16,425

.38

(c) –

.72

.6

.45

(b) 19,902

.38

(c) –

.66

.0

.41

(b) 239,340

.18

(d) 0

.18

(e) 2

.96

.4

.54

(b) 237,493

.16

(d) 0

.18

(e) 2

.98

.7

.53

(b) 213,892

.19

(d) 0

.21

(e) 2

.51

.8

(15

.02)

(b) 58,048

.23

(d) 0

.25

(e) 2

.87

.6

.61

(b) 71,811

.22

(d) 0

.24

(e) 1

.84

.0

.69

403,206

.00

(c) –

.18

.4

.76

468,789

.00

(c) –

.16

.7

.64

464,413

.02

–

.82

.8

(14

.82)

237,065

.02

–

.12

.6

.83

337,718

.02

–

.04

.0

.98

20,320

.58

–

.57

.4

.12

17,650

.58

–

.60

.7

.11

19,003

.58

–

.20

.8

(15

.36)

7,731

.58

–

.56

.6

.31

10,552

.58

–

.51

.0

.38

24,751

.27

–

.92

.4

.54

18,000

.27

–

.94

.7

.35

20,170

.27

–

.58

.8

(15

.07)

10,147

.27

–

.90

.6

.64

13,279

.27

–

.84

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit.

(d) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(e) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

500

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

REAL

ESTATE

SECURITIES

FUND

Class

A

shares

2025

$

.94

$

.53

($

.32)

($

.79)

($

.64)

($

.45)

$

–

($

.09)

$

.06

2024

.39

.54

.63

.17

(0

.54)

(0

.08)

–

(0

.62)

.94

2023

.62

.53

(1

.88)

(1

.35)

(0

.54)

(0

.26)

(0

.08)

(0

.88)

.39

2022

.58

.32

(6

.82)

(6

.50)

(0

.35)

(1

.11)

–

(1

.46)

.62

2021

.53

.26

.41

.67

(0

.30)

(0

.32)

–

(0

.62)

.58

Class

C

shares

2025

.32

.27

(1

.29)

(1

.02)

(0

.38)

(0

.45)

–

(0

.83)

.47

2024

.91

.30

.50

.80

(0

.31)

(0

.08)

–

(0

.39)

.32

2023

.11

.30

(1

.85)

(1

.55)

(0

.33)

(0

.26)

(0

.06)

(0

.65)

.91

2022

.93

.08

(6

.68)

(6

.60)

(0

.11)

(1

.11)

–

(1

.22)

.11

2021

.08

.05

.20

.25

(0

.08)

(0

.32)

–

(0

.40)

.93

Class

J

shares

2025

.84

.54

(1

.27)

(0

.73)

(0

.67)

(0

.45)

–

(1

.12)

.99

2024

.55

.56

.39

.95

(0

.58)

(0

.08)

–

(0

.66)

.84

2023

.75

.54

(1

.83)

(1

.29)

(0

.56)

(0

.26)

(0

.09)

(0

.91)

.55

2022

.49

.35

(6

.59)

(6

.24)

(0

.39)

(1

.11)

–

(1

.50)

.75

2021

.79

.28

.08

.36

(0

.34)

(0

.32)

–

(0

.66)

.49

Institutional

shares

2025

.96

.62

(1

.32)

(0

.70)

(0

.73)

(0

.45)

–

(1

.18)

.08

2024

.40

.63

.64

.27

(0

.63)

(0

.08)

–

(0

.71)

.96

2023

.65

.63

(1

.90)

(1

.27)

(0

.62)

(0

.26)

(0

.10)

(0

.98)

.40

2022

.61

.42

(6

.82)

(6

.40)

(0

.45)

(1

.11)

–

(1

.56)

.65

2021

.55

.32

.46

.78

(0

.40)

(0

.32)

–

(0

.72)

.61

shares

2025

.02

.46

(1

.27)

(0

.81)

(0

.59)

(0

.45)

–

(1

.04)

.17

2024

.69

.48

.43

.91

(0

.50)

(0

.08)

–

(0

.58)

.02

2023

.89

.48

(1

.83)

(1

.35)

(0

.51)

(0

.26)

(0

.08)

(0

.85)

.69

2022

.66

.26

(6

.62)

(6

.36)

(0

.30)

(1

.11)

–

(1

.41)

.89

2021

.91

.17

.17

.34

(0

.27)

(0

.32)

–

(0

.59)

.66

shares

2025

.69

.55

(1

.27)

(0

.72)

(0

.68)

(0

.45)

–

(1

.13)

.84

2024

.44

.56

.35

.91

(0

.58)

(0

.08)

–

(0

.66)

.69

2023

.63

.55

(1

.81)

(1

.26)

(0

.58)

(0

.26)

(0

.09)

(0

.93)

.44

2022

.34

.35

(6

.56)

(6

.21)

(0

.39)

(1

.11)

–

(1

.50)

.63

2021

.68

.29

.04

.33

(0

.35)

(0

.32)

–

(0

.67)

.34

shares

2025

.94

.64

(1

.31)

(0

.67)

(0

.75)

(0

.45)

–

(1

.20)

.07

2024

.39

.65

.63

.28

(0

.65)

(0

.08)

–

(0

.73)

.94

2023

.64

.64

(1

.89)

(1

.25)

(0

.64)

(0

.26)

(0

.10)

(1

.00)

.39

2022

.60

.45

(6

.83)

(6

.38)

(0

.47)

(1

.11)

–

(1

.58)

.64

2021

.55

.40

.39

.79

(0

.42)

(0

.32)

–

(0

.74)

.60

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

501

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(2

.61)

%

(b) $

177,425

.19

%

–

%

.85

%

.5

%

.84

(b) 203,180

.19

–

.98

.2

(5

.50)

(b) 182,522

.22

–

.06

.1

(20

.14)

(b) 283,213

.20

–

.05

.7

.87

(b) 348,715

.21

–

.88

.0

(3

.45)

(b) 11,469

.07

–

.96

.5

.76

(b) 16,854

.05

–

.14

.2

(6

.34)

(b) 18,401

.10

–

.19

.1

(20

.76)

(b) 27,677

.99

–

.25

.7

.73

(b) ,(c)

40,295

.99

–

.16

.0

(2

.49)

(b) 120,178

.09

(d) 1

.09

(e) 1

.95

.5

.00

(b) 138,374

.06

(d) 1

.08

(e) 2

.10

.2

(5

.44)

(b) 119,508

.13

(d) 1

.15

(e) 2

.15

.1

(20

.04)

(b) ,(c)

139,555

.07

(d) 1

.09

(e) 1

.18

.7

.09

(b) ,(c)

185,393

.08

(d) 1

.10

(e) 1

.00

.0

(2

.29)

3,571,229

.86

(f) –

.18

.5

.30

3,810,831

.86

(f) –

.30

.2

(5

.19)

2,867,558

.86

(f) –

.42

.1

(19

.85)

3,291,840

.86

(f) –

.39

.7

.34

3,930,727

.89

(f) –

.06

.0

(2

.76)

27,109

.37

–

.67

.5

.61

29,609

.37

–

.80

.2

(5

.65)

26,311

.37

–

.92

.1

(20

.26)

33,778

.37

–

.88

.7

.63

46,314

.37

–

.59

.0

(2

.47)

71,628

.06

–

.99

.5

.00

76,319

.06

–

.14

.2

(5

.35)

75,824

.06

–

.22

.1

(20

.01)

87,270

.06

–

.19

.7

.10

114,006

.06

–

.04

.0

(2

.21)

2,206,181

.81

–

.23

.5

.33

2,327,404

.81

–

.36

.2

(5

.14)

1,849,047

.81

–

.47

.1

(19

.79)

1,854,169

.80

–

.46

.7

.43

2,045,827

.80

(f) –

.38

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(d) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(e) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(f) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

502

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

SAM

BALANCED

PORTFOLIO

Class

A

shares

2025

$

.96

$

.31

$

.81

$

.12

($

.30)

($

.80)

($

.10)

$

.98

2024

.81

.29

.13

.42

(0

.27)

–

(0

.27)

.96

2023

.16

.24

.51

.75

(0

.23)

(0

.87)

(1

.10)

.81

2022

.95

.32

(3

.38)

(3

.06)

(0

.30)

(1

.43)

(1

.73)

.16

2021

.64

.20

.58

.78

(0

.19)

(0

.28)

(0

.47)

.95

Class

C

shares

2025

.51

.18

.76

.94

(0

.18)

(0

.80)

(0

.98)

.47

2024

.44

.17

.05

.22

(0

.15)

–

(0

.15)

.51

2023

.81

.13

.48

.61

(0

.11)

(0

.87)

(0

.98)

.44

2022

.53

.20

(3

.30)

(3

.10)

(0

.19)

(1

.43)

(1

.62)

.81

2021

.36

.06

.51

.57

(0

.12)

(0

.28)

(0

.40)

.53

Class

J

shares

2025

.14

.32

.72

.04

(0

.33)

(0

.80)

(1

.13)

.05

2024

.15

.30

.99

.29

(0

.30)

–

(0

.30)

.14

2023

.54

.25

.48

.73

(0

.25)

(0

.87)

(1

.12)

.15

2022

.20

.32

(3

.22)

(2

.90)

(0

.33)

(1

.43)

(1

.76)

.54

2021

.05

.22

.43

.65

(0

.22)

(0

.28)

(0

.50)

.20

Institutional

shares

2025

.57

.35

.77

.12

(0

.35)

(0

.80)

(1

.15)

.54

2024

.49

.33

.07

.40

(0

.32)

–

(0

.32)

.57

2023

.86

.27

.50

.77

(0

.27)

(0

.87)

(1

.14)

.49

2022

.60

.37

(3

.32)

(2

.95)

(0

.36)

(1

.43)

(1

.79)

.86

2021

.36

.25

.52

.77

(0

.25)

(0

.28)

(0

.53)

.60

shares

2025

.48

.27

.74

.01

(0

.26)

(0

.80)

(1

.06)

.43

2024

.42

.24

.06

.30

(0

.24)

–

(0

.24)

.48

2023

.80

.19

.49

.68

(0

.19)

(0

.87)

(1

.06)

.42

2022

.51

.29

(3

.30)

(3

.01)

(0

.27)

(1

.43)

(1

.70)

.80

2021

.31

.15

.50

.65

(0

.17)

(0

.28)

(0

.45)

.51

shares

2025

.54

.32

.76

.08

(0

.32)

(0

.80)

(1

.12)

.50

2024

.47

.30

.05

.35

(0

.28)

–

(0

.28)

.54

2023

.84

.24

.50

.74

(0

.24)

(0

.87)

(1

.11)

.47

2022

.56

.32

(3

.29)

(2

.97)

(0

.32)

(1

.43)

(1

.75)

.84

2021

.33

.20

.52

.72

(0

.21)

(0

.28)

(0

.49)

.56

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

503

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

.30

%

(b) $

2,202,184

.59

%

–

%

.85

%

.7

%

.93

(b) 2,156,725

.59

–

.79

.3

.44

(b) 1,897,327

.62

–

.66

.1

(17

.52)

(b) 1,965,970

.60

–

.98

.4

.55

(b) 2,523,065

.59

–

.11

.3

.44

(b) 102,794

.36

–

.13

.7

.04

(b) 115,518

.37

–

.07

.3

.59

(b) 130,921

.40

–

.93

.1

(18

.16)

(b) 174,776

.38

–

.26

.4

.57

(b) 281,665

.37

–

.37

.3

.49

(b) 1,712,349

.44

(c) 0

.45

(d) 1

.99

.7

.20

(b) 1,594,700

.42

(c) 0

.44

(d) 1

.93

.3

.59

(b) 1,263,792

.44

(c) 0

.46

(d) 1

.82

.1

(17

.39)

(b) 1,158,071

.45

(c) 0

.47

(d) 2

.11

.4

.65

(b) 1,336,353

.44

(c) 0

.47

(d) 1

.25

.3

.66

717,428

.29

–

.15

.7

.38

688,003

.29

–

.08

.3

.75

642,053

.30

–

.96

.1

(17

.32)

649,784

.29

–

.34

.4

.93

896,603

.28

–

.42

.3

.99

24,411

.85

–

.65

.7

.70

23,739

.85

–

.51

.3

.12

19,264

.85

–

.40

.1

(17

.71)

18,236

.85

–

.83

.4

.17

27,419

.84

–

.84

.3

.37

34,970

.54

–

.94

.7

.04

25,389

.54

–

.92

.3

.51

29,840

.54

–

.74

.1

(17

.45)

29,709

.54

–

.05

.4

.60

37,892

.53

–

.15

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

504

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

SAM

CONSERVATIVE

BALANCED

PORTFOLIO

Class

A

shares

2025

$

.56

$

.31

$

.99

$

.30

($

.30)

($

.14)

($

.44)

$

.42

2024

.73

.29

.82

.11

(0

.28)

–

(0

.28)

.56

2023

.85

.23

.14

.37

(0

.22)

(0

.27)

(0

.49)

.73

2022

.95

.26

(2

.41)

(2

.15)

(0

.25)

(0

.70)

(0

.95)

.85

2021

.17

.19

.92

.11

(0

.19)

(0

.14)

(0

.33)

.95

Class

C

shares

2025

.40

.21

.98

.19

(0

.20)

(0

.14)

(0

.34)

.25

2024

.59

.21

.79

.00

(0

.19)

–

(0

.19)

.40

2023

.71

.15

.13

.28

(0

.13)

(0

.27)

(0

.40)

.59

2022

.78

.16

(2

.38)

(2

.22)

(0

.15)

(0

.70)

(0

.85)

.71

2021

.03

.09

.90

.99

(0

.10)

(0

.14)

(0

.24)

.78

Class

J

shares

2025

.34

.32

.97

.29

(0

.32)

(0

.14)

(0

.46)

.17

2024

.54

.30

.81

.11

(0

.31)

–

(0

.31)

.34

2023

.67

.24

.14

.38

(0

.24)

(0

.27)

(0

.51)

.54

2022

.74

.27

(2

.37)

(2

.10)

(0

.27)

(0

.70)

(0

.97)

.67

2021

.99

.21

.89

.10

(0

.21)

(0

.14)

(0

.35)

.74

Institutional

shares

2025

.39

.34

.98

.32

(0

.34)

(0

.14)

(0

.48)

.23

2024

.59

.32

.80

.12

(0

.32)

–

(0

.32)

.39

2023

.71

.26

.15

.41

(0

.26)

(0

.27)

(0

.53)

.59

2022

.79

.29

(2

.38)

(2

.09)

(0

.29)

(0

.70)

(0

.99)

.71

2021

.03

.23

.90

.13

(0

.23)

(0

.14)

(0

.37)

.79

shares

2025

.36

.28

.97

.25

(0

.27)

(0

.14)

(0

.41)

.20

2024

.57

.25

.80

.05

(0

.26)

–

(0

.26)

.36

2023

.69

.19

.16

.35

(0

.20)

(0

.27)

(0

.47)

.57

2022

.76

.23

(2

.38)

(2

.15)

(0

.22)

(0

.70)

(0

.92)

.69

2021

.01

.16

.89

.05

(0

.16)

(0

.14)

(0

.30)

.76

shares

2025

.38

.31

.98

.29

(0

.31)

(0

.14)

(0

.45)

.22

2024

.58

.30

.79

.09

(0

.29)

–

(0

.29)

.38

2023

.71

.23

.14

.37

(0

.23)

(0

.27)

(0

.50)

.58

2022

.78

.25

(2

.36)

(2

.11)

(0

.26)

(0

.70)

(0

.96)

.71

2021

.02

.19

.91

.10

(0

.20)

(0

.14)

(0

.34)

.78

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

505

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

.72

%

(b) $

522,349

.59

%

–

%

.43

%

.3

%

.85

(b) 525,205

.60

–

.43

.9

.42

(b) 492,836

.62

–

.06

.5

(16

.39)

(b) 521,254

.61

–

.11

.3

.49

(b) 650,919

.60

–

.41

.9

.87

(b) 30,894

.39

–

.69

.3

.94

(b) 38,812

.38

–

.75

.9

.58

(b) 47,961

.42

–

.33

.5

(17

.06)

(b) 70,882

.38

–

.37

.3

.66

(b) 114,412

.37

–

.66

.9

.85

(b) 1,074,776

.44

(c) 0

.44

(d) 2

.58

.3

.13

(b) 1,040,737

.43

(c) 0

.44

(d) 2

.57

.9

.57

(b) 852,351

.44

(c) 0

.46

(d) 2

.22

.5

(16

.28)

(b) 776,202

.45

(c) 0

.47

(d) 2

.25

.3

.69

(b) 869,500

.44

(c) 0

.47

(d) 1

.56

.9

.03

213,226

.30

–

.71

.3

.17

212,509

.30

–

.71

.9

.79

186,288

.31

–

.37

.5

(16

.17)

206,697

.30

–

.43

.3

.89

268,505

.29

–

.71

.9

.46

12,775

.85

–

.23

.3

.49

11,594

.85

–

.11

.9

.23

8,792

.86

–

.77

.5

(16

.60)

8,497

.85

–

.89

.3

.18

11,129

.84

–

.18

.9

.80

28,303

.54

–

.50

.3

.91

18,165

.54

–

.51

.9

.45

19,409

.55

–

.11

.5

(16

.31)

19,091

.54

–

.11

.3

.61

20,710

.53

–

.46

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

506

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

SAM

CONSERVATIVE

GROWTH

PORTFOLIO

Class

A

shares

2025

$

.30

$

.26

$

.59

$

.85

($

.26)

($

.13)

($

.39)

$

.76

2024

.91

.24

.37

.61

(0

.22)

–

(0

.22)

.30

2023

.64

.19

.87

.06

(0

.17)

(1

.62)

(1

.79)

.91

2022

.20

.33

(4

.18)

(3

.85)

(0

.26)

(1

.45)

(1

.71)

.64

2021

.41

.17

.27

.44

(0

.24)

(0

.41)

(0

.65)

.20

Class

C

shares

2025

.14

.11

.28

.39

(0

.11)

(1

.13)

(1

.24)

.29

2024

.22

.09

.90

.99

(0

.07)

–

(0

.07)

.14

2023

.03

.06

.79

.85

(0

.04)

(1

.62)

(1

.66)

.22

2022

.21

.18

(3

.82)

(3

.64)

(0

.09)

(1

.45)

(1

.54)

.03

2021

.91

.01

.81

.82

(0

.11)

(0

.41)

(0

.52)

.21

Class

J

shares

2025

.23

.27

.44

.71

(0

.29)

(1

.13)

(1

.42)

.52

2024

.09

.25

.14

.39

(0

.25)

–

(0

.25)

.23

2023

.87

.20

.84

.04

(0

.20)

(1

.62)

(1

.82)

.09

2022

.26

.34

(3

.99)

(3

.65)

(0

.29)

(1

.45)

(1

.74)

.87

2021

.70

.19

.05

.24

(0

.27)

(0

.41)

(0

.68)

.26

Institutional

shares

2025

.66

.31

.49

.80

(0

.31)

(1

.13)

(1

.44)

.02

2024

.42

.28

.23

.51

(0

.27)

–

(0

.27)

.66

2023

.18

.23

.85

.08

(0

.22)

(1

.62)

(1

.84)

.42

2022

.64

.38

(4

.07)

(3

.69)

(0

.32)

(1

.45)

(1

.77)

.18

2021

.98

.23

.14

.37

(0

.30)

(0

.41)

(0

.71)

.64

shares

2025

.19

.20

.43

.63

(0

.23)

(1

.13)

(1

.36)

.46

2024

.06

.18

.13

.31

(0

.18)

–

(0

.18)

.19

2023

.82

.15

.83

.98

(0

.12)

(1

.62)

(1

.74)

.06

2022

.20

.28

(4

.01)

(3

.73)

(0

.20)

(1

.45)

(1

.65)

.82

2021

.65

.11

.05

.16

(0

.20)

(0

.41)

(0

.61)

.20

shares

2025

.45

.27

.46

.73

(0

.27)

(1

.13)

(1

.40)

.78

2024

.26

.24

.18

.42

(0

.23)

–

(0

.23)

.45

2023

.03

.19

.84

.03

(0

.18)

(1

.62)

(1

.80)

.26

2022

.46

.34

(4

.04)

(3

.70)

(0

.28)

(1

.45)

(1

.73)

.03

2021

.85

.17

.10

.27

(0

.25)

(0

.41)

(0

.66)

.46

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

507

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

.00

%

(b) $

1,803,526

.59

%

–

%

.31

%

.9

%

.15

(b) 1,739,501

.59

–

.26

.3

.95

(b) 1,484,518

.62

–

.16

.6

(18

.70)

(b) 1,508,702

.60

–

.76

.4

.84

(b) 1,979,014

.59

–

.81

.3

.11

(b) 74,549

.36

–

.59

.9

.12

(b) 86,958

.37

–

.53

.3

.19

(b) 92,295

.42

–

.40

.6

(19

.39)

(b) 121,737

.37

–

.05

.4

.82

(b) 190,605

.38

–

.07

.3

.17

(b) 1,009,226

.45

(c) 0

.45

(d) 1

.43

.9

.32

(b) 889,283

.43

(c) 0

.44

(d) 1

.40

.3

.19

(b) 690,996

.45

(c) 0

.47

(d) 1

.32

.6

(18

.59)

(b) 636,126

.45

(c) 0

.47

(d) 1

.90

.4

.04

(b) 778,913

.45

(c) 0

.47

(d) 0

.95

.3

.33

468,388

.30

–

.60

.9

.50

455,578

.30

–

.55

.3

.35

397,434

.30

–

.47

.6

(18

.48)

395,979

.29

–

.08

.4

.27

539,619

.29

–

.12

.3

.69

11,586

.85

–

.06

.9

.76

9,881

.85

–

.02

.3

.80

7,737

.85

–

.98

.6

(18

.95)

10,909

.85

–

.58

.4

.58

15,823

.84

–

.56

.3

.10

29,749

.54

–

.39

.9

.20

28,551

.54

–

.32

.3

.04

24,555

.54

–

.21

.6

(18

.66)

23,881

.54

–

.86

.4

.91

30,075

.53

–

.86

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

508

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

SAM

FLEXIBLE

INCOME

PORTFOLIO

Class

A

shares

2025

$

.17

$

.36

$

.69

$

.05

($

.35)

$

–

($

.35)

$

.87

2024

.75

.35

.42

.77

(0

.35)

–

(0

.35)

.17

2023

.78

.26

(0

.03)

.23

(0

.26)

–

(0

.26)

.75

2022

.56

.28

(2

.25)

(1

.97)

(0

.28)

(0

.53)

(0

.81)

.78

2021

.38

.23

.29

.52

(0

.23)

(0

.11)

(0

.34)

.56

Class

C

shares

2025

.02

.27

.68

.95

(0

.25)

–

(0

.25)

.72

2024

.62

.27

.38

.65

(0

.25)

–

(0

.25)

.02

2023

.66

.18

(0

.05)

.13

(0

.17)

–

(0

.17)

.62

2022

.41

.19

(2

.22)

(2

.03)

(0

.19)

(0

.53)

(0

.72)

.66

2021

.24

.13

.27

.40

(0

.12)

(0

.11)

(0

.23)

.41

Class

J

shares

2025

.03

.37

.70

.07

(0

.37)

–

(0

.37)

.73

2024

.63

.37

.40

.77

(0

.37)

–

(0

.37)

.03

2023

.67

.28

(0

.04)

.24

(0

.28)

–

(0

.28)

.63

2022

.43

.29

(2

.22)

(1

.93)

(0

.30)

(0

.53)

(0

.83)

.67

2021

.26

.25

.28

.53

(0

.25)

(0

.11)

(0

.36)

.43

Institutional

shares

2025

.12

.38

.70

.08

(0

.38)

–

(0

.38)

.82

2024

.70

.38

.42

.80

(0

.38)

–

(0

.38)

.12

2023

.74

.29

(0

.04)

.25

(0

.29)

–

(0

.29)

.70

2022

.51

.31

(2

.23)

(1

.92)

(0

.32)

(0

.53)

(0

.85)

.74

2021

.34

.26

.28

.54

(0

.26)

(0

.11)

(0

.37)

.51

shares

2025

.09

.37

.65

.02

(0

.32)

–

(0

.32)

.79

2024

.68

.32

.41

.73

(0

.32)

–

(0

.32)

.09

2023

.71

.24

(0

.04)

.20

(0

.23)

–

(0

.23)

.68

2022

.48

.25

(2

.24)

(1

.99)

(0

.25)

(0

.53)

(0

.78)

.71

2021

.31

.19

.28

.47

(0

.19)

(0

.11)

(0

.30)

.48

shares

2025

.09

.37

.70

.07

(0

.36)

–

(0

.36)

.80

2024

.68

.30

.46

.76

(0

.35)

–

(0

.35)

.09

2023

.72

.26

(0

.04)

.22

(0

.26)

–

(0

.26)

.68

2022

.48

.28

(2

.22)

(1

.94)

(0

.29)

(0

.53)

(0

.82)

.72

2021

.31

.23

.28

.51

(0

.23)

(0

.11)

(0

.34)

.48

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

509

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

.82

%

(b) $

868,475

.59

%

–

%

.91

%

.9

%

.58

(b) 918,982

.59

–

.99

.8

.05

(b) 919,005

.61

–

.33

.8

(15

.28)

(b) 1,032,096

.60

–

.32

.3

.40

(b) 1,289,067

.59

–

.72

.3

.06

(b) 51,518

.38

–

.19

.9

.67

(b) 71,603

.38

–

.29

.8

.15

(b) 91,832

.40

–

.60

.8

(15

.90)

(b) 135,741

.38

–

.57

.3

.58

(b) 205,567

.36

–

.96

.3

.09

(b) 1,114,673

.44

(c) 0

.44

(d) 3

.05

.9

.78

(b) 1,151,699

.42

(c) 0

.44

(d) 3

.13

.8

.16

(b) 1,064,611

.43

(c) 0

.45

(d) 2

.49

.8

(15

.14)

(b) 1,086,460

.44

(c) 0

.46

(d) 2

.48

.3

.61

(b) 1,321,469

.44

(c) 0

.46

(d) 1

.88

.3

.15

186,610

.32

–

.12

.9

.98

180,539

.32

–

.22

.8

.25

164,167

.32

–

.60

.8

(15

.01)

173,873

.31

–

.62

.3

.68

236,379

.31

–

.00

.3

.59

2,603

.85

–

.04

.9

.30

3,170

.85

–

.75

.8

.81

3,109

.85

–

.15

.8

(15

.51)

3,569

.85

–

.07

.3

.11

5,117

.84

–

.48

.3

.00

8,083

.54

–

.99

.9

.67

20,849

.54

–

.58

.8

.03

7,888

.54

–

.37

.8

(15

.16)

8,059

.54

–

.38

.3

.46

10,225

.53

–

.78

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

510

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

SAM

STRATEGIC

GROWTH

PORTFOLIO

Class

A

shares

2025

$

.61

$

.23

$

.39

$

.62

($

.21)

($

.38)

($

.59)

$

.64

2024

.11

.20

.53

.73

(0

.17)

(0

.06)

(0

.23)

.61

2023

.24

.14

.32

.46

(0

.13)

(1

.46)

(1

.59)

.11

2022

.57

.34

(4

.93)

(4

.59)

(0

.34)

(1

.40)

(1

.74)

.24

2021

.57

.17

.67

.84

(0

.17)

(0

.67)

(0

.84)

.57

Class

C

shares

2025

.22

.04

.88

.92

(0

.06)

(1

.38)

(1

.44)

.70

2024

.54

.03

.74

.77

(0

.03)

(0

.06)

(0

.09)

.22

2023

.88

(0

.01)

.13

.12

–

(1

.46)

(1

.46)

.54

2022

.60

.17

(4

.33)

(4

.16)

(0

.16)

(1

.40)

(1

.56)

.88

2021

.43

.01

.87

.88

(0

.04)

(0

.67)

(0

.71)

.60

Class

J

shares

2025

.38

.24

.20

.44

(0

.25)

(1

.38)

(1

.63)

.19

2024

.18

.21

.26

.47

(0

.21)

(0

.06)

(0

.27)

.38

2023

.39

.15

.26

.41

(0

.16)

(1

.46)

(1

.62)

.18

2022

.51

.35

(4

.70)

(4

.35)

(0

.37)

(1

.40)

(1

.77)

.39

2021

.80

.19

.39

.58

(0

.20)

(0

.67)

(0

.87)

.51

Institutional

shares

2025

.80

.29

.27

.56

(0

.28)

(1

.38)

(1

.66)

.70

2024

.50

.25

.35

.60

(0

.24)

(0

.06)

(0

.30)

.80

2023

.69

.19

.27

.46

(0

.19)

(1

.46)

(1

.65)

.50

2022

.88

.40

(4

.78)

(4

.38)

(0

.41)

(1

.40)

(1

.81)

.69

2021

.06

.23

.49

.72

(0

.23)

(0

.67)

(0

.90)

.88

shares

2025

.27

.14

.21

.35

(0

.15)

(1

.38)

(1

.53)

.09

2024

.10

.13

.23

.36

(0

.13)

(0

.06)

(0

.19)

.27

2023

.31

.09

.25

.34

(0

.09)

(1

.46)

(1

.55)

.10

2022

.43

.32

(4

.74)

(4

.42)

(0

.30)

(1

.40)

(1

.70)

.31

2021

.72

.08

.40

.48

(0

.10)

(0

.67)

(0

.77)

.43

shares

2025

.43

.23

.22

.45

(0

.24)

(1

.38)

(1

.62)

.26

2024

.23

.19

.27

.46

(0

.20)

(0

.06)

(0

.26)

.43

2023

.43

.14

.26

.40

(0

.14)

(1

.46)

(1

.60)

.23

2022

.56

.33

(4

.70)

(4

.37)

(0

.36)

(1

.40)

(1

.76)

.43

2021

.84

.17

.40

.57

(0

.18)

(0

.67)

(0

.85)

.56

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

511

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

.41

%

(b) $

1,394,075

.59

%

–

%

.96

%

.8

%

.89

(b) 1,305,661

.60

–

.89

.2

.57

(b) 1,081,383

.63

–

.73

.2

(19

.99)

(b) 1,066,233

.61

–

.67

.5

.68

(b) 1,401,140

.60

–

.75

.3

.53

(b) 66,773

.38

–

.22

.8

.84

(b) 70,160

.39

–

.14

.2

.61

(b) 66,235

.45

–

(0

.03)

.2

(20

.59)

(b) 77,837

.41

–

.94

.5

.56

(b) 115,136

.39

–

.04

.3

.52

(b) 573,321

.46

(c) 0

.46

(d) 1

.07

.8

.10

(b) 493,983

.44

(c) 0

.46

(d) 1

.02

.2

.73

(b) 372,876

.47

(c) 0

.49

(d) 0

.87

.2

(19

.87)

(b) 334,032

.47

(c) 0

.49

(d) 1

.78

.5

.88

(b) 410,297

.46

(c) 0

.48

(d) 0

.88

.3

.77

381,234

.30

–

.26

.8

.27

356,421

.30

–

.19

.2

.89

299,870

.30

–

.04

.2

(19

.73)

271,120

.29

–

.99

.5

.14

362,447

.29

–

.05

.3

.13

9,073

.85

–

.65

.8

.55

7,327

.85

–

.62

.2

.33

6,746

.85

–

.50

.2

(20

.20)

6,564

.85

–

.60

.5

.38

9,782

.84

–

.36

.3

.50

32,154

.54

–

.05

.8

.92

28,145

.54

–

.91

.2

.67

19,279

.54

–

.79

.2

(19

.95)

(e) 19,246

.54

–

.70

.5

.80

(e) 24,908

.53

–

.77

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

512

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

SHORT-TERM

INCOME

FUND

Class

A

shares

2025

$

.99

$

.44

$

.18

$

.62

($

.45)

$

–

($

.45)

$

.16

2024

.57

.41

.42

.83

(0

.41)

–

(0

.41)

.99

2023

.40

.32

.18

.50

(0

.33)

–

(0

.33)

.57

2022

.32

.16

(0

.86)

(0

.70)

(0

.16)

(0

.06)

(0

.22)

.40

2021

.54

.11

(0

.13)

(0

.02)

(0

.11)

(0

.09)

(0

.20)

.32

Class

C

shares

2025

.99

.33

.17

.50

(0

.33)

–

(0

.33)

.16

2024

.58

.30

.41

.71

(0

.30)

–

(0

.30)

.99

2023

.40

.21

.18

.39

(0

.21)

–

(0

.21)

.58

2022

.32

.05

(0

.86)

(0

.81)

(0

.05)

(0

.06)

(0

.11)

.40

2021

.55

–

(0

.13)

(0

.13)

(0

.01)

(0

.09)

(0

.10)

.32

Class

J

shares

2025

.98

.44

.18

.62

(0

.45)

–

(0

.45)

.15

2024

.56

.42

.42

.84

(0

.42)

–

(0

.42)

.98

2023

.39

.33

.17

.50

(0

.33)

–

(0

.33)

.56

2022

.31

.16

(0

.86)

(0

.70)

(0

.16)

(0

.06)

(0

.22)

.39

2021

.53

.12

(0

.13)

(0

.01)

(0

.12)

(0

.09)

(0

.21)

.31

Institutional

shares

2025

.98

.47

.17

.64

(0

.47)

–

(0

.47)

.15

2024

.57

.44

.41

.85

(0

.44)

–

(0

.44)

.98

2023

.39

.35

.18

.53

(0

.35)

–

(0

.35)

.57

2022

.31

.18

(0

.85)

(0

.67)

(0

.19)

(0

.06)

(0

.25)

.39

2021

.53

.14

(0

.13)

.01

(0

.14)

(0

.09)

(0

.23)

.31

shares

2025

.99

.40

.18

.58

(0

.41)

–

(0

.41)

.16

2024

.57

.37

.42

.79

(0

.37)

–

(0

.37)

.99

2023

.40

.29

.17

.46

(0

.29)

–

(0

.29)

.57

2022

.32

.12

(0

.86)

(0

.74)

(0

.12)

(0

.06)

(0

.18)

.40

2021

.54

.07

(0

.12)

(0

.05)

(0

.08)

(0

.09)

(0

.17)

.32

shares

2025

.99

.44

.17

.61

(0

.44)

–

(0

.44)

.16

2024

.58

.41

.41

.82

(0

.41)

–

(0

.41)

.99

2023

.40

.32

.19

.51

(0

.33)

–

(0

.33)

.58

2022

.32

.16

(0

.86)

(0

.70)

(0

.16)

(0

.06)

(0

.22)

.40

2021

.54

.11

(0

.13)

(0

.02)

(0

.11)

(0

.09)

(0

.20)

.32

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

513

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

.22

%

(b) $

325,160

.60

%

–

%

.67

%

.3

%

.27

(b) 315,310

.63

–

.46

.7

.39

(b) 316,038

.65

–

.79

.4

(5

.73)

(b) 353,052

.65

–

.32

.4

(0

.17)

(b) 470,326

.67

–

.89

.4

.23

(b) 12,936

.54

–

.73

.3

.17

(b) 15,263

.58

–

.51

.7

.46

(b) 17,277

.63

–

.79

.4

(6

.61)

(b) 23,675

.57

–

.38

.4

(1

.09)

(b) 34,992

.56

–

.02

.4

.24

(b) 104,710

.59

(c) 0

.59

(d) 3

.69

.3

.32

(b) 109,830

.59

(c) 0

.60

(d) 3

.50

.7

.43

(b) 115,360

.61

(c) 0

.63

(d) 2

.83

.4

(5

.72)

(b) 127,563

.62

(c) 0

.64

(d) 1

.36

.4

(0

.13)

(b) 154,334

.62

(c) 0

.65

(d) 0

.94

.4

.44

3,069,877

.39

–

.88

.3

.40

2,865,011

.43

–

.67

.7

.72

2,375,615

.42

(e) –

.02

.4

(5

.53)

2,654,929

.43

(e) –

.53

.4

.06

3,531,191

.43

(e) –

.14

.4

.88

6,658

.92

–

.35

.3

.93

9,050

.95

–

.14

.7

.07

9,999

.95

–

.50

.4

(6

.03)

9,841

.96

–

.02

.4

(0

.48)

10,268

.98

–

.58

.4

.21

11,445

.61

–

.67

.3

.17

7,909

.64

–

.44

.7

.49

8,616

.64

–

.80

.4

(5

.74)

9,125

.65

–

.31

.4

(0

.17)

11,377

.67

–

.90

.4

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

514

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

SMALLCAP

FUND

Class

A

shares

2025

$

.95

($

.01)

$

.24

$

.23

($

.02)

($

.46)

($

.48)

$

.70

2024

.93

.05

.70

.75

(0

.04)

(0

.69)

(0

.73)

.95

2023

.97

.02

(2

.06)

(2

.04)

–

–

–

.93

2022

.71

(0

.02)

(5

.59)

(5

.61)

–

(2

.13)

(2

.13)

.97

2021

.37

(0

.10)

.00

.90

–

(0

.56)

(0

.56)

.71

Class

J

shares

2025

.50

.03

.05

.08

(0

.06)

(0

.46)

(0

.52)

.06

2024

.80

.08

.39

.47

(0

.08)

(0

.69)

(0

.77)

.50

2023

.72

.05

(1

.95)

(1

.90)

(0

.02)

–

(0

.02)

.80

2022

.11

.02

(5

.28)

(5

.26)

–

(2

.13)

(2

.13)

.72

2021

.30

(0

.05)

.42

.37

–

(0

.56)

(0

.56)

.11

Institutional

shares

2025

.80

.06

.61

.67

(0

.08)

(0

.46)

(0

.54)

.93

2024

.16

.13

.31

.44

(0

.11)

(0

.69)

(0

.80)

.80

2023

.39

.11

(2

.29)

(2

.18)

(0

.05)

–

(0

.05)

.16

2022

.60

.06

(6

.14)

(6

.08)

–

(2

.13)

(2

.13)

.39

2021

.21

(0

.03)

.01

.98

–

(0

.59)

(0

.59)

.60

shares

2025

.67

(0

.06)

.21

.15

–

(0

.46)

(0

.46)

.36

2024

.72

–

.65

.65

(0

.01)

(0

.69)

(0

.70)

.67

2023

.78

(0

.01)

(2

.05)

(2

.06)

–

–

–

.72

2022

.51

(0

.06)

(5

.54)

(5

.60)

–

(2

.13)

(2

.13)

.78

2021

.28

(0

.15)

.94

.79

–

(0

.56)

(0

.56)

.51

shares

2025

.32

.03

.53

.56

(0

.06)

(0

.46)

(0

.52)

.36

2024

.79

.08

.21

.29

(0

.07)

(0

.69)

(0

.76)

.32

2023

.98

.07

(2

.25)

(2

.18)

(0

.01)

–

(0

.01)

.79

2022

.14

.02

(6

.05)

(6

.03)

–

(2

.13)

(2

.13)

.98

2021

.91

(0

.07)

.86

.79

–

(0

.56)

(0

.56)

.14

shares

2025

.84

.10

.60

.70

(0

.11)

(0

.46)

(0

.57)

.97

2024

.19

.15

.33

.48

(0

.14)

(0

.69)

(0

.83)

.84

2023

.42

.13

(2

.28)

(2

.15)

(0

.08)

–

(0

.08)

.19

2022

.61

.08

(6

.14)

(6

.06)

–

(2

.13)

(2

.13)

.42

2021

.21

–

.01

.01

–

(0

.61)

(0

.61)

.61

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

515

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

.68

%

(b) $

262,541

.11

%

–

%

(0

.03)

%

.4

%

.75

(b) 263,797

.11

–

.19

.1

(8

.88)

(b) 230,211

.19

–

.08

.7

(19

.05)

(b) 253,893

.14

–

(0

.07)

.7

.21

(b) 348,066

.12

–

(0

.35)

.0

.85

(b) 192,751

.97

(c) 0

.97

(d) 0

.10

.4

.94

(b) 192,105

.96

(c) 0

.97

(d) 0

.34

.1

(8

.75)

(b) 165,565

.02

(c) 1

.04

(d) 0

.24

.7

(18

.88)

(b) 193,888

.99

(c) 1

.01

(d) 0

.08

.7

.39

(b) ,(e)

259,335

.98

(c) 1

.00

(d) (0

.20)

.0

.99

751,830

.85

(f) –

.22

.4

.10

745,771

.85

(f) –

.47

.1

(8

.61)

378,571

.85

(f) –

.42

.7

(18

.79)

411,643

.85

(f) –

.21

.7

.64

577,259

.85

(f) –

(0

.09)

.0

.51

17,143

.30

–

(0

.23)

.4

.55

15,484

.31

–

(0

.01)

.1

(9

.04)

14,313

.31

–

(0

.05)

.7

(19

.15)

14,119

.31

–

(0

.24)

.7

.90

15,267

.31

–

(0

.54)

.0

.83

58,569

.99

–

.09

.4

.87

44,708

.00

–

.30

.1

(8

.72)

38,705

.00

–

.26

.7

(18

.91)

50,244

.00

–

.09

.7

.46

44,522

.00

–

(0

.23)

.0

.10

981,889

.73

(f) –

.35

.4

.23

986,896

.74

(f) –

.53

.1

(8

.49)

200,915

.76

(f) –

.51

.7

(18

.72)

221,952

.75

(f) –

.32

.7

.76

169,609

.75

(f) –

.01

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(f) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

516

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

SMALLCAP

GROWTH

FUND

I

Class

J

shares

2025

$

.29

($

.05)

$

.27

$

.22

($

.08)

($

.12)

($

.20)

$

.31

2024

.89

(0

.04)

.44

.40

–

–

–

.29

2023

.47

(0

.04)

(0

.44)

(0

.48)

–

(0

.10)

(0

.10)

.89

2022

.34

(0

.06)

(3

.36)

(3

.42)

–

(2

.45)

(2

.45)

.47

2021

.37

(0

.09)

.94

.85

–

(0

.88)

(0

.88)

.34

Institutional

shares

2025

.75

(0

.07)

.26

.19

(0

.08)

(1

.12)

(1

.20)

.74

2024

.66

(0

.05)

.14

.09

–

–

–

.75

2023

.54

(0

.04)

(0

.74)

(0

.78)

–

(0

.10)

(0

.10)

.66

2022

.54

(0

.07)

(5

.48)

(5

.55)

–

(2

.45)

(2

.45)

.54

2021

.56

(0

.12)

.98

.86

–

(0

.88)

(0

.88)

.54

shares

2025

.51

(0

.10)

.61

.51

(0

.05)

(1

.12)

(1

.17)

.85

2024

.56

(0

.09)

.04

.95

–

–

–

.51

2023

.28

(0

.07)

(0

.55)

(0

.62)

–

(0

.10)

(0

.10)

.56

2022

.96

(0

.10)

(4

.13)

(4

.23)

–

(2

.45)

(2

.45)

.28

2021

.30

(0

.16)

.70

.54

–

(0

.88)

(0

.88)

.96

shares

2025

.06

(0

.08)

.99

.91

(0

.07)

(1

.12)

(1

.19)

.78

2024

.43

(0

.06)

.69

.63

–

–

–

.06

2023

.24

(0

.05)

(0

.66)

(0

.71)

–

(0

.10)

(0

.10)

.43

2022

.71

(0

.08)

(4

.94)

(5

.02)

–

(2

.45)

(2

.45)

.24

2021

.25

(0

.13)

.47

.34

–

(0

.88)

(0

.88)

.71

shares

2025

.81

(0

.05)

.27

.22

(0

.10)

(1

.12)

(1

.22)

.81

2024

.70

(0

.03)

.14

.11

–

–

–

.81

2023

.57

(0

.02)

(0

.75)

(0

.77)

–

(0

.10)

(0

.10)

.70

2022

.56

(0

.05)

(5

.49)

(5

.54)

–

(2

.45)

(2

.45)

.57

2021

.55

(0

.10)

.99

.89

–

(0

.88)

(0

.88)

.56

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

517

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

.71

%

(b) $

71,569

.11

%

(c) 1

.13

%

(d) (0

.62)

%

.1

%

.83

(b) 69,270

.09

(c) 1

.13

(d) (0

.49)

.2

(6

.47)

(b) 56,943

.14

(c) 1

.18

(d) (0

.49)

.3

(29

.78)

(b) 63,827

.11

(c) 1

.15

(d) (0

.64)

.7

.18

(b) 103,343

.07

(c) 1

.11

(d) (0

.74)

.1

.83

96,068

.95

(e) –

(0

.46)

.1

.08

114,047

.96

(e) –

(0

.35)

.2

(6

.25)

133,979

.97

(e) –

(0

.32)

.3

(29

.74)

(f) 195,117

.94

(e) –

(0

.47)

.7

.44

(f) 300,718

.93

(e) –

(0

.60)

.1

.32

16,554

.41

(e) –

(0

.93)

.1

.46

15,205

.41

(e) –

(0

.80)

.2

(6

.62)

(f) 11,855

.41

(e) –

(0

.75)

.3

(30

.07)

(f) 13,703

.40

(e) –

(0

.94)

.7

.78

18,489

.40

(e) –

(1

.07)

.1

.65

29,868

.10

(e) –

(0

.62)

.1

.80

23,968

.10

(e) –

(0

.49)

.2

(6

.34)

20,970

.10

(e) –

(0

.44)

.3

(29

.79)

32,559

.09

(e) –

(0

.63)

.7

.24

50,285

.09

(e) –

(0

.75)

.1

.99

1,976,046

.84

(e) –

(0

.36)

.1

.13

1,892,007

.84

(e) –

(0

.23)

.2

(6

.07)

(f) 1,786,028

.84

(e) –

(0

.19)

.3

(29

.67)

(f) 1,935,411

.84

(e) –

(0

.37)

.7

.60

2,780,704

.83

(e) –

(0

.50)

.1

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

(f) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

518

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

SMALLCAP

S&P

600

INDEX

FUND

Class

J

shares

2025

$

.21

$

.25

$

.99

$

.24

($

.30)

($

.01)

($

.31)

$

.14

2024

.38

.31

.61

.92

(0

.34)

(0

.75)

(1

.09)

.21

2023

.87

.31

(2

.19)

(1

.88)

(0

.28)

(2

.33)

(2

.61)

.38

2022

.18

.27

(3

.84)

(3

.57)

(0

.25)

(2

.49)

(2

.74)

.87

2021

.17

.24

.32

.56

(0

.24)

(0

.31)

(0

.55)

.18

Institutional

shares

2025

.51

.32

.07

.39

(0

.33)

(2

.01)

(2

.34)

.56

2024

.15

.38

.12

.50

(0

.39)

(0

.75)

(1

.14)

.51

2023

.79

.38

(2

.36)

(1

.98)

(0

.33)

(2

.33)

(2

.66)

.15

2022

.36

.34

(4

.12)

(3

.78)

(0

.30)

(2

.49)

(2

.79)

.79

2021

.54

.31

.09

.40

(0

.27)

(0

.31)

(0

.58)

.36

shares

2025

.25

.19

.11

.30

(0

.20)

(2

.01)

(2

.21)

.34

2024

.72

.26

.27

.53

(0

.25)

(0

.75)

(1

.00)

.25

2023

.39

.26

(2

.42)

(2

.16)

(0

.18)

(2

.33)

(2

.51)

.72

2022

.04

.20

(4

.22)

(4

.02)

(0

.14)

(2

.49)

(2

.63)

.39

2021

.99

.16

.35

.51

(0

.15)

(0

.31)

(0

.46)

.04

shares

2025

.99

.28

.14

.42

(0

.29)

(2

.01)

(2

.30)

.11

2024

.29

.35

.43

.78

(0

.33)

(0

.75)

(1

.08)

.99

2023

.03

.35

(2

.49)

(2

.14)

(0

.27)

(2

.33)

(2

.60)

.29

2022

.76

.29

(4

.30)

(4

.01)

(0

.23)

(2

.49)

(2

.72)

.03

2021

.44

.26

.60

.86

(0

.23)

(0

.31)

(0

.54)

.76

shares

2025

.49

.33

.09

.42

(0

.35)

(2

.01)

(2

.36)

.55

2024

.14

.39

.11

.50

(0

.40)

(0

.75)

(1

.15)

.49

2023

.78

.39

(2

.36)

(1

.97)

(0

.34)

(2

.33)

(2

.67)

.14

2022

.35

.35

(4

.11)

(3

.76)

(0

.32)

(2

.49)

(2

.81)

.78

2021

.54

.33

.08

.41

(0

.29)

(0

.31)

(0

.60)

.35

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

519

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

.21

%

(b) $

172,867

.39

%

(c) 0

.39

%

(d) 1

.07

%

.9

%

.50

(b) 183,530

.38

(c) 0

.39

(d) 1

.30

.4

(8

.04)

(b) 152,416

.42

(c) 0

.44

(d) 1

.35

.5

(12

.25)

(b) 175,397

.40

(c) 0

.42

(d) 1

.01

.9

.97

(b) 209,971

.39

(c) 0

.41

(d) 0

.83

.9

.35

173,727

.21

(e) –

.25

.9

.76

222,349

.21

(e) –

.47

.4

(7

.85)

200,564

.21

(e) –

.56

.5

(12

.08)

229,566

.21

(e) –

.19

.9

.26

291,508

.21

(e) –

.01

.9

.84

63,644

.73

–

.73

.9

.09

66,441

.73

–

.96

.4

(8

.33)

64,740

.73

–

.04

.5

(12

.54)

79,204

.73

–

.67

.9

.42

103,119

.73

–

.49

.9

.16

86,244

.42

–

.04

.9

.49

88,918

.42

–

.26

.4

(8

.07)

80,736

.42

–

.35

.5

(12

.25)

103,304

.42

–

.99

.9

.89

128,741

.42

–

.80

.9

.45

723,748

.17

–

.29

.9

.78

623,848

.16

–

.52

.4

(7

.80)

514,879

.17

–

.60

.5

(12

.04)

533,682

.16

(e) –

.24

.9

.33

646,055

.16

(e) –

.06

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

520

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

SMALLCAP

VALUE

FUND

II

Class

J

shares

2025

$

.06

$

.11

$

.46

$

.57

($

.14)

($

.12)

($

.26)

$

.37

2024

.88

.12

.41

.53

(0

.10)

(0

.25)

(0

.35)

.06

2023

.41

.09

(0

.42)

(0

.33)

(0

.06)

(1

.14)

(1

.20)

.88

2022

.02

.05

(0

.75)

(0

.70)

(0

.06)

(1

.85)

(1

.91)

.41

2021

.63

.04

.39

.43

(0

.04)

–

(0

.04)

.02

Institutional

shares

2025

.62

.15

.48

.63

(0

.16)

(1

.12)

(1

.28)

.97

2024

.34

.16

.50

.66

(0

.13)

(0

.25)

(0

.38)

.62

2023

.88

.13

(0

.44)

(0

.31)

(0

.09)

(1

.14)

(1

.23)

.34

2022

.50

.09

(0

.77)

(0

.68)

(0

.09)

(1

.85)

(1

.94)

.88

2021

.94

.09

.56

.65

(0

.09)

–

(0

.09)

.50

shares

2025

.75

.08

.45

.53

(0

.11)

(1

.12)

(1

.23)

.05

2024

.65

.08

.35

.43

(0

.08)

(0

.25)

(0

.33)

.75

2023

.17

.07

(0

.41)

(0

.34)

(0

.04)

(1

.14)

(1

.18)

.65

2022

.76

.02

(0

.73)

(0

.71)

(0

.03)

(1

.85)

(1

.88)

.17

2021

.48

.02

.29

.31

(0

.03)

–

(0

.03)

.76

shares

2025

.28

.12

.46

.58

(0

.14)

(1

.12)

(1

.26)

.60

2024

.06

.13

.44

.57

(0

.10)

(0

.25)

(0

.35)

.28

2023

.59

.10

(0

.42)

(0

.32)

(0

.07)

(1

.14)

(1

.21)

.06

2022

.20

.06

(0

.75)

(0

.69)

(0

.07)

(1

.85)

(1

.92)

.59

2021

.75

.06

.45

.51

(0

.06)

–

(0

.06)

.20

shares

2025

.61

.15

.48

.63

(0

.16)

(1

.12)

(1

.28)

.96

2024

.33

.16

.51

.67

(0

.14)

(0

.25)

(0

.39)

.61

2023

.87

.13

(0

.43)

(0

.30)

(0

.10)

(1

.14)

(1

.24)

.33

2022

.50

.09

(0

.77)

(0

.68)

(0

.10)

(1

.85)

(1

.95)

.87

2021

.93

.10

.56

.66

(0

.09)

–

(0

.09)

.50

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

521

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

.13

%

(b) $

18,883

.21

%

(c) 1

.23

%

(d) 0

.99

%

.9

%

.67

(b) 23,814

.21

(c) 1

.25

(d) 1

.01

.9

(2

.93)

(b) 19,813

.31

(c) 1

.35

(d) 0

.81

.2

(5

.41)

(b) 20,790

.28

(c) 1

.32

(d) 0

.40

.4

.03

(b) 23,564

.29

(c) 1

.33

(d) 0

.35

.5

.47

146,676

.94

(e) –

.28

.9

.89

171,914

.96

(e) –

.30

.9

(2

.58)

193,833

.96

(e) –

.18

.2

(5

.02)

185,308

.96

(e) –

.73

.4

.45

204,526

.96

(e) –

.70

.5

.92

5,422

.45

(e) –

.75

.9

.27

5,036

.49

(e) –

.75

.9

(3

.12)

4,937

.50

(e) –

.63

.2

(5

.59)

5,063

.49

(e) –

.19

.4

.67

6,089

.49

(e) –

.14

.5

.18

6,748

.14

(e) –

.08

.9

.69

6,507

.18

(e) –

.10

.9

(2

.82)

10,587

.19

(e) –

.94

.2

(5

.28)

13,339

.18

(e) –

.51

.4

.22

16,754

.18

(e) –

.49

.5

.59

(f) 917,627

.89

(e) –

.31

.9

.94

907,192

.94

(e) –

.29

.9

(2

.55)

935,878

.93

(e) –

.19

.2

(5

.07)

895,326

.93

(e) –

.76

.4

.66

1,150,438

.93

(e) –

.72

.5

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

(f) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

See

accompanying

notes.

522

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(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

TAX-EXEMPT

BOND

FUND

Class

A

shares

2025

$

.71

$

.24

($

.01)

$

.23

($

.25)

($

.25)

$

.69

2024

.34

.23

.37

.60

(0

.23)

(0

.23)

.71

2023

.31

.21

.03

.24

(0

.21)

(0

.21)

.34

2022

.61

.17

(1

.30)

(1

.13)

(0

.17)

(0

.17)

.31

2021

.40

.17

.21

.38

(0

.17)

(0

.17)

.61

Class

C

shares

2025

.74

.18

(0

.01)

.17

(0

.19)

(0

.19)

.72

2024

.36

.17

.38

.55

(0

.17)

(0

.17)

.74

2023

.33

.16

.02

.18

(0

.15)

(0

.15)

.36

2022

.63

.11

(1

.30)

(1

.19)

(0

.11)

(0

.11)

.33

2021

.43

.11

.20

.31

(0

.11)

(0

.11)

.63

Institutional

shares

2025

.72

.26

(0

.01)

.25

(0

.27)

(0

.27)

.70

2024

.35

.25

.37

.62

(0

.25)

(0

.25)

.72

2023

.31

.23

.03

.26

(0

.22)

(0

.22)

.35

2022

.61

.19

(1

.30)

(1

.11)

(0

.19)

(0

.19)

.31

2021

.41

.19

.20

.39

(0

.19)

(0

.19)

.61

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

See

accompanying

notes.

523

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

.60

%

(b) $

228,582

.92

%

.73

%

(c) 3

.65

%

.2

%

.54

(b) 257,775

.87

.72

(c) 3

.38

.9

.64

(b) 261,663

.85

.73

(c) 3

.22

.9

(14

.99)

(b) 299,054

.77

.73

(c) 2

.44

.3

.19

(b) 417,381

.79

.76

(c) 2

.18

.8

.65

(b) 10,791

.82

.63

(c) 2

.73

.2

.70

(b) 14,303

.77

.62

(c) 2

.46

.9

.71

(b) 16,673

.74

(d) 1

.62

(c) ,(d)

.33

.9

(15

.67)

(b) 22,134

.61

(d) 1

.57

(c) ,(d)

.59

.3

.17

(b) 35,338

.61

(d) 1

.58

(c) ,(d)

.37

.8

.88

255,757

.64

(d) 0

.45

(c) ,(d)

.92

.2

.82

295,345

.60

(d) 0

.45

(c) ,(d)

.66

.9

.09

266,213

.57

(d) 0

.45

(c) ,(d)

.51

.9

(14

.88)

(e) 278,642

.50

(d) 0

.46

(c) ,(d)

.72

.3

.44

(e) 345,082

.54

(d) 0

.51

(c) ,(d)

.42

.8

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Excludes

interest

expense

and

fees

paid

through

inverse

floater

agreements.

See

"Operating

Policies"

in

notes

to

financial

statements.

(d) Subject

to

Manager's

contractual

expense

limit.

(e) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Report

of

Independent

Registered

Public

Accounting

Firm

524

To

the

Shareholders

of

California

Municipal

Fund,

Core

Fixed

Income

Fund,

Core

Plus

Bond

Fund,

Diversified

Income

Fund,

Diversified

International

Fund,

Equity

Income

Fund,

Finisterre

Emerging

Markets

Total

Return

Bond

Fund,

Global

Emerging

Markets

Fund,

Global

Real

Estate

Securities

Fund,

Government

&

High

Quality

Bond

Fund,

Government

Money

Market

Fund,

High

Yield

Fund,

Inflation

Protection

Fund,

International

Equity

Fund,

LargeCap

Growth

Fund

I,

LargeCap

S&P

500

Index

Fund,

LargeCap

Value

Fund

III,

MidCap

Fund,

MidCap

S&P

Index

Fund,

MidCap

Value

Fund

I,

Money

Market

Fund,

Overseas

Fund,

Principal

Capital

Appreciation

Fund,

Principal

LifeTime

2015

Fund,

Principal

LifeTime

2020

Fund,

Principal

LifeTime

2025

Fund,

Principal

LifeTime

2030

Fund,

Principal

LifeTime

2035

Fund,

Principal

LifeTime

2040

Fund,

Principal

LifeTime

2045

Fund,

Principal

LifeTime

2050

Fund,

Principal

LifeTime

2055

Fund,

Principal

LifeTime

2060

Fund,

Principal

LifeTime

2065

Fund,

Principal

LifeTime

2070

Fund,

Principal

LifeTime

Hybrid

2015

Fund,

Principal

LifeTime

Hybrid

2020

Fund,

Principal

LifeTime

Hybrid

2025

Fund,

Principal

LifeTime

Hybrid

2030

Fund,

Principal

LifeTime

Hybrid

2035

Fund,

Principal

LifeTime

Hybrid

2040

Fund,

Principal

LifeTime

Hybrid

2045

Fund,

Principal

LifeTime

Hybrid

2050

Fund,

Principal

LifeTime

Hybrid

2055

Fund,

Principal

LifeTime

Hybrid

2060

Fund,

Principal

LifeTime

Hybrid

2065

Fund,

Principal

LifeTime

Hybrid

2070

Fund,

Principal

LifeTime

Hybrid

Income

Fund,

Principal

LifeTime

Strategic

Income

Fund,

Real

Estate

Securities

Fund,

SAM

Balanced

Portfolio,

SAM

Conservative

Balanced

Portfolio,

SAM

Conservative

Growth

Portfolio,

SAM

Flexible

Income

Portfolio,

SAM

Strategic

Growth

Portfolio,

Short-Term

Income

Fund,

SmallCap

Fund,

SmallCap

Growth

Fund

I,

SmallCap

S&P

600

Index

Fund,

SmallCap

Value

Fund

II

and

Tax-Exempt

Bond

Fund

and

the

Board

of

Directors

of

Principal

Funds,

Inc.

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

California

Municipal

Fund,

Core

Fixed

Income

Fund,

Core

Plus

Bond

Fund,

Diversified

Income

Fund,

Diversified

International

Fund,

Equity

Income

Fund,

Finisterre

Emerging

Markets

Total

Return

Bond

Fund,

Global

Emerging

Markets

Fund,

Global

Real

Estate

Securities

Fund,

Government

&

High

Quality

Bond

Fund,

Government

Money

Market

Fund,

High

Yield

Fund,

Inflation

Protection

Fund,

International

Equity

Fund,

LargeCap

Growth

Fund

I,

LargeCap

S&P

500

Index

Fund,

LargeCap

Value

Fund

III,

MidCap

Fund,

MidCap

S&P

Index

Fund,

MidCap

Value

Fund

I,

Money

Market

Fund,

Overseas

Fund,

Principal

Capital

Appreciation

Fund,

Principal

LifeTime

2015

Fund,

Principal

LifeTime

2020

Fund,

Principal

LifeTime

2025

Fund,

Principal

LifeTime

2030

Fund,

Principal

LifeTime

2035

Fund,

Principal

LifeTime

2040

Fund,

Principal

LifeTime

2045

Fund,

Principal

LifeTime

2050

Fund,

Principal

LifeTime

2055

Fund,

Principal

LifeTime

2060

Fund,

Principal

LifeTime

2065

Fund,

Principal

LifeTime

2070

Fund,

Principal

LifeTime

Hybrid

2015

Fund,

Principal

LifeTime

Hybrid

2020

Fund,

Principal

LifeTime

Hybrid

2025

Fund,

Principal

LifeTime

Hybrid

2030

Fund,

Principal

LifeTime

Hybrid

2035

Fund,

Principal

LifeTime

Hybrid

2040

Fund,

Principal

LifeTime

Hybrid

2045

Fund,

Principal

LifeTime

Hybrid

2050

Fund,

Principal

LifeTime

Hybrid

2055

Fund,

Principal

LifeTime

Hybrid

2060

Fund,

Principal

LifeTime

Hybrid

2065

Fund,

Principal

LifeTime

Hybrid

2070

Fund,

Principal

LifeTime

Hybrid

Income

Fund,

Principal

LifeTime

Strategic

Income

Fund,

Real

Estate

Securities

Fund,

SAM

Balanced

Portfolio,

SAM

Conservative

Balanced

Portfolio,

SAM

Conservative

Growth

Portfolio,

SAM

Flexible

Income

Portfolio,

SAM

Strategic

Growth

Portfolio,

Short-Term

Income

Fund,

SmallCap

Fund,

SmallCap

Growth

Fund

I,

SmallCap

S&P

600

Index

Fund,

SmallCap

Value

Fund

II

and

Tax-Exempt

Bond

Fund

(collectively

referred

to

as

the

"Funds"),

(61

of

the

portfolios

constituting

Principal

Funds,

Inc.

(the

"Fund")),

including

the

schedules

of

investments,

as

of

October

31,

2025,

and

the

related

statements

of

operations

and

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

(61

of

the

portfolios

constituting

the

Fund)

at

October

31,

2025,

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.

Individual

fund

constituting

the

Fund

Statement

of

operations

Statements

of

changes

in

net

assets

Financial

highlights

California

Municipal

Fund

Core

Fixed

Income

Fund

Core

Plus

Bond

Fund

Diversified

Income

Fund

Diversified

International

Fund

Equity

Income

Fund

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Global

Emerging

Markets

Fund

Global

Real

Estate

Securities

Fund

Government

&

High

Quality

Bond

Fund

Government

Money

Market

Fund

High

Yield

Fund

Inflation

Protection

Fund

International

Equity

Fund

LargeCap

Growth

Fund

I

LargeCap

S&P

500

Index

Fund

LargeCap

Value

Fund

III

MidCap

Fund

MidCap

S&P

Index

Fund

MidCap

Value

Fund

I

Money

Market

Fund

Overseas

Fund

Principal

Capital

Appreciation

Fund

Principal

LifeTime

2015

Fund

Principal

LifeTime

2020

Fund

Principal

LifeTime

2025

Fund

Principal

LifeTime

2030

Fund

For

the

year

ended

October

31,

2025

For

each

of

the

two

years

in

the

period

ended

October

31,

2025

For

each

of

the

five

years

in

the

period

ended

October

31,

2025

Report

of

Independent

Registered

Public

Accounting

Firm

525

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.

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

October

31,

2025,

by

correspondence

with

the

custodian,

agent

banks,

brokers

and

transfer

agents;

when

replies

were

not

received

from

brokers,

transfer

agents

or

agent

banks,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Principal

investment

companies

since

1969. Minneapolis,

Minnesota

December

22,

2025

Individual

fund

constituting

the

Fund

Statement

of

operations

Statements

of

changes

in

net

assets

Financial

highlights

Principal

LifeTime

2035

Fund

Principal

LifeTime

2040

Fund

Principal

LifeTime

2045

Fund

Principal

LifeTime

2050

Fund

Principal

LifeTime

2055

Fund

Principal

LifeTime

2060

Fund

Principal

LifeTime

2065

Fund

Principal

LifeTime

Hybrid

2015

Fund

Principal

LifeTime

Hybrid

2020

Fund

Principal

LifeTime

Hybrid

2025

Fund

Principal

LifeTime

Hybrid

2030

Fund

Principal

LifeTime

Hybrid

2035

Fund

Principal

LifeTime

Hybrid

2040

Fund

Principal

LifeTime

Hybrid

2045

Fund

Principal

LifeTime

Hybrid

2050

Fund

Principal

LifeTime

Hybrid

2055

Fund

Principal

LifeTime

Hybrid

2060

Fund

Principal

LifeTime

Hybrid

2065

Fund

Principal

LifeTime

Hybrid

Income

Fund

Principal

LifeTime

Strategic

Income

Fund

Real

Estate

Securities

Fund

SAM

Balanced

Portfolio

SAM

Conservative

Balanced

Portfolio

SAM

Conservative

Growth

Portfolio

SAM

Flexible

Income

Portfolio

SAM

Strategic

Growth

Portfolio

Short-Term

Income

Fund

SmallCap

Fund

SmallCap

Growth

Fund

I

SmallCap

S&P

600

Index

Fund

SmallCap

Value

Fund

II

Tax-Exempt

Bond

Fund

For

the

year

ended

October

31,

2025

For

each

of

the

two

years

in

the

period

ended

October

31,

2025

For

each

of

the

five

years

in

the

period

ended

October

31,

2025

Principal

LifeTime

2070

Fund

Principal

LifeTime

Hybrid

2070

Fund

For

the

year

ended

October

31,

2025

For

each

of

the

two

years

in

the

period

ended

October

31,

2025

For

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

period

from

March

1,

2023

(commencement

of

operations),

through

October

31,

2023. Principal

Funds,

Inc.

(unaudited)

526

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

2025,

July

2025,

August

2025,

September

2025,

October

2025

and

November

2025

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:

June

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

82.82 0.00 17.18 Diversified

Income

Fund

59.62 0.00 40.38 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Yield

Fund

53.59 0.00 46.41 SAM

Flexible

Income

Portfolio

83.79 0.00 16.21 July

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

84.70 0.00 15.30 Diversified

Income

Fund

66.27 0.00 33.73 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Yield

Fund

52.55 0.00 47.45 SAM

Flexible

Income

Portfolio

92.72 0.00 7.28 August

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

86.62 0.00 13.38 Diversified

Income

Fund

71.66 0.00 28.34 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Yield

Fund

48.51 0.00 51.49 SAM

Flexible

Income

Portfolio

93.68 0.00 6.32 September

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

87.67 0.00 12.33 Diversified

Income

Fund

78.67 0.00 21.33 Equity

Income

Fund

84.36 15.64 0.00 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Yield

Fund

45.01 0.00 54.99 October

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

91.52 0.00 8.48 Diversified

Income

Fund

80.39 0.00 19.61 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Yield

Fund

42.69 0.00 57.31 Principal

Funds,

Inc.

(unaudited)

527

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.

November

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

86.01 0.00 13.99 Diversified

Income

Fund

70.98 0.00 29.02 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Yield

Fund

37.91 0.00 62.09 Federal

Income

Tax

Information

Principal

Funds,

Inc.

October

31,

2025

(unaudited)

528

Long-Term

Capital

Gain

Dividends.

Certain

funds

distributed

long-term

capital

gain

dividends

during

the

fiscal

year

ended

October

31,

2025

.

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

\*

,

or

up

to

the

maximum

amount

allowable,

as

DRD

eligible

for

the

calendar

year

ended

December

31,

2024

:

DRD

California

Municipal

Fund

0.00 %

Core

Fixed

Income

Fund

0.00 Core

Plus

Bond

Fund

1.11 Diversified

Income

Fund

3.19 Diversified

International

Fund

0.53 Equity

Income

Fund

91.77 Finisterre

Emerging

Markets

Total

Return

Bond

Fund

0.00 Global

Emerging

Markets

Fund

0.55 Global

Real

Estate

Securities

Fund

0.57 Government

&

High

Quality

Bond

Fund

0.00 Government

Money

Market

Fund

0.00 High

Yield

Fund

0.81 Inflation

Protection

Fund

0.00 International

Equity

Fund

0.55 LargeCap

Growth

Fund

I

75.02 LargeCap

S&P

500

Index

Fund

80.96 LargeCap

Value

Fund

III

100.00 MidCap

Fund

100.00 MidCap

S&P

Index

Fund

36.80 MidCap

Value

Fund

I

33.41 Money

Market

Fund

0.00 Overseas

Fund

0.00 Principal

Capital

Appreciation

Fund

100.00 Principal

LifeTime

2015

Fund

7.22 Principal

LifeTime

2020

Fund

9.27 Principal

LifeTime

2025

Fund

11.38 Principal

LifeTime

2030

Fund

14.07 Principal

LifeTime

2035

Fund

17.82 Principal

LifeTime

2040

Fund

24.60 Principal

LifeTime

2045

Fund

29.21 Principal

LifeTime

2050

Fund

35.72 Principal

LifeTime

2055

Fund

34.24 Principal

LifeTime

2060

Fund

33.94 Principal

LifeTime

2065

Fund

31.58 Principal

LifeTime

2070

Fund

25.29 Principal

LifeTime

Hybrid

2015

Fund

9.38 Principal

LifeTime

Hybrid

2020

Fund

11.65 Principal

LifeTime

Hybrid

2025

Fund

14.17 Principal

LifeTime

Hybrid

2030

Fund

17.96 Principal

LifeTime

Hybrid

2035

Fund

21.31 Principal

LifeTime

Hybrid

2040

Fund

27.77 Principal

LifeTime

Hybrid

2045

Fund

33.27 Principal

LifeTime

Hybrid

2050

Fund

38.92 Principal

LifeTime

Hybrid

2055

Fund

39.09 Principal

LifeTime

Hybrid

2060

Fund

39.34 Principal

LifeTime

Hybrid

2065

Fund

39.10 Principal

LifeTime

Hybrid

2070

Fund

34.72 Principal

LifeTime

Hybrid

Income

Fund

9.54 Principal

LifeTime

Strategic

Income

Fund

7.36 Real

Estate

Securities

Fund

0.98 SAM

Balanced

Portfolio

25.98 SAM

Conservative

Balanced

Portfolio

17.35 SAM

Conservative

Growth

Portfolio

46.00 Federal

Income

Tax

Information

Principal

Funds,

Inc.

October

31,

2025

(unaudited)

529

\*For

purposes

of

calculating

DRD,

"ordinary

income

distributions"

includes

dividend

distributions,

short

term

capital

gains

distributions,

and

the

foreign

tax

paid.

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-terms

gains,

and

the

foreign

tax

paid,

if

any),

or

up

to

the

maximum

amount

allowable,

as

QDI

eligible

for

the

calendar

year

ended

December

31,

2024

:

DRD

SAM

Flexible

Income

Portfolio

11.81 %

SAM

Strategic

Growth

Portfolio

50.49 Short-Term

Income

Fund

0.00 SmallCap

Fund

76.59 SmallCap

Growth

Fund

I

15.31 SmallCap

S&P

600

Index

Fund

72.05 SmallCap

Value

Fund

II

43.30 Tax-Exempt

Bond

Fund

0.00 QDI

California

Municipal

Fund

0.00 %

Core

Fixed

Income

Fund

0.00 Core

Plus

Bond

Fund

1.21 Diversified

Income

Fund

5.15 Diversified

International

Fund

66.69 Equity

Income

Fund

100.00 Finisterre

Emerging

Markets

Total

Return

Bond

Fund

1.98 Global

Emerging

Markets

Fund

68.30 Global

Real

Estate

Securities

Fund

36.43 Government

&

High

Quality

Bond

Fund

0.00 Government

Money

Market

Fund

0.00 High

Yield

Fund

2.42 Inflation

Protection

Fund

0.00 International

Equity

Fund

63.04 LargeCap

Growth

Fund

I

79.12 LargeCap

S&P

500

Index

Fund

84.26 LargeCap

Value

Fund

III

100.00 MidCap

Fund

100.00 MidCap

S&P

Index

Fund

37.92 MidCap

Value

Fund

I

35.06 Money

Market

Fund

0.00 Overseas

Fund

72.58 Principal

Capital

Appreciation

Fund

100.00 Principal

LifeTime

2015

Fund

13.06 Principal

LifeTime

2020

Fund

16.64 Principal

LifeTime

2025

Fund

20.45 Principal

LifeTime

2030

Fund

24.95 Principal

LifeTime

2035

Fund

31.74 Principal

LifeTime

2040

Fund

43.72 Principal

LifeTime

2045

Fund

52.04 Principal

LifeTime

2050

Fund

63.60 Principal

LifeTime

2055

Fund

61.19 Principal

LifeTime

2060

Fund

60.67 Principal

LifeTime

2065

Fund

56.85 Principal

LifeTime

2070

Fund

46.52 Principal

LifeTime

Hybrid

2015

Fund

15.76 Principal

LifeTime

Hybrid

2020

Fund

19.59 Principal

LifeTime

Hybrid

2025

Fund

23.68 Principal

LifeTime

Hybrid

2030

Fund

29.60 Principal

LifeTime

Hybrid

2035

Fund

35.09 Principal

LifeTime

Hybrid

2040

Fund

45.60 Principal

LifeTime

Hybrid

2045

Fund

54.62 Principal

LifeTime

Hybrid

2050

Fund

63.84 Federal

Income

Tax

Information

Principal

Funds,

Inc.

October

31,

2025

(unaudited)

530

Foreign

Taxes

Paid.

The

following

funds

elect

under

the

Internal

Revenue

Code

Section

("IRC")

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

October

31,

2025

:

QDI

Principal

LifeTime

Hybrid

2055

Fund

63.97 %

Principal

LifeTime

Hybrid

2060

Fund

64.39 Principal

LifeTime

Hybrid

2065

Fund

63.78 Principal

LifeTime

Hybrid

2070

Fund

56.31 Principal

LifeTime

Hybrid

Income

Fund

15.93 Principal

LifeTime

Strategic

Income

Fund

13.36 Real

Estate

Securities

Fund

0.51 SAM

Balanced

Portfolio

44.14 SAM

Conservative

Balanced

Portfolio

28.69 SAM

Conservative

Growth

Portfolio

76.91 SAM

Flexible

Income

Portfolio

18.64 SAM

Strategic

Growth

Portfolio

89.13 Short-Term

Income

Fund

0.00 SmallCap

Fund

89.00 SmallCap

Growth

Fund

I

16.06 SmallCap

S&P

600

Index

Fund

74.27 SmallCap

Value

Fund

II

44.51 Tax-Exempt

Bond

Fund

0.00 Foreign

Taxes

Per

Share

Diversified

International

Fund

$

0.0599 Finisterre

Emerging

Markets

Total

Return

Bond

Fund

0.0103 Global

Emerging

Markets

Fund

0.0339 International

Equity

Fund

0.0206 Overseas

Fund

0.0190 Principal

LifeTime

2015

Fund

0.0024 Principal

LifeTime

2020

Fund

0.0043 Principal

LifeTime

2025

Fund

0.0045 Principal

LifeTime

2030

Fund

0.0064 Principal

LifeTime

2035

Fund

0.0064 Principal

LifeTime

2040

Fund

0.0097 Principal

LifeTime

2045

Fund

0.0093 Principal

LifeTime

2050

Fund

0.0123 Principal

LifeTime

2055

Fund

0.0114 Principal

LifeTime

2060

Fund

0.0119 Principal

LifeTime

2065

Fund

0.0086 Principal

LifeTime

2070

Fund

0.0047 Principal

LifeTime

Hybrid

2015

Fund

0.0018 Principal

LifeTime

Hybrid

2020

Fund

0.0029 Principal

LifeTime

Hybrid

2025

Fund

0.0033 Principal

LifeTime

Hybrid

2030

Fund

0.0038 Principal

LifeTime

Hybrid

2035

Fund

0.0049 Principal

LifeTime

Hybrid

2040

Fund

0.0055 Principal

LifeTime

Hybrid

2045

Fund

0.0073 Principal

LifeTime

Hybrid

2050

Fund

0.0078 Principal

LifeTime

Hybrid

2055

Fund

0.0079 Principal

LifeTime

Hybrid

2060

Fund

0.0077 Principal

LifeTime

Hybrid

2065

Fund

0.0063 Principal

LifeTime

Hybrid

2070

Fund

0.0034 Principal

LifeTime

Hybrid

Income

Fund

0.0020 Principal

LifeTime

Strategic

Income

Fund

0.0031 SAM

Balanced

Portfolio

0.0066 SAM

Conservative

Balanced

Portfolio

0.0032 SAM

Conservative

Growth

Portfolio

0.0099 Federal

Income

Tax

Information

Principal

Funds,

Inc.

October

31,

2025

(unaudited)

531

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,

and

the

foreign

tax

paid,

if

any),

or

up

to

the

maximum

amount

allowable,

as

163(j)

eligible

for

the

calendar

year

ended

December

31,

2024

:

Foreign

Taxes

Per

Share

SAM

Flexible

Income

Portfolio

$

0.0018 SAM

Strategic

Growth

Portfolio

0.0150 163(j)

Interest

Dividends

Core

Fixed

Income

Fund

99.79 %

Core

Plus

Bond

Fund

98.27 Diversified

Income

Fund

88.06 Diversified

International

Fund

1.59 Equity

Income

Fund

3.54 Finisterre

Emerging

Markets

Total

Return

Bond

Fund

100.00 Global

Emerging

Markets

Fund

4.81 Global

Real

Estate

Securities

Fund

0.90 Government

&

High

Quality

Bond

Fund

100.00 Government

Money

Market

Fund

97.34 High

Yield

Fund

97.70 Inflation

Protection

Fund

95.16 International

Equity

Fund

0.68 LargeCap

Growth

Fund

I

7.61 LargeCap

S&P

500

Index

Fund

7.19 LargeCap

Value

Fund

III

5.37 MidCap

Fund

0.82 MidCap

S&P

Index

Fund

3.16 MidCap

Value

Fund

I

2.30 Money

Market

Fund

95.33 Overseas

Fund

1.66 Principal

Capital

Appreciation

Fund

4.33 Principal

LifeTime

2015

Fund

79.24 Principal

LifeTime

2020

Fund

74.11 Principal

LifeTime

2025

Fund

68.91 Principal

LifeTime

2030

Fund

61.58 Principal

LifeTime

2035

Fund

51.46 Principal

LifeTime

2040

Fund

38.24 Principal

LifeTime

2045

Fund

24.67 Principal

LifeTime

2050

Fund

11.78 Principal

LifeTime

2055

Fund

10.35 Principal

LifeTime

2060

Fund

10.29 Principal

LifeTime

2065

Fund

9.25 Principal

LifeTime

2070

Fund

6.59 Principal

LifeTime

Hybrid

2015

Fund

73.15 Principal

LifeTime

Hybrid

2020

Fund

69.24 Principal

LifeTime

Hybrid

2025

Fund

63.13 Principal

LifeTime

Hybrid

2030

Fund

54.02 Principal

LifeTime

Hybrid

2035

Fund

48.01 Principal

LifeTime

Hybrid

2040

Fund

34.28 Principal

LifeTime

Hybrid

2045

Fund

23.28 Principal

LifeTime

Hybrid

2050

Fund

11.99 Principal

LifeTime

Hybrid

2055

Fund

10.64 Principal

LifeTime

Hybrid

2060

Fund

10.61 Principal

LifeTime

Hybrid

2065

Fund

10.52 Principal

LifeTime

Hybrid

2070

Fund

9.49 Federal

Income

Tax

Information

Principal

Funds,

Inc.

October

31,

2025

(unaudited)

532

Section

199A

Dividends.

Non-corporate

fund

shareholders

of

the

funds

below

meeting

certain

holding

period

requirements

may

be

able

to

deduct

up

to

percent

of

qualified

REIT

dividends

passed

through

and

reported

to

the

shareholders

by

the

fund

as

Section

199A

dividends.

The

funds

designate

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

and

foreign

tax

paid,

if

any),

or

up

to

the

maximum

amount

allowable,

as

199A

eligible

for

the

calendar

year

ended

December

31,

2024:

In

early

2025,

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

2024

via

Form

1099. The

funds

will

notify

shareholders

in

early

2026

of

amounts

paid

to

them

by

the

funds,

if

any,

during

the

calendar

year

2025

.

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

Principal

LifeTime

Hybrid

Income

Fund

74.51 %

Principal

LifeTime

Strategic

Income

Fund

80.07 Real

Estate

Securities

Fund

1.80 SAM

Balanced

Portfolio

47.90 SAM

Conservative

Balanced

Portfolio

69.88 SAM

Conservative

Growth

Portfolio

30.98 SAM

Flexible

Income

Portfolio

81.51 SAM

Strategic

Growth

Portfolio

5.24 Short-Term

Income

Fund

99.60 SmallCap

Fund

2.79 SmallCap

Growth

Fund

I

3.75 SmallCap

S&P

600

Index

Fund

5.15 SmallCap

Value

Fund

II

2.88 199A

Global

Real

Estate

Securities

Fund

55.33 %

Real

Estate

Securities

Fund

93.67 Changes

in

and

Disagreements

with

Accountants

(N-CSR

Item

8)

Principal

Funds,

Inc.

October

31,

2025

533

During

the

two

most

recent

fiscal

years

or

any

subsequent

interim

period,

there

have

been

no

changes

in

or

disagreements

with

Accountants.

Proxy

Disclosures

(N-CSR

Item

9)

Principal

Funds,

Inc.

October

31,

2025

534

During

the

period

covered

by

this

report,

there

were

no

matters

submitted

through

the

solicitation

of

proxies

or

otherwise.

Remuneration

Paid

to

Directors,

Officers

and

Others

(N-CSR

Item

10)

Principal

Funds,

Inc.

October

31,

2025

535

The

Principal

Funds,

Inc.

(the

"Funds")

do

not

pay

any

remuneration

to

its

officers

or

to

any

Board

Members

who

serve

as

Interested

Board

Members.

The

Board

annually

considers

a

proposal

to

reimburse

the

Manager

for

certain

expenses,

including

a

portion

of

the

Chief

Compliance

Officer's

compensation.

If

the

proposal

is

adopted,

these

amounts

are

allocated

across

all

Funds

based

on

relative

net

assets

of

each

portfolio.

Director's

expenses

and

Chief

Compliance

Officer's

compensation

paid

by

the

Funds

are

included

in

the

financial

statements.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

Principal

Funds,

Inc.

October

31,

2025

536

During

the

most

recent

fiscal

year,

the

Board

of

Directors

did

not

approve

any

investment

advisory

contracts.

#### 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.©

2025

Principal

Financial

Services,

Inc.

\|

FV942AR-04

\|

10/2025

\|

4452059-11/2026

ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

There were no changes or disagreements with Accountants. Changes in and disagreements with Accountants would be included as part of the Financial Statements filed under Item 7 of this form.

**ITEM 9 – PROXY DISCLOSURES FOR OPEN-END MANAGEMENT COMPANIES**

Proxy Disclosures are included as part of the Financial Statements filed under Item 7 of this form.

**ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Remuneration paid to Directors, Officers, and Others of Open-End Management Investment Companies is included as part of the Financial Statements filed under Item 7 of this form.

**ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

Statement Regarding Basis for Approval of Investment Advisory Contracts is included as part of the Financial Statements filed under Item 7 of this form.

ITEM 12 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 14 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

#### ITEM 15 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.

#### ITEM 16 – 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 17 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.

#### ITEM 18 – RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
(a) Not applicable.

(b) Not applicable.

**ITEM 19 – EXHIBITS**

(a)(1) Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as [Exhibit 99. CODE ETH](code.htm).

(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](cert99.htm).

(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](cert906.htm).

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Principal
 Funds, Inc.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By | &nbsp;&nbsp; /s/ Kamal Bhatia |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kamal Bhatia, Director, President, and Chief Executive Officer (Principal Executive Officer)

Date <u> 12/09/2025 </u>

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By | &nbsp;&nbsp; /s/ Kamal Bhatia |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kamal Bhatia, Director, President, and Chief Executive Officer (Principal Executive Officer)

Date <u> 12/09/2025 </u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; By  | &nbsp;&nbsp; /s/ Michael Scholten |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Scholten, Chief Financial Officer (Principal Financial Officer)

Date <u> 12/09/2025 </u>

## Ex-99.Code

**Exhibit 99.CODE ETH**

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

**SENIOR FINANCIAL OFFICERS OF PRINCIPAL**

**FUNDS**

Revised on September 10, 2024

I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers/Purpose of the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Principal Funds code of ethics (this "Code") for the registered investment companies within the Principal Funds complex[\[1\]](#_ftn1) (collectively "Funds" and each, "Company") applies to each Company's Principal Executive Officer, Principal Financial Officer and Controller (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

compliance with applicable laws and governmental rules and regulations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and

Principal Global Investors, LLC's (the "Investment Adviser") compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the Investment Adviser of which the Covered Officers may also be directors/trustees, officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the Investment Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Investment Adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the Investment Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, the Funds' Boards of Directors/Trustees ("Boards") recognize that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Code covers other conflicts of interest, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There are some conflicts of interest it is advisable for Covered Officers to discuss in advance with Counsel for the Funds, if material. Examples of these include:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

service as a director on the board of any public or private company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its principal underwriter, administrator, the Investment Adviser or any affiliated person thereof;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment such as compensation or equity ownership.

III.&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

each Covered Officer should be familiar with the disclosure requirements generally applicable to the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors/trustees and auditors, and to governmental regulators and self-regulatory organizations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the Investment Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV.&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

annually thereafter affirm to the Board that he or she has complied with the requirements of the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

notify Counsel to the Funds promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

report at least annually possible conflicts of interest by completing the Principal Funds Director and Officer Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counsel to the Funds is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Covered Officers will be considered by the Audit Committee (the "Committee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Funds will follow these procedures in investigating and enforcing this Code:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Counsel to the Funds will take all appropriate action to investigate any potential violations reported to Counsel;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

if, after such investigation, Counsel to the Funds believes that no violation has occurred, Counsel is not required to take any further action;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

any matter that Counsel believes is a violation will be reported to the Committee;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

if the Committee concurs that a violation has occurred, it will take appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Investment Adviser or its board; or a recommendation to dismiss the Covered Officer;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the Committee will be responsible for granting waivers, as appropriate; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' Investment Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their Investment Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI.&nbsp;&nbsp;&nbsp;&nbsp; Amendments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Committee.

VII.&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee, Board, Counsel to the Funds and officers of the Investment Adviser.

VIII.&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

**Exhibit A**

# Persons Covered by this Code of Ethics
Principal Executive Officer:...... Kamal Bhatia, President and Chief Executive Officer

Principal Financial Officer:....... Michael Scholten, Chief Financial Officer

Controller:................................. Megan Hoffmann, Vice President and Treasurer

------

[\[1\]](#_ftnref1)

Principal Funds, Inc., Principal Variable Contracts Funds, Inc., and Principal Exchange-Traded Funds.

## Ex-99.Cert

# Exhibit 99.CERT

# CERTIFICATIONS
I, Kamal Bhatia, certify that:

1. I have reviewed this report on Form N-CSR of Principal Funds, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u> 12/09/2025 </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

/s/ Kamal Bhatia&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Kamal Bhatia, Director, President, and Chief Executive Officer (Principal Executive Officer)

**Exhibit 99.CERT**

**CERTIFICATIONS**

I, Michael Scholten, certify that:

1. I have reviewed this report on Form N-CSR of Principal Funds, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u> 12/09/2025 </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

/s/ Michael Scholten

Michael Scholten, Chief Financial Officer (Principal Financial Officer)

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Certified Shareholder Report of

Principal Funds, Inc.

(the "Registrant") on Form N-CSR (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of their knowledge:

1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By | &nbsp;&nbsp; /s/ Kamal Bhatia |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kamal Bhatia, Director, President, and Chief Executive Officer (Principal Executive Officer)

Date <u> 12/09/2025 </u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; By  | &nbsp;&nbsp; /s/ Michael Scholten |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Scholten, Chief Financial Officer (Principal Financial Officer)

Date <u> 12/09/2025 </u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.